Earnings Release • Sep 29, 2017
Earnings Release
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| Informazione Regolamentata n. 0262-43-2017 |
Data/Ora Ricezione 29 Settembre 2017 19:38:51 |
MTA | |
|---|---|---|---|
| Societa' | : | TREVI GROUP | |
| Identificativo Informazione Regolamentata |
: | 94264 | |
| Nome utilizzatore | : | TREVIN02 - Cocco | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 29 Settembre 2017 19:38:51 | |
| Data/Ora Inizio Diffusione presunta |
: | 29 Settembre 2017 19:38:52 | |
| Oggetto | : | TREVI Group H1 2017 Results | |
| Testo del comunicato |
Vedi allegato.
Cesena, September 29, 2017 - The Board of Directors of TREVI - Finanziaria Industriale S.p.A., holding company of the TREVI Group, among the global soil engineering and foundations and drilling plant production leaders, meeting today reviewed and approved the 2017 first half-year results.
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The Chief Executive Officer Stefano Trevisani stated: "The first half-year results fell significantly short of expectations, principally as a result of the continued challenges on the Energy market, a lack of investment and the cancellation of a major Oil&Gas segment order expected in the period. The Group therefore identified concrete measures to streamline operating division costs and contain exposure to typical industry cycles. The foundation engineering segment maintains a significant market share, although has seen the margin contract due to - in addition to reducing volumes strategic decisions which will deliver benefits and recoveries over the coming years. Significant prudent write-downs also impacted the result - however of a one-off nature and not impacting available cash. The Group is focused on improved organisational efficiencies and streamlining costs in view of the availability of advanced technologies and increased opportunity on the international markets. Finally, we are confident, of the signing shortly of a standstill agreement and their consequent availability to assess proposals from the company to identify restructuring options for the Group financial debt according to terms consistent with the new industrial plan ".
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Consolidated revenues amounted to Euro 460.8 million (Euro 519.3 million in H1 2016), contracting Euro 58.4 million (-11.2%), principally in the Oil&Gas Segment (Euro -49.3 million total revenue decrease for the segment compared to the previous year), impacted by the global segment decline and the related difficulty in acquiring orders, in addition to the cancellation of the YPFB order for the supply of three drilling plant in Bolivia.
EBITDA was Euro -18.8 million, down Euro 81.2 million compared to Euro 62.3 million in H1 2016. This is substantially due to the stated reduction in volumes - together with a differing mix of orders in progress in the period, principally for the drilling segment - and of special foundation plant sold compared to the first half of the previous year, in addition to the inventory obsolescence provision accruals made in the period of approx. Euro 18 million, mainly concerning the Drillmec division.
EBIT, for similar reasons as that outlined for EBITDA, was Euro -75.1 million (reducing Euro 100.6 million on a profit of Euro 25.6 million in the same period of the previous year). This contraction, while also resulting from the issues outlined above, related to the doubtful debt provision accrual of approx. Euro 10.7 million and the partial write-down of capitalised development costs in the Drillmec division following an Impairment test for approx. Euro 12 million.
The Group Net Result in H1 2017 was Euro -118.3 million (Euro -23.6 million in H1 2016 - down Euro 94.8 million). This was impacted by - in addition to the events outlined above - the write-down of deferred tax assets (deriving from tax losses and temporary changes) for approx. Euro 12 million following the recoverability assessment at June 30, 2017.
The Net Financial Position at June 30, 2017 was Euro -565.9 million (Euro -440.9 million at December 31, 2016), increasing Euro 125 million on December 31, 2016, principally as a result of Oil&Gas segment developments and the reduced use of without recourse factoring compared to the end of 2016. In addition, FY 2016 benefitted from the significant advances paid on the Mosul order.
At June 30, 2017, the majority of bank debt was reclassified to short-term as the Group has proposed to the credit institutions the signing of a standstill agreement to facilitate its focus on the development of the industrial plan and the Oil&Gas segment reorganisation, in which terms it has undertaken a "de facto" standstill approach to the capital amounts maturing during the period ahead of the finalisation of an agreement with the lending institutions.
Total Shareholders' Equity amounted to Euro 332.2 million (Euro 482.7 million at December 31, 2016).
Concerning the respect of the financial ratios provided by the existing loan contracts with the banking group and the bondholders, given the negative EBITDA in the period, they appear to be not significant and therefore they are not reported; "Net Financial Position/Total Equity (Debt/Equity)" ratio is as follows: 1.7 at June, 30 2017 and 0.7 at June, 30 2016.
Order intake in the first half of 2017 was approx. Euro 263 million (Euro 644.2 million in H1 2016, of which Euro 273 million concerning the Mosul dam order).
The backlog at June 30, 2017 was Euro 637 million (Euro 956 million at December 31, 2016), decreasing Euro 319 million on December 31, 2016, principally due to continued Oil&Gas segment stagnation, in addition to the cancellation of the YPFB order in Bolivia for a value of approx. Euro 121.4 million. The absence of an Oil&Gas market recovery is reflected also in foundation segment orders on a number of the Group's traditional markets impacted by a weak oil segment.
In the first half of 2017, the Foundation segment (the core Group business comprising the companies Trevi S.p.A. and Soilmec S.p.A. and their respective subsidiaries and associates) reported revenues of Euro 377.2 million* (Euro 392 million in H1 2016, reducing Euro 14.9 million).
Trevi (Foundation) reported Revenues of Euro 287.2 million, up Euro 9 million on H1 2016. This growth principally stems from the Middle East, thanks to the contribution of the Mosul dam project in Iraq, now fully operational, and the Salipazari Port project in Istanbul, Turkey.
Special foundation plant manufacturing carried out by the company Soilmec S.p.A. returned revenues of Euro 97 million, reducing Euro 27.5 million on the same period of the previous year, principally due to a differing mix of plant sold and the associated margin differential. Finally, it is highlighted that the performance for the first half of 2016 was particularly strong.
Segment EBITDA was Euro 18.4 million, a 5% margin, reducing on Euro 60.1 million for H1 2016 (15% margin). The operating margin contraction is principally due to lower volumes, in particular on the West African (Nigeria) and South American (Venezuela) markets due to the Oil&Gas slowdown which was inevitably followed also by a drop in Oil&Gas port and infrastructure construction , and the partial completion of the Water business unit orders of the Soilmec division in Africa.
The Segment Net Financial Position was Euro 210.3 million, increasing Euro 93.3 million on the end of 2016, in line with typical business seasonality.
Growth prospects remain uncertain and, as a result of particularly strong energy segment headwinds, the Group continues the important reorganisation of the segment in order to streamline the cost structure.
Total Oil&Gas Segment Revenues in 2017 were Euro 92.8 million*, reducing Euro 49.3 million on Euro 142.1 million for the first half of 2016.
This decrease is due to the poor Drillmec division performance as a result of substantial market stagnation and also the cancellation by YPFB of a contract for the supply of three drilling plant in Bolivia. The division reports Revenues of Euro 32.9 million, reducing Euro 59.3 million on the same period of the previous year (Euro 92.2 million for the first half of 2016). In addition, supply operations are recovering following the receipt of orders from international clients.
Drillmec has strengthened its position on the services and replacement parts market.
Drilling operations carried out by the subsidiary Petreven S.p.A. delivered Revenues of Euro 60.4 million, up Euro 9.8 million on Euro 50.6 million for the same period of the previous year.
(*) The individual income statement accounts stated above do not include intersegment adjustments; the parent company and Trevi Energy S.p.A. are not included.
Principally due to reduced revenues, Segment EBITDA was a loss of Euro 38 million (profit of Euro 1.3 million in H1 2016).
The Segment Net Financial Position was Euro 305.0 million, improving Euro 26.9 million on December 31, 2016, benefitting however from the share capital increase of Drillmec S.p.A. for Euro 50 million.
The main Drillmec division markets are the Far East and Africa, while the Peterven division is exclusively engaged in South America.
As a result of the contraction of orders and volumes, particularly for the Oil&Gas segment, and the consequent impact on the Group's earnings and financial position, with the introduction of immediate measures to restructure financial liabilities and the drawing up of an updated forecast for 2017, the Board of Directors of the company had already approved by the preparation date of the half-year consolidated financial statements a new Group Industrial Plan for the 2018-2021 period.
During the meetings to discuss the content of the standstill proposal, the lending institutions also requested an Independent Business Review (IBR) by a leading consultancy firm. The Trevi Group appointed PricewaterhouseCoopers (PwC) to carry out this task.
The IBR did not highlight any issues which may jeapordise the negotiation with the Banks of a financial debt restructuring.
The guidelines of the Group industrial and financial plan for the 2018-2021 period may be summarised as:
We in addition highlight that, in relation to the "TREVI-FINANZIARIA INDUSTRIALE S.P.A. 5.25% 2014-2019" ISIN CODE IT0005038382 bond listed on the Extra MOT PRO Segment of Borsa Italiana S.p.A. for a value of Euro 50,000,000.00 (the "Bond"), on March 10, 2017 a Bondholders' Meeting was held which approved the proposal of the Board of Directors concerning: (a) the granting of a waiver on compliance with the financial covenants established by Article 12 (Issuer Commitments), sub points (vii) and (viii) of the Bond Regulation and (b) related amendments to Article 7 (Interests) and Article 12 (Issuer Commitments) of the Bond Regulation. These amendments were necessary following the underperformance in the third quarter of 2016 due to the significant drop in Oil&Gas segment revenues, which would have resulted in - as subsequently in effect occurred - the Group's failure to comply with the indicated financial covenants, pre-amendment, of the Bond Regulation.
Finally, with regards to the bond, on August 4, 2017 an additional Bondholders' Meeting was called for the passing of a number of relative motions, in particular: (i) the appointment of a joint representative; (ii) a suspension request for a number of bond regulation articles under which Bondholders could approve the exercise of the established remedies (including a request for the advance repayment of the bond), as a consequence of the initiation of negotiations with the credit institutions for the signing of the standstill and the debt restructuring agreement; and (iii) a number of bond regulation amendment requests to suspend, for the duration of the standstill agreement, a number of articles under which bondholders would be able to accelerate the bond on the occurrence of certain events (such as a cross default of the Issuer).
The Shareholders' Meeting - called for September 6 in first call, and thereafter for September 20 in second call - did not approve any of the above-mentioned motions as the necessary quorums were not met.
For completeness, the failure to constitute the Bondholders' Meeting and the failure to approve the motions in question did not have any effect on the debt deriving from the bond loan.
Current Trevi Group market conditions, in particular for the Oil&Gas segment and related to the Group's complex situation, have required company management to make particularly accurate assessments in terms of the going concern.
Specifically, during the preparation of the 2017 condensed consolidated half-year financial statements, company management assessed the capacity of the Group to continue to operate as a functioning entity and decided to prepare the 2017 condensed consolidated half-year financial statements on a going concern basis in view of expectations in terms of the execution of the industrial plan described in the previous section, which includes incisive structural financial and organisational measures.
Company management, in assessing whether the going concern principle should be applied, took account of all the information available on future developments, relating to at least - but not limited to - twelve months subsequent to the 2017 condensed consolidated half-year financial statements' reporting date.
In any case, the Directors' assessment on the applicability of the going concern principle involves the expression of an opinion, at a given moment, on the future outcome of events or circumstances which by their very nature are uncertain.
In particular, current uncertainties principally relate to:
The existence and the overcoming of these uncertainties depends only partly on internal variables and factors controllable by company management, while those remaining depend on external factors which are assessed on a reasonableness basis.
Overall, the significant uncertainties outlined above may give rise to significant doubts on the capacity of the company and of the Group to continue to operate on a going concern basis. The Directors, in consideration of:
the reasonable expectation that, on the basis of current negotiations, the financial debt restructuring agreement may be signed within a reasonably short timeframe, hopefully by December 31, 2017 (conclusion date of the standstill agreement proposal, which however stipulates the possibility for an extension with the approval of 70% of the institutions involved) and that, therefore, the company and the Group may have sufficient funding available to guarantee the maintenance of operations into the foreseeable future.
the fact that, in relation to the Bond, the failure of the Bondholders to attend the meeting called for September 6, in first call, and thereafter for September 20, in second call, and the consequent impossibility to meet the necessary quorum, may be considered as an indication of the lack of interest among Bondholders in the prerogatives recognised to them and an implied recognition of the current de facto situation, as the Bondholders' Meeting is the appropriate forum to express opinions on the need to amend the bond regulation (including the request presented by the company to suspend a number of bond regulation articles in accordance with which the Bondholders could exercise the remedies stipulated therein as a result of the initiation of negotiations with the credit institutions for the agreement of the standstill);
adopted the going concern principle for the preparation of the 2017 condensed consolidated halfyear financial statements, as considering it reasonable that the Group's current difficulties may be overcome through the above-stated actions undertaken and to be undertaken.
This decision is, certainly, the result of an assessment which considers the events and circumstances outlined in the likelihood of their disclosure. Conscious of the intrinsic limits of such a prognostic judgment, the Board of Directors will maintain a constant control and monitoring of the evolution of these factors and the effectiveness of the measures envisaged in the industrial plan (together with any new circumstances that may arise) with the aim of taking the necessary corrective actions and remedies on time.
Roberto Carassai, the director responsible for drawing up the Company's accounting statements, hereby declares, pursuant to Article 154-bis, paragraph 2 of the Consolidated Law on Finance, that the information contained in this press release accurately represents the figures contained in the Company's accounting records.
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Trevi Group is a worldwide leader in the field of soil engineering (special foundations, tunnel excavation, soil consolidation and the building and marketing of special rigs and equipment relevant to this engineering sector); the Group is also active in the drilling sector (oil, gas and water) both in the production of plant and the supply of services, and it also builds automated underground car parks. The Group was established in Cesena in 1957 and today has more than 30 branches and is present in over 80 countries. Its success is due to the vertical integration of the main divisions making up the Group: Trevi, the division that supplies special services in the field of soil engineering, Petreven, the oil drilling division of the Group, Soilmec, the division that produces and develops plant and machinery for soil engineering and Drillmec the division that produces and develops drilling rigs (oil, gas and water).
The parent company has been listed on the Milan stock exchange since July 1999.
The 2016 key financial indicators were as follows: Total Revenues Euro 1,080.5 million; EBITDA Euro 75.7 million (EBITDA Margin 7%); EBIT loss of Euro 38 million; Group NET LOSS of Euro 86.4 million. For further details: www.trevifin.com
Investor Relations:
Francesca Cocco
e-mail: [email protected]
Group Communications Office: Franco Cicognani e-mail: [email protected] tel: +39/0547 319503
Press Office: Studio Mailander tel: +39/011 5527 311
| (In thousands of Euro) | ||
|---|---|---|
| ASSETS | 30/06/2017 | 31/12/2016 |
| Non-current Assets | ||
| Tangible Fixed Assets | ||
| Land and buildings | 99,010 | 102,398 |
| Plant and equipment | 194,552 | 215,737 |
| Industrial and commercial equipment | 22,252 | 21,978 |
| Other assets | 15,666 | 15,182 |
| Fixed assets under construction and pre-payments | 1,130 | 1,120 |
| Total Tangible Fixed Assets | 332,610 | 356,415 |
| Intangible Fixed Assets | ||
| Development costs | 32,822 | 47,797 |
| Industrial patents and use of intellectual property | 412 | 418 |
| Concessions, licences, brands | 765 | 870 |
| Goodwill | 6,001 | 6,001 |
| Fixed assets under construction and pre-payments | 8,508 | 8,490 |
| Other intangible fixed assets | 1,398 | 1,650 |
| Total Intangible Fixed Assets | 49,906 | 65,226 |
| Investments | 1,375 | 2,631 |
| - investments in associates and joint-ventures valued at equity | 27 | 31 |
| - other investments | 1,348 | 2,600 |
| Tax assets for pre-paid taxes | 87,818 | 82,141 |
| Non-current financial derivatives | 0 | 0 |
| Other non-current financial receivables | 3,973 | 4,295 |
| - of which with related parties | 2,381 | 2,662 |
| Trade receivables and other non-current assets Total Financial Fixed Assets |
19,018 112,184 |
20,946 110,013 |
| Total Non-current Assets | 494,700 | 531,654 |
| Current Assets | ||
| Inventories | 348,012 | 352,398 |
| Trade receivables and other current assets | 477,059 | 493,642 |
| - of which with related parties | 9,151 | 10,540 |
| Tax assets for current taxes | 25,677 | 32,424 |
| Current financial derivative instruments and trading instruments at fair value | 281 | 0 |
| Cash and cash equivalents | 159,049 | 301,133 |
| Total Current Assets | 1,010,078 | 1,179,597 |
| TOTAL ASSETS | 1,504,778 | 1,711,251 |
| Shareholders' Funds | 30/06/2017 | 31/12/2016 |
|---|---|---|
| Share Capital and Reserves | ||
| Share capital | 82,290 | 82,290 |
| Other reserves | 167,463 | 309,540 |
| Retained profits including result for the period | 75,500 | 80,539 |
| Group Net Shareholders' Funds | 325,253 | 472,369 |
| Net shareholders' funds attributable to non-controlling interests | 6,946 | 10,371 |
| Total Net Shareholders' Funds | 332,199 | 482,740 |
| LIABILITIES | ||
| Non-current Liabilities | ||
| Non-current financing | 13,440 | 62,798 |
| Other non current financing | 34,981 | 37,599 |
| Non-current financial derivatives | 0 | 1,126 |
| Tax payables for deferred taxes | 50,268 | 29,790 |
| Post-employment benefits | 18,068 | 19,729 |
| Non-current provisions | 4,482 | 4,450 |
| Other non-current liabilities | 81 | 127 |
| Total Non-current Liabilities | 121,320 | 155,619 |
| Current Liabilities | ||
| Trade payables and other current liabilities | 336,757 | 388,636 |
| - of which with related parties | 3,626 | 2,968 |
| Tax liabilities for current taxes | 23,175 | 29,871 |
| Current debt | 652,269 | 600,012 |
| Payables for other current financing | 23,654 | 40,035 |
| Current financial derivatives | 918 | 447 |
| Current provisions | 14,485 | 13,891 |
| Total Current Liabilities | 1,051,259 | 1,072,892 |
| TOTAL LIABILITIES | 1,172,579 | 1,228,511 |
| TOTAL NET SHAREHOLDERS' FUNDS AND LIABILITIES | 1,504,778 | 1,711,251 |
| Revenues from sales and services 445,013 494,204 - of which with related parties 4,146 2,418 Other operating revenues 15,828 25,047 Total Revenues 460,841 519,251 Costs of raw materials and consumables 142,236 213,171 Changes in inventories of raw materials, ancillary materials, consumables and products (1,952) (20,053) Personnel expenses 125,678 120,983 Other operating expenses 208,302 181,466 - of which with related parties 2,631 4,038 Depreciation and amortization 27,530 32,644 Provisions for risk and changes and write-downs 28,724 4,140 Increase in fixed assets for internal use (2,901) (3,841) Changes in inventories of finished and semi-finished products 8,321 (34,811) Operating Result (75,097) 25,552 Financial income 1,090 751 (Financial expenses) (12,821) (14,847) Gains /(losses) on exchange rate (10,716) (17,165) Net Financial expenses and exchange rate gains/ (losses) (22,447) (31,261) Impairment of financial assets (1,562) (303) Result before taxes (99,106) (6,012) Income tax 21,841 15,327 Net Result (120,947) (21,339) Attributable to: Equity holders of the Parent company (118,326) (23,576) Non-controlling interests (2,621) 2,237 Basic Earning per Share (Euro): (0,719) (0,143) |
30/06/2017 | 30/06/2016 | |
|---|---|---|---|
| Diluted earnings per share (Euro): | (0,719) | (0,143) |
(In thousands of Euro)
| 30/06/2017 | 30/06/2016 | |
|---|---|---|
| Net Profit/ (loss) for the period | (120,947) | (21,339) |
| Other items of comprehensive income subsequently recycled to profit or loss for the | ||
| period | ||
| Cash flow hedge reserve | 259 | 10 |
| Tax | (75) | (20) |
| Change in cash flow hedge reserve | 184 | (10) |
| Translation reserve | (28,978) | (23,393) |
| Total of other comprehensive income that may be recycled subsequently to profit or loss net of tax |
(28,794) | (23,403) |
| Comprehensive result net of tax | (149,741) | (44,742) |
| Parent Company shareholders | (147,117) | (40,459) |
| Non-controlling interests | (2,624) | (4,283) |
| Description | Share Capital |
Other Reserves |
Accumulated Profit |
Group Total |
Share of non controlling interests |
Total Net Equity |
|---|---|---|---|---|---|---|
| Balance at 01/01/16 | 82,290 | 315,322 | 167,302 | 564,914 | 14,658 | 579,572 |
| Result for the period | (23,578) | (23,578) | 2,237 | (21,341) | ||
| Other comprehensive profits/ (losses) | (16,883) | (16,883) | (6,520) | (23,403) | ||
| Total comprehensive profits/ (losses) | 0 | (16,883) | (23,578) | (40,461) | (4,283) | (44,744) |
| Allocation of profit for 2015 and dividend distribution | 363 | (363) | 0 | (566) | (566) | |
| Balance at 30/06/16 | 82,290 | 298,803 | 143,361 | 524,453 | 9,809 | 534,262 |
| Balance at 01/01/17 | 82,290 | 309,540 | 80,539 | 472,369 | 10,371 | 482,740 |
| Result for the period | (118,326) | (118,326) | (2,621) | (120,947) | ||
| Other comprehensive profits/ (losses) | (28,790) | (28,790) | (3) | (28,793) | ||
| Total comprehensive profits/ (losses) | 0 | (28,790) | (118,326) | (147,116) | (2,624) | (149,740) |
| Allocation of profit for 2016 and dividend distribution | (113,287) | 113,287 | 0 | (801) | (801) | |
| Balance at 30/06/17 | 82,290 | 167,463 | 75,500 | 325,253 | 6,946 | 332,199 |
(In thousands of Euro)
| 30/06/2017 | 30/06/2016 | ||
|---|---|---|---|
| Net result for the period | (120,947) | (21,339) | |
| Income taxes for the period | 21,841 | 15,327 | |
| Profit before taxes | (99,106) | (6,012) | |
| Depreciation and amorisation | 39,467 | 32,644 | |
| Financial (revenues)/ expenses | 11,731 | 14,096 | |
| Changes in reserve for risk and costs and for post-employment benefits | (1,035) | (893) | |
| Impairment of financial assets | 1,562 | 303 | |
| (Gains) / losses from sale or impairment of fixed assets | 382 | 369 | |
| (A) | Cash Flow from Operations before Changes in Working Capital | (47,000) | 40,507 |
| (Increase)/Decrease trade receivables | 16,494 | 137,217 | |
| (Increase)/Decrease inventories | 4,386 | (41,082) | |
| (Increase)/Decrease other assets | 3,409 | 14,184 | |
| Increase/(Decrease) trade payables | (28,628) | (86,140) | |
| Increase/(Decrease) other liabilities | (30,849) | (14,627) | |
| (B) | Changes in Working Capital | (35,188) | 9,552 |
| (C) | Cash out for interest and other expenses | (11,731) | (14,096) |
| (D) | Cash out for taxes | (507) | (558) |
| (E) | Cash Flow generated (absorbed) by operations (A+B+C+D) | (94,427) | 35,405 |
| Investments | |||
| Operating (investments) | (21,684) | (15,337) | |
| Operating divestments | 5,908 | 9,102 | |
| Net change in financial assets | (305) | (781) | |
| (F) | Cash Flow generated (absorbed) by investments | (16,081) | (7,016) |
| Financing activities | |||
| Other changes including those in non-controlling interests | (14,544) | (4,169) | |
| Increase/(Decrease) in debt, financing and derivative instruments | (8,777) | (12,019) | |
| Increase/(Decrease) in leasing liabilities and other financing debt | (18,998) | (17,710) | |
| Dividend distribution | 0 | (566) | |
| (G) | Cash Flow generated (absorbed) from financing activities | (42,318) | (34,464) |
| (H) | Net Change in Cash Flows (E+F+G) | (152,826) | (6,075) |
| Opening Balance of Net Liquid Funds | 293,708 | 290,490 | |
| Net Changes in Liquid Funds | (152,826) | (6,075) | |
| Closing Balance of Net Liquid Funds | 140,882 | 284,415 | |
| Description | 30/06/2017 | 30/06/2016 | |
| Cash and cash equivalents | 159,049 | 292,021 | |
| Bank overdrafts | (18,166) | (7,606) | |
Cash and cash equivalents net of bank overdrafts 140,882 284,415
| (In thousands of Euro) | ||||||
|---|---|---|---|---|---|---|
| Geographic area | 30/06/2017 | % | 30/06/2016 | % | Change | Ch.% |
| Italy | 23,965 | 5.2% | 28,475 | 5.5% | (4,511) | -15.8% |
| Europe (ex-Italy) | 31,193 | 6.8% | 38,452 | 7.4% | (7,259) | -18.9% |
| USA and Canada | 47,638 | 10.3% | 55,552 | 10.7% | (7,915) | -14.2% |
| Latin America | 104,863 | 22.8% | 91,612 | 17.6% | 13,252 | 14.5% |
| Africa | 49,331 | 10.7% | 114,251 | 22.0% | (64,920) | -56.8% |
| Middle East and Asia | 173,452 | 37.6% | 143,084 | 27.6% | 30,368 | 21.2% |
| Far East and rest of the World | 30,399 | 6.6% | 47,825 | 9.2% | (17,426) | -36.4% |
| TOTAL REVENUES | 460,841 | 100% | 519,251 | 100% | (58,410) | -11.2% |
| (In thousands of Euro) | ||||||
|---|---|---|---|---|---|---|
| 30/06/2017 | % | 30/06/2016 | % | Change | Ch.% | |
| Special foundation services | 32,878 | 7% | 92,216 | 18% | (59,338) | -64.3% |
| Drilling services | 60,412 | 13% | 50,572 | 10% | 9,840 | 19.5% |
| Interdivision eliminations and adjustments | (463) | (665) | 202 | |||
| Sub-Total Oil & Gas Sector | 92,827 | 20% | 142,123 | 27% | (49,296) | -34.7% |
| Special foundation services | 287,173 | 62% | 278,125 | 54% | 9,048 | 3.3% |
| Manufacture of special foundation machinery | 97,034 | 21% | 124,485 | 24% | (27,451) | -22.1% |
| Interdivision eliminations and adjustments | (7,013) | (10,550) | 3,537 | |||
| Sub-Total Foundations Sector (Core Business) | 377,194 | 82% | 392,060 | 76% | (14,866) | -3.8% |
| Parent Company | 13,301 | 13,443 | (141) | -1.1% | ||
| Interdivision and Parent Company eliminations | (22,482) | (28,375) | 5,894 | |||
| TREVI GROUP | 460,841 | 100% | 519,251 | 100% | (58,410) | -11.2% |
(In thousands of Euro)
| 30/06/2017 | 30/06/2016 | Change | Ch.% | |
|---|---|---|---|---|
| TOTAL REVENUES | 377,194 | 392,060 | (14,866) | -3.8% |
| Changes in inventories of work in progress, semi-finished and finished goods | 747 | 20,098 | (19,351) | |
| Increase in fixed assets for internal use | 2,484 | 2,913 | (429) | |
| VALUE OF PRODUCTION | 380,425 | 415,072 | (34,646) | -8.3% |
| Raw materials and external services | 267,763 | 267,384 | 379 | |
| Other operating expenses | 7,397 | 4,890 | 2,507 | |
| VALUE ADDED | 105,265 | 142,797 | (37,532) | -26.3% |
| % of Total revenues | 27.9% | 36.4% | ||
| Personnel expenses | 86,877 | 82,665 | 4,212 | |
| GROSS OPERATING RESULT (EBITDA) | 18,388 | 60,132 | (41,744) | -69.4% |
| % of Total revenues | 4.9% | 15.3% | ||
| Depreciation | 18,169 | 22,783 | (4,614) | |
| Provisions and write-downs | 11,589 | 1,689 | 9,900 | |
| OPERATING RESULT (EBIT) | (11,370) | 35,660 | (47,030) | -131.9% |
| % of Total revenues | -3.0% | 9.1% |
| 30/06/2017 | 31/12/2016 | Change | Ch.% | ||
|---|---|---|---|---|---|
| A) | Fixed assets | 253,588 | 273,790 | (20,202) | -7.4% |
| - Inventories |
291,912 | 287,275 | 4,637 | ||
| - Trade receivables |
296,691 | 324,148 | (27,457) | ||
| - Trade payables (-) |
(224,209) | (253,612) | 29,403 | ||
| - Pre-payments (-) |
(77,477) | (114,004) | 36,527 | ||
| - Other assets (liabilities) |
(5,559) | (9,332) | 3,772 | ||
| B) | Net invested capital | 281,357 | 234,476 | 46,881 | 20.0% |
| C) | Invested capital less liabilities for the year (A+B) | 534,945 | 508,266 | 26,679 | 5.2% |
| D) | Post-employment benefits (-) | (15,363) | (16,822) | 1,459 | -8.7% |
| E) | NET INVESTED CAPITAL (C+D) | 519,582 | 491,444 | 28,138 | 5.7% |
| Financed by: | |||||
| F) | Group net equity | 301,503 | 363,953 | (62,450) | -17.2% |
| G) | Share of non-controlling interests | 7,763 | 10,468 | (2,705) | |
| H) | Net debt | 210,316 | 117,023 | 93,293 | 79.7% |
| I) | TOTAL SOURCES OF FINANCING (F+G+H) | 519,582 | 491,444 | 28,138 | 5.7% |
(In thousands of Euro)
| 30/06/2017 | 30/06/2016 | Change | Ch.% | |
|---|---|---|---|---|
| TOTAL REVENUES | 92,827 | 142,123 | (49,296) | -34.7% |
| Changes in inventories of work in progress, semi-finished and finished goods | (9,104) | 12,969 | (22,073) | |
| Increase in fixed assets for internal use | 418 | 928 | (510) | |
| VALUE OF PRODUCTION | 84,141 | 156,021 | (71,880) | -46.1% |
| Raw materials and external services | 80,284 | 115,198 | (34,914) | |
| Other operating expenses | 5,885 | 3,516 | 2,369 | |
| VALUE ADDED | (2,028) | 37,307 | (39,335) | - 105.4% |
| % of Total revenues | -2.2% | 26.2% | ||
| Personnel expenses | 35,973 | 36,016 | (43) | |
| GROSS OPERATING RESULT (EBITDA) | (38,002) | 1,290 | (39,292) | na |
| % of Total revenues | -40.9% | 0.9% | ||
| Depreciation | 8,620 | 9,873 | (1,253) | |
| Provisions and write-downs | 17,134 | 2,351 | 14,783 | |
| OPERATING RESULT (EBIT) | (63,756) | (10,934) | (52,822) | - 483.1% |
| % of Total revenues | -68.7% | -7.7% |
| 30/06/2017 | 31/12/2016 | Change | Ch.% | ||
|---|---|---|---|---|---|
| A) | Fixed assets | 99,224 | 122,659 | (23,435) | -19.1% |
| - Inventories |
195,269 | 217,079 | (21,810) | ||
| - Trade receivables |
122,554 | 127,983 | (5,429) | ||
| - Trade payables (-) |
(95,897) | (93,426) | (2,471) | ||
| - Pre-payments (-) |
(24,478) | (23,928) | (551) | ||
| - Other assets (liabilities) |
23,932 | 29,479 | (5,547) | ||
| B) | Net invested capital | 221,380 | 257,187 | (35,807) | -13.9% |
| C) | Invested capital less liabilities for the year (A+B) | 320,604 | 379,846 | (59,242) | -15.6% |
| D) | Post-employment benefits (-) | (1,709) | (1,817) | 108 | -5.9% |
| E) | NET INVESTED CAPITAL (C+D) | 318,895 | 378,029 | (59,134) | -15.6% |
| Financed by: | |||||
| F) | Group net equity | 14,417 | 45,275 | (30,858) | -68.2% |
| G) | Share of non-controlling interests | (469) | 940 | (1,409) | |
| H) | Net debt | 304,947 | 331,814 | (26,867) | -8.1% |
| I) | TOTAL SOURCES OF FINANCING (F+G+H) | 318,895 | 378,029 | (59,134) | -15.6% |
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