RINA had a positive year in 2014, with turnover up strongly at 333m Euro. It made four small acquisitions to expand expertise and coverage. Two new shareholders invested 100m Euro for capital and future acquisitions, giving RINA a war chest of around 250m Euro. RINA increased staff to almost 3,000 globally and implemented a new job contract and training programs. It also began a project called RiNEW to standardize and simplify global IT and business processes.

1. making the best together
2014
ANNUAL REPORT

2. contents
annual report 2014
Chairman and CEO report
What we do and where we are
TIC Services
CE Services
Money and People
2014 Highlights
Energy
TIC Main Projects
CE Main Projects
Marine
Main Projects
Business Assurance
Main Projects
Transport and Infrastructures
TIC Main Projects
CE Main Projects
Operational highlights of the Group
2
4
6
8
10
12
14
16
18
22
28
32
34
40
42
44
48

3. Ugo
Marco
Sergio
Enrico
Nazareno
Emanuele
Paolo
SALERNO
CERRINA FERONI
RAVAGLI
BUSCHI
CERNI
GRIMALDI
PIERANTONI
CEO & Chairman
Vice - Chairman
Vice - Chairman
Director
Director
Director
Director
Francesco
Giovanni
Antonio
ILLUZZI
GRAZZINI
GUASTONI
Roberto
Roberto
Michele
Michele
Paolo
CARPANETO
CAZZULO
FRANCIONI
MORSELETTO
SALZA
Member
Member
Member
Member
Member
Roberto
Alberto
Claudio
Paolo
Ugo
CAZZULO
ALBERTI
CONSIGLIERE
GAGLIARDI
LECIS
Chairman
Member
Member
Member
Member
Board of Directors
Audit Board
Supervisory Board
Corporate Compliance Board
Chairman
Auditor
Auditor
Independent Auditor
PricewaterhouseCoopers

4. 2
2014 was a positive year for RINA. We ended the year optimistic and
well-placed to take advantage of a recovering world economy.
Turnover for the year was up strongly at 333m Euro, although
EBITDA at about 38m Euros was marginally impacted by the costs
of integrating acquisitions. A strong drive to hold down costs and
increase efficiency across the group helped us to retain, and in most
areas, increase our margins.
The number of markets and countries in which we operate increased
during 2014, and all of these showed positive signs of growth. That
allowed the group to bid for, and win, larger contracts with larger
Clients on larger projects. Geographically we extended our footprint
and were able to provide services previously centred on Italy into a
wide range of new countries. We won contracts to supply inspection
services for a major port development in Turkmenistan, for a feasibility
study for the Mumbai Metro extension, for inspection services for
Petrobras in Brazil and verification for a major floating gas project in
Indonesia.
In our traditional markets we also gained in size of Client and
project, extending our leading position in the market for cruise ships
by being selected to class two mega cruise ships for MSC Cruises
to be built in Italy. New services for cruise ships and ferries which
go beyond class proved popular and will be further developed and
rolled out to more Clients in 2015. Indonesia was again a bright spot
internationally where we gained substantial maritime Clients. RINA
was technical advisor to the Italian Government and the shipowner
for the successful removal of the Costa Concordia wreck.
Internally we began to see the results of the restructuring completed
in 2013. The management effort devoted to implementing the new
structures was redirected to developing and marketing services.
That showed in the wider range of projects and Clients we were
able to gain. Grouping our consulting engineering activities under
the D’APPOLONIA brand proved successful. The credibility of the
D’APPOLONIA name was demonstrated as our new Washington
subsidiary was able to help win successful tenders for business with
major donor and international financial organisations. We expect that
to grow strongly in 2015.
Chairman & CEO
Report
annual report 2014

5. Our strategy is to grow organically but also to build a position in
new sectors and new countries by strategic acquisition of established
businesses. In 2014 we welcomed two new shareholders, Intesa
Sanpaolo and VEI Capital, who together gave us a capital injection
and access to acquisition capital of 100m Euro. Together with group
reserves and bank support that gives us a substantial growth fund.
Four small acquisitions in 2014 helped us to improve our certification
coverage in Brazil, strengthen our food testing ability in North Africa,
consolidate our leadership in construction certification in Italy
and enter the growing Canadian marine market. We also invested
in integrating Centro Sviluppo Materiali (CSM) into the group. The
challenge was to focus the deep expertise of CSM onto Client service
while improving efficiency and reducing costs. By the year end that
process was in place and CSM was able to open a new laboratory in
Sardinia and win substantial new contracts.
In 2015 we will continue with smaller acquisitions which will bring
us specific expertise or local market penetration to fill gaps in our
global network. But the focus for our acquisition team is more
ambitious and our intention is to identify and capture one or more
large international companies which will bring transformative growth
to the group.
We ended 2014 with RINA in a strong position but with global markets
shaken up by a falling oil price. It is too soon to know how low the
oil price will go or for how long energy will be cheap. For RINA this
situation brings opportunities and challenges. The challenges are that
upstream energy projects where we have a growing business will be
slowed or stopped and that the economies of oil-producing nations,
where we have new business, will also slow. The opportunities come
in two areas. In uncertain times companies around the world have
greater need for certainty in what they plan to do and greater need
to save costs by being more efficient. RINA’s business is to provide
certainty and increase efficiency, so that helps us. And low energy
prices will stimulate the developed economies in particular. As the
global economy grows, so does business for our group.
I am happy to report that RINA is a well-structured, well-motivated
and well-funded group strongly placed to face the challenges and
take advantage of the opportunities which 2015 will bring.
Ugo Salerno
CHAIRMAN & CEO, RINA

6. RINA is a global group that provides TIC Services (Testing, Inspection,
Classification and Certification) and CE Services (Consulting
Engineering, Design, Project Management and Control, Operability
Assurance). In 2014 we operated in more than sixty - countries
through a network of 163 offices, technical centres, centres of
excellence and laboratories.
RINA has its global headquarters in Genoa, Italy, where it was founded
over 150 years ago as Registro Italiano Navale. Today it has built on
its original mission of ship safety so that it provides expertise in a
wide range of markets grouped under four main Businesses: Energy,
Marine, Business Assurance and Transport and Infrastructure.
To ensure transparency and independence RINA operates through
two independent companies:
RINA SERVICES coordinates the group TIC Companies to deliver
TIC Services, like: ship classification; system, product and personnel
certification; testing; inspection and training.
D’APPOLONIA coordinates the group CE Companies to deliver
CE Services, like: consulting engineering; design and feasibility
studies; operations and maintenance; consultancy and strong
expertise in environmental issues.
Moreover, Centro Sviluppo Materiali (CSM) delivers innovation and
testing in the field of materials. It is an independent research and
development centre for steel and new materials and also provides
laboratory and testing services for materials and products, with a
strong focus on the energy industry.
Three key values underpin all our services. These are a continual drive
for innovation and respect for the environment and sustainability. We
look at everything we do, every Client and every project, and measure
them against these three criteria, then we ask ourselves how we can
improve all three.
One more important thing links everything we do. Our 2,760 staff are
drawn from a wide variety of nations and professional backgrounds,
but they are all highly skilled, they all like their work and they are all
proud and excited to be part of a growing and globalising group. That
reflects in the service our Clients receive.
In 2014 RINA consistently led customer satisfaction measures when
compared to our competitors. That performance reflects the personal
service and the real desire to share our expertise to help others which
are RINA’s real strengths.
what we do and
where we are
4
annual report 2014

7. 60countries
163offices
2,760staff

8. 2014 was a year of learning for RINA SERVICES. After a year of
looking inward and reorganisation in 2013 we were learning how
to look outwards to new markets. Learning the power of our matrix
system to harness synergies and identify opportunities. Learning the
strength of our expertise and the demand for it in new industries and
new countries. And learning the real satisfaction of achieving new
contracts with major Clients in these markets.
Highlights of the year included being selected for a range of TIC
contracts for Brazil’s Petrobras, concluding our first major international
inspection and verification contract in the field of transport and
infrastructure for a port development in Turkmenistan and achieving
recognition as single-point providers of business assurance for global
groups such as Pirelli. Another key contract was with Total for the
development of an oil field in Italy.
The major change in delivery of TIC Services was in their
internationalisation. Marine services have always been global, but
in 2014 we were able to use that network to roll out Business
Assurance, Energy and other services globally. We saw growth in
China, Indonesia, USA, Brazil, UAE and Northern Europe.
We kept a good eye on what we were doing, and how our customers
reacted to that. Better monitoring of internal data helped us to
streamline processes and reduce resource use while improving
overall activity. Externally, customer satisfaction surveys consistently
put RINA SERVICES at the top level.
Three niche acquisitions helped us to fill gaps in our expertise and
coverage. LAB 21 brought us food testing capability in Tunisia, ICIC
built on our construction certification business in Italy and BRACERT
improved our business assurance outreach in northern and central
Brazil. In Canada Hayes Stuart joined the group, giving us a platform
to expand marine services in North America.
A major driver for certification is the number and range of
accreditations held. RINA SERVICES focused on increasing both
during 2014, helping us to appeal to a wider range of Clients.
Ourtraditionalcoremarinebusinessdidwellin2014. Westrengthened
our position as the number one class for passenger ferries and as a
major class for cruise ships. We won the class for two mega cruise
ships for MSC Cruises to be built at Fincantieri. But marine is no
longer simply class, it provides a wide and growing range of services.
The merchant sector is already benefitting from our risk identification
and management schemes and our energy-saving software.
We enter 2015 with what we have learnt is a strong platform for
growth - a well-connected global network, a strong portfolio of
accreditations, services and a highly-motivated staff. We have the
examples of successful contracts in 2014 to follow. With the world
economy set to grow we expect to grow further and faster in 2015.
TIC Services
classification, certification, inspection & testing
6

9. 25,252certified companies
5,166classed ships
110,000man days of inspection
Michele Francioni
CEO, RINA SERVICES

10. Engineers like tuning, refining and adjusting processes and machinery
to improve performance. They also like to watch trends and gradients
rather than rely on point measurements. For D’APPOLONIA 2014
was a year of fine tuning and positive trends.
The tuning was required to get the whole new organisation working
smoothly. In the previous two years we have had the merger and
integration with RINA and the reorganisation to include all the group’s
engineering and consulting activities in D’APPOLONIA. With that
completed we had to spend time and effort to get the new operations
and organisation running smoothly.
The positive trend was organic growth. Over the year D’APPOLONIA
showed a six per cent growth, despite the still fragile world economy
in which we operate. Our people put in a lot of effort to keep their
external focus and to follow the two prongs of our strategy - project
upsizing and internationalisation.
Upsizing means we began bidding for major projects altogether rather
than bidding for specific skill-based areas of major projects. That was
successful and D’APPOLONIA won some substantial contracts where
we take strategic responsibility, provide the studies and later can
supply the specific expertise for implementation.
The internationalisation saw us open new offices in Uruguay, United
States and Mozambique and take on contracts in new countries
including Ecuador, Dominican Republic, Uruguay, Mozambique,
Kenya and Egypt. We now have major offices in India, Turkey, the
Emirates and Romania, able to promote the entire company and
provide our full range of services.
The wider network and the larger size of projects led during 2014 to
a changing perception of D’APPOLONIA in the eyes of prospective
Clients. They began to see us as more dynamic, more able to move
quickly and more able to manage large complex projects at a strategic
level. That helped us to win a major international donors’ funded
development project in Egypt’s Golden Triangle, to gain extensive
railway work in Scandinavia, to develop the LNG project in Uruguay
and to expand our work with GasCo in Abu Dhabi.
We enter 2015 with a strong pipeline of work and still on a strong
growth trend. That gives us the confidence to grow our staff,
especially in our international offices where we will be hiring more
local engineers. There is a positive attitude in our engineers who
have been able to open their minds as internal barriers have been
eliminated. That has led to a virtuous circle of more ideas, more bids
for work and more successes in obtaining contracts. That creates
opportunities for good people in D’APPOLONIA to grow and for us to
grow globally. We are well placed to keep the upward trend in 2015,
and also well-placed for a European recovery which would generate a
lot of work for us in our home markets.
CE Services
8
consulting engineering

11. 452new projects
84
1.5million hours of engineering
countries with ongoing projects
Roberto Carpaneto
CEO, D’APPOLONIA

12. In 2014 the group acquired more people, more money and more
ways to manage both.
In mid-year two Italian investors, Intesa Sanpaolo and VEI Capital,
became shareholders. Their capital injection and the funds they have
allocated for growth acquisitions total 100m Euro. Alongside that we
have bank support and strong internal cash generation which gives us
a war chest of around 250m Euro. We spent part of that in 2014 on
four small acquisitions but much of the funding is aimed at finding
a partner or acquisition which will bring a major new step forward for
the group in 2015.
With the new companies and their people RINA increased its staff
to almost 3,000 globally in 2014. We want RINA’s staff to take
advantage of the global mobility and opportunities that a fast-growing
group can offer. So we put in place a new job contract and clarified
training pathways and resources.
As the group grows in geographical outreach and into new industries
and markets we are constantly looking for ways to simplify and
standardise procedures internally. That led in 2014 to us changing
up a gear in transforming our IT platform and ERP platform. A long-
running ERP roll-out has been upgraded to a new project, which
we call RiNEW. Under the RiNEW banner we are drilling down into
how we do everything and setting up one simple standard procedure
for every task. That will be implemented globally. This will be done
on a global and unified IT platform which we are developing with
Microsoft and Accenture.
We expect our Italian companies and offices to be live on the RiNEW
platform and processes in 2016 and to have our global companies on
the same system by 2017.
With the new business platform we will know better what our people
and money are doing and we will speed interaction with Clients and
suppliers. Our colleagues will spend less time on internal procedures
and on paperwork. That all reduces costs and improves income.
That will feed down to the bottom line and our cash flow. And that
strengthens our ability to grow.
We have set ambitious growth targets for the forthcoming years with
the aim of achieving a much wider shareholding and public listing.
With the right people, the right money and the right systems in place
I am confident we will achieve that.
Money and
people
10
annual report 2014

13. 100m Euro
capital injection +
growth funds
250m Euro
bank support +
internal cash generation
Roberto Cavanna
CFO, RINA

14. RINA SERVICES consolidated its
position as leader for Certification
in the Construction Sector through
the acquisition of ICIC.
Intesa Sanpaolo and VEI Capital,
became shareholders, their capital
injection and the funds they have
allocated for growth acquisitions
total 100m Euro.
India Reliance Limited Industriesawarded RINA SERVICES thecontract for design verification andcertification for a jetty extension atIndia’s largest oil refinery inJamnagar.
RINA expanded into the growing North
American marine market with the
purchase of marine survey company
Hayes Stuart. Brazil’s oil major
Petrobras awarded RINA SERVICES a
contract for the verification of cranes,
anchorage and cable systems, overhead
cranes and rail cars. It gives RINA a
foothold with a major oil company in
South America.
Eni Indonesia awarded RINASERVICES a contract for theJangkrik FPU offshore gas project
for engineering review and site
supervision during the construction,
including hull and living quarters,
in South Korea (Ulsan).
Launch of Centro Sviluppo Materiali(CSM) integration in RINA.
2014 Highlights
12
annual report 2014

15. RINA SERVICES certified the first
section of the high speed rail
network in Denmark linking
Copenhagen to Ringsted.
RINA began food testing in NorthAfrica with the acquisition of theLAB21 food testing centre in Tunisia.
RINA SERVICES was chosen to classthe MSC Cruises Seaside project fortwo 5,300-passenger mega cruiseships to be built at Fincantieri to avery innovative design.
RINA’s specialist materials
subsidiary CSM opened a new
testing laboratory in Sardinia. It
meets global demand for testing of
offshore oil drilling connections.
POLARIS launched a new Business
Line aimed to provide value added
solutions in order to support
Customers R&D Centres.
The design, development and testing
phases of RiNEW were finished.
D’APPOLONIA was selected by Vale
S.A. to act as the IndependentEnvironmental and SocialConsultant (IESC) for theNacala Corridor Railway and Port
Project in Mozambique.
D’APPOLONIA was chosen by Egypt’s
Industrial Development Authority to
lead the development of a master
plan for Egypt’s mineral and energy
rich Golden Triangle.
RINA SERVICES was awarded design
review, inspection and certification
services for a major port development
project to be built in Turkmenistan.

16. The global energy market was transformed in the second half of 2014
as oil prices fell strongly. The falling oil price slowed or stopped some
new offshore projects and gave pause for thought to offshore LNG
and renewable energy developers. However, the lower price focussed
attention on reducing operational expenditure and on asset integrity
maintenance, both areas where RINA provides strong services. The
low oil price is also stimulating downstream developments, creating
opportunities for RINA.
GLOBAL EXPANSION
Both RINA SERVICES and D’APPOLONIA expanded global energy
services during 2014. RINA SERVICES set up new energy hubs
to meet demand for TIC services in Azerbaijan, Singapore, South
Italy, Brazil, Ghana, Congo and Slovakia. D’APPOLONIA set up a
company in Uruguay to service the LNG import and regasification
project being developed by Gas Sayago. D’APPOLONIA also set up
in Mumbai, to service growing Indian contracts and more widely,
the Asian market, and started a branch in Mozambique to deliver
engineering services to the offshore gas discoveries. Growth in Abu
Dhabi, where D’APPOLONIA extended work with Gasco and Dragon
Oil, made this office one of the largest consulting engineering centres
of D’APPOLONIA outside Italy.
RINA’s specialist materials subsidiary Centro Sviluppo Materiali
(CSM) opened a new testing and research laboratory in Sardinia
equipped with the most innovative instruments to meet the global
demand for testing and research of offshore oil drilling connections.
In 2014 RINA SERVICES adopted a new approach for the
classification, verification and certification of fixed offshore platforms.
The new rules will be published in 2015 and will give cradle-to-grave
guidance to operators and choices on inspection and maintenance
strategies and will extend to re-use and decommissioning of assets.
D’APPOLONIA extended its structural health monitoring capability for
the acquisition of data on the structural health of offshore platforms,
pipelines and civil infrastructures by combining engineering know-
how, data management skills and the capabilities of its electronics
division.
GROWING DEMAND
Despite the low oil price new gas projects are expected to continue
in 2015 and this will create demand for both TIC and CE services.
With its network, divided between energy hubs and engineering
offices, RINA companies are well placed to support these projects.
Ageing infrastructure and a squeeze on capital expenditure will also
create demand for asset integrity management and structural health
monitoring.
Energy
14
annual report 2014

17. 38%operating revenues

18. Tempa Rossa Project
Total E&P Italia awarded RINA SERVICES a contract for QA/QC - third party
inspection services for the Tempa Rossa Project. The initial development of
the Tempa Rossa Field will comprise eight well-sites, an oil centre, a LPG
Centre, one pipeline section of 7.5 km, one dedicated LPG line to connect
the oil centre to the LPG centre and other lines to be installed including
sales gas, potable water, produced water, fibre optic and power cables,
which will be connected to the relevant networks.
RINA SERVICES is going to provide services related to the construction
of the plant (EPC1) and of the pipeline (EPC2). The activities will include
site supervision services during the construction of the plant and during the
laying of the pipeline, as well as the inspection and expediting during the
procurement and the manufacturing of materials, goods, and equipment
necessary for the construction and the installation.
Renewable Energy Inspections
For the first time, in 2014, RINA
SERVICES was awarded a framework
agreement by Enel Green Power. The
contract concerns vendor inspections,
testing and expediting of PV modules
and various components to be carried
out in the renewable energy market.
The contract has a two-year duration
and worldwide application.
QA/QC for Hassi Messaoud power plant
In Algeria, RINA SERVICES is providing
the quality control supervision package
for the Hassi Messaoud power plant on
behalf of constructor Ansaldo Energia.
RINA SERVICES has the responsibility
for the entire quality management
during the construction phase and, in
particular, it provides QC mechanical,
electrical, instrument , control and civil
supervision, QC coordination and 2nd
party inspection and testing on both
electrical and mechanical equipment.
Certification for MHNRD-III
In India, Oil and Natural Gas Corporation
(ONGC) entrusted the engineering
appraisal, procurement inspection, work
and fabrication approval, inspection
during load out and commissioning and
certification of the MHNRD-III offshore
wellhead platform to RINA SERVICES.
This contract has a particularly high
value due to the importance of the
platform itself, one of India’s prestigious
offshore platforms located in the prolific
Mumbai High North oil and gas field,
and because it will help strengthen
the relationship between India’s
largest National oil and gas exploration
and production company and RINA
SERVICES.
Energy
TIC Main Projects
16
Environment and Sustainability
Innovation
annual report 2014

19. Marine terminal of Jamnagar and
cryogenic ethane storage tank
In India Reliance Limited Industries
awarded RINA SERVICES the contract
for design verification and certification
for a jetty extension at India’s largest
oil refinery in Jamnagar with the aim of
reviewing, verifying and certifying the
design calculations, reports, documents
and drawings of the modification project
of the existing facility. The extension
will allow Reliance to handle new liquid
chemical products and more traffic
safely.
Reliance also entrusted RINA
SERVICES with the third party
inspection of civil construction work
for a new cryogenic ethane storage
facility. Reliance intends to import
cryogenic ethane to use as feed stock
for its crackers at Dahej, Hazira and
Nagothane. The tanks have a capacity
of 165,000 cu m. Ethane will be stored
at -91 degrees Celsius. This is the first
of its kind project in India.
Inspection of Equipment onshore and
offshore - Petrobras E&P assets
Brazil’s oil major Petrobras awarded
RINA SERVICES a two-year contract as
inspection company for the verification
of cranes, anchorage and cable systems,
overhead cranes and rail cars, among
others. The activities will be performed
in Rio de Janeiro`s Exploration and
Production Operational Units onshore
and offshore and will involve a total
of 13 platforms. The activity will be
carried out by two separate teams
working together, one based in Rio and
the other based in Macaé.
Jangkrik project - Offshore gas field
The Jangkrik Project consists of the
construction of the first Floating
Production Unit (FPU) realized by Eni,
Subsea Production System, Process
Facilities, Export Pipelines and tie in
to EKS pipeline network and onshore
receiving facilities.
Eni Indonesia awarded RINA SERVICES
three contracts for this project, the
first for engineering review and site
supervision during the construction
of the FPU, including hull and living
quarters, in South Korea (Ulsan),
the second for engineering review
and inspections during fabrication
of risers, flowlines, umbilicals and
sub-sea components and the third
for inspections during
fabrication of the gas well
completion components.

20. Nine hydro plants in Turkey
D’APPOLONIA has been selected as Technical
Advisor for the assessment of nine hydro plants in
Turkey. The aim of the due diligence is to review the
consistency and completeness of the documents
in relation to their content, calculation method,
design solutions as well as the permitting process.
D’APPOLONIA’s role is to assess the potentially
critical technical aspects including resources
assessment, expected production evaluation,
safety, technical issues, layouts, environmental and
water licenses, administrative authorizations, direct
and indirect costs, as well as review of the proposed
project schedule.
Smart Gas for the LNG import terminal
of Monfalcone
D’APPOLONIA completed the basic
design and permitting support for Smart
Gas for the LNG import terminal of
Monfalcone and for an onshore pipeline
from Chieti to Larino for Gas Italia.
Sour Gas Trunkline (SGT) and the Sour Oil Trunkline
(SOT) in Kashagan
Different failures have been experienced on carbon
steel pipes used for the Sour Gas Trunkline (SGT) and
the Sour Oil Trunkline (SOT) in the Kashagan field
in the Caspian Sea. Centro Sviluppo Materiali (CSM)
has supported Eni in understanding the damaging
mechanism and materials limits of applicability. CSM
has also been involved in surveying the facilities of the
pipe suppliers, in order to identify possible causes of in
service faults linked to the manufacturing process of the
plates and pipes. Furthermore CSM has contributed to
finding possible solutions for immediate rehabilitation
of the pipelines.
Gabes-Nawara project - HSE
engineering
ABB, TDE and Enerco chose
D’APPOLONIA for HSE engineering
during the design of onshore
compression stations and pipelines for
the Gabes-Nawara project in Tunisia.
Energy
CE Main Projects
18
Environment and Sustainability
Innovation
annual report 2014

21. Inter-American Investment Corporation
- Normandia hydro-electric
Environmental and social due diligence
will be carried out by D’APPOLONIA for
the 38.1 MW Normandia hydro-electric
project on the Upano River in Ecuador. The
Inter-American Investment Corporation
(IIC) chose D’Eng LLC and D’APPOLONIA
for the work.
Jubilee field activities and
FEED Design for OCTP
Discussion with Ghana National
Petroleum Corporation (GNPC) for
a contract for the execution of an
audit of floating production, storage
and offloading (FPSO) operations in
the Jubilee field, in cooperation with
PWC. This is important to reinforce
D’APPOLONIA’s presence in West
Africa, as the largest part of the job that
is being carried out in the country.
D’APPOLONIA is supporting Eni during
the FEED design of the RF and I Package
of Ghana OCTP (Offshore Three Point).
The activity is to define the owner’s
estimation for the RF and I EPCI scope
of work and the provision of technical
support during tender evaluation.
ENPI Clima South: Support for Climate
Change mitigation and adaptation
The ENP (European Neighbourhood
and Partnership) Clima South program,
funded by the European Commission,
aims at providing technical assistance
to support the transition of ENP
South countries towards low carbon
development and climate resilience, in
a context of sustainable and democratic
development, by enhancing regional
cooperation, information sharing and
capacity development on climate
change mitigation and adaptation
between the EU and its Mediterranean
neighbours (EU-South) and among ENP
partners themselves (South-South).
D’APPOLONIA is co-responsible for the
climate change mitigation component,
with special focus on: measurement,
reporting and verification, Nationally
Appropriate Mitigation Actions (NAMAs)
and Low Emission Development
strategies (LEDS).
TASIO Waste Heat Recovery in Energy
Intensive Industries project
An example of D’APPOLONIA’s active
research programme is the TASIO
Waste Heat Recovery in Energy
Intensive Industries project. Its main
objective is to develop solutions,
based on the Organic Rankine Cycle
(ORC) technology, to recover the waste
heat available in energy intensive
industries, such as cement and glass
production, steelmaking, as well as
the petrochemical industry, and to
transform it into useful energy.
Methodologies for energy efficiency
D’APPOLONIA supported Eni in the
development of methodologies for
energy efficiency to be applied to Eni’s
oil centre in Val d’Agri and to greenfield
installations in Mozambique.
Eni also awarded D’APPOLONIA
an important contract for nearshore
geophysical and geotechnical investigations
in Mozambique, which was among the
most significant of the year in terms of
overall budget.
to be continued...

22. Material development for the oil and
gas industry
Centro Sviluppo Materiali (CSM) helped
to develop materials suitable for working
in aggressive environments. Working
with GE Oil and Gas it identified the
main mechanisms of damage to the
reference materials and pursued the
development of new alloys.
Gas Sayago FSRU
D’APPOLONIA was awarded the contract
for project management consulting
during the construction of a gas pipeline
from the Gas Sayago FSRU in Uruguay
to the local gas network. D’APPOLONIA
previously carried out the FEED level
design of the project.
Etan and Zabazaba
D’APPOLONIA supported Eni during
the engineering follow up of the FEED
design for the gas export package and
for Etan and Zabazaba infield packages
in Nigeria.
Eni Cyprus exploration
D’APPOLONIA has carried out the preparation of the
environmental and social impact study (ESHIA) and the
documentation required under the Offshore Protocol
of the Barcelona Convention, in order to obtain the
licenses for Eni Cyprus exploration drilling activities.
During the execution of the offshore drilling activities,
D’APPOLONIA has been providing assistance to
Eni Cyprus including the conduction of technical
audits for the independent monitoring of the proper
implementation of the Terms of the Licenses and the
preparation of technical documentation required by
the authorities.
Energy
CE Main Projects
20
Environment and Sustainability
Innovation
annual report 2014

23. Mongolian Sustainable Energy
Financing Facility - MonSEFF
D’APPOLONIA has been awarded
the EBRD’s Mongolian Facility
(European Bank for Reconstruction
and Development), a tool to allow local
Participating Financial Institutions to
foster technical expertise in identifying
and preparing technically feasible,
bankable projects. As a result, the
Facility is expected to instigate a
self-sustaining market for investment
in small and medium-sized energy
projects, both energy efficiency and
renewable energy for the industrial
sector, in Mongolia.
World Bank guidelines
In 2014 D’APPOLONIA has carried
out the review and update of the IFC
(International Finance Corporation)
guidelines in order to guarantee their
alignment with the current Good
International Industry Practice (GIIP),
World Bank Group Sector Strategy and
2012 IFC Sustainability Framework.
The review process has included two
rounds of public consultations and
identification of existing gaps with
current standards applicable to the oil
and gas offshore industry.
Lampung FSRU - FEED Design
D’APPOLONIA completed the FEED
design and PMC (Project Management
Consulting) during EPCIC (Engineering,
Procurement, Construction, Installation
and Commissioning) of the Lampung
FSRU (Floating Storage and
Regasification Unit), the second FSRU
in Asia, installed in Indonesia (South
Sumatra). D’APPOLONIA has been
on the project for thirty months, from
the feasibility to the commissioning as
consultant for the project owner.
Eni Zubair project
D’APPOLONIA continued supporting Eni
ZubairinIraq throughout2014byproviding
Computerized Maintenance Management
System (CMMS) implementation and
management services. The activities are
still ongoing.
Risk Based Inspection Plan for Nghi Son
D’APPOLONIA was chosen to develop
an Risk Based Inspection (RBI) plan for
the large greenfield Nghi Son refinery
development in Vietnam.

24. Although globally shipowners and shipyards had a mixed year, with
some sectors under pressure from over tonnaging and low freight
rates, RINA’s traditional marine business picked up strongly during
2014.
GLOBAL DEVELOPMENT
Life came back into the cruise industry and several major orders were
placed. As the global leader in passenger ferries and the joint global
leader in ferries and cruise ships combined RINA SERVICES was
chosen for prestige newbuilding cruise projects.
RINA also focussed on providing value-added services to shipowners,
always aiming to reduce costs, reduce risks and improve fleet
performance.
RINA acquired Hayes Stuart, a marine surveying company in
Canada, as a platform for entry into the growing marine market in
North America. Canada was one of the flag states which extended
delegations of statutory survey powers to RINA SERVICES during
2014. As part of the growing internationalisation of RINA’s services
the other flag states giving delegations were Azerbaijan, Bangladesh,
Chile, Georgia, Mexico, Oman, Paraguay, Russia and South Africa.
A new marine office was opened in Malaysia to support the fast growing
local marine industry and a Centre of Excellence for Containerships
was established in Hamburg.
The yacht industry globally had a strong year and as the class leader
RINA SERVICES was very active, with both deliveries and orders
for major new yachts highlighting new green technology and higher
levels of comfort.
Navies around the world chose Italian yards and RINA class for new
warships, with especially high demand for sophisticated multi-role
patrol vessels. RINA SERVICES is working to extend the way naval
vessels are classed. The intention is to help the navies reduce costs,
help the yards reduce duplicate checks during construction and
help navies focus on the detail of combat systems rather than the
integration issues associated with them.
MARINE
22
annual report 2014

25. 30%operating revenues

26. Floating offshore units have a specific focus within RINA. They
include offshore support vessels, mobile drilling rigs, offshore field
construction units, oil and gas import and export offshore terminals
and floating production and storage units. Class and class related
specialist services to this sector grew throughout 2014, totalling at
the year’s end about 1.45m gt and 320 units in operation or ongoing
new building and conversion projects.
A Condition Assessment Programme (CAP) for pipe-layers and heavy-
lifting units was launched during 2014.
GROWING FLEET
During 2014 the classed fleet grew to 5,166 ships totalling 34m gt.
That growth came from ships in service and new buildings from many
different nations. Some highlights include:
¡¡ The classed fleet of Indonesian owners grew to over 350 ships,
totalling 1.1m gt
¡¡ Over 100 ships owned by North European shipowners entered
RINA class
¡¡ The classed fleet of Greek owners grew by 500,000 gt.
The strong service ethic of RINA’s global network led shipowners
to move 400 ships totalling 2.6m gt to RINA class during 2014.
Reflecting RINA SERVICES’ leading position in the ferry field ten of
these were ro-ro passenger ferries. Two were major units owned by
Denmark’s DFDS, two were major units for Italian operator SNAV and
one was a fast ferry for Greek operator Jambo Jet Maritime.
In the offshore support vessel sector thirty-two vessels were moved
into RINA class including 11 units for Indonesian operators and two
for Vestland Marine, one of which is a seismic vessel.
In the cargo vessel sector Greece’s Starbulk brought five bulk carriers
totalling 636,000 dwt with an average age of five years to RINA
class.
DELIVERIES
Two hundred new vessels totalling over 1m gt were delivered from
shipyards around the world into RINA class. These included the
4,947-passenger cruise ship Costa Diadema, built at Fincantieri for
Costa Crociere.
MARINE
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annual report 2014

27. Two of the largest ro-ro cargo ships in the world, Grande Tema and
Grande Lagos, with a loading capacity of 5,700 linear metres of
rolling cargo and 1,800 teu were delivered by Korea’s Hyundai Mipo
to Italy’s Grimaldi group while Denmark’s Nordana took the RINA-
class 2,546 linear metre ro-ro Wedellsborg from Cantiere Navale
Visentini.
Italy’s d’Amico Tankers took seven handysize eco product tankers
built by Hyundai Mipo and Hyundai Vinashin to RINA class and
Premuda group took two 76,800 dwt bulkers from SPP in Korea. The
24,000 dwt Zealand Maxima general cargo ship was built by Turkey’s
Sefine Shipyard for the Netherland’s owner Q-Shipping.
Seven new Offshore Support Vessels (OSV) were delivered to RINA
class, built in Italy, Norway, Indonesia and Brazil. These included the
4,200 gt Seabed Supporter for Swire Pacific Offshore Operations,
built by Norway’s Fjellstrand with the additional class notations Green
Plus and Dynapos. The 3,700 gt AHTS A.H. Varazze was built by
Rosetti Marino for Finarge Armamento Genovese with the additional
class notations Green Star 3 Design and Dynapos.
In the yacht sector there were seventy-five deliveries of classed yachts
from yards in Italy, UK, Turkey, UAE, South Africa, Russia, Estonia and
China. Examples included the 47 m Admiral Maxima 47 Entourage
built by Italian Sea Group with Green Plus Certification issued by
RINA SERVICES and the 65 m wooden three-masted schooner
Mikhail S Vorontsov built by Balk Shipyard, in the Netherlands, and
Dream Ship Victory in Turkey. ISA Group built the 54 m Forever One
to RINA class.
Nineteen warships were delivered with RINA class from yards in Italy,
Turkey and Algeria. Examples included the amphibious auxiliary ship
Kalaat Beni Abbes for the Forces Navales Algerienne and the frigate
Carlo Margottini for Marina Militare Italiana, both built by Fincantieri.
Turkey’s Rmk Marine Gemi built the patrol vessel TCSG Yasam to
RINA class for the Turkish Coast Guard. Two 95 m multipurpose
Offshore Patrol Vessels (OPV) were built by Fincantieri for the Italian
Coast Guard and four other OPVs were built for them under RINA
class at Italian yards. RINA classed ten 12 m fast Patrol Vessels
(FPV) built for the Turkish Customs by FB Design, Italy.
HEALTHY ORDER BOOK
Although globally total orders for new ships were down in 2014,
RINA took a good share of classification of new orders, especially in
the cruise, bulk and tanker sector.

28. During the year RINA SERVICES was awarded the contracts to class
300 newbuildings totalling 2m gt, bringing the total order book at
the year end to 680 ships totalling over 4.6m gt. Eighty-eight per
cent of the orders are to be built in Asian shipyards. By tonnage one
third are bulk carriers, a quarter containerships and twelve per cent
cruise ships.
But tonnage does not tell the whole story as the cruise orders were
significant. They included two mega cruise ships for MSC Cruises. The
5,300-passenger vessels will be built by Fincantieri and will include
innovative open spaces and very high environmental performance.
RINA SERVICES is also classing a significant jumboisation project
for MSC Cruises, the Renaissance Project.
Also in the cruise sector Seabourn Cruise Line ordered two
604-passengers luxury cruise vessels to RINA class at Fincantieri
and RINA class was chosen for two similar vessels to be built for
Silversea Cruises.
In the cargo sector 160 new building contracts have been placed
to RINA class at Indonesian shipyards, including twelve self-
propelled barges for which RINA SERVICES has developed dedicated
classification rules.
Netherlands-based Arcoin Holdings chose RINA class for two 18,900
dwt chemical/product tankers to be built at Ningbo Xinle Shipbuilding
and Greece’s Phoenix ordered four 43,000 dwt eco bulkers to be
built at China’s Qingshan Shipyard.
In the Offshore Support Vessels (OSV) sector RINA now has twenty-
eight OSVs under construction in Italy, Turkey, USA, Brazil, India,
Korea, China and Indonesia.
Eighty-six new yachts were ordered to RINA class during 2014,
bringing the total order book to 250 yachts to be built in Italy, UK,
USA, Turkey, UAE, Netherlands, South Africa and China.
Confirmed new orders of warships to RINA class during 2014 include
two 67 m Offshore Patrol Vessels (OPV) for the UAE Coast Guard to
be built by Damen Shipyard and dual classed with TASNEEF. The
Algerian Navy ordered a Mine Countermeasure Vessel (MCMV) from
Intermarine and the Indonesia Customs Police chose RINA SERVICES
to class two 60 m OPV to be built by PT Dumas. RINA SERVICES
has also been selected for the plan appraisal of a new corvette for
the Brazilian Navy to be designed by VARD Niteroi. A further thirty
Fast Patrol Vessels (FPV) up to 30 m length have been contracted to
be built worldwide, mainly in Italy, for Italian, Indonesian, Qatar and
Gibraltar Coast Guards and Customs.
MARINE
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annual report 2014

30. Best Management Scheme
The RINA Rules for the Certification of
Best Management Scheme of Companies
Owning or Managing Passengers or
Cargo Ships define a new and innovative
certification scheme created by RINA
SERVICES to reward the company
management system in its entirety.
In particular, the goal-based Best
Management Scheme recognizes
management excellence that goes
beyond the requirements of statutory
rules and codes such as ISM, ISPS
and MLC 2006. Every management
system has benefits for the company
in the specific area concerned (quality,
environment, health and safety); a
global management system amplifies
the benefit of each single management
system. The scheme also encourages
implementation of additional items for
areas already managed and coverage of
areas not yet considered.
The scheme covers personnel ashore
and on board, critical operations on
board, management of change, new
building issues, incident, emergency,
food chain and sanitation services,
quality, environment, security, health
and safety and social accountability.
marine
Main Projects
REFRESH Project
This project will address the aspects
of retrofitting that are essential for
improving energy efficiency on-board.
The central concept of REFRESH
is dynamic energy modelling, the
simulation of energy production,
consumption and losses over time. The
aim of the project is to implement a
decision support tool that will allow on
board and ashore personnel to monitor
the performance of the ship and adopt
appropriate practices as a function of
its operational profile.
Green Cranes
The objective is to test new technologies
and alternative fuels (i.e. LNG,
Hydrogen, Diesel TIER 4 and other
ecofuels) including pilot deployment in
existing port container terminals (PCTs),
thereby contributing to mitigating
climate change and reducing GHG
emissions.
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Innovation
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31. to be continued...
ADAM4EVE Project - Adaptive and smart
materials and structures
ADAM4EVE will develop and assess
innovative materials whose applications
are intended to improve vessels’
efficiency. The project will develop
and assess innovative materials whose
applications are intended to improve
vessels efficiency. The possibility to
work directly with research institutes
and shipyards for materials definition
and assessment will provide valuable
know-how for introducing innovative
solutions in the shipbuilding industry.
New Rules
For yachts RINA SERVICES developed
the additional class notation Rig. It
meets MCA LY3 requirements on the
certification of masts and rigs.
For the Navy sector, two new Rules have
been issued:
¡¡ Rules for the certification of Combat
System Physical Integration
¡¡ Rules for the Classification of Existing
Naval Ships
The scope of the first Rules is to extend
the traditional classification approach
to a new area of the ship with the aim of
certifying that the platform is ready for
the installation on board of the combat
system.
The second Rules have been developed
to allow classification of existing ships
that were not built under class or that
have been out of class for long periods
taking into account the evidence and
records of positive experience provided
by the Navy.
INCASS Project-InspectionCapabilities
for Enhanced Ship Safety
The scope of the project is to bring an
innovative solution to the integration of
monitoring, inspection, data gathering
(including real-time information), risk
analysis and management and Decision
Support for ship structures, machinery
and equipment in an efficient and
collaborative manner through the
introduction of the following innovative
concepts:
¡¡ Enhanced inspection of ship
structures based on robotic platforms
¡¡ Providing ship structures and
machinery monitoring with real time
information
¡¡ Incorporate Structural and Machinery
Risk Analysis
¡¡ Advanced/Condition Based
inspection tools and methodologies
¡¡ Reliability and Criticality based
Maintenance founded on Condition
Based approaches
¡¡ Enhanced Central Database including
ship structures and machinery
available to maritime authorities
(e.g. EMSA, Port State Control),
Classification Societies and ship
operators
¡¡ Decision Support System (DSS)
for ship structures and machinery
for continuous monitoring and
risk analysis and management of
ship operation as a function of its
operational profile.

32. marine
Main Projects
Sustainable Cruise and Costa Action
A strong research and development
programme for marine continued in
2014, working with the EU, leading
academic institutes and industry joint-
ventures. Sustainable Cruise is working
on improving waste handling on cruise
ships, Costa Action is developing an LNG
master plan to facilitate LNG use as fuel
in the Mediterranean and near Atlantic
and Green Cranes is seeking ways to use
alternative fuels for container terminal
cranes.
B2MOS Project - Business to Motorways
of the Sea
The project intends to demonstrate
how the application of emerging and
existing technologies sustained by
efficient communication procedures
and collaborative information exchanges
among public and private stakeholders
can improve, promote and simplify the
use of multimodal short-sea services
by using Motorways of the Sea (MoS).
The global project is establishing a
European network of integrated MoS
transport chains, taking full advantage
of existing maritime links and facilities,
connecting maritime, road and rail
resources optimally.
RINA SERVICES as Implementing Body
for the Italian Ministry of Transport is
involved in the following activities:
¡¡ Interoperability in door to door Motor-
Ways of the Sea supply chains
¡¡ Trade and transport facilitation in
Motor-Ways of the Sea
¡¡ Support for regulation compliance
systems in Motor-Ways of the Sea.
Single point of Failure
Passenger ship operators also benefited from the Single
Point of Failure standard approach.
The scope of this analysis is to assess the risk associated
with a single failure of particular equipment or systems
and to identify the most appropriate measures to be
implemented. The analysis evaluates the ship’s system
availability in the case of any single failure. The systems
to be analysed (such as propulsion and safety systems,
navigation systems, sanitation, hotel services), the
consequences to be considered (on personnel, rather
than on environment and assets), and the definition of
likelihood are decided in cooperation with the customers
depending on their objectives.
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33. InfoSHIP innovation for Energy
Governance
RINA’s InfoSHIP suite of tools was
strengthened with the introduction of
the energy management tool InfoSHIP
EGO, which is a comprehensive and
flexible system for fuel and emission
reduction. d’Amico Group, MSC,
Grimaldi Group and Grandi Navi Veloci
all decided to fit the tool to their fleets.
InfoSHIP Maintenance and Purchase
manages maintenance, purchasing and
cost control and is to be fitted to the
Moby Lines fleet of fast ferries.
SHOPERA Project - Energy Efficient Safe
SHip OPERAtion
SHOPERA Project is an ongoing research
project aimed at addressing:
¡¡ Further development and refinement
of high fidelity, hydrodynamic
simulation software tools for the
efficient analysis of the manoeuvring
performance and safety of ships in
complex environmental conditions
¡¡ Performing sea keeping/manoeuvring
model tests in combined seaway/wind
environment for different ship types,
to provide the required basis for the
validation of results obtained by
numerical simulations, whereby full
scale measurements available to the
consortium will be exploited
¡¡ Integrating validated software tools
into a ship design software platform
and set-up of a multi-objective
optimization procedure
¡¡ Investigating the impact of the
proposed new guidelines on the
design and operational characteristics
of various ship types
¡¡ Investigating in parallel the impact
on Energy Efficiency Design Index
(EEDI) by the developed integrated/
holistic optimization procedure in a
series of case studies
¡¡ Development of new guidelines for
the required minimum propulsion
power and steering performance to
maintain manoeuvrability in adverse
conditions
¡¡ Preparing and submitting to
IMO a summary of results and
recommendations for further
consideration.
Marine LNG Fuel Training
Basic and advanced LNG as Marine Fuel
training courses were developed. On the
assumption that the crew does not have
any prior knowledge of gas, gas engines
and gas systems, the main objective
of the courses is to provide the basic
understanding of Liquid Natural Gas,
and the specifics of its use on board as
fuel. The training focuses on the use of
protective equipment provided on board,
and on the procedures, appropriate to
their duties, necessary under normal
and emergency conditions.

34. In 2014 RINA continued to expand both its range of accreditations
and certification services in the business assurance sector, and also
expand the geographical footprint of its existing services. There is
continuing demand for RINA to enter new areas of certification and
to deliver existing certification in new countries.
The growing demand was one of the reasons for the acquisitions of
BRACERT, in Brazil, in order to expand certification there, of ICIC
in Italy to expand certification in the construction and infrastructure
sector, and of LAB21 in Tunisia to expand food and environmental
testing. New areas of development with ongoing operations are Far
East and Gulf countries with specific actions in China, Indonesia,
Mongolia and UAE.
CERTIFICATES AND CERTIFICATIONS
At the end of year, over 25,250 valid management system certificates
were issued in twenty different sectors. Over 60 per cent of these were
for ISO 9001 quality management system certification standards.
The next biggest categories were for ISO 14001 environmental
management, for OHSAS 18001 health and safety and for food and
refrigeration installers certification.
Over 70 per cent of the certification business was in Italy, followed by
Eastern Europe and Central Asia, with good growth across Asia and
Latin America.
Worldwide contracts for HSE management system certification were
awarded to RINA SERVICES by major groups with a network spanning
many countries including Pirelli, Eni, Borouge Group and Ansaldo
Energia.
A significant number of new schemes were launched including
certification of event sustainability management systems according
to ISO 20121, certification of asset management systems according
to ISO 55001, assessment of the implementation level of corporate
social responsibility under ISO 26000, assessment of the water
footprint according to ISO 14046 and validation and verification
of energy efficiency projects in Italy which wanted to attain Energy
Efficiency certificates from “Gestore dei Servizi Energetici”.
Business
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35. 16.5%operating revenues

36. Environment and Sustainability
RINA SERVICES’ teams had a busy year in 2014, especially in Italy, China,
Turkey, India, Romania, Bulgaria and Brazil. Totals reached were more than 230
communications prepared according to the EU emission trading scheme verified,
more than 200 certificates issued for new services and more than 100 projects
validated and verified.
Important new Clients for environmental services included Qatar Petroleum,
Biochemtex Agro S.r.l, Masol Iberia Biofuels (Musim Mas Group) and International
Paint Ltd.
RINA SERVICES developed energy services for the Energy Efficiency European
Directive, Legislative Decree 102/2014 and ISO 50001.
EU emission trading scheme accreditation was completed in early 2014 while
accreditation for certification of event sustainability management system according
to ISO 20121 was completed in December 2014.
Responsible Jewellery
RINA SERVICES certified Italian
goldsmith FOPE to the Responsible
Jewellery Council (RJC) standards.
The RJC is a whole-of-supply chain
standards initiative for the jewellery
supply chain, from mine to retail, based
on a responsible business practices
commitment. RJC Members commit
to and are independently audited
against the RJC Code of Practices - an
international standard on responsible
business practices for diamonds, gold
and platinum group metals. The Code
of Practices addresses human rights,
labour rights, environmental impact,
mining practices, product disclosure
and many more important topics in the
jewellery supply chain.
FOPE, an Italian goldsmith founded in
1929 in Vicenza, today an international
company with an innovation-oriented
brand, as an RJC member, successfully
applied for the RJC Code of Practice
certification and acquired its certificate
from RINA SERVICES in 2014.
business
assurance
Main Projects
Efficient Recovery of Valuable Raw
Materials
In the research field RINA SERVICES co-
ordinated the HISER project for Holistic
Innovative Solutions for an Efficient
Recovery of Valuable Raw Materials
from Complex Construction and
Demolition Waste and the EU ETV pilot
programme Setting-up of Verification
Bodies project. It worked amongst
other projects on FISSAC - Fostering
Industrial Symbiosis ForA Sustainable
Resource Intensive Industry Across The
Extended Construction Value Chain.
Personnel Certification
Forprofessionalqualification/certification
RINA SERVICES is developing services
and standards for Human Resources
Personnel, Procurement Professionals,
Diving Experts Professionals, Fire
System Maintenance Technicians
Qualification, UNI 10459 Scheme
(Security Professionals) and the UNI CEI
11339 (Energy Manager) scheme. The
certification scheme for management
system for learning service for non-formal
education and training according to UNI
ISO 29990 has also been developed.
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37. Biofuel and Forest Products
In 2014 RINA SERVICES significantly
increased the number of certificates of
compliance of sustainability of biofuels
and bioliquids (National Certification
System and ISCC-EU) and started the
process to obtain the recognition for
the 2BSvs scheme. In 2014 RINA
SERVICES started the activities in
Brazil and Romania for the certification
of forest products and made the first
steps to extend accreditation worldwide
for the Forest Stewardship Council -
Chain of Custody certification.
Sustainable Fisheries
In the fisheries sector thirty new
certificates were issued under the Marine
Stewardship Council (MSC) and the
Friend of the Sea (FoS) Clients, taking
the total number of schemes certified by
RINA SERVICES in fisheries to ninety-
three. With the MSC and FoS certification
of Intertonno and the FoS certification
of Castiglione RINA
SERVICES covers a
large share of the Italian
tuna fish market.
EML and RINA Halal Certification
The EML and RINA Halal standard
was developed, in partnership with the
European Muslim League (EML), to
provide a certification system able to
ensure healthy food is compliant with
Islamic religious prescriptions. The
scheme is now under validation with the
first pilot customers.
MEVALUATE - the bank of reputation
A new project was for reputation
management. RINA SERVICES began
working with the international project
MEVALUATE - The Bank of Reputation,
in collaboration with other multinational
companies. The System MEVALUATE
measures and gives real universal
value to the reputation of individuals,
companies and institutions.
Oil Spill Management System
To manage oil spill events and their
impacts Nigerian Agip Oil Company
(NAOC) has adopted an Oil Spill
Managament System (OSMS) prepared
in accordance with the Local Regulatory
framework as well as company
standards and applicable international
standards. To provide a guarantee to all
stakeholders of OSMS compliance with
the local regulatory framework as well
as company standards and international
applicable standards, NAOC awarded
RINA SERVICES a contract for system
certification. The contract lasts two
years and activities are ongoing.
EU ETV
RINA SERVICES was accredited by
ACCREDIA for EU ETV (Environmental
Technology Verification) Programme in
February 2014 and immediately after
the accreditation launched the service
and acquired the first contracts. At
present five verifications are ongoing
and one of them near completion, the
verification of an innovative rotating
heat exchanger developed by Pozzi
Leopoldo S.r.l. EU ETV Programme is
an European Third Party Verification, on
a voluntary basis, intended to facilitate
greater environmental technology
innovation and uptake by end users by
providing independently validated and
credible performance data.

38. MANAGEMENT SYSTEM CERTIFICATION
In Italy RINA acquired a fifty per cent stake in ICIC to cement its lead
in construction sector certification.
A new company was set up to provide management certification in
the Middle East, Tasneef RINA Business Assurance. It will begin
work in 2015.
Work began on the certification of law offices to a scheme agreed
with the Italian Association of Law Office ASLA.
During 2014 there was growing activity for the certification of Maritime
Personnel Recruitment and Placement Agencies. By the end of the
year more than seventy agencies had been certified globally.
An important contract for Management System Certification of the
Italian National Railway Company (Trenitalia) was agreed in 2014.
Certification for ISO 9001, ISO TS 16949 and ISO 14001 was
granted to the Polish site of Korean automotive company KORAM.
Integrated certification to ISO 9001, ISO 14001 and OHSAS 18001
was delivered for the Grimaldi Terminal Barcelona.
RINA SERVICES confirmed its position as leader in Europe for
certification in the banking sector. A major Client was certified
according to ISO 9001, ISO IEC 20000 and ISO IEC 27001.
RINA SERVICES has started management system certification in
Indonesia with the certification of Konsulindo Informatika Perdana,
Pertamina Transkontinental and Perusahaan Umum Pembangunan
Nasional.
In2014RINASERVICESgainedthefirstISO9001andOHSAS18001
certification contracts in Mongolia, following major development of
the local construction market. Preliminary relations were established
with the local authorities to promote the improvement of technical
buildings standards in the design and construction phases.
FOOD CERTIFICATION
RINA increased its services to the food sector in 2014 in certification,
testing and inspection.
Certification in Italy is managed by AGROQUALITÀ while in all the
other countries it is managed by RINA SERVICES.
The testing and inspection activities are managed in Italy by ITA
laboratory (Istituto Tecnologie Avanzate) and in Tunisia by the newly-
acquired laboratory LAB21. This laboratory was acquired in 2014
with the aim of becoming RINA SERVICES’ competence centre for
testing in northern Africa.
Business
assurance
36
annual report 2014

39. In 2014 the number of certificates issued under specific rules for
the food sector (BRC, IFS, GLOBALG.A.P., ISO 22000, ISO 22005)
increased by 22 per cent. Especial strong growth was shown in
Romania, 20 per cent, and in Turkey, 50 per cent.
Two food certification highlights were certificates issued to Feudi di
San Gregorio, one of the most important Italian wineries, and Lucano
1894, one of the most significant players in the spirits market,
producer of Amaro Lucano.
In the field of regulated certification the number of PDO and PGI
products has been expanded to fifty, consolidating AGROQUALITÀ
leadership in the control of extra virgin olive oil with the addition
of the DOP Daunia. AGROQUALITÀ consolidated its position in the
Italian wine market controlling a volume of wine for over 170 million
bottles.
In 2014 AGROQUALITÀ was the first in Italy to achieve accreditation
for the GLOBALG.A.P. Chain of custody scheme that guarantees
transparency and integrity of agricultural products to the end
consumer.
In the packaging sector, AGROQUALITÀ obtained accreditation for
the BRC IOP standard, which is specific for producers of packaging
materials and packaging materials used for food, cosmetics and
hygiene products.
In 2014 RINA SERVICES obtained DAC accreditation, with the
aim of developing HACCP certification services in the Emirates and
granted the certification of Despar Servizi srl for the level of services
of its quality assurance department.
In 2015 RINA SERVICES aims to complete the range of accreditations
for the food chain to cover logistics with accreditation to the IFS
Logistic standard and certification of organic products, a market that
in recent years is experiencing a significant growth trend.
In 2014 testing activities were organized by ITA (Istituto Tecnologie
Avanzate) with the aim of providing new services in order to meet
demand generated by new regulations, especially for the food and
cosmetics market. It developed second party audit activities in
accordance with the HPC standard, it has verified over 4,500 labels
according to the new EU regulation Reg 1169/2010 and performed
about 500 sensory tests on food and non-food. ITA developed
specific projects with major Clients including DHL Express Italia,
Selex Gruppo Commerciale.
In Tunisia LAB21 developed activities in the food market and
consolidated its presence in the hospitality, thalasso therapy and
water controls in Tunisia. Particular effort was addressed to increase
chemical testing for producers for local and export production. Two
LAB21 testing new Clients are Biscuiterie mediterraneenned and
Délice sidi Bouzid.

40. For LAB21 the aim is also to complete the development of the
chemical laboratory started in 2014. This will provide testing for
nutritional facts, heavy metals, micro-toxins, histamines, HPA and
basic chemical testing in food and water for local and export markets
not only for Tunisian producers but also for Italian suppliers in the
Maghreb area.
HEALTHCARE
The market for medical devices is growing in importance. Safety
and effectiveness are essential requirements for a medical device
and only products bearing the CE mark released by an authorized
notified body can be put on the European market. RINA SERVICES
has submitted to the Italian Ministry of Health the application for
notification according to the Medical Device Directive (93/42/CEE) in
order to become a notified body according the 93/42/CEE Directive,
completing our portfolio of services in this sector.
INDUSTRIAL TESTING
RINA SERVICES’ network of laboratories increased their volume of
work during 2014.
The Calata Gadda Fire Test laboratory developed a new testing
procedure for fire extinguishing powder according to ISO 7202 and
acquired orders to verify fire testing behaviour of large industrial
doors by finite element analysis. The laboratory also obtained orders
from America Underwater Product and Sherwood in the USA for CE
certification of underwater equipment.
The SSM laboratory (Studio Sperimentale Metalsiderurgico) acquired
a new tensile test machine to perform tests on small thickness
composite material and hot temperature tensile test for metals up
to 1200°C. SSM developed a new test procedure in order to perform
the tests required in EN ISO 1090 to qualify thermal cutting, holing
and forming procedures.
In 2015 the integration and cooperation with Centro Sviluppo
Materiali (CSM) will be increased and a local unit of SSM will be
opened near Rome to improve RINA’s Italian footprint for industrial
testing.
TRAINING
RINA’s training company SOGEA tailored new services to meet Clients’
needs. In 2014 the key focus was on change, care, intelligence and
know-how sharing.
The Messina Group was supported through an important change in
both organizational and business approach, with a project designed
to work on processes (performance management) and developing
change management and coaching skills.
38
Business
assurance
annual report 2014

41. An innovative approach for a traditional mandatory safety training
was adopted in Iren, dealing with how to make people proactive
and focused on personal responsibility. This is a critical issue for
every company in Italy as well, and C.A.R.E. programme, combining
facilitation methods and technical contents, is a format becoming a
best seller.
RINA SERVICES began training Guardia di Finanza First Officers on
behavioural skills, developing social and emotional intelligence as
fundamentals to deal with emergencies and crisis on board.
BNP Paribas Leasing Solution received advisory services to develop
its internal managerial academy, creating a place of continuous
learning and knowledge sharing, building the process, deciding the
training programmes, training the trainers’ faculty, using all the
competencies that SOGEA possesses as a school.
ENGINEERING FOR ASSET INTEGRITY MANAGEMENT
Asset integrity is a major concern in high risk and capital intensive
businesses such as the oil and gas industry and infrastructures. The
growth in the number of fixed platforms reaching the end of their
designed life is focusing the attention of oil and gas operators on
effective Integrity Monitoring practices. The falling oil price is a
further reason to rely on asset integrity in order to reduce operational
expenditure and to extend the operating lives of existing facilities.
SHM for Dragon Oil
D’APPOLONIA provides tailored Structural Health Monitoring
(SHM) systems, delivering an increase in active safety and a
significant improvement in survey optimization and in Life Extension
assessments, based on monitoring data analysis. D’APPOLONIA is
currently under contract with Dragon Oil to provide SHM for the LAM
28 platform, located in the southern Caspian Sea, off Turkmenistan.
The assessment activity is supplied through structural monitoring
campaigns at the site performed along with structural reinforcement
activities. The aim of this work is to enhance safety by demonstrating
the effectiveness of upgrades based on the experimental results and
to update the related numerical model.
SHM solutions allow Dragon Oil to reduce operational risks and to
extend the operational lifetime of the platform, while reducing costs
and optimizing capital expenditure.
Asset Integrity Management for Eni
Eni awarded D’APPOLONIA a new three year frame agreement for
worldwide site supervision services. Eni also chose D’APPOLONIA for
a corrosion and material engineering contract, which is an important
component of asset integrity management services.

42. A recovering world economy, increased demand for urban metro
systems and new rail lines, a greater environmental awareness of
the impact of new projects and a stronger presence of RINA in
international transport and infrastructure markets created new
opportunities for the group in 2014.
MARKET OUTLOOK
RINA’s Transport and Infrastructures (T&I) business lines brings
together a very wide range of skills and competences including
property and infrastructure inspection and site supervision, design
review and feasibility studies, energy and environmental assessment
and specific expertise in areas such as railways, metros and container
certification.
International growth in the transport and infrastructure business
lines was good in both TIC and CE services. A major inspection and
verification project for a new port in Turkmenistan, certification of
the high-speed train network in Denmark, feasibility studies for the
Mumbai Metro extension and technical due diligence for a new steel
plant in Ecuador are all examples of new countries where transport
and infrastructure services were delivered in 2014.
The role of independent environmental consultant on behalf of major
lenders was strengthened with a major contract covering a new
railway in Mozambique. The groundwork for a major contract with
Egypt’s Industrial Development Authority to lead the development of
a master plan for Egypt’s mineral and energy rich Golden Triangle was
done during 2014.
In 2015 a new T&I hub in the UAE will boost the support network
for third party inspection services such as design verification and
site supervision across the Middle East. Major investments in railway
systems in Central-Eastern Europe, the Middle East, Asia and South
America will all create demand for RINA’s railway expertise, which can
increasingly be delivered through the growing RINA global network.
Transport and
Infrastructures
40
annual report 2014

43. 15.5%operating revenues

44. Container Certification
RINA INTERMODAL certified more than 20,000 intermodal units including more than
12,000 CSC renewals, more than 700 offshore units, more than 2,000 tanks/IBCs
and around 300 special purpose containers for fixed installation. It issued 160 new
Type Approvals in Italy, Slovenia, China, Spain, Belgium and Brazil and delivered ACEP
(Approval of a Continuous Examination Program of containers) to four container owners.
Highlights included inspection of 104,500 ISO new containers made in China for
Beacon, one of the world’s top five of container manufacturers and for Grimaldi. RINA
INTERMODAL was awarded a three-year contract with the NATO Support Agency to
supply inspection, testing and certification of ISO containers.
Growth in China continues with 2015 showing a strong order book for container
inspection.
Transport and
Infrastructures
TIC Main Projects
Checking of new construction projects for
Venice Airport
RINA SERVICES has been awarded several
contracts by SAVE, the management
company for Venice Airport, to support them
in checking new construction projects such
as the expansion of the landside, terminal
forecourt, moving walkway between the
dockyard and the aerostation, tri-generation
plant and the landing strip infrastructure.
For these activities, RINA SERVICES has
been providing design verification, owner
tendering assistance and site supervision as
an Independent Third Party.
Green Building Certification
In Italy RINA SERVICES concluded a
contract with an international bank for
the energy certification of more than
3,700 properties located throughout
the entire national territory. The certified
propertyportfolioincludedawidevariety
of buildings with completely different
characteristics both for dimensions
(average surface 10,000 sq m) and
for intended use (residential, service
sector, commercial, office, shopping
centre, production site, residences
for the elderly rehabilitation, hotel,
sports centres). A specialized team,
coordinated and managed by RINA
SERVICES technicians, performed all
the work on site and in the office in four
months.
In the green building sector a dedicated
team is developing all the necessary
procedures to provide the real estate
market with specific services according
to the provisions required by Legislative
Decree 102/2014 and EU Directive
2012/27 on energy efficiency.
42
annual report 2014

45. SOA RINA
SOA RINA, the RINA company delivering
certification in the domain of Public Construction
Works, had a strong year and retained the
UNIONSOA chairmanship. UNIONSOA is an
organization that gathers together nine companies
that manage more than 50 per cent of the
market. UNIONSOA chairmanship is an important
opportunity. The goal of the association is to
analyse the public procurement market, both in
terms of technical and regulatory, from the point of
view of the prospects and development possible for
SOA, providing a direct interface with institutional
stakeholders.
Railway Certification
Working from offices in Italy and new
hubs based in Copenhagen and Beijing
railway certification for all domains of a
railway system, including rolling stock,
civil works and rail equipment, power
supply, signalling and train control,
maintenance and traffic operation had
a strong year.
Significant contracts were acquired in
Bulgaria and Hungary for the radio-
communication network, in Switzerland
for a new high speed train, in Austria
for the upgrading of passenger coaches
with increased speed, in China for a
new catenary free light rail system
and in Korea for safety assessment of
equipment and for training on safety
design methodologies.
A major achievement was the
certification of the first section of the
high speed rail network in Denmark
linking Copenhagen to Ringsted. This
new project, together with the already
ongoing project on Fehmarnbelt for
the tunnel connecting Denmark to
Germany, drove the establishment of a
new hub in Copenhagen.
Inspection of construction financing
process
A new service was launched in 2014
for the inspection of construction
financing process under a new
accredited scheme according to UNI/
Ts 11453. This innovative service was
developed internally by RINA CHECK -
the inspection body of RINA - covering
all phases from design to construction.
The check aims at verifying the
completeness of the documentation
and its conformity to the rules to
achieve granting of the financing and/
or the warranty.
In particular, through this service, it
is possible to check the documents
concerning the financial sustainability
of the promoting subject (both private
and public), the data concerning the
project and the technical and economic
documentation in order to protect the
project feasibility. The main aspects
checked are the completeness of the
documents and their content, the
congruence among the technical,
accounting and contractual documents
and a cross verification between acts
and documents.
Logistics hub development at Turkmenbashi
At the end of 2014 RINA SERVICES was awarded the design review and third
party certification services for a major port and logistics hub development at
Turkmenbashi, on the Caspian Sea coast of Turkmenistan. The $2bn Turkmenbashi
International Port is being built by Turkish construction company Gap Insaat. The
port complex is due for completion in 2017 and will include four terminals, road
and rail links, and a ship-repair yard. The port will export oil and gas products and
textiles and facilitate trade between Europe and the Middle East and Asia.

46. Transport and
Infrastructures
CE Main Projects
Advanced Logistics
LOGMARIN, RINA’s logistics boutique, helped to devise efficient and effective coal
supply chains, from sources to destinations, in order to reduce the landed cost of the
materials, in some cases employing transhipment solutions at the receiving end of the
supply chain to allow for the receipt of the largest capesize vessels. Clients included a
consortium formed by Marubeni and Kepco for a power plant at Nghi Son, Vietnam, Tata
Power, for a plant in Vietnam’s Mekong Delta and EGAT, the Thailand Power Utility, for
a plant at Krabi.
In New Zealand Golden Bay Cement was looking for optimization of its cement distribution
chain and renewal of its fleet in order to increase annual production and to serve new
depots. LOGMARIN was appointed to dynamically simulate the existing chain and to
identify the best solution to fulfil its future plans, using the Log.Des simulation software
and optimization framework. LOGMARIN also provided definition of new vessel features,
capex and opex estimation, and recommendations on shore terminals upgrading.
International rail and metro
D’APPOLONIA opened a Mumbai office
and won a major project to draw up
the feasibility study for the extension
of the Mumbai Metro. D’APPOLONIA
also won a first consultancy contract
for the Doha Metro project in Qatar and
extended its activities for Stockholm
Metro and Istanbul Metro.
New steels development for advanced
ballistic protections
Centro Sviluppo Materiali (CSM) has
been involved in this three year project
aimed at developing ballistic-grade
steels with significant improvements
in terms of mechanical strength and
energy absorption of dynamic impact,
compared to those currently available
on the market. Through quantitative
determination of relationships between
microstructure-mechanical properties-
ballistic properties, the metallurgical
design of these steels will be fitted to
the specific application of ballistics.
The second year of CSM activities
was concluded successfully with the
production of samples of new steels
which have been tested in a military
facility. The test has shown an effective
increase of performance compared to a
commercial ballistic steel composition
used as reference.
44
annual report 2014

47. Technical Due Diligence for a New
Steel Plant-Ecuador
D’APPOLONIA was selected to act as
independent technical consultant on
behalf of the investors for a new steel
plant in Milagro, Ecuador. The technical
due diligence covered the Operation
and Maintenance of the existing
facilities and review of the design,
construction, financing, operation and
maintenance of the new project to
verify compliance with the standards
of the pool of lenders, including Inter
American Development Bank (IDB) and
Società per i Servizi Assicurativi del
Commercio Estero (SACE).
Egypt’s mineral and energy rich
Golden Triangle
D’APPOLONIA was chosen by Egypt’s
Industrial Development Authority to
lead the development of a master plan
for Egypt’s mineral and energy rich
Golden Triangle. The project, funded
by the international donors, is expected
to create 400,000 jobs in the area
between the Red Sea cities of Safaga
and Al-Qusayr and Eastern Qena in
Upper Egypt.
BIPP design contract
During 2014 D’APPOLONIA started
business development in Saudi Arabia.
This led to a design contract for the
new headquarters of the Bureau of
Investigation and Public Prosecution in
Riyadh.
Italian Infrastructure and Mobility
In the rail and light rail sectors
D’APPOLONIA completed construction
supervision of Parma railway station
redevelopment and of the Croviana
rolling stock deposit.
The design of the Pisa Airport
People Mover was completed and
D’APPOLONIA will provide construction
supervision of a port extension in
Salerno.

48. Environment and Sustainability
Innovation
Transport and
Infrastructures
CE Main Projects
Technical Advisor for Bright Food
D’APPOLONIA acted as Technical
Advisor for the Technical and
Environmental Due-Diligence phase in
the merger and acquisition operation
that saw the Chinese group Bright
Food, a multinational in the food sector,
acquiring a majority stake in Salov
S.p.A., a historic Italian producer of
olive oil.
Analyses performed by D’APPOLONIA
included a thorough assessment of the
production facility, a full verification
of the traceability systems of raw
materials and a complete environmental
assessment of the production area.
IVECO Defence
An interesting new contract in 2014
was for safety and security of data for
IVECO Defence, a key player in the
production of innovative special purpose
vehicles for defence and civil protection
applications.
Nacala Corridor Railway and Port Project
In Africa D’APPOLONIA was selected
by Vale S.A. to act as the Independent
Environmental and Social Consultant
(IESC) to perform an Environmental,
Health, Safety and Social Due-Diligence
(EHSDD) of the Nacala Corridor Railway
and Port Project. The Nacala rail corridor
will connect Vale’s Moatize coal mine
in Mozambique to the port at Nacala,
passing through Malawi.
Ceramic Shell Manufacturing in
Investment Casting Process
The aim of this research project was
the development of a new recipe for
Slurry EQX, one of the materials used
for the Ceramic Shell Manufacturing in
Investment Casting Process. CSM has
selected an alternative material and
developed a new recipe for the slurry
able to produce a shell with mechanical
characteristics at high temperatures
(1050 °C / 1180 °C) capable of
drastically reducing the deformations
from their current levels and ensuring
adequate values of mechanical
resistance for the needs of the process.
The excellent results led the Client
EMA (EUROPEA MICROFUSIONI
AEROSPAZIALI S.p.A.) to proceed with
large-scale trials that will be supported
by CSM. These trials could lead to the
industrialization of the recipe.
46
annual report 2014

49. The European Bus System of the Future
Mobility challenges, such as the constant increase
of passenger flows in densely populated urban areas,
call for the need to satisfying a rising mobility demand
within a context of efficiency and sustainability
concerns. Within this framework, the overall objective
of EBSF_2 is to increase the attractiveness and
improve the image of bus systems in urban and
suburban areas by demonstrating, evaluating and
validating in real operational scenarios the potential
impact of technological innovations - almost ready for
application - in developing efficient answers to both
citizens’ and bus stakeholders’ needs.
Resource Efficiency Assessments for
PPR/Kering supply chains
D’APPOLONIA has been awarded a
contract by PPR/Kering to perform an
assessment of the water and energy
efficiency in a selected group of key
textile mills/printing facilities in
Italy. The main objective of this pilot
initiative is to identify interventions
and best practices to reduce the energy
consumption and CO2
emissions of
the Stella McCartney brand and, as a
subsequent phase, in the Kering group.
Venice Cruise 2.0
D’APPOLONIA is performing an environmental impact
assessment for the Venice Cruise 2.0 programme
which will reorganise the logistics and infrastructure
of the whole Venice Cruise System. Research into the
European Bus System of the Future aims to increase
the attractiveness of bus systems by demonstrating,
evaluating and validating the potential impact of
technological innovations.

50. 2007 2008 2009 2010 2011 2012 2013 2014
10.000
12.000
14.000
16.000
18.000
20.000
22.000
24.000
26.000
28.000
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014
3.000
3.500
4.000
4.500
5.000
5.500
Operational
highlights
of the Group
Classed fleet (millions of GT AND NUMBER OF SHIPS)
Certified companies
2007 2008 2009 2010 2011 2012 2013 2014
10.000
12.000
14.000
16.000
18.000
20.000
22.000
24.000
26.000
28.000
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014
3.000
3.500
4.000
4.500
5.000
5.500
48
annual report 2014

51. 2007 2008 2009 2010 2011 2012 2013 2014
-
50
100
150
200
250
300
350
2013 2014
Business Assurance Business Assurance
Energy Energy
Marine
Marine
Transport & Infrastructures
100
150
200
250
300
350
Transport & Infrastructures
2007 2008 2009 2010 2011 2012 2013 2014
-
50
100
150
200
250
300
350
2013 2014
Business Assurance Business Assurance
Energy Energy
Marine
Marine
Transport & Infrastructures
100
150
200
250
300
350
Transport & Infrastructures
ENGINEERING OPERATIONS ABROAD (% of ENGINEERING production)
2007 2008 2009 2010 2011 2012 2013 2014
10%
20%
30%
40%
50%
60%
RINA OFFICES IN THE WORLD
high low
presence

52. * EBITDA adjusted for non recurring items
INCOME STATEMENT (thousands of €) 31-12-2014 31-12-2013
Turnover 333,163 294,13294,294,136
EBITDA* 37,748 22,85,37,129
Group net result for the year 5,975 11,033
BALANCE SHEET (THOUSANDS OF €)
Total non-current assets 123,831 111,702
Total current assets 240,428 216,103
Assets held for sale 5,409 10,969
TOTAL ASSETS 369,668 338,774
Total shareholders’ equity 117,021 111,914
Non-current liabilities 104,397 75,462
Current liabilities 139,289 138,208
Liabilities held for sale 8,961 13,190
TOTAL EQUITY AND LIABILITIES 369,668 338,774
Financial
highlights
50
annual report 2014

53. Turnover (millions of €)
2007 2008 2009 2010 2011 2012 2013 2014
-
50
100
150
200
250
300
350
2013 2014
Business Assurance Business Assurance
Energy Energy
Marine
Marine
Transport & Infrastructures
100
150
200
250
300
350
Transport & Infrastructures
2007 2008 2009 2010 2011 2012 2013 2014
-
50
100
150
200
250
300
350
2013 2014
Business Assurance Business Assurance
Energy Energy
Marine
Marine
Transport & Infrastructures
100
150
200
250
300
350
Transport & Infrastructures
Operating Revenues

54. Amounts in thousands of € As of 31 December
2014 2013
ASSETS
Non-current assets
Property, plant and equipment 49,428 51,233
Goodwill 39,819 37,423
Other intangible assets 6,165 4,532
Equity interests carried at equity 105 106
Financial assets 571 603
Deferred tax assets 24,810 15,032
Other receivables and other non-current assets 2,933 2,773
Total non-current assets 123,831 111,702
Current assets
Trade receivables 179,201 157,332
Financial assets 7,336 1,450
Inventory - -
Other receivables and other current assets 19,860 21,215
Cash and cash equivalents 34,031 36,106
Total current assets 240,428 216,103
Assets held for sale 5,409 10,969
TOTAL ASSETS 369,668 338,774
Consolidated statement of
financial position
52

55. Amounts in thousands of € As of 31 December
2014 2013
EQUITY AND LIABILITIES
Shareholders’ equity
Share capital 36,397 36,397
Reserves from retained earnings 40,956 41,799
Translation reserve 2,151 (1,576)
Other reserves 29,519 21,704
Profit/(loss) for the year 5,975 11,033
Shareholders’ equity attributable to owners of the parent 114,998 109,357
Minority interests in profit/(loss) for the year (2,122) 269
Minority interests in shareholders’ equity 4,145 2,288
Total Shareholders’ equity 117,021 111,914
Non-current liabilities
Borrowings from banks and other lenders 67,089 33,836
Employee benefits 17,083 16,196
Provisions for risks and charges 10,856 9,215
Other payables and other non-current liabilities 9,369 16,215
Total non-current liabilities 104,397 75,462
Current liabilities
Borrowings from banks and other lenders 39,871 42,544
Trade payables 49,065 47,939
Current tax payables 4,586 5,894
Other payables and other current liabilities 45,767 41,831
Total current liabilities 139,289 138,208
Liabilities held for sale 8,961 13,190
TOTAL EQUITY AND LIABILITIES 369,668 338,774

56. Amounts in thousands of € As of 31 December
2014 2013
Sales revenues 330,051 290,885
Other income 3,112 3,251
Total Revenues 333,163 294,136
Raw materials (4,318) (2,154)
Services (121,067) (101,259)
Personnel (159,896) (137,850)
Depreciation/Amortisation (8,759) (5,913)
Provisions and write-downs (6,053) (7,196)
Other costs (20,803) (16,909)
Total costs (320,896) (271,281)
Operating profit 12,267 22,855
Profit/(Loss) from equity interests carried at equity - -
Financial income 4,466 4,021
Financial charges (9,549) (6,029)
Profit/(Loss) before tax 7,184 20,847
Income tax expense (2,538) (6,772)
Profit/(Loss) for the year from continuing operations 4,246 14,075
Discontinued operation
Profit/(Loss) for the year from discontinued operation (795) (2,773)
Profit/(Loss) for the year 3,851 11,302
Profit/(Loss) for the year attributable to owners of the parent 5,975 11,033
Profit/(Loss) for the year attributable to minority interests (2,122) 269
Other comprehensive income - items that will not be reclassified to profit or loss
Remeasurements of post employment benefit obligations (1,056) (130)
Total items that will not be reclassified to profit or loss (1,056) (130)
Items that may be subsequently reclassified to profit or loss
Currency translation differences 3,727 (2,569)
Total items that may be subsequently reclassified to profit or loss 3,727 (2,569)
Total comprehensive income for the year 6,524 8,603
- Attributable to owners of the parent company 8,646 8,334
- Attributable to non-controlling interests (2,122) 269
Consolidated statement of
comprehensive income
54

57. Amounts in thousands of € As of 31 December
2014 2013
Profit/(Loss) before tax as per the statement of comprehensive income 7,213 20,847
Profit/(Loss) before tax from discontinued operation (796) (2,773)
Profit/(Loss) before tax (from continuing operations and discontinued operation) 6,417 18,074
Adjustments to reconcile profit before tax to cash flows from operating activities
Depreciation/Amortisation of property, plant and equipment/intangible assets 8,759 5,913
Provisions and write-downs 6,053 7,196
Financial (income)/charges, net 5,027 2,008
Income tax paid (3,656) (5,504)
Other non-cash items (362) (273)
Cash generated from (used in) operating activities before changes in working capital 22,238 27,414
Change in working capital
- Inventory - -
- Trade and other receivables (20,713) (12,630)
- Trade and other payables (10,902) (2,495)
- Personnel-related provisions and provisions for risks and charges (5,510) (9,876)
Cash generated from (used in) operating activities (A) (14,887) 2,413
Cash flow from investing activities
Additions to fixed assets
- Intangible assets (3,693) (2,663)
- Property, plant and equipment (3,962) (2,598)
Acquisition of CSM net of cash and cash equivalents and current account overdrafts acquired (6,469)
Other acquisitions (2,394) -
Cash generated from (used in) investing activities (B) (10,049) (11,730)
Cash flow from financing activities
Capital Increase - 6,204
New bank loans 63,044 60,661
Repayment of bank loans and payables for finance leases (27,461) (52,398)
Change in investment in financial assets (5,798) 1,336
Financial charges paid (3,326) (2,317)
Financial income received 348 763
Acquisition minority interest Simtex (304) -
Dividends distributed (1,150) (993)
Cash generated from (used in) financing activities (C) 25,353 13,256
Net cash generated (used) in the period (A+B+C) 417 3,939
Cash and cash equivalents at the beginning of the period 33,404 31,301
Current account overdrafts at the beginning of the period (5,042) (7,256)
Foreign exchange differences on cash and cash equivalents 212 (202)
Cash and cash equivalents relating to assets and liabilities held for sale (2) 580
Cash and cash equivalents at the end of the period, net of current account overdrafts 28,989 28,362
Consolidated cash
flow statement

58. 56
staff
Employees
31-12-2014 CHANGES 31-12-2013
Managers 129 13 116
Technical staff 1,932 140 1,792
Staff Services 699 67 632
Total 2,760 220 2,540
31-12-2014 CHANGES 31-12-2013
Italy 2,012 169 1,843
Europe 254 4 250
Asia 328 (14) 342
Americas 91 26 65
Africa 75 35 40
Total Group 2,760 220 2,540
2007 2008 2009 2010 2011 2012 2013 2014
2007 2008 2009 2010 2011 2012 2013 2014
10.000
12.000
14.000
16.000
18.000
20.000
22.000
24.000
26.000
28.000
10
15
20
25
30
35
500
1000
1500
2000
2500
3000
2007 2008 2009 2010 2011 2012 2013 2014
3.000
3.500
4.000
4.500
5.000
RINA WORLDWIDE STAFF
annual report 2014

59. PLACES AND PEOPLE TIC SERVICES CE SERVICES
-- 60 countries-- -- 110,000 man days of Inspection -- 1.5 milion hours of enginnering
-- 163 offices -- 25,252 certified companies -- 452 new projects
-- 2,760 staff -- 34 milion of gt classed fleet -- 84 countries with ongoing projects
RINARINA is a multi-national Group which delivers verification, certification, conformity assessment, marine
classification, environmental enhancement, product testing, site and vendor supervision, training and engineering
consultancy across a wide range of industries and services. RINA operates through a network of companies
covering Marine, Energy, Infrastructures & Construction, Transport & Logistics, Food & Agriculture, Environment
& Sustainability, Finance & Public Institutions and Business Governance. With a turnover of over 333 million
Euros in 2014, over 2,760 employees, and 163 offices in 60 countries worldwide, RINA is recognized as an
authoritative member of key international organizations and an important contributor to the development of new
legislative standards.

60. via Corsica 12 - 16128 Genova - Italy
ph. +39 010 53851 - info@rinagroup.org
www.rinagroup.org
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