ENG TREVI GROUP 1H13.ppt [modalit compatibilit ]) · Fogg Art Museum Massachusetts (USA) CONSTRUCTION INVESTMENTS 2013 30 Construction Sector 2013 Updated Outlook. 31 TREVI: What

Milano

16 September 2013

Company Presentation to theFinancial Community

In collaboration with AIAF

Financial Results

2013 First Half Results

Ended 30th June 2013

1. TREVI Group

2. 1H 2013 Financial Results

3. Foundation Engineering

4. Oil & Gas Focus

5. Appendix

2

(ITALY) World Record at 250 meters (820ft) depth Soilmec Hydromill

3

Gruppo TREVI: L’evoluzione di un successo 1/7

4


5


6


7


8


9


FOUNDATION

ENGINEERING

TREVI Group: Competitive Advantage

10

Special foundation services

Special foundation rigs

Oil drilling rigs

Oil drilling services

GROUP SYNERGIES

CONSTANT INNOVATION

OUR COMPETITVE

ADVANTAGE

STRENGTHENING MARKET LEADERSHIP

OIL&GAS

Thailand

Venezuela

U.S.A.

Mozambique

Nigeria

U.A.E.

Oman

Italy

Colombia

Qatar

New Zealand

Peru

Austria

Venezuela

Argentina

AlgeriaPhilippines

Panama

Angola

Colombia

Saudi Arabia

Libya

PETREVENDivision

TREVIDivision

Italy

Chile

Denmark

Kuwait

Turkey

Brazil

11Argentina

Brazil

Hong Kong

34 Operating Companies in 25 Countries – 48 Business Units

TREVI Group: Services Presence

Germany

Canada

Japan

China

Singapore

Italy

U.S.A.

France

India

Germany

U.S.A.

Australia

Italy

Brazil

Algeria

U.A.E.

Hong Kong

Colombia

Russia

UK

DRILLMECDivision

SOILMECDivision

12

18 Operating Companies in 13 Countries – 21 Business Units

TREVI Group: Mechanical Engineering Presence

Canada

Brazil

Columbia

Argentina

U.A.E.

Ethiopia

Australia

Singapore

Belarus

� Strong revenue generationRevenues generated increased volumes with respect to last year

� Sturdily improved marginality on track for delivery YoY & QoQ enhanced marginality demonstrate clear signs of normalizing performance

� Stable backlogGood outlook for future business going ahead

� Foundation services performing very securely Excellent contracts’ execution guarantees growth in profitability

� Strong momentum in the Oil & Gas business Showing sound signs of improvement & results delivery from the Offshore

� Net Financial Position in line vs 1Q13The NFP remained substantially in line with the first quarter

13

TREVI Group: 1H 2013 Key messages

Group’s Overlook 1H 2013SP

EC

IA

L F

OU

ND

ATIO

NS SER

VIC

ES

•Strong 1H contracts execution & performance

•Easing Outlook in Key markets

•Increase in Revenues & Margins

•Interesting large infrastructure sector & construction sector still under pressure

OIL &

GA

S S

ER

VIC

ES

•Robust growth with over 40% growth YoY

•Activities progressing with relocation of some rigs

•HH rigs operating with targeted efficiency rates

OIL &

GA

S R

IG

S

•Encouraging 37% increase in YoYrevenues showing sound growth

•Prospective growing interest in Offshore markets with sound opportunities ahead

•Participating to the upcoming Pareto Securities Offshore Conference in Oslo, Norway

•Onshore continuing demand

•Exploration and Production capexon track

•HH series on the right growth track

SP

EC

IA

L F

OU

ND

ATIO

NS R

IG

S

•Still competitive pressure from the markets

•Demand very sluggish & mixed markets perspective

•New orders on the way for production in the 2H

•To grasp opportunities in high growth markets

•Higher competition hindering pricing and marginality

•Lower visibility in order backlog

14

1. TREVI Group



4. Oil & Gas Focus

5. Appendix

15

(ITALY) World Record at 250 meters (820ft) depth Soilmec Hydromill

16

1H 2013 Results

� Strong growth in consolidated revenues Increased volume of sales +13,5%

� Noticeably increased marginalityStrong business performance & delivery +34,6%

� Stable backlog Significant visibility on future revenues

� Net Financial Position stable The net indebtedness remained the same vs 1Q13

Revenues: €663m €585m vs 1H12

EBITDA: €76m €56m vs 1H12

EBIT: €43m €29m vs 1H12

PBT: €23m €22m vs 1H12

Backlog: €931m €929m vs 1H12

NFP: €462m €426m vs 1H12

17

TREVI Group: (KPI) Key Performance Indicators

REVENUES

EBT

EBITDA

EBIT

+13,5% +34,6%

+50,0% +6,6%

1H12 vs 1H13

1H 2013 % 1H 2012 % ∆%

VALUE OF PRODUCTION 677,6 608,6 11,3%

REVENUES 663,5 100,0% 584,7 100,0% 13,5%

EBITDA 75,6 11,4% 56,1 9,6% 34,6%

EBIT 43,4 6,5% 28,9 4,9% 50,0%

FINANCIAL COSTS (13,2) C2,0% (9,7) C1,7% B36,1%

TAXES 10,0 1,5% 10,0 1,7% 0,5%

NET PROFIT 10,9 1,6% 12,0 2,1% B9,0%

1H 2013 1H 2012 ∆%

NET CAPITAL EMPLOYED 907,7 875,0 3,7%

EQUITY 444,8 448,8 B0,9%

NET FINANCIAL POSITION 462,1 425,6 B8,6%

BACKLOG 931,2 929,3 0,2%

1H 2013 1H 2012

NFP / EBITDA 3,06X 3,79X

NFP / EQUITY 1,04X 0,95X

1H 2013 1H 2012

EMPLOYEES 7.493 6.12318

Financial Highlights 1H13 yoy

Eur mln

Eur mln

Based on non Consolidated data19

Services

45,0%

Mechanical

Engineering

55,0%

Oil & Gas

50,3%

Core

Business

49,7%

One Group: Two Points of view

To

tal

Reven

ues 1

H1

3:

Eu

r6

63

.5 m

ln

20

Revenues Before and After Consolidation

Eur mln 1H13 1H12 ∆% ∆% ∆% ∆%

Special Foundation Services (TREVI) 241,6 229,9 5,1%

Drilling Services (PETREVEN) 63,4 45,0 41,0%

Interdivisional Adjustments and Eliminations (1,8) (2,3)

SubCTotal Foundations and Drilling Services Sector 303,2 272,5 11,3%

Machines for Special Foundations (SOILMEC) 95,1 122,2 522,2%

Drilling Rigs (DRILLMEC) 277,9 203,2 36,8%

Interdivisional Adjustments and Eliminations (0,4) (1,3)

SubCTotal Mechanical Sector 372,7 324,1 15,0%

Parent Company 7,3 6,9

Interdivisional Eliminations (19,7) (18,8)

TOTAL CONSOLIDATED REVENUES 663,5 584,7 13,5%

21

Breakdown per Geographical Area

314,2

378,7

492,6

571,5

452,7474,5

584,7

663,5

22

Backlog

687,0

917,1973,4

716,4

940,2 929,3 931,2

GEOGRAPHICAL AREA (Eur mln) 1H13 %

Italy 142,5 15,3%

Europe (Italy excl.) 121,0 13,0%

U.S.A. and Canada 61,9 6,6%

Latin America 422,6 45,4%

Africa 71,9 7,7%

Middle East and Asia 90,5 9,7%

Far East 20,8 2,2%

TOTAL 931,2 100,0%

NFP 1H13NFP FY12 EBIT + D&A

FREE CASH FLOW

C 30,1 mln Eur

Eur

mln

INVESTMENTS INTERESTS EXCHANGE DIFFERENCES

OTHERTAXES ∆ WORKING CAPITAL

23

Net Financial Position

Eu

r m

ln

EBITDA/Net Fin. Exp. 5,7x5,8x7,6x9,4x12,0x11,3x24

Financial Ratios

8,0x

159,5

449,4

173,6

333,9

425,6398,1

462,1

1H 09 1H 10 1H 11 1H 12 1H 131H 081H 07

144,6

279,0

179,5

350,0

462,1

368,6

448,8

108,1

444,8

Eur mln

EQUITY NET FINANCIAL POSITION

Short Term Debt

Long Term Debt

25

Equity and Net Financial Position

26Based on non Consolidated Data

Foundations and Drilling Services

188,8

308,7

230,8246,9

240,3

272,5

303,2

Based on non Consolidated Data27

Mechanical Engineering

203,4

272,7283,0

212,7

255,7

324,1

216,3

156,41Q13 vs 2Q13

372,7

Guidance & Results

28

� Increase in Revenues

� Significant improvement of marginality in the Oil & Gas sector

� NFP tracks the increase in production

� Important contracts in progress in 2013

� Relevant negotiations in course of 2H13

More challenging

Outlook for the year

2013*

REVENUES

EBITDA

NFP Targeting1H13 levels

+5/10%

+5/10%

* vs Results FY 2012

� In the m/l term our business model is expected to increase its performance even if the macroeconomic outlook is uncertain

1. TREVI Group



4. Oil & Gas Focus

5. Appendix

29

Fogg Art Museum Massachusetts (USA)

CONSTRUCTION INVESTMENTS 2013

30

Construction Sector 2013

Updated Outlook

31

TREVI: What does TREVI do?

Grouting, Tunneling & Micropiling

Piling

Slurry Walls

Ground Consolidation

Excavation PitsIron casing

Deep Foundation

Water Piling & Barges


ThailandMetro

PanamaMarine Work

AngolaInfrastrutture

ColombiaInfrastructure

Saudi ArabiaInfrastructure

LibyaInfrastructure

TREVIDivision

DenmarkMetro

KuwaitInfrastructure

32

ArgentinaPorti &

Infrastrutture

Hong KongInfrastrutture

Division by project

TREVI: Main project by geographical area

CanadaInfrastructure

U.S.A.Dams &

Infrastructure

Venezuela Infrastructure

AlgeriaMetro

NigeriaPorts &

Infrastructure

U.A.E.Infrastructure

OmanTransport &

Infrastructure

PhilippinesInfrastructure

ItalyPorts &

InfrastructureMetro

Brazil Infrastructure

MozambiqueWater Supply

QatarInfrastrutture

33

Global Infrastructure Investments

INFRASTRUCTURE INVESTMENTS 2013B2030 (%)

� Investments in infrastructure are particularly effective for the economic recovery of the markets

� In recent years, the lack of adequate financing projects has substantially reduced investments in infrastructure

� In more recent times specific funds dedicated to infrastructure have

been created and many equity counterparts (Pension Funds and Sovereign Wealth Funds) invest directly in asset

� According to the OECD (Organization for

Economic Development and Cooperation) between 2013 and 2030 $ 48 trillion of

investment are planned

� 6% Distribution Oil & Gas

� 9% Electricity

� 17% Telecommunications

� 38% Water

� 30% Transportation

5 YEARS OUTLOOK INVESTMENTS FOR 7.5 TRN

34

Construction Sector: Europe

EUROPEAN MACROECONOMIC OUTLOOK

� Complex scenario in the construction sector

� Expected higher growth in Poland, Norway, Switzerland, Germany and Belgium

� Italian industry still heavily penalized with B27% of prospected

projects. CDP has finally approved the Strategic Plan 2013B2015, which provides that in three years 95 billion euro are mobilized and managed for the benefit of the segments Public and Land,

Infrastructure and Enterprise.

� Start of new solutions for the financing of infrastructure projects through Eurobonds

� First successful case of Eurobonds in Spain in July 2013€1.4bn financed by € 300m of bonds + €200m of facilities by EIB

TRADITIONAL FINANCING VIA BANK DEBT

EUROBOND 2020 PROJECT BOND INITIATIVE

35

United States: construction spending yoy% change

Construction spending, yCoCy % 2008 2009 2010 2011 2012 2013 2014

Residentia l new build E36,6% E40,1% E5,2% E8,3% 12,7% 15,4% 17,3%

Residentia l improvements E16,8% E6,0% E1,6% E0,3% 1,5% 2,0% 3,0%

NonEresidential 4,6% E13,9% E24,5% E7,1% 1,3% 7,4% 9,9%

Highways and streets 2,5% 1,4% E1,0% E7,4% E4,3% E4,2% 1,7%

Infrastructure other 6,7% 0,5% E5,5% E1,1% E0,1% 2,3% 2,4%

E10,8% E15,1% E12,5% E5,0% 2,3% 5,8% 8,0%

Source: U.S. Census Bureau, Morgan Stanley Research estimates

USA MACROECONOMIC OUTLOOK

� Market stabilization phase

� Excellent opportunities in the residential and nonBresidential

Residential +17% 2014NonBresidential +9% 2014

� Significant Interest on infrastructure projects

� Over $ 2 trillion in infrastructure needs over the next five years

� Large projects in the race

Construction Sector: USA

36

97,690

63,373

0,000

20,000

40,000

60,000

80,000

100,000

120,000

YTD Dic 2011 YTD Dic 2012

US

D m

ln

MIDDLE EAST AND NORTH AFRICA

� Moderate recovery of the main activities

� There are still delays in the initiating of new construction sites of major

projects

� High competition from Europe and Asia

� Qatar and Saudi Arabia among the countries with greater likelihood of

recovery

� Geopolitical instability continues throughout the area

Source: BoABML Global Research stime

0,000

50,000

100,000

150,000

200,000

250,000

300,000

350,000

UAE Saudi Arabia Qatar

Construction Industry Infrastucture

Oi l & Gas Petrochemicals Power

Awards momentum in 2013 (USbn) Projects in MENA

Construction Sector: MENA

37

� The graph shows the trend for the construction industry which is currently well below the level of

real GDP growth, after the drastic reduction that took place in 2008: the two patterns historically

tend to realign

EMERGING MARKETS

� The need for major investments in infrastructure for adaptation and modernization of existing ones still remains

� Some markets such as China, India and other

Asia Pacific countries have, however, registered a slowdown compared to the growth rates of recent years

Construction Sector: Emerging Markets

� Healthy Operating Margins

• Excellent & resilient operating margin (QoQ)

• High margins with respect to the market

• Maintaining a lean business structure

• High demand for jobs for special foundations in developing countries & development in areas of historical interest to the

Group

• Strong focus on internationalization

• Markets with major growth:

� USA & Canada: Expected large tender projects by end

of 2013

� Middle East: Gradual improvement of infrastructural projects

� Latin America: New and interesting opportunities

� Far East: Activities picking up

• Objective: Maintaining operating margins

38

TREVI: Updates

• Deep Foundations

• Geotechnical Works

• Marine Works

• Tunnel Consolidation

• Automated Car Parks

• Environment


THE BLVD HOTEL

39

TREVI: Projects in Dubai

GEOTHERMAL PROJECT IN THE VALLEY OF CURA, SAN JUAN (ARGENTINA)

ALTITUDE 4000C4200 METERS, 5C8 WELLS DEEP 250 METERS

40

TREVI: Geothermal energy project on the Andes

WORKS FOR THE CONSTRUCTION

OF THE NEW MOSQUE OF ALGIERSTHE THIRD’S LARGERST IN THE

WORLD

41

TREVI: Works in Algeria

42

TREVI: Completed works in advance

The award will be presented to:

� Joint Venture TreviicosBSoletanche (TSJV)

� US Army Corps of Engineers (USACE)

September 25B28 in Phoenix, Arizona the

Institute’s 38th Annual Conference will be held.

The OPA was established in 1997 to recognize thesuperior work of DFI members. The project wasselected by a committee based on size, scope and

challenges of the project, degree of innovation andingenuity exercised and the uniqueness of the

solution to the difficulties of the job.

� Completed 1,197 piles

� Over 980,000 sf of concrete barrier

� Over 1,200,000 hours completed accident free

� Close to 550 days without lost time injury

DIGA DI WOLF CREEK Kentucky, USA

Ceremony for the completion of the barrier

Celebration of the casting of the last pile

DFI awards TREVI the prestigious OPA (Outstanding Project Award)

1

MICROPILING HOUSING REAL ESTATE COMMERCIAL

43

SOILMEC: Complete Range of Products

LARGE DIAMETER PILE

CRANES

CFA

ATTACHMENTS

TOOLS&INSTRUMENTS

PUMPS & ANCILLARIES

MICRODRILLING

HYDROMILL & GRABS

MAJOR WORKS

€6 MLN

250 Ton3 Ton

€100 K

TRENCH CUTTERS

� DRILLING MATE SYSTEM (DMS)

� REMOTE LIVE WORLDWIDE

ASSISTANCE

� OVER 45 OFFICES AROUND THE WORLD IN 90 COUNTRIES

Value

Capacity

44

SOILMEC: Production – Logistical Network

Brazil

UK

France

North America

Germany

Moscow

Arabia

Misr

EmiratesIndia

ITALY

Bej iing

Japan

Hong Kong

Far East

Australia

45

SOILMEC: Dealers’ Network

Brazil

UK

FranceNorth America

Germania Russia

Arabia

Misr

Emirates

India

ITALY

JapanChina

Far East

Australia

DIRECT RELATIONSHIP WITH DEALERS INCREASES THE VALUE CHAIN

46

SOILMEC: New Revolutionary Hydromill

EXECUTION OF DIRECTIONAL DRILLING TO VERIFY:� CHARACTERISTICS OF THE JET� SPATIAL POSITIONING OF THE PANEL

CONTINUOUS RESEARCH & DEVELOPMENT FOR NEW SOLUTIONS� BETTER PERFORMANCE� CONTINUOUS INNOVATION

� TOTAL CUSTOMER SATISFACTION

47

SOILMEC: New Models

� Targeted actions for improvement

• The SOILMEC division performance is still generating

increased revenues while its reference market is being characterized by unstable forecasts

• From Provider to Solution Provider

• Demand for special foundation rigs is lumpy and particularly impacted by the construction spent in various geographies

• Strengthened the direct relationships with dealers to increase

the value chain

• Reinforced internalization process

• New range of products to meet market demands

• Objective: Retrieve the operating margin

48

SOILMEC: Updates

• Hydraulic Rotary Rigs

• Cranes

• Jet Grouting

• Tunnel Consolidation

• Casing Oscillators

• Extractors

• Drilling Tools

• Other Equipment

Special foundation rigs

1. TREVI Group

2. 1Q 2013 Financial Results


4. Oil & Gas Focus

5. Appendix

49

Drillmec 1,500 HP

50

DRILLMEC: Strategy & Markets

Range of Products Range of Products

• Complete product offer & dual range of product (Conventional + HH)

• High product specialization and technological leadership

Key

Markets

Key

Markets

• Targeting strategic markets

• (Central America + Russia)

• High potential growth in targeted areas

Offshore Expansion Offshore Expansion

• Significant development in the Offshore market

• Consolidation of market positioning

� Saudi Arabia� Mexico

� United States � Russia

� Asia Pacific

STRATEGIC DEVELOPMENT MARKETS

750HP 1,000HP 1,500HP

6

2,000HP 750HP 1,000HP 1,500HP 2,000HP 3,000HP

ADVANCED HH CONVENTIONAL

OF

F-S

HO

RE

ON

-SH

OR

E

DRILLMEC: Complete range of products

51

Markets & Onshore + Offshore Applications Expansion

2005 -2009

2004

2010 -2011

2012-2013

2014-2016

Hydraulic technology for w ater drilling w ells

Water Drilling Rigs

Conventional + HH series Product Line

Dual Product Line

Recognition of superior technologyCompleted Product Line

FEED+EPCOffshore Applications & Customized Solutions

Offshore

Offshore Deep Water Applications & Advanced

Solutions

Full package offshore

DRILLMEC: Evolution of a solid business

52

� On time for delivery

53

DRILLMEC: The Offshore Offer

EXPANSIN OF THE PRODUCT OFFERING

Drillmec was able to expand its product range officially entering

the Offshore market

The Division’s positioning currently extends to Fixed Platforms

that are widely utilized in "Shallow Waters Drilling" (midCwater

drilling depth)

UNDER CONSTRUCTION

Offshore Rig – Fixed P latform

54

DRILLMEC: Conference Pareto Oslo, Norway

� September 2013

� The largest Oil & Gas

Conference in Europe

� 1700 investors &

companies

MAJOR OFFSHORE BASINS WORLDWIDE

55

Offshore Basins (rigs/utilization)

Sourc

e: M

org

an S

tanle

y 10.0

8.2

012

New Offshore Drillmec Drilling Rigs

Main Growth Elements

Capture clients’

specific needs

Customization & High flexibility

Selective Growth

Strong Focus on R&D

Strive for best

production quality

Innovative Solutions

Efficiency &

Performance

Increase unmanned operations & safety

Capital improvement

Advanced Technology

MARKET TECHNOLOGY MAIN DRIVER

56

DRILLMEC: Plan of actions

57

PETREVEN: Complete Value Offer

Drilling, Production & Service Strengthening

2007

2006

2008 C2009

2010

2012

2011

5

2

2

1

2

2

14 HH Rigs Operational

NEW RECORD DEPTH FOR YPF AGUADA TOLEDO, NEUQUEN

ARGENTINA

HHC105 DRILLMEC2,455 METERS (8,054 FEET)

1,000 METERS LONG CASING DRILLING

58

PETREVEN: New depth record

59

OIL & GAS: Updates

� $109m Offshore

(Caspian Energy + Weatherford)

� $170m Offshore

(GrupoMexico/Pemsa)

� $140m Onshore

(Saipem + Iraq Drilling Co.)

New & relevant negotiations in progress

OIL&GASContracts in Execution

�Saudi Arabia �Mexico�USA�Russia �Asia Pacific

• Automatic Rigs

(HH Series)

• Land rigs

• Derricks & Offshore

• Mobile Drilling Rigs

• Hydraulic Top Drives

• Triplex Mud Pumps

Oil drilling rigs

� Opened new Strategic Markets

• Winning strategy to enter new markets

• Contract execution in line with the business

• Focus on growth & operating margins

1. TREVI Group

2. 1Q 2013 Financial Results


4. Oil & Gas Focus

5. Appendix

60

WASHINGTON D.C. New Marriott Hotel

61

Income Statement 1H13 vs 1H12

Eur 000 1H13 1H12 ∆ % ∆ % ∆ % ∆ %

TOTAL REVENUES 663.460 584.740 13,5%

Changes in inventories of finished and semiEfinished products 8.026 12.736

Increase in fixed assets for internal use 6.091 11.137

Other nonEordinary operating revenues 0 0

VALUE OF PRODUCTION 677.578 608.613 11,3%

Raw materials and external services 479.243 436.127

Other operating costs 8.096 6.997

VALUE ADDED 190.238 165.489 15,0%

Personnel expenses 114.686 109.365

EBITDA 75.552 56.124 34,6%

% Total Revenues 11,4% 9,6%

Depreciation 25.753 23.076

Provisions and writeEdowns 6.384 4.108

EBIT 43.415 28.940 50,0%

% Total Revenues 6,5% 4,9%

Financial revenues/(expenses) (13.206) (9.702)

Gains/(Losses) on exchange rates (6.570) 2.801

Other Gains/(Losses) (152)

EBT 23.487 22.039 6,6%

Tax 9.994 10.047

Minorities 2.547 (41)

GROUP NET PROFIT 10.946 12.033 C9,0%

62

Statement of Financial Position 1H13 vs 1H12

Eur 000 1H13 1H12 ∆ % ∆ % ∆ % ∆ %

Fixed assets

E Tangible fixed assets 347.906 346.833

E Intangible fixed assets 30.980 24.616

E Financial fixed assets 6.622 9.517

Net working capital

E Inventories 602.231 492.848

E Trade receivables 400.153 349.316

E Trade payables (E) (300.527) (242.133)

E PreEpayments (E) (167.383) (68.851)

E Other assets (liabilities) 7.834 (17.522)

Fixed assets plus net working capital 927.816 894.624 3,7%

PostCemployment benefits (C) (20.136) (19.666)

NET INVESTED CAPITAL 907.680 874.958 3,7%

Financed by:

Group net shareholders' funds 422.839 436.625

Minorities' share of net shareholders' funds 21.922 12.167

Net financial position 462.919 426.167

TOTAL SOURCES OF FINANCING 907.680 874.958 3,7%

The Executive in charge of the preparation of accounting documents “Daniele Forti” declares,pursuant to paragraph 2 of article 154Ebis 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.

63

Disclaimer

Investor Relations Team:

Stefano CampanaJosef Mastragostino

Cristina Trevisani

[email protected]

Documents

ENG TREVI GROUP 1H13.ppt [modalit compatibilit ]) · Fogg Art Museum Massachusetts (USA) CONSTRUCTION INVESTMENTS 2013 30 Construction Sector 2013 Updated Outlook. 31 TREVI: What