ANNUAL AND
SUSTAINABILITY
REPORT 2023

HIGHLIGHTS

EMBRACING THE FUTURE

ANNUAL AND
SUSTAINABILITY
REPORT 2023

HIGHLIGHTS

EMBRACING
THE FUTURE

MESSAGE FROM THE CEO

MESSAGE FROM THE CEO

Dear Shareholder,

Remazel’s 2023 Annual Report represents the successful closure of a project that started about 6 years ago and, at the same time, marks the starting point of a new chapter of Company’s journey within a global Industrial Group, Fincantieri, which makes me inevitably excited to write this letter.

The order intake in 2023 was equal to 96 Ml€ and the revenues exceeded 100 Ml€; these results confirm the strong growth recorded in recent years, mainly led by the contribution of the offshore wind and energy transition markets.

The 2024 plan will see the strengthening of our international presence, particularly in Brazil, where our business mainly focuses on Service &

After Sales activities, and in Northern Europe as well, a crucial area for our commercial strategy and development in Offshore Wind.

We will continue to work for the development of our organization, by taking advantage of our distinctive style of a lean and modern model, where cross-functional teams work together for streamlining processes, integrating work teams, and sharing “continuous improvement”.

The journey that begins today with Fincantieri gives us the opportunity to look even further ahead and to plan the milestones of a sustainable and lasting growth over time, within the solid context of an industry Pillar.

Andrea Rosa

Dear Shareholder,

Remazel’s 2023 Annual Report represents the successful closure of a project that started about 6 years ago and, at the same time, marks the starting point of a new chapter of Company’s journey within a global Industrial Group, Fincantieri, which makes me inevitably excited to write this letter.

The order intake in 2023 was equal to 96 Ml€ and the revenues exceeded 100 Ml€; these results confirm the strong growth recorded in recent years, mainly led by the contribution of the offshore wind and energy transition markets.

The 2024 plan will see the strengthening of our international presence, particularly in Brazil, where our business mainly focuses on Service & After Sales activities, and in Northern Europe as well, a crucial area for our commercial strategy and development in Offshore Wind.

We will continue to work for the development of our organization, by taking advantage of our distinctive style of a lean and modern model, where cross-functional teams work together for streamlining processes, integrating work teams, and sharing “continuous improvement”.

The journey that begins today with Fincantieri gives us the opportunity to look even further ahead and to plan the milestones of a sustainable and lasting growth over time, within the solid context of an industry Pillar.

Andrea Rosa

REMAZEL GROUP

REMAZEL GROUP

REMAZEL GROUP OVERVIEW

REMAZEL GROUP OVERVIEW

A genuine passion for engineering and challenges has led Remazel to become partner in major projects in the global offshore market, starting a new adventure in the world of renewable energy.

In 2024, Remazel Engineering entire share capital has been acquired by Fincantieri, one of the world’s largest shipbuilding groups, the only one active in all high-tech marine industry sectors.

It is leader in the construction and transformation of cruise, naval and oil & gas and wind offshore vessels, as well as in the production of systems and component equipment, after-sales services and marine interiors solutions.

This strategic operation aims at the enhancement of Remazel Engineering values, technologies and branding within Group’s reference markets, by leveraging the opportunity to seize essential synergies to grow and compete in a global market.

BUSINESS MODEL

BUSINESS MODEL

ENERGY TRANSITION

Our borderless engineering capability has been supported by successful production execution and has allowed us to embrace new renewable markets as the offshore wind and floating wind.

BEYOND BORDERS

Through a lean organization based on a “project-team” structure, we have created a boundaryless structure rooted in a shared value system that emphasizes teamwork, continuous improvement, and customer satisfaction.

PEOPLE AND SUSTAINABLE GROWTH

By taking care of the talents, promoting diversity, and embracing ethical business practices, the company cultivates a culture of responsibility and long-term success. Sustainable growth isn’t just about numbers; it’s about building a legacy that enriches both the business, environment and humans.

ENERGY TRANSITION

Our borderless engineering capability has been supported by successful production execution and has allowed us to embrace new renewable markets as the offshore wind and floating wind.

BEYOND BORDERS

Through a lean organization based on a “project-team” structure, we have created a boundaryless structure rooted in a shared value system that emphasizes teamwork, continuous improvement, and customer satisfaction.

PEOPLE AND SUSTAINABLE GROWTH

By taking care of the talents, promoting diversity, and embracing ethical business practices, the company cultivates a culture of responsibility and long-term success. Sustainable growth isn’t just about numbers; it’s about building a legacy that enriches both the business, environment and humans.

OFFSHORE WIND
& FLOATING WIND
OFFSHORE HEAVY LIFTING
& SPECIAL HANDLING

SUBSEA &
RESEARCH
CRANES
SERVICE
& DIGITALS
GAS
TURBINES

OFFSHORE WIND
& FLOATING WIND
OFFSHORE HEAVY LIFTING
& SPECIAL HANDLING

SUBSEA &
RESEARCH
CRANES
SERVICE
& DIGITALS
GAS
TURBINES

CORPORATE VALUES

CORPORATE VALUES

OUR MODEL

PROJECT
TEAM
QUALITY CONTROL,
ASSEMBLY
& TESTING
SERVICE &
AFTER SALES
ENGINEERING /
INDUSTRIALIZATION
PROJECT
MANAGEMENT

OUR PRIORITIES

HEALTH
& SAFETY
PEOPLE & TALENT
DEVELOPMENT
ORGANIZATION &
INTERNAL PROCESS
RESEARCH
& DEVELOPMENT

OUR GUIDELINES

SUSTAINABILITY
INTERNATIONALI
ZATION
ENERGY
TRANSITION

ENERGY SOLUTIONS | MAIN ACHIEVEMENTS 2023

ENERGY SOLUTIONS

MAIN ACHIEVEMENTS 2023

FLOATING WIND
MOORING TENSIONING SYSTEM FOR FLOATING OFFSHORE WIND AND FISH FARM
CUSTOMER: LONGYUAN ZHENHUA

The Mooring system is composed by:

  • No. 3 Uni-joint
  • No. 6 Uni-joint with On Hull Tensioner
  • Load monitoring system
OFFSHORE WIND
MP LIFTING AND INSTALLATION TOOLS FOR OFFSHORE WIND FARMS
CUSTOMER: BOSKALIS

Upending and lifting tool main features:

  • Lifting capacity up to 2144 ton
  • Upending capacity 860 ton
  • Designed for 7m dia. Monopile and adjustable up to 8m dia
  • HPU and battery pack
  • Sea-fastening frame
  • Quick connector with capacity up to 3000ton
OFFSHORE WIND
MP LIFTING AND INSTALLATION TOOLS FOR OFFSHORE WIND FARMS
CUSTOMER: BOSKALIS

Platform Installation Tools (PIT):

  • Max. lifting capacity for external platform: 130 ton
  • Platforms loading tower included
  • HPU with diesel generator
OFFSHORE WIND
MP LIFTING AND INSTALLATION TOOLS FOR OFFSHORE WIND FARMS
CUSTOMER: BOSKALIS

Anode Cage Installation Tools (ACIT):

  • Max. installation capacity: 30 ton and 12m dia
  • HPU with diesel generator
  • Seafastening system for transportation included
OFFSHORE O&G
MOORING TENSIONING SYSTEM FOR PÃO DE AÇÚCAR PROJECT (FPSO RAIA)
CUSTOMER: OFFSHORE FRONTIER SOLUTIONS PTE. LTD., A MODEC GROUP COMPANY

The Mooring Tensioning System is composed of:

  • 4 Balconies
  • 24 Fairleads
  • 28 Chain stoppers
  • 4 Chain jacks
  • 4 Chain handling system
  • 4 Windlasses
  • 4 Auxiliary winches
  • 4 Secondary HPUs
OFFSHORE O&G
RISER PULL IN SYSTEM FOR UARU PROJECT (FPSO ERREA WITTU)
CUSTOMER: OFFSHORE FRONTIER SOLUTIONS PTE. LTD., A MODEC GROUP COMPANY

The Riser pull in system is composed of:

  • No. 1 Traction Winch: capacity 860 tons
  • No. 1 Storage Winch
  • No. 1 Auxiliary Tugger Winch: capacity 15 tons
  • HPU
  • Skidding system
CRANES
DECK CRANES FOR OCEANOGRAPHIC VESSEL
CUSTOMER: FINCANTIERI S.P.A.

Four telescopic electro-hydraulic deck cranes:

  • No. 2 offshore telescopic cranes
  • No. 2 harbour telescopic cranes

*PHOTO FOR REFERENCE ONLY

COMBUSTION
LINERS AND CAPS FOR GAS TURBINE
CUSTOMER: ALLIED POWER GROUP (APG)
  • Forming processed by a special tool designed in- house;
  • Resistant spot welding, performed with a new cus- tomized welding machine;
  • Laser drilling.

*PHOTO FOR REFERENCE ONLY

SUSTAINABILITY STATEMENT

SUSTAINABILITY STATEMENT

ESG PRIORITIES

ESG PRIORITIES

ENVIRONMENT

  • Research, sustainable innovation and product design

  • Energy consumption and emissions

  • Circular economy and management of materials and waste

SOCIAL

  • Health, safety and security of employees and external workers

  • Management, development of people and attraction of talents

  • Quality and safety of products and services

  • Equal opportunities, non-discrimination, diversity and inclusion

  • Employee welfare and well-being, human rights and fair working conditions
  • Relationship with the local areas and impact on the local community
  • Cyber security and data privacy

GOVERNANCE

  • Transparency, business ethics and compliance

  • Supply chain management

GOVERNANCE

GOVERNANCE MODEL

  • BOARD OF DIRECTORS

  • BOARD OF STATUTORY AUDITORS
  • SUPERVISORY BODY

  • AUDIT COMPANY

GOVERNANCE

GOVERNANCE MODEL

  • BOARD OF DIRECTORS

  • BOARD OF STATUTORY AUDITORS
  • SUPERVISORY BODY

  • AUDIT COMPANY

BOARD OF DIRECTORS COMPOSITION UNTIL 15.02.2024:

Chief Executive Officer

Board Member

Board Member

BOARD OF DIRECTORS COMPOSITION UNTIL 15.02.2024:

Chief Executive Officer

Board Member

Board Member

Sustainability Committee: responsible for the monitoring and implementation of the Strategic Sustainability Plan, which was shared and approved by the Steering Committee in December 2023.

Remazel highlights that the composition of both the Board of Directors – and the Board of Statutory Advisors – have been recently changed in relation with Remazel acquisition by the industrial Group FINCANTIERI; new members, indeed, have been appointed starting from mid-February 2024.

Sustainability Committee: responsible for the monitoring and implementation of the Strategic Sustainability Plan, which was shared and approved by the Steering Committee in December 2023.

Remazel highlights that the composition of both the Board of Directors – and the Board of Statutory Advisors – have been recently changed in relation with Remazel acquisition by the industrial Group FINCANTIERI; new members, indeed, have been appointed starting from mid-February 2024.

Chief Executive Officer

Chief Executive Officer

BUSINESS ETHICS

Transparency is fundamental to the Group’s ethos, fostering trust internally and externally. Open communication of practices and decisions demonstrates accountability and integrity, enhancing stakeholder relationships and promoting a culture of honesty and responsibility.

BUSINESS ETHICS

Transparency is fundamental to the Group’s ethos, fostering trust internally and externally. Open communication of practices and decisions demonstrates accountability and integrity, enhancing stakeholder relationships and promoting a culture of honesty and responsibility.

  • ORGANIZATION, MANAGEMENT AND CONTROL MODEL

Approved by the Board of Directors  in conformity with the principles of the Code of Ethics, to ensure proper and responsible business conduct, as well as the respect for human rights. These principles are formalized within the Model 231.

  • SUPERVISORY BODY

Controls the effective implementation and observance of the Model by guaranteeing the confidentiality and protection of the whistle-blower from any form of retaliation.

  • WHISTLEBLOWING SYSTEM

In end of 2023 Remazel created a dedicated external web portal, in compliance with Italian law, useful to allow stakeholders to anonymously communicate potential violations, guaranteeing protection from all forms of retaliation, discrimination or penalization, in compliance with international best practices.

  • CODE OF ETHICS

Defines the principles and rules of conduct that the individuals operating in Remazel must respect and which they must aspire to in the performance of their duties. The recipients of the Code of Ethics are the directors, statutory auditors, managers, and employees as well as all those whoestablish relationships with the Group.

  • ORGANIZATION, MANAGEMENT AND CONTROL MODEL

Approved by the Board of Directors  in conformity with the principles of the Code of Ethics, to ensure proper and responsible business conduct, as well as the respect for human rights. These principles are formalized within the Model 231.

  • SUPERVISORY BODY

Controls the effective implementation and observance of the Model by guaranteeing the confidentiality and protection of the whistle-blower from any form of retaliation.

  • WHISTLEBLOWING SYSTEM

In end of 2023 Remazel created a dedicated external web portal, in compliance with Italian law, useful to allow stakeholders to anonymously communicate potential violations, guaranteeing protection from all forms of retaliation, discrimination or penalization, in compliance with international best practices.

  • CODE OF ETHICS

Defines the principles and rules of conduct that the individuals operating in Remazel must respect and which they must aspire to in the performance of their duties. The recipients of the Code of Ethics are the directors, statutory auditors, managers, and employees as well as all those whoestablish relationships with the Group.

SUPPLY CHAIN MANAGEMENT

Remazel can rely on a strong network of suppliers, located mainly in Italy, although a major effort has been made in recent years in suppliers selection and qualification in the Chinese area as well, to meet project requirements and address market changes and needs.

GRI 204-1 | Proportion of spending on local suppliers (2022)

GRI 204-1 | Proportion of spending on local suppliers (2023)

Remazel improvement path in supply chain management was mainly focused on:

  • Supplier Qualification and Management enhancement
  • Supplier Assessment improvement
  • Procurement management of critical components and services process review

SUPPLY CHAIN MANAGEMENT

Remazel can rely on a strong network of suppliers, located mainly in Italy, although a major effort has been made in recent years in suppliers selection and qualification in the Chinese area as well, to meet project requirements and address market changes and needs.

GRI 204-1 | Proportion of spending on local suppliers (2022)

GRI 204-1 | Proportion of spending on local suppliers (2023)

Remazel improvement path in supply chain management was mainly focused on:

  • Supplier Qualification and Management enhancement
  • Supplier Assessment improvement
  • Procurement management of critical components and services process review

ENVIRONMENT

0GJ
TOTAL ENERGY CONSUMPTION

6,796.2 GJ IN 2022

0%
OF RENEWABLE ENERGY

16.2% IN 2022

0tCO²
SCOPE 1 AND SCOPE 2 EMISSIONS (LOCATION BASED)

477.2 tCo2 IN 2022

0%
OF WASTE GENERATED ARE RECYCLED

99.95% IN 2022

ENVIRONMENT

0GJ
TOTAL ENERGY CONSUMPTION

6,796.2 GJ IN 2022

0%
OF RENEWABLE ENERGY

16.2% IN 2022

0tCO²
SCOPE 1 AND SCOPE 2 EMISSIONS (LOCATION BASED)

477.2 tCo2 IN 2022

0%
OF WASTE GENERATED ARE RECYCLED

99.95% IN 2022

INTEGRATED POLICY FOR QUALITY

Remazel has adopted the “Integrated Policy for Quality, Environment and Safety” as a summary of its objectives and behaviors, to ensure the development and growth of the Group, its people and the entire organization, while safeguarding the environment and protecting the health and safety of workers.

ENERGY AND AIR EMISSIONS

ISO 14001 Certified Management System.

In 2023 Remazel’s Scope 1 emissions account for 306 tCO2 (+1% compared to 2022 ), while Scope 2 emissions resulting from purchased energy are 168.2 tCO2 according to the Location-Based Method (-4% compared to 2022), and 121.3 tCO2 according to the Market-Based Method (-28% compared to 2022).

WASTE AND RESOURCES MANAGEMENT

Waste management is based on a Waste Management Procedure and related waste management work instructions:
Remazel does not have any production processes that result in high amounts of waste or pollutants. The most relevant categories of waste generated are ferrous materials, paper and cardboard, plastic packaging, and wood; all predominantly recyclable materials.

Energy direct and indirect GHG emissions
Location Based (tCO2)

2022

2023

Energy direct and indirect GHG emissions
Market Based (tCO2)

2022

2023

Total weight
of waste generated (t)

2022

2023

WASTE AND RESOURCES MANAGEMENT

Waste management is based on a Waste Management Procedure and related waste management work instructions:
Remazel does not have any production processes that result in high amounts of waste or pollutants. The most relevant categories of waste generated are ferrous materials, paper and cardboard, plastic packaging, and wood; all predominantly recyclable materials.

Energy direct and indirect GHG emissions
Location Based (tCO2)
Energy direct and indirect GHG emissions
Market Based (tCO2)
Total weight
of waste generated (t)

Sustainable innovation

and product design

Customization is a central part of the R&D process with the aim to find the best solution for each project and to comply with technical requirements. Since each order is tailored to each customer and project requirements, the research phase is intrinsically linked to the development phase.

During 2023 the engineering team studied and performed several internal tests for the design and construction of a fully electric Lifting Tool prototype (i.e. a system for lifting monopile wind foundations).

SOCIAL

0%
WOMEN EMPLOYEES

16% IN 2022

0%
PERMANENT CONTRACT

99% IN 2022

0
NEW EMPLOYEES HIRED

18 IN 2022

0
TRAINING HOURS

2167 IN 2022

SOCIAL

0%
WOMEN EMPLOYEES

16% IN 2022

0%
PERMANENT CONTRACT

99% IN 2022

0
NEW EMPLOYEES HIRED

18 IN 2022

0
TRAINING HOURS

2167 IN 2022

TALENTS DEVELOPMENT

  • WORK IMPROVEMENT TEAM

A Senior team focused on internal processes standardization and Junior Talents training.

  • CHAMPIONS PROGRAM

A specific training session aimed at the continuous improvement and organization development.

  • CAREER PLANS

A tailor-made training and professional path based on a “skill matrix” approach, for both technical and soft skills assessment and development.

TRAINING INITIATIVES HIGHLIGHTS

TRAINING INITIATIVES HIGHLIGHTS

  • EXECUTIVE PROGRAM

Aimed at leadership development and personalized coaching.

  • PROJECT MANAGEMENT COURSE

A specialized training program for “Project Management techniques and methodologies” enhancement developed in collaboration with the School of Advanced Training of the University of Bergamo and Confindustria Bergamo, with the contribution of Remazel Engineering.

  • EXECUTIVE PROGRAM

Aimed at leadership development and personalized coaching.

  • PROJECT MANAGEMENT COURSE

A specialized training program for “Project Management techniques and methodologies” enhancement developed in collaboration with the School of Advanced Training of the University of Bergamo and Confindustria Bergamo, with the contribution of Remazel Engineering.

REMAZEL “COMPANY IN ACTION”

An internal program developed in collaboration between the HR department and marketing, aimed at promoting team spirit, wellness, and fun within the company.

  • REMAZEL HEALTHYSHARING
  • REMAZEL TEAM CUP

  • REMAZEL CULTURALSHARING

  • ESG-INSPIRED MEETINGS

HEALTH AND SAFETY

HIGHLIGHTS 2023

0
WORK-RELATED INJURIES

1 IN 2022

0
QHSE TRAINING HOURS

711 IN 2022

HEALTH AND SAFETY

HIGHLIGHTS 2023

0
WORK-RELATED INJURIES

1 IN 2022

0
QHSE TRAINING HOURS

711 IN 2022

FINANCIALS

FINANCIALS

0Ml€
ORDER INTAKE
0Ml€
REVENUES
0%
EBITDA
0Ml€
ORDER INTAKE
0Ml€
REVENUES
0%
EBITDA