2012-12-21 07:45:00 CET
2012-12-21 07:45:05 CET
REGULATED INFORMATION
Dovre Group Oyj - Company Announcement
DOVRE GROUP RECLASSIFIES ITEMS IN THE INCOME STATEMENT
Espoo, Finland, 2012-12-21 07:45 CET (GLOBE NEWSWIRE) --
Dovre Group Plc Stock exchange release December 21,
2012 at 8:45am
DOVRE GROUP RECLASSIFIES ITEMS IN THE INCOME STATEMENT
Dovre Group harmonizes the presentation of expense reimbursements received from
customers in the income statement across Group companies. Previously, companies
primarily in the Group's Project Personnel division have presented net sales
related direct cost and the resulting income as net. As of the fourth quarter
of 2012, the Group will present the items separately in the income statement so
that expense reimbursements received from customers are included in net sales
while sales-related direct costs are presented in their respective expense
accounts.
In accordance with IAS 1 Presentation of Financial Statements Dovre Group
discloses comparative information for 2011 as well as previously reported
quarters in 2012 according to the new classification. The reclassification
impacts the Group's net sales and other expenses, but has no impact on the
Group's reported operating result. As a result of the reclassification, the
Group's net sales in 2011 increases by EUR 4.7 million to EUR 77.2 million. The
reclassification does not affect the Group's operating result in 2011, which
was EUR 4.9 million. Following the reclassification, the Group's operating
result % decreases and is 6.4% of net sales in 2011.
The reclassification does not affect the Group's guidance for 2012. Net sales
in 2012 are expected to grow over 20% from 2011 also after the
reclassification.
The attached tables present the Group's income statement up to operating result
in accordance with both the old and new classification. In addition, the tables
present the Group's net sales by reporting segment in accordance with both the
old and the new classification.
For further information, please contact:
Dovre Group Plc
Heidi Karlsson, CFO
Tel. +358 (0)20 436 2000
heidi.karlsson@dovregroup.com
www.dovregroup.com
Dovre Group is a global provider of project management services and software.
Dovre Group consists of three divisions: Project Personnel, Consulting, and
Software. In 2011, the Group's net sales were EUR 77 million. Dovre Group
employs over 400 people worldwide. Dovre Group is listed on the NASDAQ OMX
Helsinki (symbol: DOV1V).
DISTRIBUTION:
NASDAQ OMX Helsinki Plc
Major media
QUARTERLY INCOME STATEMENT (INCLUDING FULL YEAR 2011) UP TO OPERATING RESULT
ACCORDING OLD CLASSIFICATION
2012 2011 2012 2011 2012 2011 2011 2011
(EUR 1-3 1-3 4-6 4-6 7-9 7-9 10-12 1-12
thousan
d)
NET 22 184 18 559 23 090 17 444 23 113 17 664 18 829 72 497
SALES
Other 13 20 20 16 0 14 32 82
operati
ng
income
Material -62 -47 -53 -21 -58 -35 -76 -180
and
service
s
Employee -19 705 -15 008 -20 640 -15 586 -20 836 -15 746 -16 806 -63 147
benefit
s
expense
Deprecia -107 -103 -110 -128 -105 -104 -110 -446
tion and
amortiz
ation
Other -1 162 -959 -1 070 -1 144 -1 113 -854 -947 -3 904
operati
ng
expense
s
OPERATIN 1 161 2 462 1 238 580 1 002 938 921 4 902
G PROFIT
% 5.2% 13.3% 5.4% 3.3% 4.3% 5.3% 4.9% 6.8%
QUARTERLY INCOME STATEMENT (INCLUDING FULL YEAR 2011) UP TO OPERATING RESULT
ACCORDING TO NEW CLASSIFICATION
2012 2011 2012 2011 2012 2011 2011 2011
(EUR 1-3 1-3 4-6 4-6 7-9 7-9 10-12 1-12
thousan
d)
NET 23 311 19 859 24 375 18 661 24 301 18 647 20 015 77 183
SALES
Other 13 20 20 16 0 14 32 82
operati
ng
income
Material -62 -47 -53 -21 -58 -35 -76 -180
and
service
s
Employee -19 705 -15 008 -20 640 -15 586 -20 836 -15 746 -16 806 -63 147
benefit
s
expense
Deprecia -107 -103 -110 -128 -105 -104 -110 -446
tion and
amortiz
ation
Other -2 288 -2 259 -2 355 -2 361 -2 301 -1 837 -2 134 -8 590
operati
ng
expense
s
OPERATIN 1 161 2 462 1 238 580 1 002 938 921 4 902
G PROFIT
% 5.0% 12.4% 5.1% 3.1% 4.1% 5.0% 4.6% 6.4%
Change 1 127 1 300 1 285 1 217 1 188 983 1 187 4 686
in net
sales,
EUR
Change 5.1% 7.0% 5.6% 7.0% 5.1% 5.6% 6.3% 6.5%
in net
sales,
%
NET SALES PER SEGMENT ACCORDING TO OLD CLASSIFICATION
2012 2011 2012 2011 2012 2011 2011 2011
(EUR million) 1-3 1-3 4-6 4-6 7-9 7-9 10-12 1-12
Project Personnel 18.6 16.0 19.7 14.8 19.9 15.4 15.8 61.9
Consulting 2.3 1.6 2.2 1.8 2.0 1.4 2.1 6.9
Software 1.3 1.0 1.2 0.9 1.2 0.9 1.2 4.1
Group functions 0.3 0.2 0.3 0.2 0.3 0.3 0.6 1.3
Net sales between segments -0.4 -0.3 -0.4 -0.3 -0.4 -0.4 -0.8 -1.8
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Group total 22.2 18.6 23.1 17.4 23.1 17.7 18.8 72.5
NET SALES PER SEGMENT ACCORDING TO NEW RECLASSIFICATION
2012 2011 2012 2011 2012 2011 2011 2011
(EUR million) 1-3 1-3 4-6 4-6 7-9 7-9 10-12 1-12
Project Personnel 19.7 17.4 21.0 16.0 21.2 16.3 17.0 66.6
Consulting 2.3 1.6 2.2 1.8 2.0 1.4 2.1 7.0
Software 1.3 1.0 1.2 0.9 1.2 0.9 1.2 4.1
Group functions 0.3 0.2 0.3 0.2 0.3 0.3 0.6 1.3
Net sales between segments -0.4 -0.3 -0.4 -0.3 -0.4 -0.4 -0.8 -1.8
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Group total 23.3 19.9 24.4 18.7 24.3 18.6 20.0 77.2
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