Financial Results

16th May 2011 - Conference Call

1.1. TREVI GroupTREVI Group

2. 1Q 11 Financial Results

3. FY 10 Financial Results

4.Appendix

2

• 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

Technological InnovationProcess Innovation

STRENGTHENING MARKET LEADERSHIPSTRENGTHENING MARKET LEADERSHIP

MECHANICAL DIVISIONSERVICES DIVISION

4

TREVI Group: Competitive AdvantageTREVI Group: Competitive Advantage

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

1. TREVI Group

2.2. 1Q 11 Financial Results1Q 11 Financial Results

3. FY 10 Financial Results

4.Appendix

6

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%

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%

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

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%

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%

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

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

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%

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%

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

1. TREVI Group

2. 1Q 11 Financial Results

3.3. FY 10 FY 10 Financial ResultsFinancial Results

4.Appendix

17

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

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

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

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

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

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

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

1. TREVI Group

2. 1Q 11 Financial Results

3. FY 10 Financial Results

4.4.AppendixAppendix

25

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%

(*) No IAS 11 compliance

27

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%

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