TREVI - FINANZIARIA INDUSTRIALE S.P.A. Cesena, 28 August 2015 - The Board of Directors of TREVI - Finanziaria Industriale S.p.A., the holding company of the TREVI Group, one of the world's leaders in engineering services for special foundations and in the manufacturing of machinery for special foundations and for drilling, approved the First Half Financial Statements ended June 30th 2015.
First-half results take into account Drillmec's offshore contract evolution and write-downs carried out in the second quarter:- Total Group Revenues grew 7.7% to Euro 601.1 million
- EBITDA: -48.8 million Euro which include the extra costs relative to Drillmec's offshore contract
- EBIT: -104.5 million Euro given the impact of the offshore contract loss of 100 million Euro
- Net Result: -128.1 million Euro
- Order Portfolio: 1,172.7 million Euro grew 13.0%; new and important acquisitions were registered during the semester
- Net Financial Position: 464.2 million Euro (533.9 million in the first semester of 2014)
improved 13%
Highlights:- Decisive actions in the organizational structure with the introduction of a General Manager within the holding company and strengthening of the risk control functions within the single divisions
- Rationalization of existing production sites and cost reduction
- Partnership development in the medium to long term strategic geographical areas
At a Consolidated level, the First Half TOTAL REVENUES were Euro 601.1 million, increasing
7.7% if compared to the 2014 figure of Euro 558.0 million. The special foundation services and the sales of foundation drilling rigs have benefitted of favourable markets with a growth of about 19%.The value of production was Euro 627.5 million of the first half of 2015.(+10.7%)
EBITDA was Euro -48.8 million (a margin of -8.1% on total revenues) compared to Euro 64.6 million in 2014. EBIT was Euro -104.5 million (an EBIT margin of -17.4%) compared to Euro 35.7 million of the same period last year. RESULTS BEORE TAX AND NON-CONTROLLING INTERESTS was Euro -124.4 million compared to Euro 17.2 million in 2014; Group NET PROFIT was Euro -128.1 million compared to the Euro 4.6 million of the previous year.TREVI - Finanziaria Industriale S.p.A. - Via Larga, 201 - 47522 Cesena (FC) (Italia)
Tel. 0547 319311 - Fax 0547 319313 E mail trevifin@trevifin.comsito internet www.trevifin.com
Capitale sociale Euro 82.391.632,50 Int. Vers.
Registro Imprese Forlì - Cesena, Codice Fiscale e Partita IVA: 01547370401 - C.C.I.A.A. R.E.A. n 201.271
NET DEBT was at Euro 464.2 million improving 13% compared to Euro 533.9 million at June 30th2014; let's recall that in the month of November of the last year a net capital increase of Euro 192.9
million was successfully completed.
TOTAL NET EQUITY was Euro 558.0 million compared to 422.9 million of the 2014 first half figure. The ORDER PORTFOLIO was Euro 1,172.7 million, increasing 13.0% with respect to that of June30th 2014 of Euro 1.037.8 million.
The CEO, Davide Trevisani, commented - "In the Oil & Gas sector, Drillmec encountered a great loss generated by a very complex Offshore project and therefore needs to restructure the organization, processes, and risk management in order to better cope with the new opportunities that are currently lying ahead despite the uncertainties of the global energy market. In this context, we launched an in-depth process of reorganization of the parent company, the rationalization of existing production sites, reduction of costs and review of the key business processes all associated with strategic business initiatives. The foundation sector, although registering margins slightly below expectations, shows growth in terms of turnover confirming a general positive trend in the construction market".
The CFO, Daniele Forti, the manager responsible for the preparation of the company's accounts states that, in accordance with paragraph 2 of article 154 bis of the Testo Unico della Finanza (Consolidated Financial Law), the accounting information contained in the present communication corresponds to the company's documented results, accounts and reports.
Cesena (FC), 28 August 2015
The manager responsible for the preparation of the company's accounts. Daniele Forti
About TREVI GROUP: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 TREVI - Finanziaria Industriale Spa has been listed on the Milan stock exchange since July 1999. The key financial figures for 2014 are: Total revenues of €1,250.7 million, EBITDA of €126.4 million (margin of 10.1%), EBIT of €62.6 million (margin of 5.0%), and NET PROFIT of €24.4 million.
More information can be found on the website: www.trevifin.com.
For further information: | |||
Investor Relations: | Josef Mastragostino | 0547 319 448 | jmastragostino@trevifin.com |
Stefano Campana | 0547 319 411 | scampana@trevifin.com | |
Group Communication Office: | Franco Cicognani | 0547 319 503 | fcicognani@trevifin.com |
Press office: | Studio Mailander | 011 5527 311 |
TREVI - Finanziaria Industriale S.p.A. - Via Larga, 201 - 47522 Cesena (FC) (Italia)
Tel. 0547 319311 - Fax 0547 319313 E mail trevifin@trevifin.comsito internet www.trevifin.com
Capitale sociale Euro 82.391.632,50 Int. Vers.
Registro Imprese Forlì - Cesena, Codice Fiscale e Partita IVA: 01547370401 - C.C.I.A.A. R.E.A. n 201.271
TREVI GROUP
HALF YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(In thousands of Euro)
ASSETS 30/06/2015 31/12/2014
Non-current Assets
Tangible Fixed Assets
Land and buildings 96,618 94,088
Plant and equipment 244,931 231,095
Industrial and commercial equipment 28,657 28,590
Other assets 21,427 22,607
Fixed assets under construction and pre-payments 3,772 10,482
Total Tangible Fixed Assets 395,405 386,861
Intangible Fixed Assets
Development costs 24,447 26,106
Industrial patents and use of intellectual property 538 510
Concessions, licences, brands 1,143 809
Goodwill 6,001 6,001
Fixed assets under construction and pre-payments 51,757 43,002
Other intangible fixed assets 3,547 3,582
Total Intangible Fixed Assets 87,434 80,010
Investments 1,458 1,287
- investments in associates and joint-ventures valued at equity 54 125
- other investments 1,404 1,162
Tax assets for pre-paid taxes 39,924 38,221
Non-current financial derivatives 1 0
Other non-current financial receivables 5,181 5,275
- of which with related parties 3,183 2,969
Trade receivables and other non-current assets 26,375 21,070
Total Financial Fixed Assets 72,939 65,852
Total Non-current Assets 555,778 532,724
Current Assets
Inventories 328,033 310,539
Trade receivables and other current assets 697,927 714,764
- of which with related parties 7,770 11,369
Tax assets for current taxes 55,553 50,341
Current financial derivative instruments and trading instruments at fair value 150 0
Cash and cash equivalents 278,721 244,468
Total Current Assets 1,360,384 1,320,112
TOTAL ASSETS 1,916,162 1,852,837
TREVI - Finanziaria Industriale S.p.A. - Via Larga, 201 - 47522 Cesena (FC) (Italia)
Tel. 0547 319311 - Fax 0547 319313 E mail trevifin@trevifin.comsito internet www.trevifin.com
Capitale sociale Euro 82.391.632,50 Int. Vers.
Registro Imprese Forlì - Cesena, Codice Fiscale e Partita IVA: 01547370401 - C.C.I.A.A. R.E.A. n 201.271
TREVI GROUP
HALF YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(In thousands of Euro)
Shareholders' Funds 30/06/2015 31/12/2014
Share Capital and Reserves
Share capital 82,327 82,327
Other reserves 307,410 272,088
Retained profits including result for the period 154,400 294,386
Group Net Shareholders' Funds 544,137 648,802
Net shareholders' funds attributable to non-controlling interests 13,878 17,944
Total Net Shareholders' Funds 558,015 666,746
LIABILITIES
Non-current Liabilities
Non-current financing 288,561 221,904
Other non current financing 44,391 43,192
Non-current financial derivatives 1,605 1,914
Tax payables for deferred taxes 43,201 36,096
Post-employment benefits 21,543 24,005
Non-current provisions 3,982 4,135
Other non-current liabilities 144 103
Total Non-current Liabilities 403,428 331,348
Current Liabilities
Trade payables and other current liabilities 507,042 464,249
- of which with related parties 4,595 6,318
Tax liabilities for current taxes 26,943 31,100
Current debt 383,562 319,320
Payables for other current financing 21,620 37,756
Current financial derivatives 3,603 12
Current provisions 11,947 2,306
Total Current Liabilities 954,718 854,743
TOTAL LIABILITIES 1,358,146 1,186,091
TOTAL NET SHAREHOLDERS' FUNDS AND LIABILITIES 1,916,162 1,852,837
TREVI - Finanziaria Industriale S.p.A. - Via Larga, 201 - 47522 Cesena (FC) (Italia)
Tel. 0547 319311 - Fax 0547 319313 E mail trevifin@trevifin.comsito internet www.trevifin.com
Capitale sociale Euro 82.391.632,50 Int. Vers.
Registro Imprese Forlì - Cesena, Codice Fiscale e Partita IVA: 01547370401 - C.C.I.A.A. R.E.A. n 201.271
TREVI GROUP
HALF YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT
(In thousands of Euro)
30/06/2015 30/06/2014
Revenues from sales and services 587,725 536,288
- of which with related parties 1,794 1,957
Other operating revenues 13,390 21,668
Sub-total of Total Revenues 601,114 557,957
Raw materials and consumables 345,673 208,214
Changes in inventories of raw materials, ancillary materials, consumables and products (29,570) 19,565
Personnel expenses 131,428 112,541
Other operating expenses 228,717 161,962
- of which with related parties 6,732 17,693
Depreciation 30,159 27,546
Provisions and impairments 25,552 1,400
Increase in fixed assets for internal use (13,242) (10,059)
Changes in inventories of finished and semi-finished products (13,132) 1,106
Operating Result (104,471) 35,682
Financial revenue 934 1,044
(Financial expenses) (13,888) (17,222) Exchange rate gains /(losses) (7,006) (3,994) Sub-total of Financial revenue/ (expenses) and Exchange rate gains/ (Losses) (19,960) (20,172)
Adjustments to financial assets 0 1,643
Pre-tax Result (124,430) 17,152
Tax 4,836 4,411
Net Result (129,267) 12,740
Attributable to:
Parent Company shareholders (128,089) 4,565
Non-controlling interests (1,178) 8,176
(129,267) 12,740
Group Earnings/ (loss) per Share: (0.777) 0.065
Diluted Group Earnings /(loss) per Share: (0.777) 0.065
TREVI - Finanziaria Industriale S.p.A. - Via Larga, 201 - 47522 Cesena (FC) (Italia)
Tel. 0547 319311 - Fax 0547 319313 E mail trevifin@trevifin.comsito internet www.trevifin.com
Capitale sociale Euro 82.391.632,50 Int. Vers.
Registro Imprese Forlì - Cesena, Codice Fiscale e Partita IVA: 01547370401 - C.C.I.A.A. R.E.A. n 201.271
TREVI GROUP
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In thousands of Euro)
30/06/2015 30/06/2014
Profit/ (loss) for the period (129,267) 12,740
Other components of comprehensive income, which will subsequently be reclassified in profit / (loss) for the year
Cash flow hedge reserve 281 (464)
Tax (102) 148
Change in cash flow hedge reserve 178 (315)
Translation reserve 32,944 1,193
Total other components of comprehensive income which will subsequently reclassified in profit /
(loss) for the year after tax 33,123 878
Comprehensive result net of tax (96,145) 13,618
Parent Company shareholders (93,134) 5,536
Non-controlling interests (3,011) 8,082
TREVI GROUP
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN NET EQUITY
(In thousands of Euro)
Description Share
Capital
Other
Reserves
Accumulated
Profit
Group
Total
Share of non controlling interests
Total Net Equity
Balance at 01/01/2015 82,327 272,091 294,386 648,804 17,942 666,747
Result for the period (128,089) (128,089) (1,178) (129,267) Actuarial profit/ (loss) 0 0 0
Other comprehensive profits/ (losses) 34,956 34,956 (1,833) 33,123
Total comprehensive profits/ (losses) 0 34,956 (128,089) (93,133) (3,011) (96,145) Allocation of profit for 2014 and dividend distribution 362 (11,896) (11,534) (1,053) (12,587) Balance at 30/06/2015 82,327 307,409 154,400 544,136 13,878 558,015
Balance at 01/01/2014 35,033 88,885 281,878 405,796 25,065 430,861
Result for the period 4,564 4,564 8,176 12,740
Actuarial profit/ (loss)
Other comprehensive profits/ (losses) 972 972 (94) 878
Total comprehensive profits/ (losses) 0 972 4,564 5,536 8,082 13,619
Allocation of profit for 2013 and dividend distribution 588 (9,712) (9,124) (5,995) (15,119) Change in area of consolidation (3,472) (3,472) (3,538) (7,010) Purchase of minority shares 595 595 595
Balance at 30/06/2014 35,033 90,445 273,852 399,331 23,614 422,945
TREVI - Finanziaria Industriale S.p.A. - Via Larga, 201 - 47522 Cesena (FC) (Italia)
Tel. 0547 319311 - Fax 0547 319313 E mail trevifin@trevifin.comsito internet www.trevifin.com
Capitale sociale Euro 82.391.632,50 Int. Vers.
Registro Imprese Forlì - Cesena, Codice Fiscale e Partita IVA: 01547370401 - C.C.I.A.A. R.E.A. n 201.271
TREVI GROUP
HALF YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands of Euro)
Six months to
Six months to
30/06/2015 30/06/2014
Net result for the period (129,267) 12,741
Income taxes for the period 4,836 4,411
Pre-tax Result (124,431) 17,152
Depreciation 30,159 27,546
Financial (revenues)/ expenses 12,954 16,179
Changes in reserve for risk and costs and for post-employment benefits 7,025 (7,077) Adjustments to financial assets (0) (1,643) (Gains) / losses from sale or write-downs of fixed assets 560 63
(A) Cash Flow from Operations before Changes in Working Capital (73,733) 52,220
(Increase)/Decrease trade receivables 35,644 (36,548) (Increase)/Decrease inventories (17,492) 15,952 (Increase)/Decrease other assets (30,934) (24,476) Increase/(Decrease) trade payables 49,497 (33,153) Increase/(Decrease) other liabilities (4,233) 1,792
(B) Changes in Working Capital 32,483 (76,432)
(C) Cash out for interest and other expenses (12,954) (16,179)
(D) Cash out for taxes (4,319) (4,221)
(E) Cash Flow generated (absorbed) by operations (A+B+C+D) (58,522) (44,613) Investments
Operating (investments) (42,375) (45,132)
Operating divestments 14,154 19,798
Net change in financial assets (171) 1,392
(F) Cash Flow generated (absorbed) by investments (28,392) (23,942) Financing activities
Increase/(Decrease) in share capital for purchase of own shares 0 0
Other changes including those in non-controlling interests 3,124 (16,543) Increase/(Decrease) in debt, financing and derivative instruments 137,975 77,259
Increase/(Decrease) in leasing liabilities and other financing debt (14,936) (3,701) Dividend distribution
(1,053) (5,995)
(G) Cash Flow generated (absorbed) from financing activities 125,110 51,020 (H) Net Change in Cash Flows (E+F+G) 38,196 (17,534) Opening Balance of Net Liquid Funds 236,328 211,938
Net Changes in Liquid Funds 38,196 (17,534)
Closing Balance of Net Liquid Funds 274,524 194,404
Note: the entry Closing Balance of Net Liquid Funds includes: cash and cash equivalents, net of bank overdrafts.
Description
Six months to
30/06/2015
Six months to
30/06/2014
Cash and cash equivalents 278,721 206,543
Bank overdrafts (4,197) (12,139)
Cash and cash equivalents net of bank overdrafts 274,524 194,404
TREVI - Finanziaria Industriale S.p.A. - Via Larga, 201 - 47522 Cesena (FC) (Italia)
Tel. 0547 319311 - Fax 0547 319313 E mail trevifin@trevifin.comsito internet www.trevifin.com
Capitale sociale Euro 82.391.632,50 Int. Vers.
Registro Imprese Forlì - Cesena, Codice Fiscale e Partita IVA: 01547370401 - C.C.I.A.A. R.E.A. n 201.271
TREVI GROUP TOTAL REVENUES
(In thousands of Euro) Geographic area 30/06/2015 % 30/06/2014 % Change % Italy 34,858 5.8% 51,394 9.2% (16,536) -32.2% Europe (ex-Italy) 36,988 6.2% 55,527 10.0% (18,539) -33.4% USA and Canada 60,279 10.0% 55,401 9.9% 4,879 8.8% Latin America 160,456 26.7% 152,014 27.2% 8,441 5.6% Africa 77,611 12.9% 64,426 11.5% 13,185 20.5% Middle East and Asia 190,566 31.7% 153,745 27.6% 36,821 23.9% Far East and rest of the World 40,356 6.7% 25,450 4.6% 14,906 58.6%
TOTAL REVENUES 601,115 100% 557,956 100% 43,159 7.7%
Far East and Rest of the
World
7%
Italy
6% Europe (ex-Italy)
6%
U.S.A. and Canada
10%
Middle East and Asia
32%
Latin America
26%
Africa
13%
TREVI GROUP BUSINESS SECTOR
(In thousands of Euro)
30/06/2015 % 30/06/2014 % Change Ch.%
Special foundation services 152,269 25% 181,688 33% (29,419) -16.2% Drilling services 71,251 12% 60,996 11% 10,255 16.8% Interdivision eliminations and adjustments (980) (3,634) 2,654
Sub-total of the Foundations and
Drilling Services Division 222,540 37% 239,050 43% (16,510) -6.9% Manufacture of special foundation machinery 283,810 47% 233,585 42% 50,225 21,5% Oil, gas and water drilling equipment 114,666 19% 100,266 18% 14,399 14,4% Interdivision eliminations and adjustments (8,324) (6,520) (1,804)
Sub-total of the Mechanical Engineering Division 390,152 65% 327,331 59% 62,821 19.2%
Parent Company 13,183 8,086 5,097 63.0% Interdivision and Parent Company eliminations (24,760) (16,510) (8,251)
TREVI GROUP 601,115 100% 557,956 100% 43,159 7.7%
TREVI - Finanziaria Industriale S.p.A. - Via Larga, 201 - 47522 Cesena (FC) (Italia)
Tel. 0547 319311 - Fax 0547 319313 E mail trevifin@trevifin.comsito internet www.trevifin.com
Capitale sociale Euro 82.391.632,50 Int. Vers.
Registro Imprese Forlì - Cesena, Codice Fiscale e Partita IVA: 01547370401 - C.C.I.A.A. R.E.A. n 201.271
FOUNDATIONS SECTOR (Core Business) SUMAMRY INCOME STATEMENT
(In thousands of Euro)
30/06/2015 30/06/2014 Change TOTAL REVENUES 390,152 327,331 62,821
-of which inter-divisional
Changes in inventories of work in progress, semi-finished and finished goods 9,648 (394) 10,042
Increase in fixed assets for internal use 9,982 8,272 1,710
Other operating revenues
VALUE OF PRODUCTION 409,781 335,208 74,573
Raw materials and external services 294,556 211,589 82,967
Other operating expenses 3,973 4,207 (234)
VALUE ADDED 111,251 119,412 (8,161)
% of Total revenues 28.5% 36.5%
Personnel expenses 80,434 72,500 7,934
GROSS OPERATING RESULT 30,817 46,912 (16,095)
% of Total revenues 7.9% 14.3%
Depreciation 21,992 20,542 1,450
Provisions and write-downs 6,809 1,255 5,554
OPERATING RESULT 2,016 25,115 (23,099)
% of Total revenues 0.5% 7.7%
FOUNDATIONS SECTOR (Core Business)
SUMAMRY STATEMENT OF FINANCIAL POSITION
(In thousands of Euro)
30/06/2015 31/12/2014
A) Fixed assets 327,189 325,691
B) Net invested capital
- Inventories 276,947 263,713
- Trade receivables 296,818 295,783
- Trade payables (-) (216,632) (199,831)
- Pre-payments (-) (62,061) (65,773)
- Other assets (liabilities) 10,886 7,530
305,958 301,422
C) Invested capital less liabilities for the year (A+B) 633,147 627,114
D) Post-employment benefits (-) (17,811) (18,282)
E) NET INVESTED CAPITAL (C+D) 615,336 608,832
Financed by:
F) Group net equity 368,913 350,238
G) Share of non-controlling interests 11,467 13,036
H) Net debt 234,957 245,557
I) TOTAL SOURCES OF FINANCING (F+G+H) 615,336 608,832
TREVI - Finanziaria Industriale S.p.A. - Via Larga, 201 - 47522 Cesena (FC) (Italia)
Tel. 0547 319311 - Fax 0547 319313 E mail trevifin@trevifin.comsito internet www.trevifin.com
Capitale sociale Euro 82.391.632,50 Int. Vers.
Registro Imprese Forlì - Cesena, Codice Fiscale e Partita IVA: 01547370401 - C.C.I.A.A. R.E.A. n 201.271
Oil & Gas SECTOR
SUMAMRY INCOME STATEMENT
(In thousands of Euro)
30/06/2015 30/06/2014 Change TOTAL REVENUES 222,540 239,050 (16,510)
-of which inter-divisional
Changes in inventories of work in progress, semi-finished and finished goods
1,193 (2,006) 3,199
Increase in fixed assets for internal use 2,434 1,608 825
Other operating revenues
VALUE OF PRODUCTION 226,167 238,652 (12,485)
Raw materials and external services 252,873 178,878 73,995
Other operating expenses 3,804 4,097 (293)
VALUE ADDED (30,510) 55,678 (86,187)
% of Total revenues -13.7% 23.3%
Personnel expenses 48,322 36,835 11,487
GROSS OPERATING RESULT (78,832) 18,843 (97,674)
% of Total revenues -35.4% 7.9%
Depreciation 8,102 7,100 1,002
Provisions and write-downs 18,649 177 18,472
OPERATING RESULT (105,582) 11,566 (117,148)
% of Total revenues -47.4% 4.8%
Oil & Gas SECTOR
SUMAMRY STATEMENT OF FINANCIAL POSITION
(In thousands of Euro)
30/06/2015 31/12/2014
A) Fixed assets 143,288 134,100
B) Net invested capital
- Inventories 339,308 456,152
- Trade receivables 216,296 204,187
- Trade payables (-) (208,843) (184,479)
- Pre-payments (-) (138,957) (187,621)
- Other assets (liabilities) 21,166 (15,586)
228,970 272,654
C) Invested capital less liabilities for the year (A+B) 372,258 406,753
D) Post-employment benefits (-) (2,652) (4,510) E) NET INVESTED CAPITAL (C+D) 369,606 402,243
Financed by:
F) Group net equity (9,507) 105,597
G) Share of non-controlling interests 4,235 6,845
H) Net debt 374,879 289,801
I) TOTAL SOURCES OF FINANCING (F+G+H) 369,606 402,243
TREVI - Finanziaria Industriale S.p.A. - Via Larga, 201 - 47522 Cesena (FC) (Italia)
Tel. 0547 319311 - Fax 0547 319313 E mail trevifin@trevifin.comsito internet www.trevifin.com
Capitale sociale Euro 82.391.632,50 Int. Vers.
Registro Imprese Forlì - Cesena, Codice Fiscale e Partita IVA: 01547370401 - C.C.I.A.A. R.E.A. n 201.271
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