fy 2010 results - trevi fin · 14,1 0,3 8,1 396,0 nfp fy09 ebit + d&a nfp fy10 free cash flow +...

FY 2010 Results

1.1. TREVI GroupTREVI Group

2. FY2010 Financial Results

3. Foundation Division

4. Drilling Division

5. Appendix

2

Comment of the Chairman on the FY10Comment of the Chairman on the FY10

3

“We wish to express our satisfaction with the results

achieved in 2010; the results show the strength of our

business model despite the difficult macroeconomic

scenario.

As 31 December 2010 the Order Portfolio was stable to

approximately Euro 788 mln and Net Debt shows an

improvement of around Euro 50 mln in comparison with

2009 figures.

Given the trend in Oil&Gas Sector and taking into

consideration a stable reference scenario, we expect

to grow in 2011.

3

Becoming the Becoming the main main

technological technological partnerpartner in the in the field of soil field of soil foundation foundation engineering engineering and in the and in the

research and research and development development of water and of water and

energy energy resourcesresources

Well Founded Well Founded

RootsRoots

4

TREVI Group: VisionTREVI Group: Vision

• 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

5

TREVI Group: Business ModelTREVI Group: Business Model

Technological InnovationProcess Innovation

STRENGTHENING MARKET LEADERSHIPSTRENGTHENING MARKET LEADERSHIP

MECHANICAL DIVISIONSERVICES DIVISION

6

TREVI Group: Competitive AdvantageTREVI Group: Competitive Advantage

Based on Not Consolidated Data

To

tal R

even

ues

FY

10

: E

uro

95

2,9

mln

7

Services

Division

50,4%

Mechanical

Division

49,6%

Drilling

Division

37,2%

Foundation

Division

62,8%

TREVI Group: Two Points of ViewTREVI Group: Two Points of View

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

8

TREVI Group: Global PresenceTREVI Group: Global Presence

1. TREVI Group

2. FY2010 Financial 2. FY2010 Financial ResultsResults



5. Appendix

9

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

10

Financial HighlightsFinancial Highlights

+-+

-

+ -+ -

GeographicalPresence

SelectiveTender Process

EQUITYEQUITYREVENUESREVENUES

NET DEBTNET DEBTBACKLOGBACKLOG11

FY 2010 DriversFY 2010 Drivers

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

Eu

r m

ln

12

Total RevenuesTotal Revenues

FY05 FY06 FY07 FY08 FY09 FY10

101 110 141 128 132 131

5485

139 179

55 5156

89

9192

116 15049

62

102118

122

175

89

99

126

132

150

102

115

165

189

364

422294

35

33

53

5640

51

Far East and Others

Middle East and Asia

Africa

Latin America

U.S.A. and Canada

Europe (Italy excl.)

Italy

Eur m

ln

498,0

642,4

841,6

1.069,21.035,8

952,9

13

Geographical Breakdown FY05 Geographical Breakdown FY05 –– FY10FY10

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


Marg

ins %

Eu

r m

ln

Revenues

EBITDA Margin%

EBIT Margin%

14

EbitdaEbitda & & EbitEbit MarginMargin

498,0

642,4

841,6

1.069,21.035,8

952,9

Eur mln FY10 g% YoY FY09

Special Foundation Services (TREVI) 419,5 -15,3% 495,2

Drilling Services (PETREVEN) 80,0 22,4% 65,4

Interdivisional Adjustments and Eliminations (6,1) (6,3)

Sub-Total Foundations and Drilling Services 493,4 -11,0% 554,2

Machines for Special Foundations (SOILMEC) 202,3 8,0% 187,4

Drilling Rigs (DRILLMEC) 288,4 -7,1% 310,5

Interdivisional Adjustments and Eliminations (5,3) (1,4)

Sub-Total Mechanical Division 485,4 -2,2% 496,4

Parent Company 14,5 15,0

Interdivisional Eliminations (40,3) (29,8)

TOTAL CONSOLIDATED REVENUES 952,9 -8,0% 1.035,8

15

Total Revenues Ante and Post ConsolidationTotal Revenues Ante and Post Consolidation


329 316432

701

483530

188321

277

408

298 258

Eu

r m

ln

GEOGRAPHICAL AREA (Eur mln) 31/12/2010 %

Italy 163,2 20,7%

Europe (Italy excl.) 36,8 4,7%

U.S.A. and Canada 167,9 21,3%

Latin America 265,7 33,7%

Africa 46,4 5,9%

Middle East and Asia 84,0 10,6%

Far East 24,4 3,1%

TOTAL 788,4 100,0%

7%

13%

20%

60%

517,0

709,3636,8

780,3 788,4

1.109,0

Foundation Division Drilling Division

16

BacklogBacklog


19,9

55,550,3

117,2

75,1

43,1Eu

r m

ln

(*) Not taking into account Exchange Currency Effects and Disposals

INVESTMENTS FY10:INVESTMENTS FY10:€€ 43,1 43,1 mlnmln

17

Investments in Tangible Assets Investments in Tangible Assets (*)(*)

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

18

Net Financial PositionNet Financial Position

2,3x

2,1x

1,1x

1,9x

2,4x

2,9x

1,2x1,4x

0,9x

1,4x1,4x

1,1x

0,0x

0,5x

1,0x

1,5x

2,0x

2,5x

3,0x

3,5x

4,0x

4,5x

5,0x

0

50

100

150

200

250

300

350

400

450

500 NFP

NFP / EBITDA

NFP / EQUITY

FY 06 FY 07 FY 08 FY 09 FY 10

Eu

r m

ln

FY 05

EBITDA/Financial EBITDA/Financial ExpensesExpenses 9,7x10,4x9,7x9,8x8,2x6,2x

19

Net Financial Position and RatiosNet Financial Position and Ratios

126,0142,6

175,7

443,8

396,0

322,1

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 TermDebt

Convertible Bond

Long TermDebt

20

Equity and Net Financial PositionEquity and Net Financial Position

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 FY10M

arg

ins %

Eu

r m

ln

Italy

19% Europe (Italy excl.)0,4%

U.S.A. and Canada

19%

Latin America27%

Africa

15%

Middle East and Asia

18%

Far East2%

361,5

517,8

140,2

554,2

493,4

Ebit% Ebitda% Ebit%Revenues

21Not Consolidated Data

Foundations and Drilling Services DivisionFoundations and Drilling Services Division

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 FY10M

argin

s %

Eu

r m

ln

Italy9%

Europe (Italy

excl.)10%

U.S.A. and Canada

12%

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

22

Mechanical DivisionMechanical Division

1. TREVI Group


3. 3. FoundationFoundation DivisionDivision


5. Appendix

23

World = 3,9

0

2

4

6

8

10

Re

al G

DP

20

12

yo

y %

World = 3,8

0

2

4

6

8

10

Re

al

GD

P 2

01

1 y

oy

%

GDP%GDP% GrowthGrowth 20112011 GDP%GDP% GrowthGrowth 20122012

Source: UBS 11.04.2011 Source: UBS 11.04.2011

Latin America

East Europe

+ 7,1Asia

(excl. Japan)

GEOGRAPHICAL AREA

+ 7,3

GDP%’11 GDP%’12

+ 4,7 + 4,7

+ 4,5 + 4,5

24

GDP% Growth 2011GDP% Growth 2011--20122012

2010 CONSTRUCTION INVESTMENTS2010 CONSTRUCTION INVESTMENTS

North America: + 6 % yoy

Asia: + 6,3 % yoy

South America: + 2,5 % yoy

Europe: - 4,7 % yoy

Africa: + 6,1 % yoy

-28% -10%

-10% 0%

0% 5%

5% 10%

10% 43%

LegendLegend::

Source: SIMCO, September 2010

25

Construction Sector 2010Construction Sector 2010

90

100

110

120

130

140

150

160

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

GDP Infrastructure

World

France

Germany

UK

Italy

USCanada

Brazil

China

Japan

India

Russia

0%

2%

4%

6%

8%

10%

0% 2% 4% 6% 8% 10% 12%

Source: SIM

CO, Septe

mber2010

WORLD TRENDWORLD TREND((YearYear 2000=100)2000=100)

Source: D

eutsche

Bank, 17.0

1.2

011

EUROPEAN TRENDEUROPEAN TREND((YearYear 2000=100)2000=100)

Source: UBS 11/04/2011 SIMCO 30/09/2010

% Growth 2011 YoY of Investments in Constructions

Investments in Constructions vs GDP%

%G

rwoth

of

GD

P 2

011 Y

oY

WORLD AND EUROPEAN FORECASTSWORLD AND EUROPEAN FORECASTS

90

100

110

120

130

140

150

160

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

GDP Infrastru ctur e

26

Construction Sector Construction Sector vsvs GDP% GrowthGDP% Growth

• U.S.A.

• Canada

• Panama

• Santo Domingo

• Colombia

• Argentina

• Peru

• Venezuela

• New Zealand

• Philippines

• Hong Kong

• Saudi Arabia

• Oman

• Qatar

• Other U.A.E.

• Kuwait

• Algeria

• Angola

• Mozambique

• Nigeria

• Austria

• Italy

• Sweden

Job Site in Sweden27

Job Site in USA

TREVI: Projects WorldwideTREVI: Projects Worldwide

HISTORICAL MARKETSHISTORICAL MARKETS NEW MARKETSNEW MARKETS

TARGETS

ACTIONS

• Consolidation of the Group presence

through award of new projects

characterized by medium size and high

technological requests

• Award of new big spot projects in order

to establish a presence in new markets

with high potential of growth

• Development of new specific

technologies able to guarantee high

performance in each market

• Intensify partnerships with main local

clients

• Promote activities related to General

Specialty Contractor positioning

• Selection of new areas with high

growth potential for medium/long

period

• Scouting and selection of new big

projects characterized by big size and

high technological requests

• Selection of JV / Partnerships with local

leaders

SELECTION OF POTENTIAL OPPORTUNITIES

28

TREVI: Award ProcessTREVI: Award Process

90

100

110

120

130

140

150

160

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Residentia l Non-Residential Infrastructure GDP

80

82

84

86

88

90

92

94

96

98

100

2008 2009 2010e 2011e 2012e

Res idential Non-Res idential Infrastructure GDP

0

2

4

6

8

10

12

14

16

18

20

2008 2009 2010 2011

18,9 16,8 15,513,6

ConstructionConstruction Sector in ItalySector in Italy

Source: D

eutsche

Bank, 17.0

1.2

011

Source: Ance, Novem

ber2010

Investments in New InfrastructuresInvestments in New Infrastructures

World Construction SectorWorld Construction Sector

Eur Mld

Source: SIM

CO, Septe

mber2010

YEAR 2007 = 100

YEAR 2000 = 100

According to ANCE, in 2011, the reduction of

Italian public investments in new

infrastructures should be around 14%.

29

Construction Outlook in ItalyConstruction Outlook in Italy

Job Site in Italy: MANFREDONIA

30

TREVI: New “Green” TechnologiesTREVI: New “Green” Technologies

DRIVERS FUTURE

Strengthening of Strengthening of market leadership market leadership

in existing in existing geographical areasgeographical areas

Focus on “big” Focus on “big”

infrastructural and infrastructural and technological technological

projectsprojects

Selective growth in Selective growth in

new geographical new geographical areasareas

Looking for new Looking for new

market niches to market niches to addressaddress

Presence in Presence in

Emerging Emerging CountriesCountries

Focusing on project Focusing on project

with strong with strong technological technological

challengeschallenges(General Specialty (General Specialty

Contractor)Contractor)

Focusing on Focusing on maritime maritime

projects projects

REVENUES (*) FY05 – FY10

(*) Not Consolidated Data


282,1

357,6338,3

456,1419,5

495,2

Eur mln

31

TREVI: OverviewTREVI: Overview

Brasil

32

SOILMEC: Production NetworkSOILMEC: Production Network

Housing

Micropiles

Real Estate

Major InfrastructuresCommercial

SC-65 CATERPILLAR

SM-5

SM-3

SMT 500 SR-80 CAP

HYDROMILL CH10

SR-30 LS

33

SOILMEC: Extended Range of ProductsSOILMEC: Extended Range of Products

AustraliaAustralia

SR SR SeriesSeries

SR 80SR 80

SR 70SR 70

Excadrill 10Excadrill 10

Model 2500Model 2500

SM SM -- 88

Excadrill 5Excadrill 5

SM SM -- 2020

SM SM -- 8B8B

HousingMicropiles

CommercialReal Estate

Major Infrastructures

34

SOILMEC: A Complete Range of ProductsSOILMEC: A Complete Range of Products

Major Infrastructures

Commercial

Housing

Micropiling

1

2

3

5

Real Estate

4

1 2 43 4 5

HYDROMILL & GRABS

LARGE DIAMETER PILE

CRANES

CFA

ATTACHMENTS

TOOLS&INSTRUMENTS

PUMPS & ANCILLARIES

MICRODRILLING

Ton€

3 T

on

10

0 K

6 M

LN

25

0 T

on 250 Ton

35

SOILMEC: Business EvolutionSOILMEC: Business Evolution


DRIVERS FUTURE

Residential Sector Residential Sector

(USA and Europe) (USA and Europe) strongly impacted strongly impacted

by crisisby crisis

Strong Strong insourcinginsourcing

of productionof production

Opening of new Opening of new geographical geographical

markets for markets for medium term medium term

developmentdevelopment

Development of Development of

new models and new models and new market nichesnew market niches

Presence in Presence in

Emerging Emerging CountriesCountries

Strengthening of Strengthening of market shares in market shares in

the existing the existing markets markets


132,5

280,9

190,5

319,2

202,3187,4

Eur mln

(*) Not Consolidated Data 36

SOILMEC: OverviewSOILMEC: Overview

1. TREVI Group



4. 4. DrillingDrilling DivisionDivision

5. Appendix

37

OIL: DEMAND AND SUPPLY CURVEOIL: DEMAND AND SUPPLY CURVE

OIL PRICE FORECASTOIL PRICE FORECAST

GROWTH OF DEMAND

Sourc

e: RCB C

apital Mark

ets

13.0

4.2

011

REDUCTION OF OIL&GAS STOCK

USD DEPRECIATION

The rising oil price will further stimulate the development of drilling activities.

Among the countries not included in OPEC, Canada, Brazil, Russia and Colombia are expected to growth.

$/bbl mln bbl/d

Source: UBS 12.04.2011

2010A 1Q11E 2Q11E 3Q11E 4Q11E 2011E 2012E 2013E

Brent ($/bbl) 80,36 105,00 110,00 105,00 95,00 103,75 95,00 95,00

WTI ($/bbl) 79,59 95,00 102,00 97,00 87,00 95,25 87,00 90,00

85

86

87

88

89

90

91

0

20

40

60

80

100

120

2008 2009 2010 2011e 2012e

Brent ($/bbl) Global Demand Global Supply

38

Oil & Gas OutlookOil & Gas Outlook

WORLDWIDE “RIG COUNT”WORLDWIDE “RIG COUNT”

The chart above shows the evolution of the global average number of oil rigs in the period 1989 - 2010; further

increase is expected during 2011.

Sourc

e: Baker Hughes

39

Worldwide Rig CountWorldwide Rig Count

Petroleo

Brasileiro

Royal

Dutch Shell

ExxonMobil

Chevron

TOTAL

BPEni

StatoilConocoPhillips

RosneftBG Group

SuncorHess Canadian N.R.ChesapeakeTalisman Husky

JX Holdings

0

10.000

20.000

30.000

40.000

50.000

-5% 0% 5% 10% 15% 20% 25% 30% 35%

CA

PEX

2010 $

mln

MAJOR & SECONDARY OIL COMPANIES CAPEX 2010 MAJOR & SECONDARY OIL COMPANIES CAPEX 2010 -- 20112011

The graph refers to a sample of Oil Companies and shows the % change of investments in 2011 versus 2010

together with the volume of investments (figures in USD million).

Most of the oil companies will increase investments during the current year.

Sourc

e: UBS 08.0

4.2

011

% Change of CAPEX

2011e YoY

Buble= Capex’11e

Average Majors = +10%

Average Secondary = +20%

40

CAPEX for a sample of Oil CompaniesCAPEX for a sample of Oil Companies

20052005

4 4 rigsrigs

20062006

8 8 rigsrigs

20072007

9 9 rigsrigs

ARGENTINA

5 rigs HH100

- Petrobras (1)

- Chevron Texaco (1)

- Repsol YPF (3)

VENEZUELA

1 rig HH300

- PDVSA

1 rig HH200

- PDVSA

COLOMBIA

1 rig HH220 CYBER

- Ecopetrol SA

1 rig HH100

- PetromineralesPERU

2 rig HH100

- Petrobras

2008/20092008/2009

10 10 rigsrigs

20102010

12 12 rigsrigs

CHILE

1 rig HH220 WINTER

- GeoPark

FULL HH TECHNOLOGY

2011

14 rigs

41

PETREVEN: Operating RigsPETREVEN: Operating Rigs

VENEZUELA

ARGENTINA

RIG: HH200–HH300

CLIENT:

RIG: H103-H104-H105-H106-H108

CLIENT:

PERU’

RIG: H107-H109

CLIENT:

COLOMBIA

RIG: G102-HH201

CLIENT:

HH Technology

Safety

Performance

People

CILE

RIG: HH202

CLIENT:

42

PETREVEN: Clients & RigsPETREVEN: Clients & Rigs

DRIVERS FUTURE

Preferential access Preferential access

to HH series to HH series technology technology

Historical strong Historical strong

presence in Latin presence in Latin AmericaAmerica

Constant growth Constant growth

with “acquisition” with “acquisition” of new rigsof new rigs

Development of Development of

commercial and commercial and technological technological

partnerships partnerships

High operatingHigh operating

and safety and safety standardsstandards

Further Further development of development of

know how know how (especially with (especially with

regard to Hydraulic regard to Hydraulic

Rigs)Rigs)



16,0

46,6

25,2

64,9

80,0

65,4

Eur mln


PETREVEN: OverviewPETREVEN: Overview

DRILLMEC Branches

Houston (USA) – OIL&GAS Division

Gorizia (Italy)

PUMPS DivisionParma (Italy)

WATER Division

In South America Drillmec

takes advantage from the local presence of

Headquarter PIACENZA

(Italy)OIL&GAS Division

44

DRILLMEC: NetworkDRILLMEC: Network

DRILLING CABIN HH600

SIMULATOR POWER CONTROL

POWER

CONTROLTRAINING

SECURITY

45

DRILLMEC: Extended Range of ProductsDRILLMEC: Extended Range of Products

The photo above shows the progress of work on the artificial island

where was allocated the first of the 2 rigs manufactured by Drillmec.

ARTIFICIAL ISLAND

46

DRILLMEC: Rigs in KazakhstanDRILLMEC: Rigs in Kazakhstan

Offshore Drilling Rigs

DeepDrilling

Oil&GasDrilling

Water & Mobile Drilling

1

2

3

5

3 4

1

5

Safety & Automation

2

4

2000 2004 2007 2010/2011

1 2 3 4

PRODUCTION TECNOLOGY ENGINEERINGPROJECT

MANAGEMENT

47

DRILLMEC: Evolution of the BusinessDRILLMEC: Evolution of the Business

REDUCTION REDUCTION ofof AREAAREA

REDUCTION REDUCTION ofof COSTSCOSTS

INCREASED PERFORMANCEINCREASED PERFORMANCE

INCREASED SECURITYINCREASED SECURITY

RIG RIG -- UP UP in Italyin Italy

Main Advantages for

clients are the

following:

• Reduction of Costs

• Security of Operating

• Reduction of Risks

48

Different & Complementary TechnologiesDifferent & Complementary Technologies

WATER OIL & GAS OIL & GAS GEOTHERMAL GEOTHERMAL

Conventional Conventional Technology Technology

Hydraulic Hydraulic Technology Technology

(*) Sample of Clients49

DRILLMEC: Full Product Range DRILLMEC: Full Product Range (*)(*)

CLIENT CLIENT PLACE PLACE AMOUNT AMOUNT

USD 105.000.000

EUR 10.000.000

USD 212.000.000

USD 39.000.000

50

DRILLMEC: New OpportunitiesDRILLMEC: New Opportunities

DRIVERS FUTURE

Innovation on Innovation on ConventionalConventional

RigsRigs

Strategic Strategic

Partnership Partnership with clients and with clients and

competitorscompetitors

Strong Strong

Commercial Commercial ActionAction in USAin USA

Widening of Widening of

network and network and strengthening strengthening

relationship with relationship with

Majors Majors

Strong Strong

Commercial Commercial Action in USAAction in USA

HH: Technological HH: Technological InnovationInnovation

WideningWideningproducts products

rangerange



75,4

194,1

126,6

288,8 288,4310,5

Eur mln


DRILLMEC: OverviewDRILLMEC: Overview

1. TREVI Group




5. 5. AppendixAppendix

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Eur 000 FY10 FY09 %

TOTAL REVENUES 952.938 1.035.815 -8,0%

Changes in inventories of finished and semi-finished products (34.005) 38.912

Increase in fixed assets for internal use 23.269 20.607

Other non-ordinary operating revenues 0 0

VALUE OF PRODUCTION 942.202 1.095.334 -14,0%

Raw materials and external services 619.964 735.642

Other operating costs 12.383 12.553

VALUE ADDED 309.856 347.139 -10,7%

Personnel expenses 172.598 165.331

EBITDA 137.258 181.808 -24,5%

% Total Revenues 14,4% 17,6%

Depreciation 45.332 42.161

Provisions and write-downs 7.613 22.287

EBIT 84.313 117.361 -28,2%

% Total Revenues 8,8% 11,3%

Financial revenues/(expenses) (14.101) (17.423)

Gains/(Losses) on exchange rates (276) 4.694

Other Gains/(Losses) 249 0

EBT 70.184 104.631 -32,9%

Tax 24.506 20.427

Minorities (683) 2.046

GROUP NET PROFIT 46.361 82.158 -43,6%

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Income Statement FY10 Income Statement FY10 vsvs FY09FY09

(*) No IAS 11 compliance

Eur 000 FY10 FY09 %

Fixed assets

- Tangible fixed assets 323.762 319.838

- Intangible fixed assets 18.444 13.695

- Financial fixed assets 5.162 4.588

Net working capital

- Inventories 409.073 386.908

- Trade receivables 307.033 308.360

- Trade payables (-) (191.106) (169.979)

- Pre-payments (-) (88.068) (89.649)

- Other assets (liabilities) (4.864) 2.714

Fixed assets plus net working capital 779.435 776.475 0,4%

Post-employment benefits (-) (16.915) (16.799)

NET INVESTED CAPITAL 762.520 759.676 0,4%

Financed by:

Group net shareholders' funds 354.157 302.225

Minorities' share of net shareholders' funds 12.351 13.667

Net financial position 396.012 443.783

TOTAL SOURCES OF FINANCING 762.520 759.676 0,4%

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Statement of Financial Position: FY 2010 Statement of Financial Position: FY 2010 (*)(*)

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 theaccounting 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 oran 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 thedate they are made.

However, the management of TREVI – Finanziaria Industriale SpA believes that theexpectations are reasonable, but, at the same time, points out to holders and investors that allthe information and all the statements are subject to various risk and many of which are verydifficult to predict and to control.

TREVI – Finanziaria Industriale SpA does not undertake any obligation to update forwardlooking statements to reflect any changes in own expectations with regard thereto or anychanges in events.

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DisclaimerDisclaimer

Investor Relations Team:Investor Relations Team:

Stefano CampanaStefano Campana

Simone NanniSimone NanniMarco PadovaniMarco Padovani

Matteo ScarpelliniMatteo ScarpelliniCristina TrevisaniCristina Trevisani

[email protected]

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fy 2010 results - trevi fin · 14,1 0,3 8,1 396,0 nfp fy09 ebit + d&a nfp fy10 free cash flow +...

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