Trevi Finanziaria Industriale S.p.a. · MIL:TFIN
Trevi Finanziaria Industriale — Non-Deal Roadshow (May 2024)
34 slides from Trevi Finanziaria Industriale's roadshow presentation, May 16, 2024
Slide 1: Roadshow in Lugano – May 16th, 2024
| Roadshow in Lugano – May 16th, 2024
Slide 2: A leading team with recognised experience
A leading team with recognised experience Significant experience in managing Offshore and Onshore EPC contracts in many countries, not only in Oil&Gas business but Giuseppe Caselli also in other infrastructural projects such as High-Speed Trains, Group CEO (since Oct. 1st, 2019) Industrial RailRoad,
Slide 3: Agenda
Agenda I. Leading Underground Engineering II. FY23 Group Results III. Sustainable Journey IV. 1Q24 Update V. Closing Remarks Appendix
Slide 4: I. Leading Underground Engineering
I. Leading Underground Engineering
Slide 5: A leading foundation specialist with two Business Divisions
A leading foundation specialist with two Business Divisions Key pillars of Business Plan 2023-2027 Trevi Division: Improved Working Soilmec Division: Continuous Sustainable increased volumes Capital back to profitability Deleverage Business Growth and profitability Management Group Results FY23 vs F
Slide 6: FY23 – A year of breaking results
FY23 – A year of breaking results ▪ Group revenues up 4.5% YoY at €594.9 m thanks to Trevi and Soilmec Divisions performance Economic ▪ Group recurring EBITDA at €74.5 m up 15.6% YoY thanks to higher operating margins and performance cost control. In 2H23, recurring EBITDA margin at 13.4%, the highe
Slide 7: Consolidating stronger FY23 operating performance and overperforming guidance
Consolidating stronger FY23 operating performance and overperforming guidance, while improving risk profile FY23 FY22 Δ 22-23 Guidance 2023 Δ Guidance-23 Revenues €594.9 m €569.2 m +4.5% €565-585 m +€19.9 m (above mid-point guidance) Rec. EBITDA €74.5 m €64.5 m +15.6% €68-72 m +€4.5 m (EBITDA margin
Slide 8: Main projects/activities in 2023 and beginning of 2024
Main projects/activities in 2023 and beginning of 2024 Soilmec – SC-130 Tiger Trevi – NEOM / The Line Trevi – Rogun Dam Trevi – South al Mutlaa (Rome) Project (UAE) (Tajikistan) (Kuwait) Trevi – North East Link Trevi – MGH Cambridge Trevi – SRG Tower (Dubai) Project (Australia) Street Project (USA)
Slide 9: II. FY23 Group Results
II. FY23 Group Results
Slide 10: FY23 revenues diversified around the world
Trevi Group FY23 revenues diversified around the world €594.9 m revenues EUROPE NORTH AMERICA Company % revenues Company % revenues 12% 17% 31% 34% FAR EAST & ROW Company % revenues 18% LATAM 22% Company % revenues MIDDLE EAST & 6% ASIA AFRICA Company % revenues 4% Company % revenues 36% 11% 8% 1% 1
Slide 11: FY23 results show improvements in all key metrics
Trevi Group FY23 results show improvements in all key metrics Revenues (€m) Recurring EBITDA (€m) +4.5% +15.6% 594.9 74.5 569.2 64.5 FY22 FY23 FY22 FY23 Rec. EBITDA 11.3% 12.5% margin Total net profit / (loss) (€m) Net financial position (€m) Total net 25.9 -€49.2 m operating profit1 at €5.6 m 20.4
Slide 12: FY23 significant revenues performance by Divisions
Trevi Group FY23 significant revenues performance by Divisions Key Highlights Revenues (€m) ▪ Trevi Division revenues up €30.2 m +4.5% YoY (+6.9%) underpinned by increased volumes in Middle East (mainly in Saudi Arabia and Dubai), USA, LATAM and 594.9 569.2 Italy +14.1% 133.3 152.1 ▪ Soilmec Divisio
Slide 13: Strong FY23 Group revenues increase leveraging on worldwide geographic footprint
Strong FY23 Group revenues increase in the last four years leveraging on a recognised worldwide geographic footprint Group revenues evolution (€m) Italy €67.6 m (+36% YoY) Highest revenues since 2020 Europe (ex-Italy) €25.0 m (-44% YoY) 569.2 594.9 491.3 494.6 USA & Canada €130.3 m (+56% YoY) FY20 F
Slide 14: Highest order intake and backlog over the last two years
Trevi Group reached the highest order intake and backlog over the last two years, at the end of December 2023 Key Highlights Quarterly order intake over the last two years (€m) ▪ In 2023, Trevi Group awarded orders and contracts for a total of €741.2 m 237.0 290.5 213.3 31 thanks to the outstanding
Slide 15: FTE costs up 6.7% compared to revenues per FTE up 6.9%
End-of-year 2023 FTE costs up by 6.7% compared to revenues per FTE up by 6.9% YoY, showing strong efficiency efforts Workforce by role (#) Workforce by Business Division (#) Workforce by geography growth -2.5% €174 k Revenues €187 k +6.9% per FTE -1.5% 3,274 3,189 €121.5 m FTE costs €129.6 m +6.7% 2
Slide 16: FY23 profitability supported by stronger price effect and positive volume effort
Trevi Group FY23 profitability supported by a stronger price effect and a positive volume effort Key Highlights Recurring EBITDA bridge (€m) ▪ Recurring EBITDA increased by 15.6% Trevi Division €69.8 m compared to FY22 boosted by a mix of Soilmec €12.8 m volume (+€2.9 m) and margin (+€7.1 m) Trevi D
Slide 17: Total net profit highly positive thanks to improved operating margins
Total net profit highly positive mainly thanks to improved operating margins Key Highlights Recurring EBITDA to Total Net Profit in FY23 (€m) ▪ Non-recurring expenses mainly driven by consultancy costs related to capital & debt restructuring ▪ Provisions & impairment mostly impacted by an extraordin
Slide 18: Net working capital evolution with improvement on trade receivables & payables
Trevi Group net working capital evolution with tangible improvement on trade receivables & payables Key Highlights FY23 net working capital1 (€m) ▪ Change in inventories & WIP increase +1.7% by c. €5.9 m mainly due to higher revenues ▪ Trade receivables decreased by c. €39.1 m thanks to better payme
Slide 19: Free cash flow generation strongly positive
Trevi Group free cash flow generation strongly positive and well positioned to completely absorb debt service Key Highlights Managerial net cash flow1 in 2023 (€m) ▪ IFRS16 effect of €9.6 m related to long- term rents ▪ Change in other assets/liabilities stemmed mainly from reduction of advance paym
Slide 20: Net debt decreased to c. €200 m after share capital increase
Following the share capital increase completed in January 2023, net debt decreased to c. €200 m with a Net Debt / EBITDA at 2.7x at the end of 2023 Key Highlights Breakdown of net financial position Average cost of M/L 2% spread on as of 31-Dec-22 as of 31-Dec-23 term debt with banks Euribor 6M Cash
Slide 21: Trevi Division – Strong revenues increase driven by USA and Middle East
Trevi Division – Strong revenues increase driven by USA and Middle East. Further increase in profitability with recurring EBITDA margin to almost 15% Key Highlights Revenues and Recurring EBITDA (€m) ▪ Revenues strongly up by €30.2 m YoY EBITDA margin thanks to the increased volumes in +6.9% Middle
Slide 22: Soilmec Division – Significant revenues improvement
Soilmec Division – Significant revenues improvement. Margins benefiting from cost efficiencies and price increases Key Highlights Revenues and Recurring EBITDA (€m) ▪ Revenues were up by €18.7 m EBITDA margin (+14.1%) driven by a strong increase of +14.1% machines sold in Italy, USA and Far East 2.6
Slide 23: III. Sustainable Journey
— ¢ TREWI|Group — Ill. Sustainable Jo Qo,
Slide 24: Sustainable Development Goals aligned with ESG Strategy
Trevi Group ambitious Sustainable Development Goals aligned with ESG Strategy Pillars SDG ▪ Promoting the decarbonisation strategy against climate change GHG reduction ▪ Energy intensity slightly reduced by 0.01 GJ/h compared to 2022 ▪ Promoting the protection of health and safety of employees and t
Slide 25: Sustainable journey: external certifications and recognition
Trevi Group has continued its sustainable journey, achieving external certifications and recognition as a sign of its ESG commitment External Recognition ESG Supply Chain Rating Certification for Social For the third times “The most Trevi S.p.A. obtained for the climate-friendly companies second tim
Slide 26: IV. 1Q24 Update
TREWIGroup IV. 1024 Update Ne
Slide 27: Updated figures in the first three months of 2024
Updated figures in the first three months of 2024 – Order backlog progressing in line with expectations and net debt remaining almost flat Quarterly order intake in the last two years (€m) Breakdown of net financial position 290.5 237.0 213.3 31 181.3 as of 31-Dec-23 as of 31-Mar-24 61 154.3 42 129.
Slide 28: V. Closing Remarks
V. Closing Remarks
Slide 29: Closing remarks
Closing remarks Expansion in prospect Positive free cash markets to support flow generation backlog evolution & sustainable growth 2023 outstanding Net financial position operating results progressing ahead of across Business expected target Divisions 29
Slide 30: Appendix
Appendix
Slide 31: Trevi Group – Consolidated Income Statement
Trevi Group – Consolidated Income Statement Euro /000 Profit & Loss Trevi Group FY23 FY22 Delta TOTAL REVENUE 594,899 569,209 25,690 Change in finished products and work in progress (6,740) 10,297 (17,038) Internal work capitalised 19,229 9,464 9,764 PRODUCTION REVENUE 607,387 588,971 18,416 Consump
Slide 32: Trevi Group – Consolidated Reclassified Balance Sheet
Trevi Group – Consolidated Reclassified Balance Sheet Euro /000 Balance Sheet Trevi Group 31/12/2023 31/12/2022 Delta Property, plant and equipment 169,664 164,602 5,062 Intangible fixed assets and goodwill 17,256 17,483 (227) Financial assets - Investments 425 903 (478) A) Non-current assets 187,34
Slide 33: Trevi Group – Consolidated Cash Flow Statement
Trevi Group – Consolidated Cash Flow Statement Euro /000 Free Cash Flow FY23 FY22 Delta EBITDA recurring (including IFRS 16 effect) 74,519.2 64,471.7 10,047.5 IFRS 16 Effect (9,640.6) (6,712.5) (2,928.1) Taxes (payed) (14,693.7) (10,154.6) (4,539.1) Delta Net Working Capital (8,408.8) (8,863.8) 455.
Slide 34: Disclaimer
Disclaimer This document has been prepared by and is the sole responsibility of Trevi Finanziaria Industriale S.p.A. (the “Company”) for the sole purpose described herein. The information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to
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