Fincantieri S p A : Presentazione H1 2020

1H 2020 RESULTS

July 31, 2020

Safe Harbor Statement

This Presentation contains certain forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts reflecting current views with respect to future events and plans, estimates, projections and expectations which are uncertain and subject to risks. Market data used in this Presentation not attributed to a specific source are estimates of the Company and have not been independently verified. These statements are based on certain assumptions that, although reasonable at this time, may prove to be erroneous. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. If certain risks and uncertainties materialize, or if certain underlying assumptions prove incorrect, Fincantieri may not be able to achieve its financial targets and strategic objectives. A multitude of factors which are in some cases beyond the Company's control can cause actual events to differ significantly from any anticipated development. Forward-looking statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No one undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Market data used in this Presentation not attributed to a specific source are estimates of the Company and have not been independently verified. Forward-looking statements speak only as of the date of this Presentation and are subject to change without notice. No representations or warranties, express or implied, are given as to the achievement or reasonableness of, and no reliance should be placed on, any forward-looking statements, including (but not limited to) any projections, estimates, forecasts or targets contained herein.

Fincantieri does not undertake to provide any additional information or to remedy any omissions in or from this Presentation. Fincantieri does not intend, and does not assume any obligation, to update industry information or forward-looking statements set forth in this Presentation. This presentation does not constitute a recommendation regarding the securities of the Company.

Declaration of the Manager responsible for preparing financial reports

Pursuant to art. 154-BIS, par. 2, of the Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Fincantieri, Felice Bonavolontà, declares that the accounting information contained herein correspond to document results, books and accounting records.

2

1H 2020 Key Messages

No order cancellation and record-high total backlog up to almost €38 bln

COVID-19

update

Business

update

Financials

• No cancelled orders thanks to effective backlog preservation strategy
• Slowdown of the production schedule and postponement of deliveries has impacted revenues (-15.6% YoY)
• 3 cruise ships scheduled for delivery from Italian shipyards in 2H 2020
• Production activities gradually resumed in all the Italian shipyards starting from April 20th, 2020
• As of June 30th, 90% of production staff safely back at work
• 10 ships delivered from 7 shipyards, among which 3 cruise ships, 1 fishery and 1 naval vessel
• Ongoing diversification strategy:
• • in infrastructures, electronics, and cyber security, as well as complete accommodation in the cruise segment, contributing to revenue growth in the ESS (1H 2020 revenues +5.7%)
  • new orders acquired in the renewable energy sector (1 Service Operation Vessel), 2 fishing vessels, 1 order and 1 agreement for the Port of Rapallo and the «Renato Dall'Ara» Stadium respectively
• Total backlog(1) with 117 units at €37.9 bln: backlog at ~ €28 bln and soft backlog(2) €9.9 bln
• Revenues at €2,369 mln (down 15.6% vs 1H 2019(3)): €790 mln shortfall in revenues due to production downtime
• EBITDA at €119 mln (€227 mln in 1H 2019(3)) and EBITDA margin at 5.0% (8.1% in 1H 2019): shortfall in EBITDA contribution of €65 mln
• Adjusted net result €(29) mln and net result €(137) mln, with COVID-19 related extra-ordinary costs of €114 mln
• Net debt(4) at €980 mln mainly due to the postponed delivery of one cruise vessel to 2H

1. Sum of backlog and soft backlog
2. Soft backlog represents the value of existing contract options and letters of intent as well as contracts in advanced negotiation, none of which yet reflected in the order backlog

(3)	Restated following the disposal of small fishery and aquaculture support vessels business and the closure of the Aukra yard, as well as the riallocation of VARD Electro	3
	from the Offshore and Specialized Vessels segment to the Shipbuilding
(4)	Excluding Construction loans

Key Messages

Continuing focus on strategic developments

• FMM prime contractor within the FFG(X) program: awarded a nearly $800 mln contract for the design and

FFG(X)	construction of the first-in-class guided missile frigate for the US Navy. The contract also includes options for 9
program
additional units, thus bringing the contract cumulative value to $5.5 bn

Genoa	•	On April 28th the last steel span of the bridge was raised, completing the structure
	in one year from the steel-cutting ceremony held on March 11, 2019
bridge
•	Opening ceremony scheduled on August 3rd

	JV	• Naviris signed its first contract with OCCAR: an R&T program involving 5 different projects with the goal of
	Naviris	enhancing the performance of Fincantieri's and Naval Group's vessels

•	Obtained the B-rating within the CDP(1) Climate Change Programme for the fight
	against climate change. First in the Mechanical Components & Equipment sector within
Sustainability	the Vigeo Eiris ranking

1. • Update of the 2018-2022 Sustainability Plan
   • Extended the agreement with Eni within the circular economy and decarbonisation
2. Carbon Disclosure Project is a British organization whose goal is to improve the management of environmental risks. In 2019, Fincantieri obtained the B rating on a scale ranging from D (minimum) to A (maximum)

4

1H 2020 main orders

Segment	Vessel	Client	# of ships	Expected Delivery
Shipbuilding	FFG(X) first-in-class frigate	US Navy	1	2026
	Fishing vessel	Framherij	1	2022
Offshore &
Specialized	Fishing	Nergard Havfiske	1	2022
Vessels	Service operation vessel	Ta San Shang Marine	1	2022

1H 2020 main deliveries

Segment	Vessel	Client	Shipyard
	Cruise ship "Seven Seas Splendor"	Regent Seven Seas Cruises	Ancona
	Cruise ship "Scarlet Lady"	Virgin Cruises	Genova
Shipbuilding	Littoral Combat Ship "St. Louis" (LCS 19)	US Navy	Marinette
	Expedition cruise vessel "Le Bellot"	Ponant	Vard Soviknes
	Fishing vessel	Finnmark Havfiske	Vard Soviknes
	Fishing vessel	Nergard Havfiske	Vard Brattvaag
Offshore &	OSCV	Island Offshore XII Ship	Vard Langsten
Specialized	Ferry	Boreal Sjø	Vard Langsten
Vessels	Aqua		Vard Langsten
	Remøybuen
	Ferry	Boreal Sjø	Vard Langsten

5

FFG(X) Program

Design and construction of the first-in-class guided missile frigate for the US Navy

Overview

Delivery: 2026		Options for 9 additional units
Value: $ ~ 800 mln		bring cumulative contract value to $	5.5 bn

• In 2018, FMM was awarded a $15 mln contract for the study of a customized version of its FREMM project
• On April 30, 2020, FMM was awarded a $ ~ 800 million contract for the design and construction of the first-in-classguided missile frigate of the
  "FFG(X)" program(1)
• Options for 9 additional units(2) to be awarded bring the cumulative contract value to $ 5.5 bn

Artist's rendering of F/MM design

Source: Congressional Research Service. Navy Frigate (FFG[X]) Program: Background and Issues for Congress. Updated June 26, 2020

(1) The FFG(X) program is a Navy program to build a class of 20 guided-missile frigates (FFGs)

(2) The contract also involves post-delivery availability support and crew training

6

Overview of 1H 2020 main deliveries

Seven Seas Splendor (Regent)

Scarlet Lady (Virgin Voyages)

Le Bellot (Ponant)

LCS 19 "St. Louis" (US Navy)	Ferry (Boreal Sjø)	Island Victory (Island Offshore)
Delivered in 1H

7

Order intake and backlog Breakdown by segment

Order intake

€ mln

2.3x

0.7x

6,627

349

52

6,368

			1,723
				322
				164
			1,364
(142)		(127)
		(3)
1H 2019	1H 2020

Total backlog(1)
€ mln		6.1x			5.6x			6.5x
		5.4x			4.9x			4.8x
											37,912
	33,127			32,690			9,900
	3,600			4,100
	1,604
			1,736
					1,951
		881
						888								•	Order intake at € 1.7 bln
											744
																		•	Total backlog with 117 units at
																			€ 37.9 bln, approximately 6.5
					Backlog					Backlog					Backlog	times 2019 revenues
	27,797	29,527	26,828	28,590	26,333	28,012

(755)	(862)		(1,016)
1H 2019(3)
FY 2019		1H 2020

Shipbuilding Offshore & Specialized Vessels Equipment, Systems & Services Eliminations

Book-to-bill (Order intake/revenues)

Backlog /Revenues

Total backlog / revenues

Soft backlog(3)

1. Sum of backlog and soft backlog
2. Soft backlog represents the value of existing contract options and letters of intent as well as contracts in advanced negotiation, none of which yet reflected in the order

backlog	8
(3) Restated following the riallocation of VARD Electro from the Offshore and Specialized Vessels segment to the Shipbuilding

Backlog deployment

Breakdown by segment and end market

Shipbuilding

# ship deliveries

CruiseNaval(1)

Offshore & Specialized Vessels

# ship deliveries

2020 4 4 8

20218

20228

2023		9

20244

• Additional 9 units scheduled after 2024
• 42 vessels in backlog

2020	1	5	6
2021			7

2022		9

20235

20244

• Additional 7 units scheduled after 2024
• 37 vessels in backlog

2020	5	4	9

20213

2022

1

3

4

2023 1

2024 1

• 13 vessels in backlog

• 10 units delivered in 1H 2020 and 92 ships in backlog
• Cruise: 42 vessels
• • Deliveries up to 2027
  • 9 units scheduled after 2024
• Naval: 37 vessels
• • Deliveries up to 2027
  • 7 units scheduled after 2024
• Offshore & Specialized Vessels(2): 13 vessels
• • Deliveries up to 2024

Delivered in 1H 2020

New orders in 1H 2020

1. Articulated Tug Barge (ATB) is an articulated unit consisting of a barge and a tug, thus being counted as two vessels in one unit
2. Offshore & Specialized Vessels business generally has shorter production times and, as a consequence, shorter backlog and quicker order turnaround than Cruise

and Naval	9

Revenues

Revenues breakdown by segment(1)

€ mln

	2,837		2,808
12.0%	371	12.1%	371				2,369
10.1%	314	7.6%	234	10	14.8%	392
	10
						8.6%	228	1
				723
	723
							526
77.9%	2,410	80.3%	2,463
	1,677			1,730	76.6%	2,031
					1,504
	(258)		(260)				(282)
	1H 2019		1H 2019	(2)		1H 2020
	Reported		Restated

Shipbuilding			Offshore & Specialized Vessels		Equipment, Systems & Services		Eliminations
Cruise			Naval		Other Shipbuilding	% of Total revenues

• Revenues down 15.6% YoY, with an estimated shortfall of €790 mln due to the production downtime
• • Shipbuilding revenues down 17.5% vs 1H 2019 (Cruise revenues down 13.1% and Naval revenues down 27.3%)
  • Offshore & Specialized Vessels revenues down 2.6% vs 1H 2019
  • Equipment, Systems & Services revenues up 5.7% vs 1H 2019

1. Breakdown calculated on total revenues before eliminations
2. Restated following the disposal of small fishery and aquaculture support vessels business and the closure of the Aukra yard, as well as the riallocation of VARD

Electro from the Offshore and Specialized Vessels segment to the Shipbuilding	10

EBITDA

EBITDA(1) and EBITDA margin

€ mln

	7.6%		8.1%
	215		227
10.5%	39	10.6%	39	5.0%

												119
10.2%		246		9.7%		239		6.0%	24
											5.7%	115
			(52)		-13.9%		(33)		-0.4%		(1)
-16.6%							(19)
			(18)				(18)
		1H 2019		1H 2019
	(2)	1H 2020
		Reported		Restated
					Offshore & Specialized Vessels										Eliminations
	Shipbuilding					Equipment, Systems & Services
	Other activities(2)	% Revenues		Group EBITDA Margin

• EBITDA at € 119 mln (-47.5% YoY) and EBITDA margin at 5.0% (8.1% in 1H 2019)
• COVID-19related reduced EBITDA contribution of € 65 mln
• • Shipbuilding segment lags behind performance due to suspension of operations
  • Offshore and Specialized Vessels breakeven
  • Positive contribution of the ES&S despite lower-than- average margin

1. EBITDA is a Non-GAAP Financial Measure. The Company defines EBITDA as profit/(loss) for the period before (i) income taxes, (ii) share of profit/(loss) from equity investments, (iii) income/expense from investments, (iv) finance costs, (v) finance income, (vi) depreciation and amortization (vii) expenses for corporate restructuring,

(viii) accruals to provision and cost of legal services for asbestos claims, (ix) other non recurring items	11
(2) Restated following the disposal of small fishery and aquaculture support vessels business and the closure of the Aukra yard, , as well as the riallocation of VARD

Electro from the Offshore and Specialized Vessels segment to the Shipbuilding

Net result

Adjusted Net result(1)

€ mln	1.7%					-1.2%
				47
				51
				(4)					(27)
										(2)
										(29)
					1H 2019				1H 2020	Adjusted Net income margin
			Attributable to owners of the parent				Attributable to non-controlling interests
	€ mln							1H 2019 - Restated	1H 2020
	A	Adjusted Net result(1)				47	(29)
		Attributable to owners of the parent				51	(27)
	B Extraordinary and non recurring items gross of tax effect			(27)	(139)
	C Tax effect on extraordinary and non recurring items			5	31
	A	+ B	+ C = D Net result from continuing operations			25	(137)
	E Net result from discontinued operations				(13)	-
	D	+ E	Net result				12	(137)
(1) Net result before extraordinary and non-recurring items

• Increased extraordinary and non recurring items
• • €114 mln COVID-19 related costs
  • €23 mln asbestos-related litigation claims

12

Capital expenditures

Capex

€ mln	3.5x	5.2x

122

		102	25
		22
		80	97
				1H 2019		1H 2020
Tangible		Intangible	% of Revenues

Capex by segment

• mln

				102									122
													16
					11						12							2
	12
							2				92
			77
				1H 2019								1H 2020

Shipbuilding Offshore & Specialized Vessels Equipment, Systems & Services Other activities

• Capex mainly dedicated to:
• • Improving Italian yards for higher efficiency
  • Adjusting Vard Tulcea and Braila production capacity
  • Enhancing safety and environmental conditions in all the yards

13

Net working capital (1)

Breakdown by main components

• mln

FY 2019

1H 2020

Inventories and advances to suppliers

Work in progress net of advances from customers

Trade receivables

Other current assets and liabilities

Construction loans

Trade payables

Provisions for risks & charges

828	876
	981
1,415
677	1,083
125	86
(811)	(1,001)

(2,270)

(1,982)

(89)	(69)

• Main drivers include:
• • Reduced production activities at Italian premises as a consequence of suspension of operations
  • Cash-inof the final payments for the vessels delivered in 1H and for one vessel to be delivered in 2H

Net working capital	(125)	(26)

1. Construction loans are committed working capital financing facilities, treated as part of Net working capital, not in Net financial position, as they are not general purpose loans and can be a source of financing only in connection with ship contracts

14

Net financial position(1)

Breakdown by main components

€ mln - Net cash / (Net debt)
FY 2019		1H 2020
										98
											18
		Non-current financial receivables		91		897
						2
		Current financial receivables			382
		Cash & cash equivalents	(399)

(1,008)

Short term financial liabilities

(812)

Long term financial liabilities

(985)

Net financial position	(736)	(980)

• Increase of net debt (+244 mln vs FY 2019) mainly due to the postponement of one unit from 1H to 2H, partially offset by lower production volumes

1. Net financial position does not account for construction loans as they are not general purpose loans and can be a source of financing only in connection with ship contracts

15

Cruise industry outlook

	Cruise	• Results of a survey on cruise traveler sentiment shows 32% of respondents are already looking to book their
	travelers	next cruise and 37% said that they are likely to book a future cruise once restrictions ease(1)

New ships

	Cruise	•	Major cruise operators are disposing older vessels(2)
	operators	•	New ships deliveries are being delayed but not cancelled(3)

• New ships are just more appealing(3):
• • Major efficiency and higher ROI
  • More environmentally friendly

Operations	•	Operations have either been resumed or are about to be resumed starting from late
	July/early August at reduced capacity and in limited geographies(4)
resumption	• Safety measures are being implemented onboard both for passengers and cruise staff

1. June survey from Cruise Critic. In: Forman, L. (11/07/2020). "Cruise Fans Yearn to Ship Out". The Wall Street Journal, p. 14
2. Carnival has stated to have reached agreements for disposing 9 vessels. Source: Carnival 2Q 2020 Conference Call Transcript
3. Carnival CEO, Arnold Donald, stated that «the new ships are just far more efficient. We would regulate with demand by, again disposing of less efficient ships rather than trying to

avoid bringing on the new ships. The timing of that is important to us, but we would like to have the new ships». Source: Carnival 2Q 2020 Conference Call Transcript	16
(4) Aida Cruises (early August), Marella Cruises (late August), MSC (early August), Ponant (mid-Aigust). Source: When Will Each Cruise Line Resume Sailings Again? Accessed from:
https://www.cruisehive.com/when-will-each-cruise-line-resume-sailings-again/39187

Company outlook

Production	•	Production volumes are expected to come back to pre-Covid levels in the second half of the year
volumes	•	Second-half 2020 revenues are expected to be broadly in line with second-half 2019 revenues

Cruise	• 3 units scheduled for delivery from Italian shipyards in the second half of the year

Naval	• Progress of the orders for the Qatari Ministry of Defence and for the fleet renewal of the Italian Navy

• If backlog is preserved, its embedded profitability will trigger a robust improvement of

Group's results in the medium to long term

L/T Prospects • The new Business Plan will be presented as soon as a more detailed analysis about the long-term impacts of the pandemic will be feasible

17

Investor Relations contacts

Giuseppe Dado - CFO

Investor Relations Team

Caterina Venier-Romano [phone] [e-mail]

Valentina Fantigrossi [phone] [e-mail]

Institutional Investors

[e-mail]

Individual Shareholders

[e-mail]

www.fincantieri.com

18

Q&A

19

Appendix

20

Financial overview - Shipbuilding

Revenues
€ mln	10	10
	723	723	1
			526
	2,410		2,463	2,031
	1,677	1,730	1,504	Other Shipbuilding
					Naval
					Cruise
	1H 2019 -	1H 2019 -	1H 2020
	Reported	Restated
EBITDA
€ mln
10.2%	246	239	5.7%
9.7%
			115
	1H 2019 -	1H 2019 -	1H 2020	% of Revenues
	Reported	Restated
Capex

€ mln

7792

	1H 2019	-			1H 2020

1. First-in-classguided missile frigate of the "FFG(X)" program for the U.S. Navy
2. Lengthening project Norwegian Cruise Line

• Revenues: € 2,031 mln (-17.5% vs 1H 2019)
• • Lower volumes both in Cruise (-13.1% vs 1H 2019) and in Naval (- 27.3 % vs. 1H 2019) due the suspension of production activities and gradual resumption from April, 20th
• EBITDA: € 115 mln, with margin at 5.7%
• • Estimated shortfall in Shipbuilding EBITDA of € 48 mln due to the slowdown of production activities
• Capex: € 92 mln
• • Upgrading of Italian and Romanian shipyards
• Orders: € 1,364 mln (€ 6,364 mln in 1H 2019)
• • 1 guided-missile frigate(1)
  • Lengthening project(2)
• Backlog: € 26,333 mln (€ 27,797 mln in 1H 2019)
• Deliveries:
• • 3 Cruise ships(2)
  • 1 Naval vessel(3)
  • 1 fishery vessel(4)

(3)	"Seven Seas Splendor" for Regent Seven Seas Cruises; "Scarlet Lady" for Virgin Voyages; "Le Bellot" for Ponant	21
(4)	LCS 19 "St. Louis" for the US Navy

Financial overview - Offshore & Specialized Vessels

Revenues

€ mln

	314	234	228
	1H 2019 -	1H 2019 -	1H 2020
	Reported	Restated
EBITDA
€ mln			-1
		-33
-16.6%	-52	-13.9%	-0.4%
	1H 2019	1H 2019	% of Revenues
	Reported	Restated	1H 2020
Capex
€ mln

• Revenues: € 228 mln (-2.6% vs 1H 2019)
• • Decrease mainly due negative EUR/NOK conversion
• EBITDA: € (1) mln with margin at -0.4%
• • Positive effect of the restructuring plan
• Capex: € 2 mln
• Orders: € 164 mln (€ 52 mln in 1H 2019)
• Backlog: € 744 mln (€ 881 mln in 1H 2019)
• Deliveries: 5 ships
• • 1 OSCV unit to Island Offshore
  • 1 fishery to Nergard Havfiske
  • 2 ferries to Boreal Sjø
  • 1 aqua to Remøybuen

22

	1H 2019	-			1H 2020

22

Financial overview - Equipment, Systems and Services

Revenues

€ mln

371	392
1H 2019 -	1H 2020

EBITDA

€ mln

10.5%	39	6.0%
		24
	1H 2019 -	1H 2020	% of Revenues
Capex
€ mln

• Revenues: € 392 mln (+5,7% vs 1H 2019)
• • Confirmation of the growth trend despite the negative impact of the production suspension
  • Positive impact from Fincantieri Infrastructure (Polcevera bridge) and from the acquisition of INSIS
• EBITDA: € 24 mln with margin at 6.0%
• • Major contribution of projects with strategic importance but limited margins
• Capex: € 12 mln
• Orders: € 322 mln vs € 349 mln in 1H 2019
• Backlog: € 1,951 mln vs € 1,604 mln in 1H 2019

1212

	1H 2019	-			1H 2020

23

Profit & Loss and Cash flow statement

Profit & Loss statement (€ mln)	FY 2019	1H 2019(5)	1H 2020
Revenues	5,849	2,808	2.369
Materials, services and other costs	(4,497)	(2,063)	(1,810)
Personnel costs	(996)	(504)	(432)
Provisions(1)	(36)	(14)	(8)
EBITDA	320	227	119
Depreciation, amortization and impairment	(167)	(77)	(65)
EBIT	153	150	54
Finance income / (expense)	(134)	(60)	(63)
Income / (expense) from investments	(3)	(3)	(3)
Income taxes(2)	(87)	(40)	(17)
Adjusted Net result(3)	(71)	47	(29)
Attributable to owners of the parent	(64)	51	(27)
Extraordinary and non recurring items(4)	(67)	(27)	(139)
Tax effect on extraordinary and non recurring items	14	5	31
Net result from continuing operations	(124)	25	(137)
Attributable to owners of the parent	(117)	29	(135)
Net result from discontinued operations	(24)	(13)	-
Net result	(148)	12	(137)
Attributable to owners of the parent	(141)	16	(135)
Cash flow statement (€ mln)	FY 2019	1H 2019	1H 2020
Beginning cash balance	677	677	520
Cash flow from operating activities	209	(2)	(177)
Cash flow from discontinued operations	(22)	(12)	-
Cash flow from investing activities	(310)	(118)	(123)
Cash flow from financing activities	(173)	137	820
Net cash flow for the period	(296)	5	520
Exchange rate differences on beginning cash balance	1	2	(5)
Ending cash balance	382	684	897

1. The line "Provisions and impairment" has been modified in "Provisions" and includes provisions and reversal for risks and writedowns. It excludes impairment of Intangible assets and Property, plant and equipment, which is included in "Depreciation, amortization and impairment" (previously "Depreciation and amortization"). This change had no effe ct on the comparative information.
2. Excluding tax effect on extraordinary and non recurring items

(3)	Net results before extraordinary and non recurring items	24
(4)	Extraordinary and non recurring items gross of tax effect

(5) Restated following the disposal of small fishery and aquaculture support vessels business and the closure of the Aukra yard

Balance sheet

Balance sheet (€ mln)	FY 2019	1H 2019	1H 2020
Intangible assets	654	621	623
Right of use	90	85	81
Property, plant and equipment	1,225	1,152	1,230
Investments	75	74	105
Other non-current assets and liabilities	(79)	(14)	(93)
Employee benefits	(60)	(59)	(59)
Net fixed assets	1,905	1,859	1,887
Inventories and advances	828	807	876
Construction contracts and advances from customers	1,415	969	981
Construction loans	(811)	(492)	(1,001)
Trade receivables	677	647	1,083
Trade payables	(2,270)	(1,824)	(1,982)
Provisions for risks and charges	(89)	(80)	(69)
Other current assets and liabilities	125	76	86
Net working capital	(125)	103	(26)
Net assets (liabilities) held for sale and discontinued operations	6	-	6
Net invested capital	1,786	1,962	1,867
Equity attributable to Group	1,019	1,216	858
Non-controlling interests in equity	31	22	29
Equity	1,050	1,238	887
Cash and cash equivalents	382	683	897
Current financial receivables	2	12	18
Non-current financial receivables	91	72	98
Short term financial liabilities	(399)	(670)	(1,008)
Long term financial liabilities	(812)	(821)	(985)
Net debt / (Net cash)	736	724	980
Sources of financing	1,786	1,962	1,867

25