2015-02-12 07:45:00 CET
2015-02-12 07:45:02 CET
REGULATED INFORMATION
Dovre Group Oyj - Financial Statement Release
DOVRE GROUP FINANCIAL STATEMENTS JANUARY 1 - DECEMBER 31, 2014
Espoo, Finland, 2015-02-12 07:45 CET (GLOBE NEWSWIRE) --
Dovre Group Plc Financial statements bulletin February 12, 2015 at
8:45 a.m.
DOVRE GROUP FINANCIAL STATEMENTS JANUARY 1 - DECEMBER 31, 2014
Q4: A strong finish to a challenging year
October - December 2014:
-- Net sales EUR 25.4 (24.8) million - growth 2.5%, in local currencies 2.7%
-- Project Personnel: net sales EUR 23.1 (22.6) million - growth 2.4%
-- Consulting: net sales EUR 2.3 (2.2) million - growth 3.9%
-- Operating result EUR 0.6 (0.5) million, which is 2.2 (2.0) % of net sales.
Operating result excluding non-recurring items EUR 0.8 (0.7) million, which
is 3.0 (2.9) % of net sales
-- Result EUR 0.3 (0.4) million
-- Earnings per share EUR 0.01 (0.01)
-- Net cash flow from operating activities EUR 3.0 (2.7) million
January - December 2014:
-- Net sales EUR 98.9 (98.5) million - growth 0.4%, in local currencies 6.0%
-- Project Personnel: net sales EUR 91.1 (89.9) million - growth 1.3%
-- Consulting: net sales EUR 7.8 (8.5) million - change -8.6%
-- Operating result EUR 1.2 (2.4) million, which is 1.2 (2.4) % of net sales.
Operating result excluding non-recurring items EUR 1.7 (3.0) million, which
is 1.7 (3.1) % of net sales
-- Result EUR 0.3 (1.2) million
-- Earnings per share EUR 0.00 (0.02)
-- Net cash flow from operating activities EUR 1.9 (3.7) million
-- Board of Directors proposes to the AGM a dividend of
EUR 0.02 (0.02 + 0.05) per share
Guidance for 2015: Net sales are expected to be at the same level as in 2014.
Operating result is expected to improve from 2014.
PATRICK VON ESSEN, CEO:
“Dovre Group had a strong finish to a challenging year. Despite softening
markets and significant non-recurring costs, our operating result trended up in
Q3 and Q4 and we more than doubled our operating result in the second half of
2014 compared to the first half of the year. The improvement was mainly
attributable to increased focus on sales, discontinuing non-performing business
operations and improving our cost efficiency. In Q4 we recorded higher net
sales and higher operating result than in the previous year and our cash flow
increased.
Full year net sales grew slightly to an all-time-high level. Our full year
operating result was burdened by a slow spring, somewhat lower margins in
Project Personnel, and by 0.5 MEUR of non-recurring costs. The negative
non-recurring items are related to growth (advisory services for M&A
opportunities), restructuring (discontinued business) and reorganization
(changes in personnel).
The Project Personnel market is challenging, in particular in Norway. Despite
that, net sales remained stable in our main markets Norway and Canada. A
decline in the Australian sales was more than offset by growth in Russia and
strong growth in Middle East. The profitability of Project Personnel declined
compared to 2013, caused mainly by a slow Q2, investments in growth and
slightly lower margins.
In the Consulting business area, 2014 started slow in terms of profitability,
but thanks to a stellar performance in Q4, the full year operating result
improved compared to 2013.
We are not yet satisfied with our performance. We continue to build a stronger,
more focused and more profitable Dovre Group. In Q4, we released our focused
growth strategy for 2015-2019. Our performance target is to have net sales of
EUR 200 million and an operating result exceeding EUR 10 million in the year
2019.
To achieve this, we will continue to deliver best-in-class service to our
clients. We will actively pursue both organic growth and growth through mergers
and acquisitions. Organic growth is driven by our significantly strengthened
sales team. At the same time, we actively scan the market for M&A
opportunities. We are open to forming strategic alliances in order to gain
access new markets and/or new clients. We gradually expand our client base
beyond oil and gas. With growing volumes, we will leverage the scalability of
the Project Personnel business model. We will enhance the scalability and cost
efficiency by further digitalizing our work processes. We continue to
scrutinize our costs, and are committed to decreasing, in relative terms, our
fixed costs each year. We will exit noncore business. Our target is to become
the most attractive employer in the industry by 2019.”
FUTURE OUTLOOK AND GUIDANCE 2015
In the face of many global uncertainties, our clients are increasingly cautious
about investments. We do not expect global demand to pick up in 2015. Our main
markets are, however, in politically stable countries with strong underlying
economies. With strong focus on sales and cost efficiency, we are well placed
to continue winning market share in the Project Personnel business area. In the
Consulting business area, we have a strong order stock, which includes clients
from both the public and the private sectors. We see consolidation in the
market, and expect this trend to continue. We expect our relative fixed costs
to decrease each year going forward.
Guidance for 2015: Net sales are expected to be at the same level as in 2014.
Operating result is expected to improve from 2014.
BOARD OF DIRECTORS' PROPOSAL FOR DIVIDEND
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.02 per share to be paid, corresponding to EUR 1,265,315.02 based on
the total number of shares (63,265,751).
KEY FIGURES
EUR million 10-12 10-12 Change 1-12 1-12 Change
2014 2013 % 2014 2013 %
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Net sales 25.4 24.8 2.5 98.9 98.5 0.4
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Operating result 0.6 0.5 14.0 1.2 2.4 -51.3
--------------------------------------------------------------------------------
% of net sales 2.2 % 2.0 % 1.2 % 2.4 %
--------------------------------------------------------------------------------
Result 0.3 0.4 -17.4 0.3 1.2 -77.9
--------------------------------------------------------------------------------
% of net sales 1.3 % 1.6 % 0.3 % 1.2 %
--------------------------------------------------------------------------------
Net cash flow from 3.0 2.7 8.0 1.9 3.7 -49.6
operations
--------------------------------------------------------------------------------
Change in cash and cash 10.3 13.7 -24.7 10.3 13.7 -24.7
equivalents
--------------------------------------------------------------------------------
Debt-equity ratio -42.2 % -50.0 % -15.6 -42.2 % -50.0 % -15.6
(Gearing), %
--------------------------------------------------------------------------------
Earnings per share, EUR:
--------------------------------------------------------------------------------
Basic 0.01 0.01 -17.7 0.00 0.02 -77.9
--------------------------------------------------------------------------------
Diluted 0.01 0.01 -17.5 0.00 0.02 -78.0
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BRIEFING ON FINANCIAL STATEMENTS
Dovre Group holds a briefing on the 2014 financial statements on February 12,
2015 at 11:00 a.m. at Helsinki Bourse Club, Fabianinkatu 14 A, 4th floor.
This is a summary of Dovre Group Plc's 2014 financial statements bulletin. The
full financial statements review is attached to this bulletin and is also
available on at www.dovregroup.com -> Investors.
Helsinki, February 11, 2015
Dovre Group Plc
BOARD OF DIRECTORS
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
Dovre Group's Financial Reporting in 2015
Dovre Group's annual report 2014, including the financial statements and the
company's separate Corporate Governance Statement, will be available on the
company website during week 10 (week starting March 2, 2015).
Dovre Group releases its 2015 interim reports as follows:
-- Interim report for January 1 - March 31, 2015 on Wednesday, April 29, 2015
-- Interim report for January 1 - June 30, 2015 on Thursday, July 23, 2015
-- Interim report for January 1 - September 30, 2015 on Thursday, October 22,
2015.
The Annual General Meeting is provisionally scheduled for Wednesday, March 25,
2015.
Dovre Group is a global provider of project management services. Dovre Group
has two business areas: Project Personnel and Consulting. In 2014, the Group's
net sales were EUR 98.9 million. Dovre Group employs over 480 people
worldwide. Dovre Group is listed on the NASDAQ OMX Helsinki (symbol: DOV1V).
Distribution
NASDAQ OMX Helsinki Ltd
Major media
www.dovregroup.com
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