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Half-Year Financial Report at 30 June 2017

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Half-Year Financial Report at 30 June 2017 half-year financial report at 30 June 2017 parent company directors and officers Board of directors Board of statutory auditors (2016-2018) (2017-2019) Giampiero Massolo (Chairman) Gianluca Ferrero (Chairman) Giuseppe Bono (Chief Executive Officer) Roberto Spada (Standing member) Gianfranco Agostinetto Fioranna Vittoria Negri (Standing member) Simone Anichini Alberto De Nigro (Alternate member) Massimiliano Cesare Flavia Daunia Minutillo (Alternate member) Nicoletta Giadrossi Massimiliano Nova (Alternate member) Paola Muratorio Fabrizio Palermo Donatella Treu Umberto Baldi (Secretary) Manager responsible for preparing financial reports Carlo Gainelli Independent auditors Oversight board Leg. Decree 231/01 (2013-2021) (2015-2017) PricewaterhouseCoopers S.p.A. Guido Zanardi (Chairman) Stefano Dentilli (Member) Giorgio Pani (Member) Information regarding the composition and functions of the Board Committees (the Internal Control and Risk Committee, which is also serving on an interim basis as the committee responsible for related party transactions, the Compensation Committee, the Nomination Committee and the Sustainability Committee) is provided in the Governance section of the Fincantieri website at www.fincantieri.it DISCLAIMER Forecast data and information must be regarded as forward-looking statements and therefore, not being based on simple historical facts, contain, by their nature, an element of risk and uncertainty because they also depend on the occurrence of future events and developments outside the Company's control. Actual results could therefore be materially different from those expressed in forward-looking statements. Forward-looking statements refer to the information available at the date of their publication; FINCANTIERI S.p.A. undertakes no obligation to revise, update or correct its forward-looking statements after such date, other than in the circumstances strictly required by applicable regulations. The forward-looking statements provided do not constitute and shall not be considered by users of the financial statements as advice for legal, accounting, tax or investment purposes nor is it the intention for such statements to create any type of reliance and/or induce such users to invest in the Company. 2 / 3 Overview The structure of the Fincantieri Group and overview of the companies included in its consolidation will now be presented. SHIPBUILDING OFFSHORE EQUIPMENT, SYSTEMS OTHER AND SERVICES SEGMENTS BUSINESS AREAS Cruise Ships Ferries Naval Vessels Mega Yacht Offshore Systems Services and Components Contemporay Cruise ferries Aircraft Carriers Mega yacht > 70 m Drilling units Cabins Ship repairs Premium Ro-Pax Destroyers Offshore support vessels: Public areas Refitting AHTS-PSV-OSCV Upper Premium Dual fuel ferries Frigates Electrical, electronic and Refurbishment Special vessels electromechanical Luxury Corvettes Conversions integrated systems Fisheries/Aquaculture Patrol vessels Product lifecycle Exploration/Niche Automation systems Wind offshore management Amphibious ships Entertainment systems • Integrated logistic Expedition cruise vessels Logistic support support Stabilization, propulsion, ships • In-service support positioning and power • Refitting PRODUCT PORTFOLIO generation systems Multirole and • Conversions research vessels Steam turbines Training and assistance Special vessels Steel structure for large Submarines scale projects FINCANTIERI S.p.A. FINCANTIERI S.p.A. FINCANTIERI S.p.A. FINCANTIERI S.p.A. FINCANTIERI S.p.A. • Monfalcone Fincantieri Oil&Gas S.p.A. • Riva Trigoso • Arsenale Triestino • Marghera San Marco Vard Group AS • Sestri Ponente • Bacino di Genova • Aukra • Cantiere Integrato Navale Riva Trigoso e Muggiano Seastema • Langsten Delfi S.r.l. • Ancona • Brattvaag S.p.A. • Castellammare di Stabia Issel Nord srl • Brevik • Palermo Seaf S.p.A. • Søviknes FMSNA Inc Bacini Palermo S.p.A. Isotta Fraschini Motori Vard Tulcea SA S.p.A. Gestione Bacini La Spezia S.p.A. • Tulcea • Bari Fincantieri Holding BV Vard Promar SA Fincantieri SI • Suape Cetena S.p.A. S.P.A. Vard Braila SA Fincantieri Marine Group Holdings Inc. • Braila Marine Interiors S.p.A. FMG LLC Vard Vung Tau Ltd. • Sturgeon Bay Fincantieri Infrastructure • Vung Tau S.P.A. Marinette Marine Corporation LLC Vard Electro AS • Marinette Fincantieri Sweden Vard Design AS ACE Marine LLC AB • Green Bay Vard Piping AS Unifer Navale Fincantieri India Pte Ltd. Vard Accomodation AS S.r.l. Fincantieri do Brasil Partecipacões S.A. Vard Marine Inc. Fincantieri USA Inc. Seaonics AS Fincantieri Australia PTY LTD. Fincantieri (Shanghai) Trading Co. Ltd. MAIN SUBSIDIARIES/ASSOCIATES/JOINT VENTURES MAIN SUBSIDIARIES/ASSOCIATES/JOINT Camper & Nicholsons International SA Etihad Ship Building LLC. Orizzonte Sistemi Navali S.p.A. CSSC - Fincantieri Cruise Industry Development Ltd. Fincantieri is one of the world’s largest shipbuilding groups and number one for diversification and innovation. It is leader in cruise ship design and construction and a reference player in all high-tech shipbuilding industry sectors, from naval to offshore vessels, from high-complexity special vessels and ferries to mega yachts, as well as in ship repairs and conversions, systems and equipment production and after-sales services. Headquartered in Trieste (Italy), the Group has built more than 7,000 vessels in its over 230 years of history. With over 19,400 employees, of whom more than 8,200 in Italy, 20 shipyards in 4 continents, today Fincantieri is the leading Western shipbuilder. It has among its clients the major cruise operators, the Italian and the U.S. Navy, in addition to several foreign navies, and it is partner of some of the main European defense companies within supranational programmes. Fincantieri's business is widely diversified by end markets, geographical exposure and by client base, with revenue mainly split between cruise ship, naval and offshore vessel construction. Compared with less diversified players, such diversification allows it to mitigate the effects of any fluctuations in demand on the end markets served. In particular, the Group operates through the following three segments: Shipbuilding: encompassing the businesses of cruise ships, naval vessels and other products and services (ferries and Mega yachts); Offshore: encompassing the design and construction of high-end offshore support vessels, expedition cruise vessels, specialized ships, and vessels for offshore wind farms and open ocean aquaculture, as well as the offer of innovative products in the field of drillships and semi-submersible drilling rigs; Equipment, Systems and Services: encompassing the design and manufacture of high-tech equipment and systems, such as stabilization, propulsion, positioning and power generation systems, ship automation systems, steam turbines, integrated systems and ship accommodation, and the provision of repair and conversion services, logistical support and after-sales services. After an operational reorganization in November 2016, the businesses of repairs and conversions, ship accommodation and integrated systems, previously included in the Shipbuilding operating segment, are now part of the Equipment, Systems and Services operating segment. This reorganization also reflects the Group's strategy of developing the after-sales business in the areas of accommodation and integrated systems. 4 / 5 the fincantieri planet SHIPYARDS AND DOCKS _ europe ITALY TRIESTE MONFALCONE MARGHERA SESTRI PONENTE GENOA RIVA TRIGOSO-MUGGIANO ANCONA CASTELLAMMARE DI STABIA PALERMO NORWAY AUKRA BRATTVAAG BREVIK LANGSTEN SØVIKNES ROMANIA BRAILA TULCEA _ asia VIETNAM VUNG TAU _ americas USA GREEN BAY MARINETTE STURGEON BAY BRAZIL SUAPE MAIN SUBSIDIARIES/ASSOCIATES/ JOINT VENTURES _ europe _ asia ITALY CHINA FINCANTIERI S.p.A. (Headquarter) Fincantieri (Shanghai) Trading Orizzonte Sistemi Navali CSSC - Fincantieri Cruise Industry Cetena Development Delfi Seastema Isotta Fraschini Motori INDIA Fincantieri Oil&Gas Fincantieri India Seaf Vard Electrical Installation Marine Interiors and Engineering (India) Fincantieri SI Fincantieri Infrastructure Issel Nord BAHRAIN FMSNA NORWAY Vard Group (Headquarter) UAE Vard Design Etihad Ship Building Vard Piping Vard Electro Vard Accommodation SINGAPORE Seaonics Vard Holdings Vard Shipholding Singapore PRINCIPALITY OF MONACO Camper&Nicholsons International JAPAN FMSNA YK SWEDEN Fincantieri Sweden _ americas POLAND USA Seaonics Polska Fincantieri Marine Group Holdings Fincantieri Marine Systems North America Fincantieri USA Vard Marine US CANADA Vard Marine BRAZIL Fincantieri do Brasil Participações _ oceania More than AUSTRALIA 19,000 20 4 Fincantieri Australia employees shipyards continents 6 / 7 interim report on operations at 30 june 2017 page 10 Introduction 11 Highlights 14 Key financials 15 Group operational performance 18 Group financial results 24 Operational review by segment 29 Other information 33 Enterprise risk management 42 Alternative performance measures 44 Reconciliation of the reclassified financial statements used in the report on operations with the mandatory ifrs statements 8 / 9 Introduction The results for the first half of 2017 confirm the Group’s positive growth trend in commercial, production and economic terms. They are also in line with the Business Plan 2016-2020 and consolidate Fincantieri’s leadership position in all the main sectors in which it operates. In the first half of 2017, after the excellent results obtained in 2016, Fincantieri has continued to see major commercial achievements in the Shipbuilding
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