2012-10-25 07:45:00 CEST
2012-10-25 07:45:06 CEST
REGULATED INFORMATION
Dovre Group Oyj - Interim report (Q1 and Q3)
DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 – SEPTEMBER 30, 2012
Espoo, Finland, 2012-10-25 07:45 CEST (GLOBE NEWSWIRE) --
Dovre Group Plc Interim report October
25, 2012 at 08:45 a.m.
DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 - SEPTEMBER 30, 2012
Dovre Group's net sales still growing strongly
(Unless otherwise stated, last year's corresponding period in parentheses.)
SUMMARY
July - September 2012
-- Net sales EUR 23.1 (17.7) million - growth 31%
-- Project Personnel: net sales EUR 19.9 (15.4) million - growth 30%
-- Consulting: net sales EUR 2.0 (1.4) million - growth 40%
-- Software: net sales EUR 1.2 (0.9) million - growth 32%
-- Operating result EUR 1.0 (0.9) million - growth 7%
-- Operating result 4.3% (5.3%) of net sales
-- Result for the period EUR 0.6 (0.8) million -change EUR -0.2 million
-- Earnings per share EUR 0.01 (0.01)
-- Net cash flow from operating activities EUR 1.1 (0.5) million
January - September 2012
-- Net sales EUR 68.4 (53.7) million - growth 27%
-- Project Personnel: net sales EUR 58.3 (46.1) million - growth 26%
-- Consulting: net sales EUR 6.5 (4.9) million - growth 34%
-- Software: net sales EUR 3.8 (2.9) million - growth 31%
-- Operating result EUR 3.4 (4.0) million
-- Comparable operating result EUR 3.4 (2.3) million - growth 48%
-- Comparable operating result 5.0% (4.3%) of net sales
-- Result for the period EUR 2.2 (2.5) million. Comparable result EUR 2.2
(1.3) million
-- Earnings per share EUR 0.04 (0.04). Comparable earnings per share EUR 0.04
(0.02)
-- Net cash flow from operating activities EUR 1.5 (0.3) million
Comparables for 2011 exclude the gain from the closure of the defined benefit
pension plan in Norway in Q1 (impact on the operating result approx. EUR 1.7
million and the result for the period approx. EUR 1.2 million).
In 2012, net sales and comparable operating result are expected to grow over
20% from 2011. The guidance has not been changed.
The interim report is unaudited.
KEY FIGURES
7-9 7-9 Change 1-9 1-9 Change 1-12
(EUR million) 2012 2011 % 2012 2011 *) % 2011 *)
Net sales 23.1 17.7 30.8 % 68.4 53.7 27.4 % 72.5
Operating result 1.0 0.9 6.8 % 3.4 4.0 -14.6 % 4.9
% of Net sales 4.3 % 5.3 % 5.0 % 7.4 % 6.8 %
Result for the 0.6 0.8 -26.9 % 2.2 2.5 -9.9 % 3.2
period
% of Net sales 2.4 % 4.3 % 3.2 % 4.6 % 4.4 %
Net cash flow 1.1 0.5 100.5 % 1.5 0.3 437.5 % 2.0
from operations
Debt-equity ratio -29.0 % -26.8 % 8.2 % -29.0 % -26.8 % 8.2 % -34.6 %
(Gearing), %
Earnings per
share, EUR
Basic 0.01 0.01 0.04 0.04 0.05
Diluted 0.01 0.01 0.04 0.04 0.05
*) Including one-time item
JANNE MIELCK, CEO
Our net sales continued on a strong growth path in the third quarter of 2012,
with net sales growing 31% compared to the third quarter of 2011. Project
Personnel, our biggest division, increased its net sales by almost 30% and
Consulting and Software by over 30%. Geographically, our net sales grew most
strongly in Norway and Australia.
In the third quarter of 2012, our operating profit was affected by investments
in business operations and development. The Group's operating result was EUR
1.0 million, EUR 0.1 million higher than in the third quarter of 2011. Both
Consulting and Software improved their operating result significantly.
In January - September 2012, our net sales grew by 27%. All our business
divisions experienced strong growth. Again, geographically our net sales grew
most strongly in Norway and Australia.
During the period under review, the Group's comparable operating result was EUR
3.4 million, which was approx. EUR 1.1 million and 48% higher than in January -
September 2011. All our business divisions improved their operating result.
In the first half of 2012, we acquired a minority share in SaraRasa, a
renewable energy project developer based in Singapore, and invested in SaraRasa
Bioindo Pte. Ltd., which is the company's first development project. The
project is progressing according to plan. In the third quarter of 2012,
SaraRasa Bioindo agreed a financing round with the Finnish Fund for Industrial
Cooperation (Finnfund).
In the third quarter of 2012, our Consulting division expanded its operations
in the renewable energy market. Initially, the division focuses specifically on
projects in bio-renewables in Europe and South East Asia. The move is part of
the division's current operations and for its part strengthens our ability to
operate in a new, growing market sector.
FUTURE OUTLOOK
General economic insecurity has not affected investment levels among Project
Personnel division's customers in the Oil and Gas industry. Thus, we expect
demand for the division's services to remain strong in key market areas. Market
demand supports opportunities for growth, but the highly competitive market
creates pressure on profitability.
Current market outlook in the Nordic countries, an important market for the
Group's Consulting and Software divisions, is positive. However, economic
instability in Europe may affect customers' investment levels in the second
half of 2012.
We will continue developing the Group in accordance with our strategy and
long-term goals.
In 2012, net sales and comparable operating result are expected to grow over
20% from 2011. The guidance has not been changed.
This future outlook is based on forecasts approved by Dovre Group's Board of
Directors.
Espoo, October 24, 2012
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
www.dovregroup.com
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