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Disclaimer This Annual Financial Report 2019 Has Been Translated Into English Solely for the Convenience of the International Reader Disclaimer This Annual Financial Report 2019 has been translated into English solely for the convenience of the international reader. In the event of conflict or inconsistency between the terms used in the Italian version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the sole official document. Annual financial report at 31 December 2019 CONTENTS BOARDS AND COMMITTEES .......................................................................................................... 7 REPORT ON OPERATIONS AT 31 DECEMBER 2019 .................................................................. 9 Group results and financial position .............................................................................................. 9 Other performance indicators ..................................................................................................... 29 "Non-GAAP" alternative performance indicators ...................................................................... 29 Effects of the new IFRS 16 accounting standard “Leases” ......................................................... 34 Outlook ........................................................................................................................................ 35 Related party transactions ........................................................................................................... 36 Industrial and financial transactions ............................................................................................ 37 Leonardo and the scenario ........................................................................................................... 40 Leonardo and risk management .................................................................................................. 48 Leonardo and sustainability ........................................................................................................ 57 Share price ................................................................................................................................... 91 Corporate Governance ................................................................................................................. 93 Performance of the Parent Company........................................................................................... 98 The Parent Company's offices ................................................................................................... 102 Reconciliation of net profit and shareholders'equity of the Group Parent with the consolidated figures at 31 December 2019 .................................................................................................... 103 Proposal to the Shareholders’ Meeting ..................................................................................... 104 CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2019 ............................ 105 Consolidated accounting statements ......................................................................................... 106 Consolidated separate income statement ................................................................................... 106 Consolidated statement of comprehensive income ................................................................... 107 Consolidated statement of financial position ............................................................................ 108 2 Annual financial report at 31 December 2019 Consolidated statement of cash flows ....................................................................................... 109 Consolidated statement of changes in equity ............................................................................ 110 Notes to the consolidated financial statements at 31 December 2019 ...................................... 111 1. General information .................................................................................................. 111 2. Form, Content and applicable accounting standards ................................................ 111 3. Accounting Policies ................................................................................................... 112 4. Significant issues and critical estimates by mangement ............................................ 128 5. Effects of changes in accounting policies adopted .................................................... 131 6. Significant non-recurring events or transactions ...................................................... 133 7. Significant post balance sheet events ......................................................................... 134 8. Segment information .................................................................................................. 135 9. Intangible assets ........................................................................................................ 137 10. Property, plant and equipment .................................................................................. 141 11. Right of use ................................................................................................................ 142 12. Equity investments and share of profits (losses) of equity-accounted investees ........ 142 13. Receivables and other non-current assets ................................................................. 147 14. Business Combination................................................................................................ 147 15. Inventories ................................................................................................................. 148 16. Contract assets and liabilities .................................................................................... 149 17. Trade and financial receivables ................................................................................ 149 18. Other current assets ................................................................................................... 149 19. Cash and cash equivalents ......................................................................................... 150 20. Equity ......................................................................................................................... 150 21. Loans and Borrowings ............................................................................................... 151 22. Provisions for risks and charges and contingent liabilities ....................................... 155 23. Employee benefit obligations ..................................................................................... 165 3 Annual financial report at 31 December 2019 24. Other current and non current liabilities ................................................................... 168 25. Trade payables ........................................................................................................... 168 26. Guarantees ................................................................................................................. 168 27. Revenues .................................................................................................................... 169 28. Other operating income (expenses) ........................................................................... 169 29. Purchases and personnel expenses ............................................................................ 170 30. Amortisation, depreciation and financial assets value adjustments .......................... 171 31. Financial income and expenses ................................................................................. 171 32. Income taxes .............................................................................................................. 172 33. Assets held for sale and discontinued operations ...................................................... 173 34. Earnings per share..................................................................................................... 174 35. Cash flows from operating activities ......................................................................... 175 36. Related party transactions ......................................................................................... 176 37. Financial risk management ....................................................................................... 180 38. Remuneration to key management personnel ............................................................ 186 39. Share Base payments ................................................................................................. 186 Attachments ............................................................................................................................... 188 Statement on the consolidated financial statements pursuant to art. 154-bis, paragraph 5 of Legislative Decree 58/98 as amended ....................................................................................... 194 Independent Auditors’ Report on the consolidated financial statements as at 31 December 2019 ........................................................................................................................................... 195 SEPARATE FINANCIAL STATEMENTS AT 31 DECEMBER 2019 LEONARDO - SOCIETÀ PER AZIONI ..................................................................................................................................... 196 Accounting statements to the separate financial statements as at 31 December 2019 .............. 197 Separate
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