Annual Report 2021
Annual Report 2021
More than anything, however, I have been delighted with the progression of RINA’s reputation, both in Italy and internationally. We are recognised as a trend-setter and leader in markets such as decarbonisation, infrastructure and energy, and our reputation, experience and capabilities mean that many companies and organisations are now proactively asking us to participate in projects.
Decarbonisation remains a key focus for the business. Everyone speaks about decarbonisation, but RINA is working on many real projects across every sector. We aim to be a protagonist in the process and are achieving some great, tangible results. This includes areas that are hard to abate, such as steel production. In fact, we were the first in the world this year to prove the use of mix of 30% hydrogen with methane using existing burners. We are also working with SNAM to qualify 33,000 km of pipeline for the transport of hydrogen/methane mixtures up to 100% hydrogen and with Alstom on hydrogen-fuelled trains, the first of which are due to be operating by 2023.
Our experience in decarbonisation and technology transfer means we have learned that we cannot avoid the use of any single technology. For example, we are one of the few companies in Europe working on carbon capture technology, including one experimental project that is looking to use the CO2 with algae to create edible vegetable oil. Our work in hydrogen and decarbonisation further led us to be awarded the best innovation award by the Fuel Cells and Hydrogen Joint Undertaking for the EVERYWH2ERE project, which has developed portable, ‘plug & play’ gensets powered by hydrogen and fuel cells to replace noisy, polluting diesel generators.
I believe nuclear energy also has an important role to play in decarbonisation and we are working in some exciting areas, including a project for molten salt reactor technology with Core Power. This has the potential to revolutionise shipping. Although technology is already available to decarbonise the marine industry, much is dependent upon the development of onshore infrastructure.
When it comes to wind energy, we are cooperating with the Sofia project, the biggest wind farm project in the world, to establish connection to shore. In the medium term, we will be looking to add competence in both wind and nuclear technologies to support the development of these important energy resources.
For the second consecutive year, our marine business has delivered the best growth of all class societies. Indeed, at +14%, it is at least three times more than other class societies and at the beginning of 2022 we reached 60 million GT. I believe this reflects our customers’ understanding that we offer more than just classification and can deliver technology content to support their growth, including digitalisation.
With digitalisation comes the challenge of cybersecurity. We are only seeing the beginning of what cybersecurity risks will mean and, as manufacturing moves towards a digital future through Industry 4.0, we need to be prepared to support our customers. We already have governance in place to help minimise the risks and have also acquired 50% of an innovative company working on cyber risk evaluation. This software enables us to offer a quantitative assessment of risks and gives us a much stronger presence in this market area.
In Space & Defence, Interconsulting, a recent acquisition, has already been integrated into the business and is performing well. We see a strong future in this sector and will continue to look for further acquisitions to expand our capabilities.
Our Real Estate business, RINA Prime, is another exciting and growing sector. We have a good network into the market, experience in managing property portfolios, and, with the acquisition of a business providing property management software at the end of the year, are now a technical leader in Italy. I believe this market will change from many companies serving a few buildings to a model where many properties are served by a single management firm, aiming to drive greater efficiency, quality and safety. We are in ‘Prime’ position to provide the services and capabilities needed to serve such a business model.
Ultimately, the strong foundation and plans we have put in place for growth will not be possible if we do not manage human resources in the best way and attract quality talent into the business. Our huge development plans will be supported by an intense program of hiring over the coming years. In 2022 alone, we plan to reach about 5,000 colleagues and are working to develop our HR capabilities to ensure our people are qualified, motivated and engaged with the business and their teams.
With our growing reputation and recognition in the markets we serve, I expect strong continued growth looking forward, supported by our ambitious recruitment plans. In 2022 we be working to improve our systems and procedures to drive financial performance and efficiency for the transfer of EBITA into our final results. We expect decarbonisation and cybersecurity to remain strong market trends and are also anticipating significant growth in real estate and infrastructure projects, especially with the Biden infrastructure bill in the USA. To this end, we will be looking to increase our foothold in the US and transfer the extensive knowledge and capabilities we offer to support this market locally.
