TREVI Finanziaria Industriale S p A : INFORMATION REQUIRED BY CONSOB PURSUANT TO ART. 114 OF THE LEGISLATIVE DECREE No. 58/98 - NOVEMBER 30, 2020

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

CESENA, NOVEMBER 30, 2020 - Trevi - Finanziaria Industriale S.p.A. (the "Company"), as requested by Consob on December 10, 2018 pursuant to art. 114 of the Legislative Decree No. 58/98, 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, analised by nature (financial, trade, 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;

The following is the above additional information requested.

a) The Company and the Group Net Financial Debt at October 31, 2020.

The Net Financial Position of the Company at October 31, 2020 amounts to Euro 102,3 million and is shown below:

NET FINANCIAL DEBT		31/10/2020		30/06/2020		Variation
Current bank loans and borrowings	(7.159)	(13.855)	6.696
Current loans and borrowings from other financial creditors	(2.836)	(18.020)	15.184
Current financial receivables (payables) from subsidiaries	(1.123)	54.134	(55.257)
Current financial derivatives	0	0	0
Current financial assets	0	0	0
Short-term cash and cash equivalents		11.651		42.642		(30.991)
Total current financial debt		533		64.900		(64.368)
Non-current bank loans and borrowings	(68.499)	(116.610)	48.111
Non-current loans and borrowings from other financial creditors	(95.170)	(40.939)	(54.231)
Non-current financial payables from subsidiaries	0	0	0
Non-current financial derivatives		0		0		0
Total non-current financial debt	(163.669)	(157.549)	(6.120)
Net financial debt	(163.136)	(92.649)	(70.487)
(Consob DEM/6064293 of 28/07/2006)
Other non-current financial assets		60.796		24.894		35.902
Total Net financial position		(102.340)		(67.755)		(34.586)

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On May 29th the capital increase of Trevi - Finanziaria Industriale S.p.A. has been successfully completed ("Trevifin" or the "Company") in the context of which n. 15,083,921,496 of the Company, have been subscribed for a total value of Euro 150,839,214.96.

In detail:

• the tranche of capital increase offered as an option to shareholders was fully subscribed for Euro 130,001,189.07, of which Euro 87,701,972.96 by payment of money and Euro 42,299,216.02 with the conversion by the main credit financing banks financial claims against the Company, according to a conversion ratio of 4.5: 1 and
• the tranche of capital increase reserved for lending banks, with the exclusion of the right to option, was subscribed for Euro 20,838,025.89 through the conversion of financial credits claimed by the banks themselves towards the Company, according to the same ratio of conversion equal to 4.5: 1.

In the context of the overall financial restructuring plan, the financial indebtedness of Trevifin, 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 2024 and the interest rate of 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 million, as well as following the repayment provided by the financial restructuring plan.

The main changes in the Group Net Financial Position as of October 31, 2020 compared to June 30, 2020 are due to the payments of trade payables to suppliers of goods and services and the payments of financial liabilities to leasing companies. As a consequence, cash decreased by around Euro 39,4 million.

The Net Financial Debt of the financial statements of Trevi Finanziaria Industriale SpA at June 30, 2020 and October 31, 2020 includes the partial write-down of intercompany financial receivables; this effect in the consolidated Net Financial Debt does not generate any impact.

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The Group Net Financial Debt at October 31, 2020 amounts to Euro 266,5 million and is reported below:

CONSOLIDATED NET FINACIAL DEBT	31/10/2020	30/06/2020		Variation
Current bank loans and borrowings	(74.630)	(56.358)	(18.272)
Current loans and borrowings from other financial creditors	(16.826)	(35.345)	18.519
Current financial derivatives	0	0	0
Current financial assets	2.426	2.526	(100)
Short-term cash and cash equivalents		65.691		105.107		(39.416)
Total current financial debt	(23.340)	15.929	(39.269)
Non-current bank loans and borrowings	(130.140)	(209.445)	79.304
Non-current loans and borrowings from other financial
creditors	(124.459)	(69.056)	(55.403)
Non-current financial derivatives		0		0		0
Total non-current financial debt	(254.599)	(278.501)	23.902
Net financial debt	(277.939)	(262.571)	(15.367)
(Consob DEM/6064293 of 28/07/2006)
Other non current financial assets		11.443		11.512		(69)
Total Net financial position	(266.496)	(251.059)	(15.436)

1. The following are the Company and the Group's overdue payables analised by nature (financial, trade, 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	31/10/2020	31/10/2020
Financial liabilities	188	2.318
Trade payables	4.172	45.298
Tax liabilities		72
Social security liabilities		-
Payables to employees		-
Total overdue liabilities	4.360	47.688

As of October 31, 2020 the creditors' reaction initiatives can be summarized as follows:

• in relation to Trevi Finanziaria Industriale S.p.A., there are no situations of shortage of supplies;
• 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 1.4 million, of which approximately Euro 0.7 million have been settled and approximately Euro 0.7 million for which the defintion is ongoing.

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1. The following are the main variations occurred in the relations with the Company and the Group related parties with respect to the last half-year financial report:

Trevi-Finanziaria Industriale S.p.A.:

(IN THOUSANDS OF EURO)

Non-current/current financial receivables from subsidiaries	31/10/2020	30/06/2020	Variation
Trevi S.p.A.	13.383	23.883	(10.500)
Soilmec S.p.A.	38.548	47.647	(9.099)
Other	1.730	1.730	0
TOTAL	53.661	73.260	(19.599)
Non-curren/current t financial payables from subsidiaries	31/10/2020	30/06/2020	Variation
Trevi S.p.A.	0	0	0
Altri	4.103	4.287	(183)
TOTALE	4.103	4.287	(183)
Current trade receivables from subsidiaries	31/10/2020	30/06/2020	Variation
Trevi S.p.A.	22.025	22.318	(293)
Soilmec S.p.A.	12.013	10.925	1.088
Other	15.721	16.544	(823)
TOTAL	49.758	49.787	(28)
Current trade payables to subsidiaries	31/10/2020	30/06/2020	Variation
Trevi S.p.A.	13.109	14.045	(936)
Soilmec S.p.A.	6.249	6.035	214
Other	3.637	5.332	(1.695)
TOTAL	22.994	25.412	(2.418)
Revenues from sales and services	31/10/2020	30/06/2020	Variation
Trevi S.p.A.	5.299	4.172	1.126
Soilmec S.p.A.	2.107	1.453	654
Other	4.673	3.129	1.544
TOTAL	12.079	8.755	3.325
Consumption of raw materials and external services	31/10/2020	30/06/2020	Variation
Trevi S.p.A.	277	60	217
Soilmec S.p.A.	326	161	165
Other	0	15	(15)
TOTAL	603	236	367
Financial income	31/10/2020	30/06/2020	Variation
Trevi S.p.A.	575	447	128
Soilmec S.p.A.	1.361	1.076	285
Other	156	122	34
TOTAL	2.092	1.645	447
Financial expense	31/10/2020	30/06/2020	Variation
Trevi S.p.A.	16	18	(1)
TOTAL	16	18	(1)

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