Trevi Fin Industriale

Earnings Release • Apr 30, 2020

Informazione Regolamentata n. 0262-29-2020		Data/Ora Ricezione 30 Aprile 2020 18:28:54	MTA
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	131675
Nome utilizzatore	:	TREVIN04 - Sala
Tipologia	:	REGEM
Data/Ora Ricezione	:	30 Aprile 2020 18:28:54
Data/Ora Inizio Diffusione presunta	:	30 Aprile 2020 18:28:55
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, April 30, 2020 – 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 March 31, 2020.

The Net Financial Position of the Company at March 31, 2020 amounts to Euro 421.1 million and is shown below:

NET FINANCIAL DEBT	31/03/2020	30/06/2019	Variation
Current bank loans and borrowings	(489.481)	(441.359)	(48.122)
Current loans and borrowings from other financial backers	(94.260)	(44.918)	(49.342)
Current financial derivatives	(92)	(237)	145
Short-term cash and cash equivalents	80.873	922	79.951
Total current financial debt	(502.960)	(485.592)	(17.368)
Non-current bank loans and borrowings	0	0	0
Non-current loans and borrowings from other financial backers	(179)	(339)	160
Non-current financial receivables from subsidiaries	82.076	86.949	(4.873)
Non-current financial derivatives	0	0	0
Total non-current financial debt	81.897	86.610	(4.713)
Net financial debt	(421.063)	(398.982)	(22.081)

The Net Financial Debt of the financial statements of Trevi Finanziaria Industriale SpA at June 30, 2019 and March 31, 2020 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 March 31, 2020 amounts to Euro 660,3 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	31/03/2020	30/06/2019	Variation
Current bank loans and borrowings	(644.464)	(665.271)	20.807
Current loans and borrowings from other financial backers	(124.346)	(105.144)	(19.202)
Current financial derivatives	(92)	(246)	154
Short-term cash and cash equivalents	129.410	77.747	51.663
Total current financial debt	(639.492)	(692.914)	53.422
Non-current bank loans and borrowings	0	(451)	451
Non-current loans and borrowings from other financial
backers	(20.778)	(42.869)	22.092
Non-current financial derivatives	0	0	0
Total non-current financial debt	(20.778)	(43.321)	22.543
Group Net Financial Debt	(660.270)	(736.235)	75.965

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	31/03/2020	31/03/2020
Financial liabilities*	450.705	541.137 (**)
Trade payables	16.377	78.948 (**)
Tax liabilities		351
Social security liabilities		147
Payables to employees		-
Total overdue liabilities	467.082	620.583 (**)

* 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, the figure refers to the foundations sector

At March 31, 2020 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; An injunction has been received from suppliers for approximately Euro 200.000.
• 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 3,2 million, of which approximately Euro 1,6 million have been settled and approximately Euro 1,6 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	31/03/2020	30/06/2019	Variation
Trevi S.p.A.	23.605	23.605	0
Soilmec S.p.A.	57.178	57.156	22
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	0	0
Other	6.655	6.615	40
TOTAL	87.438	87.376	62
Non-current financial payables from subsidiaries	31/03/2020	30/06/2019	Variation
Trevi S.p.A.	981	427	554
Altri	4.381		4.381
TOTALE	5.362	427	4.935

Trevi-Finanziaria Industriale S.p.A. (*):

Current trade receivables from subsidiaries	31/03/2020	30/06/2019	Variation
Trevi S.p.A.	19.040	14.224	4.816
Soilmec S.p.A.	10.494	6.897	3.597
Drillmec S.p.A.	1.179	18.386	(17.206)
Petreven S.p.A.	0	3.882	(3.882)
Other	15.490	22.993	(7.503)
TOTAL	46.203	66.382	(20.179)
Current trade payables to subsidiaries	31/03/2020	30/06/2019	Variation
Trevi S.p.A.	11.045	12.484	(1.439)
Soilmec S.p.A.	3.467	2.146	1.321
Drillmec S.p.A.	0	14.631	(14.631)
Petreven S.p.A.	0	141	(141)
Other	4.786	4.385	401

Revenues from sales and services	31/03/2020	30/06/2019	Variation
Trevi S.p.A.	1.718	4.047	(2.329)
Soilmec S.p.A.	818	1.903	(1.085)
Drillmec S.p.A.	16	1.634	(1.618)
Petreven S.p.A.	0	360	(360)
Other	1.252	5.611	(4.360)
TOTAL	3.804	13.556	(9.752)

TOTAL 19.298 33.787 (14.489)

Consumption of raw materials and external services	31/03/2020	30/06/2019	Variation
Trevi S.p.A.	54	13	41
Soilmec S.p.A.	106	0	106
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	0	0
Other	0	0	(0)
TOTAL	161	13	147
Financial income	31/03/2020	30/06/2019	Variation
Trevi S.p.A.	239	471	(232)
Soilmec S.p.A.	632	1.259	(627)
Drillmec S.p.A.	0	2.128	(2.128)

Petreven S.p.A.	0	1.002	(1.002)
Other	67	129	(62)
TOTAL	938	4.988	(4.050)

Financial expense	31/03/2020	30/06/2019	Variation
Trevi S.p.A.	10	0	10
TOTAL	10	0	10

(*) Following the transfer of the Oil & Gas Division to the Meil Group, the companies Drillmec Spa and Petreven Spa no longer fall within the scope of consolidation of the Trevi Group; they are represented here only for comparative purposes with the comparison period.

Trevi Group

(In thousands of Euro)

Non-current financial receivables	31/03/2020	30/06/2019	Variation
Porto Messina S.c.a.r.l.	721	720	1
Filippella s.c.a.r.l.	267	225	42
Pescara Park S.r.l.	637	515	122
Other	150	310	(160)
TOTAL	1.775	1.769	5

Trade receivables and other current assets	31/03/2020	30/06/2019	Variation
Parcheggi S.p.A.	52	75	(23)
Roma Park S.r.l.	634	634	0
Sofitre S.r.l.	1.371	1.363	7
Other	21	29	(8)
Sub-total	2.078	2.101	(23)
Porto di Messina S.c.a.r.l.	794	793	0
Consorzio Trevi Adanti	7	7	0
Nuova Darsena S.c.a.r.l.	822	1.170	(347)
Trevi S.G.F. Inc. per Napoli	1.860	1.857	3
Trevi Nicholson JV	5.674		5.674
Sep Sefi Trevi	5.135	5.536	(400)
Gemac Srl	1		1
Other	467	780	(313)
Sub-total	14.760	10.142	4.618
TOTAL	16.837	12.243	4.594

Trade payables and other current liabilities	31/03/2020	30/06/2019	Variation
Parcheggi S.p.A.	1	0	1
IFC Ltd	139	130	8
Sofitre S.r.l.	0	(5)	5
Sub-total	139	126	14
Trevi Adanti	9	8	1
Nuova Darsena S.c.a.r.l.	0	0	0
Porto di Messina S.c.a.rl.	403	386	17
Trevi S.G.F. Inc. per Napoli	43	32	11
Sep Sefi Trevi	463	1.664	(1.201)
Other	711	684	26
Sub-total	1.628	2.774	(1.145)
TOTAL	1.768	2.899	(1.132)

Revenues from sales and services	31/03/2020	30/06/2019	Variation
Roma Park S.r.l.	0	0	0
Parcheggi S.p.A.	46	106	(60)
Sofitre S.r.l.		0	0
Sub-total	46	106	(60)
Hercules Foundation AB	0	438	(438)
Nuova Darsena S.c.a.r.l.	0	625	(625)
Sep Sefi-Trevi	327	3.957	(3.630)
Trevi Nicholson JV	1.186	0	1.186
Other	829	1	828
Sub-totale	2.343	5.021	(2.679)
TOTAL	2.388	5.127	(2.738)
Consumption of raw materials and external services	31/03/2020	30/06/2019	Variation
Roma Park S.r.l.	0	0	0
Sofitre S.r.l.	0	21	(21)
Parcheggi S.pA.	0	0	0
Sub-total	0	21	(21)
Nuova Darsena S.c.a.r.l.	0	53	(53)
Sep Sefi-Trevi	0	2.706	(2.706)
Gemac Srl	0	0	0
Other	0	0	0
Sub-total	0	2.759	(2.759)
TOTAL	0	2.780	(2.780)

***

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 has around 85 companies and, with dealers and distributors, is present in over 70 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 and Soilmec, the division that produces and develops plant and machinery for soil engineering.

The parent company (Trevi-Finanziaria Industriale S.p.A.) 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.

6