Tradition, responsibility, innovation. 2015 Engl.pdfI 1 Letter to Stakeholders 1 2 Methodological...

2015

www.grimaldi.napoli.it

sustainability report


Tradition, responsibility, innovation.

I

1 Letter to Stakeholders 1

2 Methodological note 3

3 The Grimaldi Group at a glance 4

4 The Grimaldi Group 64.1 Our story 94.2 Reference market: the “Shipping & Logistics” sector 104.3 The business model 124.4 Our Mission and our values 13

5 The governance system 155.1 The governance model 155.2 Model 231 and the Code of Conduct 165.3 Compliance 17

6 Our sustainability strategy 186.1 Our stakeholders and channels for dialogue 196.2 Materiality analysis 216.3 Creating shared value 22

7 Business sustainability 247.1 Our customers 257.2 Our people 28

7.2.1 Personnel selection policies 297.2.2 Training and skill development 297.2.3 Performance assessment 307.2.4 Prevention of workplace injuries 30

7.3 Our suppliers and agents 317.4 Institutions and trade associations 337.5 Safety and security management 34

7.5.1 Safety 347.5.2 Security 37

7.6 Our role in the community 387.6.1 Investing in the future: collaborations with entities, universities and

research institutes 387.6.2 The Grimaldi Foundation 40

7.7 Environmental respect and protection 427.7.1 Our approach 427.7.2 The integrated management system 427.7.3 Our commitment to reducing environmental impacts 437.7.4 Environmental performance 447.7.5 Pollution prevention 457.7.6 Research projects and innovation 46

8 Our commitments for the future 48

Appendix 50Materiality Analysis Process 50The reporting perimeter 52Social performance 52GRI Content Index 60Independent Auditor’s Report on the Sustainability Report 64

Contents

Graphic design:Marco Di Lorenzo

x

12015 Sustainability Report

1

Dear Stakeholders,

with this document, we have the pleasure to begin the process of reporting the Group’s econom-ic, social and environmental performance.

The Grimaldi Group’s 2015 Sustainability Report is the first one prepared, with the intention of high-lighting a company vision based on prospects to sustainably create shared value.

In terms of economic performance, 2015 will be re-membered as the absolute best year in the history of the Grimaldi Group, with consolidated profits ex-ceeding €400 million (+65% over 2014) and turno-ver exceeding €2.8 billion.

The excellent economic results achieved are the result of heavy diversification in business sectors, as well as the ability to quickly react to changes in the market, while also optimising the use of ships, designed to hold various types of rolling cargo and containers, as well as passengers. One of the Group’s strengths is the efficiency of its fleet, con-sisting of 112 directly owned ships with an average age of less than 12 years.

Various Group companies achieved record perfor-mances, focusing their successful strategies on the rational use of a modern multi-purpose fleet, with notable focus on aspects associated with sustain-ability.

In particular, in 2015 we strengthened our partici-pation in the Finnish subsidiary Finnlines, indicating our trust in the future of the company, which saw very satisfactory results. Currently, we hold almost all of the shares, and have the intention of delisting them from the Helsinki stock market.

The Group also increased its holding in Minoan Lines. Thanks to the reduction in costs and optimal

use of ships, the Cretan company not only survived the Greek crisis, but has become profitable, in one of the most difficult markets in Europe. Minoan was the only company in the sector to record profits dur-ing the low season for tourists, and we are proud of this fact.

At the same time, the entire Grimaldi network of maritime and logistics services was strengthened, which extends from the Baltics to the Western Afri-ca, from the East Coast of the USA to South America and the Middle East.

Its long-term investment policy and the constant at-tention paid to energy efficiency continue to be two important factors in the Grimaldi Group’s winning strategy: another twelve ships have already been ordered and will be delivered between 2016 and 2018 (in addition to two new constructions delivered to the subsidiary Atlantic Container Line during the first half of 2016), in line with the continuous mod-ernisation policy for the fleet. These investments are added to those the Group made between 2010 and 2015 for around €2.7 billion, leading to the de-livery of 31 new ships.

Based on these facts, we decided to prepare this Sustainability Report for the first time, with the aim of providing a tool to learn more about the Grimaldi Group business model, not only in the merely eco-nomic sense, but with a wider view that also encom-passes tangible and intangible effects (for example, the social and environmental impacts that an inte-grated logistics operator like Grimaldi inevitably has on the regions and people with which it interacts).

The adoption of a sustainable and socially respon-sible business model has been a priority for the Grimaldi Group since it was founded, and it has tak-en on greater importance as the years go by. Com-

Letter to Stakeholders

2 2015 Sustainability Report

Ch.1 - Letter to stakeholders

mercial activities are done in a socially responsible, impartial and ethical manner, adopting policies to ensure equity and properness in the management of business relationships, guaranteeing worker safety, and promoting and encouraging ecological awareness.

All business relationships are structured around in-tegrity and loyalty and are carried out without any conflicts of interest. To achieve this objective, we ask all of our directors, managers and other employ-ees to respect the highest levels of conduct in their actions, as they carry out their work, in line with the behavioural standards outlined in the Group’s Code of Conduct.

The concept of sustainability goes beyond the reference to the simple human capital a company comes into contact with through execution of its activities. We feel responsibility for an environment that must be preserved, and which we support through investments in environmentally sustainable technologies.

In 2015, the Grimaldi Group carried out the largest retrofit investment in the world, with the goal of re-ducing sulphur emissions. After having invested in our ships for years to reduce fuel consumption, we invested an additional sum exceeding €110 million in twenty units within the Finnlines fleet and in five new constructions owned by the subsidiary Atlan-tic Container Line, in order to comply with fuel con-sumption regulations specifying sulphur content of less than 0.1% for ships operating in the ECA areas (Baltic and North Sea, and North America).

The Motorways of the Sea concept, one of the Grimaldi Group’s core business ideas, has been promoted by the European Union for years as a method to reduce truck and car traffic, while simul-

taneously reducing emissions of greenhouse gases. In various links the Group has between Italy, Greece and Spain, it is estimated that the use of sea-based methods reduces CO2 emissions by around 30% for trucks or trailers that are transported, compared to the most efficient trucks on the road.

In the social field, the Fondazione Grimaldi Onlus (entirely held by the Grimaldi family shareholders who control the parent company, Grimaldi Group), which has now been active for several years, uses part of the Group’s profits, received as donations, to sustain and promote initiatives mainly aimed at as-sisting, training, education and helping young peo-ple from poorer families, as well as supporting the families of employees who encounter unexpected difficulties. Activities also extend beyond Europe. For example, in March 2015, the Foundation did humanitarian work in Sub-Saharan Africa, allocating €150 thousand to finance projects that helped are-as affected by the lethal Ebola virus. In the last two financial years, the Parent Company, together with Grimaldi Deep Sea and Grimaldi Euromed, has giv-en the Foundation a total of around €4.5 million.

112 directly owned ships with an average age of < 12 yearsa great strength of the Group is the efficiency of its fleet

Gian Luca Grimaldi President

x


This Grimaldi Group Sustainability Report1 at De-

cember 31, 2015 was prepared in compliance

with the G4 “Sustainability Reporting Guidelines”, is-

sued in 2013 by the GRI-Global Reporting Initiative2.

This is the Group’s first Sustainability Report.

This document is a first step in the process of re-

porting on sustainability issues and is a testimony

to the Group’s continuous process of transparency

and improvement, which wants to integrate sustain-

ability drivers into its way of doing business.

The identification of the material aspects to be in-

cluded within the document involved a materiality

process, in line with that foreseen in the aforemen-

tioned guidelines and in consideration of the prin-

ciples of stakeholder-inclusion, completeness and

analysis of the relevant context.

The application level used for the GRI G4 guidelines

is “Core”. The GRI-G4 Index is reported in an appen-

dix, which summarises the content of the Report in

reference to the GRI indicators.

The document was prepared on the basis of the

Group’s objectives, in relation to sustainability per-

formance and recognition of results achieved. The

figures were calculated individually on the basis of

the general accounting figures and the Group’s oth-

er IT systems. In the case of estimates, the method

used to quantify indexes is provided.

The 2015 Sustainability Report is subject to a limited

audit by KPMG S.p.A.

The Report shows, if not otherwise indicated, the

situation relative to 2014 and 2015, in order to pro-

vide readers with a point of comparison for eco-

nomic, social, environmental and governance per-

formance. There were no limitations or changes

that could have a significant influence on the ability

to make comparisons between the two years. Any

relevant limitations are indicated within the docu-

ment on a case by case basis.

2

This is the first Sustainability Report prepared in the history of the Grimaldi Group. The sustainability disclosure will be published annually.

The accounting perimeter refers to the companies included in the consolidated financial statements which are relevant in terms of sustainability and to Wallhamn AB. Any limitations have been appropriately

indicated (for more information, please see the section “The accounting perimeter” in the Appendix).

1) For the purposes of this document, the Grimaldi Group is represented by Grimaldi Group S.p.A., by its subsidiaries included in the scope of consolidation and Wallhamn AB.

2) GRI is an independent international organisation that works to develop and disseminate accounting guidelines that can be used at a global level for organisations that wish to report on their sustainability performance in economic, environmental and social terms, on a vol-untary basis.

Methodological note


2015 Economic/financial data

Turnover by business area

3

€ 2,820 millionToTal Turnover, from

operating revenues from charter fees, revenues from agency and

logistics services, income from the tourist segment and other operating

sources

+8% COMPARED TO 2014

€ 2,424 millionTurnover from

managemenT of charTers, including revenues from maritime/

intermodal transport.

+6%COMPARED TO 2014

€ 476 millioneBIT

+51%COMPARED TO 2014

86%

6%

4%

4%

Charter fees

Other operating sources

Tourist segment

Agency and logistics services

The Grimaldi Group “at a glance”Main economic/financial, operating and environmental figures for 2015

27 Ro-Pax Ferries

10 PCTCs (Pure Car Track Carriers)

44 Con/Ro-Ros

31 Ro-Ros

Our Fleet


Ch.3 - The Group at a Glance

2015 Operating figures

2015 Environmental figures

FOUL RELEASE COATING

Estimate of annual tonnage of CO2 not released by Group

corporate vessels thanks to completion of the project for application of silicon paint on the hulls.

At present, 80 Group ships have been treated with this new coating technology, which is anti-fouling and non-toxic.

-210,000 tonnes CO

2

RE-BLADING E PROMAS LITE

Estimate of annual tonnage of CO2 not released by Group corporate vessels thanks to the

completion of the re-blading

and promas lite projects.

As of today, there are 19 Group ships which have undergone propeller replacement, increasing their propulsion efficiency and design speed.

-150,000 tonnes CO

2

SCRUBBERS

Percentage of sulphur contents by ships operating in the ECAs, thanks to an exhausted gas treatment system known as scrubbers, which also notably reduced emissions of particulate matter and unburned fuel.

At present, 25 Group ships have been fitted with scrubbers.

< 0.1% Sulphur

Cars transported in 2015

3 million

Passengers transported in 2015

3 million

Number of directly controlled terminals in Mediterranean,

North Europe, Baltics and West Africa

19 terminals

The total fleet operated by the

Group, with own ships having an average life of less than 12 years

130 ships

Total number of ports connected, in 47 countries, on 4

continents

Number of directly controlled agencies in Europe, Africa, North and South America

Individuals who work for the Grimaldi

Group

Individuals employed in related industries*

120ports

70agencies

Around 13

thousand people

Around 23

thousand people

*The figure for related industries was calculated using the employment multiplier, of 1.72, recorded for the maritime sector in the document “Fifth Report on the Maritime Economy – Maritime cluster and development in Italy” (Centro Studi Investimenti Sociali – CENSIS [centre for research into social investment] – for Federazione del Mare [Italian maritime federation], 2015)


With turnover of roughly €2.8 billion and around

13,000 employees, the Group is the main Ital-

ian ship owner, as well as a global leader in mari-

time transport using Roll-on/Roll-off (hereafter, “Ro-

Ro”) vehicles and commercial loads on wheels.

The Group operates throughout the world, using an

integrated infrastructure network to connect Europe

with North America, West Africa, South America and

all the main countries on the Baltic Sea, North Sea

and Mediterranean, with regular service lines con-

4

Grimaldi Euromed S.p.A.(Grimaldi Group: 95.83% Grimaldi Euromed: 4.17%)

Grimaldi Deep Sea S.p.A.(62.6% Grimaldi Group S.p.A. and 37.4% Grimaldi Euromed S.p.A.)

Malta Motorways of the Sea Ltd(40% Grimaldi Group S.p.A. and 60% Grimaldi Euromed S.p.A.)

Atlantic Container Line AB(99.97% of owned ACL – Delisted from Oslo Stock Exchange [67.58% Grimaldi Euromed and 32.39% Grimaldi Group])

Minoan Lines S.A.(93.76% Grimaldi Group S.p.A. – Company listed on the Athens Stock Exchange)

Finnlines Plc(93.38% Grimaldi Group S.p.A. – Company listed on the Helsinki Stock Exchange)

shipping

Grimaldi Portugal Lda(90% Grimaldi Group S.p.A. and 10% Grimaldi Euromed S.p.A.)

Grimaldi Benin S.p.A.(90% Grimaldi Group S.p.A. and 10% Grimaldi Euromed S.p.A.)

Grimaldi Comp. Di Nav. Do Brazil(90% Grimaldi Group S.p.A. and 10% Grimaldi Deep Sea)

Grimaldi Ghana Ltd(90% Grimaldi Group S.p.A. and 10% Grimaldi Euromed S.p.A.)

... For a total of 70 agencies

agencies

Euromed Ireland Logistics(80% Grimaldi Group S.p.A.)

Unikai Lagerei und Spedutiongesellschaft mbH (49% Grimaldi Group S.p.A.)

Scandinavian Auto Logistics(75% Grimaldi Group S.p.A.)

C.E.T.A.L. S.r.l.(70% Grimaldi Group S.p.A.)

Salerno Auto Terminal/Automar (SAT)(33.55% Grimaldi Group S.p.A., indirect investment through Autuori and Automar)

Wallhamn Holding AB(Grimaldi Group S.p.A, 75% direct investment and 19% indirect investment)

Palermo Euro Terminal S.r.l.(50% Grimaldi Group S.p.A)

Finnsteve (Vuosaari, Finland)(100% Finnlines PLC)

Finnsteve (Turku Finland)(100% Finnlines PLC)

Valencia Terminal Europa S.l.(84.97% Grimaldi Group S.p.A. and 15.03% Grimaldi Euromed S.p.A.)

RoRo Terminal Benin(51% Grimaldi Benin S.A.)

Port and Terminal Multiservices Ltd (55% Grimaldi Group S.p.A. and 25% Grimaldi Euromed S.p.A.)

Grimaldi Euro/ Med S.C.P.A.(30% Grimaldi Group S.p.A., 30% Grimaldi Euromed S.p.A. and 30% Grimaldi Deep Sea S.p.A.)

Antwerp Euro Terminal N.V.(33.33% Grimaldi Group S.p.A. and 33.33% Grimaldi Euromed S.p.A.)

Antwerp Container Repair(Grimaldi Group S.p.A, 10% direct investment and 90% indirect investment)

Alexandria Terminal

Socomar Port terminal

(90% Grimaldi Deep Sea S.p.A)

Grimaldi Terminal Barcelona

(67% Grimaldi Euromed

and 33% Grimaldi Logistica

Espana)

Dakar Terminal Holding

(49% Grimaldi Group S.p.A.)

CO.I.F.I S.r.l.


S.p.A.)

Automar S.p.A.

(40% Grimaldi Group S.p.A.)

Autologistica S.r.l.

(10.20% Grimaldi Euromed

S.p.A.)

Grimaldi Logistica Genova


S.p.A.)

ports & terminals

The Grimaldi GroupWorld leader in maritime transport using Roll-on/Roll-off vessels


Ch.4 - The Grimaldi Group

necting more than 120 ports.

The Group takes advantage of a vertically and hori-zontally integrated system to carry out its activities, which consists of:

• an almost entirely owned commercial network,consisting of around 70 agencies which work to ef-ficiently utilise the Group’s infrastructural networks (lines/routes);

• a ground-based transportation company, whichhelps to supply the “networks” with loads;

• 19port terminals (eitherownedorunderconces-sion) in Europe and in Africa, for around 4.5 mil-lion square metres, with advanced loading and unloading systems for rolling stock and containers (ramps, load moving machinery, cranes, etc.), as well as large service areas;

• 7 shipping companies (Grimaldi Group S.p.A.,Grimaldi Euromed S.p.A., Grimaldi Deep Sea S.p.A., Finnlines Plc, Minoan Lines SA, Malta Mo-torways of the Sea Ltd and Atlantic Container Line AB – ACL).

The Grimaldi Group was the pioneer in developing Motorways of the Sea in the Mediterranean, intro-ducing regular lines connecting Italy with Spain, Tuni-sia, Malta, Cyprus, Turkey, Egypt, Israel and Morocco to transport truck-delivered goods, passengers and cars. Currently the Group offers the largest network of Motorways of the Sea in the Mediterranean and the Baltic.

The Group’s development strategy, which in the last several years has focussed on strengthening, ex-panding and integrating its infrastructure and logis-tics network (lines, routes, ports, terminals and ships) at an international level, identifying environmental

sustainability and satisfying its customers’ needs,

both in terms of cost and quality, as major priorities,

has led to continuous growth in terms of results, de-

spite the cyclical and negative trends in the relevant

sector and, more generally, in the world economy.

To achieve these results going notably against the

trend, the Group was able to rely on the following

significant competitive advantages:

• world leadership in the Ro-Ro transport market

(with a fleet of more than 100 owned ships, in-

cluding Ro-Ro, Ro-Pax Ferry, PCTC and Con/Ro-Ro

ships);

• amodern,high-qualityfleetwithanaveragelifeof

less than 12 years (9 years for the fleet operating in

Italy);

• verticalintegration(significantequityinvestments,

generally controlling, in 19 port terminals) and hori-

zontal integration (global network of 120 ports

served);

• operatingpresenceinasectorwithhighbarriers

to entry (represented by a large, high quality fleet

recognised throughout the world, a system of net-

works, port terminals, etc.);

• highreplacementcostsforusersofservices;

• long termcommitmentbyshareholders,with the

Grimaldi Family actively involved in management

of the Group;

• reinvestment of most profits in assets, with an

increase in equity exceeding €1 billion between

2008 and the present.

The Group’s development strategyover recent years has been to strengthen our infrastructural and logistics network at the international level



FINNLINE

S

SHORT SEA

ACL

MIN

OA

N

EU

RO

ME

D

DEEP SEA

CAR CARRIERS/MED-AME

• grimaldi euromed s.p.a.: specialised in transportation of rolling stock between North Europe and the

Mediterranean (Euromed), on the Motorways of the Sea in the Mediterranean (Short Sea), freight transport

between the Mediterranean and North America (Car carriers/MED-AME), specialised in passenger trans-

port;

• grimaldi deep sea s.p.a.: transports rolling stock and containers between the ports of North Europe,

West Africa and South America;

• acl: manages maritime lines mainly dedicated to container traffic containing North America, South Amer-

ica, North Europe, the Mediterranean and West Africa;

• finnlines plc: transports freight and passengers between Finland, German, Sweden and Russia;

• minoan lines s.a.: transports freight and passengers between Greece and Italy, as well as short-sea

shipping between Crete and the Greek mainland.

Lines operated by the Grimaldi Group



The connection between the Grimaldi Fami-

ly and the sea goes back much further than

the creation of the Group: the chronicles

of the Kingdom of Naples tell that in 1348,

Queen Giovanna I gave the brothers Rajiner-

io, Richerio and Perino de Grimaldis a pre-

cious solid gold relic, as a guarantee for the

loan of three ships.

In the second half of the 1800s, Gioacchi-

no Lauro, a traditional captain and sail-ship

owner originally from Sorrento, founded a

steamboat company that became one of the

first Italian joint stock companies in the ship-

ping sector.

Gioacchino had a number of children, in-

cluding: Achille, who inherited his father’s

passion for the sea and his business sense,

becoming the largest European ship owner

between 1960 and 1970, and Amelia, who

married the lawyer and land owner Giovan-

ni Grimaldi who, although a cultured man,

lacked the seagoing spirit of his ancestors.

It was Amelia, Giovanni’s wife, who gave her

children a passion for the sea and asked her

brother Achille to take her son Guido under

his wing.

In 1947, Guido and his brothers Luigi, Mario,

Aldo and Ugo Grimaldi founded a new ship-

ping company, buying the ship Liberty, a

freight ship used by the American fleet dur-

ing World War Two, and starting what would

become one of the largest privately owned

fleets in Europe.

4.1 Our story

1947Guido and his brothers Luigi, Mario, Aldo

and Ugo Grimaldi create a new shipowning company, purchasing the Liberty.

2008The Group acquires control over Minoan Lines,

a Greek company listed on the Athens Stock Market and a leader in the ferry and Ro-Ro sector.

2005

The Group acquires Malta Motorways of the Sea (which offers connections between Italy

and Malta), after the state controlled company Sea Malta goes bankruptcy

2015The company name is changed to “Grimaldi

Group SpA” after a resolution made on February 2, 2015 by the Shareholders’ Meeting

2006

The Group acquires control over Finnlines, a Finnish company listed on the Helsinki Stock Market and a leader in the Baltic and North Seas. Finnlines offers freight and passenger transport services in a geographic area that

features the highest economic growth in Europe.

1969

The Group begins a regular connection between Italy and England to transport Fiat cars headed for the British market,

quickly gaining the trust of the largest car manufacturers around the world.

1995

The brothers Guido, Mario and Aldo Grimaldi decide to separate the Group into two areas

(Naples and Genova). Ugo remains as minority shareholder in the Neapolitan and Genoan

companies, then being removed in 1996.

2001

The Group acquires ACL (Atlantic Container Line), the leading Ro-Ro operator for connections

between Europe and North America (later delisted from the Oslo stock market)

1947 - 2015 a passion for the sea and good business sense. The birth and development of one of the most important private European fleets



The current international situation is characterised by significant instability - social, economic and ge-opolitical.

Despite the first weak signs of a recovery from the economic crisis that began in 2007, the maritime transport sector is exposed to a number of risks, including the slow growth in global demand, the fragile recovery in Europe, the inability to predict trends in the fuel market, geopolitical tensions and a potential slowdown in the growth of developing countries.

Global GDP grew by 2.5% in 2014 over 2013, while the cargo shipping sector grew by 2.3%3 during the same period. Moderate growth is estimated for 2015.

The maritime transport sector involves high barriers to entry and a high concentration rate, with the ten largest international operators accounting for over 60% of the entire market. Between 2014 and 2015 the average number of companies operating in the sector fell by 29%.

In terms of terminals, the main problems to which ports are exposed are associated with the man-agement of growing volumes of traffic, due to both larger ships and a change in the market due to increased partnerships between shipping compa-nies.

Turning to fleets, although a 3.5% increase in the global fleet was seen in 2014, that figure was the lowest in the last decade. Greece is the country

4.2 Reference market: “Shipping & Logistics” sector

World seaborne trade, by region, 2014 (percentage share in world tonnage)

Source: UNCTAD secretariat, based on data supplied by reporting countries and as published on the relevant government and port industry website, and by specialist sources. Estimed figures are based on preliminary data or on the last year for which data were available.

8Africa

541

Asia

5615

Europe

2022

Americas

1612

Oceania

2

70

30

50

10

60

20

40

LoadedUnloaded

+70% < > + 220%greater cost of road transport compared to naval transport

The OECD Industrial Production Index and indices for world GDP, merchandise trade and seaborne shipments (1975-2014) (base year 1990 =100)350

150

250

50

300

100

200

Source: UNCTAD secretariat, based on OECD Main Economic Indicators, June 2015; United Nations Department of Economic and Social Affairs, 2015; Link Global Eco-nomic Outlook, June 2015; UNCTAD Review of Maritime Transport, various iusses; WTO, appendix table A1a, World merchandise exports, production and gross dome-stic product, 1950-2012; WTO press release 739, 14 April 2015.

1975

2001

1988

2014

1981

2007

1994

1975

2004

1991

1984

2010

1997

1976

2002

1989

1982

2008

1995

1979

2005

1992

1985

2011

1998

1977

2003

1990

1983

2009

1996

1980

2006

1993

1986

2012

1999

1978

1987

2013

2000

World merchandise tradeWorld seaborn tradeWorld GDPOECD Industrial Production Index



with the largest number of ships, followed by Japan, China, Germany and Singapore4.

The country with the largest fleet of Ro-Ro ships (245 ships) is Italy, while Great Britain, followed by Italy, holds first place in Europe in the area of short sea shipping services. Finally, Italy and Greece are tied for first in Europe for passenger traffic, with around 80 million passengers, covering around 20% of the EU market.

In terms of laws, the shipping sector is subject to numerous regulatory updates aimed at increasing safety on board ships and reducing the environmen-tal impacts caused by their activity (emissions, waste disposal, ballast water treatment, etc.) through tech-nological investments that also allow for improved productivity and reduced operating costs.

Finally, in regards to the social/environmental im-

pacts associated with the sector, it is estimated that

maritime transport generates direct and indirect

costs that are lower than road and rail transport.

Based on a recent study commissioned by Confi-

tarma5, maritime transport is the method of trans-

portation that as a whole has a lower economic,

social and environmental cost, direct and indirect,

regardless of the type of ship used (Ro-Pax or Ro-

Ro). In fact, when quantities of freight and passen-

gers transported are held equal, the greater cost

deriving from the use of roads with respect to the

sea is between 70% and 220%, while rail transport

generates greater costs with respect to maritime

transport in amounts between around 7% and 57%6.

Ships Heavy Goods Vehicles Train

1 Ro-Ro 250 Trailers 8 Trains

Traditional Tyrrhenian long route (Ro-Ro)

Ships Heavy Goods Vehicles Train

1 Ro-Pax 150 Trailers1390 car

equivalents

3 Passenger trains5 Goods trains

Traditional Tyrrhenian long route (Ro-Pax)

€ 600.000

€ 1.000.000

€ 200.000

€ 400.000

€ 800.000

Ship Road Rail

€ 1.500.000

€ 2.500.000

€ 500.000

€ 1.000.000

€ 2.000.000

Ship Road Rail

Direct and indirect costs

CongestionTransport costs

Emission NoiseDistance Accident rate

Comparison of direct and indirect costs for various transport methodsSource: D’Apollonia, 2015

3) Source: Review of Maritime Transport 2015 (UNCTAD, 2015).4) Source: “L’impatto socio-economico nazionale dei servizi di trasporto marittimo di corto raggio merci e passeggeri in Italia” (Confitarma, 2015).5) Confederazione Italiana Armatori6) Source: “Studio sull’impatto socio-ambientale della navigazione in Italia: una comparazione con le altre modalità di trasporto” (D’Apollonia, 2015)



The Grimaldi Group intends to continue its commer-

cial expansion strategy by providing increasingly

extensive logistics services.

Over the last few years, the Group has extended

and strengthened its network of services, through

the acquisition of controlling interests in primary

shipping companies, leaders in strategic geograph-

ic markets that are a good fit with those in which the

Group operates.

This process of globalisation and growth has been

made possible by the following factors:

• Financialsolidity;

• Technologicalinvestments;

• Supportfromstakeholders;

• Commitment,passionanddedicationprovidedby

over 13,000 workers.

Financial year 2015 ended with the best economic

result in the history of the Grimaldi Group. This re-

sult is mainly attributable to the significant diversifi-

cation in the routes and type of cargo transported,

as well as the ability to promptly react to contingent

market positions, by optimising the use of ships on

the different lines and reducing inefficiencies.

The Group’s competitive advantages derive from

the application of a long-term business strategy de-

signed to add value via the horizontal and vertical

integration of our business. Fundamental aspects

of this strategy have included close monitoring of

costs (the reduction in the cost of oil and its deriva-

tives had a significant impact) and a long-term pol-

icy that calls for the reinvestment of profits with a

view to upgrading the fleet. Over the last ten years,

the Group, directly or through its subsidiaries, has

more than doubled its fleet, going from 50 to over

100 ships. In coming years, delivery of an additional

twelve ships is also foreseen.

The process of rationalising the Group’s structure

that had begun in 2008 continued during 2015, with

the transformation of the Grimaldi Group S.p.A. from

an operating to a holding company. In this regard,

certain contracts with main automotive manufactur-

ers to transport vehicles from the production plant

to various market areas were renewed directly by

Grimaldi Euromed S.p.A. and by Grimaldi Deep Sea

S.p.A., both subsidiaries that operate these links.

Grimaldi Group S.p.A. continues to be the main con-

tractor with a number of automobile manufacturers,

and continues to manage travel agent and tour op-

erator activities.

The Grimaldi Group is a fully-integrated multination-

al, multicentre organization that invests in the up-

grading of its fleet and the development of its port

terminals, using mainly proprietary vessels to ship

cargoes sourced directly from the market. There-

fore, it does not speculate on trends in freight rates

by chartering its ships to third parties and, as such,

it is not subject to market volatility.

Thanks to these characteristics, the Group is well

known in the market as an industrial operator, an

outright leader in Europe and one of the world’s

4.3 The business model

Financial year 2015ended with the best economic result in the history of the Grimaldi Group



leading Ro-Ro shipping companies. As such, the

Group is a reliable partner for customers ranging

from multinational car and rolling stock manufactur-

ers to small shipping firms.

The Group has adopted a growth strategy by fol-

lowing a purely industrial approach centred on the

following:

• Reinvestmentofprofits;

• In-depth knowledge of the relevantmarket and

business, which translates into the ability to react

rapidly to market changes;

• Abilitytodesignanddeployvesselsthatareex-

tremely flexible in terms of cargo mix, thus less

exposed to any volatility in single markets;

• Commercialcoverageofvariousgeographicareas

(Mediterranean Sea, Northern Europe, the Baltic,

West Africa, North America and South America).

4.4 Our Mission and our values

mission

The Grimaldi Group’s mission is to provide efficient,

reliable, innovative and high quality services for

maritime transport of freight and passengers, by

constantly working to identify the needs and expec-

tations of our customers. The Group is dedicated to

excellence, social responsibility and transport solu-

tions that promote sustainable mobility in terms of

the environment.

Vision

To achieve its mission, the Group works to contin-

ue along the path to strategic growth, focussed on

developing passenger and freight traffic and port

terminals, with the commitment to offer the market

the best guarantees for efficient corporate manage-

ment, and maintaining a constructive dialogue with

the larger community of stakeholders, with an eye

to creating sustainable growth.

Our Group’s method of operating is based on three pillars that guide our activities and our relationships with all stakeholders.

mission

ValuesVision



The Group is dedicated to excellence, social responsibility and transport solutions that promote sustainable mobility in terms of the environment.

Values

To reach its objectives, the Grimaldi Group is in-spired by the following principles:

• Respectforlegalandregulatoryprovisionsinef-fect in the countries in which the Group operates;

• Honestyandintegrityinbusinessrelationships;• Proper conduct in relationswith customers and

quality in the services it provides;

• Impartiality;• Respectforitsemployeesandcontractworkers,

and for people in general;• Protectionoftheenvironmentandsafety,alsoin

terms of workplaces.The values that inspire the Grimaldi Group’s way of working and how it interacts with all those people who work with it are the following:

Our values

QUALITY

offer high quality services that satisfy or exceed customers’ reasonable expectations and necessities.provide exhaustive information, efficiently and courteously, about the transport service prices and methods, so that customers can make informed decisions.

INTEGRATION

avoid any discrimination based on age, sex, sexual orientation, health, nationality, political or religious beliefs.cooperate actively to achieve the group’s objectives.share useful information with co-workers.

PROFESSIONALISM

provide services in a professional, independent and impartial manner, honestly and respecting the group’s methods, policies and working practices.avoid any possible conflicts of interest, in particular in regards to personal, financial or family interests that could influence the independence of decision makers.

SUBSTANCE constantly improve the quality of services provided.

INNOVATION

disseminate a culture of accident prevention and awareness of risks to worker health and safety, actively promoting the same, also through appropriate training courses and information.develop and implement innovative technical solutions that reduce environmental impacts to a minimum and guarantee maximum safety levels.

ENVIRONMENT manage and mitigate the environmental impacts from group activities.


The governance system adopted by the Grimaldi Group is focused on maximising val-ue, controlling corporate risk and provid-ing transparency in regards to stakeholders. The governance model adopted by the Parent Company is based on the traditional organisation-

al model consisting of the Shareholders’ Meeting,

the Board of Directors, the Board of Statutory Audi-

tors, the independent auditing firm, and the Super-

visory Body (pursuant to Italian Legislative Decree

231/2001).

The governance system

Maximisation of value, control of corporate risk and transparency in stakeholder relations

5

SHAREHOLDERS’ MEETING

represents all shareholders

Approves the Annual and Consolidated Financial Statements

BOARD OF DIRECTORS

four directors, including the chairman (gian luca grimaldi), two ceos (emanuele grimaldi, diego pacella) and a director (Quintino spetrini)

The BoD is responsible for ensuring objectives are achieved and developing strategic guidelines. In addition, the Board of Directors creates guidelines for the risk management system, assesses their adequacy and identifies the main company actors involved.

BOARD OF STATUTORY AUDITORS

five auditors, including the chairman, two standing auditors and two alternate auditors

Provides the supervisory function pursuant to articles 2403 and subsequent of the Italian Civil Code.

CHIEF EXECUTIVE OFFICERS

gian luca grimaldi (chairman), emanuele grimaldi, diego pacella

Appointed by the Board of Directors. Emanuele Grimaldi is responsible for operating business, while Diego Pacella is responsible for the areas of administration, human resources and workplace safety.

5.1 The governance model


Ch.5 - The governance system

The Code of Conductdefines the general standards behind corporate ethics

Italian Legislative Decree no. 231 of 2001 introduced

a form of corporate liability. The Group’s Italian com-

panies adopted an Organisation and Management

Model in compliance with said Decree.

The Model consists of a general and special part. In

particular, the special part details the organisational

protections adopted to manage individual areas of

risk (crimes against the public administration, cor-

porate crimes, crimes violating regulations to pro-

tect workplace health and safety, environmental

crimes, organised crime and transnational crimes,

money-laundering), highlighting for each of these:

• crimeswhichcouldbecommittedintheabstract;

• typesofactivitiessubjecttotheriskofcrimes;

• corporatedepartmentswhichcarryoutactivities

subject to the risk of crimes;

• auditstandardsrelativetoindividualareasofrisk;

• conductstandardstoberespectedinordertore-

duce or eliminate, if possible, the risk that crimes

are committed;

• informationalflowssenttotheSupervisoryBody.

The purpose of the Model is to create a structured

and organic system of procedures, rules and audits,

to be carried out both before preventively and after

the fact, in order to considerably reduce and pre-

vent the risk that the various types of crimes identi-

fied under the law are committed, as identified dur-

ing the risk assessment process.

The Model applies to all those who work to achieve

the Company’s purpose and objectives.

It follows that it applies not only to members of cor-

porate bodies (whether shareholders or directors),

auditors and individuals who are members of the

Supervisory Body, employees and more generally

all workers formally included within the Company,

but also external consultants, partners, commercial

operators and contractors with the Company (e.g.

agents and maritime agents, suppliers and service

providers), within the limits of the duties carried out

in the name of or on the account of the Entity.

In order to guarantee proper application of the

Model, the Board of Directors has appointed the

Supervisory Body7, whose members serve three

year terms, responsibility for the following tasks:

• ensuretheefficacyoftheModel,aswellascom-

pliance with the provisions contained therein;

• periodicallyverifytheeffectivenessandadequa-

cy of the Model;

• assessandsuggestmethodstoupdatetheModel;

• ensurenecessaryinformationiscommunicated.

All notifications involving violations of the Model are

analysed and investigated in compliance with the

regulations on the protection of personal informa-

tion.

During 2015, no notifications were received.

An integral part of the Model 231 is the Group’s

Code of Conduct, which was adopted with the be-

lief that ethical business actions favour success for

5.2 Model 231 and the Code of Conduct

7) The Supervisory Body has four members (three external and one internal to the Group).


Ch.5 - The governance system

all companies, contributing to spreading a culture of

reliability, correctness and transparency in the activ-

ities performed to achieve company goals.

The Code of Conduct defines the general stand-

ards behind company ethics, providing a structure

of behavioural norms to follow in the management

of the daily activities of all Group companies, useful

for properly and efficiently achieving company ob-

jectives in the maritime transport sector, which in-

volves ever increasing competition and complexity,

worldwide.

The Code must be followed by the Group’s top level

figures, all personnel (administrative and maritime),

and all those stakeholders with which the Group

has relationships (external contractors, buyers, part-

ners, suppliers, agents, customers, etc.).

The Grimaldi Group works in compliance with regu-

lations, both the national laws applied in all the ge-

ographic areas in which it is active, and the interna-

tional laws established by the International Maritime

Organization (IMO)8.

The Group’s activities are carried out in a socially

responsible, impartial and ethical manner, adopt-

ing policies to ensure equity and properness in the

management of business relationships, guarantee-

ing worker safety, and promoting and encouraging

ecological awareness, while fully complying with

the laws that apply in the countries in which the

Grimaldi Group has a presence.

All business relationships are built on integrity and

loyalty, working to avoid conflicts of interest. To

achieve this objective, the Grimaldi Group requires

all of its directors, managers and other employers

to comply with the ethical standards for business in

their work, as established in the Code of Conduct.

Some of the Group’s companies are involved in var-

ious legal cases involving civil/administrative dis-

putes. A review of pending disputes as of Decem-

ber 31, 2015, in the light of the insurance available,

does not reveal any significant contingent liability,

to the extent that would require provisions in addi-

tion to the already allocated amount, recognised in

the consolidated balance sheet.

In reference to environmental and social disputes,

we note, respectively, an insignificant fine for the

accidental use of fuel with sulphur content exceed-

ing the established limit, and certain minor pro-

ceedings under way relative to on the job injuries

suffered by sailors.

5.3 Compliance

8) The IMO is the United Nations agency which defines global standards to regulate environmental, health and safety performance within the international maritime sector.


Our sustainability strategyCreate value for everyone, whilst reducing our environmental impact

6

Our sustainability strategy has the objective of

creating value of our customers and passen-

gers, for the communities in which we operate, for

our staff and the companies in the Group, while si-

multaneously minimising the environmental impact

of our activities.

Operating in a sustainable manner is a strategic

priority for us, and to that end we have taken a path

that increasingly integrates sustainability issues

with business.

Our way of doing business is focused on creating

value for the Group and its main stakeholders. We

are aware that operating effectively and efficiently

depends on building stable and positive relation-

ships and carefully managing the impacts caused

to the external environment. Proactively managing

these aspects makes it possible to contribute to

the Group’s growth in the relevant geographic

areas and activate opportunities to create

shared value.

to create shared value, it is neces-

sary to:

• Developandexecute innova-

tive projects that contribute to

improving the maritime trans-

port sector, increasing the ca-

pacity to meet market require-

ments;

•Continue constant commu-

nication with all stakeholders,

to create better conditions for

their involvement;

• Paytheutmostattentiontothe

people who work for us, investing

in safety (both at sea and on land)

and their professional development;

• Protect theenvironment,by imple-

menting projects that help to reduce our

environmental impact;

• Provide quality serviceswith added value to

our customers.

CREATE SHARED VALUE

Meet the growing need for sustainable

and intermodal transport options

Contribute to our employees’

professional growth and development of the communities in

which we work

Reduce the environmental impact

of our activities, helping to protect the

planet

economic performance

for customers and lenders

enVironmental performance

for our planet

social performance

for our employees and the communities in

which we work

in order to

Provide quality services that contribute to the creation of shared value

€


Ch.6 - Our sustainability strategy

XXXXXXXXXxxxxxxxx xxxx xxx xxxxx xxx

In carrying out our business activities, the Group in-teracts with various stakeholders.

In particular, mapping of stakeholders was done in consideration of the various parameters that reflect the significance and importance that these subjects have for the Group.

Identification of stakeholders was done by consid-ering the aspects listed below:

• Responsibility: subjects in regards to which theGroup has responsibilities (legal, financial, operat-ing, etc.);

• Influence: subjectswhich influenceor couldpo-

tentially influence the Group’s decision making processes;

• Proximity:subjectswithwhichtheGrouphases-tablished lasting relationships and those which work regularly with the Group based on their ac-tivities and operations;

• Representation: subjectswhich, for legal and/orcultural or traditional reasons, represent other in-dividuals who influence or could potentially influ-ence the Group’s decision making processes;

• Strategy: subjects which, due to strategic deci-sions made by the Group, are considered key stakeholders.

6.1 Our stakeholders and channels for dialogue

Environment

InstiutionsCustomers

Suppliersand

Agents

Tradeassociations

CommunityPassengers

Employees

in the light of these aspects, the grimaldi group has identified the following categories as key stakeholders:



The Group communicated with its stakeholders with channels for dialogue used either on a regular basis or in a targeted manner.

Regular actions involve the issuing of press releas-es containing news and promotions, the publication of the quarterly magazine “Grimaldi News”, which provides news about the Group, as well as sched-ules for all the line services offered and contact in-formation for Grimaldi agencies and offices, and the half-yearly publication of the on-board magazine “Grimaldi Magazine Mare Nostrum”, which con-tains travel information and articles about the main connected tourist areas. All press releases, as well as the magazine and the most important articles published in the Italian and foreign press, can be consulted and downloaded from the Group’s insti-tutional website (www.grimaldi.napoli.it).

Targeted actions consist of ad-hoc events aimed at promotion of the Group’s activities. Below we note the most significant activities conducted in 2015.

on february 19, 2015, in cooperation with ECSA (European Community Shipowners’ Association), the Antwerp Port Authority and the Royal Belgian Shipowners’ Association, a visit by Violeta Bulc, the European Commissioner for Transport, was organ-ised to the Antwerp Euroterminal, owned by the Group.

Representatives of the European Commission DG Move (Directorate General for Mobility and Trans-port) participated, as well as representatives of the Italian government and the main operators working in the Antwerp port. Commissioner Bulc was shown

all the activities the Group offers for freight logistics, both at the terminal area and on board. This initiative is part of a program established by Eu-ropean shipowners, with the aim of illustrating the activities of the maritime and terminal sectors and helping to provide clarity about its special charac-teristics and requirements to decision makers in the European Commission. This is the third time that a Grimaldi Group terminal has been chosen by the European Commissioners as an example of logis-tics excellence where road, train, inland, waterway and ocean-vessel transport converges.

in may 2015, a press conference was organised during the Transport Logistics Fair in Munich, at which Paolo Costa, the President of the Venice Port Authority, together with Guido Grimaldi, the Cor-porate Short Sea Shipping Commercial Director of the Grimaldi Group, announced the launch of a new Motorway of the Sea between the ports of Venice and Patras. This Motorway of the Sea became, in the following months, the fulcrum of the sole entire-ly intermodal rail-sea connection between Germa-ny and Greece. In fact, the train collects freight in Frankfurt and leaves for Venice (Fusina) via Bren-ner, where it unloads and loads the freight destined for Greece. From here the trailers are loaded onto Grimaldi Group Ro-Ro ships.

from october 29 to november 1, 2015, the XIX Euro-Med Convention From Land to Sea was held in Barcelona, which saw the participation of around 500 delegates from Europe, North Africa, the Mid-dle East and North America. This event is organised every year by the Grimaldi Group to promote short range maritime transport and its participants in-clude representatives from the European Commis-sion, national governments, maritime and port au-thorities, the world of finance and the media, as well as the Group’s network of branches and agents in the Euro-Mediterranean area.

in addition, during 2015 various inauguration cer-emonies were organised for new short range mari-time connections.

Communications activitiesregular issuing of press releases, publications and magazines, both on-board and institutional



For the first year, we performed a materiality analy-sis with the aim of identifying priority sustainability issues for the Group and its stakeholders.

The materiality analysis process allowed the Grimal-di Group to identify the material issues that were then included in the document.

An issue is material if it has a real or potential impact, whether economic, social and/or environmental on the organisation, or has a significant impact on the

assessment of the organisation by stakeholders.

The materiality matrix combines the priorities as-signed by external stakeholders with internal pri-orities, to identify issues that are priorities for the Grimaldi Group and its stakeholders.

Material issues, which are explored further in this document, are those located in the upper right quadrant (for more information, please see the sec-tion “Materiality analysis process” in the Appendix).

mare nostrum awards

is the international journalism award given out by the Grimaldi on-board magazine, Mare Nostrum, dedicated to sea-based travel in the mediterranean, and in particular to awareness of the motorways of the sea. Professional journalists, publicists, authors in general and photographers who have published a work on the Motorways of the Sea are invited to participate, highlighting the advantages of these connections in economic, social and environmental terms.the 2015 edition of the Mare Nostrum Awards gave out prizes to the top five winners totalling €50 thousand.

6.2 Materiality analysis

Importance for the Grimaldi Group

Imp

ort

an

ce f

or

Sta

ke

ho

lde

rs



In this section, in compliance with that required un-

der the GRI guidelines, we provide an added value

schedule, based on reclassification of the income

statement in the Group’s Consolidated Financial

Statements.

The economic value generated represents meas-

urable economic wealth, produced by the Group

during the year. Analysis of added value makes it

possible to achieve an objective assessment of the

Group’s economic and social impact, measuring the

wealth created to the advantage of all stakeholders.

Distributed economic value is a qualitative/quantita-

tive index of the company’s social impact and of the

real extent of the social responsibilities taken on.

GENERATION AND DISTRIBUTION OF ECONOMIC VALUE

2015 2014

directlY generated economic Value 2,830,503 2,629,139

revenue from sales 2,664,576 2,512,221

other income (other income, financial income, portion of profits). 165,927 116,918

distributed economic Value 2,191,356 2,156,100

suppliers 9 1,720,039 1,710,242

employees 10 383,071 361,825

lenders 11 66,065 69,729

public administration 12 17,972 12,051

community 13 2,209 2,253

economic Value Withheld 639,147 473,039

In thousands of Euro

6.3 Creating shared value

9) Operating costs from payments made to acquire raw materials, ancillary materials, consumables and goods, for services, and for use of third party assets).

10) Salaries paid to employees, including social security contributions, severance indemnities and other costs.11) Repayment of lenders, including distributed dividends, arrears on dividends, interest on loans and other forms of debt.12) Levies and direct and indirect taxes (including all forms of taxation, e.g. income, ownership, etc.).13) Investments in the community in the form of donations made to the Grimaldi Foundation, etc.



The economic value kept within the Group repre-

sents part of the wealth that guarantees the eco-

nomic sustainability of the business, reinvested in

innovative and services for customers to continue

the process of continuous improvement.

In 2015, the Grimaldi Group generated value of

around €2.8 billion, an increase of around €200 mil-

lion with respect to 2014 (+8%), mainly due to the

item “Charter fees”, which represents the largest

part of turnover for the Group’s navigation compa-

nies (Grimaldi Group, Grimaldi Deep Sea, Grimaldi

Euromed, ACL, Finnlines, Minoan Lines and Malta

Motorways of the Sea).

Distributed economic value (around 77% of the eco-

nomic value generated) mainly consists of the fol-

lowing items:

• suppliers (around €1.7 billion), this item repre-

sents the portion of economic value generated

that the Group invested in the economic system,

through the purchase of raw materials, goods and

services. The main expense items are associated

with the Group’s core business and are for the pur-

chase of fuels and lubricants, general navigation

expenses and expenses for berth and port servic-

es;

• employees (around €383 million), this item rep-

resents the portion of economic value generated

that the Group provided to its employees, in the

form of salaries and other associated benefits;

• lenders (around €66 million), this item repre-


that the Group provided to its lenders as interest

on loans received;

• public administration (around €18 million), this

item represents the portion of economic value

generated that the Group distributed to public ad-

ministrations, both central and local, through tax

withholdings and contributions (direct and indirect

taxes and levies paid);

• community (around €2 million), this item repre-


that the Group distributed to the Community to

support the organisation of social, environmental

and cultural initiatives through the Grimaldi Foun-

dation Onlus (for more information, please see

section 9.2).

The value that the Group did not distribute to its

stakeholders, but kept internally in the form of am-

ortisation/depreciation and allocation to reserves, to

be reinvested to guarantee business continuity and

sustainability, consists of the following items:

• amortisation and depreciation (around €235

million), represents the portion of economic value

kept within the Group for amortisation and depre-

ciation of property, plant and equipment and intan-

gible assets.

• consolidated profits (around €404 million), rep-

resents the profits which based on management

decisions are mainly reinvested in the Group to

finance the purchase of new ships, technological

innovation, etc.


Business sustainabilityHigh-quality services, and solid and lasting relationships of trust are at the centre of the Group’s business strategy

7

Our customers

Our people*

Our suppliers

The associations we work with

*) Sustainability data regarding personnel have a total scope of 13,343 employees**) Safety Management Certificate - International Sustainability and Carbon Certification

€ 3 million passengers

over € 3 million cars transported

7 awards for service quality

13,343 employees

more than 42 thousand hours of training

over 70% of suppliers are located in the areas where the Group carried out its operations

Certified suppliers

iso 9001 - iso 14001ohsas 18001


Ch.7 - Business sustainability

The ability to offer high quality services that meet

customers’ expectations is at the centre of the

Group’s business strategy. The creation of solid and

lasting relationships of trust with our customers,

whether commercial customers or passengers, is

an important priority.

Through the Company Rules for Passenger & Vehicle

Transportation and the General Transport Conditions,

the Group has defined its rules and minimum stand-

ards, to guarantee the quality of the services it offers.

Below is a breakdown of the Grimaldi Group’s 2015

profits by type of load.

7.1 Our customers

TURNOVER 2015

22.6%

New cars Used cars

5.9%

New RoRo

4.5%

Used RoRo

15.3%

Trailer/Mafi

26.8%

Passengers

7.3%

Containers

15.9%

General cargo

1.7%

Breakdown of revenues by type of load

Our focus on health and safety

Our commitment to the community

Our focus on protecting the environment

1% of the profits of the Group’s three Italian companies are donated to the Grimaldi Foundation Onlus

€667 thousand invested in the projects of the Grimaldi Foundation Onlus

15% of projects are dedicated to the families of employees suffering difficulties

33 smc** audit 25 issc** audit

-15.7% accidents in the last 4 years

CO2-10%

between 2011 and 2015

<1%biodegradable waste and waste permitted for disposal at sea

€ 150 millions invested in the environmental programme, 2014-2016



Passenger Transportation

in 2015, around 3 million people travelled on the group’s ships.

The Grimaldi Group offers an extensive network of maritime connections for passengers in the Mediter-ranean and Baltic Seas. In order to offer ever more innovative and high-quality services, at a competi-tive price, the fleet used consists of modern cruise ferries and next generation Ro-Ro-Passenger ships.

In order to increase customer communication chan-nels, in 2015 the ease of use of the consumer web-site (www.grimaldi-lines.com) was improved, and the Call Center service was also extended to pe-ripheral offices.

In addition, in 2015 cus-tomer analysis and man-agement using social media was added.

Passengers are accompanied throughout all the steps involved in organising a trip, with the aim of guaranteeing an excellent “journey experience”, from booking the ticket until the trip ends. In fact, one of the Group’s strengths is vertical integration between travel agencies and navigation companies.

In addition, the Group pays special attention to pas-sengers with reduced mobility (PRM), ensuing that its owned ships have special tools that guarantee accessibility.

Passenger data is registered for all lines using the digital E-booking reservation system. The data col-

lection may be either digital or manual, based on the installations found on board and in ticket offices. Passenger information is managed in compliance with Italian Legislative Decree 196/2003 (Personal Data Protection Code), and is used and processed solely for statistical and commercial purposes nec-essary to analyse the productivity of the Passenger Office department and define commercial strate-gies.

To monitor and measure passenger satisfaction levels, the Group has begun a number of custom-er satisfaction surveys, handing out questionnaires on board ships, aimed at measuring both an over-all judgement of the on board experience, as well as the quality of the various services available on board (cabins, restaurant, shops, etc.) and during embarkation. The results are currently being pro-cessed.

In addition to the questionnaires, passengers can contact the company using the email address [email protected] to request clarifications, or to make observations or complaints. Thanks to the continuous feedback received from customers, both through Suggestion Forms and the dedicat-ed email address, it has been possible to identify strengths and weaknesses of the service offered.

In 2015, the Italian companies in the Group received around 200 complaints (for delays, cleaning, etc.), all of which were fully resolved. Considering the number of passengers transported, the percentage of complaints received was less than 1% for 2015. All complaints are inserted in a database, to monitor progress and any corrective actions undertaken.

15 years of recognitionfor the quality of the service offered to car manufacturers

around 24 thousand

contacts

122,192 call center contacts in 2015



Among other international recognition, we should also note the award acl received from the prestigious inter-national magazine ShipPax, specialised in maritime trans-port, given to the newly constructed “atlantic star” in the “Revolutionary Design” category, and the 2015 certificate of merit award given to the Nigerian ptml terminal by the World Customers Organisation for the exceptional service provided in support of Interna-tional Customs.

In addition, in 2016 rolls-royce granted the Grimaldi Group the prestigious 2016 energy efficiency award, recognising the continuity of the Group’s efforts in re-gards to energy efficiency, through the creation of energy efficient projects and the reduction of greenhouse gases.

Emanuele Grimaldi received the 2016 carus excellence award, presented to professionals in the maritime sector, for his notable contribution to the development of mari-time transport in Europe.

SUPPLIER OF THE YEAR AWARD

from general motors.

This is the 15th award received by the

Grimaldi Group from General Motors;

FORD MOTOR Co Q1 AWARD

for offering transport services with a

near-0 accident rate, a recognition

received every year since 1999;

THE GRIMALDI GROUP WAS HONOURED

BY THE RENAULT-NISSAN GROUP

for its high performance in outbound logistics

services for its exceptional performance levels,

achieving an on-time delivery rate of 96.9%;

QUALITAS AWARD

in the Supply Chain/Logistics Supplier

of the Year category from fiat chrysler

automobiles (fca), for providing high

quality services and excellent performance

to FCA, always in a proactive manner;

PARTNER AWARD FROM HONDA

for the subsidiary atlantic

container line (acl).

ACL was one of 15 companies honoured,

chosen from a pool of 1,000, with the criteria

of quality, value and customer service, all

aspects which serve as the foundation for

Honda’s philosophy and reputation. ACL has

received this award every year since 2012.

The main awards of 2015

Commercial customers

the grimaldi group is a world leader in transport-ing vehicles produced by automobile companies to their destination markets.

As testimony of this, over the last 15 years the Group has been recognised by prestigious car manufacturers in appreciation of the quality of the service provided.


XXXXXXXXXxxxxxxxx xxxx xxx xxxxx xxx


The Group pays careful attention to ensuring the

best working conditions and acts to guarantee the

well-being, professional growth and the develop-

ment of its administrative workers and sailors. In

fact, we know that our employees are a fundamen-

tal resource in the task of achieving our business

objectives.

Starting in 2015, the Parent Company, together with

the subsidiaries Grimaldi Euromed and Grimaldi

Deep Sea, applied the “New II Level Agreement” to

its employees, which includes further improvements

in the working conditions for employees, implement-

ing the requests brought to management’s attention

by the Company’s Union Representatives. Some of

the new aspects introduced by the new agreement

include new methods of using holiday time and the

institutionalisation of loyalty awards, in order to im-

prove work-life balance and employee satisfaction.

The Group’s maritime employees are subject to the

provisions of the Navigation Code and the regulato-

ry provisions contained therein.

7.2 Our people

Personnel by sex, 2015

Men Women

Total Group Personnel 2015

Administrative personnel Maritime personnel

13%

3,124

87%

10,219



With reference to maritime workers, the Group has

established an implementation and control system,

in order to guarantee living and working conditions

on board ships.

Management activities provided by the Maritime

Office following the guidelines contained in the

International Labour Organisation-ILO Convention

no. 186 on maritime work and national regulations

regarding on board living and working conditions.

In regards to relationships with unions, the Group

guarantees freedom of association and maintains

constant and constructive dialogue with all the or-

ganisations. Regular meetings are held with unions,

at least every three months. The three main Italian

companies have three employees on staff, repre-

senting the main category unions, Filt-Cgil, Fit-Cisl

and Uil-Trasporti.

The Personnel Office’s mission includes the objec-

tive of minimising disputes with employees. In 2015,

there were no significant problems with administra-

tive or maritime employees.

7.2.1 Personnel selection policies

The Personnel Office manages requests for new

staff coming from the various company depart-

ments, both in the case of temporary replacement

(e.g. maternity) and in the case of new hires. Re-

quests are surveyed and, if confirmed, presented to

the Board for further assessment and final approval.

Job offers are published on the “Work with Us” sec-

tion of the Group’s institutional website and in sec-

tor publications.

After having identified a number of ideal candi-

dates, a special Commission selects the individuals

most suitable to the position in question.

For maritime personnel, the Group has adopted

a structured recruitment and loyalty programme,

with people management tools to take advantage

of professional skills, favour retention of the most

qualified resources and guarantee that talent and

key resources for core processes are developed.

Persons working on ships are selected by the Mari-

time Office. The selection procedure for these work-

ers considers possession of STCW14 certification as

a bare minimum, as well as meeting all the require-

ments of the flag the ship sails under. Abroad, initial

selection is done by personnel agencies, with final

approval given by the Maritime Office.

7.2.2 Training and skill development

The Group views personnel training activities as

more strategic than management related. Devel-

oping employee skills is seen not only as a simple

process of transmitting knowledge, but above all as

a professional development tool, of particular im-

portance in a context that involves rapid changes in

technology and sector regulations.

Training activities are identified in line with the

Group’s objectives and growth strategies. After ac-

tivities are identified and applied, performance is

training and professional development and recognition of merit

form the basis of the group’s growth

Needs analysis

Project design

TrainingPerformance Assessment

14) An international convention on training, certification and watchkeeping standards for sailors, known also as STCW Convention ‘78, or just STCW (Standards of Training, Certification and Watchkeeping for Seafarers).



evaluated.

In 2015, technical language training classes were

held in English and Spanish. These training courses

are managed by third companies certified through

the Purchasing Office, so as to guarantee impartial

high quality service.

7.2.3 Performance assessment

Over the last few years, the Group has increased

its commitment to involving resources in company

processes, to assist in professional growth and skill

development.

All Group employees undergo a performance eval-

uation on an annual basis.

This evaluation process has the objective of ensur-

ing a meritocracy, rewarding employees who during

the assessment period performed well, contributing

to the Company’s growth.

The main management benchmarks examined in

the performance evaluation relate to the following

aspects:

• Globalviewoftheorganisation

• Efficiency

• Innovation/creativity

• Cooperation/groupwork

• Initiative

• Sharedcompanyvalues

• Integrationandspreadingofskills

• Customer/officefocus

• Completionofassignedtasks/objectives

• Professionalism

Performance evaluations for maritime staff also in-

cludes the following aspects:

• Achievement of specific groupor individual ob-

jectives

• Verificationofskillsdemonstrated

• Assessment of professional and organisational

conduct

7.2.4 Prevention of workplace injuries

The Group organises work so as to comply with the

safety and hygiene regulations in effect. Specifical-

ly, workers receive specific training in regards to the

work they perform, for the specific activities they do

and the special aspects of their working environ-

ment.

The Group ensures that all workers receive suffi-

cient and adequate training on working methods

and on risk prevention at the time they are hired or

when they change jobs.

The Group provides training courses in regards to

the provisions contained in Italian Legislative De-

cree 81/08 (Consolidated Act on Workplace Safety)

for the specific activities the business carries our,

on workplace health and safety risks connected to

the individual responsibilities, as indicated and as-

sessed pursuant to article 28 of Italian Legislative

Decree 81/08 and on prevention and protection

measures and activities implemented and/or sched-

uled.

During training activities, particular attention is

also paid to the proper use of Personal Protective

No. accidents on board ships (2012-2015)

100

200

300

2012 2013

228

272

204192

2014 2015



Preventionworkers receive special training regarding the specific tasks they perform

Equipment deemed necessary based on the risk as-

sessment done for the company’s activities, as well

as working methods and procedures to be adopted

to guarantee adequate safety conditions.

These training activities are provided periodically,

pursuant to Italian Legislative Decree 81/08 and to

implement any regulatory changes:

• athiringoratjobchanges;

• any time changes occur in the company’s activi-

ties, judged significant in terms of their impact on

worker health and safety conditions;

• whensignificantchangesaremadetoreference

regulations that require revised risk assessments

in regards to worker health and safety.

Pursuant to article 28, paragraph 1, letter F), tasks

have been identified that expose workers to specif-

ic risks which require recognised professional abil-

ities, specific experience, adequate training and/or

education. For the Group, there are no tasks which

involve exposure to specific risks requiring recog-

nised professional abilities, specific experience, or

adequate training and/or education.

One of the Grimaldi Group’s objectives is to establish relationships with our business partners that are based on transparency, correctness and impartiality.

In structuring its supply processes and supplier re-lationships, the Group refers to that established in the General Purchasing Conditions, the Integrated Quality Assurance and Environmental Manual and its Code of Conduct.

More specifically, the approach adopted in manag-ing all steps within the supply process is based on respect for the following principles:

• Respectforthe lawandnationalandEUregula-tions;

• Respect for thecompetitionandnon-discrimina-tion with possible competitors;

• Transparencyintheselectionprocess;• Efficiencyandefficacy.

The Integrated Quality Assurance and Environmen-tal Management Manual defines responsibilities and governs the operating methods within the sup-ply process, from identification of possible suppliers to the final selection stage.

Suppliers, identified from the Registries or on the basis of what the market offers, are selected using appropriate and objective methods that consider, in addition to quality, innovation, cost and services offered, social and environmental performance and respect for the values outlined in the Group’s Code of Conduct.

In fact, in order to increase the awareness of its sup-pliers about environmental responsibility, the Group

7.3 Our suppliers and agents



Raw, ancillary materials, consumables and goods

41%

32%

Services and use of third-party assets

56%

63%

Use of third-party assets

3% 5%

2014 2015

Supply costs for product category

Supplier totals by geographic area*

Other 14%

Belgium 3%

Sweden 3%

Spain 4%

Great Britain 4%

Netherlands 4%

Finland 6%

Germany 7%

Italy 55%

Supplier certification type

ISO 9001

ISO 14001

OHSAS 18001

ISO 3834-2

ISO 22000

Other

10%2%

2%3%

15% 68%

In 2015, the Group had costs for raw materials, services and use of third-party assets totalling €1,659 million, of which around €455 million for the purchase of fuels and lubricants (around 26% less than in 2014).

The Group has relationships with around 9,000 suppliers at an international level.

provides them with its Environmental Policy, inviting them to act in compliance with it, as well as with all environmental regulations in effect. The Group un-dertakes to inform its suppliers of the requirements and operating procedures relevant to them, in order to prevent environmental impacts connected with the on-site execution of activities.

When analysing suppliers, the Group examines whether the main health, quality and environmen-tal certifications are held. In particular, only suppli-ers whose quality systems are ISO 9000 certified are considered to be qualified. When suppliers have implemented a quality system which refers to other

regulations, the Group reserves the right to carry out audits to determine whether it is adequate.

Most suppliers have their registered offices in the reference geographic areas, contributing to the growth of the local economies.

The attention the Group pays to sustainable man-agement of the supply chain also is demonstrated, as in the graph above, by the decision to recognise and select suppliers that adopt quality, workplace health and safety and environmental management systems that are structured and certified under in-ternationally recognised standards: ISO 9001, ISO 14001 and OHSAS 18001.

*) Number of suppliers by geographic area, net of suppliers for technical/nautical services and bunkers. When assigning geographic areas, the location of the suppliers’ registered offices was used.



The Group is an active member of many trade associations, both in Italy and abroad, contributing to the definition of strategic guidelines together with other important national and international players.

Below we list the main trade associations with which the Group has solid and lasting relations and participates in, in order to promote nautical activities both nationally and internationally.

member of confitarma, which is an association for navigation companies and shipowning groups that operate in freight and passenger transport, cruises and auxiliary traffic services. Participation in this association is very active: Emanuele Grimaldi has been the President of Confitarma since 2013 and various Group directors are mem-bers of several issue-based commissions established within the association. In addition, the Group’s Human Resources Director is a member of the Ed-ucation Commission and the Labour Commission within the Confederation.

member of ics (International Chamber of Shipping), the main international organisation of the maritime industry which drafts and defines guidelines regarding technical, environmental and operational considerations which in-fluence international transport. A member of the board of directors, the only representative from Italy, is Emanuele Grimaldi.

ecg - The Association of European Vehicle Logistics is a Brussels based non-profit organisation that promotes the interests of car carrier operators and the logistics sector, providing a meeting place of suppliers of logistics services, car manufacturers and suppliers in the sector. The Commercial and Logistics Director of the Grimaldi Group, Costantino Baldissara, was the President of the Association from 2009 until May 2016, working actively to promote dialogue between suppliers, clients, authorities and institutions in regards to the fundamental requirements of the logistics chain.

The Group is a member of interferry, a global association for operators in the ferry sector that works to facilitate networking and communication with-in the sector and represents the interests of members in political and regu-latory contexts. Emanuele Grimaldi is a member of the Board.

The Group is a Sustaining Member of the aspen institute italia, a private, in-dependent, international, non-partisan and non-profit organisation that aims to promote business, political and cultural leadership in the country, through the exchange of knowledge, information and values. The Group participates in Aspen not only by contributing ideas for various programmes, but also by offering financial support for specific events on issues of significant strategic interest.

member of ecsa (European Community Shipowners’ Associations), an en-tity that represents all the European shipowner associations, with managers participating on various commissions and working groups as well as on the Board. Emanuele Grimaldi is the former President (2001-2003) and is a cur-rent Board Member.

7.4 Institutions and trade associations



7.5 Safety and security management

Safety management on board ships has always been a major priority.

Safety Management Certificate (SMC) 33 audits in 2015

Ship Security Certificate (ISSC): 25 audits in 2015

94%

6%19%

81%

Conformities Non conformities

2015 Audit*

7.5.1 Safety

The Group’s attention is focused not only on ensur-

ing compliance with the requirements under nation-

al and international law, but also on the objective

of going beyond mere respect for the regulations,

continuously improving quality standards, in line

with the Integrated Management System.

In regards to managing safe operations at sea and

preventing pollution, the Group is subject to that es-

tablished in the International Management Code for

the Safe Operation of Ships and for Pollution Pre-

vention (ISM Code), approved by an IMO resolution

in 1995.

The guidelines in the ISM Code envisage that the

“Company”, or the entity that is responsible for

managing safety and preventing pollution from

ships, must define and implement an appropriate

Safety Management System (SMS). To that end,

navigation companies are asked to hold two certi-

fications, which are periodically checked: the doc

(Document of Compliance), which is issued to the

Company, and the smc (Safety Management Certif-

icate), which is valid for each ship in the fleet. In ad-

dition, the Code establishes that the required pro-

cedures must be documented and defined within

the Safety Management Manual, a document much

be implemented in each ship and found on board

(as well as in the offices of the Company).

Grimaldi Deep Sea serves as the “Company” with-

in the Group’s Italian fleet and is responsible for

managing safety on all the ships of the three Italian

navigation companies. In the future, the Group also

plans to identify Grimaldi Euromed as a “Company”,

so as to extend the application of the DOC to two

companies, for the purposes of better division of

risk.

The Group’s Safety, Quality and Environment de-

partment (SQE Office) is responsible for the proper

implementation and updating of the Safety Man-

agement System on board ships and at the offices

of the Group, as well as carrying out periodic inter-

nal audits and organising periodic audits for certifi-

*) Audits performed on ships of the Group’s Italian companies



cation of the DOC and SMCs.

In addition to regular internal audits, the Group’s

ships are also subject to external inspections by in-

dependent entities, which vary based on the geo-

graphic areas in which the ships dock (inspections

carried out by the docking country - PSC).

In reference to PSC inspections carried out in the

Paris MoU region, in the last three years, Grimaldi

Group ships have undergone around 200 inspec-

tions, with a detention index of 0.5% (lower than av-

erage) and a deficiency index of 1.6% (in line with

the average for all Paris MoU inspections).

In regards to the countries of North Europe and

Canada, the organisation known as PSC “Paris

MoU” carries out on board inspections of ships to

verify that international health, safety and environ-

mental standards are correctly applied, as well as

verifying working conditions on the fleet. The fre-

quency of ship inspections varies with a score cal-

culated on the basis of the Group’s performance

(consolidated figure for all ships during the last 36

months), the specific target for each ship (type, age,

results of previous inspections, etc.), the ship’s flag,

and its classification registry. The Group’s fleet has

reached high performance levels and in the last

several years there have been no detention actions

implemented by PSC officers.

In US ports, the Group’s ships are also subject to

audits by the USCG (United States Coast Guard),

which applies extremely stringent regulations, in

particular in regards to the environment. Also in the

United States the Group’s ships have not been sub-

ject to provisions.

In the other geographic areas where the Group’s

ships operate, excellent performance levels have

also been seen in PSC inspections under various

regional agreements (e.g. South America/Vina del

Mar PSC, West Africa PSC MoU, Mediterranean

MoU, etc.).

Finally, in regards to application of Italian regula-

PSC inspections on Group ships - 2015

region total inspections

paris mou 70

mediterranean mou 17

africa mou 30

south america 2

north america 10

asia pacific 1



tions on the safety of on board personnel, the Group

is subject to the provisions of the Italian Legislative

Decrees of July 27, 1999, no. 271 (for ships at sea)

and no. 272 (for ships in port), the rules and stand-

ards of which have been incorporated in the Safety

Management System Manual.

The Group has structured its safety policy by estab-

lishing primary objectives in regards to protecting

the health and safety of on board and on land per-

sonnel, preventing pollution, and ensuring the safe-

ty of ships, loads, passengers and infrastructure.

The adoption of a detailed safety management and

pollution prevention system, with continuous re-

views and audit activities, has led to the continuous

development and implementation of improvement

actions. Effective monitoring and analysis of perfor-

mance indexes, calculated on the basis of meas-

urable data, allows the Group to make fact-based

decisions and carry out all possible improvement

actions in a concrete and effective manner.

Special attention is paid to monitoring and carrying

out comparative analysis of indexes relative to: ac-

cidents, near misses, employee injuries, analysis of

the results of safety inspections and audits, both in-

ternal and third level, certification audits for various

systems implemented (safety, security, quality, envi-

ronment), the performance of on board personnel,

training provided to on board personnel, and an ob-

servatory for the entire naval regulatory structure.

In regards to management of food products on

board the Group’s ships, although management is

outsourced to specialised third party entities, it veri-

fies that these entities meet relevant standards.

During the course of internal audits on board ships,

the implementation status for HACCP procedures

is verified, as well as the skills of operators, docu-

mentation, etc. The HAACP process is completed

through sampling done on board by experts, fol-

lowed by microbiological analysis done in special-

ised structures/laboratories.

Land-based training for on board personnel is

structured by the Maritime Office, on the basis of

assessment notes provided by the captain/chief en-

gineer/commissary (based on relevant area of the

ship: deck/engine/hotel).

In general, courses are organised for officers which

are held at head office in Naples. These courses in-

clude several modules provided by various depart-

ments on the basis of specific skills/assignments.

The SQE Office is responsible for supply the follow-

ing training modules:

• SafetyManagementSystem(SMS)

• SecurityManagementSystem(ISPS)

• Integrated quality/environmental management

system (ISO9001-ISO14001).

• PortStateControlverificationprocedures(PSC)

The manager of the SQE Office, as the Compa-

ny Security Officer, provides and certifies update

courses to Ship Security Officers every five years

(chief mates and captains).

The company training courses provided to maritime

staff during 2015 also included Manoeuvre Simula-

tion courses, thanks to the installation and updating

of software which simulates manoeuvres for new

ship models, also in new ports.



during 2015, joint land-sea exercises were done on application of anti-pollution measures, while

in June of the same year, in naples a large scale security procedure exercise was carried out,

aimed at testing response capacity in regards to possible threats for all the 62 ships in the Italian

fleet, as well as verifying that procedures are properly implemented on board in accordance with

protocol.

The exercise, which was completed with satisfactory results, no inconsistencies, and no delays,

also involved the participation of the Italian Coast Guard, qualified security experts, and the

involvement of the US Coast Guard.

7.5.2 Security

In regards to security management, the Group com-

plies with national, EU and international standards

and regulations that govern all aspects associated

with ships and docking ports.

At the national level, the issue of security is gov-

erned by the National Maritime Security Programme

(PNSM), while at the EU level the Group operates in

compliance with Regulation EC 725/2004 relative

to improving security on ships and in port struc-

tures. Outside the EU, the International Ship and

Port Facility Security Code (ISPS) applies.

The Group has made a firm commitment to en-

suring the highest security standards on its ships.

This is achieved by providing continuous training

for on board personnel, both on land and at sea,

and through the supplying of tools, structures and

equipment aimed at mitigating security threats,

again on land and at sea, above all in geographic

areas subject to the threat of piracy (e.g. the Indi-

an Ocean, West Africa), as well as illegal immigra-

tion (e.g. North Africa, West Africa, Greece, etc.), all

while maintaining a suitably alert stance in regards

to the risks of terrorism.

An intense programme of internal audits on board

ships, carried out regularly by specialised person-

nel, makes it possible to ensure satisfactory imple-

mentation of a security management system and

certification of the ships as required by the regula-

tions in effect, as well as audits carried out by the

relevant authorities.

The Group, in addition to regulatory requirements,

also promotes supplementary initiatives in terms of

training and security exercises on land and at sea.

security management activities, at sea and in port, consist in all the measures adopted by the Group to prevent and control, when possible, all the types of illicit actions that can affect a ship.



7.6 Our role in the community

Always attentive to the cultural development of the social network in which it operates, the Grimaldi Group has developed cooperative relationships with schools and the academic sector for years.

In the context of the Grimaldi Group’s activities, the combination of a global vision of the market and tra-ditions and family values is decisive. The union of these two aspects allows the Group to develop ini-tiatives that are not only business and customer ori-ented, but also socially responsible. In particular, the Tourism Office develops partnerships with entities, institutions and associations working in the social realm, which have led to the creation of sustainable travel programmes and charitable activities.

7.6.1 We invest in the future: collaborations with associations, universities and research institutes

In this area, we note the recognition received from the Italian Ministry for Education, Universities and Research (MIUR), in relation to the Grimaldi Educa - Navigando Si Impara project, which at the end of 2015 became an official three-year agreement with said Ministry. The objective of the agreement is to disseminate and experiment with an alternating school/work model, able to provide students with skills that increase their employment prospects, in line with corporate and sector requirements.

In line with the Group objectives indicated above, multiple training opportunities are offered every year through the Grimaldi Lines brand. These are educational courses for nautical, tourist, hotel and

technical institutions, offering industrial, electrotech-nical, IT, mechanical, transport and logistics training. The programmes are held on board Group ships and include activities that allow students to familiar-ise themselves with professions at sea. A solution to identify and focus the decisions of young people towards jobs close to them, and to develop skills and professional talents that are recognisable and valued in the job market.

In the scholastic field, in 2015 the Group revised its training projects.

grimaldi educa is a project developed by the Group, dedicated to training young people in mid-dle and high school, with the objective of assisting teachers in the selection of educational trips and in the creation of training projects that involve students through practical activities. In addition, special initi-atives and discounts for individual or class trips are reserved for students.

Technical and professional high schools, such as nautical, technical, tourist and hotel schools, are the focus of the navigando si impara training courses, aimed at combining theoretical preparation with practical activities carried out on board Grimaldi ships. These programmes can be personalised, and the duration of the travel can be adjusted in line with the PON/POR frameworks and alternating school/work projects.

For the second consecutive year, the Group has



recognised students who have distinguished them-selves during the course of the national competi-tions held by MIUR, dedicated to students from nau-tical and tourist technical institutions and hotel pro-fessional institutions. Grimaldi Lines has made six weekends available on board the flagships Cruise Roma and Cruise Barcelona, in permanent service between Civitavecchia, Porto Torres and Barcelona.

At the academic level, in 2014 two scholarships were assigned in honour of Guido Grimaldi, Cavaliere di Lavoro (highest Italian honour for an industry manag-er), to two female students of the Federico II di Na-poli university, who distinguished themselves for the best theses in the logistics and maritime economics degree, with a monetary prize and the publication of abstracts of the theses in a national scientific journal.

For 2015, the Group has confirmed its collaboration with various institutes. At the IPE of Naples (Institute for Research and Educational Activity), a scholar-ship was offered to the best student in the Master in International Management: Strategy, Shipping and Logistics for Foreign Markets programme, for €5,000.

The Group has continued its collaboration with the “Duca degli Abruzzi” Nautical Institute of Pozzuoli, of-fering two study scholarships to the two most outstand-ing students in the “engine” and “deck” areas of study.

In 2015, cooperation with Link Campus University of

Rome continued. The Group is present on the Sci-entific Committee, while its managers participate as teachers in the Master in Management and Policy for Integrated Port Logistics in the Mediterranean, providing information about various issues relative to maritime transport and logistics. Additionally, at the end of the courses, students have the possibility to work as interns at Group offices.

Finally, cooperation with the Centro Studi SRM (Southern Italy Research Studies) continued, in con-nection with the Intesa Sanpaolo Group, with an an-nual contribution of €5,000.

In the European context, the Grimaldi Group is among the founding members of Escola Europa de Short Sea Shipping, one of the main maritime train-ing centres in Europe, which has the primary aim of promoting Short Sea Shipping and intermodal trans-port through innovative seminars.

The Grimaldi Group supports the Malta Maritime In-stitute, offering on-board training embarkations to cadets. Every year, a monetary prize is presented to the top three students graduating, whilst a new manoeuvre simulator was donated to the academy.

Partnerships were also carried out to offer educa-tional trips and for cultural cooperation (“Leggere: Tutti”; “Grimaldi Movie Campus”), as well as with Opera Romana Pellegrinaggi and Unitalsi to support pilgrimages for the neediest people.

In 16th place among Italian companies with the best corporate reputation

Source: Reputation Institute – Italy Rep Tral ® Pulse 2016

is a project developed by the Group, dedicated to training young people in middle and high school



The Grimaldi Foundation Onlus, founded in 2007 by

the Grimaldi Family, is a non-profit that works exclu-

sively in support of solidarity, carrying out its activi-

ties in the arena of social assistance.

More specifically, the Foundation’s main goal is to

support and increase the promotion, achievement

and management of social initiatives. It supports

and develops, also indirectly through services pro-

vided to institutes and entities with similar goals, in-

itiatives aimed at assisting, training, educating and

helping, with a focus on needy young people.

In addition, in terms of social responsibility stand-

ards, the Foundation supports young children of

sailors who were the victims of workplace accidents,

as well as those of sailors who lost their navigation

certificate due to serious non-work related illness,

The Grimaldi foundation Onlus figures

€ 667,390 financing for foundation projects, 2015

€ 3,269,587 financing for foundation projects, 2007-2015

15% projects for needy families of fleet workers, both maritime and land-based

7.6.2 The Grimaldi Foundation

The Foundation works solely to achieve

social solidarity, carrying out its activities

through income deriving from investments in

low-risk securities, donations, largesse and

contributions from its founding members,

benefactors, companies or entities who

freely decide to support its activities.

endowment fund and restricted capital assets of around € 12 million, comprised of € 9 million donated by the Grimaldi Family and around € 3 million from the three Italian navigation companies.

1% of the profits of the Group’s three Italian companies are donated to the grimaldi foundation onlus

€ 667 thousand invested in the projects of the Grimaldi Foundation Onlus

15% of projects are dedicated to the families of employees suffering difficulties

the grimaldi foundation onlusis involved in a number of important projects, both nationally and internationally



taking responsibility for their children’s education

until they reach the age of majority.

The Foundation is mainly financed with assets from

the Grimaldi Family. Additionally, every year the Ital-

ian companies of the Group make a contribution to

the Foundation, in the amount of 1% of net profits. In 2014-2015 the total amount contributed was around €4.5 million.

Any extra funds relative to the Foundation’s 2015 fi-nancial statements are entirely allocated to increas-ing existing equity.

The most significant activities conducted during the year.

PROJECT DESCRIPTION

“Ebola”

project

Contributions given to Caritas and Chierici to fight the Ebola virus in Guinea, Liberia and Sierra Leone

“A Ruota Libera”

Association

Laboratory for disabled children, offering ceramics, painting, drawing, theatre, film club, play therapy and pet therapy

Assistance to needy families

Monthly contribution given to families suffering economic difficulties

“La Casa di Tonia” project

One of the first projects financed by the Foundation. The project began in 2008, with the aim of creating a meeting place that overcomes religious, cul-tural and ethnic barriers. The structure hosts teenage mothers and their chil-dren, offering a number of crafting activities which allow the mothers to con-tribute to supporting their families, while also learning a craft

“Young student training” project

Contributions made to needy families to ensure the youngest students con-tinue their education

“Italian Parkinsons Association” project

Contributions to an association that works with people affected by Parkin-sons

OtherContributions made to: CNR, Association “A Tutti i Colori“, Foundation “Costruiamo il Futuro“



7.7.1 Our approach

The Group operates in compliance with laws, reg-ulations and other international, national and local norms in effect and applicable to environmental and management aspects of the corporate activities, products and services, within the field of application defined for its Quality/Environmental Management System.

With an eye to continuous improvement and reduc-tion of its impact on the environment, the Group is increasingly focussing its investments on going from a logic of mere regulatory compliance to one of pro-active management of environmental issues.

In line with that defined in the Integrated Quality/Environment Policy, the Group operates with a con-tinuous improvement approach to environmental performance and the use of technological process-es which meet the criteria of efficiency, efficacy and reduction of environmental impacts.

The Italian companies have defined an Integrated Quality and Environmental System in compliance with the ISO9001 norms for quality and ISO14001 with respect to environmental requirements during execution, development, production and assistance. In the medium term, there is the objective of defining a Group environmental policy, in order to include the best practices existing within its subsidiaries.

Additionally, again with a view to providing quality services while reducing the environmental footprint, the Group has invested a total of around €150 million in a programme to improve and increase the efficien-cy of the fleet in the 2014-2016 period.

7.7.2 The integrated management system

The Grimaldi Group is committed to developing and

efficiently managing its activities so as to effectively

respond to the increase in volumes of traffic (passen-

gers and freight), while also ensuring the quality of

the services, maintaining security, protecting work-

place health and safety and reducing environmental

impacts.

In this light, Grimaldi has created its Integrated Qual-

ity and Environmental Management System, which

permeates all the Group’s processes15, allowing op-

eration with shared objectives.

The certifications ISO9001 “Quality Management

System” and ISO14001 “Environmental Management

System” have been issued by the relative certifica-

tion body (Registro Italiano Navale) to the Group’s

three Italian companies and covers the management

of maritime transportation of freight and passengers

with own and/or leased ships. Special care is tak-

en in reviews done by management and by all the

company departments involved in the processes. In

order to better monitor and manage the integrated

quality/management policy, the Grimaldi Group has

established an Internal Quality and Environment

Committee, which meets at least once a year to re-

view the Quality and Environmental Management

System. The Committee, presided over by the Qual-

ity/Environment Director, consists of the heads of

various departments and sectors within the Group,

and prepares an Improvement Plan once a year, for

approval by the BoD.

15) The Integrated Management System covers the Italian companies Grimaldi Group S.p.A., Grimaldi Euromed S.p.A. and Grimaldi Deep Sea S.p.A.

The Grimaldi Group is carrying out an important investment programme to reduce the environmental impact of its owned ships, used in both short and deep sea traffic

7.7 Environmental respect and protection



7.7.3 Our commitment to reducing environmental impacts

CO2-10 % between

2011 and 2015

In addition to adjusting to increasingly stringent environmental regulations, the Group has invested and continues to invest increasing amounts in vari-ous innovative projects which in addition to improv-ing fleet efficiency, also help to protect the environ-ment.

hull efficiency:

CO2-210

thousand tonnes CO2 emissions

the Grimaldi Group was one of the first players in the sector, from 2010, to apply a new type of non-toxic foul release coating to its fleet, which provided an increase in navigation efficiency, making it possible to reduce fuel consumption whilst maintaining pro-pulsion. The average increase in efficiency recorded was around 10% with an average decrease of 1% per year and maintenance policies for upgrading every five years in order to keep step with the top silicon products on the markets. As of the publication date for this document, around 80 owned ships have been

treated with this technology, helping to reduce CO2 emissions by around 210 thousand tonnes per year.

propulsion efficiency:

CO2-150

thousand tonnes CO2 emissions

In 2013, the Grimaldi Group began investing in a “re-blading” project, optimising propulsion through propeller replacement. In some cases, the results achieved showed an increase of up to 20% in pro-pulsion efficiency at equal operating speed, thereby reducing the use of fuel. With an eye to continuous improvement, an energy saving device has also been installed on some ships, located between the propeller and the rudder, known as “Promas Lite”. It is able to reduce vortical losses (improving hydrody-namics), further increasing propulsion efficiency. As of the publication date for this document, 19 directly owned ships have been involved in the re-blading project, helping to reduce CO2 emissions by around 150 thousand tonnes per year.

emissions reduction in eca areas16

In order to comply with regulatory requirements which, as of 2015, establish fuel sulphur limits of less than 0.1% for ships operating in the ECA areas, the Group invested in the installation of “scrubber” sys-tems which treat spent gases to keep sulphur emis-sions within regulatory limits, while also reducing emissions of particulate matter and unburned fuel. As of the publication date for this document, scrub-bers have been installed on 25 ships.

16) Emission Control Area, these are special areas (SOx Emission Control Area) in which sulphur emission limits are set, specifically for the content of sulphur in the fuels used, which are more severe than the limits applied globally.

ENVIRONMENTAL TECHNOLOGY INVESTMENT PROGRAMME

€ 150 million

4 strategic guidelines: Hull efficiency, propulsion efficiency, emission reduction, fuel monitoring



Direct CO2 emissions (Scope 1)

2011 2012 2013 2014 2015

tco2/ship 47,533 44,454 42,740 42,268 43,201

average no. of ships operating during the year

99.0 102.1 106.7 104.0 107.5

Fuel consumed (Bunker)

mt 2011 2012 2013 2014 2015

hfo (mt) 851,083 815,040 753,247 744,623 965,091

lfo (mt) 558,857 536,479 606,274 560,919 249,946

mgo (mt) 91,755 96,655 94,830 96,487 265,397

total 1,501,696 1,448,174 1,454,351 1,402,030 1,480,435

Kg CO2e

Units

657

Grimaldi ships

1,397

Euro IV Trucks

0 500 1000 1500

-53% co2 emissions

Grimaldi ship vs.

road transport

flow-meter

In the four years between 2012-2015, flow-meters

were installed on 38 ships, making it possibly to ac-

curately measure the amount of fuel loaded. This

project has made it possible to improve purchasing

quality and timing. The Group has plans to install

these systems on another 26 ships between 2016-

2017. Total investment for 2012-2017 will be around

€ 5 million.

All the ships in the fleet have implemented the ship energy efficiency management plan (seemp), with the aim of:• Planning• Implementing• Monitoring• Measuring

the ship’s environmental performance. The SEEMP defines standard procedures, associated actions and annual objectives in terms of emissions reduction.

HFO (mt)

LFO (mt)

MGO (mt)

18%

17%

65%

Fuel type

7.7.4 Environmental performance

The Grimaldi Group, in order to reduce environmen-tal impacts associated with its activities, constantly monitors the main negative externalities:

• directemissions(scope1)• useofrawmaterials• waste

From 2011 - 2015, the group’s emissions were reduced by around 10%, thanks to invest-ments in energy and operating efficiency.

In addition, maritime transport continues to be more sus-tainable than road transport, as demonstrated by analysis done by the Grimaldi Group in relation to certain routes.

The use of fuel by fleet ships is directly connected to emis-sions.



Disposal at sea

Offloaded on land/ incinerated on board

Waste disposal methods, 2015 1%

99%

Bilge water

Sludge

Domestic waste

Plastic

Food waste

Operating waste

Freight residue

Other

Waste, 201524%4% 1%

23%16%

13%

10%

7%

7.7.5 Pollution prevention

In regards to preventing pollution, the Group is sub-

ject to that established under MARPOL (Internation-

al Convention for the Prevention of Pollution from

Ships), ratified in 2001 by 161 nations adhering to

the IMO.

The MARPOL Convention consists of six annexes,

and is aimed at reducing the risk of pollution from

the following to a minimum:

• hydrocarbons

• toxicliquidsubstancestransportedinbulk

• toxicsubstancestransportedonpallets

• black/greywater(sewage)

• solidwaste

• toxicemissions(airpollution-fueluse)

Compliance with the requirements established un-

der MARPOL is guaranteed through the issuing of

specific certificates by the administration (through

the technical entity - Rina), following audits.

The Group has developed plans, instructions, man-

uals and registers to implement all the procedures

necessary to implement the MARPOL requirements

and document audits, inspections, etc.

Implementation of anti-pollution procedures in-

cludes a staff training and exercise programme,

both for MARPOL requirements and additional local

requirements (e.g. USA). The Group prepares and

organises joint land/sea exercises.

In the context of the Group’s environmental pro-

grammes, developed within the ISO14001 environ-

mental management system, the Group prepares

monitoring plans relative to water/ground/air pollu-

tion and plans to eliminate/reduce the same.

Relative to waste, the Group promotes the use of

on-board incinerators with the aim of reducing the

amount of solid waste unloaded while in port, ob-

viously in full compliance with limits/restrictions on

incinerator use.

<1%biodegradable waste and waste permitted for disposal at sea



In 2015, the Grimaldi Group invested in various research projects in order to help improve the shipping sector, co-financed by European structural funds and national programmes.

Recent IMO regulations (conventions) have in-

troduced the requirement (in countries that have

signed the convention in question) to manage bal-

last water so as to limit/reduce the invasion of path-

ogenic marine organisms coming from other geo-

graphic areas and transported in ballast water. The

Group has prepared management plans/manuals

with the relative mitigation procedures. Ballast wa-

ter treatment systems have already been installed

on recently constructed ships, which meet the tech-

nical parameters established in the IMO documents.

For ships operating in the US, the Group has de-

veloped a special environmental compliance pro-

gramme to meet the additional obligations set by

the US authorities. For these activities, the Group

works with American specialists, world leaders in

the anti-pollution sector, who help to develop activ-

ities, procedures, training, etc.

In the case of spills at sea, an emergency protocol is

immediately followed. It involves meetings by a cor-

porate crisis management group and procedures

envisaged in contingent plans are activated, such

as the Ship Oil Pollution Emergency Plan (SOPE), or

Vessel Response Plan (VRP), if the accident occurs

in US waters/ports. The crisis management group

consists of the managers of the fleet operating of-

fices (DPA Technical Office, Maritime Office, SQE

Office) and has the task of coordinating all the tar-

geted actions aimed at minimising the spill/impact

as much as possible, as well as providing assistance

to the ship by working with any involved third par-

ties (e.g. local authorities, action/containment com-

panies, insurers, tugboats, classification entities,

flag authorities, etc.). Development of flow-charts

ensures that information flows appropriately among

all parties involved. In the context of the emergency

group, a specific department is identified which is

responsible for external relationships/communica-

tions and press relations (press, TV, etc.).

7.7.6 Research projects and innovation

“HABITAT” project

The “Habitat” project, financed through participation in the 2007-2013 “Research and Com-petitiveness” PON was successfully concluded at the end of 2015. The project objective was to optimise port traffic while ships are entering port, providing the traffic situation within the second to last and last marine mile, accurately and in real time, un-der all visibility conditions and for all types of vessels, with an advanced dynamic 2D display showing the vessels on the map. The project makes it possible to provide vessels a real time navigation support system, able to increase the safety of manoeuvres, docking precision and speed, and interoperability with port entities.Additionally, a simulation system makes it possible to train operators responsible for port traf-fic control.Carried out as a pilot project in the Salerno port, it saw involvement and cooperation between various subjects including the University of Salerno and Calabria, research centres (including CNR-IREA and CNIT) and small and medium local businesses.



“SMART TUNNEL” project

The “Smart Tunnel” project, financed through 2007-2013 “Research and Competitive-ness” PON, has the object of developing a modular technological platform to support the port logistics and road-based freight transport chain, involving the integration of IT technologies and innovative communication systems.

All paper documents can be inserted into the platform in digital format, allowing users to easily and quickly consult them. Smart Tunnel has the goal of offering high levels of informational and operational efficiency, as well as greater social/environmental sus-tainability.

In addition to a number of companies, CNR and the University of Salerno participated in the project.

“MAR.TE” project

MAR.TE. S.c.ar.l. is a consortium company, in which the Grimaldi Group participates. Established in 2013 through a public/private partnership, it has the objective of devel-oping research and innovation projects in the integrated land/sea logistics sector. Its projects are aimed at increasing efficiency in land/sea logistics, through managing the release of goods arriving by sea from customers and sorting in the interport area where the goods are transported by land. The Grimaldi Group, through the consortium company, participates in the “Integrated Sea/Land Logistics” and “Safety Link for Sea/Land Logistics” projects, begun in 2013 and expected to be completed by the end of 2016.In particular, the Integrating Sea/Land Logistics project is structured into two distinct research lines:Line 1 involves the development of industrial research and prototype development through the use of management techniques based on business process reeingineering models (BPR), data monitoring and a strategic balanced scorecard. The project has the aim of defining, through the adoption of BPR techniques, concrete solutions to ration-alise and restructure some of the most critical organisational/management processes connected to logistics/port and interport activities. Line 2 involves the technological explication of innovative ICT solutions for port and interport logistics.The main purpose of the Safety Link for Sea/Land Logistics project is to analyse, define and develop systems and technologies that will ensure greater safety and efficiency in the exchange of goods, vehicles and people along the road corridor between port and interport. This will serve to improve the safety and logistics of land-based transport at local level and create a replicable “model” for similar contexts in Italy. Both projects have seen active participation from Università Parthenope, CNIT, CNR and local SME.

“SE@ME” project

The SE@ME (Sustainable e-maritime assistance for Maritime Employees, Passengers and Yachtsmen) project is aimed at increasing the efficiency of remote services for ships and leisure boats, with a particular focus on the areas of: telemedicine, telemetry, teledetec-tion and on board system diagnostics, as well as e-learning.

The project, begun in 2012, was financed through the CAMPUS tender (POR CAMPANIA FESR 2007/2013) and was completed at the end of 2015.

SE@ME made it possible to perfect a series of protocols, standards, models and tools which make it possible, by using civil satellite communication capacities, to makes ser-vices based on a mixed on line and semi-on line approach usable for ships and leisure boats, even on the open sea, when traditional infomobility systems do not offer effective coverage.


Our commitments for the futureIn order to continue on the path to continuous improvement, with an eye to sustainable growth, the Group has defined areas of commitment, with associated objectives and actions.

8

area of commitment objective Action

reduction of environmental impacts

energy efficiency and reduction of emissions

•Re-bulb project•Fuel cell project•Installation of new exhaust gas treatment systems•Installation of waste heat recover systems•Inverter•Use of greater efficiency alternative fuels•Replacement of light bulbs with LED lights•Implementation of renewable energy systems on

board ships

environmental management system

extend the environmental management system to all the group’s navigation companies

•Define a Group environmental policy

train maritime staffofficial retention policy and crew growth and development

•Take advantage of crew experience and skill•Strengthen professional profile for emerging manage-

rial issues•Carry out development plans for ground positions•Restructure the entire training programme along of-

ficers’ entire career•Involve specialised trainers and seniors staff with a

professional on board background


Ch.8 - Our commitments for the future

service quality

increase customer satisfaction levels and continue monitoring work performance for on board personnel at sea, as well as that of the suppliers of on board service, in order to increase user satisfaction and increase loyalty.

•Working with the IT department, develop a data ware-house system to collect and analyse passenger data (quantitative and qualitative)

•Strengthen monitoring of the on board services of-fered, working to improve diversification, implementa-tion and personalisation of products and activities

•Constantly analyse and monitor Call Center perfor-mance

•Develop a fast check-in procedure•Analyse the feasibility of a customer loyalty programme•Keep internal and external work procedures up to

date, to increase the efficiency of services offered, in-cluding providing training updates to department staff and peripheral offices

•Constantly monitor department and partner perfor-mance, ensuring productive standards are always sat-isfactory

•Continue investments in digital communication: com-plete the development of the new grimaldi-lines.com website, to further improve the booking services (B2C/B2B)

•Increase social activities

communicationpromote social corporate responsibility within the group.

•Develop activities carried out in the environmental, training and social sectors

management of security during at sea operations and pollution prevention

improve and increase efficiency in group performance.

•Obtain the DOC for Grimaldi Euromed SpA, with prepa-ration of the relative manual

•Gradually transfer all Grimaldi Euromed owned ships managed under ISM, with the Euromed DOC

•Revise/improve circulars/instructions issued by the CSO (Company Security Officer) and the DPA (Desig-nated Person Ashore)

•Revise/approve/distribute the Grimaldi Deep Sea SMS manual, introducing certain changes in the organisa-tional structure and new amendments and regulatory requirements

•Establish an internal working group between the Safe-ty, Quality and Environment Office and the commercial offices of Naples and London to optimise/reduce the number of operating instructions for Ro-Ro transport

•Introduce Italian as the working language on-board ships with Italian crews (preparation of plans, manuals, etc.)

•Improve ship performance in terms of PSC inspec-tions/accidents/injuries/results and audits


AppendixAppendix

Materiality Analysis Process

In particular, the materiality analysis process involved three main steps:

1 Preliminary analysis

2 Categorisation

and prioritisation

3 Definition of

materiality matrix

Step 1 - Preliminary Analysis

During the first step, a list of material issues was drawn up, through analysis of issues relevant to the sec-tor (examination of documents for the Shipping and Logistics sector, GRI Sustainability Topics for Sectors, SASB), benchmark analysis with comparable companies, analysis of press materials (more than 5,000 arti-cles analysed starting from January 2015), and analysis of Group documents (Code of Conduct, Model 231, procedures, integrated management system, etc.).

Step 2 - Categorisation and prioritisation

During the second step, the issues identified were shared with Group management and company employ-ees involved in the process of preparing the Sustainability Report, through a dedicated workshop.Prioritisation of issues material to the Group was done using different methods for the internal view and for external stakeholders.Specifically, for the internal view, meetings were held with Group management to determine the impor-tance and appropriateness over the long term for each issue identified.External stakeholders’ point of view was determined by considering the aggregate results of the bench-mark analysis, media analysis and sector documentation. Points were assigned by considering how many times an issue appeared in the documents analysed and on the basis of qualitative assessments.

Step 3 - Definition of the materiality matrix

The results of the materiality analysis process were summarised in the materiality matrix (page 21 of this document) and in the table reported below, which compares the aspects of the GRI Sustainability Reporting Guidelines and the issues considered material to the Grimaldi Group.


AppendixAppendix

The reporting perimeter

GRI AspectsSelected GRI indexes Material issue

Internal impact

External impact

Econ

omic

economic performance ec1

Innovation and sustainable

development, Investments in the community

√ √

procurement practices ec9 Supply chain √

Envi

ronm

ent

energy dma, en3 Energy efficiency √

emissions en15 GHG emissions √

Soci

al

employment la1, la3 Focus on people √

occupational health&safety la5, la6 Health and safety √

training and education la9 Focus on people √

diversity and equal opportunity la12 Focus on people √

equal remuneration for women and men la13 Focus on people √

Com

pany anti-corruption so5 Business Ethics √ √

compliance so8 Business Ethics √

Pro

duct

lia

bilit

y

product services and labelling pr5 Customer focus √

Economic/financial data

the perimeter corresponds to that of the consolidated financial statements at december 31, 2015.

Personnel data

the perimeter considers the staff of the following companies: grimaldi group spa, grimaldi euromed spa, grimaldi deep sea spa, finnlines plc, atlantic container line ab, minoan lines sa, malta motorways of the sea ltd, ports and terminal multiservices limited, grimaldi agencies uK ltd, grimaldi logistica espana sl, grimaldi maritime agencies sweden ab, Valencia terminal europa sl, scandinavian auto logistics a/s, euro-med ireland logistics ltd, grimaldi germany gmbh, grimaldi belgium nV, cetal srl, antwerp euroterminal nV, Wallhamn ab.

Environmental data

in regards to emissions figures, the perimeter corresponds to that of the consolidated financial statements.for waste management figures, the reference perimeter is: grimaldi group spa, grimaldi deep sea spa, grimaldi euromed spa.


AppendixAppendix

Social performance

The tables below present data for the principal indicators regarding Group personnel. It should be noted that in order to best represent the specific nature of the sector and give an appropriate picture of the em-ployment impact of the Group, data regarding maritime personnel numbers refer to work positions active in 2015. In fact, as highlighted in the “Fifth Report on the Maritime Economy – Maritime cluster and devel-opment in Italy”, due to the special nature of maritime work, the number of employees are lower than the number of positions because of the effect of the shift system worked by employees as sea.

The remaining indicators, unless otherwise specified, represent the situation at 31 September 2015 as set out by the “G4 Sustainability Reporting Guidelines“.

total group personnel u.o.m. 2015

administrative personnel no. 3,124maritime personnel no. 10,219

total personnel no. 13,343

g4-10 administratiVe personnel u.o.m. 2015 2014

emploYees no. 2,805 2,891men no. 1,933 1,997

Women no. 872 894

contract WorKers no. 319 326men no. 141 142

Women no. 178 184

total no. 3,124 3,217

1) Centro Studi Investimenti Sociali (centre for research into social investment) - CENSIS - for Federazione del Mare (Italian maritime federa-tion)

g4-10administratiVe personnel With permanent contracts, bY tYpe of WorK and sex u.o.m. 2015 2014

full-time no. 2,586 2,683men no. 1,849 1,929

Women no. 737 754

part-time no. 116 119men no. 17 22

Women no. 99 97

g4-10 administratiVe and maritime personnel, bY geographic area and sex, at 31 december u.o.m. 2015 2014

italY no. 1,391 1,304men no. 1,228 1,154Women no. 163 150spain no. 115 112men no. 80 78Women no. 35 34greece no. 497 454men no. 396 358


AppendixAppendix

2) Accounting scope covers only administrative personnel. The exclusion ratio depends on the nature of the contract applied to maritime personnel, for which, as a general rule, the hiring period coincides with the embarkation period. Therefore, if they were included when cal-culating the hiring rate, for every maritime employee there would be a number of hires equal to the number of voyages made during the year, which could create misleading data.

g4-10 administratiVe and maritime personnel, bY geographic area and sex, at 31 december u.o.m. 2015 2014

Women no. 101 96finland no. 1,064 1,095men no. 823 846Women no. 241 249sWeden no. 633 615men no. 436 426Women no. 197 189united Kingdom no. 387 378men no. 206 197Women no. 181 181malta no. 4 4men no. 2 2Women no. 2 2germanY no. 202 213men no. 103 99Women no. 99 114belgium no. 260 244men no. 149 137Women no. 111 107other countries no. 2,396 2,429men no. 2,163 2,161Women no. 233 268total no. 6,949 6,848men no. 5,586 5,458Women no. 1,363 1,390

g4-11collectiVe contract agreement coVerage rate u.o.m. 2015 2014

percentage of employees covered by collective contract agreements % 81% 81%

g4-la1 hiring 2 u.o.m. 2015 2014

hiring rate % 6% 7%hiring bY sex

men no. 267 263men % 65% 61%Women no. 146 170Women % 35% 39%total no. 413 433

hiring bY age class <30 years no. 222 224<30 years % 54% 52%30-50 years no. 155 18130-50 years % 38% 42%>50 years no. 36 28>50 years % 9% 6%total no. 413 433

hiring bY geographic areaitaly no. 65 59italy % 16% 14%spain no. 11 9spain % 3% 2%


AppendixAppendix

3) Accounting scope covers only administrative personnel. The exclusion ratio depends on the nature of the contract applied to maritime personnel, for which, as a general rule, the termination period coincides with landing. Therefore, if they were included when calculating the turnover rate, for every maritime employee there would be a number of departures equal to the number of voyages made during the year, which would create misleading data.

g4-la1 hiring 2 u.o.m. 2015 2014

greece no. 37 49greece % 9% 11%finland no. 62 94finland % 15% 22%sweden no. 121 93sweden % 29% 21%united Kingdom no. 44 69united Kingdom % 11% 16%germany no. 9 12germany % 2% 3%belgium no. 32 25belgium % 8% 6%other countries no. 32 23other countries % 8% 5%total no. 413 433

g4-la1 turnoVer3 u.o.m. 2015 2014

turnover % 7% 9%

turnoVer bY sexmen no. 386 397men % 79% 69%Women no. 102 181Women % 21% 31%total no. 488 578

turnoVer bY age class <30 years no. 153 158<30 years % 31% 27%30-50 years no. 240 30030-50 years % 49% 52%>50 years no. 95 120>50 years % 19% 21%total no. 488 578

turnoVer bY geographic areaitaly no. 21 36italy % 4% 6%spain no. 3 1spain % 1% 0%greece no. 61 66greece % 13% 11%finland no. 102 277finland % 21% 48%sweden no. 113 75sweden % 23% 13%united Kingdom no. 13 13united Kingdom % 3% 2%germany no. 18 17germany % 4% 3%belgium no. 19 21belgium % 4% 4%other countries no. 138 72other countries % 28% 12%total no. 488 578


AppendixAppendix

4) TI = (total injuries/total hours worked) x 200,0005) For administrative personnel, the scope covers 94% in 2014 and 93% in 2015, net of staff from the following companies: Grimaldi Maritime

Agencies Sweden AB, Malta Motorways of the Sea Ltd, Scandinavian Auto Logistics A/S, Grimaldi Agencies UK Ltd.

g4-la3 parental leaVe u.o.m. 2015 2014

emploYee WorKers With the right to parental leaVemen no. 1,852 1,811Women no. 749 758total no. 2,601 2,569

emploYees Who used parental leaVemen no. 101 93Women no. 86 78total no. 187 171

emploYees returning to WorK after parental leaVemen no. 98 90Women no. 64 64total no. 162 154

emploYees returning to WorK after parental leaVe, still emploYed 12 months after return men no. 97 86Women no. 62 63total no. 159 149

parental leaVe return rate men % 101% 101%Women % 108% 98%total % 104% 100%

parental leaVe retention ratemen % 108% ndWomen % 97% ndtotal % 103% nd

g4-la6 injurY rate (ti) 4 - administratiVe personnel 5 u.o.m. 2015 2014

italY i 1 1men i 1 1Women i - -

spain i 3 2men i 4 3Women i - -

finland i 8 10men i 11 13Women i 1 2

united Kingdom i 3 -men i - -Women i 8 -

other countries i 0 0men i 0 0Women i - -total injury rate, administrative personnel i 2 2men i 2 3Women i 0 0

g4-la5 emploYees represented on health and safetY committees. u.o.m. 2015 2014

percentage of employees represented on health and safety committees

% 23% 24%


AppendixAppendix

5) For administrative personnel, the scope covers 94% in 2014 and 93% in 2015, net of staff from the following companies: Grimaldi Maritime Agencies Sweden AB, Malta Motorways of the Sea Ltd, Scandinavian Auto Logistics A/S, Grimaldi Agencies UK Ltd.

6) TMP= (cases of occupational disease/total hours worked) x 200,000.7) The perimeter covers 94% in 2014 and 93% in 2015, net of staff from the following companies: Grimaldi Maritime Agencies Sweden AB,

Malta Motorways of the Sea Ltd, Scandinavian Auto Logistics A/S, Grimaldi Agencies UK Ltd.

g4-la6 injurY rate (ti) - maritime personnel u.o.m. 2015 2014

italY i 1 2men i 2 2Women i - 1

greece i 1 1men i 1 1Women i - -


sWeden i 7 5men i 8 5Women i 4 4

other countries i 2 2men i 2 2Women i 8 5total injury rate, maritime personnel i 3 2men i 2 2Women i 6 5

g4-la6 occupational disease rate (tmp)5 - administratiVe personnel6 u.o.m. 2015 2014


sWeden i 1 1men i - -Women i 2 3

other countries i - -men i - -Women i - -total occupational disease rate, administrative personnel i 0 0men i 0 0Women i 0 0

g4-la6 occupational disease rate (tmp)6 - maritime personnel7 u.o.m. 2015 2014

greece i 2 2 men i 2 2 Women i 6 8

sWeden i 0 -men i - -Women i 1 -

other countries i 0 -men i 0 -Women i - -total occupational disease rate, maritime personnel i 0 0 men i 0 0 Women i 1 0


AppendixAppendix

8) IG = (days of work lost/hours worked) x 200,000. 9) The perimeter covers 94% in 2014 and 93% in 2015, net of staff from the following companies: Grimaldi Maritime Agencies Sweden AB,

Malta Motorways of the Sea Ltd, Scandinavian Auto Logistics A/S, Grimaldi Agencies UK Ltd.10) TA = (days absent during accounting period/total business days during accounting period) x 200,000. 11) The perimeter covers 74% in 2014 and 76% in 2015, net of staff from the following companies: Grimaldi Maritime Agencies Sweden AB,

Malta Motorways of the Sea Ltd, Scandinavian Auto Logistics A/S, Grimaldi Agencies UK Ltd, Valencia Terminal Europa SL, CETAL Srl, Ports and Terminal Multiservices Limited and Euro-Med Ireland Logistics Ltd.

g4-la6 seVeritY index (ig)8- administratiVe personnel9 u.o.m. 2015 2014

italY i 22 8men i 28 10Women i - -



united Kingdom i 159 -men i - -Women i 400 -

other countries i 25 49men i 29 57Women i - -severity index, administrative personnel i 19 23men i 23 31Women i 8 0

g4-la6 seVeritY index (ig) - maritime personnel u.o.m. 2015 2014

greece i 30 37 men i 31 38 Women i - -

finland i 182 154 men i 216 162 Women i 32 118

sWeden i 7 2 men i 2 3Women i 22 0

other countries i 4 3 men i 3 3 Women i 27 3 severity index, maritime personnel i 19 17 men i 19 16Women i 19 32

g4-la6 absentee rate (ta)10- administratiVe personnel11 u.o.m. 2015 2014

italY i 8,734 7,919 men i 4,489 3,854 Women i 19,721 18,190

greece i 4,051 2,390 men i 1,083 1,542 Women i 6,612 3,151

finland i 7,404 9,311 men i 8,194 9,779 Women i 5,207 7,892

sWeden i 5,353 3,704 men i 7,387 4,434 Women i 2,992 2,883


AppendixAppendix

12) The perimeter covers 94% in 2014 and 93% in 2015, net of staff from the following companies: Grimaldi Maritime Agencies Sweden AB, Malta Motorways of the Sea Ltd, Scandinavian Auto Logistics A/S, Grimaldi Agencies UK Ltd

g4-la6 absentee rate (ta) - maritime personnel u.o.m. 2015 2014

greece i 447 518 men i 452 423 Women i 337 2,667

finland i 10,339 11,608 men i 12,057 13,469 Women i 2,647 2,959

sWeden i 27,119 29,617 men i 20,766 22,752 Women i 50,582 52,391

other countries i 42 35 men i 34 35 Women i 327 41 total absentee rate i 2,531 2,779 men i 1,932 2,115 Women i 13,247 14,130

g4-la6 deaths 12 - administratiVe personnel u.o.m. 2015 2014

finland no. 1 -men no. 1 -Women no. - -

other countries no. - -men no. - -Women no. - -total deaths - administrative personnel no. 1 -men no. 1 -Women no. - -

g4-la6 absentee rate (ta)10- administratiVe personnel11 u.o.m. 2015 2014

united Kingdom i 4,591 4,105 men i 3,712 3,484 Women i 5,705 4,887

germanY i 13,760 10,473 men i 8,415 7,097 Women i 20,107 13,766

belgium i 7,276 5,483 men i 4,582 4,414 Women i 10,181 6,593

other countries i 574 478 men i 330 230 Women i 2,199 2,085 total absentee rate, administrative personnel i 5,496 4,910 men i 3,790 3,632 Women i 9,447 8,004

g4-la6 deaths - maritime personnel u.o.m. 2015 2014

finland no. - 1men no. - 1Women no. - -

other countries no. 1 -men no. 1 -Women no. - -total deaths - maritime personnel no. 1 1men no. 1 1Women no. - -


AppendixAppendix

13) Perimeter covering 98% in 2014 and 99% in 2015, net of staff from CETAL Srl, Antwerp Euroterminal NV in 2014 and in 2015 net of staff from CETAL Srl.

14)The perimeter shows coverage of 79%, net of staff from the following companies: CETAL Srl, Antwerp Euroterminal NV, Minoan Lines SA, Atlantic Container Line AB and Euro-Med Ireland Logistics Ltd.

15) The figures refer to the Board of Directors of the parent company Grimaldi Group S.p.A.

g4-la9 aVerage training hours, bY sex13 u.o.m. 2015 2014

men h/no. 6.31 6.67Women h/no. 7.00 7.28total h/no. 6.43 6.79

g4-la9 aVerage training hours, bY categorY14 u.o.m. 2015 2014

administrative personnel h/no. 5 5managers h/no. 4 4executives h/no. 4 4employees h/no. 5 5maritime personnel h/no. 2 3officers h/no. 4 6petty officers h/no. 5 5ordinary sailors h/no. 1 0total h/no. 3 4

g4-la12 breaKdoWn of goVerning bodies15, bY sex u.o.m. 2015 2014

men no. 4 4men % 100% 100%

g4-la12 breaKdoWn of goVerning bodies, bY age u.o.m. 2015 2014

>50 years no. 4 4>50 years % 100% 100%

g4-la12 breaKdoWn of administratiVe personnel bY professional categorY and sex u.o.m. 2015 2014

managers no. 213 213men no. 178 179men % 84% 84%Women no. 35 34Women % 16% 16%

executiVes no. 350 309men no. 275 232men % 79% 75%Women no. 75 77Women % 21% 25%

emploYees no. 2,242 2,369men no. 1,480 1,587men % 66% 67%Women no. 762 782Women % 34% 33%total no. 2,805 2,891men no. 1,933 1,998Women no. 872 893


AppendixAppendix

GRI Content Index

KPGM S.p.A. reviewed the Sustainability Report as a whole, of the Grimaldi Group at 31 December 2015, in accordance with ISAE 3000 (Revised). For additional information about the scope of the review and the procedures carried out by the independent auditors, please refer to the “Independent auditors’ report” on the Sustainability Report.

The information summarised in the GRI Content Index is included in the scope of the review. No other information was reviewed.

16) The accounting scope covers administrative personnel only and is net of CETAL Srl and Antwerp Euroterminal NV personnel.

general standard disclosure

profile disclosure

description direct response

strategY and analYsis

g4-1 declaration of the highest decision making enti-ty regarding the importance of sustainability to the organisation and its sustainability strategy

letter from the chairman

organisational profile

g4-3 organisation name methodological note

g4-4 main brands, products and services the grimaldi group

g4-5 registered offices of the organisation Via amari emerico 8, 90139, palermo (pa), italy

g4-la12 breaKdoWn of administratiVe personnel bY professional categorY and age class16 u.o.m. 2015 2014

<30 Years no. 311 340managers no. 2 2managers % 1% 1%executives no. 13 11executives % 4% 3%employees no. 296 327employees % 95% 96%

30-50 Years no. 1,660 1,753managers no. 97 100managers % 6% 6%executives no. 218 205executives % 13% 12%employees no. 1,345 1,448employees % 81% 83%

>50 Years no. 703 738managers no. 108 109managers % 15% 15%executives no. 78 89executives % 11% 12%employees no. 517 540employees % 74% 73%


AppendixAppendix


profile disclosure


g4-6 number of countries in which the organisation works, name of countries in which the organisa-tion carries out its main operating activities or that are significant in regards to sustainability issues

the grimaldi group

g4-7 ownership structure and legal form the grimaldi group

g4-8 markets served (including geographic analysis, sec-tors served, types of customers and beneficiaries)

the grimaldi group

g4-9 organisation size (including number of em-ployees, number of operations, sales, revenues, quantity of products or services provided)

the grimaldi group at a glance, the grimaldi group

g4-10 total number of employees, subdivided by role, sex, age and contract type

appendix - sustainability performance

g4-11 percentage of employees covered by col-lective contract agreements

appendix - sustainability performance

g4-12 main supply chain characteristi-cs relative to core business

our suppliers

g4-13 significant changes during the accounting pe-riod regarding: size, structure, ownership structure and organisation supply chain

methodological note: in 2015, there were no changes involving the organisational structure, ownership structu-re or the supply chain that would influence comparison with other administrative periods.

g4-14 explanation of any application of pru-dential standards or approaches

the grimaldi group, in assessing and managing risks associated with its acti-vities, adopts a prudential approach.

g4-15 signing or adopting of standards, initiatives, or do-cuments developed by external entities in regards to economic, environmental and social performance.

the grimaldi group has not adopted stan-dards, initiatives, or documents developed by external entities in regards to economic, environmental and social performance.

g4-16 participation in national and/or inter-national trade associations

institutions and trade associations

identification of material issues and accounting perimeter

g4-17 list of entities included in the consolidated fi-nancial statements or equivalent documents

methodological notethe grimaldi group

g4-18 explanation of the process used to determi-ne the content of the financial statements and the method used by the organisation to im-plement the relative reporting standards

materiality analysis

g4-19 list of material issues identified during the process to define the contents of the financial statements


g4-20 for every material issue, identify the pe-rimeter within the organisation

appendix - materiality analysis process

g4-21 for every material issue, identify the pe-rimeter external to the organisation

appendix - materiality analysis process

g4-22 explanation of the effect of any changes to information provided in previous repor-ts and the reason for said changes

methodological note

g4-23 most significant changes with respect to the previous reporting period, with refe-rence to perimeters and objectives

methodological note: the governance system

staKeholder inVolVement

g4-24 list of stakeholder groups with whi-ch the organisation engages

our stakeholders and channels for dialogue

g4-25 standards for identifying and selecting the main stakeholder groups with which to engage

our stakeholders and channels for dialogue


AppendixAppendix


profile disclosure


g4-26 the organisation’s approach to stakehol-der engagement (frequency, type of acti-vity and stakeholders involved)

the grimaldi group has not yet implemented a structured stakeholder-engagement process

g4-27 list of key themes arising from stakeholder engage-ment and description of the organisation’s response


report profile

g4-28 reporting period for information provided methodological note

g4-29 date of publication for the most re-cent sustainability report

the 2015 sustainability report is the gri-maldi group’s first sustainability report

g4-30 reporting period annual

g4-31 contacts for information about the re-port and its content

[email protected]@grimaldi.napoli.it

g4-32 selection of the “in accordance” option and table explaining the content of the finan-cial statements (gri content index)

methodological note

g4-33 polices and practices implemented to obtain external assurance for the report

methodological note; indepen-dent auditor’s report

goVernance

g4-34 the organisation’s governance structure, including committees that answer directly to the highest gover-ning body. committees involved in decision making in regards to economic, environmental and social issues

the governance systemat present, the group does not have a committee for economic, environmental and social decision making

ethics and integritY

g4-56 Values, principles, standards and behavioural norms adopted by the organisation as a code of conduct

our mission and our values

specific standard disclosure

Kpi description direct response

economic performance

g4-dma creating shared value

g4-ec1 direct economic value generated and distributed creating shared value

supplY policies

g4-dma our suppliers

g4-ec9 percentage of spending with local suppliers at present it is not possible to supply information on spending with local suppliers. the group has undertaken to obtain this information over the medium term.

energY

g4-dmaDisclosures on Management Approach

our commitment to reducing environmental impacts; environmental performance

g4-en3 energy consumption within the organisation environmental performance

emissions

g4-dma our commitment to reducing environmental impacts

g4-en15 direct emissions of greenhouse gases (scope 1) environmental performance


AppendixAppendix

specific standard disclosure

Kpi description direct response

personnel management

g4-dma our people

g4-la1 total number and rate of newly hired employees and turnover rate, subdivided by age, sex and geographic area

appendix - social performance

WorK policies

g4-dma the grimaldi group guarantees and promotes human rights in all areas in which it operates, creating equal opportunities for its employees and equitable treatment for all employees, regardless of race, nationality, political opinions, faith, sex, age, disability status, sexual orientation, or personal or social conditions.

g4-la3 Work return rate and retention rate after parental leave, by sex.


WorKplace health and safetY

g4-dma prevention of workplace injury: health and safety management

g4-la6 type and rate of workplace injuries, occupational diseases, days of work lost, absentee rate and total number of deaths, by geographic area and sex


training and education

g4-dma training and skill development

g4-la9 average annual training hours per employee, subdivided by worker category and sex


eQual opportunitY

g4-dma our people

g4-la12 structure of the organisation’s governing bodies and breakdown of employees

no member of the governing bodies falls in a protected category. in regards to employees falling in protected categories, the group works in compliance with the regulations in effect in all the countries in which it works.

g4-la13 ratio between base salary and remuneration of female employees compared to male employees


anti-corruption

g4-dma the governance system

g4-so5 corruption cases identified and corrective actions taken

in 2015 and 2014 no cases of corruption were observed.

compliance

g4-dma compliance

g4-so8 monetary value of significant sanctions and total number of non-monetary sanctions for non-compliance with laws and regulations

compliance

labelling of products and serVices

g4-dma our customers

g4-pr5 results of customer satisfaction surveys our customers

KPMG S.p.A. Revisione e organizzazione contabileVia Ettore Petrolini, 200197 ROMA RMTelefono +39 06 80961.1Email [email protected] [email protected]

Ancona Aosta Bari Bergamo Bologna Bolzano BresciaCatania Como Firenze Genova Lecce Milano Napoli Novara Padova Palermo Parma Perugia Pescara Roma Torino Treviso Trieste Varese Verona

Società per azioniCapitale sociale Euro 9.525.650,00 i.v.Registro Imprese Milano eCodice Fiscale N. 00709600159 R.E.A. Milano N. 512867Partita IVA 00709600159VAT number IT00709600159Sede legale: Via Vittor Pisani, 25 20124 Milano MI ITALIA

KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del network KPMG di entità indipendenti affiliate a KPMG International Cooperative (“KPMG International”), entità di diritto svizzero.

(Translation from the Italian original which remains the definitive version)

Independent auditorsʼ report on the sustainability report

To the board of directors ofGrimaldi Group S.p.A.

We have carried out a limited assurance engagement of the 2015 sustainability report of the Grimaldi Group (the “Group”).

Directorsʼ responsibility for the sustainability report The parentʼs directors are responsible for the preparation of the sustainability report in accordance with the “G4 Sustainability Reporting Guidelines”, issued in 2013 by GRI –Global Reporting Initiative, that are detailed in the “Methodological note” section of the sustainability report, as well as for that part of internal controls that they consider necessary for the preparation of a sustainability report that is free from material misstatement, including due to fraud or unintentional conduct or events. They are also responsible for defining the Groupʼs objectives regarding its sustainability performance, the reporting of the achieved results and the identification of the stakeholders and the significant matters to report.

Independent auditorsʼ responsibilityOur responsibility is to issue this report based on our procedures. We carried out our work in accordance with the criteria established by “International Standard on Assurance Engagements 3000 (revised) - Assurance Engagements other than Audits or Reviews of Historical Financial Information (ISAE 3000)”, issued by the International Auditing and Assurance Standards Board (IAASB) applicable to limited assurance engagements. This standard requires that we comply with applicable ethical requirements, including independence requirements, and that we plan and perform the engagement to obtain limited assurance about whether the report is free from material misstatement. These procedures include inquiries, primarily of persons responsible for the preparation of information presented in the sustainability report, documental analyses, recalculations and other evidence gathering procedures, as appropriate.

Grimaldi GroupIndependent auditorsʼ report on the sustainability report31 December 2015

2

These procedures aimed at checking that its content and quality complied with the “G4 Sustainability Reporting Guidelines” and may be summarised as follows:

— comparing the information and data presented in the “Creating shared value”section of the sustainability report to the corresponding financial information and data included in the Groupʼs consolidated financial statements as at and for the year ended 31 December 2015, on which other auditors issued their report dated 14 April 2016 pursuant to articles 14 and 16 of Legislative decree no. 39 of 27January 2010;

— holding interviews aimed at analysing the governance system and the process for managing the sustainable development issues relating to the Groupʼs strategy and activities;

— analysing the reporting of significant matters process, specifically how these matters are identified and prioritised for the each stakeholder category and how the process outcome is validated internally;

— analysing how the processes underlying the generation, recording and management of quantitative data included in the sustainability report operate. In particular, we have performed the following:- interviews and discussions with management personnel of Grimaldi Group

S.p.A. to gather information on the IT, accounting and reporting systems used in preparing the sustainability report, and on the processes and internal control procedures used to gather, combine, process and transmit data and information to the office that prepares the sustainability report;

- sample-based analysis of documentation supporting the preparation of the sustainability report to confirm the existence and adequacy of processes and that the internal controls correctly manage data and information in relation to the objectives described in the sustainability report;

— analysing the compliance and overall consistency of the qualitative information included in the sustainability report with the guidelines referred to herein in the “Directorsʼ responsibility for the sustainability report” paragraph;

— analysing the stakeholder involvement process, in terms of methods used, by reading the minutes of the meetings or any other information available about the salient features identified;

— obtaining the representation letter signed by the legal representative of Grimaldi Group S.p.A. on the compliance of the sustainability report with the guidelines indicated in the “Directorsʼ responsibility for the sustainability report” paragraph and on the reliability and completeness of the information and data contained therein.

As required by the “G4 Sustainability Reporting Guidelines”, the data and information covered by our procedures are set out in the “GRI Content Index” table of the sustainability report.A limited assurance engagement is less in scope than a reasonable assurance engagement carried out in accordance with ISAE 3000, and, therefore, it does not offerassurance that we have become aware of all significant matters and events that would be identified during a reasonable assurance engagement.

Grimaldi GroupIndependent auditorsʼ report on the sustainability report31 December 2015

3

ConclusionBased on the procedures performed, nothing has come to our attention that causes us to believe that the 2015 sustainability report of the Grimaldi Group has not been prepared, in all material respects, in accordance with the “G4 Sustainability Reporting Guidelines”, issued in 2013 by GRI – Global Reporting Initiative, that are detailed in the “Methodological note” section of the sustainability report.

Rome, 27 July 2016

KPMG S.p.A.

(signed on the original)

Marco MaffeiDirector of Audit

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