2013-10-23 07:45:00 CEST
2013-10-23 07:45:07 CEST
REGULATED INFORMATION
Dovre Group Oyj - Interim report (Q1 and Q3)
DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 – SEPTEMBER 30, 2013
Dovre Group's operating profit improved and net sales increased
Helsinki, Finland, 2013-10-23 07:45 CEST (GLOBE NEWSWIRE) -- Dovre Group Plc
Interim report October 23,
2013 at 08:45 a.m.
DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 - SEPTEMBER 30, 2013
Dovre Group's operating profit improved and net sales increased.
(Unless otherwise stated, last year's corresponding period in parentheses.)
SUMMARY
July - September 2013
-- Net sales EUR 24.1 (23.1) million - growth 4%
-- Project Personnel: net sales EUR 22.2 (21.2) million - growth 5%
-- Consulting: net sales EUR 1.9 (2.0) million - change -7%
-- Operating result EUR 0.8 (0.7) million, which is 3.2 (3.1) % of net sales
-- Result for the period, continuing operations EUR 0.3 (0.3) million
-- Result for the period incl. discontinued operations EUR 0.3 (0.6) million
-- Earnings per share incl. discontinued operations EUR 0.01 (0.01)
-- Net cash flow from operating activities incl. discontinued operations EUR
1.2 (1,1) million, excl. discontinued operations EUR 1.2 (0,4) million
-- Change in cash and cash equivalents incl. discontinued operations EUR -0.1
(0.5) million
January - September 2013
-- Net sales EUR 73.7 (68.4) million - growth 8%
-- Project Personnel: net sales EUR 67.4 (61.9) million - growth 9%
-- Consulting: net sales EUR 6.3 (6.5) million - change -4%
-- Operating result EUR 1.9 (2.8) million, which is 2.6 (4.1) % of net sales
-- Result for the period, continuing operations EUR 0.8 (1.7) million
-- Result for the period incl. discontinued operations EUR 5.2 (2.2) million
-- Earnings per share incl. discontinued operations EUR 0.08 (0.04)
-- Net cash flow from operating activities incl. discontinued operations EUR
0.5 (1.5) million, excl. discontinued operations EUR 0.9 (0.4) million
-- Change in cash and cash equivalents incl. discontinued operations EUR 2.8
(-0.3) million
The Group's Software business area, which was sold in the second quarter of
2013, has been reported under discontinued operations as of the fourth quarter
of 2012 and thus impacts only the Group's net result in January - September
2013. Result for the period, discontinued operations, EUR 4.3 million, includes
the discontinued operations' result for the period and the Group's gain on
disposal.
New guidance:
In 2013, net sales are expected to grow from 2012. In 2013, operating result
excluding extraordinary items is expected to remain below 2012 operating
result, being 2 - 3.5% of net sales.
Previous guidance:
In 2013, net sales are expected to grow from 2012. In 2013, operating result
excluding extraordinary items is expected to remain below 2012 operating
result, being 1.5 - 3% of net sales.
The interim report is unaudited.
KEY FIGURES
7-9 7-9 Change 1-9 1-9 Change 1-12
(EUR million) 2013 2012 % 2013 2012 % 2012
Net sales 24.1 23.1 4.3 % 73.7 68.4 7.9 % 94.1
Operating result 0.8 0.7 6.3 % 1.9 2.8 -30.9 % 3.4
% of Net sales 3.2 % 3.1 % 2.6 % 4.1 % 3.6 %
Result for the 0.3 0.6 -40.2 % 5.2 2.2 133.0 % 2.9
period, incl
discontinued
operations
% of Net sales 1.4 % 2.4 % 7.0 % 3.2 % 3.0 %
Net cash flow 1.2 1.1 4.6 % 0.5 1.5 -67.0 % 2.8
from
operations,
incl.
discontinued
operations
Net cash flow 1.2 0.4 163.2 % 0.9 0.4 161.2 % 1.9
from
operations,
continued
operations
Change in cash -0.1 0.5 -125.3 % 2.8 -0.3 984.5 % 1.3
and cash
equivalents,
incl.
discontinued
operations
Debt-equity -40.5 % -29.0 % 39.8 % -40.5 % -29.0 % 39.8 % -27.0 %
ratio
(Gearing), %
Earnings per
share, EUR
(incl.
discontinued
operations)
Basic 0.01 0.01 -40.2 % 0.08 0.04 132.9 % 0.05
Diluted 0.01 0.01 -40.2 % 0.08 0.04 132.4 % 0.05
JANNE MIELCK, CEO
Growth in the Group's net sales continued in the third quarter of 2013. Our net
sales grew 4% (13% in local currencies) compared to the third quarter of 2012.
Project Personnel, our biggest business area, increased its net sales by 5%
(14% in local currencies), while net sales for Consulting decreased by 7% (2%
local currencies). Geographically, growth in net sales was strongest in Norway.
Our operating result grew from the third quarter of 2012 and was EUR 0.8
million. Project Personnel's profitability improved. The operating result of
the Consulting business area fell due to the difficult market situation in
Finland and Sweden.
During the period under review, our net sales grew 8% (11% in local currencies)
from 2012. Our biggest business area Project Personnel increased its net sales
by 9% (12% in local currencies). Net sales of the Consulting business area fell
by 4% (2% in local currencies). Geographically, growth in net sales was
strongest in Norway.
During the period under review, our operating result decreased from 2012.
Profitability was affected by unexpected expenses in the Project Personnel
business area reported in the first quarter as well as the Consulting business
area's challenges.
Renewable fuel production in Indonesia by the Group's associate SaraRasa
Bioindo has started slower than expected due to commercial preparations and
changes implemented in the production plant's pre-treatment processes.
Commercial production is expected to start in phases during the fourth quarter
of 2013.
As part of strategy implementation, the Group has continued developing an
advanced online service, Dovre Club, in order to strengthen the Group's
recruiting and sales functions. The service was launched to the market in
October, after the end of the reporting period.
FUTURE OUTLOOK
General economic insecurity has not affected investment levels among Project
Personnel business area's customers in the Oil and Gas industry and we expect
demand for the business area's services to remain strong in key market areas.
Market demand supports opportunities for growth, but the competitive market
still creates pressure on profitability.
In the Group's Consulting business area, current market outlook in Norway
remains positive, while market uncertainty in Finland and Sweden affects
customers' investment levels.
We will continue developing the Group in accordance with our strategy, which
was released on January 25, 2013.
Guidance for 2013:
In 2013, net sales are expected to grow from 2012. In 2013, operating result
excluding extraordinary items is expected to remain below 2012 operating
result, being 2 - 3.5% of net sales.
This future outlook is based on forecasts approved by Dovre Group's Board of
Directors.
Helsinki, October 22, 2013
Dovre Group Plc
Board of Directors
For additional information, please contact
DOVRE GROUP PLC
Janne Mielck, CEO
tel. +358-20-436 2000
janne.mielck@dovregroup.com
Tarja Leikas, CFO
tel. +358-20-436 2000
tarja.leikas@dovregroup.com
www.dovregroup.com
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