INFORMATION REQUIRED BY CONSOB PURSUANT TO ART. 114 OF THE LEGISLATIVE DECREE No. 58/98

CESENA, OCTOBER 29, 2021 - Trevi - Finanziaria Industriale S.p.A. ("Trevifin" or the "Company") as requested by Consob on December 10, 2018 pursuant to art. 114 of the Legislative Decree No. 58/98, (il "TUF"), communicates, at the end of every month, the following updated information at the end of the previous month:

  1. the Company and the Group's net financial position, with separate disclosure of the short-term position and the medium/long-term position;
  2. the Company and the Group's overdue payables, analysed by nature (financial, commercial, tax, social security and employees) and any related creditors' reaction initiatives (payment reminders, injunctions, suspensions of supplies, etc.);
  3. 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;

Below, the information at September 30, 2021.

a) The Company and the Group Net Financial Position at September 30, 2021.

The Net Financial Position of the Company at September 30, 2021 amounts to Euro 113,6 million and is indicated below:

(IN THOUSANDS OF EURO)

NET FINANCIAL POSITION

30/09/2021

30/06/2021

Variazioni

Current bank loans and borrowings

(71.525)

(68.399)

(3.126)

Current loans and borrowings from other financial creditors

(40.801)

(40.690)

(111)

Current financial receivables (payables) from subsidiaries

53.485

53.592

(107)

Current financial derivatives

0

0

0

Current financial assets

0

0

0

Short-term cash and cash equivalents

2.029

2.235

(206)

Total current financial debt

(56.812)

(53.262)

(3.550)

Non-current bank loans and borrowings

(4.212)

(4.660)

448

Non-current loans and borrowings from other financial creditors

(62.843)

(62.842)

(1)

Non-current financial payables from subsidiaries

Non-current financial derivatives

Trade payables and other non current payables

Total non-current financial debt

(67.056)

(67.502)

446

Net financial debt (Consob n.5/21 del 29/04/2021)

(123.867)

(120.764)

(3.103)

Other non-current financial assets including intercompany

10.301

9.967

334

Total Net financial position

(113.566)

(110.797)

(2.769)

1

During 2020, the company has completed the capital strengthening along with the restructuring of the financial debt under the agreement EX article 182 BIS l.fall. signed with the main financing banks of the Group on August 5, 2020 (the "Restructuring Agreement") and approved by decree of the Court of Appeal of Bologna on January 10, 2020. In the context of the overall financial measures, according to the Restructuring Agreement, the financial indebtedness of the Company, as well as of the subsidiaries of Trevi S.p.A. and Soilmec S.p.A., has been consolidated and rescheduled for the majority until December 31, 2024 and the interest rate applicable to the same has been reduced. The accounting standard IFRS 9 has been applied on the residual portion of the financial indebtedness following the capital increase through the conversion of financial credits of the financing banks for a total amount of Euro 284,1 million, as well as following the repayment provided by the financial restructuring plan.

The main changes in the Group Net Financial Position as of September 30, 2021 compared to June 30, 2021 are due to the flow generated by operating activities for the payment of trade payables to suppliers of goods and services, for the collection of trade receivables and for the payment of financial payables to leasing companies. the Net Financial Position at September 30, 2021 decreased compared to 30 June 2021. The cash decrease is of about 10,3 Euro million. The decrease of current loans and other current financial liabilities is of about 6,5 Euro million.

The Net Financial Position of the financial statements of the Company at June 30, 2021 and September 30, 2021 includes the partial write-down of intercompany financial receivables; this effect does not generate any impact in the consolidated Net Financial Position.

It is noted that:

  • On January 31, 2021, the Company informed the market that, on the basis of the preliminary information available at that date in relation to management performance in year 2020, strongly influenced by the negative effects caused globally by the spread of the Covid-19 pandemic, affected the Group's activity, in order to deal with the foreseeable failure to comply with one of the financial parameters established in the Restructuring Agreement in particular the ratio of net financial debt to consolidated recurring EBITDA;
  • On February 24, 2021 Trevifin informed the market about the start of interlocutions with banks adherents to the Restructuring Agreement identifying the necessary changes to existing agreements to cope with the foreseeable failure to comply with one of the financial parameters established in the Restructuring Agreement on the occasion of the next approval of the consolidated financial statements for the year 2020. Furthermore, on the basis of preliminary information on the Company's performance in the financial year ended at December 31, 2020, and further analyses currently underway on the Company's prospects in the current market context, which is strongly influenced by the effects caused globally by the spread of the Covid19 pandemic, there appears to be a general slowdown in the achievement of the objectives identified in the 2018-2022 business plan, which at present do not seem to be entirely achievable within the timeframe considered.

2

  • On April 23, 2021, the Board of Directors approved the updated business plan 2021-2024 taking into consideration the slowdown in the financial year ended at December 31,2020 and Trevi Group's prospects in the current market context, which is strongly influenced by the effects caused globally by the spread of the Covid19 pandemic (the "Updated Business Plan"). The business plan has been revised both in the quantitative objectives and in its time projection, until the year 2024, in accordance with the original strategic lines and confirming the achievement of the initial recovery goals, though a longer period of time compared to the original forecasts.
  • On July 14, 2021, The Board of Directors of the Company approved a moratorium agreement and standstill ("Standstill Agreement"), at the end of the negotiation process with banks. The Standstill Agreement signed on 05 August 2021, provides the suspension until December, 31 2021, of some of the original Restructuring Agreement obligations, including the obligations to meet the financial covenants on the next test dates and the obligation to repay certain instalments debts falling due the relevant period.
    The Standstill Agreement also regulates new utilizations during this period of existing bonding facilities, in order to support the business through the acquisition of new contracts and the continuation of existing ones in line with the provisions of the updated business plan. The Standstill Agreement provides that the updated business plan is subject to an independent business review by a primary advisor. As a result of this analysis will be defined an agreement to be reflected in a new financial agreement with the lending banks, which is expected to be signed by the end of 2021.

It should also be noted that, following the non-compliance of the financial parameters in accordance with the Restructuring Agreement at December 31,2020, in accordance with IFRS9, bank debts covered by the agreement have been represented in the Net Financial Position with a short term maturity, while the original deadline December 31, 2024 remains unvaried.

3

The Group Net Financial Postition at September 30, 2021 amounts to Euro 266,4 million and is reported below:

(IN THOUSANDS OF EURO)

CONSOLIDATED NET FINANCIAL POSITION

30/09/2021

30/06/2021

Variazioni

Current bank loans and borrowings

(190.490)

(200.835)

10.345

Current loans and borrowings from other financial creditors

(70.468)

(66.596)

(3.872)

Current financial derivatives

0

0

0

Current financial assets

3.822

3.827

(5)

Short-term cash and cash equivalents

65.061

75.367

(10.306)

Total current financial debt

(192.076)

(188.237)

(3.839)

Non-current bank loans and borrowings

(8.557)

(8.223)

(334)

Non-current loans and borrowings from other financial

creditors

(76.060)

(76.705)

645

Non-current financial derivatives

Trade payables and other non current payables

Total non-current financial debt

(84.617)

(84.928)

311

Net financial debt (Consob n.5/21 del 29/04/2021))

(276.693)

(273.165)

(3.528)

Other non-current financial assets

10.301

10.147

154

Total Net financial position

(266.392)

(263.018)

(3.374)

4

  1. The following are the Company and the Group's overdue payables analysed by nature (financial, commercial, 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

30/09/2021

30/09/2021

Financial liabilities

20.447

Trade payables

5.593

32.487

Tax liabilities

42

Social security liabilities

Payables to employees

Total overdue liabilities

5.593

52.976

As of September 30, 2021 the creditors reaction can be summarized as follow :

  • in relation to the Company, there are no situations of shortage of supplies; Some reminders have been received from suppliers in relation to commercial relationships. The aggregate value of these positions is approximately Euro 0,8 million and have been settled.
  • 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 1.7 million, of which approximately Euro 1 million have been settled and approximately Euro 0.9 million for which the defintion is ongoing.

5

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Trevi Finanziaria Industriale S.p.A. published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 16:51:13 UTC.