making the best together

GROUP
RINA
annual report
11
11 annual report
2
Where experience meets innovation
Growth and transformation
The environment - our priority
Marine
Oil, gas and power generation
Management systems, services and processes
Infrastructure and Project nancing
Transports and logisitcs
Research and development
4
8
10
18
28
40
48
56
66
Contents
2
annual report 11
3
Contents
Board of Directors
Ugo
Gianrenzo
Angelo
Enrico
Umberto
Paolo
Paolo
SALERNO
(*)
PRATI
ANSALDO
BUSCHI
DAMATO
GAGLIARDI
PIERANTONI
Chairman & CEO
Vice - Chairman
Director
Director
Director
Director
Director
Audit Board
Francesco
Giovanni
Enrico
ILLUZZI
GRAZZINI
MARESCA
Chairman
Auditor
Auditor
Supervisory Board
Gianrenzo
Claudio
Elvio
PRATI
CONSIGLIERE
BIANCONI
Chairman
Member
Member
(*)
Mr Enrico Scerni resigned before the pubblication of this report
11 annual report
4
2011 was a memorable year for RINA.
We celebrated our 150th anniversary by transforming the company.
Internally we swept away old divisions and created a exible matrix structure which frees up
innovation and enables us to make the best use of our talents while improving customer service.
Externally we began a major programme of acquisitions which enhanced our competence
and increased our size by over half. We focussed our investments and growth on growing
economies, strongly increasing our footprint in Asia. And we made sure the transformation is
solidly based by trimming costs and sharpening our business processes.
Our new organisation becomes effective in 2012, and replaces the
vertical divisions with specialist business lines which report through a geographical structure.
That enables us to deploy our resources more exibly and to serve larger customers across
a wider range of services through one point of contact. More importantly, it means that our
clever and active staff can interact in ways they could not before, throwing up new ideas,
new services and new ways of serving the market needs.
Our acquisition programme widens both our skill base and our geographical outreach. Among
four companies brought into the RINA Group in 2012 the two key acquisitions
were SIMTEX Srl, the leading private Romanian certication body for corporate management
systems and products and DAppolonia Group, a global engineering consultancy.
SIMTEX gives us a strong platform for growth in the expanding economies of Eastern Europe.
DAppolonias 600 highly skilled staff will boost our turnover by fty per cent and bring us a new
network of global ofces and clients and expertise in strategic consultancy, earth sciences,
civil, environmental and structural engineering, risk assessment, health and safety, chemical
and process engineering, system and transport engineering, electronics, telecommunications
and innovation engineering.
Diversication in 2011 saw us providing our rst certication in the
shing and seafood areas, including the Alaskan salmon sheries. We delivered the worlds
largest transhipment terminal to Vale, in record time and on budget. We grew into aerospace
and launched new environmental tools and services. Our power generation teams delivered
projects on time in a number of countries. We built our gas business internationally as we
Where experience
meets innovation
annual report 11
5
Where experience
meets innovation
became recognised as a centre of LNG handling expertise. And we substantially increased
our R&D efforts, moving beyond our traditional marine eld.
All the changes and growth in 2011 were demanding on our staff, who responded with
enthusiasm. The result was turnover up by 21 per cent to Euro249m and
EBITDA stable, on a like for like basis without the acquisitions, despite the poor economic
environment. That is a good result, but what is better is that we enter 2012 with a more
agile company present in more countries and delivering services in more markets than ever
before.
Environmental business surged 200 per cent, certication
outside Italy was up 30 per cent and we have increased market share in almost all our
sectors.
In 2012 the change will be more visible, as the DAppolonia Group begins to contribute to
RINA, both economically and in terms of its skills and customer base.
Throughout the changes we have never lost sight of our core business, which is marine
classication and services. That is where we began and it is our heart, and in 2011 it produced
solid results despite very poor shipping markets. Its success was down to being in countries
where growth is happening and to providing shipowners with the services they need. All
the changes we have made, and are making, create a balanced group
around the marine business and create more services and expertise which our traditional
marine clients can benet from.
An exciting internal dialogue is now underway in RINA,
creating a climate for innovation and creativity. There is a
positive feeling everywhere that with our new structures
and new partners we can do more for our clients in more
places.
We enter 2012 with condence.
Chairman and CEO
Salerno
11 annual report
6
annual report 11
7
11 group
Two key events shaped the RINA Group during 2011. Internally the group
was preparing for a major reorganisation which in 2012 will
sweep away internal divisions and focus the organisation around service
delivery. Externally the group embarked on an acquisition strategy which
will see turnover rise by 50 per cent and signicantly increase
the range of services and expertise the RINA Group can deliver.
Both the preparation for the reorganisation and the acquisitions took place
against a background of a tough economic climate. Clients paying later and
putting pressure on margins required RINA to sharpen its processes and
cap outgoings. That was successful in ensuring that EBITDA remained at
a similar level to 2010, despite the poor environment.
A major amount of training was undertaken in 2011 to familiarise staff
at all levels with the new organisation, which went live in March 2012.
Within RINA Services, the old formal vertical divisions focussed on marine,
industry and certication have been replaced with a matrix which
allows working with client-focussed teams, specic to individual clients
global needs.
Under the new structure specialist business lines report through
geographical management. Four groups, Business Solutions, Operational
Network, Regulatory Affairs, and Corporate Services will interact. The
rst three, led by Leonardo Brunori, Michele Francioni and Roberto
Cazzulo respectively, are responsible for day to day client management
and operations, innovating and delivering services, development of rules
and other working instruments.
A separate strategic team was established to guide RINAs
acquisition strategy and to oversee integration and
extract synergies as the group grows. The rst major move was late in
2011 when RINA took control of the DAppolonia Group,
a global engineering consultancy headquartered in Genoa. The acquisition
Growth and
transformation
8
group11
Growth and
transformation
of an 80 per cent holding in DAppolonia S.p.A. signicantly strengthens
RINAs global engineering consultancy and takes RINAs projected 2012
turnover to over Euro300m.
The DAppolonia Group, founded in the USA but headquartered in Genoa
since 1981, delivers engineering competencies in the eld of strategic
consultancy, planning and design in various industrial sectors from a
global network of ofces. The group employs over 580 multidisciplinary
staff with extensive capabilities in the earth sciences, civil, environmental
and structural engineering, risk assessment, health and safety, chemical
and process engineering, system and transport engineering, electronics,
telecommunications and innovation engineering.
RINA plans to retain and build on the DAppolonia brand name while seeking
opportunities to develop wider business in any given project through its
ability to provide expert services at more points in the chain.
In a second move RINA acquired a 70 per cent stake in SIMTEX
S.r.l., the leading private Romanian certication body for corporate
management systems and products. With this move the RINA Group
consolidated its position in Eastern Europe in the certication, inspection
and training sectors. The Bucharest ofce has become one of the biggest
in the RINA Group today with hundreds of staff. It is a strategic centre for
the development of activities of RINA in the Balkans.
In Italy RINA took over CISQCERT S.p.A., a management
certication company, and at the year end DEAM, a highly specialized
company with worldwide experience in offshore and coastal engineering
and physical/biological oceanography.
Throughout the transformation internally and the acquisitions work continued
on implementing RINAs own ambitious QHSE policy, which will see the
entire group certied to BSI PAS 99206, covering quality, environmental
impact, health, and safety and later social accountability.
9
11 annual report
10
theENVIRONMENT
OUR PRIORITY
annual report 11
11
theENVIRONMENT
OUR PRIORITY
11 annual report
12
RINAs focus on the environment was strengthened
during 2011 through the delivery of new services at both a global
and local level.
Environmental work increased by 200 per cent in
2011. The number of projects registered or for which credits have
been issued has increased and the number of projects undergoing
Laura
Severino
Sector Manager
Climate
& Environment
RINA Group
In 2011 RINA became more than just one of
the accredited bodies taking its rst steps in the
Greenhouse Gases Reduction Projects world. It
now has a position of standing in this eld and
constantly growing visibility. The number of
projects registered or for which credits have
been issued has increased and the number of
projects undergoing validation and verication
too. We underwent two UNFCCC audits, both with
positive outcomes, and we extended our client
base signicantly. Everyone in the CDM eld
is a newcomer, and it is an area which covers a
wide range of expertise. Everyones track record
is visible on the UN web site, and ours is very
good, so that helps us. We are a global success
in the CDM eld because we bring together our
abilities in team working, high level competency
in the specic CDM rules and the methodologies
to estimate carbon, professional skills in the
economic, legal and institutional sectors, and
contacts with international operators, brokers,
insurers and banks. We know how to manage risks
of conict of interest and threats to independence.
Our next targets are to further extend our market
share, and to be ready for changes in the GHG
marketplace. We can build on our CDM expertise.
For instance the textile industry needs a certied
carbon footprint label, and biofuel will need
certication. We will develop those services.
annual report 11
13
Liu Feng
CEO, Uniufa
Energy
Technology Co
Uniufa specialises in the energy, environment and
investment aspects of energy efciency projects
in China. Through our Energy Consulting, Carbon
Asset and ESCO business units we deliver energy
expertise to companies and authorities on a wide
range of projects. At the moment the European
carbon market is proving a challenge, as carbon
prices dont encourage investors to invest in
emission reduction projects and do not cover the
costs of carbon asset development. But we believe
that human beings need to reduce emissions and
that the market is a useful tool to promote emission
reduction. Even if the international carbon market
is slow, China is acting and promoting energy
efciency so we have a lot of scope for our
expertise in the domestic market. RINA validates
CDM projects for us and will also do verication
work on CDM projects. We get good professional
assistance from them. RINA has helped us register
numerous CDM projects including bio-gas projects
and energy efciency projects and we are looking
for further cooperation with RINA. We work to
tough time schedules with our clients and we
nd that under tough time pressure RINA always
responds professionally.
At a regional level RINA extended its recognition under the EU
Emissions Trading Scheme to cover the aviation sector and grew
market share in Europe. Since February RINA has been included
validation and verication too. The biggest growth in CDM
projects was in China.
RINA is now recognized globally as a signicant provider of CDM
services. Major new clients who signed agreements with RINA for
Kyoto services during 2011 included Bunge Emission Fund Limited
(India), Climate Corporation Emission Trading Gmbh (China), ORBEO
(France), the Word Bank (USA) and Edison Spa (Italy).
11 annual report
14
Laura Marti
ETS & Energy
Schemes
RINA Group
In 2011 our targets were to extend our recognition
for Emissions Trading Scheme verication to the
aviation sector and to widen our market share in
other industries. We achieved both by working hard
to increase our competencies in specic areas and
by building on the good relationships we have with
the authorities and our business partners. Trust
and condence are the key to reducing risk and we
have built those with both clients and authorities.
We hired aviation specic personnel and with the
recognition by the Italian authorities achieved we
were able to acquire a new partner in Germany and
build good links with regional aircraft operators.
Outside aviation there are a large number of
companies which will enter the next round of
ETS and they now need to be benchmarked for
the allocation of free emission allowances. We
were able to reach these companies and they trust
RINA to provide the right services. Our brand was
also important in helping us take on a lot of new
companies in the food and beverage sector which
have combustion levels over 20 MW. Our big effort
for 2012 will be to increase knowledge of the ETS
scheme verication across our European ofces.
in the list of accredited veriers for the ETS for the aviation
sector without limitation.
That allowed RINA to begin working with a number of regional
airlines. In the mature industries RINA extended its footprint by
becoming the verifying body for forty new installations in the food
and beverages sector. These are included in the ETS Directive for
combustion over 20 MW.
Thirty new installations in different sectors such as production of
aluminium and manufacture of ceramic products signed up with
RINA. They must now be benchmarked under the ETS Directive in
order to allocate free allowances.
They will enter the trading scheme from 2013.
annual report 11
15
Piero Serra
Financial
Risk Manager,
Meridiana y
S.p.A.
Meridiana y is renewing its eet with higher
performance and lower emission planes. We have
now completed monitoring plans under the EU
Emissions Trading Scheme for CO2 emissions.
We used the certied emission reports services
developed by RINA based on the approved plans
and monitoring set out in the EU directives. We
chose to work with RINA because of its brand
awareness and because it is synonymous with
extensive experience, skill and reliability. RINA
met all our expectations and by sharing their
experience, we have completed the monitoring
plans, updated our organization and resolved many
issues about the interpretation of the European
Directive.
Locally RINA increased its EPD (Environmental Product
Declaration) services. The EPD provides companies with a
fully validated life-cycle assessment of environmental impact of a
product. An example in 2011 was bottled mineral water company
Ferrarelle S.p.A., which wanted to increase its commitment and
attention to the environment by identifying the full environmental
impacts of different sizes of glass and plastic bottles.
The EPD allows Ferrarelle to see the full impact of its product life
cycle from extraction of raw materials to nal disposal. RINA was
among the rst verication bodies in the world to provide EPD
services and certication and expects further growth in this area.
11 annual report
16
Closer to home, and with immediate impact for some of Europes
citizens, RINA provided Ecoblu certication to
eight beaches in Italy. Four beaches in Ostia and four in Imperia
went through the Ecoblu process to achieve certication.
The Ecoblu certication scheme is a management tool providing a
systematic approach to issues connected with the environment, in
particular for beach facilities and organisations for which water is
the key element of the service provided.
Energy-environmental feasibility studies for new buildings and
requalication of existing buildings with respect to their environmental
performance kept RINA busy during 2011.
Clients seeking energy certication of buildings included Intesa
Sanpaolo, Investire Immobiliare and Generali Gestione Immobiliare.
RINA plans to further extend its Green Building
Sustainability and Energy Diagnosis Services.
In the marine sector RINA began offering auditing of shipping
companies to the standards laid down by ECM under its Voluntary
Environmental Compliance Program (VECP).
The 3,800-passenger Costa Favolosa was delivered by Fincantieri.
Built to RINA class, it is the rst new passenger ship to be awarded
RINAs Green Plus environmental notation. Green Plus is assigned
to vessels which adopt design solutions, equipment and operational
procedures that improve a vessels environmental performance
beyond the requirements of international conventions.
annual report 11
17
The rst cargo ship to be built to Green Plus
standards, the ro-ro vessel Jolly Diamante, was delivered
from its yard in Korea to Italian owner Ignazio Messina. At the end
of the year seven vessels had achieved Green Plus certication.
Work has begun on adding local environmental factors such as
underwater noise, dust and visual impact to the Green Plus matrix so
that it can provide a useful tool for environmental impact reduction
for transhipment terminals and other oating installations.
The entire production of Princess and Sunseeker yachts over 24 m
length has now been upgraded to Green Plus standards.
Andrea
Cogliolo
Head of
Innovation and
Research
RINA Group
We have been working hard all last year on air
emissions from ships and application of the new
MARPOL Annex VI requirements, especially EEDI
for ro-ro passenger vessels. With the authorities,
shipyards and shipowners we have suggested a
way to treat these vessels fairly and that has been
presented at IMO. And we have produced rules
for gas-fuelled ships and put them into practice
with three projects to use LNG fuel for a tug, a
bulk carrier and for ro-pax ferries. We had the
satisfaction of seeing the rst newbuilding cruise
ship delivered to Green Plus requirements, the
Costa Favolosa, and also the rst cargo ro-ro, the
Jolly Diamante. Looking forward we will launch a
suite of six different energy saving and management
tools and services to help owners reduce energy
use and comply with the new requirements. We
are also updating our Green Plus matrix to include
local environmental impacts, such as the effect of
underwater noise on marine life, visual impacts,
dust and local fauna. The thing that drives RINA is
client communication, and a blend of rmness on
standards and exibility to understand needs and
nd a way to satisfy them. That is why we have so
many innovative environmental services.
11 annual report
18
annual report 11
19
MARINE
11 annual report
20
Against a background of a globally difcult market for shipowners
and shipyards marine services continued to be the largest contributor
to RINAs turnover in 2011.
The classed eet grew by 8.5 per cent to 4,375
ships totalling 33m gt and despite the slowdown in global
ordering RINA closed the year with a strong order book of 425
ships totalling 3.3m gt building to RINA class.
The strong results in the marine sector were achieved by expanding
into new areas and increasing services to shipowners.
Asia showed especially strong growth with the classed eet of
vessels owned in Asia increasing by 25 per cent. Today RINA
classes 520 vessels totalling 5.9m gt for Asian owners and that
total will grow as new orders are delivered and further vessels are
transferred to RINA class.
Jae Young
Lee
Country Manager
Singapore and
Malaysia
RINA Group
I moved from heading up the plan approval ofce
in Shanghai to being country manager here last
year. I know that the main strength I can bring to
the job is technical knowledge, and the clients like
that. They know we can solve problems quickly
for them, drawing on our network in China and
Korea for technical excellence. Our focus is to
gain traction in the Malaysian market where RINA
is only beginning to be known. We are opening
ofces, putting key staff into place and talking
to the clients about the benets of working with
RINA. The ability to deliver client satisfaction with
round the clock answers to technical issues really
motivates me and I see the target clients respond
to that. In 2012 we will have built our brand in the
region and that will be our platform for expansion.
annual report 11
21
An example of moving into new areas was the entry into Bangladesh.
Working with local partners RINA was able to conclude
contracts for over forty newbuildings at shipyards in Bangladesh
during 2011. These yards build vessels for the domestic trades
but are keen to expand internationally with RINAs expertise.
Giorgio
SalettI
Area Manager
India
SE Asia
and Australia
RINA Group
We made a really strong entry to the Bangladesh
market last year, and now have over forty
newbuildings under our class for local shipowners
in local yards. We also achieved recognition from
the authorities and began working with local
shipowners trading internationally. In India we
also achieved statutory recognition which will help
us to grow there. We are involved with twenty-ve
oil and gas projects in India and it is our biggest
certication and industry hub outside Italy, so I
expect to build more marine business there too.
And we had huge success in Indonesia with gas
projects for the major utilities and transhipment
projects for the coal trade. This expansion comes
to RINA because we can deliver tailored services
and added value. We can help local yards and
companies to grow internationally, grow with us, and
we can provide worker training and certication as
added value. In 2012 we are going to expand our
marine business in India and Malaysia and build
further on our gas and coal business in Indonesia.
One very exciting project is for coal transhipment
in Australia, which is environmentally demanding
but a strong entry to that market. This is an exciting
region and RINA has the right people and tools to
grow with the regions companies.
Investment in the Americas showed results with an 18 per
cent increase in turnover in the region. There was especially strong
growth in South America, which was supported by the opening of
a new ofce in Chile.
11 annual report
22
Johan
Wedell
Wedellsborg
Dannebrog Group
Dannebrog Group owns and operates a variety of
product tankers, tweendeckers and multi-purpose
ships and our focus is to expand the tanker eet.
Our focus is MR product tankers but long term
Dannebrog expects to get more involved in different
segments of the tanker industry. As a tanker owner
and technical manager our continued efforts are
on safety and best management practice. Nordana
is our dry cargo unit which is today divided into
two divisions, the Liner division and the Project &
Chartering division. It operates ro-ro liner services
in the US, Med, West Africa and Latin America.
Nordana Project & Chartering (NPC) has scaled
down on tonnage, activities and thereby exposure
to a level where we are comfortable to navigate
safely through this turbulent period and position
ourselves for better times. The future strategy is to
resume our growth by adding further newbuildings
to our eet and long-term chartered tonnage,
when market conditions allow. We class vessels
with RINA and have been using RINA for years
with good results, which is why when the chance
arose we decided to change all our vessels from
other IACS classes to RINA, so today we have all
vessels under RINA class. Our relationship has
worked out great and we have been very pleased
with the services and assistance provided by RINA.
Our benets have clearly been only having to deal
with one classication company so it is easier for
all in the organization to understand the working
routines.
In Europe owners moved vessels to RINA class.
Finnlines put six new 3,326 lane metre ro-ro vessels into RINA class
on delivery and Greeces Technomar moved seven containerships
totalling 14,000 teu to RINA class.
Denmarks Dannebrog Rederi moved 10 general cargo vessels and
two chemical tankers to RINA.
annual report 11
23
Petros Pappas
Chairman
US-listed Star
Bulk Carriers Corp
Our company is presently managing 15 dry
bulk carriers, 7 capes and 8 supramax, of an
average age of less than ten years. Our intention
is to take advantage of the dire situation the dry
market presently faces in order to further expand
and modernise our eet and create value for our
shareholders. Starbulk SA uses ship classication
services on ten ships classed with RINA, ISM and
ISPS services for the whole eet and consulting
services such as plan and manual approvals and
studies on a case by case basis. We appreciate
the fact that RINA is very close to the shipowners
needs whenever required and shows real concern,
care and sense of urgency on daily problem-solving
matters. We also noticed the very good record
RINA enjoys as a class society and as RO/RSO
with ag authorities and vetting companies such
as Rightship. The relationship has worked out very
well. We have an excellent co-operation, get quick
response to our queries and in general we have
very good results on all performance indicators.
Starbulk works together with RINA in order to
enhance safety and pollution prevention.
Interesting new deliveries to RINA class included the last
of a series of twenty-nine post panamax bulk carriers built at New
Yangzijan yard for a consortium of Italian owners led by Giuseppe
Bottiglieri.
The same owner also took delivery of a 175,000 dwt bulker from
New Times Shipbuilding. Amongst a number of tankers delivered
DAmico group took delivery of the 158,000 dwt vessels Mare
Picenum and Mare Siculum.
11 annual report
24
Giuseppe
Bottiglieri
President and
CEO Giuseppe
Bottiglieri
Shipping
Company S.p.A.
We are a family owned company, established
in 1850 and in 2011, with 344 employees, we
carried more than 7m tonnes of dry cargoes and
2m tonnes of petroleum products. We recently
took delivery of a 176,000 dwt capesize bulker
and ten innovative new design 93,500 dwt post-
panamax bulk carriers from Chinese yards. They
have proved to be extremely competitive and able
to carry 19,000 tonnes more than the traditional
panamax, giving our charterers a commercial
advantage. With this eet increase our company,
which already owns four modern double hull product
chemical tankers, reaches a total of 15 modern
vessels. All our vessels y the Italian ag and are
classed by RINA, whose extremely professional
cooperation was essential in the construction of
this innovative new design post-panamax bulker
series. We chose RINA for its high reputation, its
transparent quality and its strict technical and
safety standards which are a warranty of a safe,
legal and environmentally-friendly sea transport.
Working with RINA has proved to be a protable
relationship. Our entire eet was built with their
assistance, cooperation and supervision and their
engineers have always been able to work together
with our surveyors in the shipyards.
Cruise ship deliveries included the super luxury Seabourn Quest,
built at T Mariotti for Seabourn Cruise Line and the 3,800-passenger
Costa Favolosa built by Fincantieri.
It is the rst new passenger ship in the world to be awarded
RINAs Green Plus environmental notation.
The Jolly Diamante, the rst of four very large cargo ro-ro vessels
building for Ignazio Messina in Korea was delivered and became the
rst new cargo vessel to have Green Plus certication.
During the year work continued on the conversion of the FPSO
Firenze, the FSRU OLT Livorno and an FSO for the Rospo Mare
eld for Edison.
annual report 11
25
During 2011 RINA developed a number of new services
and rules to help owners and to assist development of new
technologies. These included new rules for CNG transportation,
rules for FLNG and FPSOs and rules for gas-fuelled ships.
Three signicant projects were under development for the use of
LNG as a fuel, for a tug, a bulk carrier and passenger
vessels.
Reacting to the loss of vessels in the nickel-ore trades RINA
worked with owners and yards to devise a set of standards for
newbuilding or conversion of bulk carriers to allow them to carry
ne ores safely at any moisture content. The new notation is aimed
at vessels carrying IMSBC group A cargoes which may have actual
moisture contents above the transportable moisture limit.
RINAs excellent track record in port state control and expertise
with passenger vessels was recognised by the US Coast
Guard which authorised RINA to conduct plan review, approval
and surveys for US-agged cargo and passenger vessels.
In the yacht sector RINA classed 1,250 yachts and
now has 250 newbuilding yacht projects under class.
Green Plus certication was awarded to two major new yachts
from Italian yards and extended to cover the production of the
Princess and Sunseeker yachts in the UK. A new dedicated yacht
ofce was opened in Antibes, to be closer to key clients and yards
and a dedicated yacht team was set up in Greece. Among the
new clients gained were Monte Carlo Yachts, part of the Beneteau
11 annual report
26
Spyridon
Zolotas
Country Manager,
Greece
RINA Group
RINAs 150 year celebration here in Piraeus
pleased me because the quality of the guests
who attended our party on Hellas Liberty shows
how RINA is well regarded in Greece. Shipping
is having a tough time but we still advanced in
2011. Here in Greece we established a dedicated
yacht team and they have built a good client base
quickly. The Greek-owned and RINA-class eet
was signicantly renewed, as older units were
sold or went to scrap and newer vessels joined the
eet. And we were able to move to new ofces
which give us the space to expand and provide
new services. One of those will be an extension
of training activities in 2012. We do in-house
training for shipowners, now we will also provide
open courses in our training centre covering a wide
range of activity. Skill transfer is a key part of our
job, it really benets shipowners. They know that
RINA is fast, friendly and focused on their needs
and they value our top PSC rating. That is why we
are the leaders in ro-pax class here in Greece, a
very big sector. Looking ahead, Im going to widen
RINAs services in Greece and expand into new
areas, and also bring other services to our shipping
clients.
Group, Balk Shipyard in the Netherlands and the Horizon shipyard
in Taiwan. New rules have been developed for the mast and rigging
of sailing yachts.
An exciting new contract in the yacht sector is the supervision and
classication of the Dream Symphony, a 140 m sailing yacht to be
built in Turkey and outtted in the Netherlands for a Russian owner.
During 2011 RINA developed a new certication system for
manning agencies to certify compliance with the IMO Maritime
Labour Convention and a certication process to assess training
based on Intertankos TOTS Guidelines.
Demands for increased port security led ports in Italy
to turn to RINA for assistance with port security plans.
annual report 11
27
The OLT Livorno offshore LNG plant and all its associated pipelines
and shore installations will be covered by a security plan based on
a study carried out by RINA.
Tourist ports such as Porto Cervo also turned to RINA for support
with security planning, crisis management and emergency drills.
During 2011 220 maritime security ofcers were trained and training
for Port Security Ofcers working in Italian ports continued, with
more than 300 now certied. In the warship sector a new
set of RINAMIL Rules were published. The changes point to rules
for merchant ships for those aspects where no specic military
standard is required. This cuts costs without impairing the quality
and performance of the ship. New service notations have been
introduced for the classication of amphibious warfare ships (LPD/
LHD) and for Mine Countermeasure Vessels (MCMVs).
The RINA Rules for the classication of Fast Patrol
Vessels are being updated and should be ready in 2012. During
2011 RINA completed classing the second eet tanker for the
Indian Navy and the rst ASW Corvette for the UAE Navy. Work
was on-going on the FREMM frigate series, the MCM series for the
Finnish Navy, a series of OPVs for the Turkish Navy and a large
number of fast patrol vessels.
RINAs latest warship project is the classication of an 8,800 tonne
LPD for the Algerian Navy to be built by Fincantieri.
RINA-subsidiary Projenia completed the electrical design of the
combat systems interconnections for the series of FREMM frigates
now building at Fincantieri for the Italian Navy.
11 annual report
28
OIL GAS and POWER
GENERATION
annual report 11
29
OIL GAS and POWER
GENERATION
11 annual report
30
Global energy markets diverged in 2011. Offshore energy projects
raced ahead, and the LNG market grew quickly as did
development in new areas such as Central Asia.
But power generation installations in Europe were hit by the economic
crisis.
Against that background RINA maintained its revenues in power
generation and increased its outreach into LNG, offshore energy
and new areas of oil and gas exploitation.
For US-based SUDA RINA delivered a feasibility study for an
LNG FSRU to be installed off West Ghana for the West
Africa Power Pool and under a contract from Foster Wheeler Iberia
RINA delivered a feasibility study for the side-by-side transfer of
LNG between LNG carriers and an FSRU planned to be installed
in Uruguay.
Two big new projects in Indonesia were developed in
2011 and began work in early 2012.
One was for PT PLN, the national power utility, to provide project
management support for the worlds rst marine CNG
(Compressed Natural Gas) project.
The project, which is expected to deliver the rst gas in August
2013, is to transport between 3 and 6 million standard cubic feet
per day of CNG between two Indonesia islands, Gresik and Lombok.
annual report 11
31
Dino Cervetto
Technical
Services Manager
RINA Group
I was very happy last year to be able to get
the new rules for Floating Liquid Natural Gas
and Compressed Natural Gas completed and
published. Clients need clear standards to work
to and we delivered them, and that in turn has
led to new contracts. We are at the cutting edge
of offshore LNG development and last year we
used our Technical Qualication Certication to
approve the marine loading arms made by FMC
Technologies for the transfer of LNG. Its a world
rst for such a complex system, and we will soon
have the worlds rst CNG transport project too.
We can be rst because we are quick to react
to clients needs, quick to understand them and
quick to grasp opportunities. Our experience
with offshore gas projects close to Italy gives us
a platform for development. Shipping takes time
to digest new ideas but we can help move things
on with technical qualication. That smooths the
progress of new ways of doing things.
The gas will provide peak shaving to a power plant in Lombok.
In the initial phase RINA will deliver the feasibility study, then FEED
and project management support during the tendering phase.
The second Indonesian gas project is to deliver concept selection,
FEED, and support during the negotiation with potential shipyards
and during the EPC contract for a new oating LNG FSRU terminal
in South Sumatra, Indonesia. RINA has been appointed
by PGAS, a subsidiary of PGN, the Indonesian public company in
charge of gas distribution.
New contracts in Indonesia also included an FPSO conversion and
MODU cooperation with Pertamina, the state oil company.
11 annual report
32
On-going work in offshore LNG included long term
contracts on the Adriatic LNG terminal, supervision of the conversion
of the OLT Livorno offshore FLNG terminal and authority engineering
for the Falconara FSRU.
Daniel
Plizga
Offshore
Programme
Manager
FMC technologies
SA
FMC technologies SA, based in France, is a
worldwide leader in loading system solutions. It
has developed loading arms for the transfer of all
types of products, including LPG and LNG. It has
delivered more than 400 LNG loading arms alone.
It has also developed a Targeting system, which
allows the loading arms to connect dynamically
in harsh operating conditions. Over a period of
several years, FMC has used innovative design
techniques to meet the requirements of offshore
application, with successful RINA qualication and
classication. As the LNG market has developed,
and with it the scope for FLNG applications, FMC
has developed a number of new solutions. These
include an Articulated Tandem Offshore Loader
(ATOL) system, which is currently being certied to
EN 1474 standard. FMC has worked successfully
with RINA on a number of projects, including
the OLT Livorno FSRU project. We are now very
pleased to be working with them in connection
with ATOL qualication. We have found RINA to
be very professional, with the ability, experience
and expertise to understand complex systems in
offshore applications. The relationship between
FMC and RINA is very good and very constructive,
and we look forward to working together on other
projects.
annual report 11
33
Giancarlo
Cogliati
Managing
Director, api nva
energia S.r.l.
api nva energia is an Italian company founded
in 2006 to coordinate the gas and electricity
business management activities within the api
holding group. It mainly operates in the power
generation sector, with a strong focus on the
construction and management of renewable
energy plants. It manages an extensive portfolio of
projects in different phases of development for a
total capacity of 1,400 MW. Of this, about 900 MW
involves new wind plants. The remainder are new
photovoltaic and biomass plants. Current projects
include authorization for the realization of an
offshore LNG regasication terminal and a project
for the construction of a 580 MW gas-red CCGT
power plant, at the Falconara Marittima industrial
site. api nva energia has worked with RINA for
several years, with positive and successful results.
We share common goals and values. Projects on
which we have worked together include meteo-
marine and logistic studies, seakeeping and
operational simulations, offshore and onshore
safety assessments and risk analyses, engineering
technical assistance and works supervision within
the Falconara renery.
Expansion in the offshore sector in India was especially strong,
with turnover tripling during 2011, and RINA is now involved with
over 80 offshore installations there.
A new ofce was opened in Turkmenistan to develop
oil and gas services in the Caspian Sea area and to build on
cooperation with Dragon Oil Turkmenistan Ltd.
During 2011 RINA carried out design appraisal, inspection
and expediting and site supervision on and offshore during the
assembly and installation of eleven platforms in the Caspian Sea.
11 annual report
34
Working for Snam Rete Gas RINA was awarded the monitoring
of the production of a 34,000 m SAWH pipeline at the Corinth
Pipe Work pipe mill in Greece.
Cooperation with the Japanese EPC contractor Chiyoda
continued with support for the QC materials and equipment
inspection of the supplies intended for the PNG LNG Project
a new gas project being championed by ExxonMobil to exploit
large gas reserves in the southern and western highlands of
Papua New Guinea.
ENEL awarded RINA the Basic and Feed Project for the Carbon
Capture and Storage Plant to be installed in the future Porto
Tolle Power Plant.
This is a challenging project that will capture the CO2 from
the plant, treat it in a separate unit and then inject the dehydrated
gas into a well in the Adriatic Sea.
Edison awarded RINA the contract for the engineering study
and certication of the life extension of the installations in the
Vega eld.
ENI continued to be a key client for RINA during 2011, with
widely diversied services including specialised studies for the
integrity of structures subject to corrosion, evaluation of the
plants in Zubair, Iraq and engineering studies for the development
annual report 11
35
of subsea projects in deep waters.
RINA was contracted for warranty and QC during the complete
renewal of the FPSO Xicomba to be installed in Angolan waters.
ENI entrusted RINA with a three-year contract for drilling materials
technical surveillance for all ENI companies.
RINA supported ENI in choosing and applying control techniques
with automatic ultrasound instead of radiography with a consistent
saving in terms of time and costs and a benet in terms of
environment.
Site supervision and engineering support for
Saipem increased during 2011, in addition to a lot of vendor
inspection work.
Two new activities for this key client were Social Accountability for
the Saipem Group in India, China and Singapore and Marine Survey
activities for goods handled at Saipem Paris.
In cooperation with Saipem Infrastructures RINA began studies for
the sizing of ENI logistic bases. A feasibility study to determine the
positioning of a new LNG plant in Mozambique was undertaken.
11 annual report
36
Andrea
Sciacchitano
Sector Manager Energy
International
Development RINA Group
During 2011 the key focus of our team was on
cross-selling new services to existing customers.
Saipem has a diversied business with needs at
many levels. A lot of our business with Saipem
was in Vendor Inspection while Engineering
Services were a negligible contributor. In 2011
we changed that as overall volumes grew, and Site
Supervision and Engineering grew strongly as a
share of the total. The key contributors were the
extension of our services of loose gear periodical
verication on the Saipem eet and the start-up
of a cooperation with Saipem Infrastructures for
logistic simulations. For sure, exibility of our
staff was the key to our success. People in our
team go beyond their duties to reach common
goals. For example, our resident coordinators in
Saipem, dealing with Vendor Inspection, created
a network of contacts in Saipem which resulted
in the successful deal with Saipem Infrastructures
for Engineering activities. Looking ahead I want to
expand RINAs services with foreign customers, but
I also have another key target. That is to ensure our
teams abroad are part of an organization in which
common values and shared knowledge will allow
us to work as a unique team around the world.
RINAs engineering subsidiary Projenia provided services to
Saipem for verication of compliance with Italian laws on retail fuel
stations and the design of works needed.
Projenia also assessed the designs of are steel structures for
two reneries in Thailand and India for Paradip and undertook the
structural design of subsea modules for the Australian Gorgon JV
on behalf of Nuovo Pignone.
annual report 11
37
During 2011 Projenia completed the contract for the procurement
assistance and construction management services for the renewal
of the crude oil handling system at the Falconara Renery on behalf
of API.
ENI awarded Projenia the framework agreement covering
multidisciplinary engineering services for pipelines located in the
North/West HUB and North/East HUB in Italy.
In 2011 Projenia also started working with Terminale GNL Adriatico,
the company that built and manages the Adriatic LNG Terminal.
In the power generation eld RINA completed owners engineer
services for IREN Energia for the 400 MW cogeneration
plant at Torino Nord.
In addition to power the plant delivers 220 MW of district heating
and has been completed on schedule with RINA supervision.
E.ON Produzione S.p.A. awarded RINA the owner engineer services
contract for Trapani Gas Turbine Power Plant, an open cycle turbo
gas power plant, fuelled by natural gas with a total net power of
169.4 MW.
The environmental requalication project
and plant upgrading will bring the plant up to date with the best
technology and improve its output and environmental impact.
RINA delivered new services to nuclear power plants including
nuclear qualication for temperature and ow elements for the
Mochovce Nuclear Power Plant Project.
11 annual report
38
Mauro
Giuntoli
Sector Manager,
Power Generation
RINA Group
Last year we managed to exceed our budget in
power generation despite the economic situation,
so that was good. One big project we completed
was the owner engineering for the cogeneration
power plant at Torino Nord, for IREN. There was
no EPC contractor so we had to work with thirteen
contractors to control and supervise construction
and commissioning. We worked with DAppolonia
on that one, and completed on time and budget.
Owner engineer services are important, complex
and high value covering a wide range of services
and controls over contractors, right through to
performance tests. Clients come to us because
we have a track record and a name for reliability.
Looking forward we are reaching out of Italy. In
our home market there is a crunch and we are
widening market share to maintain revenues. But
outside Italy we can work with key customers such
as Ansaldo Energia on power plants in growth
areas like North Africa and Turkey. We supply local
services in countries which are building power
stations. A good example is two new combined
cycle plants in Algeria, RINA is providing a full
team and full quality control of the project.
Alberto
Barbieri
Head of
Engineering
Services, E.ON
Produzione S.p.A.
Italy
E.ON operates a number of power plants in Italy.
In the current markets we are keen to maintain
our existing eet to the highest standards. And of
course we want to improve efciency and reduce
emissions. That is why we chose to upgrade
our Trapani open cycle gas turbine power plant.
A complete upgrade involves new and more
powerful turbines, emission reduction technology,
new generators, transformers, switchgear and
automation. We will then meet all new standards
and we have to do it in a tight time frame with
completion by the middle of 2013. RINA has
helped us with planning and risk management and
is also providing engineering support, especially
for the automation and electrical part. We had
worked with RINA before, so we know them and we
are sure that they will actively help us in meeting
our tight deadlines.
annual report 11
39
At the beginning of the year, Projenia was awarded the contract for
the multidisciplinary detail design of a Natural Gas Fired GT Open
Cycle Power plant located in Cairo, Egypt for the Cairo Electricity
Production Company.
It was the rst time that Ansaldo Energia had awarded a
multidisciplinary engineering contract to anyone.
Work continued on the Mochovce Nuclear power plant Unit 3 in
Slovakia where Projenia is delivering the mechanical detail design
of the nuclear island and the design of smaller piping for Enel
Ingegneria and Innovazione.
In Algeria Projenia also cooperated with Ansaldo Energia on the
multidisciplinary detail design of two Natural Gas Fired GT Open
Cycle Power plants (2x275 MW). The Ain Djasser II and Labreg
power plants will be built for Sonelgaz.
Projenia also worked with Alstom on the civil, structural and
architectural design of the 835 MW Tzat power plant in Israel.
In 2012 Projenia will work with RINA and DAppolonia to provide
engineering activities building on the Conceptual Design or
Feasibility Study with the aim of dening the EPC
contract.
Projenia will also put its efforts into improving the multidisciplinary
integrated design system.
11 annual report
40
SYSTEMS
and PROCESSES
MANAGEMENT
SERVICES
annual report 11
41
SYSTEMS
and PROCESSES
MANAGEMENT
SERVICES
11 annual report
42
RINA showed strong growth in its core market of management
system certication.
Internationalisation continued with a 50 per cent growth
in certication business outside Italy.
The number of rms certied grew strongly following the acquisition
of Italian management system certication company Cisqcert
Spa and the acquisition at the year end of 70 per cent
of Romanian certication company SIMTEX Srl Organismul de
Certicare.
There was also strong growth in the elds of occupational health
and safety certication and food and agriculture certication.
An interesting new client for RINA certication was the Italian Air
Force.
RINA will certify all the Air Forces maintenance bodies,
covering 17 sites and 7,000 personnel to ISO 9001.
RINA is also certifying Alitalias maintenance systems to the ISO
9001and EN 9110 Standards.
The EU Commission awarded a RINA consortia a four year contract
to provide occupational health and safety audits to BS OHSAS
18001 for all premises and staff of the EU Commission in Brussels
and Luxembourg.
Shell Italia also turned to RINA for BS OHSAS
18001 certication, as did Virgin Active Italia for its seventeen
annual report 11
43
Achille
Tonani
General Manager,
Health & Food,
RINA Group
In 2011 we worked hard to maintain our leadership
in SA8000 social accountability auditing with a
special focus on the Indian Subcontinent, Europe
and North Africa. We grew our international
network adding new social auditors in Asia, North
Africa and Eastern Europe. And we expanded to
deliver a structured approach to code of conduct
audits, achieving the rst pilot audits with Unilever
in India. Working with our marine colleagues we
developed the schemes manning agencies and
shipowners will need to comply with the Maritime
Labour Convention when it comes into force and
certied two manning agencies in Romania ahead
of the implementation. We also worked on auditing
marine training to industry standards, such as
TOTS. Our key differentiators are the way we
dialogue with the clients and that being smaller
than the very big competitors we can answer
more quickly. For the future we expect our pilot
certication of ISO 28000 security management
systems will lead to full accreditation in 2012. We
also plan to expand our code of conduct and social
accountability auditing into new sectors such as
jewellery and food and expand our international
network.
During 2011 RINA improved its compliance tools and included
environmental assessment in its tools for monitoring
companies for their performance under Italian law.
gym complexes and staff and the Monte dei Paschi di Siena for
three banks.
In Rome RINA worked with the public transport provider ATAC to
deliver ISO 9001, ISO 14001 and SA 8000 certication.
ATAC is working towards BS OHSAS 18001 certication for 2012.
11 annual report
44
Luciana
De Mori
Head of Internal
Audit, Acegas Aps
AcegasAps is a listed company and the major multi-
utility group in the North East of Italy. We manage
and distribute water, electricity and gas resources,
collect and treat refuse, and provide services like
street lighting, heating management, total facility
management and environmental management.
Our main area of operations is around Trieste and
Padova but we are progressively expanding our
operations in Italy and into Eastern Europe. We are
strengthening our group corporate governance and
improving internal controls to ensure compliance
with Decree 231, which governs anti bribery in
Italy. RINA has supported us in risk assessment
and gap analysis and setting up the anti-fraud
control scheme for our group as well as auditing
the health and safety of our work. We chose RINA
because they had a concrete proposal backed by the
right competences. We developed a professional
and realistic relationship which was built on the
open availability and expertise of RINA team,
and that led to a good mutual understanding and
harmony. This encouraged active involvement and
co-operation between our internal functions and
companies.
International expansion continued and in 2011 RINA was pleased
to issue its rst ISO 9001 certicate in South Korea
following an audit of two organisations belonging to the Dongnam
Precision Ind. Group, a leading manufacturer of mechanical parts
for marine and offshore plants.
Services to seafood producers and sheries were expanded
in 2011 with certication to Friend of the Sea standards of the
Pacic salmon shing and processing industry in Alaska and
Canada.
Greek canned tuna processing and aquaculture of sea bass and
annual report 11
45
Andrea
Devoti
Commercial
Manager
Istituto
Tecnologie
Avanzate Srl
RINA Group
Our expertise in process control for private label
products allowed ITA to develop its agrifood
services in Italy in 2011. We invested in new
laboratory equipment so we could deliver sensory
testing, lab testing and audit and inspections
to supermarkets and producers. New rules on
labelling, health and sanitation create increasing
demand for our services. Labelling conformity is
a big issue where we can help, as are outsourcing
services, microbiological and chemical testing,
sensory and consumer testing, and conformity
audit of supermarket suppliers. Outside the food
area we saw increased demand for risk assessment
for Legionella disease. ITA provides consulting
and testing for air and water treatment systems
in hotels and hospitals. We have built a strong
brand name in our markets and being part of
the RINA Group helps us. Our new laboratory
and testing services has been a great success,
with over 350 products tested last year. We work
closely with Agroqualit and between us we see a
strong increase in demand for auditing. Between
ITA and Agroqualit, the RINA Group is able to
offer services at every step of every food chain.
We can deliver at every stage from the materials
through production, monitoring, consumer testing
and certication. What is most important is that
our technical competence and personal approach
allows us to tailor those services to exactly what
the producers need. Everyone has to eat every day,
and they care more about what they eat, so it is a
good business to be in.
sea bream and Turkish collection of clams were certied.
In 2011 RINA has also gained applicant status for the Marine
Stewardship Council Certication for Fishery and Chain of Custody
Standards, after the successful documentation and Head Ofce
accreditation audit performed by ASI (Accreditation Services
International).
11 annual report
46
Gianluca
di Venanzo
General Manager
Despar Servizi
Despar Servizis main focus is on developing food
and non-food private label products for the Despar
brand to provide our customers with high quality
grocery goods at a competitive price. Our mission
for the future is to keep expanding the product
range to provide the solutions for our customers
needs, and afrm ourselves as leaders in quality
and price. We are collaborating with ITA for the
legal certication of the packaging of the majority
of our products. ITA provides highly qualied
support, a strongly collaborative approach and
is a serious and helpful partner for Despar. We
chose the RINA Group for the deep knowledge in
its elds of expertise, its long history of reliability,
and its exibility in meeting the clients needs
in time. Working with RINA has been critical for
our success. In RINA we have a serious partner
which helps us in quality control, can guide us in
screening our suppliers and improving over time
the quality of our products.
RINA widened its scope to provide certication services in countries
which are US-inuenced by receiving accreditation from ANAB
(ANSI-ASQ National Accreditation Board) to issue certicates for
quality, environmental, occupational health and safety, food safety
and information security management systems.
All companies which deal with the UK will now have to comply with
the UK Bribery Act 2010.
RINA has begun to deliver a series of services to help companies
perform risk assessment and gap analysis on their
own systems and on third parties to ensure compliance.
annual report 11
47
Francisco
Sedeo
Manager of San
Paulo Certication
Brazil
RINA Group
We saw two strong growth areas in Brazil in
2011. These were in certication of integrated
management systems and inspection services for
lifting equipment. Oil and gas growth here will bring
a lot more work in certication and verication for
offshore development. The success of RINA in
Brazil last year was due to a strongly motivated
team and a high level of client satisfaction. We
really work hard to be there for the clients and
deliver what they need quickly. We plan to build on
this base in 2012 by diversifying our inspection
activities and moving more into container
inspections, industry certication and of course
the oil and gas sector. We will begin to deliver
audits for local certication schemes and we also
plan to expand more into the south of Brazil. This
is a big country with a lot of potential.
RINA was accredited to provide conformity assessment under the
ATEX Directive, which covers equipment, devices,
components and protective systems intended for use in potentially
explosive atmospheres.
11 annual report
48
INFRASTRUCTURE
and PROJECT
FINANCING
annual report 11
49
INFRASTRUCTURE
and PROJECT
FINANCING
11 annual report
50
During 2011 RINA was awarded 125 new contracts for project
verication of infrastructure, with half coming from the
public sector and half from industry.
One major new project is the project verication for the site of the
Expo Milano 2015. At 110 hectares the site will be the largest park
in Europe, located northwest of Milan. The verication covers all of
the infrastructure.
Sergio
Catalano
Head of the
Investire
Immobiliare
Asset
Management
team
Investire Immobiliare SGR is a leading Italian real
estate fund management company. Currently, we
have assets under management totalling about 4
billion Euros, much of it involving ofce buildings
throughout Italy. Our mission is to manage, rent
and then sell off our assets, in accordance with the
business plan of each fund, in agreement with our
investors. We work with the RINA Infrastructures &
Building Department. They are our main advisors
for the energy performance certication of all our
buildings in Italy. We chose RINA because it is
a leading Italian company which is known and
respected throughout the world as a reliable and
independent adviser. RINA is able to represent
us anywhere in Italy, and always produces
results of exceptional quality, on time and in an
understanding and professional manner.
A major project completed in 2011 was the verication of the plans
for the bridge over the Messina Straits.
The bridge will break all current world records for suspension
bridges.
annual report 11
51
Manuela
di Marino
Business
Development
Manager,
Infrastructure &
Real Estate
RINA Group
We did a lot of interesting jobs last year, but
the one which pleased me most was the design
verication of a big underground parking extension
and refurbishment for Saba Italia under the Villa
Borghese park in Rome. It is a beautiful and famous
park in a central area of a busy city, they have to
work without harming the park and they also have
to keep the existing parking in operation during
the works. We won the bid on a competitive tender
having demonstrated our technical competence.
My background is as an environmental engineer
and I found the project fascinating and complex. It
was really satisfying to see it all work out as planned
and going ahead successfully. Our challenge now
in 2012 is to grow the business internationally. We
have proven competence and we are known in Italy
for our availability and reliability. We never forget
we are a service company. Now we have to spread
that message to big projects in other countries.
The plans for the 3,300 m long and 60 m wide bridge took a team
of forty experts from RINA six months to validate.
Preliminary project verication of the new Hospital Galliera in Genoa
was also completed.
Work in hand includes project verication for the
works concerning the High Speed/High Capacity Treviglio-Brescia
railway, project verication for the works of modernization of the
SS640 in Porto Empedocle and technical control activities for
assurance purposes of line 5 of the Milan Subway.
Although there has been a slowdown in new private infrastructure
projects new regulations on public contracts in Italy will create more
demand for RINAs services during 2012.
11 annual report
52
Giovanni
Centurielli
CEO
Saba Italia S.p.A.
The core business of Saba Italia, part of Spains
international Saba Infraestructuras Group, is the
management of its national network of parking
structures in 21 cities with 30,000 parking spaces.
Saba Italia is currently involved in the design,
construction and management of the refurbished
and expanded Villa Borghese underground parking
facility in Rome. It has signed a contract for the
50-year concession on this unique 114 million
euro self-nancing project, and is preparing the
necessary documentation for the international
building tender. Our technical staff will be closely
involved in the bidding process, the evaluation
of tenders and the construction process over the
coming years. RINA has been contracted to carry
out validation of the project, agreeing the suitability
of estimates and evaluating the efciency of the
mechanical and electrical installations in respect
of energy consumption and running costs. RINA
Checks co-operation and availability was an
important asset in carrying out a complex validation
operation in a concentrated period of time. And
its analytical capability contributed to an overall
improvement in the integrity of a complex building
project involving an existing 1,800-car parking
structure which needs to continue operating during
the projects 36-month construction period.
annual report 11
53
Demand from banks and investors for technical and market
advisory support on project nancing tripled in 2011.
2011 was a signicant year for nancial
investments in renewable energy, especially PV plants
that beneted from the incentives of the feed-in-tariff.
RINA supported credit institutions in technical
verications and due diligence of investment proposals and in the
banking qualication of more than 25 PV modules and inverter
producers located worldwide, in order to guarantee the reliability of
the components during the life of the plant for the banks.
Other renewable energy projects including mini-
hydroelectric plants and biogas plants were assessed and RINA
enlarged its advisory activity in the renewable sector outside
Italy, cooperating with foreign banks and investors and analysing
investments abroad, especially in East Europe.
The liberalization of the concession of gas distribution in Italy is an
important business opportunity for RINA which strengthened its
leading role in technical and market support for banks in analysing
gas networks. RINA took a leading role in the assessment
of investment projects for gas networks in Sardinia and in the
province of Novara.
11 annual report
54
Through RINA Value, RINA provides consultancy, technical
assistance and evaluation services to public institutions under
the framework of EU Structural Funds (RDF
and ESF) and other national and regional development programs
(FEASR and FEP).
In 2011 RINA Value provided support to seven Italian regions,
also supporting the implementation of the monitoring system of
the framework agreements nanced by the National Fund for
Development and Cohesion (FAS).
RINA Value is expanding its services to cover energy
management systems, procurement support in
dening vendor rating systems and business process re-engineering
and integration services.
Demand for technical assistance to public institutions in charge of the
management of development programmes
looks set to grow.
In 2011 RINAs work with international funding
institutions focussed on a series of projects led by the
African Development Bank, the Asian Development Bank, the
Congolese Hydrocarbon Ministry and the European Union.
Projects included support to infrastructures of SME in Algeria,
support to SME in Tunisia nanced by the Italian Ministry of Foreign
annual report 11
55
Paolo
Facchini
Sector Manager
Donors
RINA Group
A big achievement last year was getting our rst
project in Ghana. We are targeting growth in Africa
where we are recognised as a reliable partner. We
are providing technical assistance to the Ministry
of Trade and Industry in Ghana, setting standards
for export which will facilitate trade. Another rst
last year was to be awarded a project funded by
the Italian Ministry of Foreign Affairs. For them
we are supporting Tunisian business in the South
Sahara. RINA is a multi-disciplinary company with
a global footprint and is now of sufcient size to be
seen as a solid partner in international assistance.
We still have a name as a shipping business, but
the concept is gradually enlarging, and our ability
to work in a lot of languages and understand local
concerns is a real help. In 2012 we will begin
to see the benet of working with DAppolonia.
In addition, we are also condent to be awarded
some work in SE Asia and in the Crimea.
Affairs, site supervision and QA/QC of the project to remove about
50 wrecks from the Nouadhibou Bay in Mauritania and renewal of
the project of assistance to SME in Kosovo.
RINA also won a project of assistance to the Ministry of Trade and
Industry in Ghana.
11 annual report
56
TRANSPORT
and LOGISTICS
annual report 11
57
TRANSPORT
and LOGISTICS
11 annual report
58
RINAs increasing capabilities in the railway safety and
technical assessment elds were in strong demand internationally
during 2011.
The Railway Certication Laboratory, set up in
2011 as a certication test and pre-test laboratory for products
to be used in the interoperability of the trans-European high-speed
and conventional rail systems was very busy.
A lot of work went into the organisation and execution of the on
track tests of the new AGV high speed train delivered by
Alstom to Nuovo Trasporto Viaggiatori, leading at the beginning of
2012 to the authorisation for starting commercial operation.
Jos Maria
Cerruto
Technical
Manager Railways
RINA Group
Reaching out internationally to increase our
railway certication work was very satisfying for
our team in 2011. The railway business is opening
up globally, with foreign companies coming in to
Italy and us reaching out to other countries. We
were working for railways or railway equipment
manufacturers in Croatia, Spain, Belgium,
Portugal, France, Germany, Switzerland, Austria,
USA, China, Turkey and Poland in addition to
Italy. Being chosen to work for the Spanish rm
CAF was particularly satisfying for me. Having
the tools in our new laboratory is important, but
we get the business more because of our strong
focus on the clients needs than anything else.
Its that commitment to service which makes the
difference for railway companies who respect our
technical competence and want quick but certain
results.
annual report 11
59
New clients included the Wegh Group, an Italian railway equipment
manufacturer which entrusted RINA with independent
assessments on the tests performed on concrete
sleepers for the Italian railways.
Ferrovie Nord, an Italian infrastructure manager, used RINA for
analysis of rail welding cracks.
Roberto
Vitali
Head of Sales and
Business
Development
(France, Spain,
Portugal, North
America, South &
Central America)
for Ansaldo STS
Ansaldo STS is a leading player in the international
railway transportation sector, with an annual
turnover of approximately Euro1.2 billion. It has a
long-standing relationship with RINA, with whom
it has worked closely on a variety of projects. Most
recently, RINA certied to CENELEC standards
EN 50126 and 50129 the innovative catenary-
free TRAMWAVE technology developed by Ansaldo
STS as an alternative to traditional overhead line-
powered tram systems. The TRAMWAVE solution
is an aesthetically pleasing and energy-efcient
method of operating tram systems, which uses
power generated beneath the vehicle rather
than through overhead wires. In Naples, 600 m
of TRAMWAVE infrastructure has already been
installed in Poggioreale in an extension of the
existing tram system network. It is anticipated that
TRAMWAVE will be installed in a number of other
cities. Working with RINA on this project was a
very good experience. The engineers from Ansaldo
STS and RINA formed a joint working group which
produced a very successful and efcient solution to
a complex project, and we were very satised with
the professionalism, expertise and responsiveness
of RINA.
11 annual report
60
In Turkey Durmazlar, a Turkish tram manufacturer, turned to RINA
for independent safety assessments and EMC
tests against international standards on the trams for the city of
Bursa.
In China Zhuzhou CSR Times Electric, a Chinese railway equipment
manufacturer, used RINAs expertise for conformity
tests against the European Subset 085 on the BTM Antenna.
Burcin Ak
Business
Development
Manager
Turkey
RINA Group
We worked hard in 2011 to build our brand in
the local market, especially with the governmental
railway authority and local municipalities who have
light rail system projects. That paid off with the
appointment as Independent Safety Assessor by
rolling stock manufacturer Durmazlar for the light
rail project in Bursa Municipality. It is a project
that has really got the attention of the government,
which is great for us. The project is on-going and
now we are approaching the online test stage for
the rst trainset. RINAs extensive experience and
technical know-how convinced Durmazlar they
could trust us. We also helped them lower costs. It
is a good example of going Glocal combining our
global rail experience with our local knowledge in
Turkey. There are big plans for rail upgrades and
new rail projects in Turkey so we expect business
to grow here. Rail is getting big here, in ve
years time Turkey could have the third longest
high speed network in Europe, so there is a lot
of business to come. DAppolonia Turkey, which
provides engineering services to metro projects in
Turkey, will help us to provide a comprehensive
and complete service to Turkish railway market
needs. With DAppolonia we will be able to provide
support at all stages of the project life cycle from
design to the commissioning.
annual report 11
61
Other major rail work included independent safety assessment
and testing authority for the ETR563 train on behalf of Spanish
train manufacturer CAF and support for the train homologation in
Slovenia.
The European Railway Agency tasked RINA
with ERTMS/ETCS system requirements specications updating
and review, in partnership with other European laboratories CEDEX
(Spain), DLR (Germany), MULTITEL (Belgium) and INECO (Spain).
Mario
DArienzo
Safety and
Validation
Manager Italy and
Med area
Bombardier
Transportation
Italy S.p.A.
Bombardier Italia works every day to offer
innovative products and services in accordance
with the highest standards of safety, quality,
reliability and socio-environmental sustainability.
Our railway signalling department is expanding its
activities in East Europe, where we have already
achieved important results. Among these, the
most signicant involves a project in Croatia
which concerns the installation of the rst Level
1 ETCS/ERTMS system by Bombardier. This
is an excellent result particularly because we
achieved this in one of the countries where we are
endeavouring to become leader. Working with us
on this project is the RINA Group, with which we
have been working for some years and which has
proved itself as a reliable and skilled partner, in
addition to providing leverage in a new country.
We believe that our synergies will grow as we work
together and we can strengthen and consolidate
our presence in these markets and succeed in new
challenges.
11 annual report
62
RINAs services for the correct use and active and passive safety
and security of cargo units in the intermodal eld were in strong
demand in 2011.
Although container shipping companies were in nancial crisis
relations with strong clients including MSC, Grimaldi, Messina, Tarros
and emerging companies including Innofreight, SOGECO and Beacon
gave RINA second place globally in the new container
inspection market, and it was the market leader
in Italy.
A new company, Rina Intermodal Srl, will focus on intermodal,
bimodal and special units and the companies using them including
offshore, nuclear and mobile units.
It will deliver certication of cargo units and components and spare
parts and qualication of the companies managing and maintaining
cargo units.
In the Mediterranean RINA completed a study on coal
logistics covering all ENEL and ENDESA power plants and
assets.
The study denes a roadmap of synergies between the power
generation assets of the two companies.
RINA subsidiary Logmarin had a successful year.
It customised a commercial software programme to facilitate
annual report 11
63
supply chain simulation and using its knowledge of
logistics was able to complete several important projects
on behalf of major shippers.
Working for EGAT (Electricity Generating Authority of Thailand)
Logmarin developed a feasibility study to identify the best possible
solutions for the coal supply chain from source to the river port of
Krabi power station.
For Sinclair Knight Mertz Logmarin developed a feasibility study
for the Frieda River Project in Papua New Guinea to evaluate
technically and commercially logistic solutions for export of copper
concentrate and import of fuel and general cargo.
Marubeni and Kepco won a tender to build, own and operate a
coal-red plant in Vietnam based on the supply chain envisaged by
Logmarin.
In Indonesia Logmarin was awarded the design, project
management and construction, and supervision at
shipyard for the oating terminal which has joined Pt Mitra Bahtera
Segarasatis eet of coal trans-shipping vessels.
The Floating Terminal Princesse Chloe is the most
efcient coal loading terminal in Indonesia.
A key new contract in 2011 was from Brazils Vale SA. Logmarins
assistance has enabled Vale to convert the Ore Fabrica, a former
VLCC, into the worlds largest transhipment
11 annual report
64
Rob Thatcher
General
Manager - Ports,
Mitchell Group
Australia
We are developing a multi-user coal export
port on the east coast of Australia using barging
and transhipping, which we call the Fitzroy
Terminal Project. Logmarin has undertaken the
preliminary design studies and simulation of a
22Mtpa coal barging and transhipping operation
and is progressing to deliver the detailed design,
nalisation of simulations and construction
supervision of the system. We chose Logmarin
to advise on this project because Logmarins
experience and exposure to the 200+Mtpa
Indonesian coal barging and transhipping industry
made them an obvious choice. Logmarin brings
together the best of European design condence
with experience in delivering economical
transhipment solutions. They performed beyond
our expectations in a very professional matter to
bring high standard European technology and
environmental expertise to the project with their
alliance with Liebherr and Bedeschi.
vessel.
It is in operation at a site in Subic Bay, the Philippines, where it
provides a platform for the transhipment of iron ore cargoes
from Vales 400,000 dwt valemax ore carriers into capesize vessels
for on carriage to markets in Asia.
Logmarin has assisted Australias Mitchell Group with designing
its coal supply chain from source to ship loading for the Fitzroy
Terminal Project, in Queensland.
Aimed at a total 22m tonne annual capacity the project has to conform
to the highest possible environmental standards.
Kinder Morgan in the USA appointed Logmarin to conduct an
economic and technical preliminary analysis to review the feasibility
and benets for KMBT and its clients of a oating terminal to
supplement their existing terminals in the US Gulf.
annual report 11
65
Francesca
Bonsignore
Project Manager,
Logmarin
RINA Group
There is no doubt that in 2011 the most exciting
project for Logmarin, and for me personally, was
the transhipment terminal for Vale. Everything
about the project was big, the client, the vessels,
the tonnages. As project manager I had to think big
and implement quickly. It was a huge project, but
we delivered it on time I was really happy. Now Im
working on the complex environmental challenges
of the Australian Mitchell Fitzroy Terminal Project.
That is very demanding and needs both a respect
for the environment and local concerns and a
clear view of how things can be done efciently.
I think clients come to Logmarin because we are
a consultancy boutique and our most attractive
quality is the attention we can give the client.
Every client and project is different and we have no
standard solutions. We say that we dont compete
with other logistics advisors, we compete with the
clients bottlenecks. We grew very fast in 2011
so in 2012 I hope to consolidate our team. One
strong new facet of our solutions going forward is
going to be respect for the local environment. That
is clearly becoming more important, especially in
places like Australia.
11 annual report
66
RESEARCH
and DEVELOPMENT
annual report 11
67
RESEARCH
and DEVELOPMENT
11 annual report
68
RINA increased its investment in research and development in
2011.
There was a major expansion in the number of projects initiated
and also the number of partners RINA works with.
There were also rsts in new non-marine areas,
with the rst railway project and a project on building.
At the year-end there were eleven live R&D projects
and a further thirteen approved and funded which will begin in
2012.
A major new project Sustainable Cruise begun
in 2011 was with Costa Cruises and equipment manufacturers
to investigate new ways to handle garbage on cruise ships. It will
take the form of a technical feasibility study in respect of onboard
garbage prevention, recovery and recycling.
The study will focus on packaging, biodegradable waste and paper,
examining the potential for onboard energy-saving initiatives and
improving the means of waste disposal ashore.
The intention is to develop guidelines on waste management and to
extract value from the efcient treatment of biodegradable waste.
RINA is currently nearing completion of a three-year, EU co-funded
R&D project on (Marine Inspection Robotic Assistant Systems)
MINOAS.
annual report 11
69
The project is designed to produce an integrated system to support
operators carrying out ship inspections.
Part of the project includes the development of a small, remote-
controlled, four-rotor helicopter which is able to carry out overall
surveys within the cargo holds of ships, taking photographs and
videos which can be used to establish the overall status of the hold.
Also under development is a remote-controlled light, climbing crawler
which, using magnetic wheels, is capable of quickly climbing the
steel plate inside the cargo hold and carrying out a close-up, video-
tape survey of the condition of the structure.
Another part of the project involves the development of a heavy
crawler equipped with an arm for carrying out ultrasonic thickness
measurements (UTM).
The use of remote-controlled technology
has a number of advantages for the shipping industry. One of the
most important benets it brings is an improvement in safety.
By introducing such innovative surveying techniques, RINA will
be able to limit the number of potentially dangerous duties which
surveyors are required to undertake.
There is also a signicant potential reduction in costs and time.
The rst railway sector project, OPENCOSS, is an EU-
funded project to develop a common framework and methodology
for safety assessment in the railway, automotive and aeronautic
markets.
11 annual report
70
Mario Dogliani
Head of Corporate
Research
RINA Group
The project that most excited me last year was
COSTA, which is about CO2, Ship Transport
emissions Abatement by LNG, green shipping
and ICT. It is exciting because it tackles ship
emissions right across the Mediterranean
basin. Under this project we can develop a
master plan for introducing LNG as a ships
fuel in the Mediterranean, Black Sea and
Iberian coast areas. It is EU-backed with a lot
of government and industry partners, and RINA
is the co-coordinator. We are a good choice for
that role as we have the technical competence,
we know how all the members work, we know
what commercial companies need and we have
the ability to liaise between all the parties,
mediate and build bridges so we nd the way
to a commonly benecial outcome. Our role
is both as a catalyst and a lubricant in big
projects, and we have all the people and skills
to do that well.
An exciting project which will commence in 2012 is the development
of unmanned marine vehicles. A minimum
manned vehicle for commercial use will be developed and a military
unmanned version will follow.
A major project links all the regional authorities in the Tyrrhenian Sea
area and seeks to promote innovation in the yachting sector. RINA
is specically examining the recycling of yachts
and yacht materials and standards for marinas across the area.
Also in the yacht sector RINA is working on single-window
communication system between yachts and ports, similar to the
SISTEMA system it is helping develop for ships.
annual report 11
71
There is a lot of work planned on communication to speed trafc
and cargo ows, both from the ship to shore interface and with a
new project which will improve communication for trucks and rail
entering ports from the shore side.
And in a new area for RINA a joint project with local authorities and
companies will develop regional clusters in the buildings industry in
Abruzzo.
The COSTA project links all the key Mediterranean area countries in
a major project to develop a secure LNG fuel network and propose
other ways to reduce emissions from seaborne
trade in the area.
IPTM is the government agency responsible
for ports and shipping in Portugal. That is an
important job because Portugal depends heavily
on its seaborne trade. There is a lot we need to do
to make our ports more efcient and to improve
exports. We are working on our port facilities and
on our logistics chains, these are key parts of our
economy. The MIELE project brings together a lot
of international partners and is going to improve
interoperability along the multi-modal chains. I
have no doubt it will do a lot to lubricate our trade
and make vessel port calls more efcient. RINA
has been an excellent partner in the project,
really fantastic, and it is very interesting to see
that other EU states are looking with interest at
MIELE to see how they can benet as well from
our joint work. Now we have just begun the COSTA
project, also with international partners and RINA
as a facilitator. It is very important for us, we will
develop an LNG fuel master plan and we expect
that it will replicate the success of MIELE. The
marriage of Portugal and Italy, IPTM and RINA, is
a good one, we enhance each others strengths.
Joo Carvalho
President, IPTM
Instituto Porturio
e dos Transportes
Martimos
Portugal
11 annual report
72
DIFFERENT
WORLD
COVERING
SECTORS through the
Finance & Public Institutions
Infrastructure & Real Estate
Environment & Sustainability
Business & Governance
Food & Agriculture
Marine
annual report 11
73
DIFFERENT
WORLD
COVERING
SECTORS through the
Transport & Logistics
Energy
11 annual report
74
Operational highlights of the Group
Classed eet (million GT)
Certied companies
Other Flags
Italian Flag
Total
annual report 11
75
Staff
11 annual report
76
TURNOVER (millions of )
Financial highlights
INCOME STATEMENT (thousands of ) 31-12-2011 31-12-2010
Turnover 249,417 205,423
Difference between value and costs of production 22,082 (3,068)
Net result 11,009 (3,838)
BALANCE SHEET (thousands of )
Total xed assets 72,437 53,933
Total current assets 370,957 220,407
TOTAL ASSETS 443,394 274,340
Total shareholders equity 90,133 73,618
Payables and other liabilities 353,261 200,722
annual report 11
77
EBITDA (millions of )
11 annual report
78
Parent Company RINA S.p.A. Genoa EUR 30,192,800 Registro Italiano Navale 99%
Controlled
companies Italy
RINA Services S.p.A. Genoa EUR 35,000,000 RINA S.p.A. 100%
SOA RINA Organismo di Attestazione S.p.A. Genoa EUR 1,000,000
RINA S.p.A.
RINA Services S.p.A.
99%
1%
Interprogetti Services S.p.A. Genoa EUR 335,700 Crescendo Holding Ltd. 100%
Istituto Tecnologie Avanzate S.r.l. Alessandria EUR 76,500
RINA S.p.A.
Third Parties
60%
40%
RINA Check S.r.l. Genoa EUR 100,000 RINA Services S.p.A. 100%
RINA Value S.r.l. Genoa EUR 100,000 RINA Services S.p.A. 100%
Polaris S.r.l. Genoa EUR 100,000
RINA S.p.A.
Third Parties
51%
49%
Projenia S.r.l. Genoa EUR 3,000,000
Crescendo Holding Ltd.
RINA Services S.p.A.
5,37%
94,63%
Sogea S.c.r.l. Genoa EUR 60,000
RINA S.p.A.
Third Parties
57%
43%
Agroqualit S.p.A. Rome EUR 2,000,000
RINA S.p.A.
Third Parties
50%
50%
Tecnolab RINA IIS S.r.l.
Civitavecchia
(Rome)
EUR 100,000
RINA S.p.A.
Third Parties
52%
48%
SSM S.r.l. Genoa EUR 20,000
RINA S.p.A.
RINA Services
99%
1%
Logmarin Advisors S.r.l. Genova EUR 10,000
Crescendo Holding Ltd.
Third Parties
85%
15%
DAppolonia S.p.A. Genova EUR 520,000
RINA S.p.A.
Third Parties
80%
20%
C Engineering S.r.l Roma EUR 300,000 DAppolonia S.p.A. 100%
Elettrodinamica S.p.A. Genova EUR 1,857,500
DAppolonia S.p.A.
Third parties
60%
40%
Ele Mediterranea S.r.l Genova EUR 100,000 Elettrodinamica S.p.A. 100%
Ele Impianti S.r.l. . Genova EUR 100,000 Elettrodinamica S.p.A. 100%
Mareconsult s.r.l. Genova EUR 107,000 DAppolonia S.p.A. 100%
T4TECH S.r.l. Genova EUR 10,000
DAppolonia S.p.A.
Third Parties
85%
15%
Europe,
Middle East
and North Africa
RINA Albania ShpK Tirana ALL 1,500,000 RINA International B.V. 100%
RINA Denizcilik ve Belgelendirme Ltd. Sirketi Instanbul TRY 3,340,400
RINA International B.V.
RINA Services S.p.A.
99,9%
0,1%
RINA Egypt L.L.C. Cairo EGP 50,000
RINA International B.V.
RINA Services S.p.A.
99%
1%
RINA Jadran D.o.o. Pula HRZ 200,000 RINA International B.V. 100%
RINA Norway A.S. Tonsberg NOK 100,000 RINA International B.V. 100%
RINA Ukraine L.L.C. Odessa UAH 200,000 RINA CIS B.V. 100%
RINA Rus O.o.o. S. Petersburg RUB 3,000,000 RINA CIS B.V. 100%
RINA Tunisia S.a.r.l. Tunis TND 19,456
RINA International B.V.
RINA Industry B.V.
95%
5%
Rina Maroc S.a.r.l. A.U. Casablanca MAD 10,000 RINA International B.V. 100%
Rina Saudi Arabia Ltd Jeddah SAR 500,000
RINA International B.V.
RINA Industry B.V.
95%
5%
Name Location Currency Company capital Shareholding % Ownership
Consolidation Area
annual report 11
79
European Union
RINA International B.V. Rotterdam EUR 10,100,000 RINA Services S.p.A. 100%
Registro Italiano Navale Finland O.Y. Helsinki EUR 16,818 RINA International B.V. 100%
Registro Italiano Navale (Hellas) E.p.E. Piraeus EUR 58,700
RINA International B.V.
RINA Services S.p.A.
99,95%
0,05%
RINA France S.a.r.l. Paris EUR 75,000
RINA International B.V.
RINA Industry B.V.
95%
5%
RINA Netherlands B.V. Rotterdam EUR 100,000 RINA International B.V. 100%
RINA Germany GmbH Hamburg EUR 25,000 RINA International B.V. 100%
RINA CIS B.V. Rotterdam EUR 18,000 RINA International B.V. 100%
RINA ASIA B.V. Rotterdam EUR 18,000 RINA International B.V. 100%
RINA Denmark A.p.S. Roskielde DKK 250,000 RINA International B.V. 100%
RINA Sweden A.B. Stockholm SEK 350,000 RINA International B.V. 100%
RINA UK Ltd. Portsmouth GBP 35,000 RINA International B.V. 100%
Crescendo Holding Ltd. London EUR 1,900,000 RINA S.p.A. 100%
RINA Iberia S.L.U. Barcelona EUR 300,007 RINA International B.V. 100%
RINA Poland Sp. z o.o. Gdanz PLN 50,000 RINA International B.V. 100%
RINA Romania S.r.l. Bucarest RON 70,770
RINA International B.V.
RINA S.p.A.
99%
1%
RINA Bulgaria E.o.o.D. Soa BGL 40,170 RINA CIS B.V. 100%
RINA Industry B.V. Rotterdam EUR 18,000
RINA Services S.p.A.
RINA International B.V.
95%
5%
RINA Real Estate B.V. Rotterdam EUR 1,000,000 RINA International B.V. 100%
RINA EMEA B.V. Rotterdam EUR 20,000 RINA International B.V. 100%
RINA Belgium B.V.B.A. Antwerp EUR 50,000 RINA International B.V. 100%
UAB RINA Baltic Klaipeda EUR 10,009 RINA International B.V. 100%
Projemir Energy S.r.l. Bucarest RON 205,000 Projenia S.r.l. 100%
Rina Simtex s.r.l. Bucarest RON 143,010
RINA International B.V.
Third parties
70%
30%
DAppolonia Belgium N.V. Anversa EUR 62,000 DAppolonia S.p.A. 100%
DAppolonia Muhendislik Ticaret Turkey Istanbul TRY 5,000 DAppolonia S.p.A. 100%

Asia
RINA Hong Kong Ltd. Hong Kong HKD 22,000,000
RINA International B.V.
RINA Services S.p.A.
99%
1%
RINA - V Ltd. Hong Kong HKD 160,000
RINA Hong Kong Ltd.
Third Parties
50%
50%
RINA India Pvt. Ltd. Mumbay INR 18,100,000
RINA International B.V.
RINA Services S.p.A.
99%
1%
Yizhong M.C.S. Co. Ltd. Shanghai CNY 4,033,700
RINA Services S.p.A.
Third Parties
50%
50%
RINA Kazakistan L.L.P. Almaty KZT 100,000 RINA Industry B.V. 100%
RINA Italy Classication Society (China) Co. Ltd. Shanghai CNY 10,152,870 RINA S.p.A. 100%
RINA (Shanghai) Quality & Technical Sercives Co. Ltd. Shanghai CNY 18,552,291 RINA Hong Kong Ltd. 100%
PT RINA Indonesia Jakarta IDR 913,150,000
RINA International B.V.
RINA Industry B.V.
95%
5%
Rina Bangladesh Ltd Chittagong BDT 3,500,000
RINA International B.V.
RINA Industry B.V.
95%
5%
Americas
RINA Brasil Servicos Tecnicos Ltda. Sao Paulo BRL 232,015
RINA International B.V.
RINA Services S.p.A.
99,99%
0,01%
RINA Panama S.A. Panama City PAB 20,000
RINA International B.V.
RINA Industry B.V.
95%
5%
RINA U.S.A., Inc. Fort Lauderdale USD 50,000 RINA International B.V. 100%
Rina South Pacic ltda Vina del Mar CLP 14,562,000
RINA International B.V.
Rina Iberia S.L.U.
80%
20%
Rina Peru Sac Lima PEN 71,920
RINA International B.V.
RINA Industry B.V.
95%
5%
11 annual report
80
Consolidated Balance Sheet
Assets (thousands of )
31-12-2011 31-12-2010
Fixed Assets:
Intanbigle fxed assets
- Patents, rights and intellectual property 2,724 2,647
- Goodwill 24,639
-
- Other intangible assets 12,821 11,328
Total 40,184 13,975
Tangible fxed assets
- Land and buildings 17,588 16,860
- Industrial and trade equipment 1,324 1,230
- Other tangible assets 4,724 3,764
Total 23,636 21,854
Financial fxed assets
- Investments in shareholdings 2,264 180
- Receivables and marketable securities 6,051 17,622
- Own shares 302 302
Total 8,617 18,104
Total Fixed Assets 72,437 53,933
Current Assets
Inventory 145,771 57,203
Short-term receivables
- Customers 139,669 97,040
- Tax authority 8,895 5,779
- Deferred tax assets 15,269 14,311
- Others 6,176 3,456
Total 170,009 120,586
Marketable securities classifed as current assets 26,055 31,861
Cash at banks 25,376 8,041
Total Current Assets 367,211 217,691
Prepayments and Accrued Income 3,746 2,716
TOTAL ASSETS 443,394 274,340
annual report 11
81
31-12-2011 31-12-2010
Fixed Assets:
Intanbigle fxed assets
- Patents, rights and intellectual property 2,724 2,647
- Goodwill 24,639
-
- Other intangible assets 12,821 11,328
Total 40,184 13,975
Tangible fxed assets
- Land and buildings 17,588 16,860
- Industrial and trade equipment 1,324 1,230
- Other tangible assets 4,724 3,764
Total 23,636 21,854
Financial fxed assets
- Investments in shareholdings 2,264 180
- Receivables and marketable securities 6,051 17,622
- Own shares 302 302
Total 8,617 18,104
Total Fixed Assets 72,437 53,933
Current Assets
Inventory 145,771 57,203
Short-term receivables
- Customers 139,669 97,040
- Tax authority 8,895 5,779
- Deferred tax assets 15,269 14,311
- Others 6,176 3,456
Total 170,009 120,586
Marketable securities classifed as current assets 26,055 31,861
Cash at banks 25,376 8,041
Total Current Assets 367,211 217,691
Prepayments and Accrued Income 3,746 2,716
TOTAL ASSETS 443,394 274,340
Consolidated Balance Sheet
Equity and Liabilities (thousands of )
31-12-2011 31-12-2010
Shareholders Equity
- Share capital 30,193 30,193
- Legal reserve 1,228 1,228
- Own shares reserve 302 302
- Other reserves 40,727 44,201
- Prot (Loss) for the year 11,009 (3,838)
Total Group Equity 83,459 72,086
Third part equity 6,674 1,532
Total Consolidated Equity 90,133 73,618
Provisions for Liabilities and Other Charges 10,307 55,658
Severance Indemnity Fund 14,878 11,760
Payables
- Bank loans and overdrafts 54,092 16,541
- Loans from other lenders 6,232 3,149
- Advances from clients 142,900 61,181
- Payables to shareholder 16,603
-
- Payables to suppliers 38,922 23,740
- Other payables 69,028 28,369
Total 327,777 132,980
Accrued Expenses and Deferred Income

299 324
TOTAL LIABILITIES 443,394 274,340
11 annual report
82
31-12-2011 31-12-2010
Total Value of Production 249,417 205,423
Cost of Production
- Purchases of raw materials, consumables and goods 3,679 997
- Services 75,743 67,545
- Leasehold goods costs 8,253 6,397
- Personnel expenses 107,290 90,718
- Depreciation and amortization 7,184 6,277
- Provision for risks 11,828 33,803
- Sundry expenses 13,358 2,754
Total Cost of Production 227,335 208,491
Differerence between Value and Cost of Production 22,082 (3,068)
Financial Income, (Charges), net 480 (408)
Financial Assets Valuation Adjustments (603) (216)
Extraordinary Gains and (Losses), net (491) 511
Pre-tax Result 21,468 (3,181)
Income taxes 10,126 (606)
PROFIT (LOSS) FOR THE YEAR 11,342 (3,787)
THIRD PART (PROFIT) LOSS FOR THE YEAR (333) (51)
GROUP PROFIT (LOSS) FOR THE YEAR 11,009 (3,838)
Consolidated
Income Statement (thousands of )
annual report 11
83
31-12-2011 31-12-2010
Total Value of Production 249,417 205,423
Cost of Production
- Purchases of raw materials, consumables and goods 3,679 997
- Services 75,743 67,545
- Leasehold goods costs 8,253 6,397
- Personnel expenses 107,290 90,718
- Depreciation and amortization 7,184 6,277
- Provision for risks 11,828 33,803
- Sundry expenses 13,358 2,754
Total Cost of Production 227,335 208,491
Differerence between Value and Cost of Production 22,082 (3,068)
Financial Income, (Charges), net 480 (408)
Financial Assets Valuation Adjustments (603) (216)
Extraordinary Gains and (Losses), net (491) 511
Pre-tax Result 21,468 (3,181)
Income taxes 10,126 (606)
PROFIT (LOSS) FOR THE YEAR 11,342 (3,787)
THIRD PART (PROFIT) LOSS FOR THE YEAR (333) (51)
GROUP PROFIT (LOSS) FOR THE YEAR 11,009 (3,838)
Cash Flow Statement
at 31 December 2011 (thousands of )
OPERATING ACTIVITY 2011 2010
NET RESULT 11,009 (3,838)
OPERATING ACTIVITY
Depreciation 7,184 6,277
Provisions to severance indemnity fund and other funds 16,315 37,333
Decrease of severance indemnity fund and other funds (58,598) (4,529)
Change in net working capital 1,220 (20,617)
Total ow from the operating activity (33,879) 18,464
INVESTMENTS
(Investments)/Disinvestments in:
- tangible and intangible assets (35,099) (8,700)
- nancial assets 9,484 (1,555)
Total ow from investments (25,615) (10,255)
FINANCING
Change in minority equity, net of receivables from minority shareholders 5,142 166
Allocation (Refund) of loans,net 11,457 2,097
Change in the exchange difference reserve 546 (1,166)
Dividends (204) (811)
Total ow from nancing 16,941 286
CASH FLOW GENERATED (ABSORBED) IN THE YEAR (31,544) 4,657
LIQUID ASSETS AT THE BEGINNING OF THE YEAR 32,428 27,771
LIQUID ASSETS AT THE END OF THE YEAR 884 32,428
11 annual report
84
Employees
The following table shows the number of employees at 31 December 2011 and
2010, as well as the relative changes in the year.
In terms of permanent Group staff as of 31 December 2011, the number of
Italian employees working in the head ofce, in the subsidiary companies and
in all the related branch ofces is 1519. Employees working abroad numbered
585.
Staff
31-12-2011 Changes 31-12-2010
Managers 110 48 62
Technical staff 1,558 583 975
Administrative staff 436 35 401
Total 2,104 666 1,438
31-12-2011 Changes 31-12-2010
Italy 1,519 564 955
Europe 197 53 144
Asia 311 43 268
Americas 49 1 48
Africa 27 6 21
Oceania 1 - 1
Total Group 2,104 667 1,437
annual report 11
85
31-12-2011 Changes 31-12-2010
Managers 110 48 62
Technical staff 1,558 583 975
Administrative staff 436 35 401
Total 2,104 666 1,438
31-12-2011 Changes 31-12-2010
Italy 1,519 564 955
Europe 197 53 144
Asia 311 43 268
Americas 49 1 48
Africa 27 6 21
Oceania 1 - 1
Total Group 2,104 667 1,437
RINA Group
RINA is a multi-national Group fully capable of supporting its
clients in the development and management of the various
phases of their activities, sharing its innovation potential,
competency, integrity and experience for the success of initiatives.
To guarantee the most advanced level of technical competency
and speed of intervention, the RINA Group operates through a
network of companies dedicated to different sectors, covering
Marine, Infrastructures & Real Estate, Transport & Logistics, Food
& Agriculture, Environment & Sustainability, Finance & Public
Institutions, Business Governance, Energy. With a turnover of around
250 million Euros and 140 ofces in 49 countries worldwide, RINA
meets the needs of its clients and is recognized as an authoritative
member of key international organizations and an important
contributor to the development of new legislative standards.
The numbers
- Classed eet over 33 mil. GT
- More than 1,250 yachts
- More than 90 administrations
- Over 23,000 certied companies - - - -
The people
- 2,100 employees -
- Average age 37
- 75% of personnel are graduates
- 155,000 hours of annual training
- Over 200 validated infrastructures
- More than 300 offshore installations
- Over 400 greenhouse emissions
reduction projects