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Half-Year Financial Report at June 30, 2019

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Half-Year Financial Report at June 30, 2019 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 HALF-YEAR FINANCIAL REPORT at 30 June 2019 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 S UMMARY PARENT COMPANY DIRECTORS NOTES TO THE CONDENSED Note 18 - Equity 94 AND OFFICERS 5 CONSOLIDATED INTERIM Note 19 - Provisions for risks FINANCIAL STATEMENTS 73 and charges 97 THE FINCANTIERI GROUP 9 Note 1 - Form, contents Note 20 - Employee benefi ts 98 and other general information 74 Note 21 - Non-current fi nancial Our vision 10 Note 2 - Scope and basis liabilities 99 Our mission 11 of consolidation 77 Note 22 - Other non-current liabilities 99 Who we are 12 Note 3 - Accounting standards 78 Note 23 - Trade payables and other Group overview 14 Note 4 - Critical accounting estimates current liabilities 100 and assumptions 81 Note 24 - Current fi nancial liabilities 101 INTERIM REPORT Note 5 - Intangible assets 81 Note 25 - Revenue and income 102 ON OPERATIONS Note 6 - Rights of use 83 Note 26 - Operating costs 103 AT 30 JUNE 2019 21 Note 7 - Property, plant Note 27 - Finance income and costs 105 and equipment 84 Highlights 22 Note 28 - Income taxes 105 Note 8 - Investments accounted Half-year overview 23 Note 29 - Other information 106 for using the equity method Note 30 - Cash fl ows from operating Key fi nancials 27 and other investments 85 activities 117 Group performance 28 Note 9 - Non-current fi nancial assets 86 Note 31 - Segment information 117 Operational review by segment 38 Note 10 – Other non-current assets 86 Note 32 - Events after 30 june 2019 121 Other information 44 Note 11 - Deferred tax assets Companies included in the scope and liabilities 88 Enterprise risk management 50 of consolidation 122 Note 12 - Inventories and advances 89 Alternative performance measures 62 Note 13 - Construction contracts - Reconciliation of the reclassifi ed MANAGEMENT REPRESENTATION net assets and liabilities 90 fi nancial statements used ON THE CONSOLIDATED FINANCIAL Note 14 - Trade receivables in the report on operations with STATEMENTS 128 and other current assets 91 the mandatory IFRS statements 64 Note 15 - Income tax assets 92 REPORT BY THE INDIPENDENT CONDENSED CONSOLIDATED Note 16 - Current fi nancial assets 93 AUDITORS 130 INTERIM FINANCIAL STATEMENTS Note 17 - Cash and cash equivalents 93 AS AT AND FOR THE SIX MONTHS ENDED 30 JUNE 2019 67 Consolidated statement of fi nancial position 68 Consolidated statement of comprehensive income 69 Consolidated statement of changes in equity 70 Consolidated statement of cash fl ows 71 2 3 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 P ARENT COMPANY DIRECTORS AND OFFICERS 4 5 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 PARENT COMPANY DIRECTORS AND OFFICERS Board of Directors Manager responsible for (2019-2021) preparing fi nancial reports Chairman Felice Bonavolontà Giampiero Massolo Chief Executive Of cer 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 (2013-2021 ) Giuseppe Cannizzaro PricewaterhouseCoopers S.p.A. Board of statutory auditors (2017-2019) Chairman Gianluca Ferrero Standing Auditors Fioranna Vittoria Negri Roberto Spada Alternate Auditors Alberto De Nigro Flavia Daunia Minutillo Massimiliano Nova 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.fi ncantieri.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 fi nancial statements as advice outside the Company's control. Actual results could for legal, accounting, tax or investment purposes nor is therefore be materially dif erent 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 2019 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 T HE FINCANTIERI GROUP OUR VISION OUR MISSION WHO WE ARE GROUP OVERVIEW 8 9 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 OUR VISION The Sea Ahead: all those who work at Fincantieri Group steer for this course: We aspire to become world leaders in talented men and women working all areas of shipbuilding requiring the responsibly to help develop our idea System TechnologicAl most advanced solutions, and to stand of a future increasingly characterized integrator leadership out even more for our diversification and by innovation, performance and capabilities innovation. sustainability. OUR STRENGTHS Business Tailor mAde diversification products Wide portfolio of Flexible & globAl clients & products production network OUR MISSION guidelines that are implemented across the Group: strict observance of the law, Development and continuous labour protection and protection of the improvement are the goals that we have environment, safeguarding the interests set for ourselves, and we are determined of our shareholders, employees, clients, to pursue them. commercial and financial partners, the Our every action, project, initiative or general and local communities, creating decision is based on principles and value for every stakeholder. 10 11 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 WHO WE ARE repairs and conversions, production of 50,000 people in Italy alone, Fincantieri has operators and the Italian and the US Navy as systems and mechanical and electrical enhanced a fragmented production capacity well as numerous foreign navies. Fincantieri is Fincantieri is one of the world’s largest component equipment and after-sales over several shipyards into a strength, also a partner of some of the main European shipbuilding groups and number one for services. acquiring the widest portfolio of clients defence companies within supranational diversifi cation and innovation. It is leader in With over 230 years of history and more and products in the cruise business. To programs. cruise ship design and construction and a than 7,000 vessels built, Fincantieri has hold its own in relation to competition and Fincantieri's business is widely diversifi ed by reference player in all high-tech shipbuilding always kept its management of ces, as assert itself at global level, Fincantieri has end markets, geographical exposure and by industry sectors, from naval to Of shore and well as all the engineering and production broadened its product portfolio becoming client base, with revenue mainly generated Specialized Vessels, from high-complexity skills, in Italy. With over 8,900 employees world leader in the sectors in which it from cruise ship, naval vessel and Of shore and ferries to mega yachts, as well as in ship and a supplier network that employs nearly operates. Specialized Vessel construction. Compared The Group now has 20 shipyards in four with less diversifi ed players, such diversifi cation continents, more than 19,000 employees, allows it to mitigate the ef ects of any FACTS AND FIGURES and is the leading Western shipbuilder; its fl uctuations in demand on the end markets clients include the world's biggest cruise served. 20 Shipyards PRINCIPALWestern shipbuilder Over 19,000 Employees At 30.06.2019 55% other countries +230 45% Italy YeArs of history +7,000 Ships designed and built € 5,474 million Revenues 2018 98 € 33.1 billion Vessels TotAl bAcklog in order book + 5,000 1st player Suppliers in ItAly in diversificAtion alone and innovation ~9,000 4 Employees in ItAly At Continents 30.06.2019 Data refer to 30 June 2019 12 13 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2019 GROUP OVERVIEW well as innovative products in the fi eld of the VARD Group was defi ned, with a focus Project management for the contruction drillships and semi-submersible drilling rigs; on two business units, the Of shore and of of shore vessels, specialized ships and The Group operates through the following • Equipment, Systems and Services: Specialized Vessels business unit and the vessels for the Norwegian Coast Guard have three segments: encompassing the design and manufacture Cruise business unit, and full organizational been merged into the VARD Of shore and of high-tech equipment and systems, such integration with FINCANTIERI S.p.A.. Specialized Vessels business unit, whose • Shipbuilding: encompassing the business as stabilization, propulsion, positioning and The VARD Cruise business unit and the economic results continue to be shown in areas cruise ships and expedition cruise power generation systems, ship automation parent company Fincantieri have defi ned the Of shore and Specialized Vessels. vessels, naval vessels and other products and systems, steam turbines, integrated systems a specifi c coordination policy based on The structure of the Fincantieri Group and services (ferries and mega yachts); and ship accommodation, and the provision which the head of Fincantieri's Merchant overview of the companies included in its • Of shore and Specialized Vessels: of repair and conversion services, logistical Ships Department directs and controls the consolidation will now be presented.
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