Trevi Fin Industriale

Earnings Release • Nov 29, 2019

Informazione Regolamentata n. 0262-88-2019		Data/Ora Ricezione 29 Novembre 2019 18:42:12	MTA
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	125309
Nome utilizzatore	:	TREVIN01 - M. Sala
Tipologia	:	REGEM
Data/Ora Ricezione	:	29 Novembre 2019 18:42:12
Data/Ora Inizio Diffusione presunta	:	29 Novembre 2019 18:42:13
Oggetto	:	PURSUANT TO ART. 114 OF THE LEGISLATIVE DECREE No. 58/98	INFORMATION REQUIRED BY CONSOB
Testo del comunicato

Vedi allegato.

INFORMATION REQUIRED BY CONSOB PURSUANT TO ART. 114 OF THE LEGISLATIVE DECREE No. 58/98

Cesena, November 29, 2019 – Trevi - Finanziaria Industriale S.p.A. (the "Company"), as requested by Consob on December 10, 2018 pursuant to art. 114 of the Legislative Decree No. 58/98, communicates, at the end of every month, the following updated information at the end of the previous month:

• a) the Company and the Group's net financial position, with separate disclosure of the short-term position and the medium/long-term position;
• b) the Company and the Group's overdue payables, analised by nature (financial, trade, tax, social security and employees) and any related creditors' reaction initiatives (payment reminders, injunctions, suspensions of supplies, etc.);
• c) the Company and the Group's main variations in the transactions with related parties compared to the approved last annual or semi-annual financial report pursuant to Art.154-ter of TUF;

The following is the above additional information requested.

a) The Company and the Group Net Financial Debt at October 31, 2019.

The Net Financial Position of the Company at October 31, 2019 amounts to Euro 401,9 million and is shown below:

NET FINANCIAL DEBT	31/10/2019	30/06/2019	Variation
Current bank loans and borrowings	(404.521)	(441.359)	36.838
Current loans and borrowings from other financial backers	(97.457)	(44.918)	(52.539)
Current financial derivatives	(193)	(237)	44
Short-term cash and cash equivalents	11.286	922	10.364
Total current financial debt	(490.884)	(485.592)	(5.292)
Non-current bank loans and borrowings	0	0	0
Non-current loans and borrowings from other financial backers	(249)	(339)	90
Non-current financial receivables from subsidiaries	89.156	86.949	2.207
Non-current financial derivatives	0	0	0
Total non-current financial debt	88.907	86.610	2.297
Net financial debt	(401.977)	(398.982)	(2.995)

The Net Financial Debt of the financial statements of Trevi Finanziaria Industriale SpA at June 30, 2019 and October 31, 2019 includes the partial write-down of intercompany financial receivables; this effect in the consolidated Net Financial Debt does not generate any impact.

The Group Net Financial Debt at October 31, 2019 amounts to Euro 742,3 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	31/10/2019	30/06/2019	Variation
Current bank loans and borrowings	(647.776)	(665.271)	17.495
Current loans and borrowings from other financial backers	(144.934)	(105.144)	(39.790)
Current financial derivatives	(199)	(246)	47
Short-term cash and cash equivalents	76.727	77.747	(1.020)
Total current financial debt	(716.182)	(692.914)	(23.268)
Non-current bank loans and borrowings	0	(451)	451
Non-current loans and borrowings from other financial
backers	(26.093)	(42.869)	16.776
Non-current financial derivatives	0	0	0
Total non-current financial debt	(26.093)	(43.321)	17.228
Group Net Financial Debt	(742.275)	(736.235)	(6.040)

b) The following are the Company and the Group's overdue payables analised by nature (financial, trade, tax, social security and employees) and any related creditors' reaction initiatives (payment reminders, injunctions, suspensions of supplies, etc.).

	Trevi Finanziaria Industriale S.p.A.	Trevi Group
in thousands of Euro	31/10/2019	31/10/2019
Financial liabilities*	360.350	495.908 (**)
Trade payables	14.894	95.713 (**)
Tax liabilities		509
Social security liabilities		219
Payables to employees		-
Total overdue liabilities	375.243	592.349 (**)

* Related to short and medium to long term debt expired and not repaid in the light of the de facto standstill situation. ** Also including the Company debt, and indicated with the same perimeter

At October 31, 2019 the creditors' reaction initiatives can be summarized as follows:

• in relation to Trevi Finanziaria Industriale S.p.A., there are no situations of shortage of supplies;
• in relation to the Trevi Group, there are no situations of shortage of supplies. Some reminders and injunctions have been received from suppliers in relation to commercial relationships. The aggregate value of these positions is approximately Euro 5.6 million, of which approximately Euro 3.4 million have been settled and approximately Euro 2.2 million for which the defintion is ongoing.

c) The following are the main variations occurred in the relations with the Company and the Group related parties with respect to the last half-year financial report:

(In thousands of Euro)
Non-current financial receivables from subsidiaries	31/10/2019	30/06/2019	Variation
Trevi S.p.A.	23.605	23.605	0
Soilmec S.p.A.	57.146	57.156	(10)
Drillmec S.p.A.	1.000	0	1.000
Petreven S.p.A.	1.402	0	1.402
Other	6.430	6.615	(185)
TOTAL	89.583	87.376	2.207
Non-current financial payables from subsidiaries	31/10/2019	30/06/2019	Variation
Trevi S.p.A.	427	427	(0)
TOTAL	427	427	(0)
Current trade receivables from subsidiaries	31/10/2019	30/06/2019	Variation
Trevi S.p.A.	14.589	14.224	365
Soilmec S.p.A.	7.091	6.897	194
Drillmec S.p.A.	20.034	18.386	1.648
Petreven S.p.A.	4.346	3.882	464
Other	23.504	22.993	510
TOTAL	69.563	66.382	3.181
Current trade payables to subsidiaries	31/10/2019	30/06/2019	Variation
Trevi S.p.A.	12.600	12.484	116
Soilmec S.p.A.	2.300	2.146	154
Drillmec S.p.A.	14.181	14.631	(449)
Petreven S.p.A.	141	141	0
Other	4.520	4.385	135
TOTAL	33.743	33.787	(44)
Revenues from sales and services	31/10/2019	30/06/2019	Variation
Trevi S.p.A.	6.622	4.047	2.575
Soilmec S.p.A.	3.124	1.903	1.221
Drillmec S.p.A.	2.618	1.634	984
Petreven S.p.A.	429	360	68

Other 9.197 5.611 3.586 TOTAL 21.989 13.556 8.434

Trevi-Finanziaria Industriale S.p.A.:

Consumption of raw materials and external services	31/10/2019	30/06/2019	Variation
Trevi S.p.A.	43	13	30
Soilmec S.p.A.	290	0	290
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	0	0
Other	3	0	3
TOTAL	336	13	323

Financial income	31/10/2019	30/06/2019	Variation
Trevi S.p.A.	792	471	321
Soilmec S.p.A.	2.113	1.259	854
Drillmec S.p.A.	3.577	2.128	1.449
Petreven S.p.A.	1.566	1.002	564
Other	216	129	87
TOTAL	8.263	4.988	3.275

Financial cost	31/10/2019	30/06/2019	Variation
Trevi S.p.A.	15	0	15
TOTALE	15	0	15

Trevi Group

(In thousands of Euro)

Non-current financial receivables	31/10/2019	30/06/2019	Variation
Porto Messina S.c.a.r.l.	720	720	0
Filippella s.c.a.r.l.	225	225	0
Pescara Park S.r.l.	515	515	(0)
Other	396	310	86
TOTAL	1.855	1.769	86

Trade receivables and other current assets	31/10/2019	30/06/2019	Variation
Parcheggi S.p.A.	47	75	(28)
Roma Park S.r.l.	634	634	0
Sofitre S.r.l.	1.363	1.363	0
Other	0	29	(29)
Sub-total	2.044	2.101	(57)
Porto di Messina S.c.a.r.l.	793	793	0
Consorzio Trevi Adanti	7	7	0
Nuova Darsena S.c.a.r.l.	1.222	1.170	53
Trevi S.G.F. Inc. per Napoli	1.858	1.857	1
Trevi Nicholson JV	1.697		1.697
Sep Sefi Trevi	5.573	5.536	38
Gemac Srl	4.474		4.474
Other	558	780	(222)
Sub-total	16.182	10.142	6.039
TOTAL	18.226	12.243	5.983

Trade payables and other current liabilities	31/10/2019	30/06/2019	Variation
Parcheggi S.p.A.	1	0	1
IFC Ltd	153	130	23

Sofitre S.r.l.	0	(5)	5
Sub-total	154	126	28
Trevi Adanti	8	8	0
Nuova Darsena S.c.a.r.l.	0	0	0
Porto di Messina S.c.a.rl.	395	386	9
Trevi S.G.F. Inc. per Napoli	32	32	0
Sep Sefi Trevi	971	1.664	(693)
Other	687	684	3
Sub-total	2.094	2.774	(680)
TOTAL	2.247	2.899	(652)

Revenues from sales and services	31/10/2019	30/06/2019	Variation
Roma Park S.r.l.	0	0	0
Parcheggi S.p.A.	205	106	99
Sofitre S.r.l.		0	0
Sub-total	205	106	99
Hercules Foundation AB	746	438	308
Nuova Darsena S.c.a.r.l.	625	625	0
Sep Sefi-Trevi	3.544	3.957	(413)
Trevi Nicholson JV	1.370	0	1.370
Other	606	1	606
Sub-totale	6.892	5.021	1.871
TOTAL	7.097	5.127	1.970

Consumption of raw materials and external services	31/10/2019	30/06/2019	Variation
Roma Park S.r.l.	0	0	0
Sofitre S.r.l.	28	21	7
Parcheggi S.pA.	0	0	0
Sub-total	28	21	7
Nuova Darsena S.c.a.r.l.	77	53	24
Sep Sefi-Trevi	3.453	2.706	747
Gemac Srl	1.655	0	1.655
Other	11	0	11
Sub-total	5.195	2.759	2.436
TOTAL	5.223	2.780	2.443

Financial income	31/10/2019	30/06/2019	Variation
Hercules Foundation AB	933	0	933
		0	0
TOTALE	933	0	933

The C.F.O., Massimo Sala, in his position as 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.

***

This press release contains forward-looking statements. These statements are based on the current estimates and projections of the Group, relating to future events and, by their nature, are subject to an intrinsic component of risk and uncertainty. Actual results may differ materially from those contained in such statements due to a variety of factors, including continued volatility and further deterioration of capital and financial markets, changes in macroeconomic conditions and economic growth and other changes in business conditions, in addition to other factors, the majority of which is beyond the control of the Group.

About Trevi:

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.

For further information:

Investor Relations: Massimo Sala – e-mail: investorrelations@trevifin.com Group Communications Officer: Franco Cicognani - e-mail: fcicognani@trevifin.com – tel: +39/0547 319503 Press Office: Community - Strategic communication advisers – T. +39 02 89404231 Auro Palomba - Auro.palomba@communitygroup.it Roberto Patriarca – (T. +39 335 65 09568) - Roberto.patriarca@communitygroup.