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Half-Year Financial Report at June 30, 2020

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Half-Year Financial Report at June 30, 2020 HALF-YEAR FINANCIAL REPORT At 30 June 2020 HALF-YEAR FINANCIAL REPORT at 30 June 2020 S UMMARY PARENT COMPANY DIRECTORS NOTES TO THE CONDENSED Note 21 - Non-current financial AND OFFICERS 5 CONSOLIDATED INTERIM liabilities 103 FINANCIAL STATEMENTS 75 Note 22 - Other non-current liabilities 104 THE FINCANTIERI GROUP 9 Note 1 - Form, contents Note 23 - Trade payables and other and other general information 76 current liabilities 105 Our vision 10 Note 2 - Scope and basis Note 24 - Current financial liabilities 106 Our mission 11 of consolidation 80 Note 25 - Revenue and income 107 Who we are 12 Note 3 - Accounting standards 82 Note 26 - Operating costs 108 Group overview 14 Note 4 - Critical accounting estimates Note 27 - Finance income and costs 110 and assumptions 83 Note 28 - Income taxes 110 INTERIM REPORT Note 5 - Intangible assets 84 Note 29 - Other information 111 ON OPERATIONS Note 6 - Rights of use 86 Note 30 - Cash flows from operating AT 30 GIUGNO 2020 21 Note 7 - Property, plant activities 126 Highlights 22 and equipment 87 Note 31 - Segment information 128 Half-year overview 23 Note 8 - Investments accounted Note 32 - Discontinued operations Key financials 28 for using the equity method 132 and other investments 88 Group performance 30 Note 33 - Events after 30 june 2020 133 Note 9 - Non-current financial assets 89 Companies included in the scope of Operational review by segment 40 Note 10 – Other non-current assets 90 consolidation 134 Other information 46 Note 11 - Deferred tax assets Enterprise risk management 53 and liabilities 91 MANAGEMENT REPRESENTATION Alternative performance measures 64 Note 12 - Inventories and advances 92 ON THE CONSOLIDATED FINANCIAL Reconciliation of the reclassified Note 13 - Construction contracts - STATEMENTS 142 financial statements used net assets and liabilities 93 in the report on operations with Note 14 - Trade receivables REPORT BY THE INDIPENDENT the mandatory IFRS statements 66 and other current assets 94 AUDITORS 144 Note 15 - Income tax assets 95 CONDENSED CONSOLIDATED Note 16 - Current financial assets 96 INTERIM FINANCIAL STATEMENTS Note 17 - Cash and cash equivalents AT 30 JUNE 2020 69 96 Note 18 - Equity 97 Consolidated statement Note 19 - Provisions for risks and charges 101 of financial position 70 Note 20 - Employee benefits 102 Consolidated statement of comprehensive income 71 Consolidated statement of changes in equity 72 Consolidated statement of cash flows 73 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 P ARENT COMPANY DIRECTORS AND OFFICERS 4 5 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 PARENT COMPANY DIRECTORS AND OFFICERS Board of Directors Manager responsible for (2019-2021) preparing financial reports Chairman Felice Bonavolontà Giampiero Massolo Chief Executive Officer Supervisory Body Giuseppe Bono Leg. Decree 231/01 (2018-2020) Councilors Barbara Alemanni Chairman Massimiliano Cesare Guido Zanardi Luca Errico Paola Muratorio Members Elisabetta Oliveri Stefano Dentilli Fabrizio Palermo Giorgio Pani Federica Santini Federica Seganti Independent auditors Secretary (2020-2028) Giuseppe Cannizzaro Deloitte & Touche S.p.A. Board of statutory auditors (2020-2022) Chairman Gianluca Ferrero Standing Auditors Pasquale De Falco Rossella Tosini Alternate Auditors Aldo Anelucci Alberto De Nigro Valeria Maria Scuteri 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 Remuneration Committee, the Nomination Committee and the Sustainability Committee) is provided in the Governance section of the Fincantieri website at www.fincantieri.com. Disclaimer refer to the information available at the date of their publication; FINCANTIERI S.p.A undertakes no obligation Forecast data and information must be regarded as to revise, update or correct its forward-looking statements forward-looking statements and therefore, not being after such date, other than in the circumstances strictly based on simple historical facts, contain, by their nature, an required by applicable regulations. The forward-looking element of risk and uncertainty because they also depend statements provided do not constitute and shall not be on the occurrence of future events and developments considered by users of the financial statements as advice outside the Company's control. Actual results could for legal, accounting, tax or investment purposes nor is therefore be materially different from those expressed in it the intention for such statements to create any type of forward-looking statements. Forward-looking statements reliance and/or induce such users to invest in the Company. 6 7 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 T HE FINCANTIERI GROUP OUR VISION OUR MISSION WHO WE ARE GROUP OVERVIEW 8 9 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 OUR VISION The Sea Ahead: all those who work at Fincantieri Group steer for this course: System We aspire to be world leaders in the talented men and women working Technological integrator industrial sectors where we operate, leadership responsibly to help develop our idea of capabilities becoming a reference point for our a future increasingly characterized by customers, always selecting high value- innovation, performance and sustainability. added sectors and standing out for our diversification and innovation. OUR STRENGTHS Business Tailor made diversification products Wide portfolio of Flexible & global clients & products production network OUR MISSION decision is based on strict observance of the law, labour protection and protection Technological development and of the environment, safeguarding the continuous improvement are the goals interests of our shareholders, employees, that we have set for ourselves, and we are clients, trade and financial partners, local determined to pursue them. communities and groups, creating value Our every action, project, initiative or for every stakeholder. 10 11 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 WHO WE ARE specialized vessels, from high-complexity With over 230 years of history and more than clients include the world’s biggest cruise ferries to mega yachts, as well as in ship 7,000 vessels built, Fincantieri has always operators and the Italian and the US Navy as Fincantieri is one of the world’s largest repairs and conversions, production of kept its management offices, as well as all its well as numerous foreign navies. Fincantieri is shipbuilding groups and number one for systems and components in the mechanical distinctive engineering and production skills, also a partner of some of the main European diversification and innovation. It is leader in and electrical sectors, ship interior in Italy. With over 8,900 employees and a defence companies within supranational cruise ship design and construction and a solutions, electronic systems and software, supplier network that employs nearly 50,000 programs. reference player in all high-tech shipbuilding infrastructure and maritime works and after- people in Italy alone, Fincantieri has enhanced Fincantieri's business is widely diversified industry sectors, from naval to offshore and sales support services. a fragmented production capacity over by end markets, geographical exposure several shipyards into a strength, acquiring and by client base, with revenue generated the widest portfolio of clients and products from cruise ship, naval vessel, Offshore and in the cruise business. To hold its own in Specialized Vessel construction and from the relation to competition and assert itself at supply of solutions for electronic systems and FACTS AND FIGURES global level, Fincantieri has broadened its software and for maritime infrastructure and product portfolio becoming world leader in works. Compared with less diversified players, the sectors in which it operates. such diversification allows it to mitigate the The Group now has 18 shipyards operating effects of any fluctuations in demand on the in four continents, nearly 20,000 employees, end markets served. 18 and is the leading Western shipbuilder; its Shipyards PRINCIPAL Western shipbuilder Nearly 20,000 Employees at 30.06.2020 52% Other countries +230 48% Italy Years of history +7.000 Ships designed and built € 5,849 mln Revenues 2019 € 37.9 billion 92 Total Vessels in backlog order book + 6,000 1 st Suppliers player in diversification in Italy and innovation ~ 9.500 4 Employees in Italy at 30.06.2020 Continents The figures refer to 30.06.2020 12 13 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2020 GROUP OVERVIEW • Equipment, Systems and Services: on two business units, the Offshore and economic results continue to be shown in the encompassing the design and manufacture Specialized Vessels business unit and the Offshore and Specialized Vessels. The Group operates through the following three of high-tech equipment and systems, such as Cruise business unit, and full organizational Finally, it should be noted that as from 2020 segments: stabilization, propulsion, positioning and power integration with FINCANTIERI S.p.A.. Vard Electro’s activities were reallocated generation systems, ship automation systems, The economic results of VARD’s Cruise from the Offshore and Specialized Vessels • Shipbuilding: encompassing
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