Rina Announces Annual Results

Monday, April 15, 2013

The Board of Directors of Rina S.P.A approved the consolidated balance sheet for the period 2012: revenues of 280 million Euros (+23%) were achieved and the operating income reached 26.3 million Euros.

The Board of Rina S.p.A. – holding company of the RINA Group – has approved the consolidated balance sheet for 2012 which confirmed the growth trend of recent years with revenues of 280 million Euros (+23% compared to 2011).

For the first time, the balance sheet of Rina S.p.A. was prepared in accordance with the International Financial Reporting Standards (IFRS) to align with the standards of listed companies.

Despite the persisting negative economic situation in 2012, the company recorded a growth in revenues from integrating D’Appolonia S.p.A., which was acquired the previous year. The operating income reached 26.3 million Euros.

D’Appolonia is a leader in Italy in engineering consultancy and with it the Rina  Group has entered the medium-large firm segment with over 2,100 staff in 53 countries worldwide, more than 150 offices and revenues of 295 million Euros expected for 2013.

The development of Rina’s international network has enabled growth in the Energy sector (+18%), Food (+18%) and Environment which saw business linked to CDM projects grow by 63% internationally.

Other sectors which stood out positively in 2012 are logistic infrastructures and high-speed railways in countries such as Indonesia, Turkey and the United Arab Emirates.

In the UAE the Group won the international tender for the creation of Tasneef, the first certification body in the Arab world.

In 2012 activity dedicated to research and development reached 210,000 hours, whilst training exceeded 155,000 hours. For 2013, increasing investments are foreseen.

“Diversification, competence and innovation represented the strengths of our strategy in 2012,” stated Ugo Salerno, Chief Executive Officer and President of Rina S.p.A. “Although it was a difficult year, we succeeded in transforming the Rina Group into an integrated organization with a structure that enables us to best meet the needs of our clients.

“We are developing more new services needed during the global crisis and these will help balance the smaller contribution made by marine business. We are satisfied with our growth, revenues have reached 280 million Euros (+23%), and we managed to keep our organization intact and continued to invest, through innovative solutions, in support of the shipowning industry which is preparing itself for the recovery.”


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