2016-02-18 07:45:01 CET
2016-02-18 07:45:01 CET
REGULATED INFORMATION
Dovre Group Oyj - Financial Statement Release
DOVRE GROUP INTERIM REPORT JANUARY 1 – DECEMBER 31, 2015
Q4 CASH FLOW STRONG, FULL YEAR RESULT NEGATIVE DUE TO ONE-OFF ITEMS
Espoo, Finland, 2016-02-18 07:45 CET (GLOBE NEWSWIRE) --
Dovre Group Plc Financial statements bulletinFebruary 18,
2016 at 8.45 a.m.
DOVRE GROUP INTERIM REPORT JANUARY 1 – DECEMBER 31, 2015
Q4 CASH FLOW STRONG, FULL YEAR RESULT NEGATIVE DUE TO ONE-OFF ITEMS
The merger between Dovre Group and Norwegian Petroleum Consulting Group AS
(NPC) was completed on May 28, 2015. NPC’s financials are reported as part of
Dovre Group’s Project Personnel business area as of May 28, 2015.
In parentheses last year’s corresponding period excluding NPC.
October – December 2015
-- Net sales EUR 30.3 (25.4) million – growth 19%
-- Net sales excluding NPC’s share decreased by 32%
-- Project Personnel: net sales EUR 28.6 (23.1) million – growth 24%
-- Consulting: net sales EUR 1.7 (2.3) million – decline 28%
-- EBITDA excluding non-recurring items EUR 0.4 (0.9) million, which is 1.3
(3.5) % of net sales
-- Non-recurring items EUR -0.7 (-0.2) million in total, EUR -0.4 million due
to the sale of the Group’s consulting business in Sweden and EUR -0.3
million due to a restructuring provision in Norway
-- Operating result EUR -0.5 (0.6) million
-- Result for the period EUR -0.9 (0.3) million, incl. EUR -0.5 (-0.2) million
of the result of the Group’s joint venture SaraRasa
-- Earnings per share EUR -0.01 (0.01)
-- Net cash flow from operating activities EUR 4.4 (3.0) million
January – December 2015
-- Net sales EUR 115.9 (98.9) million – growth 17%
-- Net sales excluding NPC’s share decreased by 16%
-- Project Personnel: net sales EUR 108.8 (91.1) million – growth 19%
-- Consulting: net sales EUR 7.1 (7.8) million – decline 9%
-- EBITDA excluding non-recurring items EUR 1.5 (2.1) million, which is 1.3
(2.2) % of net sales
-- Non-recurring items EUR -1.9 (-0.5) million in total, EUR -1.1 million of
which due to external advisory services and restructuring costs in the
first half of the year and EUR -0.7 million in Q4
-- Operating result EUR -0.9 (1.2) million
-- Result for the period EUR -2.0 (0.3) million, incl. EUR -1.3 (-0.6) million
of the result of the Group’s joint venture SaraRasa, EUR -0.8 million of
which due to write-offs in SaraRasa
-- Earnings per share EUR -0.02 (0.00)
-- Net cash flow from operating activities EUR 2.0 (1.9) million
-- Board of Directors proposes to the AGM a dividend of EUR 0.01 per share
Guidance for 2016: Net sales are expected to exceed EUR 100 million and
operating result is expected to be positive.
The financial information presented in this financial statements bulletin is
based on the company’s audited financial statements. The auditor’s report was
issued on February 17, 2016.
PATRICK VON ESSEN, CEO:
“The difficult market situation in the oil and gas sector was reflected
especially in our H2 financials. What was positive was our cash flow that was
stronger than in 2014, in particular in Q4. We also secured new orders in power
generation, power transmission and process industry projects. While
diversification is progressing well, it is not yet enough to fully compensate
for the continuing drop in demand in the oil and gas industry.
In Q4, our comparable net sales (not including NPC) fell significantly from the
previous year in all our key markets. Our Q4 and full year operating result was
negative due to large non-recurring items primarily related to restructuring in
Norway and Sweden.
The most important event in 2015 was the Group’s merger with NPC. As a result
of the merger, we have become a market leader in Norway and have gotten a
strong foothold in the Asia Pacific.
We have responded to the changing market situation by offering our project
personnel services to other client segments and by significant Group-wide cost
saving measures. In 2015, we implemented cost saving programs that will lead to
annual cost savings of EUR 1.3 million from 2016 onwards.
We further continue diversification into other client segments. Our network of
experienced oil and gas project professionals is a significant asset when
reaching out to new clients and new client segments.
We expect demand in the oil and gas industry to decline further in 2016,
although not as steeply as in 2015. We prepare for profitable future growth
through intensive sales work, strong focus on new client segments, and
continuous improvement of cost efficiency.”
KEY FIGURES
EUR million 10-12 10-12 Change 1-12 1-12 Change
2015 2014 % 2015 2014 %
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Net sales 30.3 25.4 19.1 115.9 98.9 17.2
--------------------------------------------------------------------------------
EBITDA excl. non-recurring 0.4 0.9 -55.1 1.5 2.1 -27.8
items
--------------------------------------------------------------------------------
% of net sales 1.3 % 3.5 % 1.3 % 2.2 %
--------------------------------------------------------------------------------
Non-recurring items *) -0.7 -0.2 -269.7 -1.9 -0.5 -243.7
--------------------------------------------------------------------------------
Operating result (EBIT) -0.5 0.6 -185.9 -0.9 1.2 -173.1
--------------------------------------------------------------------------------
% of net sales -1.6 % 2.2 % -0.7 % 1.2 %
--------------------------------------------------------------------------------
Result -0.9 0.3 -372.8 -2.0 0.3 -849.6
--------------------------------------------------------------------------------
% of net sales -3.0 % 1.3 % -1.7 % 0.3 %
--------------------------------------------------------------------------------
Net cash flow from 4.4 3.0 48.2 2.0 1.9 8.0
operations
--------------------------------------------------------------------------------
Net debt -5.2 -9.1 -42.9 -5.2 -9.1 -42.9
--------------------------------------------------------------------------------
Debt-equity ratio -19.1 % -42.2 % -54.7 -19.1 % -42.2 % -54.7
(Gearing), %
--------------------------------------------------------------------------------
Earnings per share, EUR:
--------------------------------------------------------------------------------
Undiluted -0.01 0.01 -272.4 -0.02 0.00 -658.0
--------------------------------------------------------------------------------
Diluted -0.01 0.01 -272.9 -0.02 0.00 -659.7
--------------------------------------------------------------------------------
*) In 2015, non-recurring items in Q4 and during the period under review
consist of external advisory services and restructuring costs related to the
merger with NPC, loss on disposal after allocations of goodwill of the Group’s
consulting business in Sweden, and a restructuring provision in Norway. In
2014, non-recurring items in Q4 consisted of external advisory services and
during the period under review of external advisory services, costs related to
the Group’s withdrawal from biorenewables consulting, and changes in personnel.
FUTURE OUTLOOK AND GUIDANCE 2016
The market is still affected by several uncertainties, including general
economic trends, oil price, and political instability. Our main markets are,
however, in politically and economically stable countries.
We expect demand in the oil and gas industry to decline further in 2016,
although not as steeply as in 2015. We expect orders from power generation,
power transmission and process industry projects to increase. However,
increased demand in new segments is not yet enough to compensate for the
continuing fall in demand in the oil and gas industry.
In the Consulting business area, market outlook is more positive due to strong
order stock both in Norway and Finland.
Guidance for 2016: Net sales are expected to exceed EUR 100 million and
operating result is expected to be positive.
BOARD OF DIRECTORS’ PROPOSAL FOR DIVIDEND
The parent company’s distributable funds are EUR 24,866,138.98. The Board of
Directors proposes to the Annual General Meeting that a dividend of EUR 0.01
per share to be paid, corresponding to EUR 998,687.69 based on the total number
of shares, 99,868,769.
The Board of Directors further proposes that the dividend is paid to a
shareholder who on the record date March 21, 2016 is registered as a
shareholder in the company's shareholder register maintained by Euroclear
Finland Ltd. The dividend is paid on March 30, 2016.
No significant changes have occurred in the company’s financial position after
the end of the financial year. The company’s liquidity is good, and the
proposed distribution of dividend poses no risk to the company’s financial
standing.
BRIEFING FOR PRESS AND FINANCIAL ANALYSTS ON FEBRUARY 18, 2016
Dovre Group’s briefing on the company’s financial statements 2015 will be held
on Thursday, February 18, 2016, starting at 10 a.m. at Helsinki Bourse Club,
Fabianinkatu 14 A, 4th floor, Helsinki.
The presentation material and a video recording of CEO Patrick von Essen’s
presentation will be available on the company’s investor pages
www.dovregroup.com -> Investors after the briefing.
This stock exchange release is a summary of Dovre Group Plc’s financial
statements bulletin Jan. 1 – Dec. 31, 2015. The full bulletin is attached to
this release and is also available online at www.dovregroup.com -> Investors.
For additional information, please contact:
Dovre Group Plc
Patrick von Essen, CEO
(patrick.essen@dovregroup.com)
Heidi Karlsson, CFO
(heidi.karlsson@dovregroup.com)
tel. +358-20-436 2000
www.dovregroup.com
Financial reporting in 2016
As of January 1, 2016, Dovre Group applies the possibility allowed by
amendments to the Finnish Securities Markets Act entered into force on November
26, 2015, not to release an interim report for the first three months and the
first nine months of the financial year. Instead, the company will release a
quarterly trading statement for the each period in question.
Dovre Group releases its financial reports in 2016 as follows:
-- Q1 trading statement for January 1 – March 31, 2016 on Thursday, April 28,
2016
-- Half-year report for January 1 – June 30, 2016 on Thursday, July 28, 2016
-- Q3 trading statement for January 1 – September 30, 2016 on Thursday,
October 27, 2016
Distribution
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
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