• 2020 May 31 16:57

    RINA: shareholders’ meeting approves the financial statement for 31 December 2019 and appoints a new Board of Directors

    RINA’s shareholders met May 29 in Genoa and approved the financial statements for the fiscal year ending 31 December 2019 showing an improvement when compared to the 2018 results.

    Net revenues for the year ending 31 December 2019 were 476 million Euros - an increase of 7.5% compared to the 443 million Euros in 2018. Net profits for the period surged to 3.6 million Euros (pre IFRS 16) compared to 2.6 million Euros for 2018.

    2019 saw growth across all RINA Group businesses and a continued international expansion with 60% of revenues coming from outside Italy and an order book of nearly 400 million Euros.

    Despite a static market both the marine and certification businesses grew with certification recording above-average growth for the sector. Consulting engineering further confirmed its excellence, particularly in the project management for the new viaduct in Genoa. The industry and energy sectors also returned to growth.

    Growth in the business was underpinned up by marginality improvement. The contribution margin rose by more than one percentage point, reaching 20%, thanks to continued focus on process and internal efficiency improvements and digitization.

    Financial performance was positive with net financial position at -127,8 million Euros, as of 31 December 2019, supported by an improvement in collections and working capital.

    Appointments

    The shareholders also confirmed the appointment of the members of the Board of Directors who will remain in office until the next shareholders’ meeting to approve the financial statements for the period ending December 31, 2022. The shareholders confirmed the reappointment of all seven previous members: President Ugo Salerno; Vice-Presidents Marco Cerrina Feroni, and Giorgio Drago, Directors Nazareno Cerni, Emanuele Grimaldi, Donatella Gavioli and Paolo Pierantoni. They also reconfirmed all the members of the Board of Statutory Auditors Francesco Illuzzi, Giovanni Grazzini e Antonio Guastoni.

    Following the shareholders, the new Board of Directors appointed Ugo Salerno as CEO, confirming the previous mandate.

    Ugo Salerno announced the appointment of Nello Sulfaro, former CEO of RINA Services, as General Manager of RINA group. Mr. Sulfaro will have overall responsibility for the coordination and optimization of all operational and design activities across the organization.

    Paolo Moretti, former Commercial Director of RINA’s Marine sector, will become CEO of RINA Services and Giosuè Vezzuto will oversee RINA’s shipping business. In addition to the position of CEO of RINA Consulting, Roberto Carpaneto will also become Chief Strategy Officer for RINA group.

    “I am proud to announce today these important changes in the organizational structure of RINA, which are part of our broader strategy for medium-term growth. The new team has all the skills necessary to guide the company’s development through the next phase" said Ugo Salerno, President and CEO of RINA.

    2020 1st quarter results and outlook

    Although March marked the beginning of the COVID-19 lockdown, the first quarter of 2020 confirms the pattern of growth started in 2019: as of 31March 2020 revenues and EBITDA grew by 21% and 8% respectively, compared to the same period of 2019.

    Given the uncertain current economic scenario due to the COVID-19 health emergency, the company cannot exclude possible negative impacts on its economic and financial performance in the coming months. RINA is taking all the necessary steps to minimize the impact.

    Ugo Salerno stated that, “The current economic situation due to the global health emergency is probably the most challenging and demanding of recent years. Fortunately, RINA has a solid financial base which we must maintain. Current projections, which are continuously updated, do not allow us to give full guidance to our year forecasts. For now, we are focused on long-term global business continuity and, at the same time, on the safety and well-being of employees and clients".

    To this day, RINA has guaranteed operational continuity thanks to the decisive and early implementation of smart working practices and other measures. This allowed RINA to safely provide constant support to its customers in full compliance with government guidelines for each country in which it operates.

    However, the impact of the health emergency on the global economic system and consequently on business activity, has forced RINA to take preventive measures and resort to social safety nets to safeguard the company's employment levels. These measures, which will cover the period May 2020 to August 2020, have been organized so as to guarantee the continuity of services and operations.

    About

    RINA provides a wide range of services across the Energy, Marine, Certification, Transport & Infrastructure and Industry sectors. With a turnover in 2019 of 476 million Euros, over 3,900 employees and 200 offices in 70 countries worldwide, RINA is a member of key international organizations and an important contributor to the development of new legislative standards.




2020 July 14

18:11 Wärtsilä contracted to deliver a scope of integrated solutions for CDWE's MIV
17:57 More States need to act on crew changes, says IMO Secretary-General
17:33 Throughput of Russian seaports in 6M’2020 climbed by 0.1% (detalization)
17:11 Alewijnse completes electrical installation TSHD Anchorage
16:46 Vladimir Putin signs the package of federal laws on the system of privileges in the Arctic
16:21 Mark Sickles named Interim CEO & Executive Director of DCA
15:55 Reconstruction of hydraulic facility No 9 of Tushinsky District’s HES obtains state expert approval
15:32 Green Yard Group takes over Kleven Verft business
15:04 Engineering and geological survey began for construction of Port Dalny terminal in Khabarovsk Territory
14:39 LISCR hires former USCG LNG expert to boost its global team
14:20 Young Russian sturgeon released to Volga as compensatory measure for dredging on Volga Caspian Canal
13:57 Rosmorport releases young keta salmon as compensatory measure for dredging in Shakhtersk
13:36 Straatman BV built solar-powered mooring systems for Port of Hamburg
13:12 ABB to power the world’s largest diamond recovery vessel for De Beers
12:48 Bunker prices are stable at the Far East ports of Russia (graph)
12:23 COMSAT bolsters Inmarsat network with increased C-band and L-band capabilities
11:55 IMO's informal discussions focus on cutting shipping’s carbon intensity
11:31 G3 Terminal Vancouver opens on Canada’s West Coast and transforms Canada’s grain supply chain
11:13 Further progress towards greener and safer ship recycling in Bangladesh reported at SENSREC meeting
10:50 Polish Ministry of Climate signs letter of intent on cooperation in the development of offshore wind energy
10:32 USCG investigates uninspected passenger vessel allision
10:07 Gdynia to be the installation port of Polish wind farms on the Baltic Sea
09:42 More information needed on the impacts of emissions trading in maritime transport
09:26 Oil prices decrease amid demand concerns
09:21 MABUX: Bunker market this morning, July 14
09:08 Baltic Dry Index as of July 13

2020 July 13

18:24 Canada joins Global Ocean Alliance
18:00 Interim report and independent audit of KS1437 Multipass Port project approved by related authority
16:59 Port of Ventspils (Latvia) handled 6.8 million tonnes of cargo in 6M’2020
15:32 Oboronlogistics ensures Northern delivery
15:04 Ørsted and Van Oord have successfully installed all array cables of the Borssele I & II offshore wind farm
14:21 Dublin Port throughput declines by 10.9% in the six months to June
13:53 FSUE Rosmorport’s revenue in HI’2020 grew by 6% YoY
13:30 Average wholesale prices for М-100 HFO grew to RUB 10,425 in RF spot market
13:04 CMA CGM announces FAK rates from Asia to the Mediterranean
12:41 CMA CGM announces FAK rates from Asia to North Europe
12:19 Tallinks’s vessel Romantika to offer two direct sailings from Riga to Helsinki this July and August
12:18 ISO releases environmental report assurance standard
11:55 NOVATEK reports preliminary operating data for the second quarter and first half 2020
11:32 KN increases the volume of biofuel handling
11:02 XELLZ acquires additional 100.000sqm to develop a Free Zone at Rosslare Europort
10:14 Gibdock completes an extensive two-vessel drydocking and maintenance project for returning customer Shearwater GeoServices
10:13 Port of Helsinki throughput in 6M’2019 fell by 9.2% to 6.6 million tonnes
09:58 The Fjords takes delivery of second all-electric passenger ship
09:49 Oil prices continue going down
09:32 RF Government to allocate RUB 320 million as support of shipping companies
09:10 Baltic Dry Index as of July 10
09:05 MABUX: Bunker market this morning, July 13

2020 July 12

16:21 Carnival Corp announces change in leadership team
15:38 UMS Skeldar gets contract to supply mine countermeasures drones system
15:23 Samson introduces the latest in mooring line innovation
14:19 Coast Guard halts 2 illegal charters near Star Island
13:41 Carnival Corporation's AIDA Cruises to restart sailing vacations in August
13:18 New OCIMF Committee structure
12:51 American P&I Club and ABS Consulting join forces to drive cyber awareness for maritime insurance
11:49 Royal Caribbean Group acquires remaining interest in Silversea

2020 July 11

15:28 Cox Powertrain celebrates as first 300hp diesel outboards roll off the production line ready for delivery
14:51 WCI names Tracy R. Zea as President & CEO
13:45 NOS expands its fleet with two additional M-Class vessels
11:37 Huisman to deliver 250mt Knuckle Boom Crane and 500mt Towing Winch for Nanhai Rescue Bureau