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PRESS RELEASE - 17/05/2017

​​RINA: the Board of Directors approves the consolidated financial statement for the year 2016

Today, RINA S.p.A approved the Group's consolidated financial statement for the year 2016, which shows revenues of 448 million Euro and EBITDA 54 million Euro on a pro forma basis, considering the assets of the newly acquired Edif.

The marine sector maintained the business levels of the previous year, in spite of the difficult market framework of commercial ship building. RINA's fleet reached 5,610 units, for an overall GT of 36.8 million. The order book totals at 450 ships, for over 4.5 million GT. The Group strengthened its position in the segments of world shipbuilding least affected by the crisis. RINA's leadership in the classification of passenger ferries and ro-ro, in the yachting and cruise sector, both in terms of classified operating fleet and in terms of new constructions were confirmed. The order book counts over 2 million GT in cruise ships, among which the first ones ever entirely LNG fuelled and with the highest passenger capacity in the world.

A good performance was recorded in the Business Assurance (+6%) and Transport (+40%) sectors, thanks to the services’ diversification, internationalisation and investments in testing laboratories. In this respect the agri-food industry recorded a growth of 7%, confirming RINA as leader in southern Italy and second in the country in the field of regulated DOC, PDO and PGI certification.

However, the year 2016 witnessed a reduction of inspection activities (-16%) and engineering (-27%) in the oil & gas sector, where the oil price level forced the main oil producing companies of the world to significantly downsize their investments. In order to compensate this negative situation, the Group has diversified its activities in neighbouring sectors to that of oil & gas, exploring new market niches and focussing on geographical areas not adversely affected by the crisis.

Consulting engineering 2016 was characterised by the consolidation of the business and an expansion of its international presence. The good performance of some business areas and some acquisitions made in previous years meant that the Group continued pursuing its objectives of geographical diversification of its activities in new countries like Ghana and Israel and has strengthened its presence in the UK.

Centro Sviluppo Materiali, a subsidiary of RINA since 2014, confirmed its status as internationally recognised centre of expertise on material research in the steel sector, and is now considered a benchmark company for topics related to industry 4.0 and for those regarding additive manufacturing.

In 2016 RINA's research and development activities reached 283 thousand hours and training exceeded 178 thousand hours.

In July 2016 the acquisition of the British Edif Group, an important international operator providing testing, inspection and engineering consultancy services, was completed. The Group has over 650 employees spanning 20 offices all over the world, and an international network of over 2,500 inspectors.

The investment of over 150 million Euro was funded through an equity capital injection from RINA’s financial shareholders, VEI Capital and NB Renaissance Partners and a loan granted by a pool of banks.

With the acquisition of the Edif Group, the Group's permanent office staff reached 3,730 employees, of 69 different nationalities, working in 170 offices in 65 countries.

“2016 growth was mainly thanks to the acquisition of the Edif Group, which brought to RINA new competencies in the sectors of electricity grids and renewable energy, those in which investments will be concentrated in the next few years. In spite of the difficulties of the Shipping and of the Oil & Gas sectors, we have achieved important results in other fields and we have laid the foundations to meet the challenges of a market that is also likely to be uncertain in 2017. Internationalisation, development of expertise and the ability to understand the market needs are the elements which we continue to invest in to overcome the challenges we face.” - declared Ugo Salerno, Chairman and CEO of the Group.

The Meeting appointed the Board of Directors that will lead the Group for the next three years:
  • Ugo Salerno (Chairman and Chief Executive Officer)
  • Marco Cerrina Feroni (Vice Chairman)
  • Sergio Ravagli (Vice Chairman)
  • Nazareno Cerni
  • Emanuele Grimaldi
  • Alberto Maestrini
  • Paolo Pierantoni.

cs_turnover_2016.pdf (0.18 MB)