Fincantieri — Investor Presentation 2015

Nov 11, 2015

11 November 2015

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.

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, Carlo Gainelli, declares that the accounting information contained herein correspond to document results, books and accounting records.

9M 2015 Key Highlights

Key Business Highlights

• Important commercial agreements in cruise and naval led to the expected backlog and order portfolio of approx. euro 20 and 26 billion respectively, including both firm contracts and agreements being finalized(1)
• Shipbuilding segment
• ‒ Significant order backlog, dense with prototypes acquired during the crisis caused overload of engineering facilities, notably in the subcontractors network

Actions:

• ‒ Set up of a task force for the management of design modifications in production phases
• ‒ Utilization of VARD engineering and production capabilities to assist Italian operations
• ‒ Strengthen the subcontractor network
• ‒ Launched improvement projects regarding engineering processes and production planning

• Offshore segment

• ‒ Difficult global market environment
• ‒ Continuing issues in Brazil, partly due to currently difficult political and economic situation

Actions:

• ‒ Continuing the reorganization of operations, notably in Romania and Norway, aimed at structural cost base reduction
• ‒ Detailed action plan under study aimed at permanent resolution of Brazil issues, including several strategic options
• Equipment and Services segment:
• ‒ Very solid performance

Actions:

• ‒ Continued strategy of internalization of critical components and systems
• Group Business Plan, with economic and financial targets for the short and medium term, to be presented with the approval of 2015 annual results

9M 2015 Key Highlights

Key Financial Highlights

• Order intake at € 4.9 BN (from € 4.2 BN in 9M 2014) with book to bill ratio at 1.6x (1.5x in 9M 2014)
• Order book at € 17.6 BN (from € 14.6 BN in 9M 2014)
• Group backlog at € 11.6 BN (from € 9.5 BN in 9M 2014) and soft backlog(1) at € 8.2 BN (€ 5.7 BN in 9M 2014)
• Revenues at € 3.0 BN (from € 2.9 BN in 9M 2014)
• ‒ 68% coming from Shipbuilding and 27% from Offshore
• ‒ 85% coming from foreign clients
• EBITDA at € 6 MM (from € 207 MM in 9M 2014) with EBITDA margin at 0.2%
• ‒ Shipbuilding at € 26 MM , Offshore at € (16) MM and Equipment, Systems and Services at € 19 MM (2)
• EBIT at € (74) MM (from € 132 MM in 9M 2014) with EBIT margin at (2.4)%
• Profit/(loss) for the period attributable to owners of the parent at € (96) MM (from € 42 MM in 9M 2014); the result would have been € (73) MM (from € 67 MM in 9M 2014) without considering extraordinary and non recurring items
• Free cash flow at € (523) MM (from € (419) MM in 9M 2014)
• Net financial position at € 506 MM of net debt (from € 44 MM of net cash for FY 2014), reflects the typical working capital dynamics few months before the delivery of 4 cruise ships (in 1H 2016)
• Net working capital at positive € 431 MM (from € 69 MM for FY 2014) including construction loans at € 995 MM (from € 847 MM in FY 2014)

(1) Soft backlog represents the value of existing contract options and letters of intent as well as contracts under negotiation, none of which yet reflected in the order backlog

(2) Breakdown excluding costs for other activities and consolidation adjustments

9M 2015 main orders

		Vessel		Client	Delivery
	Shipbuilding		2 Littoral Combat Ship units(1)	US Navy	after 2019
			2 FREMM units	Italian Navy	after 2020
		TO COME	1 Logistic Support Ship unit (LSS)	Italian Navy	2019
Q2			6 Multipurpose Offshore Patrol Ship units (PPA)	Italian Navy	2021 - 2025
		TO COME	1 Multipurpose Amphibious unit (LHD)	Italian Navy	2022
	Offshore		DSCV (Diving Support and Construction Vessel)	Kreuz Subsea	2017
Q3	Offshore		2 OSCV (Offshore Subsea Construction Vessels)	Topaz Energy and Marine	2017
	Equipment, Systems and Services		Conversion of 4 Corvettes in OPV (Offshore Patrol Vessels)	Bangladesh Coast Guard	-

9M 2015 main deliveries

		Vessel		Client	Shipyard
Q1	Shipbuilding		Cruise ship "Britannia"	P&O Cruises	Monfalcone
			Cruise ship "Viking Star"	Viking Ocean Cruises	Marghera
	Offshore		OSCV "Far Sleipner"	Farstad Shipping	Vard Langsten
			Research and surveillance vessel "Marjata"	Norwegian Navy	Vard Langsten
Q2	Shipbuilding		Cruise ship "Le Lyrial"	Ponant	Ancona
			FREMM "Carabiniere"	Italian Navy	Muggiano
			LNG ferry "F.-A.- Gauthier"	Société des traversiers du Québec	Castellammare di Stabia
	Offshore		AHTS "Skandi Angra"	Norskan Offshore (DOF)	Vard Niterói
Q3	Shipbuilding		Cruise ships "MSC Sinfonia" and "MSC Opera"	MSC Crociere	Palermo
	Offshore		OSCV "Far Sentinel"	Farstad Shipping	Vard Langsten
			LPG Carrier "Oscar Niemeyer"	Transpetro	Vard Promar

Summary of financial performance indicators(1)

€ MM	FY 2014	9M 2014	9M 2015
Order intake	5,639	4,247	4,852
Order book	15,019	14,590	17,605
Backlog	9,814	9,472	11,558
Soft backlog	5,000	5,700	8,200
Revenues	4,399	2,935	3,032
EBITDA	297	207	6
As a % of revenues	6.8%	7.1%	0.2%
EBIT	198	132	(74)
As a % of revenues	4.5%	4.5%	-2.4%
Profit/(loss) before extraordinary and non recurring items(2)	87	68	(169)
Attributable to owners of the parent	99	67	(73)
Profit/(loss) for the period	55	43	(195)
Attributable to owners of the parent	67	42	(96)
Net financial position Net cash/ (Net debt)	44	(238)	(506)
Net working capital(3)	69	353	431
Of which construction loans	(847)	(584)	(995)
Free cash flow	(124)	(419)	(523)
Employees	21,689	21,746	20,868

(1) With the aim to provide a meaningful index to measure the Group financial results, the Group adopts an EBITDA definition which normalizes the trend of results over time, and increases the level of comparability of the same results by excluding the impact of non recurring and extraordinary operating items; for the same reason, the Group also monitors Net Income before non recurring and extraordinary items (both operating and financials) (2) Excluding extraordinary and non recurring Items net of tax effect

Comments

• Order intake at € 4.9 BN
• Order book at € 17.6 BN
• Backlog at € 11.6 BN
• Soft backlog at € 8.2 BN
• Revenues at € 3.0 BN
• EBITDA at € 6 MM, 0.2% on revenues
• EBIT at € (74) MM, -2.4% on revenues
• Profit/(loss) before extraordinary and non recurring items(2) at € (169) MM
• ‒ Result attributable to owners of the parent at € (73) MM
• Profit/(loss) for the period at € (195) MM
• ‒ Result attributable to owners of the parent at € (96) MM
• Net financial position at € (506) MM
• Net working capital(3) at € 431 MM, including construction loans at € (995) MM
• Free cash flow at € (523) MM
• Workforce decrease mainly related to ongoing cost cutting program in Romania

(3) Construction loans are accounted for in Net working capital, not Net financial position, as they are not general purpose loans and can be a source of financing only in connection with ship contracts

Order intake and backlog – by segment

(1) 1 LCS unit along with advanced procurement funding for another ship and a priced option for one additional ship

(2) 1 ATB (Articulated Tug Barge) unit - articulated unit consisting of a barge and a tug, thus being counted as two vessels in one unit

(3) Soft backlog represents the value of existing contract options and letters of intent as well as contracts under negotiation, none of which yet reflected in the order backlog

Comments

• Order intake at € 4.9 BN (€ 4.2 BN in 9M 2014), with book-to-bill ratio at 1.6x
• ‒ Shipbuilding at € 4.1 BN, related to the Italian Navy's fleet renewal program (8 units), the continuation of FREMM (2 units) and LCS programs (2 units(1)) and 2 (2) vessels for petroleum/chemical transportation to be built in US
• ‒ Offshore at € 299 MM (3 OSCV, 2 Other)
• ‒ Equipment, Systems & Services at € 473 MM
• Backlog increased to € 11.6 BN from € 9.5 BN in 9M 2014 (€ 9.8 BN in FY 2014)
• ‒ Shipbuilding at € 9.5 BN
• ‒ Offshore at € 1.6 BN
• ‒ Equipment, Systems & Services at € 634 MM
• Soft backlog(3) at € 8.2 BN mainly related to the agreements with Carnival and Virgin for 5 and 3 cruise ships respectively

Backlog deployment – by segment and end market

(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) Ships with length > 40 m (excluding 3 RB-M for US Coast Guard delivered in 2015)
• (3) All deliveries scheduled for 2015, including the vessels already delivered in 9M 2015

(4) Offshore business generally has shorter production times and, as a consequence, shorter backlog and quicker order turnaround than Cruise and Naval

• Cruise
• − Visibility of deliveries up to 2018 without considering the agreements with Carnival and Virgin
• − Extension of delivery dates agreed with clients, from 2016 to 1H 2017, for 2 cruise ships in order to reach a better workload balance
• Naval
• − Orders for the Italian Navy's fleet renewal program and continuation of LCS and FREMM programs extended visibility of deliveries up to 2025, with 8 units scheduled for delivery after 2020
• − Delivery of "Pietro Venuti" submarine and LCS7 rescheduled to 2016
• Offshore(4)
• − Terminated 2 contracts following the filing for insolvency of two clients, thus excluding them from backlog (one charted to DOF pending its sale, the other one under construction)
• − Production schedules adjusted due to extension of delivery dates on some projects, resulting in improved workload balance

Revenues – by segment and end market

(1) Breakdown calculated on total revenues before eliminations

Comments

• Shipbuilding revenues at € 2.1 BN, increased by 13.7% from 9M 2014
• − Higher volumes in cruise partially offset by the effects of cost overruns on work in progress
• − In naval, the increase in revenues is mainly driven by US subsidiary (FMG) contribution benefiting from the USD strengthening compared to 9M 2014
• Offshore revenues at € 847 MM, down 14.5% vs. 9M 2014 due to reduced activity at some of the European shipyards and negative effect of NOK/EUR exchange rate
• Equipment, Systems and Services revenues at € 149 MM, up 15.5% vs. 9M 2014, due to the increase of volumes both in after sales services for naval vessels and sale of automation systems

EBITDA(1) by segment

(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) extraordinary wages guarantee fund – Cassa Integrazione Guadagni Straordinaria, (viii) expenses for corporate restructuring, (ix) accruals to provision and cost of legal services for asbestos claims, (x) other non recurring items (2) Other costs

11

Profit/(loss) before extraordinary and non recurring items(1)

€ MM	9M 2014	9M 2015
Profit/(loss) for the period A	43	(195)
Extraordinary and non recurring items gross of tax B effect	35	34
Tax effect on extraordinary and non recurring items C	(10)	(8)
Profit/(loss) before extraordinary and A + B + C non recurring items(1)	68	(169)
Attributable to owners of the parent	67	(73)

• Profit/(loss) before extraordinary and non recurring items at € (169) MM, vs. € 68 MM in 9M 2014 mainly due to:
• − Lower EBIT (€ -206 MM) mainly related to low margins in Shipbuilding and Offshore
• − Higher finance expenses (€ +59 MM) which include unrealized foreign exchange losses related to VARD for € 44 MM
• − Extraordinary and non recurring items gross of tax effect at € 34 MM related to asbestos claims (€ 22 MM), costs for restructuring plans (€ 9 MM) and extraordinary wage guarantee fund costs (€ 3 MM)
• Profit/(loss) for the period at € (195) MM (€ 43 MM in 9M 2014), with result attributable to owners of the parent at € (96) MM (€ 42 MM in 9M 2014)

Capital expenditures

• Capex in 9M 2015 equal to € 106 MM, of which:
• ‒ Tangible for € 88 MM related to the construction of new infrastructure and technological upgrading of facilities, notably for hull construction and logistic support, to improve production efficiency as well as safety and environmental conditions
• ‒ Intangible for € 18 MM for the development of new technologies for cruise business (€ 12 MM) and upgrading of IT systems

Net working capital(1)

Breakdown by main components Comments

(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

• Net working capital at the end of 9M 2015 increased to € 431 MM, compared to € 69 MM for FY 2014 with:
• ‒ Increase in work in progress (€ +614 MM) and inventories and advances (€ +68 MM) driven by growth of volumes in cruise
• ‒ Increase in construction loans (€ +148 MM)
• ‒ Decrease in trade receivables (€ -110 MM) and in trade payables (€ -72 MM)
• ‒ Negative variation of other current assets and liabilities (€ -147 MM) mainly related to changes in fair value of forex derivatives
• Construction loans in 9M 2015 at € 995 MM, of which € 907 MM related to VARD and € 88 MM related to cruise business

Net financial position(1)

(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

Key financial ratios

Comments

• ROI at -0.5% and ROE at -12.2% for 9M 2015 significantly affected by the negative results for the period and not directly comparable to 9M 2014
• Net debt / Equity at 0.4x and Gross debt / Equity at 0.6x for 9M 2015, increasing compared with 9M 2014 due to
• ‒ Equity decrease following the losses in the period
• ‒ Debt increase (both gross and net) related to higher financing requirements resulting from the growth of volumes in cruise business

(1) Ratios calculated based on economic parameters related to 12 months trailing (from 1 October 2013 to 30 September 2014 and from 1 October 2014 to 30 September 2015) n.m. – not meaningful

Outlook

• Convert the cruise strategic agreements signed into firm orders • Focus on managing the significant increase in engineering and production volumes in cruise business • Margins in Q4 2015 will continue to be affected by low profitability of cruise ships currently under construction, before new orders kick-in • Reduced production volumes in naval, with the first vessel from the Italian Navy's fleet renewal program entering production early in 2016 Shipbuilding Offshore Equipment, Systems & Services • Market remains challenging; new order outlook is still weak in the near term, especially in the North Sea • Rightsizing of the organization to make the company competitive in a changed market environment • Relevant synergies between Fincantieri and VARD already implemented over the year, with further potential both to support Italian operations and to structurally increase cruise production capacity • Action plan under study aimed at providing permanent resolution of issues in Brazil, including several strategic options to guarantee business sustainability in the medium term • Further volumes growth resulting from the implementation of the strategy to internalize key systems and components • Expected confirmation of positive margin trend with focus going forward on further enhancement of product portfolio and development of new technologies • Group Business Plan with economic and financial targets for the short and medium term, to be presented with the approval of 2015 annual results • The Plan will outline all the necessary measures needed to allow an adequate return to shareholders Business Plan

Investor Relations contacts

Investor Relations Team

Angelo Manca - VP Investor Relations +39 040 319 2457 angelo.manca@fincantieri.it

Federica Capuzzo +39 040 319 2612 federica.capuzzo@fincantieri.it

Tijana Obradovic +39 040 319 2409 tijana.obradovic@fincantieri.it

Silvia Ponso +39 040 319 2371 silvia.ponso@fincantieri.it

Institutional Investors

investor.relations@fincantieri.it

Individual Shareholders azionisti.individuali@fincantieri.it

www.fincantieri.com

Q&A

Appendix

9M 2015 results by segment

Shipbuilding

Offshore

Equipment, Systems and Services

Shipbuilding

Highlights

€ MM	9M 2014	9M 2015
Order intake	3,086	4,148
Order book	10,549	13,817
Backlog	6,797	9,437
Revenues	1,855	2,110
EBITDA	125	26
% on revenues	6.7%	1.2%
Capex	66	74
Ships delivered	5	(1) 7

• 8 units within the Italian Navy's fleet renewal program (6 Multipurpose Offshore Patrol units, 1 Logistic Support Ship and 1 Multipurpose Amphibious unit) • 2 FREMM units for the Italian Navy • 1 LCS unit for US Navy along with advanced procurement funding for another ship and a priced option for one additional ship

• 1 ATB unit

Convert the cruise strategic agreements signed into firm orders

Focus on managing the significant increase in engineering and production volumes in cruise business

Margins in Q4 2015 will continue to be affected by low profitability of cruise ships currently under construction, before new orders kick-in

Reduced production volumes in naval, with the first vessel from the Italian Navy's fleet renewal program entering production early in 2016

Comments

• Orders: high order intake at € 4.1 BN, taking backlog to € 9.5 BN
• ‒ Agreements with Carnival and Virgin Cruises for 5 and 3 innovative cruise ships included in soft backlog
• Revenues: at € 2.1 BN, up 14% from 9M 2014, thanks to
• ‒ Higher volumes in cruise partially offset by the effects of cost overruns on work in progress in Q3 2015
• ‒ Positive exchange rate effects in US shipyards more than compensating the reduced contribution of Naval in Italy
• EBITDA at € 26 MM, margin at 1.2%
• − Margins impacted by low prices of ships under construction, higher costs caused by engineering overload on prototypes under construction
• Capex: at € 74 MM

(1) 3 cruise ships (Britannia for P&O Cruises, Viking Star for Viking Ocean Cruises and Le Lyrial for Ponant), 1 ferry (F.-A.- Gauthier for Société des traversiers du Québec), 1 naval vessel (frigate Carabiniere for the Italian Navy) and 2 barges for Moran Towing Corporation

Offshore

€ MM	9M 2014	9M 2015
Order intake	1,081	299
Order book	3,564	2,975
Backlog	2,433	1,589
Revenues	991	847
EBITDA	89	(16)
% on revenues	8.9%	(1.9)%
Capex	36	24
Ships delivered	16	11

• 1 Diving Support and Construction Vessel (DSCV) for Kreuz Subsea

• 1 coastal fishing vessel for Breivik AS

• 1 stern trawler for a new Canadian client

• 2 Offshore Subsea Construction Vessels (OSCV) for Topaz Energy and Marine

Market remains challenging; new order outlook is still weak in the near term, especially in the North Sea

Rightsizing of the organization to make the company competitive in a changed market environment

Relevant synergies between Fincantieri and VARD already implemented over the year, with further potential both to support Italian operations and to structurally increase cruise production capacity

Action plan under study aimed at providing permanent resolution of issues in Brazil, including several strategic options to guarantee business sustainability in the medium term

Highlights Comments

• Orders: weak order intake at € 299 MM, due to a persistently challenging market environment
• Revenues: at € 847 MM down 15% vs. 9M 2014 due to reduced activity at some of the European shipyards and negative effect of NOK/EUR exchange rate; 9M 2014 includes orders risk fund(1) release for € 35 MM
• EBITDA: at € (16) MM, with margin at (1.9)% driven by weak operating performance at some VARD shipyards, but developing action plan
• ‒ Brazil: at Niterói cost overruns with rescheduling of AHTS and LPG units; at Promar progress on the LPG carriers not satisfactory with delays and additional loss provisions
• ‒ Norway and Romania: gradual decrease in activity levels and increasing focus on cost cutting and workforce reduction measures
• Capex: at € 24 MM

Equipment, Systems and Services

Highlights Comments

€ MM	9M 2014	9M 2015
Order intake	168	473
Order book	721	1,083
Backlog	327	634
Revenues	129	149
EBITDA	13	19
% on revenues	10.3%	12.5%
Capex	3	4

Further volumes growth resulting from the implementation of the strategy to internalize key systems and components

Expected confirmation of positive margin trend with focus going forward on further enhancement of product portfolio and development of new technologies

• Orders: order intake at € 473 MM taking backlog at € 634 MM
• ‒ Mainly related to Italian Navy's fleet renewal program and the conversion of 4 "Minerva" class corvettes into Offshore Patrol Vessels for the Bangladesh Coast Guard
• Revenues: up to € 149 MM, mainly due to the increase of volumes both in after sales services for naval vessels and sale of automation systems
• EBITDA: at € 19 MM with margin at 12.5%, increased vs. 9M 2014 both in terms of absolute value and in terms of margins due to higher contribution of after sales services related to naval vessels and propulsion systems
• Capex: at € 4 MM

Profit & Loss and Cash flow statement

Profit & Loss statement (€ MM)	9M 2014	9M 2015
Revenues	2,935	3,032
Materials, services and other costs	(2,105)	(2,368)
Personnel costs	(617)	(658)
Provisions(1)	(6)	-
EBITDA	207	6
Depreciation, amortization and impairment	(75)	(80)
EBIT	132	(74)
Finance income / (expense)(2)	(50)	(109)
Income / (expense) from investments	2	-
Income taxes(3)	(16)	14
Profit / (loss) before extraordinary and non recurring items	68	(169)
Attributable to owners of the parent	67	(73)
Extraordinary and non recurring items(4)	(35)	(34)
Tax effect on extraordinary and non recurring items	10	8
Profit / (loss) for the period	43	(195)
Attributable to owners of the parent	42	(96)
Cash flow statement (€ MM)	9M 2014	9M 2015
Beginning cash balance	385	552
Cash flow from operating activities	(300)	(406)
Cash flow from investing activities	(119)	(117)
Free cash flow	(419)	(523)
Cash flow from financing activities	388	149
Net cash flow for the period	(31)	(374)
Exchange rate differences on beginning cash balance	10	(8)
Ending cash balance	364	170

(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 effect on the comparative information.

(2) Includes interest expense on VARD construction loans for € 19 MM in 9M 2014 and € 28 MM in 9M 2015

(3) Excluding tax effect on extraordinary and non recurring items

Balance sheet

Balance sheet (€ MM)	FY 2014	9M 2015
Intangible assets	508	504
Property, plant and equipment	959	958
Investments	60	65
Other non -current assets and liabilities	(48)	(43)
Employee benefits	(62)	(57)
Net fixed capital	1,417	1,427
Inventories and advances	388	456
Construction contracts and advances from customers	1,112	1,726
Construction loans	(847)	(995)
Trade receivables	610	500
Trade payables	(1,047)	(975)
Provisions for risks and charges	(129)	(116)
Other current assets and liabilities	(18)	(165)
Net working capital	69	431
Assets held for sale including related liabilities	-	23
Net invested capital	1,486	1,881
Equity attributable to Group	1,310	1,223
Non -controlling interests in equity	220	152
Equity	1,530	1,375
Cash and cash equivalents	(552)	(170)
Current financial receivables	(82)	(58)
Non -current financial receivables	(90)	(97)
Short term financial liabilities	80	232
Long term financial liabilities	600	599
Net debt / (Net cash)	(44)	506
Sources of financing	1,486	1,881