Italian classification and certification body RINA recorded an encouraging
increase of more than Euro 1m in revenue for the 2002 financial year,
with the shipping sector once again emerging as the main contributor.
Consolidated Group revenue was up from Euro 93.7m in 2001 to Euro 94.8m in
2002. RINA's traditional core business, the shipping sector, accounted for
64 per cent of total revenue, the same as last year, despite the weakness of
the US dollar, which fell by fourteen per cent against the euro during the
Group net profit after extraordinary expenses, and after investment in
Research and Development and Information Technology
, was slightly down from
Euro 1.48m in 2001 to Euro 1.43m, which is seen as a reflection of the
slowdown in the international economy during 2002.
In the shipping sector, RINA's classed fleet now stands at a total of 16m
gross tons. RINA continues to pursue a selective policy based on the
progressive acquisition of new ships and the controlled phasing-out of older
tonnage, thereby lowering the average age - and raising the overall quality
- of the fleet to the highest possible standards.
Eighty newbuildings entered RINA class during 2002 as part of an aggregate
increase in tonnage totalling 1.5m gt - a fifteen per cent increase in new
tonnage when compared with the previous year. Of particular significance was
the increase in RINA involvement in newbuildings commissioned in Far East
The entry into class of a number of new cruiseships and cruise ferries
confirms RINA's continuing excellent performance and strong profile in an
area of high added value.
The certification sector, meanwhile, contributed 21 per cent of total
revenues. During the year, RINA achieved its target of certifying 7,000
management companies in compliance with quality management certification
schemes, in the process increasing its market share in Italy
The year also saw RINA significantly increase the diversity of areas in
which it operates by moving towards integrated forms of certification,
including quality, environment, safety and social accountability.
The industrial services sector accounted for fifteen per cent of total Group
revenues. The most significant factor here was a remarkable growth in
activity in the non-Italian market, which in 2002 represented more than 62
per cent of total sector revenue.
The year saw a significant increase in RINA's investment in personnel
training and in Research and Development initiatives. Overall, more than
40,000 hours were dedicated to R&D, thereby confirming RINA's commitment to
the highest standards of quality and safety.
Research and development efforts were focused mainly on activities designed
to develop products and services to improve the safety and environmental
compatibility of ships and on studies relating to the applicability of
classification criteria to naval units.