TREVI - FINANZIARIA INDUSTRIALE SpA: THE BOARD OF DIRECTORS APPROVES THE DRAFT FINANCIAL STATEMENTS AS OF 31 DECEMBER 2022. THE CONCLUSION OF THE CAPITAL INCREASE OPERATION ACCOMPANIED BY IMPROVEMENTS IN THE RESULTS OF 2022, REFERS TO THE ORDERS PORTFOLIO, BACKLOG, REVENUES, EBITDA AND OPERATING INCOME. REDUCED OPERATING LOSS FOR THE YEAR AND A SLIGHT IMPROVEMENT OF THE NET FINANCIAL POSITION.
• REVENUES OF 569.2 MILLION EUROS, INCREASED BY 15%;
• RECURRING EBITDA OF 64.5 MILLION EUROS, INCREASED BY 30%;
• POSITIVE OPERATING INCOME (EBIT) OF 20.1 MILLION EUROS;
• GROUP LOSS FOR THE YEAR REDUCED TO 19.1 MILLION EUROS;
• NET FINANCIAL POSITION OF 251.2 MILLION EUROS;
• ORDERS PORTFOLIO REACHED 699.2 MILLION EUROS, A 16.5% INCREASE
• THE ORDER PORTFOLIO STATED AT 587.4 MILLION EUROS (+29% COMPARED TO THE PREVIOUS YEAR)
ALSO THE NON FINANCIAL CONSOLIDATED STATEMENT FOR 2022 WAS APPROVED
THE ORDINARY SHAREHOLDERS' MEETING - FIRST CALL SET FOR 10 MAY 2023 AND SECOND CALL SET FOR 11 MAY 2023
Cesena, 29 March 2023 - The Board of Directors of Trevi - Finanziaria Industriale SpA ("Trevifin" or the "Company"), chaired by Anna Zanardi, today examined and approved the individual financial statement and the consolidated financial statement drafts for the year ended on 31 December 2022.
Main consolidated economic statement
(in thousands of Euros )
2022 | 2021 | Variation | % Change | |
Total revenues | 569,209 | 494,616 | 74,593 | 15.1% |
Recurring EBITDA | 64,471 | 49,580 | 14,890 | 30.0% |
EBITDA | 63,851 | 42,484 | 21,367 | 50.3% |
Operating Income (EBIT) | 20,127 | (5,631) | 25,758 | na |
Net income for the year | (15,177) | (51,295) | 36,118 | 70.4% |
Group net income | (19,127) | (52,977) | 33,850 | 63.9% |
1 |
Total revenue
(in thousands of Euros)
Revenues by Sector | 2022 | % | 2021 | % | Variation | % Change |
Special foundation works
Production of special machinery for foundations Interdivisional eliminations and adjustments Sub-total Foundations sector
438,013 133,319 (4,197) 567,135
77% 23%
100%
358,778 141,050 (5,235)
494,593
72% 79,235 22%
28% (7,731) -5% 1,037
100%
72,542
Parent Company
18,478
12,624
5,854 46%
Interdivisional eliminations and with parent company
(16,404)
(12,602)
(3,803)
TREVI GROUP
569,209
100%
494,616
100%
74,593 15%
The breakdown of revenues from sales and services and other revenues by geographical area is as follows:
(in thousands of Euros )
Geographic area
2022
Italy
Europe
USA and Canada Latin America Africa
Middle East and Asia
Far East and Rest of the world
49,535
44,574
83,425
26,226
79,587
166,457
119,406
Total revenue
569,209
Portfolio of works and order backlog
Portfolio of works and order backlog
Portfolio of Works
%
2021
9% 65,311
8% 84,055
15% 114,136
5% 16,258
14% 69,781
29% 59,999
21% 85,076
100%
494,616
% | Variations | % |
13% | (15,776) | -24% |
17% | (39,481) | -47% |
23% | (30,711) | -27% |
3% | 9,968 | 61% |
14% | 9,806 | 14% |
12% | 106,458 | 177% |
17% | 34,330 | 40% |
100% | 74,593 | 15% |
(in thousands of Euros )
31/12/2022
31/12/2021
Variation
% change
587,364
454,593
132,771
29%
Order backlog
Order backlog
Net financial position
Net financial position of the Trevi Group
Total net financial position (*)
2022
699,193
2021
600,197
Variation
98,996
31/12/2022
31/12/2021
(251,179)
(251,805)
Variation
626
(*) see table of the breakdown of the Net Financial Position on page 15 of this document
Group workforce
Group workforce | 31/12/2022 | 31/12/2021 | Variation | % change |
Number of employees | 3,274 | 3,218 | 56 | 2% |
% change
16%
(in thousands of Euros )
% change
0%
(values in units)
"2022 has been a full and busy year, we have laid the foundation for a revitalization of Society, and we look to the future with optimism. - Giuseppe Caselli, CEO of the Trevi Group remarked - I say this comforted by the results of the financial statements just approved by the Board of Directors and by the encouraging signs seen in the first months of 2023. We are facing an extremely important phase, but thanks to the constant and unconditional commitment of the women and men of our organization we have managed to earn the trust of our shareholders and of the lending banks and we are able to see some comforting signs of recovery such as the significant increase in the order portfolio, +16%, of up to 699.2 million euros and in the works, increased by 29% at the end of 2022, the increase in revenues achieved throughout the year, at a rate of 15% plus a 30% growth in recurring EBITDA."
Group performance
The total recurring revenues in 2022 amounted to approximately 569.2 million euros, compared to 494.6 million euros at 31 December 2021, an increase of approximately 74.6 million (15.1%) euros.
Recurring EBITDA in 2022 was at 64.5 million euros, increased by 30% compared to the previous year and EBITDA was at 63.9 million euros (+50% compared to 2021).
The operating income (EBIT) amounted to 20.1 million euros, an improvement of 25.8 million euros compared to the previous year, which suffered a loss of 5.6 million euros.
Although conditioned by foreign exchange losses of 7.5 million euros (8.3 million in 2021), the net loss for 2022 was significantly reduced to 15.2 million euros, compared to the loss of 51.3 million recorded in 2021, as well as the net loss attributable to the Group in 2022, totaling 19.1 million euros (which in 2021 was 52.9 million). It should be noted that the foreign exchange losses essentially arise from payables and receivables between Trevi Group companies in currencies other than those used in the local financial statements of the subsidiaries and do not have an impact on the Group's cash flow.
The Net Financial Position of the Group is 251.2 million euros as of 31 December 2022, a slight improvement compared to the 251.8 million euros recorded as of 31 December 2021.
The Order Backlog in 2022 amounted to approximately 699.2 million euros, an increase of approximately 98.9 million compared to the same period of the previous year (+16.5%). The order backlog as of 31 December 2022 amounted to 587.4 million euros (at 31 December 2021 it was 454.6 million). The significant increase in the orders portfolio made it possible to increase the order backlog compared to the end of the previous year, restoring it to such a level as to allow the continuation of the economic and financial recovery phase of the Group throughout 2023.
During the year, the Trevi Group continued its recovery process despite the general context influenced by cost increase and supply chain problems caused by the war in Ukraine. The measures to combat the COVID-19 pandemic continued to be adopted in line with the provisions in force nationwide and in the countries in which the Group operates, in a general context of progressive improvement: the COVID-19 risk management has become in all ways, a process entirely incorporated in the ISO45001 Health and Safety Management System implemented by the Trevi Group.
In 2022, negotiations with the Group's lending banks (the "Lending Banks") were developed to reach agreements relating to the new financial maneuver. The last version of the financial package was approved by the Board of Directors on 17 November 2022 (the "New Financial Package"), and in brief, provided for:
a) Negotiations achievement to implement an agreement based on a certified recovery plan pursuant to Art.
56 of the Company Crisis and Insolvency Code ("CCII") (corresponding to the previous Art. 67, paragraph III, letter (d) of the bankruptcy law ) (the "New Agreement");
b) an increase of paid-in capital, to be offered as an option to existing shareholders pursuant to Art. 2441, first paragraph, of the Italian Civil Code, for a total maximum amount of 25,106,155.28 euros, indivisible up to the amount of 24,999,999.90 euros - amount fully guaranteed by the subscription commitments undertaken by the shareholders CDPE Investimenti SpA ("CDPE") and Polaris Capital Management LLC ("Polaris" and, jointly with CDPE, the "Institutional Partners") - and divisible for the excess, including the share premium, through the issuance of a total maximum no. of 79,199,228 new ordinary shares, with no par value, having the same characteristics as those in circulation (to be issued with regular entitlement), at an issuance price per share of 0.3170 euros, of which 0.1585 euros to be allocated to capital and 0.1585 euros to be charged as a share premium (the "Optional Capital Increase");
c) an indivisible paid-in capital increase, for a maximum amount of 26,137,571.21 Euros, through the issuance of no. 82,452,906 ordinary shares, with no par value, having the same characteristics as those in circulation (to be issued with regular entitlement), at an issuance price per share of 0.3170 Euros, to be offered, with the exclusion of pre-emptive rights pursuant to Art. 2441, paragraph 5, of the Italian Civil Code, to some of the financial creditors identified in the New Agreement, with release through voluntary set-offs, in the manner and to the extent provided for in the New Agreement, in relation to the subscription of capital increase with the exclusion of preemptive rights, of available, liquid credits and payable, according to a debt-to-capital conversion ratio of 1.25 to 1 ("Capital Increase Conversion" and, jointly with the Capital Increase Entitlement Offer, the " Capital Increase ");
d) the subordination and deferment of a portion of the bank debt for 6.5 million Euros;
e) the extension of the final maturity of medium/long-term debt up to 31 December 2026, with the introduction of an amortization plan starting from 2023;
f) the granting/confirmation of credit lines to support the execution of the New Consolidated Plan (as defined below);
g) the extension to 2026 of the maturity of the bond loan called « Trevi - Finanziaria Industriale SpA 2014 - 2024 » issued by Trevi Finanziaria in 2014 for a value of 50 million Euro.
Also on 17 November 2022, the Company's Board of Directors approved: (i) the final version of the plan pursuant to Articles 56 and 284 of the CCII, based on the new 2022-2026 business plan approved by the Company's Board of Directors in its final version dated 29 September 2022 (the "New Consolidated Plan") and on the New Financial Maneuver, relating to Trevifin as well as the Trevi Group; (ii) in implementation of the power of proxy conferred by the shareholders' meeting of 11 August 2022 - also approved the Trevifin capital increase operation envisaged by the New Financial Maneuver, as adjusted with a subsequent resolution of 28 November 2022; (iii) the signing of the New Agreement; and (iv) the signing of the additional agreements envisaged in the context of the operation of debt restructuring and capital increase to implement the aforementioned certified plan, including the agreement with which the Majority Stakeholders, in which they undertook to subscribe their entire share of the Capital Increase Entitlement Offers, as well as any shares that will remain unopted in proportion to the stakes held (the "Commitment Letter").
Subsequently, on 29-30 November 2022, the Company signed the contracts relating to the implementation of the New Financial Maneuver, such as particularly, the New Agreement and the Commitment Letter, which subsequently became effective on 16 December 2022 following the occurrence of the related suspensive conditions, including the obtaining, on that date, of the CONSOB authorization to publish the memorandum relating to the offer of Trevifin shares offered as part of the Capital Increase Entitlement Offers.
On 11 January 2023, the Company therefore informed the market about the positive completion of the Capital Increase, in the context of which 161,317,259 newly issued ordinary shares of the Company, for a total value of 51,137,571.10 euros (of which 25,568,785.55 euros as share capital and 25,568,785.55 euros as share premium). Following the execution of the Capital Increase, the new share capital of Trevifin was therefore at 123,044,339.55 euros, divided into 312,172,952 ordinary shares. In particular: (i) the Capital Increase Entitlement Offer was subscribed in cash for 24,999,999.90 Euros, of which a total of 17,006,707 Euros paid for the subscription of a total of 53,648,918 shares by the Majority Shareholders, and the remaining 7,993,292.90 Euros were paid for the subscription of 25,215,435 shares from other subscribed shareholders; and (ii) the Capital Increase for Conversion was fully subscribed for Euro 26,137,571.21, through the issuance of 82,452,906 ordinary shares.
Following the execution of the capital increase operation of Trevifin and the restructuring of the Group's financial debt, though the accounting results were recorded in 2023 as the Capital Increase was completed precisely in January 2023:
• the shareholders' equity of the Group, which as of 31 December 2022 amounted to 89.6 million Euros, increased by approximately 52 million euros;
• the Group's net financial debt, which as of 31 December 2022 amounted to 251.2 million euros , decreased by approximately 52 million euros during the month of January 2023; 5
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Trevi Finanziaria Industriale S.p.A. published this content on 29 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2023 07:30:02 UTC.