Fincantieri S p A : HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2021

HALF-YEAR FINANCIAL REPORT

at 30 June 2021

HALF-YEAR FINANCIAL REPORT

at 30 June 2021

Index

Parent company directors	5
and officers
The Fincantieri group	9
Our vision	10
Our mission	10
Who we are	11
Group overview	14
Interim report
on operations	19
at 30 June 2021
Highlights	20
Half-year overview	21
Key financials	30
Group performance	31
Operational review by segment	42
Other information	49
Enterprise risk management	56
Alternative performance measures	70
Reconciliation of the reclassified
financial statements used
in the report on operations with
the mandatory ifrs statements	72
Condensed consolidated
interim financial	75
statements at 30 June 2021
Consolidated statement
of financial position	76
Consolidated statement
of comprehensive income	77
Consolidated statement
of changes in equity	78
Consolidated statement of cash flows	79

Notes to the condensed consolidated interim financial statements

Note 1 - Form, contents

and other general information

Note 2 - Scope and basis of consolidation

Note 3 - Accounting standards

Note 4 - Critical accounting estimates and assumptions

Note 5 - Intangible assets Note 6 - Rights of use

Note 7 - Property, plant and equipment

Note 8 - Investments accounted for using the equity method and other investments

Note 9 - Non-current financial assets Note 10 - Other non-current assets

Note 11 - Deferred tax assets and liabilities

Note 12 - Inventories and advances

Note 13 - Construction contracts - assets and liabilities

Note 14 - Trade receivables and other current assets

Note 15 - Income tax assets Note 16 - Current financial assets Note 17 - Cash and cash equivalents Note 18 - Equity

Note 19 - Provisions for risks and charges

Note 20 - Employee benefits

	Note 21 - Non-current financial
	liabilities	111
81	Note 22 - Other non-current liabilities	111
	Note 23 - Trade payables and other
82	current liabilities	112
	Note 24 - Current financial liabilities	113
85	Note 25 - Revenue and income	114
87	Note 26 - Operating costs	115
89	Note 27 - Finance income and costs	117
Note 28 - Income and expense from investments	118
90
Note 29 - Income taxes	118
92
Note 30 - Other information	119
93	Note 31 - Cash flows from operating activities	137
	Note 32 - Segment information	138
94	Note 33 - Discontinued operations	142
Note 34 - Acquisition of INSO-SOF	142
95
Note 35 - Events after 30 June 2021	144
96
Companies included in the scope
97	of consolidation	146

1. Management representation
2. on the consolidated

	financial statements	154
100
101	Report by
102	the indipendent auditors	155
102

103

108

110

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3

PARENT COMPANY DIRECTORS

AND OFFICERS

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5

Parent Company Directors and Officers

BOARD OF DIRECTORS

(2019-2021)

CHAIRMAN

Giampiero Massolo

CHIEF EXECUTIVE OFFICER

Giuseppe Bono

COUNCILORS

Barbara Alemanni

Massimiliano Cesare

Luca Errico

Paola Muratorio

Elisabetta Oliveri

Fabrizio Palermo

Federica Santini

Federica Seganti

SECRETARY

Giuseppe Cannizzaro

BOARD OF STATUTORY AUDITORS

(2020-2022)

CHAIRMAN

Gianluca Ferrero

STANDING AUDITORS

Pasquale De Falco

Rossella Tosini

ALTERNATE AUDITORS

Aldo Anellucci

Alberto De Nigro

Valeria Maria Scuteri

MANAGER RESPONSIBLE FOR PREPARING FINANCIAL REPORTS

Felice Bonavolontà

SUPERVISORY BODY

Leg. Decree 231/01

(2021-2023)

CHAIRMAN

Attilio Befera

MEMBERS

Stefano Dentilli

Fioranna Negri

INDEPENDENT AUDITORS

(2020-2028)

Deloitte & Touche S.p.A.

Information regarding the composition and functions of the Board Committees (the Internal Control and Risk Committee, which is also serving as the committee responsible for related party transactions, the Remuneration Committee, which is also serving as the committee responsible for related party transactions in the case of resolutions on remuneration, the Nomination Committee and the Sustainability Committee) is provided in the "Ethics and Governance" section of the Fincantieri website available atwww.fincantieri.com

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.

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