H1 cost efficiency: significant across all sectors Opex - 10% Capex - 10% G&A - 25% total cash improvement + 1,4 bn At constant exchange rate 6
economic performance EBIT adj bn 6.2 scenario -3.8 Saipem 2.3 -0.9 +0.8 performance plan execution delivered 800 mln Constant scenario: oil price, FX and refining margins 7
strong cash generation cumulated CFFO 2015 CFFO and CAPEX 2015 H1 6.3 H1 5.7 capex covered by operating cashflow 8
business targets confirmed or increased new target 2015 production 7% ebit positive from 2015 ebit positive from 2015 ebit breakeven from 2015 ebit breakeven from 2015 cash neutrality in 2015/2016 confirmed at 60…