SUSTAINABILITY REPORT - Vicinay Cadenas · Letter from the Chairman It gives me great pleasure to...

2011SUSTAINABILITY REPORT

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Vicinay Cadenas: The Company.11.1 Letter from the Chairman.

1.2 Letter from the Managing Director.

1.3 About Us. What We Do.

11..4 Vicinay Cadenas in the World. 1

1. Vicinay Cadenas: The Company.1.1 Letter from the Chairman.

1.2 Letter from the Managing Director. 1.3 About Us. What We Do. 1.4 Vicinay Cadenas in the World.

2. Silver Q.

3. Financial Information. 3.1 Economic Balance Sheet. 3.2 Market Situation.

4. Vicinay Cadenas and the Offshore World. 4.1 Conferences. 4.2 Innovation. 4.3 1st Offshore World Football Tournament.

5. Business Report. 5.1 Personnel. 5.2 Training. 5.3 Safety. 5.4 Meetings in Vicinay. 5.5 Recognitions.

6. Sustainability. 6.1 The Environment. 6.2 Integrated into Society.

7. Memories. 7.1 External Recognitions.

7.2 Vicinay Cadenas Book of Honour. 7.3 Certifications. 7.4 Information Flows.

7.5 Participation in Organisations.

Letter from the ChairmanIt gives me great pleasure to present this Sustainability Report, offering you an outline of our exciting day to day operations during 2011.

In 2011 the company increased its sales by 17% although post-tax profit fell 16%, closing a period of weaker than normal activity which started in 2009 and has lasted for 3 years. It is worth noting that over these years the income statement has been positive.

We are expecting an increase in sales for 2012, which will lead to our highest turnover figures since the company began trading and one of the best annual results. In these times of economic weakness we continue to focus on growth, which will allow us to improve as a company and help our environment.

We are about to start work on the most important investment to date as Vicinay Cade-nas, S.A., namely the new Sestao factory. In a complicated economic environment, our order book and conservative financial management during boom periods have allowed us to face this challenge with confidence given the good return from investment.

To achieve these objectives, we consider investment in innovation to be essential, so we are designing new facilities in which automation will allow us to create jobs for everyone that are safer, more pleasant and more efficient, with product quality guaranteed through greater control of the processes.

This policy of growth and automation allows us to continue acting as a meeting point for achieving the personal objectives of those forming part of the VICINAY CADENAS project. This is supported by the investments that our partner, Vicinay Marine, has made in Brazil, China, and since 2011 in Sweden, with the purchase of our direct

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competitor in Europe, the Swedish company Ramnäs Bruk, since these provide us with human relationships at all levels in the areas of influence of these companies.

The year 2011 was marked by a very important event, namely the change in the senior management of the company. Luis Cañada is no longer running the company in which he had held the post of Managing Director since 1986. This role has been taken over by Jesús Navas, who has taken on the role with enthusiasm, integrity and drive, but above all with our support so that with this new management we can prosper and improve as a company, as professionals and as a human team.

Lastly, I would like to say a big thank you to everyone, the clients, the suppliers and the personnel at Vicinay Cadenas, S.A. Your hard work and enthusiasm meant that we had a successful 2011 and means that we are ready to surpass ourselves and achieve new milestones in 2012.

Juan Ignacio VicinayChairman



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Letter from the Managing DirectorFrom all of us at Vicinay Cadenas I would like to thank you for the time you are going to spend getting to know us better. It is fantastic that this provides us with an incentive to go further in communicating those experiences that would enrich any organisation.

Sustainable development is a term that we have been constantly hearing about for decades, but very few of us have a clear understanding of what it actually means. One of the many definitions is:

"Sustainability is the ability of humanity to guarantee the satisfaction of current needs without risking the ability of future generations to satisfy their own needs".

Although until relatively recently environmental development was only considered in terms of the use that people make of natural resources, nowadays we are aware of the need to analyse the concept of sustainability from a wider perspective.

Sustainable development must therefore consist of guaranteeing the conditions of our planet for future generations through the integration of three factors:

These three factors, as with the legs of a stool, must act together to provide a solid and stable base. None of them is enough on its own.

It has been several years since Vicinay Cadenas first internalised this triple focus for sustainability, and today we would like to share with you all the delivery of our "Sustainability Report 2011".

This report is designed to communicate the activities taking place at Vicinay Cade-nas, all with the aim of ensuring that the company continues over time, aligned with our stakeholders and with the intention of being a leader in Business Sustainability.

Jesús NavasManaging Director

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About Us

What We Do

The roots of our business activity go back to the mid-18th century.

On 11 March 1929 the company “Hijos de Vicinay”, Sociedad Comanditaria” was registered.

On 2 January 1986 Vicinay Cadenas, S.A. was founded.

We belong to the Vicinay Marine business group, where we share the business project with Brasilamarras, Foshan Marine Anchor Chain and Ramnäs Bruk AB.

Vicinay Cadenas carries out its business through the conception, design, produc-tion and delivery of products and services of high value added, incorporating innovation, health and safety, quality and environmental responsibility, adapted to the Client and largely aimed at the offshore industry.

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Vicinay Cadenas in the World1.4

Main offices AgenciesVicinay Cadenas



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Recognition of Excellence in Management with the Silver Q award from Euskalit

True to our commitment to ongoing improvements in all our business areas, in 2007 the decision was taken by the Planning and Strategy team to improve man-agement efficiency through adopting the best practices and models known. The aim was to make Vicinay Cadenas an international leader due to placing equal emphasis on the way we do things and the product that we deliver to our clients.

After a careful analysis of the existing models, it was decided that the most appropriate was the one proposed by the European Foundation for Quality Man-agement (EFQM). This was considered suitable for our capacity, perfect for the role planned for VCSA in the growth strategy of the Vicinay Marine corporate group, ideal for more systematically integrating interested parties into our considerations and good for making progress in the areas where a certain stag-nation had been detected due to strict compliance with the requirements of less advanced standards.

The result of all this, after working on this area for several years, was that in the summer of 2011 we were in a position to submit our EFQM 2011 report to the expert judgement of the group of assessors at the Excellence in the Basque Country Foundation Euskalit, a report in which we included the documented evidence on our compliance with that recommended in the aforementioned model.

In November of the same year, and after several days of testing in our own facili-ties, in which many of us reading this other report were invited to take part, the evaluation team concluded that Vicinay Cadenas were worthy of the Silver Q, a recognition that was awarded to our delegation shown in the photograph before the Christmas Parties.



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FINANCIAL INFORMATION33.1 Economic Balance Sheet.

3.2 Market Situation. 3



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Economic Balance

3.1

EQUITY AND LIABILITIES 2011 2010 Registered capital 9.165 15.448Legal and statutory reserves 1.833 29.833Other reserves 35.216 474Profit for the year 3.316 3.969Interim dividend (1.270) (2.000)Grants, donations and bequest received 561 1.204

TOTAL EQUITY Non-current payables 1.699 7.523Deferred tax liabilities 9.236 9.790

TOTAL NON-CURRENT LIABILITIES Current payables 31.973 18.862Current payables to group comp. & associates 367 -Trade and other payables 24.641 19.398

TOTAL CURRENT LIABILITIES 56.981 38.260

TOTAL EQUITY AND LIABILITIES 116.737 102.991

ASSETS 2011 2010Intangible assets 15.193 15.448Property, plant and equipment 31.908 29.833Non-current invest. in group comp. & associates 474 474Non-current investments 135 210Deferred tax assets 15.379 1.772

TOTAL NON-CURRENT ASSETS Inventories 11.438 5.639Trade and other receivables 31.535 25.189Current invest. in group comp. & associates 7.772 8.534Current investments 1.007 1.034Prepayments in current assets 166 59Cash and cash equivalents 1.730 2.799

TOTAL CURRENT ASSETS 53.648 43.254

TOTAL ASSETS 116.737 102.991

Balance Sheet

*Cifras expresadas en Miles de €.



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CONTINUING OPERATIONS 2011 2010Revenues 82.228 70.231Changes in inventories of finished goods 2.992 149and in work progress Work carried out by the company for assets 784 540Supplies (48.042) (34.735)Other operating income 110 93Personal expenses (12.575) (11.896)Other operating expenses (13.992) (12.978)Amortisation and depreciation (7.464) (6.967)Non-financial and other capital grants 225 179Other losses - (58)

Income Statement

RESULTS FROM OPERATING ACTIVITIES 4.286 4.558Finance income 32 52Finance expenses (1.212) (1.322)Change in fair value of financial instruments 129 (44)Exchange gains/losses (812) (39)Impairment and gain/losses on disposal of - 11financial instruments

NET FINANCE EXPENSE (1.863) (1.342)

PROFIT BEFORE INCOME TAX 2.423 3.969Income tax expence 893 753

PROFIT FOR THE YEAR 3.316 3.969



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Market Situation

Trading forecasts

Estimated supply/order relationship

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0

10000

20000

40000

30000

2012 2013 2014 2015

60000

50000

70000Changes in world market share

10%

30%

40%

50%

60%

70%

201120102009200820072006

40% 40%

56% 51% 53% 53%

Order Supply

0

5000

10000

20000

15000

2012 2013 2014 2015

30000

25000

35000



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Completed tons of chain Relationship between sales and investment in R&D

R&D

2008

4,46%

R&D

200

5.005.000 €112.298.000 €Sales

9,39%

20098

4,46%

000 €.000 €

0092

6.157.000 €65.549.000 €

5,58%

2010

9,39%

9

000 €000 €

2012

3.918.000 €70.231.000 €

5,66%

2011

5,58%

0

00 €000 €

5,66%

0112

4.656.000 €82.228.000 €

5.000

0

10.000

15.000

20.000

25.000

40.000

30.000

35.000

20112010200920082007

Completed tons of forging

200

0

400

600

800

1.000

1.200

20112010200920082007



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VICINAY CADENAS AND THE OFFSHORE WORLD4.1 Conferences.

44.2 Innovation. 4.3 1st Offshore World International Football Tournament.

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The Offshore World and Vicinay Cadenas

Events in which we have taken part: Trade fairs, working groups...

“Innovation in Mooring Systems and Technologies”. April, June and October 2011, Seminars in Bilbao, Singapore and Houston respec-tively. In April 2011, the Hotel Domine in Bilbao played host to the first of the 3 seminars held during 2011 under the title “Innovation in Mooring Systems and Technologies”. The meeting involved around 100 experts from the offshore world who had the opportunity to listen to 8 different speakers.

In June we travelled to Singapore and, along with our sales office, we organised the second of the seminars planned for 2011. This proved just as successful as the first in Bilbao. The speakers were also as excellent as expected and received very good reviews.

To finish, Houston held the last seminar planned in this series, which had the same satisfactory result as the previous ones.

Feria OTC.Houston May 2011. A delegation from Vicinay travelled to Houston to attend the most important annual Trade Fair worldwide, in which we have been taking part from the very start. Most of our clients visited our stand during the fair, and we had the opportunity to make various commercial visits to clients based in Houston.

Offshore Europe Trade Fair. Aberdeen September 2011. Aberdeen, September 2011. On this occasion Vicinay Cadenas was represented by our marketing director and supported by our marketing office in the United Kingdom, within the activities of the Basque Mari-time Forum, and they travelled to Aberdeen to attend the biannual Offshore Europe Trade Fair.



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Conferences“Gigacycle Fatigue”

During 2011 we have continued to investigate fatigue in high cycles, adding the new data from R4 to the results from R5.

Through these experiments we obtained the fatigue curve in an area where it is not viable to carry out tests on real chains, and at a velocity which allows us to predict in the laboratory behaviour which it would otherwise take years to simulate.

VCSA is collaborating in this project with prestigious national and international figures, such as professors José Luís Arana of the UPV/EHU, Claude Bathias of the University of Pairs X and Thierry Palin-Luc from ENSAM in Burdeos. In addition, the results of the research on gigacycle fatigue provided in R5 have been used in the doctoral thesis by Rubén Pérez Mora, confirming the interest of the scientific industry in this cutting-edge research.

“Floating Production Storage And Offloading (FPSO) Forum”.

During 2011, VCSA attended the seminars called "FPSO Forum", which took place in Monaco and Houston.

4.1These forums are normally attended by around 150 international experts in the different disciplines to work on joint investigation projects, called JIPs:

OPB. Out of Plane Bending Mooring Integrity Mooring Components Assessment (MCA) Seawater Corrosion Of steel wire Ropes and Chain.



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“TEKNA: Design of tether chains for free standing hybrid risers”

The TEKNA conference on Mooring Systems and Dynamic Positioning, which brings together all the engineers working in Norwegian oil and gas and the oil com-panies, was one of the conferences that we attended as speakers in 2011. In this case, on behalf of Vicinay Cadenas we discussed the design of Tether Chains for hybrid risers.

It was held in Trodheim and was another example of the degree of professional and interest offered by conferences held over the last few years.

“Association of Naval Engineers. ENERMAR Plan.”

The Association and College of Spanish Naval and Ocean Engineers (AINE and COIN in Spanish), through the working group on Renewable Energies of Marine Origin (ENERMAR), organised the second edition of the Technical Workshops "The sea and renewable energies. The contribution of Naval and Ocean Engi-neering".

The first edition of these technical workshops about the sea and renewable ener-gies was held in Madrid in May 2010. In this second edition, held on 30 June and 1 July 2011 in the Cantabria Science and Technology Park, Santander, Jonathan Fernández gave a workshop on “Stationkeeping of Floating Wind Turbines”.

Over the next few years, renewable marine energies and, specifically, offshore wind energy will experience a notable growth based on the existence of a powerful industrial base and strong encouragement from the governments around the world.

PLATEA Workshop (Spanish Steel Technology Platform)

On 15 December, Madrid played host to the A0+I Workshop run by the Spanish Steel Technology Platform (PLATEA in Spanish) to demonstrate to University students and professionals the importance of innovation in steel.

PLATEA is the result of an initiative by the steel industry and is created as an environment of intense work, of collaboration and of commitment to achieving further progress and initiatives in R&D, which result in benefits for the steel sector, bringing together producers, suppliers and users along with the entire research community. The opening session was given by the Vice Chancellor of the Technical University of Madrid (UPM), Mr. Gonzalo Leon, and Vicinay Cadenas took part, for example in the Technical Innovation Committee with a presentation on "APPLICA-TION OF HIGHER GRADES OF CHAINS IN THE NEW PRODUCTION PROCESS FOR SHACKLES".



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Innovation4.2

Projects organización, entendiendo la sostenibilidad desde un triple punto de

“HiPRWind Project”. The Vicinay Marine Innovación A.I.E team is working in the HiPRWind project, financed by the 7th Framework programme and involving 19 other companies, engineers and universities from around Europe in an attempt to develop a proto-type to obtain wind energy offshore. With a budget of €19.8m and lasting for 5 years, it is project for the design and manufacture of a life-sized floating wind turbine of 1.5MW. The device, which is based on the floating semi-submersible structures used in the Oil and Gas sector, will be installed in 2013 and tested for two years in the BIMEP test site for energy capturing devices, located off the Armintza coast. The tasks in which we are involved is the design and verification of the mooring system for the floating structure, which will be supplied by Vicinay Cadenas S.A.



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“OPTICAP - Optimization of the Capturing and Storage of Data from the Process of Soldering Links.”This project has been carried out in two phases, which has allowed us to make significant improvements to the capturing and management of Qweld data.

Replacement of CITR (real time industrial calculator) with OPTICAP to:

Centralise the capture of data into a since piece of equipment, ending the duplication of capture in electric signals and reducing the possibility of generating interference.

Improve functionality to provide more information about the process to users on the ground.

Allow remote access to the equipment, to monitor its behaviour from the technical office, which simplifies and speeds up the maintenance of the whole.

Replacement of the server with another of high availability, guaranteeing the functioning of the system in the event of failures. A new server will also improve the performance of the system.

Mooriinspect ProjectUnder the management of the Cambridge Technological Welding Institute (TWI), VCSA is taking part as an advisor in a project whose aim is to develop a system for inspecting mooring lines while the lines are in place. The main idea is that the inspection system will issue waves to identify zones requiring a more detailed inspection, and will help provide information about the behaviour of the mooring lines.

The more we know about the chains we manufacture while they are at work, the more initiatives we can implement in our production process to deliver a better product to the client, one which degrades less over time.

Novachain project The project called "Novachain", approved by the Centre for Industrial Technological Development (CDTI in Spanish) and expected to involve three years of work, was completed in December 2011. This project involved research into steels with better mechanical properties, and the result was a proposal for a composition of mechanical properties of 1200 MPa. This composition is being tested through the production of a chain with a diameter of 120 mm, since we understand that the main chains that are going to need this grade are going to be chains with a diam-eter of less than 120 mm, due to the reduction in weight that the greater strength can provide.

This work created a milestone in the industry, since it defined a new grade that the clients and Classification Companies must take into account in having a new product available for a new application.



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The tournament was an opportunity to meet people from the organisations with which we work each day, but in an environment away from the workplace, which allowed the tournament to take place with a festive atmosphere in which the results of the games were of little importance.1st Offshore World Interna-

tional Football Tournament

4.3

Competitiveness Award

To encourage professional and personal relationships and cooperation between

the main companies in the offshore sector in a relaxed environment, and to share

the different cultures of the organisations with energy and enthusiasm, in June

SBM organised the 1st Offshore World International Football Tournament.

The tournament, organised by BW Shipping, was held in Esbjerg (Denmark) and

involved the following organisations from the offshore world:

- SBM

- BLUEWATER SHIPPING

- KEPPEL

- MAERSK OIL

- NKT

- ALFA LAVAL

- PETROBRAS

- VICINAY MARINE



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Business Report55.1 Personnel.

5.2 Training.

5.3 Safety.

555..4 Meetings in Vicinay.

55.55 Recognitions.5



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61-65

56-60

51-55

46-50

41-45

36-40

31-35

26-30

21-2510 7,5 5 2,5 0 2,5 5 7,5 10

MenWomen

PersonnelDuring the year, the workforce has remained stable despite various retirements, as the new people selected to replace them had joined the company when the contracts were signed. This change in personnel has not had any impact on the average age of our employees. During 2011, the percentage of university educated professionals has continued to grow despite the stabilisation of the proportion between direct and indirect employees.

Age pyramid women/men

Management posts pyramid women/men

Changes in the workforce

5.1

185

208

231

254

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

277

300

61-65

56-60

51-55

46-50

41-45

36-40

31-35

26-30

21-2520 15 10 5 0 5 10 15 20

MenWomen



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Average age

Changes in the workforce by centre

Women Men Total

0

10

20

30

40

50

201120102009200820072006

New Additions

Following the policy of growth/maintenance of employment, 10 new employees joined the business in 2011, in the following areas:

Chain Manufacturing 2 people

Accessories Manufacturing 2 people

VMi – Materials 1 person

Integrated Management Systems 1 person

Plant engineering 3 people

Sales 1 person

Internal Promoción

Internal promotion is encouraged at VCSA, and in 2011 the following people were promoted:

Alberto Casas has been promoted to head of the mechanics workshop.

Iñaki Martin is now working as facilitator in the electrical maintenance workshop.

José Manuel Méndez is now working as facilitator in the production of chains. Galdames Deusto

0

50

100

150

200

250

20112010200920082007200621

209 210227

248 241 243

26 32 31 32 31



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Using the history of a family and its small business, it explains the theory of emo-tional intelligence and its application, at both a personal and business level. Emo-tional intelligence is the ability to recognise your own feelings and those of others, and the ability to manage these. The term was popularised by Daniel Goleman in 1995. Its features are: the ability to motivate ourselves, to persevere with a task despite possible frustrations, to control impulses, to delay gratification, to control our own moods, to avoid upset interfering with our rational faculties and the ability to empathise with and trust others.

Emotional Intelligence Consortium Workshop

The Emotional Intelligence Consortium (CIE in Spanish) is a group made up of 75 organisations and more than 120 people, who are actively working to investi-gate, test out and promote innovation in people and cooperation, key elements in personal and professional development and the good performance of teams. It also encourages innovation and transformation in the organisations and social environments in which people are involved.

This workshop was run as part of the "Innobasque Tuesdays" initiative, with those involved in innovation receiving a monthly invitation to an informative and open forum on how to place Basque innovation at the centre of the thinking of personnel, organisations and the media.

During the "The emotion of transformation" workshop, organised by the Basque Innovation Agency and the Emotional Intelligence Consortium (CIE in Spanish), there was a discussion of the theory of emotional intelligence and the develop-ment of socio-emotional skills as the key to supporting personal and business transformation. These make us more effective from an individual and group point of view, and they generate dynamics where equality and creativity contribute to the generation of innovation teams and to shared leadership.

The book "La emoción de la transformación" (The emotion of Transformation) was presented during the event. This has been written by a team at the Emo-tional Intelligence Consortium and includes an introduction by the emotional intelligence expert Elsa Punset.



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This workshop involved José María Villate, Managing Director of Innobasque; José Antonio González, Chairman of Sycom Training Systems; Olga Gómez, enabler for the Emotional Intelligence Consortium and Innobasque Project Manager; Leire Gartzia, Doctor in Psychology, equality agent and co-author of the book; Iñaki Pérez, Director of Ayla Searching and co-author of the book; Noelia Cuadrado, Head of Human Resources at Vicinay Cadenas; and Leire Bilbao, Managing Direc-tor of Business Innovation at Innobasque. They are all members of CIE and they explained, each from his or her own area of expertise, how emotional intelligence encourages organisational transformation and business innovation.

The company Vicinay Cadenas was given as a practical example in the work-shop. Its Head of Personnel, Noelia Cuadrado, stated that "our management is based on people". We have coined the term "emotalent", which combines the emotion and the talent of people, to be able to take on and solve business chal-lenges. In a rapidly changing world we value "emotalent" as it helps with the sustainability of Vicinay Cadenas as a business.

We work on communication and share the company's plans with the entire organisation.



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TrainingThe following are the highlights of the training activities carried out in 2011:

5.2LR rules and Regulatións, offshore chain 11 88Frosio 1 80 Treatment furnaces 13 78Goods hazardous to operators 4 60 Lifting platforms 6 48Excel 3 48Industrial electricity 1 48Welding 2 42Penetrating liquids 1 40Flexiarc 10 40Forklifts 2 40Job reports 18 36Work at height 4 32P-4000 24 29Geminis Cell M-4 17 26Safety advisor 1 25Basic electricity 9 24

Activity Attendees Total hoursEnglish 48 3680Organic law on data protection 22 792Robot M-4 14 560Prevention leadership programme 22 352Basic Knowledge of NDT 14 224Cranes 22 176Best Practices for measuring dimensions 43 172Artificial Vision 5 166Internal auditors Integrated management systems 10 160Procedure VQA-21 77 154Hydraulics 1 128 New operation M-1 60 125Webquery 4 120Steels 39 116Sensitisation of risks - OSALAN Campaign 115 115 Workshops on the use of mentoring in purchasing 13 98Advanced programme for managing production and operations 1 90Development of leadership in the senior management 1 90Combustion 15 90

Internal/external training 2011Training for centres 2011

TOTAL VCSA TRAINING HOURS: 3,25%

44% 56%ExternalInternal

Galdames

Deusto

3,96%

5,38%



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Percentage participation

Degree of satisfaction

Satisfaction Survey

This year, 2011, a third staff satisfaction survey has been carried out. It is worth noting that both the level of participation and the degree of satisfaction have improved as compared to the figures for the first survey carried out in 2007, which had been the best to date.

3,44

3,17

4,04

0 1 2 3 4 5

2007

2009

2011

0 10 20 30 40 50 60 70 80 90

55,20%2007

42,30%2009

57,00%2011



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Health and Safety EnvironmentTo design, agree on and develop a system which strengthens leadership in Occu-

pational Health and Safety. "Focus on Leadership in OHS, promoting the idea of

OHS leaders in the different levels of the organisation, sharing a company safety

project".

The priority is to use Leadership, encouraging training to develop abilities/skills.

During 2011 we worked with the team and process coordinators to:

Discover the key elements required to promote and maintain a Preventative Culture capable of achieving excellence in sustainable safety.

Understand the influence of leadership in safety, as part of a comprehensive focus on reducing exposure to risks in the workplace.

Organisation

The year 2011 started with the need to involve and deploy the integration of preventative management in the different processes. The need to highlight differ-ent channels in order to strengthen leadership in HSE was identified as a priority action. As a result, the initiatives involved:

Daily 15 minute meetings, to create a safety culture, with the people responsible for daily activity in the plant.

Monthly meeting with the management, every second Tuesday of the month (60 mins) involving the General Management, coordinators of key process and W.G. on Absenteeism. These meetings involved a review of the actions set out in the HSE IMS plan 2011 and the effectiveness of the actions carried out.

Monthly operating meeting, every third Thursday of the month (120 mins), involving people responsible for the activity at the plant, delegates for prevention and the medical service, who analyse and propose actions to improve prevention. The aim is to strengthen the role of the Occupational Health and Safety Committeeas an agent to promote occupational health and safety.

In relation to the strategy of using OHS leaders, the year 2011 has served as a year in which to reflect on our IMS organisation chart, and more specifically on the structure we have created to establish the operational control in the plant. This in-depth analysis, along with the need to significantly improve results, has led us to propose a new OHS organisational chart, deployed in processes and strengthened

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through the figure of the IMS Verifier (preventative resource in the plant), with daily responsibility for operational verification and control. The year 2012 has been planned as a year in which to consolidate the new structure and priority focus on OCCUPATIONAL HEALTH AND SAFETY.

Occupational health and safety plan. Improving conditions

We continue working in a coordinated manner with Plant Engineering, focussed on obtaining satisfactory conditions in facilities and work posts, making efforts so that these actions are part of an improvement of the image of the factory. Within the annual action plan there continue to be actions focussed on improving working conditions.

The following actions have been carried out:

DEUSTO

Improving the lighting in the Corte facility Improving the lighting in the El Carmen facility Buffers for safe unloading in S2 Burr trimmer support table M9 Increasing sign age in the plant: best practices Increasing the warehouse area Tools workshop Adapting Tools workshop Improving floors in final inspection towers Weld suction system in plant Dismantling of old structures in disuse, releasing areas to extend work spaces Installing protection for moving areas with more flexible and ergonomic

systems Ergonomic screwdriver

GALDAMES

New vertical sawModifying the NDT booth.The internal hoist has been removed from NDT inspection booth 2 and a slot has been opened in the roof of the booth so that an external bridge crane can be used, and the doors have been expanded to create significant additional space in the booth. It is now possible to place the accessories on the inspection table, improving safety and ergonomics, particularly for the heavier pieces. An additional chain has been used to avoid the wear and tear of the bridge crane cables, so that any possible friction in the groove area will not weaken the cable.



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Personnel and preventative management, toward a new safety culture

AWARENESS RAISING

We have continued to hold monthly IMS meetings and specific meetings to raise awareness about occupational health and safety. These are designed not only to address the risks involved in the activity and any preventative and protection measures to adopt, but also to achieve a change in attitudes, value and behaviour which bring with them a reduction in workplace accidents, and to involve everyone in this change.

The awareness raising campaign “Protege tus ojos-Protect your eyes” has managed to reduce by 75% the number of eye-related accidents leading to sick leave compared to the figure for 2010.

To achieve this result, the various different models of glasses have been reviewed, including two new models and removing those that are not reliable. The staff and OHS Committee have been kept informed of all this monitoring of the Campaign through the monthly operating OHS meetings.

TRAINING

An occupational health and safety training plan has continued to be implemented as part of the awareness of specific risks and preventive and protective measures to be implemented, focusing on training as an effective tool for changing behaviour and adopting safe working practices.

“Know the project, Share our Project”



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SHARING EXPERIENCES

We continue to highlight the need to "learn and share" to "improve". From this point of view, in the year 2011 we highlighted the need to maintain channels for the exchange and learning of best preventative practices. As a result, there was involvement in different interest groups and initiatives designed to improve preventative management. Throughout 2011 we were involved in work designed to:

Share in Vicinay MarineAudits of our OHS Management System, conducted by a team of people from the Vicinay Marine group of companies (FMAC and Brasilamarras), implementing the improvements resulting from this exercise, conducted in February and October.

Taking part in the Emotalent Workshops at Vicinay Marine, in June. Debating and sharing management models to effectively integrate occupational health and safety into the general management of the company.

Taking part in the Vicinay Cadenas Annual Coexistence Workshop. Information on the 2011 results and 2012 P&L.

Share with suppliers

Meetings coordinated with the coatings area at Gerdau-Sidenor to compare and improve

best practices for reducing accidents in the cutting section.

Share with other businesses

Taking part in the CEBEK Forum about the Coordination of Business Activities.

Taking part in the Cebek Programme "Analysing and Improving the Prevention Plan", with an audit of the OHS Management System by an external auditor.

Taking part in workshops related to Ergonomic Improvements in the metal sector.

Workshop for the Implementation of an ergonomic programme for the prevention of musculoskeletal injuries in the workplace, about experiences implemented in CIE AUTOMOTIVE

Workshop run by FVEM, Ergonomic Evaluations. How to improve ergonomics in metal, with the involvement of GESTAMP.



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Meetings in VicinayLife may be a continuous stream of memories and plans for the future, and the memory can sometimes play tricks, being selective and capricious, but despite this we would like to take this opportunity to summarise today some things that we want to remember.

In the Vicinay family, the surname created a company that started with the forgers at Otxandiano forge. The company searched for steel markets, coming down from the plateau to the river, taking risks, investing - almost constantly- and managing to take over its local competitor, Caforsa. Those were the times when each year people from the Otxandiano and Bilbao factories would play a football match before enjoying a brotherly lunch. The company knew that its future was in exporting, and so it invested and made its name known in important countries such as the USA and United Kingdom. It obtained quality certifications, manufactured its own machines and bought a Brazilian chain manufacturing company, before years later setting up a company in China. (Today the three companies make up VICINAY MARINE).

While Vicinay grew and strengthened its position in the offshore market, many Euro-pean manufacturers were disappearing. Those may have been the years during which the surname Vicinay, represented by Gaspar – alma mater of the business –, became synonymous with that of the company. You can see from the employees that the Vicinay brand is well known in the world of oil.

As in life, this long journey has had its difficult moments, some extremely difficult, such as the founding of Vicinay Cadenas S.A. 25 years ago. In the hard task of overcoming the oil crisis, the responsible and dynamic Company Committee and the Management, with its desire to maintain and generate employment, played an important role.

It is an organisation where the important factor is the people, those that have brought us to this point, those that have seen us through times of crisis, and those who one day may form the future of our company. This is why the celebrations allowing us to share experiences, memories and dreams are so important.

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25th anniversary of Vicinay Cadenas

The event to communicate to the workforce the different aspects (social, financial, safety, innovation) of both the data from 2010 and the forecasts for 2011, coincided on this occasion with the celebration of the 25th anniversary of Vicinay Cadenas.

The event allowed us to share a day full of memories of the years gone by and of excitement about the path still to travel.

Volcano Day

Many of us pensioners have spent half our lives in this ship, which has been equal to the task of surviving in times of crisis, such as the flooding of the river area, and even in the worst moments the wages have been paid on time. We have shared concerns, hopes and the satisfaction of seeing the VICINAY CADENAS, S.A. brand become a leader in the offshore market for mooring lines. So many and so varied are the experiences shared that we cannot help but still feel part of the ups and downs of the company, even though our journey has ended. The future is in the present, which is already the past.

For those of us still on the ship, let there be a future of favourable winds, a calm sea and times of prosperity.



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Christmas Party

Once again this year we held the Christmas Card Competition, now in its 13th edition, where the involvement of the children from China, Brazil, Bilbao Otxandiano and Galdames far exceeded both expectations and the number of entries on previ-ous occasions.

It was a fun occasion with smiles, shouts, eagerness, games... all of that with the little ones playing the starring role, making us see life through eyes full of hope.

End of Year Cocktail Party

The best way to say goodbye to such a difficult year is to spend time with those who have worked alongside us day after day, sharing moments of extreme hard work but still full of the little things that make us smile.

We took advantage of the year end event to recognise those people who have made their mark on behalf of Vicinay Cadenas.



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Internal Recognitions

Our organization pretends to recognize the effort and the dedication of all those who, being part of the company’s structure, or closely colaborating from the exterior, produce value for Vicinay Cadenas and support its sustainability as enter-prise project.

GOLD INSIGNIA

From the Pegasus project, and on behalf of the entire organisation, the decision was taken to recognise the work, dedication and support provided to the organiza-tion by the following people, awarding them the Vicinay Cadenas Gold Insigniaon retirement:

José Luis Lampreave, Director of Lloyd's Register Quality Assurance, someone who for many years has helped us to search for the ongoing improvements required in any management system through the many audits and other exercises in which he has taken part. He attended the event accom-panied by a representative delegation from Lloyd's Register, led by the LR Director for Spain, Jorge Aldegunde, also very knowledgeable about our com-pany. Other members of the L.R. group were Ronald De Kok, José Manuel Moreira, Rodrigo González and Andrés Ortigosa, people whose special atten-tion over the years has been highly valued.

Jose Luis Arana who contributed to the progress made by Vicinay Cadenas in studying and developing new products, sharing his professional and personal vision.

RecognitionsCompetitiveness Award

Vicinay Cadenas received an award for competitiveness from the Spanish Maritime Cluster. The event took place in Madrid and the award was collected ex aequo along with Ingeteam. The Cluster thought very highly of Vicinay's work on renew-able marine energy projects aimed at making this new sector a key part of our employment future.

This recognition must serve to motivate us and fill us with energy to continue with our work. Internal recognition

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José Antonio Reyero, who was succeeded by J. L. Lampreave, also received the aforementioned medal in recognition of his close collaboration over long and mutually beneficial years.

Les Moncus, François Paquet, David Nicol, Javier Garate who through their marketing efforts have contributed to the recognition of Vicinay Cadenas across the offshore world.

Paulino Oliveras, Miguel Elorduy, Pedro Lazcano, Luis Cañada, Cris-tina Ugalde, Elena Madariaga, Tomás López, Felipe Ezpeleta and Eduardo López, who through their committed involvement in the day to day operations have contributed to making Vicinay Cadenas an organisation of recognised prestige internationally. These people have outstanding personal values, which have left their mark on all of those who have worked with them.

HONORARY DOCTORATE and HONORARY DOCTORATE CUM LAUDE

The Management of Vicinay Cadenas S.A., at the suggestion of Pegasus, agreed to grant the Doctorado Honoris Causa “Cum Laude” del mundo Cadenero (Honorary Doctorate “Cum Laude” of the world of Chains) to Mr. Luis Cañada Vicinay since he has, among others, the following merits:

Excellent management of this business.

Recognised professional talent and delivery, that hasallowed for new developments in the Offshore industry.

Combination of philosophical thought and industrial activity.

Closeness to everyone to the point that we felt like companions on the journey to reach that dream whose coordinates were so well defined.

The Management of Vicinay Cadenas S.A., at the suggestion of Pegasus, also agreed to grant the Doctorado Honoris Causa del mundo Cadenero (Honorary Doctorate of the world of Chains) to Mr. Eduardo López since he has, among others, the following merits:

Recognised professional talent and delivery, that has allowed for new developments in the Offshore industry.

Closeness to everyone to the point that we felt like companions on the journey to reach that dream whose coordinates were so well defined.



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FOUNTAIN PENS

The management has final responsibility for the service, and so Vicinay Cadenas wanted to give fountain pens to the people bearing this responsibility from 2012. These people are:

Ms. Onintze Matías: Managing Director of Vicinay Marine Innovación

Mr. Jesús Navas: Managing Director of Vicinay Cadenas

Mr. Chen Hangao: Managing Director of FMAC



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SUSTAINABILITY66.1 The Environment.

6.2 Integrated into Society. 6



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The EnvironmentAs a way of achieving the sustainability of the organisation, Vicinay Cadenas has established a series of objectives and goals designed to continuously reduce its environmental impact. Sustainability is understood from a triple point of view (social, economic and environmental) as being a set of activities and the way of managing these to ensure that the company is sustainable for at least one further generation.

Various strategies were implemented during 2011 to reduce its environmental impact:

Certification of a new Type III EDP for Chain of Grade R3 with which the entire range of chains supplied by Vicinay Cadenas have been certified for all their environmental effects from the cradle to the grave (steel making process to the end of the life of the chain).

Certification of three new Type II EDPs for Accessories (Offshore Shackle Type "H" of Grade R4 and R5; and Offshore Shackle Type "D" of Grade R4), which starts the certification of the range of Forge products.

Completion of the Calculation of the Carbon Footprint in accordance with ISO 14064.

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Launch of the Basque Ecodesign Center, along with IHOBE (Technical Secre-tariat of the Environment at the Basque Government) and leading companies (CIE Automotive, Fagor, Gamesa, Iberdrola and Ormazabal). Its aim is the design and execution of innovative Ecodesign projects.

Taking part in the development and debate on the diagnosis of the situation and the challenges for the Basque Government initiative Ecoeuskadi 2020, as repre-sentative of the Economic Agents.

Vicinay Cadenas has constantly monitored both its consumption and its emis-sion of Greenhouse Gases.

Reduction of the amount of hazardous waste managed by the organisation with respect to previous financial years.

The strategic decision to go beyond strict legal requirements leads to constant concern about maintaining the various certifications, which are based on leading international standards from the most prestigious classification organi-sations. This in turn leads to a search for continuous improvement in the prevention of pollution and a reduction in waste generated.

Implementation of the vertical cutting saw at the Galdames Plant, which provides the option to reuse raw materials and reducing scrap and machining work.

C02 emission

Hazardous waste

Galdames Deusto VCSA

Galdames Deusto VCSA

0

5000

10000

15000

20000

25000

2011201020092008

2.909

1.303

2.184

946

21.28

3

19.00

2

20.30

5

16.41

5 18.59

9

17.95

2

18.89

8

24.19

2

2.000

0

2000

4000

6000

8000

12000

16000

14000

10000

2011201020092008

9.752 11

.752

1.000

6.751 7.7

51 6.310 9.1

77

15.47

7

1.001

9.998 10.99

9



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Art and the environment

Vicinay Cadenas has taken part, along with NomadEstudio (Landscape Architec-ture), in the Third Edition of the Bilbao Garden Landscape Architecture Competition, where landscape architects from around the world fill Bilbao with various gardens for three weeks.

NomadEstudio, a landscape architecture company with its central offices in the United States, saw the opportunity to use our chains as an element integrated into the environment. The garden inspired by the maxim "The end is the beginning", enhances the wisdom of a city that has repositioned the pieces that have com-prised it for centuries at the very least. Its end has been the beginning once more. A sophisticated and gentle city which rose from the industrial and commercial ashes that gave it its importance. New pieces and the same elements. Elements reinvented again and reorganised around a lifeline embraced by the mountains: the River Nervión.

Vicinay, in its desire to become involved in the world of art and find new collabora-tions for the chains, took part in the creation of a garden whose main element was our product.

This exhibition, in addition to decorating a corner of our city, allowed everyone coming to see these works of art to find out about our chains, come into direct contact with them and better understand our organisation.



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Basque Ecodesign CenterVi

The Basque Ecodesign Center is an organisation with its central offices in the Basque Country, created in a framework of collaboration between private sector companies and the Basque Government. Its objective is the design and execution of innovative Ecodesign projects. This organisation is the only one of its type in Spain and in Southern Europe. The Basque Ecodesign Center consists of seven founding partners: CIE Automotive, Fagor, Gamesa, Iberdrola, Ihobe, Ormazabal and Vicinay Cadenas.

In addition, it collaborates with the UPV School of Engineering and has established a strategic alliance with the CPM Life Cycle Center in Sweden, one of the most important institutions in Ecodesign.

Based on three factors, namely the European Strategy 2020, the Euskadi Sustain-able Development Strategy (Ecoeuskadi 2020), and the scarcity of raw materials, the growing demand for them and the international growth of what we call green markets, the Basque Ecodesign Center aims to:

a) Make the Basque Country an advanced Ecodesign region, converting itself into a leader in the European Union.

b) Reinforce the competitiveness of the companies participating through the acquisition and application of cutting edge Ecodesign knowledge.

c) Encourage the eco-innovation of the product.

d) Integrate the environmental factor into the supply chain of the companies taking part.

In the words of Luis Cañada “Vicinay Cadenas S.A, and by extension the compa-nies around Vicinay, work and plan so that their business projects are sustain-able in the Basque Country for one or more generations. This leads to the sharing of the emotalent of their staff in the search for innovative solutions compatible with Social Responsibility and the Environment, while these solutions can also be used by other business organisations in our country.

With this focus, Vicinay Cadenas considers that the Basque Ecodesign Center initiative is a great opportunity to create a network of committed companies that share talent and experiences, so that each member can introduce into its daily management new methods that create a difference in the market, hoping to become leaders and, therefore, more competitive in an open and globalised economy".



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Integrated into Society6.2

Corporate Social Responsibility

Social responsibility taken on as a corporate business commitment creates a new impetus to strengthen environmental management in its role in sustainable indus-trial activity.

The development of Corporate Social Responsibility is based on transparency with the various stakeholders (employees, clients, suppliers, shareholders, society, planet, etc.). This has translated into:

Active participation in sustainability forums, both the FVEM forum (Vizcaya Federation of Metal Companies) and the IZAITE forum, (Association of Basque Companies for Sustainability), which allows for the constant compar-ing of experiences and best practices, both those from VCSA, and those from other leading companies, about the environmental aspect of our surround-ings, leading to a continuous improvement in the implementation of new ways of doing things.

As part of the Open Door Policy, many stakeholders have come to visit us (Teaching Centres, Public Authorities, Technology Centres, Universities, Com-panies in the Metal Sector, etc.).

Participation in the initiative led by IHOBE on the Drive to Suppliers has allowed us to share, with both the Public Administration and companies in various areas, the goals and challenges that Vicinay Cadenas has established to help it achieve its objectives in the area of CSR.

Launch of communication flows between Vicinay Cadenas and different stakeholders (Neighbourhood association, Sports and cultural associations, Public bodies, etc.).



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Participation in Workshops:

FVEM Corporate Social Responsibility Forum: Presentation on CSR in Vicinay Cadenas.

Participation in Workshops organized by Aliatec in collaboration with Sodercan (Cantabrian Public Company), the University of the Basque Country and Garaia Innovation Park, on the importance of transparency in environmental communication through the Environmental Product Decla-rations (Type III EPDs).

Opening workshop in Bilbao and presentation on eco-innovation as a response to the new challenges and trends in international markets.

Workshop within Quality Week and organised by Izaite about the workshop "Corporate Social Responsibility".

Presentation for UNESID on the importance of Type III Environmental Product Declarations in the iron and steel sector.

Workshop on the Different types of Environmental Communication organ-ised by the Public Company IHOBE.



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Important Visits

REPRESENTATIVE OF THE AUSTRALIAN GOVERNMENT IN EUROPE

In January, Vicinay Cadenas received a visit from Mr. Russell (European Repre-sentative of the Australian Government) to discuss possible future business oppor-tunities in Australia within the offshore market, sharing information about projects that could be emblematic in that sector.

Along with Mr. Russell, we received a visit from Mr. De la Rúa and Mr. Santurtun, both members of the Basque Maritime Forum.

DIRECTOR GENERAL OF INDUSTRY

As part of the development of the new Vicinay Cadenas facilities being built in Sestao, in October a meeting was held in our offices in Deusto and this was attended by Mr. Jesús Candil, Director General of Industry, accompanied by Mr. José Luis Marcos Merino, Mayor of Sestao and Mr. Juan Garayar, Director of Indus-try at the Basque Government, to find out in detail about the Project and its applica-bility within the future decrees from the Ministry of Industry, known as "Reindus" and "Competitividad".

SECRETARY OF STATE FOR INNOVATION

Juan Tomás Hernani, Secretary of State for Innovation, met with people from Vicinay Cadenas to find out at first hand the ways in which our organisation innovates and to discover in more detail the strategies that family companies of this type must have if they are to be sustainable. For his part, he explained the developments at the Ministry of Science and Innovation in relation to subsidies and resources to help organisations deal with the global crisis affecting us.



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LEHENDAKARI (Basque Government leader)

During August, the Basque leader Mr. Patxi López, accompanied by the Minister of Industry, Mr. Bernabé Unda, the head of the Basque Government Cabinet Mr. Daniel Díez, and the Deputy Minister of Industry Mr. Pedro Gómez Damborenea, visited the Vicinay Cadenas facilities to discover first hand the development of the production processes and the future plans for our organisation.

Vicinay is an example of how a family company which follows its dreams can not only make them come true, but can also become a world leader. A leader in technology, in knowledge and in something more important and sometimes forgotten: in values. Responsibility, sustainability and equality. In short, a shining example of how to run a company and how to run a country.Eskerrik askoPatxi Lopez (Basque Leader, 18-July-2011)



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Improvement in mutual awareness

GERDAU SIDENOR

Within a series of Knowledge Exchange Workshops, led by Vicinay Cadenas, in 2011 various groups of employees at Gerdau Sidenor came to our facilities to provide solutions and improvements discovering at first hand the need to make progress together to obtain the optimal final result.

LLOYD´S REGISTER

During March there was a three-day Training Workshop with highly qualified repre-sentatives of the LR who shared in detail the interpretation and application of the standards of this Classification Company. The company has different standards and rules that establish many of the requirements that govern a large part of our activity and determine the acceptance criteria for our product.

EMPRESARIOS VASCOS Y NORUEGOS

During November a meeting was held at Vicinay Cadenas between Basque and Norwegian business people to discuss the future development of the Arctic. After the meeting there was a tour of the factory to demonstrate our facilities.



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MEMORIES77.1 External Recognitions.

7.2 Vicinay Cadenas Book of Honour.

7.3 Certifications.

777..4 Information Flows.

77.55 Participation in Organisations.7



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External Recognitions

7.1

The following are the highlights of the training activities carried out in 2011:

External recognitions Year Organisation

CDTIRecognition of the QWELD Project as a leading project within the Programme 1999-2006

El Correo1998

EITB1993

COTEC Foundation2008

CYTED2004

Escuela de negocios ESEUNE2010

Spanish Maritime Cluster2011

"Empresa Maestra de Honor"

Speakers at the TAFTIE Conference

Competitiveness Award

Dept. of the Environment, Land Planning, Agriculture and Fishing at the Basque Government Business School ESEUNE

Accésit European Environment Company Awards. Basque Country Section 2009-2010

"Examples of Evaluating Business R&D" Publication of 2 examples of VCSA Technological Innovation as part of the 10 examples at the national level.

Iberoeka Award, to the best Research Project

2010

Conference for Innovation Agencies from the 27 countries of the EU2010

Sabino Arana Award for a Lifetime Business Career Sabino Arana Foundation2007

Basque Leading Company Award

Basque Export Company Award



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VCSA Book of Honour (1/2)

7.2

Award Date Holder Stakeholder

Honorary Doctorate Cum Laude

Honorary Doctorate

Gold Insignia (1/2)

December 2011 Luis María Cañada VCSA Managing Director

December 2007 Alejandro Sanz VCSA Industrial Director

June 2008 Timo Lehtinen Technip Naval Architect

Diciembre 2008 José Luis Arana UPV/EHU Professor Materials Science

September 2009 Rune Andreassen Det Norske Veritas

June 2010 Gilbert de Laval Rammnäs

Diciembre 2011 Eduardo López VCSA Director of Engineering

Honorary Masters June 2008 Juan Arana VCSA Shackles Section

Diciembre 2008 Manu Portilla VCSA Forging Engineer

Diciembre 2008 Isidro Calvo VCSA Maintenance Engineer

October 2010 Sergio Silva Brasilamarras Head of Projects Engineer

Diciembre 2006 Juan José Carnicero SIDENOR

Febrero 2006 José Mª Romaña VCSA Company Committee

Febrero 2007 Jose Antonio Caballero VCSA Company Committee

September 2007 Vda. De Nicolás Peciña EBI



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VCSA Book of Honour (2/2)Award Date Holder

Gold Insignia (2/2) Diciembre 2007 Kike García SIDENORFebrero 2008 Vda. De Lucio Torre VCSA FFactory Manager (Deusto)Febrero 2008 Vda. De Genadio Pellejer VCSA Maintenance TechnicianFebrero 2009 Avelino Gil VCSA Factory Manager (Deusto)Febrero 2009 Alfonso Castro VCSA Factory Manager (Lejona)Febrero 2010 Blas González VCSA Factory Facilitator (Deusto)Febrero 2010 Iñaki Rotaeche VCSA Mechanical Workshop Manager (Lejona)Marzo 2010 Gaspar Vicinay VCSA Honorary ChairmanEnero 2011 Jose Antonio Reyero LRQAEnero 2011 Jose Luis Lampreave LRQAFebrero 2011 Paulino Oliveras VCSA Company CommitteeFebrero 2011 Miguel Elorduy VCSA Maintenance ManagerFebrero 2011 Pedro Lazcano VCSA Head of PersonnelNovember 2011 Cristina Ugalde Director VmiNovember 2011 Luis Cañada VCSA Managing DirectorNovember 2011 Eduardo López VCSA Director of Engineering November 2011 Tomás López VCSA Director Integrated Management SystemsNovember 2011 Jose Luis Arana UPV/EHU Professor Materials ScienceNovember 2011 Les Moncus VCSA Marketing DirectorNovember 2011 François Paquet VCSA Marketing AgentNovember 2011 David Nicol VCSA Marketing AgentNovember 2011 Javier Gárate VCSA Marketing Director

November 2011 Felipe Ezpeleta VCSA Purchasing DirectorNovember 2011 Elena Madariaga VCSA Sales Process

Stakeholder



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Certifications

7.3

The activity has been carried out jointly with certified organisations NATO, US Coast Guard, NMD and other specific accreditations for shipyards complying with the necessary requirements.

Certifications granted

Quality assurance and control

ISO 9001

API 2F

ISO 14001

OHSAS 18001

Lloyd´s Register Material Quality Écheme

EPD Type III

Year

1986

1990

1994

2001

2004

2006

2009

Organisms

LRQA

DNV, ABS, LRQA

API

DNV & LRQA

DNV & LRQA

ENVIRONDEC



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Information Flows7.4

Kick Off MeetingCustomer Satisfaction SurveyInternational Trade FairsInformational Conferences.Research Projects.

Commercial Network.Newslink Magazine.International Workshops.Video-conferences.Technical seminars.

Clients

Daily newspaper "El Cadenero Mundial" since 1995.Daily newspaper "El Forjador" since 1998.Annual Book of Improvements.Daily Module Meeting.Daily visit to the Plant.Induction of new members of staff.Staff Satisfaction Survey.Socrates project.Symbiosis project.Process Coordination MeetingMonthly IMS meeting.Vicinay Meetings.AyCpC (Learn and Know to Share)

Meeting.VCSA Library.Sensitisation Panel.Home.Sustainability Report.Annual Management Plan.Review of Mission, Vision and Values.FFR (Framework for Future Relations).Ad Hoc Projects.Internal forum - How would I like VCSA to be to ensure it is sustainable for one or more generations?

VCSA Personnel

VOMIN Monthly Magazine.Meetings of Sales Agents (Houston and Bilbao).Knowledge exchange visits

Interaction between staff members.Video-conferences."Sharing Emotalent" Workshops.Technical Conferences.

Vicinay Marine S.L

Exchanging knowledge with suppliers.Permanent working groups.Exchange of knowledge with Universities, Technology Centres and Training Centres.

Approval of Suppliers.Joint R&D projects.Exchanging mutual knowledge between strategic suppliers.

Suppliers

Board of Director Meetings.

Shareholders



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Participation in Organisations7.5

Member of the Council for Technología Research & Innovation.Member of IZAITE.Member of EMEMO

(European Mooring Equipment Manufacturing Organization).(Basque Innovation Agency).

Member of the Vizcaya Federation of Metal Companies (FVEM).Member of the Association for Progress in Management (APD).Member of the Basque Maritime Forum (FMV). Chairmanship since 2008.Member of ADIMDE (Basque Country Grouping of Maritime Companies).Member of the COTEC Foundation.Member of MCSS.

Chairmanship since 2010.Basque Business Circle.Spanish-Norwegian Chamber of Commerce.Bilbao Chamber of Commerce.Spanish Association for Quality (AEC).Spanish Association for Non-Destructive Testing.

UNESID (Union of Steel Companies).Foundation of the Bilbao School of Engineers.Basque Association of Economists.Collaborators in the Novia Salcedo Foundation.Stop CO2 Euskadi.Members of the Jury for the Inguralde Award from Barakaldo Council.Participant in ASEPAM

(Spanish Association of the United Nations Global Compact).Stakeholder Committee for DNV BA Spain.Lloyd's Register Technical Committee.Founding member of the Basque Ecodesign Center.



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