Finance

Objective achieved

The key event has been the completion of the process for a new minority shareholder, closing on December 13th, which also included appointing a new CEO. The company reported revenues of €797 million. In terms of Earning Before Interest Tax Depreciation Amortization (EBITDA), RINA achieved a milestone by crossing the €100 million mark, although final figures slightly fell below this due to holiday-related accounting variances. However, the company's performance exceeded the EBITDA target of €94 million, demonstrating strong financial health.

Board and Management Changes

2023 was a year of leadership transition for RINA, with a new Board of Directors and CEO, Carlo Luzzatto, appointed on December 13th. After leading the company for two decades, Ugo Salerno remaines as Executive Chairman. These changes were a natural evolution with the new shareholder structure, granting representation rights on the board to the new shareholder. Apart from the CEO, the management team remained stable, ensuring continuity in company leadership. The CEO transition was part of a strategic succession plan, expedited to align with the new shareholder's entry.

A year of solid growth

RINA experienced solid growth across all business units in 2023, marking the fifth consecutive year of such performance. This growth pattern underscores the company's overall robustness and the health of its diverse business segments. The Marine business unit, once again, performed remarkably well, exceeding its budget and forecasts. The Certification unit showed remarkable growth despite challenges in implementing a new operating model. The Real Estate unit exceeded revenue targets and is more and more building a prop-tech market position. The Energy business unit was confirmed as the largest in terms of revenue, further strengthened by the U.S. operations of Patrick Engineering.

RINA's client base expanded in 2023, with a strategic focus on deepening relationships with existing clients and broadening the range of services offered. Looking forward, RINA is placing greater emphasis on larger projects and strengthening its presence in key markets, including the UK, USA and Brazil.

Sustainability and Future Outlook

Despite not being a listed company, RINA is committed to sustainability and is actively developing an ESG and taxonomy framework in collaboration with its ESG committee. This initiative aligns with the standards expected of listed companies.
In May 2024, RINA launched a new strategic plan focusing on several key areas to drive growth: guiding companies through energy transition with innovative decarbonization plans; establishing itself in integrated asset management across various sectors; leading in smart compliance within the evolving Testing, Inspection & Certification sector; advancing in infrastructure and urban transformation projects; and positioning itself as a leader in highly specialised competence sectors like underwater, cybersecurity, aviation, and space, leveraging its extensive expertise and specialized services. Together with the continuous development of the core businesses, RINA will enter the next growth phase well positioned on the markets with highest potential.
While acknowledging global economic challenges, the company remains optimistic about its diversified portfolio and adaptability.

FINANCE

The company successfully met its financial targets 2023 which was characterized by significant corporate activities.

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Objective achieved

Board and Management Changes

A year of solid growth

Sustainability and Future Outlook

In
conclusion

FINANCE

The company successfully met its financial targets 2023 which was characterized by significant corporate activities.

read more

Objective achieved

Board and Management Changes

A year of solid growth

Sustainability and Future Outlook

In conclusion

In
conclusion