Trevi Fin Industriale

Earnings Release • Jan 31, 2020

Informazione Regolamentata n. 0262-4-2020		Data/Ora Ricezione 31 Gennaio 2020 20:26:04	MTA
Societa'	:	TREVI GROUP
Identificativo Informazione Regolamentata	:	127262
Nome utilizzatore	:	TREVIN04 - Sala
Tipologia	:	REGEM
Data/Ora Ricezione	:	31 Gennaio 2020 20:26:04
Data/Ora Inizio Diffusione presunta	:	31 Gennaio 2020 20:26:05
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

Cesena, January 31, 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 December 31, 2019.

The Net Financial Position of the Company at December 31, 2019 amounts to Euro 407 million and is shown below:

NET FINANCIAL DEBT	31/12/2019	30/06/2019	Variation
Current bank loans and borrowings	(394.204)	(441.359)	47.155
Current loans and borrowings from other financial backers	(111.234)	(44.918)	(66.316)
Current financial derivatives	(190)	(237)	47
Short-term cash and cash equivalents	11.075	922	10.153
Total current financial debt	(494.553)	(485.592)	(8.961)
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	87.763	86.949	814
Non-current financial derivatives	0	0	0
Total non-current financial debt	87.514	86.610	904
Net financial debt	(407.039)	(398.982)	(8.057)

The Net Financial Debt of the financial statements of Trevi Finanziaria Industriale SpA at June 30, 2019 and December 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 December 31, 2019 amounts to Euro 732,9 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	31/12/2019	30/06/2019	Variation
Current bank loans and borrowings	(633.736)	(665.271)	31.535
Current loans and borrowings from other financial backers	(164.249)	(105.144)	(59.105)
Current financial derivatives	(193)	(246)	53
Short-term cash and cash equivalents	88.568	77.747	10.821
Total current financial debt	(709.609)	(692.914)	(16.695)
Non-current bank loans and borrowings	0	(451)	451
Non-current loans and borrowings from other financial
backers	(23.356)	(42.869)	19.513
Non-current financial derivatives	0	0	0
Total non-current financial debt	(23.356)	(43.321)	19.964
Group Net Financial Debt	(732.965)	(736.235)	3.269

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	31/12/2019	31/12/2019
Financial liabilities*	381.028	524.365 (**)
Trade payables	13.622	96.120 (**)
Tax liabilities		594
Social security liabilities		182
Payables to employees		-
Total overdue liabilities	394.650	621.261 (**)

* 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 December 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 3.7 million, of which approximately Euro 2.3 million have been settled and approximately Euro 1.4 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	31/12/2019	30/06/2019	Variation
Trevi S.p.A.	23.605	23.605	0
Soilmec S.p.A.	57.155	57.156	(1)
Drillmec S.p.A.	1.000	0	1.000
Petreven S.p.A.	0	0	0
Other	6.430	6.615	(185)
TOTAL	88.190	87.376	814
Non-current financial payables from subsidiaries	31/12/2019	30/06/2019	Variation
Trevi S.p.A.	427	427	(0)
TOTAL	427	427	(0)
Current trade receivables from subsidiaries	31/12/2019	30/06/2019	Variation
Trevi S.p.A.	18.185	14.224	3.961
Soilmec S.p.A.	9.559	6.897	2.662
Drillmec S.p.A.	1.992	18.386	(16.393)
Petreven S.p.A.	541	3.882	(3.341)
Other	11.888	22.993	(11.105)
TOTAL	42.164	66.382	(24.218)
Current trade payables to subsidiaries	31/12/2019	30/06/2019	Variation
Trevi S.p.A.	12.624	12.484	140
Soilmec S.p.A.	2.287	2.146	142
Drillmec S.p.A.	0	14.631	(14.631)
Petreven S.p.A.	0	141	(141)
Other	4.421	4.385	36
TOTAL	19.333	33.787	(14.454)
Revenues from sales and services	31/12/2019	30/06/2019	Variation
Trevi S.p.A.	10.322	4.047	6.275
Soilmec S.p.A.	5.565	1.903	3.662
Drillmec S.p.A.	3.013	1.634	1.379
Petreven S.p.A.	456	360	96
Other	10.935	5.611	5.324
TOTAL	30.292	13.556	16.736

Trevi-Finanziaria Industriale S.p.A.:

Consumption of raw materials and external services	31/12/2019	30/06/2019	Variation
Trevi S.p.A.	259	13	247
Soilmec S.p.A.	270	0	270
Drillmec S.p.A.	0	0	0
Petreven S.p.A.	0	0	0
Other	3	0	3
TOTAL	533	13	520

Financial income	31/12/2019	30/06/2019	Variation
Trevi S.p.A.	953	471	483
Soilmec S.p.A.	2.537	1.259	1.278
Drillmec S.p.A.	4.291	2.128	2.163
Petreven S.p.A.	1.868	1.002	866
Other	260	129	131
TOTAL	9.908	4.988	4.920

Financial cost	31/12/2019	30/06/2019	Variation
Trevi S.p.A.	18	0	18
		0	0
TOTALE	18	0	18

Trevi Group

(In thousands of Euro)

Non-current financial receivables	31/12/2019	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.	637	515	122
Other	420	310	110
TOTAL	2.002	1.769	233

Trade receivables and other current assets	31/12/2019	30/06/2019	Variation
Parcheggi S.p.A.	63	75	(13)
Roma Park S.r.l.	634	634	0
Sofitre S.r.l.	1.371	1.363	7
Other	0	29	(29)
Sub-total	2.067	2.101	(34)
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	2.128		2.128
Sep Sefi Trevi	5.712	5.536	177
Gemac Srl	1.525		1.525
Other	375	780	(405)
Sub-total	13.224	10.142	3.082
TOTAL	15.291	12.243	3.048

Trade payables and other current liabilities	31/12/2019	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.	395	386	9
Trevi S.G.F. Inc. per Napoli	43	32	11
Sep Sefi Trevi	971	1.664	(693)
Other	662	684	(22)
Sub-total	2.080	2.774	(693)
TOTAL	2.220	2.899	(680)

Revenues from sales and services	31/12/2019	30/06/2019	Variation
Roma Park S.r.l.	0	0	0
Parcheggi S.p.A.	263	106	158
Sofitre S.r.l.	0	0	0
Sub-total	263	106	158
Hercules Foundation AB	765	438	327
Nuova Darsena S.c.a.r.l.	625	625	0
Sep Sefi-Trevi	4.066	3.957	109
Trevi Nicholson JV	1.800	0	1.800
Other	630	1	629
Sub-totale	7.887	5.021	2.866
TOTAL	8.151	5.127	3.024
Consumption of raw materials and external services	31/12/2019	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.	118	53	65
Sep Sefi-Trevi	3.453	2.706	747
Gemac Srl	1.764	0	1.764
Other	18	0	18
Sub-total	5.353	2.759	2.594
TOTAL	5.381	2.780	2.601
Financial income	31/12/2019	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.