Trevi Finanziaria Industriale S.p.a. · MIL:TFIN
Trevi Finanziaria Industriale — Investor Presentation (December 2022)
28 slides from Trevi Finanziaria Industriale's investor presentation, December 2022
Slide 1: Investor Presentation December 2022
| December 2022 | Investor Presentation
Slide 2: Disclaimer and Other Information (1/2)
|Disclaimer and Other Information (1/2) 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
Slide 3: Disclaimer and Other Information (2/2)
|Disclaimer and Other Information (2/2) This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and
Slide 4: A World Leader in the Field of Ground Engineering at 360 degrees
|A World Leader in the Field of Ground Engineering at 360 degrees SEE VIDEO 4
Slide 5: Index
| Index • Leadership Team Presenting Today • Trevi Group Overview • Why Invest in Trevi • Key Strategic Pillars • Key Terms and Timeline of the Capital Increase 5
Slide 6: Today’s speakers
|Today’s speakers NEW PROFESSIONAL MANAGEMENT TEAM, WITH RECOGNIZED EXPERIENCE IN THE SECTOR, TOGETHER WITH NEW CORPORATE GOVERNANCE AND PROJECTS MANAGEMENT PRACTICES WILL LEAD TO A RADICAL IMPROVEMENT OF GROUP CORE BUSINESS AND OVERALL PERFORMANCE Giuseppe Caselli Massimo Sala Group CEO Group CFO (
Slide 7: Trevi Group Overview
| | Trevi Group Overview
Slide 8: Trevi Group at a Glance
|Trevi Group at a Glance GROUP VISION: TO BE THE REFERENCE PARTNER FOR INNOVATIVE, RELIABLE AND LIFETIME SOLUTIONS IN COMPLEX UNDERGROUND ENGINEERING PROJECTS A leading group in the “Ground Engineering" niche... ... with a unique business model Leadership in the niche of «Ground Engineering» at 360
Slide 9: Over 65 Years of Iconic Projects Around the World
|Over 65 Years of Iconic Projects Around the World 9
Slide 10: What went “Wrong”?
|What went “Wrong”? Key problematics of recent years… ... and key maneuvers implemented by Trevi Oil&Gas division subject to Comprehensive Restructuring Plan 2019-2020 ✓ Disposal of Oil&Gas division for over €100m, to be fully Collapse in crude oil prices starting from 2014 focused on ground and u
Slide 11: Why Invest in Trevi
| | Why Invest in Trevi
Slide 12: Key Investment Highlights
|Key Investment Highlights Leadership in a highly specialized growing niche market with full exposure to visible macro trends • Solid track-record in complex projects as sub-contractor/specialized contractor • Infrastructure stimulus plan around the world – US, EU, Middle East, Australia and Emergin
Slide 13: Leadership in a highly specialized growing niche market…
1 |Leadership in a highly specialized growing niche market… SOLID TRACK-RECORD IN COMPLEX PROJECTS AS SUB-CONTRACTOR/SPECIALIZED CONTRACTOR Jobsites Worldwide Jobsites in Italy Milestones Merano Tunnel – South Station The North-East Consolidation North-West Ring Tower Link Tunnels of Pisa Tower Road
Slide 14: …with full exposure to visible macro trends
1 |…with full exposure to visible macro trends INFRASTRUCTURE STIMULUS PLAN AROUND THE WORLD – US, EU, MIDDLE EAST, AUSTRALIA AND EMERGING MARKETS ✓ After a slow 2020 and a promising 2021 overall construction output eased back in 2022, notwithstanding recent increase in material costs, Russia-Ukrain
Slide 15: Strong worldwide geographical footprint
2 |Strong worldwide geographical footprint ABILITY TO PROVIDE SERVICES ACROSS REGIONS AND LIMITED DEPENDENCE ON DOMESTIC MARKET WITH HIGH GEOGRAPHICAL DIVERSIFICATION North America Europe % revenues 2021 24% % revenues Close customer 2021 17% proximity Limited dependence on Domestic Market Speed to
Slide 16: Trevi – Specialist in deep foundations and geotechnical works
3 |Trevi – Specialist in deep foundations and geotechnical works Key Strenghts… … supported by 6 Strategic Pillars Focus on countries with growth, margins & risk profile Recognized ability to propose consistent with Trevi positioning Geographic 16 Address other geographies through ad-hoc commercial
Slide 17: Soilmec - portfolio optimization focused on fewer high-value products
3 |Soilmec - portfolio optimization focused on fewer high-value products developed directly “on the field” Key Strengths... … supported by 5 Strategic Pillars Consolidated reputation for its Focus on Soilmec core products, as Rotary and Hydromill Focus on Core quality and reliability upon a wide Bus
Slide 18: Trevi and Soilmec: two defined accretive synergic cores
3 |Trevi and Soilmec: two defined accretive synergic cores A UNIQUE BUSINESS MODEL THAT THANKS TO THE CONTINUOUS EXCHANGE BETWEEN TECHNOLOGICAL AND PROCESS INNOVATION STRENGTHENS ITS LEADERSHIP IN THE REFERENCE SECTORS, DEVELOPS INNOVATIONS AND CREATES COMPETITIVE ADVANTAGE, EXPRESS THROUGH SIGNIFIC
Slide 19: The Trevi Group's sustainability journey
3 |The Trevi Group's sustainability journey ATTENTION TO THE ENVIRONMENT, VALORIZATION AND SAFETY OF PEOPLE AND PROCESS QUALITY ARE FUNDAMENTAL AND ESSENTIAL ELEMENTS OF THE TREVI GROUP AND THE FUTURE DEVELOPMENT OF ITS BUSINESS Non-Financial Statement In the report, which has been published since 2
Slide 20: HSEQ Policy adopted by the Group aims to avoid risks and costs of non-compliance
3 |HSEQ Policy adopted by the Group aims to avoid risks and costs of non-compliance THE GROUP HAS CONSIDERED OF FUNDAMENTAL IMPORTANCE TO INVEST IN HEALTH, SAFETY AND ENVIRONMENTAL PROTECTION, CREATING MORE SUSTAINABLE WORKPLACES AND MORE ATTRACTIVE WORKING ENVIRONMENT, LIMITING THE RISKS ASSOCIATED
Slide 21: High visibility on future growth thanks to a solid order backlog
4 |High visibility on future growth thanks to a solid order backlog HIGH VISIBILITY IN THE FOUNDATION BUSINESS (> 1YEAR) AND GEOGRAPHICALLY-DIVERSIFIED ORDER INTAKE IN 9M 2022 CONFIRMS TREVI’S RECOVERY POST-PANDEMIC Trevi’s Backlog 2017 – September 2022 (€k) Backlog by Geography as of September 2022
Slide 22: Limited business risk profile
5 |Limited business risk profile EXPLOITING ITS ROLE AS A SPECIALIZED CONTRACTOR/SUBCONTRACTOR TO SET BETTER CONTRACTS’ CLAUSES, INCLUDING LOWER CLAIMS, BETTER PAYMENT DYNAMICS AND SHORTER DURATION Lower Claims Shorter Duration and limited exposure Better Payment Dynamics ✓ Low number of claims scen
Slide 23: Key Strategic Pillars
Group Key Strategic mallfeless
Slide 24: Key Strategic Pillars
|Key Strategic Pillars Acquisitions & Alliances Configuration of a normalized business scenario Meet Business Plan Deleveraging Target for 2022 and Unlocking Further correctly prepare for Growth Potential 2023 and 2024 through Bolt-on M&A as organic growth can only €544m1 drive Trevi so far Strength
Slide 25: Business Plan
|Business Plan Revenues (€m) | YoY Growth (%) EBITDA Recurring (€m) | EBITDA Recurring Margin (%) 800 2.0% 8.6% 6.6% 4.1% 4.6% 4.7% 10.0% 10.7% 12.6% 13.6% 13.4% 13.4% 662 100 632 89 604 82 85 580 600 544 80 73 501 58 60 400 49 40 200 20 0 0 2021A 2022E 2023E 2024E 2025E 2026E 2021A 2022E 2023E 2024
Slide 26: Main Business Plan Assumptions
|Main Business Plan Assumptions KEY GROWTH FACTOR ▪ Focus on Middle-East, Far-East and U.S.A. ▪ Keep the footprint in regions with established presence (EU, Africa, South America), and subsequent closure of non-strategic subsidiaries coherently with above ▪ Focus on large and complex projects with a
Slide 27: The Capital Increase
TREWIIGroup The Capital Increase -
Slide 28: Key terms and Timeline of the Capital Increase
|Key terms and Timeline of the Capital Increase Indicative Timeline Key features 1 Launch of the offering Trevi BoD: November 28th With Option Right By Conversion 2 Prospectus publication Consob Prospectus approval and release: December 16th Capital increase max €25.1m c. €26.1m amount Guaranteed up
Trevi Finanziaria Industriale — Investor Presentation (December 2022) on 6ix