Trevi Fin Industriale

Earnings Release • May 31, 2019

Informazione Regolamentata n. 0262-31-2019		Data/Ora Ricezione 31 Maggio 2019 18:46:04	MTA
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	119275
Nome utilizzatore	:	TREVIN01 - Cocco
Tipologia	:	REGEM
Data/Ora Ricezione	:	31 Maggio 2019 18:46:04
Data/Ora Inizio Diffusione presunta	:	31 Maggio 2019 18:46:05
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

Milan, May 31, 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 April 30, 2019.

The Net Financial Position of the Company at April 30, 2019 amounts to Euro 391,4 million and is shown below:

NET FINANCIAL DEBT	30/04/2019	31/12/2017	Variation
Current bank loans and borrowings Current loans and borrowings from other financial backers Current financial derivatives	(448.087) (35.041) 0	(422.918) (12.318) (701)	(25.169) (22.722) 701
Short-term cash and cash equivalents	781	7.069	(6.288)
Total current financial debt	(482.347)	(428.869)	(53.478)
Non-current bank loans and borrowings	0	(10.076)	10.076
Non-current loans and borrowings from other financial backers	(238)	(29.469)	29.230
Non-current financial receivables from subsidiaries	91.233	303.350	(212.117)
Non-current financial derivatives	0	0	0
Total non-current financial debt	90.995	263.805	(172.810)
Net financial debt	(391.352)	(165.064)	(226.288)

The Net Financial Debt of the financial statements of Trevi Finanziaria Industriale SpA at December 31, 2017 and December 31, 2018 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 April 30, 2019 amounts to Euro 702,9 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	30/04/2019	31/12/2017	Variation
Current bank loans and borrowings	(680.634)	(645.023)	(35.611)
Current loans and borrowings from other financial backers	(89.076)	(40.096)	(48.979)
Current financial derivatives	(8)	(173)	165
Short-term cash and cash equivalents	81.132	146.301	(65.170)
Total current financial debt	(688.587)	(538.991)	(149.595)
Non-current bank loans and borrowings	0	(11.207)	11.207
Non-current loans and borrowings from other financial
backers	(14.353)	(69.204)	54.851
Non-current financial derivatives	0	0	0
Total non-current financial debt	(14.353)	(80.410)	66.058
Group Net Financial Debt	(702.939)	(619.402)	(83.537)

It should be noted that the value related to the net financial position of the Company and the Group must be considered preliminary and not definitive, since, the Annual Report at December 31, 2017, the Half Year Report at June 30, 2018, the Interim Report at September 30, 2018, the Annual Report at December 31, 2018 and the Interim Report at March 31, 2019 have not yet been approved, those data are management data and not yet been submitted to the evaluation by the Board of Directors and to the Auditors of the Company.

Analyses have begun to identify the impact that the new IFRS-16 accounting standard will have on the Trevi Group financial statements and that it is currently being quantified.

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	30/04/2019	30/04/2019
Financial liabilities*	277.763	406.010 (**)
Trade payables	8.975	81.610 (**)
Tax liabilities		535
Social security liabilities		549
Payables to employees		-
Total overdue liabilities	286.738	488.704 (**)

* 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.

At April 30, 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; the Company has received some reminders and injunctions, the aggregate value of these positions, as of today, has been settled approximately at Euro 4.3 million;
• 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 12.1 million, of which approximately Euro 7.7 million have been settled and approximately Euro 4.4 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	30/04/2019	30/06/2017	Variation
Trevi S.p.A.	23.605	89.005	(65.400)
Soilmec S.p.A.	61.001	60.394	607
Drillmec S.p.A.	0	169.008	(169.008)
Petreven S.p.A.	624	59.672	(59.048)
Other	6.430	10.995	(4.565)
TOTAL	91.660	389.073	(297.414)
Non-current financial payables from subsidiaries	30/04/2019	30/06/2017	Variation
Trevi S.p.A.	427	0	427
TOTAL	427	0	427
Current trade receivables from subsidiaries	30/04/2019	30/06/2017	Variation
Trevi S.p.A.	12.570	8.504	4.066
Soilmec S.p.A.	6.511	3.715	2.796
Drillmec S.p.A.	17.992	10.750	7.242
Petreven S.p.A.	3.629	2.935	693

Trevi-Finanziaria Industriale S.p.A.:

Current trade payables to subsidiaries	30/04/2019	30/06/2017	Variation
Trevi S.p.A.	12.212	11.295	917
Soilmec S.p.A.	2.160	2.497	(337)
Drillmec S.p.A.	14.646	10.972	3.674
Petreven S.p.A.	143	44	100
Other	4.043	3.894	149
TOTAL	33.205	28.702	4.503

Other 23.747 17.100 6.647 TOTAL 64.450 43.005 21.445

Revenues from sales and services	30/04/2019	30/06/2017	Variazioni
Trevi S.p.A.	1.398	2.566	(1.168)
Soilmec S.p.A.	729	983	(254)
Drillmec S.p.A.	1.216	2.396	(1.180)
Petreven S.p.A.	499	560	(61)
Other	3.487	6.758	(3.271)
TOTAL	7.328	13.262	(5.934)

Consumption of raw materials and external services	30/04/2019	30/06/2017	Variation
Trevi S.p.A.	39	85	(46)
Soilmec S.p.A.	85	7	78
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	1	(1)
Other	0	9	(9)
TOTAL	124	101	23

Financial income	30/04/2019	30/06/2017	Variation
Trevi S.p.A.	309	1.954	(1.645)
Soilmec S.p.A.	836	1.294	(459)
Drillmec S.p.A.	1.411	4.100	(2.690)
Petreven S.p.A.	410	1.230	(821)
Other	282	218	64
TOTAL	3.247	8.797	(5.549)

Trevi Group

(In thousands of Euro)

Non-current financial receivables	30/04/2019	30/06/2017	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.	1.217	1.105	112
Parma Park S.r.l.	0	90	(90)
Other	293	241	52
TOTAL	2.455	2.381	74

Current trade receivables	30/04/2019	30/06/2017	Variation
Parcheggi S.p.A.	68	78	(10)
Roma Park S.r.l.	634	561	73
Parma Park S.r.l.	0	169	(169)
Sofitre S.r.l.	1.391	1.390	2
Other	21		21
Sub-total	2.113	2.197	(84)
Porto di Messina s.c.a.r.l.	764	745	19
Consorzio Trevi Adanti	7	6	0
Nuova Darsena S.c.a.r.l.	1.035	848	187
Trevi S.G.F. Inc. per Napoli	1.857	1.962	(104)
Arge Baugrube Q110	331	331	0
Trevi Park Plc	65	165	(100)
Other	1.131	2.897	(1.766)
Sub-total	5.190	6.953	(1.763)
TOTAL	7.304	9.151	(1.847)

Current trade payables	30/04/2019	30/06/2017	Variation
Parcheggi S.p.A.	0	6	(6)
IFC Ltd	130	72	58
Sofitre S.r.l.	0	0	0
Sub-total	130	79	52
Trevi Adanti	8	5	3
Nuova Darsena S.c.a.r.l.	0	2.664	(2.664)
Porto di Messina S.c.a.rl.	386	7	379
Trevi S.G.F. Inc. per Napoli	32	14	18

Dach-Arghe Markt Leipzig	0	517	(517)
Trevi Park Plc	0	100	(100)
Other	708	240	468
Sub-total	1.133	3.547	(2.414)
TOTAL	1.264	3.626	(2.362)
Revenues from sales and services	30/04/2019	30/06/2017	Variation
Roma Park S.r.l.	0	0	0
Parcheggi S.p.A.	64	95	(32)
Sub-total	64	95	(32)
Hercules Foundation AB	309	1.797	(1.488)
Nuova Darsena	625	387	238
Porto di Messina S.c.a.r.l	0		0
Other	143	1.866	(1.723)
Sub-total	1.078	4.050	(2.973)
TOTAL	1.141	4.146	(3.004)
Consumption of raw materials and external services	30/04/2019	30/06/2017	Variation
Roma Park S.r.l.	0	0	(0)
Sofitre S.r.l.	21	34	(13)
Parcheggi S.pA.	0	5	(5)
Sub-total	21	40	(19)
Porto di Messina S.c.a.r.l	0		0
Nuova Darsena S.c.a.r.l.	0	2.568	(2.568)
Other	11	24	(12)
Sub-total	11	2.592	(2.580)
TOTAL	32	2.631	(2.599)

***

The C.F.O., Massimiliano Battistelli, 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: Francesca Cocco – 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.