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Financial Results
16th May 2011 - Conference Call
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1.1. TREVI GroupTREVI Group
2. 1Q 11 Financial Results
3. FY 10 Financial Results
4.Appendix
2
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• Onshore Drilling
• Long term contracts
• Latin America emerging
Player
• Hydraulic Rotary Rigs
• Cranes
• Jet Grouting
• Tunnel Consolidation
• Casing Oscillators
• Extractors
• Drilling Tools
• etc.
• Automatic Rigs
(HH Series)
• Land rigs
• Derricks & Offshore
• Mobile Drilling Rigs
• Hydraulic Top Drives
• Triplex Mud Pumps
• Deep Foundations
• Geotechnical Works
• Marine Works
• Tunnel Consolidation
• Automated Car Parks
• Environment
SERVICESDivision
MECHANICAL Division
Projects for renewable energy
Special foundation services Oil drilling services Oil drilling rigs Special foundation rigs
3
TREVI Group: Business ModelTREVI Group: Business Model
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Technological InnovationProcess Innovation
STRENGTHENING MARKET LEADERSHIPSTRENGTHENING MARKET LEADERSHIP
MECHANICAL DIVISIONSERVICES DIVISION
4
TREVI Group: Competitive AdvantageTREVI Group: Competitive Advantage
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SOILMECDivision
DRILLMECDivision
PETREVENDivisionVenezuela
U.S.A.
Mozambique
Nigeria
U.A.E.
Oman
Germany Italy
Hong Kong
Japan
China
Singapore
Italy (Piacenza)
U.S.A.
Argentina
Colombia
Canada
Qatar
New Zealand
France
Peru
UK
Austria
Venezuela
Argentina
Algeria
India
Philippines
Panama
Germany
TREVIDivision
Angola
U.S.A.
Colombia
Saudi Arabia
Australia
Libya
Italy (Cesena)Italy
Brazil
44 Operating Companies in 32 Countries 44 Operating Companies in 32 Countries –– 54 Business Units54 Business Units
Algeria
Russia
Chile
5
TREVI Group: Global PresenceTREVI Group: Global Presence
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1. TREVI Group
2.2. 1Q 11 Financial Results1Q 11 Financial Results
3. FY 10 Financial Results
4.Appendix
6
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1Q 2011 % 1Q 2010 %
VALUE OF PRODUCTION 238,2 231,1
REVENUES 216,9 100,0% 235,0 100,0%
EBITDA 32,0 14,8% 38,7 16,5%
EBIT 20,3 9,4% 25,9 11,0%
FINANCIAL COSTS (3,8) -1,8% (3,6) -1,5%
TAXES 4,4 2,0% 8,0 3,4%
NET PROFIT 7,6 3,5% 15,4 6,5%
1Q 2011 1Q 2010
NET CAPITAL EMPLOYED 764,0 758,6
EQUITY 357,7 344,1
NET FINANCIAL POSITION 406,2 414,5
BACKLOG 986,4 786,0
1Q 2011 1Q 2010
NFP / EBITDA 3,17X 2,68X
NFP / EQUITY 1,14X 1,20X
1Q 2011 1Q 2010
EMPLOYEES 6.139 5.739
Eur mln
NET PROFIT NET PROFIT –– 50,7%50,7%
EBIT EBIT –– 21,6%21,6%
REVENUES REVENUES –– 7,7%7,7%
EBITDA EBITDA –– 17,3%17,3%
Eur mln
7
Financial HighlightsFinancial Highlights
INV. CAP. +0,7%INV. CAP. +0,7%
EQUITY + 4,0%EQUITY + 4,0%
N.F.P.N.F.P. + 2,0%+ 2,0%
BACKLOG + 25,5%BACKLOG + 25,5%
PRODUCTION + 3,0%PRODUCTION + 3,0%
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8
Income Statement 1Q11 Income Statement 1Q11 vsvs 4Q104Q10
Eur 000 1Q11 4Q10 %
TOTAL REVENUES 216.921 263.815 -17,8%
Changes in inventories of finished and semi-finished products 15.407 (26.647)
Increase in fixed assets for internal use 5.824 8.710
Other non-ordinary operating revenues 0 0
VALUE OF PRODUCTION 238.153 245.878 -3,1%
Raw materials and external services 157.367 164.087
Other operating costs 3.668 3.847
VALUE ADDED 77.118 77.944 -1,1%
Personnel expenses 45.096 46.779
EBITDA 32.021 31.165 2,7%
% Total Revenues 14,8% 11,8%
Depreciation 11.409 10.112
Provisions and write-downs 322 2.527
EBIT 20.290 18.526 9,5%
% Total Revenues 9,4% 7,0%
Financial revenues/(expenses) (3.849) (4.902)
Gains/(Losses) on exchange rates (3.980) 1.696
Other Gains/(Losses) 0 146
EBT 12.462 15.466 -19,4%
Tax 4.362 3.949
Minorities 506 (81)
GROUP NET PROFIT 7.594 11.598 -34,5%
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Based on Not Consolidated Data
Total Revenues1Q11:
Euro 216,9 m
ln
9
Services
Division
52,8%Mechanical
Division
47,2%
Drilling
Division
34,7%
Foundation
Division
65,3%
TREVI Group: Two Points of ViewTREVI Group: Two Points of View
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10
Revenues Before and After ConsolidationRevenues Before and After Consolidation
Eur mln 1Q11 1Q10 g% YoY
Special Foundation Services (TREVI) 98,2 107,1 -8,2%
Drilling Services (PETREVEN) 22,0 15,6 41,0%
Interdivisional Adjustments and Eliminations (2,0) (1,4)
Sub-Total Foundations and Drilling Services 118,2 121,3 -2,5%
Machines for Special Foundations (SOILMEC) 50,6 39,2 28,9%
Drilling Rigs (DRILLMEC) 57,1 76,8 -25,7%
Interdivisional Adjustments and Eliminations (1,7) (0,3)
Sub-Total Mechanical Division 105,9 115,8 -8,5%
Parent Company 3,1 3,6
Interdivisional Eliminations (10,3) (5,5)
TOTAL CONSOLIDATED REVENUES 216,9 235,0 -7,7%
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1Q06 1Q07 1Q08 1Q09 1Q10 1Q11
372 336
505576
436509
169332
326
326
350
477
Eur mln
541,0
831,0
668,1
786,0
986,4
901,7
Foundation Division Drilling Division
11
BacklogBacklog
GEOGRAPHICAL AREA (Eur mln) 1Q11 %
Italy 156,8 15,9%
Europe (Italy excl.) 46,8 4,7%
U.S.A. and Canada 142,2 14,4%
Latin America 327,7 33,2%
Africa 38,8 3,9%
Middle East and Asia 221,7 22,5%
Far East 52,3 5,3%
TOTAL 986,4 100,0%
7%
33%16%
44%
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396,0
31,74,4
10,013,4
3,8 4,0 6,3
406,2
NFP 1Q11NFP FY10 EBIT + D&A
FREE CASH FLOW
+ 3,9 mln Eur
Eur m
ln
INVESTMENTS INTERESTS EXCHANGE DIFFERENCES
OTHERTAXES ∆ WORKING CAPITAL
12
Net Financial PositionNet Financial Position
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3,70x
1,40x
1,80x
1,10x
2,00x
2,70x
3,17x
1,82x
1,27x
1,35x
1,03x
1,54x
1,20x 1,14x
0,00x
0,50x
1,00x
1,50x
2,00x
2,50x
3,00x
3,50x
4,00x
4,50x
5,00x
0
50
100
150
200
250
300
350
400
450NFP
NFP / EBITDA
NFP / EQUITY
1Q 07 1Q 08 1Q 09 1Q 10 1Q 11
Eur mln
1Q 06
EBITDA/Fin. EBITDA/Fin. ExpensesExpenses 8,3x10,7x9,2x11,4x7,7x11,3x13
Net Financial Position and RatiosNet Financial Position and Ratios
136,4
173,6186,6
414,4406,2
415,4
127,2
1Q 05
4,5x
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0
50
100
150
200
250
300
350
400
1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q11
Eur mln
EQUITYEQUITY NET FINANCIAL POSITIONNET FINANCIAL POSITION
107,5
168,3
137,9
344,1
406,2
269,6
357,7Short Term Debt
Convertible Bond
Long Term Debt
14
Equity and Net Financial PositionEquity and Net Financial Position
69,9
12%
17%71%
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10,9% 11,5%
16,3%
15,2%
15,8%
8,8%
17,6%16,0%
20,9%21,3%
24,1%
15,7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
20
40
60
80
100
120
140
160
180
1Q06 1Q07 1Q08 1Q09 1Q10 1Q11
Margins %
Eur mln
90,3
116,3
91,4
158,1
Ebitda% Ebit%Revenues
15Not Consolidated Data
Foundations and Drilling Services DivisionFoundations and Drilling Services Division
121,3 118,2
Italy15% Europe
(Italy excl.)
0,7%
U.S.A. and Canada
24%
Latin America
34%
Africa
9%
Middle East
and Asia
15%
Far East
2%
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Italy
10%
Europe (Italy
excl.)18%
U.S.A. and
Canada18%Latin America
11%
Middle East and Asia
33%
Far East4%
Others6%
8,4%
10,8%
13,7%
11,7%
6,0%
10,1%
11,2%
12,6%
15,4%
13,1%
8,1%
13,2%
0%
5%
10%
15%
20%
25%
30%
0
20
40
60
80
100
120
140
160
1Q06 1Q07 1Q08 1Q09 1Q10 1Q11Margins %
Eur mln
75,6
123,0
100,3
137,2
105,9
Not Consolidated Data
Ebit% Ebitda% Ebit%Revenues
16
Mechanical DivisionMechanical Division
115,8
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1. TREVI Group
2. 1Q 11 Financial Results
3.3. FY 10 FY 10 Financial ResultsFinancial Results
4.Appendix
17
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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
263,0304,0
349,7 340,1366,6 366,4
498,0
642,4
841,6
1.069,21.035,8
952,9
Eur mln
18
Total RevenuesTotal Revenues
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31/12/2010 % 31/12/2009 %
REVENUES 952,9 100,0% 1.035,8 100,0%
EBITDA 137,3 14,4% 181,8 17,6%
EBIT 84,3 8,8% 117,4 11,3%
FINANCIAL COSTS (14,1) -1,5% (17,4) -1,7%
TAXES 24,5 2,6% 20,4 2,0%
NET PROFIT 46,4 4,9% 82,2 7,9%
31/12/2010 31/12/2009
NET CAPITAL EMPLOYED 762,5 759,7
EQUITY 366,5 315,9
NET FINANCIAL POSITION 396,0 443,8
BACKLOG 788,4 780,3
31/12/2010 31/12/2009
NFP / EBITDA 2,9X 2,4X
NFP / EQUITY 1,1X 1,4X
31/12/2010 31/12/2009
EMPLOYEES 5.903 6.064
Euro mln
NET PROFIT NET PROFIT –– 43,6%43,6%
EBIT EBIT –– 28,2%28,2%
REVENUES REVENUES –– 8,0%8,0%
INV. CAP. +0,4%INV. CAP. +0,4%
EQUITY + 16,0%EQUITY + 16,0%
N.F.P.N.F.P. + 10,8%+ 10,8%
EBITDA EBITDA –– 24,5%24,5%
BACKLOG + 1,0%BACKLOG + 1,0%
Euro mln
19
Financial HighlightsFinancial Highlights
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11,1%
13,3%
15,9%15,6%
17,6%
14,4%
5,8%
9,0%
12,3%11,9%
11,3%
8,8%
0%
5%
10%
15%
20%
25%
0
200
400
600
800
1.000
1.200
FY05 FY06 FY07 FY08 FY09 FY10
Margins %
Eur mln
Revenues
EBITDA Margin%
EBIT Margin%
20
EbitdaEbitda & & EbitEbit MarginMargin
498,0
642,4
841,6
1.069,21.035,8
952,9
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443,8
129,6
24,56,3
41,2
14,10,3 8,1
396,0
NFP FY10NFP FY09 EBIT + D&A
FREE CASH FLOW
+ 70,2 mln Eur
Eur m
ln
INVESTMENTS INTERESTS EXCHANGE DIFFERENCES
OTHERTAXES ∆ WORKING CAPITAL
21
Net Financial PositionNet Financial Position
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0
50
100
150
200
250
300
350
400
2005 2006 2007 2008 2009 2010 2010
Eur mln
EQUITYEQUITY NET FINANCIAL POSITIONNET FINANCIAL POSITION
102,1
163,5
127,4
315,9
396,0
235,5
366,5
12%
17%71%
Short Term Debt
Convertible Bond
Long Term Debt
22
Equity and Net Financial PositionEquity and Net Financial Position
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9,2%
11,2%
13,3%
15,0%
11,6%
14,2%
16,2%
18,3%
24,7%
19,4%
5%
10%
15%
20%
25%
30%
90
140
190
240
290
340
390
440
490
540
590
FY06 FY07 FY08 FY09 FY10Margins %
Eur mln
Italy
19% Europe (Italy excl.)0,4%
U.S.A. and Canada
19%
Latin America27%
Africa
15%
Middle East and Asia18%
Far East2%
361,5
517,8
140,2
554,2
493,4
Ebit% Ebitda% Ebit%Revenues
23Not Consolidated Data
Foundations and Drilling Services DivisionFoundations and Drilling Services Division
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10,2%
13,7%
11,4%
7,3%
6,3%
12,9%
15,5%
12,9%
9,2%9,0%
0%
5%
10%
15%
20%
25%
30%
80
130
180
230
280
330
380
430
480
530
580
630
680
FY06 FY07 FY08 FY09 FY10Margins %
Eur mln
Italy9%
Europe (Italy
excl.)10%
U.S.A. and Canada12%
Latin America12%
Africa6%
Middle East and Asia40%
Far East
9%
Others2%
310,0
607,2
464,9496,4 485,4
Not Consolidated Data
Ebit% Ebitda% Ebit%Revenues
24
Mechanical DivisionMechanical Division
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1. TREVI Group
2. 1Q 11 Financial Results
3. FY 10 Financial Results
4.4.AppendixAppendix
25
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26
Income Statement 1Q11 Income Statement 1Q11 vsvs 1Q101Q10
FY 2010 Eur 000 1Q11 1Q10 ∆%∆%∆%∆% QoQ
952.938 TOTAL REVENUES 216.921 235.049 -7,7%
(34.005) Changes in inventories of finished and semi-
finished products15.407 (5.392)
23.269 Increase in fixed assets for internal use 5.824 1.484
0 Other non-ordinary operating revenues 0 0
942.202 VALUE OF PRODUCTION 238.153 231.141 3,0%
619.964 Raw materials and external services 157.367 149.392
12.383 Other operating costs 3.668 2.960
309.856 VALUE ADDED 77.118 78.790 -2,1%
172.598 Personnel expenses 45.096 40.064
137.258 EBITDA 32.021 38.726 -17,3%
14,4% % Total Revenues 14,8% 16,5%
45.332 Depreciation 11.409 10.790
7.613 Provisions and write-downs 322 2.050
84.313 EBIT 20.290 25.886 -21,6%
8,8% % Total Revenues 9,4% 11,0%
(14.101) Financial revenues/(expenses) (3.849) (3.618)
(276) Gains/(Losses) on exchange rates (3.980) 1.041
249 Other Gains/(Losses) 0 0
70.184 EBT 12.462 23.310 -46,5%
24.506 Tax 4.362 7.975
(683) Minorities 506 (60)
46.361 GROUP NET PROFIT 7.594 15.395 -50,7%
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(*) No IAS 11 compliance
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Statement of Financial Position: 1Q 2011Statement of Financial Position: 1Q 2011(*)(*)
FY 2010 Eur 000 1Q11 1Q10 ∆%∆%∆%∆% QoQ
Fixed assets
323.762 - Tangible fixed assets 312.572 330.563
18.444 - Intangible fixed assets 18.639 14.369
5.162 - Financial fixed assets 7.417 3.764
Net working capital
409.073 - Inventories 436.994 421.577
307.033 - Trade receivables 302.757 309.288
(191.106) - Trade payables (-) (201.189) (177.151)
(88.068) - Pre-payments (-) (97.587) (128.497)
(4.864) - Other assets (liabilities) 1.124 1.429
779.435 Fixed assets plus net working capital 780.727 775.342 0,7%
(16.915) Post-employment benefits (-) (16.771) (16.751)
762.520 NET INVESTED CAPITAL 763.956 758.591 0,7%
Financed by:
354.157 Group net shareholders' funds 345.535 331.158
12.351 Minorities' share of net shareholders' funds 12.182 12.974
396.012 Net financial position 406.238 414.458
762.520 TOTAL SOURCES OF FINANCING 763.956 758.591 0,7%
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Executive in charge of the preparation of accounting documents “Daniele Forti” declares,pursuant to paragraph 2 of article 154-bis of the consolidated law on finance, that the
accounting information contained in this presentation corresponds to the document results,
books and accounting records.
This presentation, prepared by TREVI – Finanziaria Industriale SpA, contains forward lookinginformation and statements about the group and in no case may it be interpreted as an offer or
an invitation to sell or purchase any security issued by the company or its subsidiaries.
These statements include financial projections and estimates and their underlying assumptions,
statements regarding plans, objectives and expectations to future operations, products andservices, and statements regarding future performance.
Forward looking statements involve inherent risks and uncertainties are current only at the
date they are made.
However, the management of TREVI – Finanziaria Industriale SpA believes that the
expectations are reasonable, but, at the same time, points out to holders and investors that all
the information and all the statements are subject to various risk and many of which are very
difficult to predict and to control.
TREVI – Finanziaria Industriale SpA does not undertake any obligation to update forward
looking statements to reflect any changes in own expectations with regard thereto or any
changes in events.
28
DisclaimerDisclaimer