1H 2010 Results - Trevi Fin...Semi Semi ––Annual AnnualAnalysisAnalysis Eur 000 2H 2009 1H 2010...

1H 2010 Results1H 2010 Results

Conference Call – September 2nd, 2010

1.1. TREVI Group at a Glance TREVI Group at a Glance

2. 1H 10 Financial Results

3. Services Sector

2

3. Services Sector

4. Mechanical Sector

5. Appendix

TREVI Group: VisionTREVI Group: Vision

Becoming the Becoming the main main

technological technological partnerpartner in the in the

field of soil field of soil foundation foundation

Well Founded Well Founded

RootsRoots

3

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

RootsRoots

TREVI Group: Business TREVI Group: Business ModelModel

SERVICESDivision

MECHANICAL Division

Special foundation services Oil drilling services Oil drilling rigs Special foundation rigs

• 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

4Projects for renewable energy

TREVI Group: Competitive TREVI Group: Competitive AdvantageAdvantage

MECHANICAL SECTORSERVICES SECTOR

Technological InnovationProcess Innovation

STRENGTHENING MARKET LEADERSHIPSTRENGTHENING MARKET LEADERSHIP

5

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

1H10 EUR 452,7

1H10 EUR 452,7 mln

mln

Foundations Sector

66%Drilling Sector

Services Sector54%

Mechanical

6 6BasedBased on on NotNot ConsolidatedConsolidated DataData

Total

Total Revenues

Revenues1H10 EUR 452,7

1H10 EUR 452,7

66%Drilling Sector 34%

Mechanical Sector46%

TREVI Group: Global TREVI Group: Global PresencePresence

U.S.A. Trevi Icos Corporation

GermanyItaly

(RCT S.r.l.)

Japan

China

Italy (Piacenza)(EDRA S.r.l.)

Canada

France

UK

Austria

India

U.S.A.

U.S.A.(WATSON INC.)

Italy (Cesena)Italy

(PSM S.r.l).

45 Operating Companies in 32 Countries – 53 Business Units

7

SOILMEC Division

DRILLMEC Division

PETREVEN DivisionVenezuela

Mozambique

Nigeria

U.A.E. SwissboringI.D.T. Fzco

OmanSwissboring

Hong Kong

Japan

Singapore

U.S.A.

Argentina

Colombia

Canada

Qatar Swissboring

New Zealand

Peru

Venezuela

Argentina

AlgeriaPhilippines

Panama

Germany

TREVIDivision

Angola

Colombia(GALANTE S.A.)

Arabia Saudita

Australia

Libya

Brazil

1. TREVI Group at a Glance

2. 1H 10 2. 1H 10 Financial ResultsFinancial Results

3. Services Sector

8

3. Services Sector


5. Appendix

Semi Semi –– AnnualAnnual AnalysisAnalysis

Eur 000 2H 2009 1H 2010 Variation

TOTAL REVENUES 464.262 452.744 (11.519)

Changes in inventories of finished and semi-finished products (12.286) 2.090 14.377

Increase in fixed assets for internal use 9.958 5.738 (4.220)

Other non-ordinary operating revenues 0 0 0

VALUE OF PRODUCTION 461.934 460.572 (1.362)

Raw materials and external services 307.524 303.121 (4.403)

Other operating costs 7.196 6.177 (1.019)

VALUE ADDED 147.214 151.273 4.060

9

VALUE ADDED 147.214 151.273 4.060

Personnel expenses 81.101 82.424 1.323

EBITDA 66.113 68.850 2.737

% total revenues 14,2% 15,2%

Depreciation 21.446 23.230 1.785

Provisions and write-downs 5.070 2.105 (2.965)

EBIT 39.597 43.515 3.918


Financial revenues (expenses) (7.786) (7.308) 478

Gains/(losses) on exchange rates 3.757 1.540 (2.217)

Other Gains/(losses) (513) () 513

EBT 35.056 37.747 2.691

1H10 % 1H09 %

REVENUES 452,7 571,6

EBITDA 68,9 15,2% 115,7 20,2%

EBIT 43,5 9,6% 77,8 13,6%

FINANCIAL EXPENSES (7,3) -1,6% (9,6) -1,7%

TAXES (15,0) -3,3% (17,1) -3,0%

NET PROFIT 23,3 5,1% 51,3 9,0%

Financial Highlights 1H10Financial Highlights 1H10

Eur mln

NET PROFIT NET PROFIT –– 54,5%54,5%

EBIT EBIT –– 44,0%44,0%

REVENUES REVENUES –– 20,8%20,8%

EBITDA EBITDA –– 40,5%40,5%

NET PROFIT 23,3 5,1% 51,3 9,0%

INVESTED CAPITAL 766,7 734,4

EQUITY 368,6 279,0

NET FINANCIAL POSITION 398,1 449,4

BACKLOG 716,4 917,1

NPF / EBITDA 2,89X 1,94X

NFP / EQUITY 1,08X 1,61X

EMPLOYEES 5.982 6.113 10

NET PROFIT NET PROFIT –– 54,5%54,5%

INV. CAP .+ 4,4%INV. CAP .+ 4,4%

EQUITY +32,1%EQUITY +32,1%

N.F.P.N.F.P. + 11,4%+ 11,4%

BACKLOG BACKLOG --21,9%21,9%

Eur mln

642,4

841,6

1.069,2

571,6

1.035,8

Total RevenuesTotal Revenues

Eur mln

262,9303,9

349,7 340,1366,6 366,4

497,7

571,6

452,7

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1H09 2009 1H1011

75,3

143,3

249,5

155,6

18,1

26,0

30,6

11,7

26,8

Estremo Oriente e Altro

Medio Oriente

Africa

America Latina

U.S.A. e Canada

Europa (Italia esclusa)

Italia

Geographical Breakdown 1H04 Geographical Breakdown 1H04 –– 1H101H10

314,1

378,7

492,6

571,6

452,7

Far East + Other

Middle East

Africa

Latin America

U.S.A. e Canada

Europe (excl. Italy)

Italy

1H04 1H05 1H06 1H07 1H08 1H09 1H10

43,8 52,4 49,568,3 63,3 61,9 70,3

18,023,3 40,1

63,2 63,8

34,4 17,621,724,3

44,4

37,876,5

61,4 69,6

13,5

19,0

29,8

43,7

56,6

67,2 60,4

24,9

39,0

45,5

64,4

58,5

85,4

52,5

34,4

48,5

86,8

75,3

11,4

12,0

18,1

EuroMln

12

167,7

218,5

EbitdaEbitda MarginMargin

492,6

571,6

452,7

14,1%

16,0%

20,2%

15,2%

400

500

600

700

15%

18%

21%

24%

Ricavi EBITDA Margin%Revenues EBITDA Margin%

13

167,7

218,7

314,1

378,7

10,7% 10,3%

13,2%

0

100

200

300

0%

3%

6%

9%

12%

1H04 1H05 1H06 1H07 1H08 1H09 1H10

Euro Mln

EbitEbit MarginMargin

492,6

571,6

452,710,6%

12,7%

13,6%

9,6%

400

500

600

700

10%

12%

14%

16%

Ricavi EBIT Margin%Revenues EBIT Margin%

14

167,7

218,7

314,1

378,7

4,4%

4,8%

8,9%

0

100

200

300

0%

2%

4%

6%

8%

1H04 1H05 1H06 1H07 1H08 1H09 1H10

Euro Mln

Eur mln 1H10 g% HoH 1H09

Special Foundation Services (TREVI) 214,3 -21,9% 274,2Drilling Services (PETREVEN) 35,6 -4,1% 37,1Interdivisional Adjustments and Eliminations (3,0) (2,6)

Sub-Total Foundations and Drilling Services 246,9 -20,0% 308,7

Machines for Special Foundations (SOILMEC) 91,5 -1,3% 92,7

Revenues Before and After ConsolidationRevenues Before and After Consolidation

Machines for Special Foundations (SOILMEC) 91,5 -1,3% 92,7Drilling Rigs (DRILLMEC) 121,9 -32,6% 180,9

Interdivisional Adjustments and Eliminations (0,7) (0,9)

Sub-Total Mechanical Division 212,7 -22,0% 272,7

Parent Company 6,9 7,4Interdivisional Eliminations (13,7) (17,3)

TOTAL CONSOLIDATED REVENUES 452,7 -20,8% 571,6

15

334,8

353,4686,1

598,6

917,1

716,4

973,4

BacklogBacklog

GEOGRAPHICAL AREA Eur mln %

Latin America 183,6 25,6%

Middle East and Asia 139,0 19,4%

U.S.A. and Canada 186,1 26,0%

Italy 113,8 15,9%

Europe (excl. Italy) 27,6 3,8%

Africa 51,0 7,1%

Far East 15,4 2,2%

TOTAL 716,4 100%

8%

22%

18%

52%

262,0358,4 347,5

638,6563,7

429,6

145,0

240,2338,6

286,8

16

Eur mln

1H05 1H06 1H07 1H08 1H09

407,0

598,6

1H10

Foundations Sector Drilling Sector

55,5

117,2

75,1

Euro Mln

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

INVESTMENTS 1H10:INVESTMENTS 1H10:€€21,1 21,1 mlnmln

2004 2005 2006 2007 2008 1H09 2009 1H10

25,919,9

55,550,3

40,5

21,1

Euro Mln

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

66,7

20,9 15,0

23,17,3 1,5 2,0

Net Financial PositionNet Financial Position

FREE CASH FLOW

443,8

398,2

18NFP 1H10NFP FY09 EBIT + D&A

FREE CASH FLOW

+ 49,5 mln Eur

Eur m

ln

INVESTMENTS INTERESTS EXCHANGE DIFFERENCES

OTHERTAXES∆ WORKING CAPITAL

200

250

300

350

400

Equity and Net Financial PositionEquity and Net Financial Position

Eur mln

235,3

315,9

398,1

368,6

20%

Short Term Debt

Long Term Debt

0

50

100

150

2004 2005 2006 2007 2008 2009 1H10 1H09

19EQUITY NET FIN. POSITION

80,9102,1

127,4

163,5

80%

Net Financial Position and Net Financial Position and RatiosRatios

Eur mln

449,4

398,13,5x

1,8x

1,5x

1,9x

2,9x

2,0x

2,5x

3,0x

3,5x

4,0x

250

300

350

400

450

500PFN PFN / EBITDANFP NFP / EBITDA

Annualy Based

20

NFP / EQUITY

1H 06 1H 07 1H 08 1H 09 1H 10

1,08x1,61x0,97x1,10x1,37x

Eur

1H 05

1,55x

EBITDA / Financial Expenses 9,42x12,01x11,27x8,00x8,80x5,32x

142,8 148,4159,5

173,61,5x

1,1x

0,0x

0,5x

1,0x

1,5x

0

50

100

150

200



3. 3. Services SectorServices Sector

21

3. 3. Services SectorServices Sector


5. Appendix

230,8

308,7

246,927,7%

27%

32%

37%

240

290

340

Foundations and Drilling Services DivisionFoundations and Drilling Services Division

Eur mln

Italy

18%

U.S.A. and

Canada18%

Middle East

and Asia20%

Far East3%

173,2

188,8

9,8%10,5%

13,6%

17,0%

11,1%

15,2% 15,4%

18,3% 18,7%

7%

12%

17%

22%

90

140

190

1H06 1H07 1H08 1H09 1H10

22

Not Consolidated Data

FY07 FY08

Revenues Ebit% Ebitda%

Latin America23%

Africa

18%

Trevi Trevi OverviewOverview

DRIVERS

206,3

274,2

214,3

THE FUTUREREVENUES (*) 1H04 – 1H10

Strengthening of Strengthening of Selective growth in Selective growth in

Stimulus Plans Stimulus Plans focused on focused on

infrastructural infrastructural expenditures expenditures

Focusing on project Focusing on project with strong with strong technological technological challengeschallenges

(General Specialty (General Specialty Contractor)Contractor)

23

1H 04 1H 05 1H 06 1H 07 1H 08 1H 09 1H 10

108,5122,0

156,7 162,0

Eur mln

(*) Not Consolidated Data

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

Focusing on Focusing on maritime projects maritime projects

PetrevenPetreven OverviewOverview

DRIVERS

26,0

37,135,6


High operating and High operating and safety standardssafety standards

Further Further development of development of know how know how

(especially with (especially with regard to Hydraulic regard to Hydraulic

Rigs)Rigs)

24

1H 04 1H 05 1H 06 1H 07 1H 08 1H 09 1H 10

5,77,0

11,3

19,2

Eur mln


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



3. Services Sector

25

3. Services Sector

4. 4. Mechanical SectorMechanical Sector

5. Appendix

Mechanical DivisionMechanical Division

203,4

283,0272,7

212,8

13,7%

14,7%

14%

16%

18%

230

280

330Eur mln

Italy14% Europe (excl.

Italy)8%

Far East8%

Other2%

26

Not Consolidated Data

145,5

203,4212,8

7,7%

11,9%

13,2%

9,8%

8,2%

10,2%

11,5%

11,0%

6%

8%

10%

12%

80

130

180

1H06 1H07 1H08 1H09 1H10FY07 FY08

Revenues Ebit% Ebitda%

U.S.A. and Canada13%

Latin America2%

Africa3%

Middle East and Asia50%

DrillmecDrillmec OverviewOverview

DRIVERS

123,2

180,9

121,9


Drilling Drilling AcademyAcademy

HH: Technological HH: Technological InnovationInnovation Widening products Widening products

rangerange

27

1H 04 1H 05 1H 06 1H 07 1H 08 1H 09 1H 10

13,9

31,7

62,4 64,2

123,2 121,9


Eur mln

AcademyAcademy

Strategic Strategic Partnership Partnership

with clients and with clients and competitorscompetitors

Outsourcing Outsourcing CapabilitiesCapabilities

Widening of Widening of commercial commercial network and network and strengthening strengthening relationshiprelationship

Increasing Increasing production capacity production capacity

SoilmecSoilmec OverviewOverview

DRIVERS

133,2

160,5


Residential Sector Residential Sector Opening of new Opening of new geographical geographical

Stimulus Plans Stimulus Plans often delayed in often delayed in many Countries many Countries

Strengthening of Strengthening of market share in the market share in the existing markets existing markets

28

1H 04 1H 05 1H 06 1H 07 1H 08 1H 09 1H 10

39,6

57,8

83,792,7 91,5


Eur mln

Residential Sector Residential Sector (House & (House &

Commercial) Commercial) strongly impacted strongly impacted

by crisisby crisis

Strong Strong InsourcingInsourcingof productionof production

geographical geographical markets for the markets for the medium term medium term developmentdevelopment

Launching of new Launching of new products and products and addressing new addressing new market nichesmarket niches



3. Services Sector

29

3. Services Sector


5. 5. AppendixAppendix

IncomeIncome StatementStatement: 1H 2010: 1H 2010

Eur 000 1H10 1H09 %

TOTAL REVENUES 452.744 571.552 -20.8%

Changes in inventories of finished and semi-finished products 2.090 51.198

Increase in fixed assets for internal use 5.738 10.649

Other non-ordinary operating revenues

VALUE OF PRODUCTION 460.572 633.400 -27,3%

Raw materials and external services 303.121 428.118

Other operating costs 6.177 5.357

VALUE ADDED 151.273 199.925 -24,3%

Personnel expenses 82.424 84.230

30

Personnel expenses 82.424 84.230

EBITDA 68.850 115.695 -40,5%


Depreciation 23.230 20.715

Provisions and write-downs 2.105 17.216

EBIT 43.515 77.764 -44%


Financial revenues (expenses) (7.308) (9.637)

Gains/(losses) on exchange rates 1.540 936

Other Gains/(losses) 0 512

EBT 37.747 69.575 -45,7%

Tax 14.999 17.075

Minorities (551) 1.247

GROUP NET PROFIT 23.300 51.253 -54,5%

BalanceBalance SheetSheet: 1H 2010: 1H 2010

1H10 1H09 %

Fixed assets

- Tangible fixed assets 344.249 310.108

- Intangible fixed assets 18.210 13.575

- Financial fixed assets 4.526 4.761

Net working capital

- Inventories 359.810 409.775

- Trade receivables 358.342 352.409

- Trade payables (-) (206.130) (268.384)

Eur 000

31(*) IAS/IFSR 11 Applied

- Trade payables (-) (206.130) (268.384)

- Pre-payments (-) (56.779) (65.993)

- Other assets (liabilities) (37.741) (4.174)

784.486 752.076 4%

(17.787) (17.684)

766.700 734.391 4%

354.986 265.849

13.572 13.104

398.141 455.438

766.700 734.391 4%

Group net shareholders' funds

Minorities' share of net shareholders' funds

Net financial position

TOTAL SOURCES OF FINANCING

Post-employment benefits (-)

Fixed assets plus net working capital

NET INVESTED CAPITAL

Financed by:

1H 2010 Results - Trevi Fin...Semi Semi ––Annual AnnualAnalysisAnalysis Eur 000 2H 2009 1H 2010...

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