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:
- the Company and the Group's net financial position, with separate disclosure of the short-term position and the medium/long-term position;
- 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.);
- 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.
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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 |
- 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 | Trevi Group | ||
Industriale | |||
S.p.A. | |||
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
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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.
- 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:
Trevi-Finanziaria Industriale S.p.A.:
(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 |
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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 |
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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
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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.
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Trevi Finanziaria Industriale S.p.A. published this content on 31 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2020 21:59:01 UTC