Espoo, Finland, 2012-02-15 07:45 CET (GLOBE NEWSWIRE) --
Dovre Group Plc Financial Statements February 15, 2012 at 08:45 a.m.
DOVRE GROUP FINANCIAL STATEMENTS (IFRS) JANUARY 1 – DECEMBER 31, 2011
Dovre Group’s operating result continued improving in 2011
(Unless otherwise stated, last year’s corresponding period in parentheses.)
SUMMARY
October – December 2011
- Net sales EUR 18.8 (18.6) million – growth 1.5%
- Project Personnel: net sales EUR 15.8 (16.0) million – change -1.2%
- Consulting: net sales EUR 2.1 (1.8) million – growth 16.1%
- Software: net sales EUR 1.2 (0.9) million – growth 41.9%
- Operating result EUR 0.9 (0.2) million – increase EUR 0.7 million
- Comparable operating result EUR 0.9 (0.5) million – increase EUR 0.4 million
- Comparable operating result 4.9% (3.0%) of net sales
- Result for the period EUR 0.7 (0.1) million – increase EUR 0.6 million
- Earnings per share EUR 0.01 (0.00)
- Net cash flow from operating activities EUR 1.7 (1.5) million
January – December 2011
- Net sales EUR 72.5 (70.8) million – growth 2.4%
- Project Personnel: net sales EUR 61.9 (61.4) million – growth 0.8%
- Consulting: net sales EUR 6.9 (6.1) million – growth 13.3%
- Software: net sales EUR 4.1 (3.5) million – growth 15.5%
- Operating result EUR 4.9 (3.4) million – increase EUR 1.5 million
- Comparable operating result EUR 3.2 (2.7) million – increase EUR 0.5 million
- Comparable operating result 4.5% (3.9%) of net sales
- Result for the period EUR 3.2 (2.3) million – increase EUR 0.9 million
- Earnings per share EUR 0.05 (0.04)
- Net cash flow from operating activities EUR 2.0 (3.4) million
- Board of Directors proposes to the AGM a dividend of EUR 0.01 per share
In 2012, net sales are expected to grow from 2011. Comparable operating result is estimated to remain at the same level as in 2011.
The financial information presented in the financial statements is based on the company’s audited financial statements. The auditor’s report was issued on February 14, 2012.
KEY FIGURES
| 10-12 | 10-12 | Change | 1-12 | 1-12 | Change | |
| (EUR million) | 2011 | 2010 | % | 2011 | 2010 | % |
| Net sales | 18.8 | 18.6 | 1.5 | 72.5 | 70.8 | 2.4 |
| Operating result | 0.9 | 0.2 | 327.9 | 4.9 | 3.4 | 45.5 |
| % of Net sales | 4.9% | 1.2% | 6.8% | 4.8% | ||
| Result for the period | 0.7 | 0.1 | 647.8 | 3.2 | 2.3 | 37.6 |
| % of Net sales | 3.9% | 0.5% | 4.4% | 3.3% | ||
| Net cash flow from operations | 1.7 | 1.5 | 13.3 | 2.0 | 3.4 | -41.2 |
| Debt-equity ratio (Gearing), % | -34.6% | -27.2% | 27.2 | -34.6% | -27.2% | 27.2 |
| Earnings per share. EUR | ||||||
| Basic | 0.01 | 0.00 | 0.05 | 0.04 | ||
| Diluted | 0.01 | 0.00 | 0.05 | 0.04 |
JANNE MIELCK, CEO
Overall, Dovre Group performed well in 2011. Our operating result continued improving also in the fourth quarter. However, our net sales grew less than expected.
In the fourth quarter of 2011, the Group’s net sales increased by approximately 2% compared to 2010. The Group’s Project Personnel division did well in Norway, but did not manage to increase the number of consultants in North America and Asia. Both our Consulting and Software divisions significantly increased their net sales in the fourth quarter of 2011, by 16% and 42% respectively.
In the fourth quarter, the Group’s operating result was EUR 0.9 million. The operating result increased by EUR 0.7 million and the comparable operating result by EUR 0.4 million compared to the fourth quarter in 2010. Both Consulting and Software divisions improved their operating result.
During the financial year, the Group’s net sales grew by over 2% compared to 2010. All business divisions were ahead of their net sales compared to 2010. In North America, the end of two major projects caused a dip in overall outcome. Our net sales grew in the Asian and European markets.
The Group’s operating result was EUR 4.9 million and comparable operating result EUR 3.2 million in 2011. The release of the liability from the defined benefit pension plan in Norway improved the operating result by EUR 1.7 million in the first quarter of 2011. The Group’s comparable operating result increased by EUR 0.5 million from 2010.
In the fourth quarter of 2011, the Group’s net cash flow from operating activities was EUR 1.7 million. At the end of the financial year, the Group’s cash and cash equivalents were EUR 7.9 million, which was EUR 2.4 million more than in 2010.
The positive development of the Group’s operating result and cash and cash equivalents in 2011 provides a good basis for investing in further growth in 2012.
FUTURE OUTLOOK
General economic insecurity has not affected investment levels in the Oil and Gas industry, including Project Personnel division’s major customers. Thus, we expect demand for the division’s services to remain stable in key market areas. In 2012, we expect to gain new customers in the Middle East.
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 2012.
We will continue developing the Group in accordance with our strategy and long-term goals.
In 2012, net sales are expected to grow from 2011. Comparable operating result is estimated to remain at the same level as in 2011.
This future outlook is based on forecasts approved by Dovre Group’s Board of Directors.
EVENTS AFTER THE FINANCIAL PERIOD
The Group is currently investigating the possibility of expanding the Group’s business in the renewable energy sector, including also the adoption of new business models. We also aim to work closer together with project developers in the renewable energy sector.
In its meeting on February 14, 2012, Dovre Group’s Board of Directors approved the company’s dividend policy. The company seeks growth and follows a conservative dividend policy. The company pays dividend to its shareholders based on the company’s financial performance. The needs to finance the company’s growth will be considered when deciding on dividend pay-out.
BOARD OF DIRECTORS’ PROPOSAL FOR THE USE OF PROFITS
The parent company’s distributable funds are EUR 4,423,430.82, including EUR 4,077,850.82 of profit for the financial year.
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 628,957.51 based on the total number of shares (62,895,751), and that the remaining profit for the financial year is entered into shareholder’s equity.
The Company having decided to dissolve the unrestricted equity fund and to reduce the share capital of the Company in order to set off losses from prior financial years at the Annual General Meeting held on March 17, 2011, the payment of the dividend is conditional on the creditor protection procedure in accordance with Chapter 14, Sections 3-5 of the Finnish Companies Act. The procedure is estimated to take four (4) months.
The Board of Directors further proposes that the dividend, conditional on the creditor protection procedure as noted in the previous paragraph, is paid to a shareholder who on the record date March 20, 2012, is registered as a shareholder in the Company’s shareholders’ register maintained by Euroclear Finland Ltd. The dividend is paid on August 15, 2012.
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 on the company’s financial standing.
Summary of financial statements and notes to the financial statements are presented in a separate document, which is attached to this stock exchnage bulletin. The release of financial statements can also be found on Dovre Group’s website, www.dovregroup.com.
Espoo, February 14, 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
Heidi Karlsson, SVP, Corporate Functions
tel. +358-20-436 2000
heidi.karlsson@dovregroup.com
Dovre Group’s Financial Reporting in 2012
Dovre Group Plc’s Annual Report 2011, including the Group’s financial statements for January 1 – December 31, 2011, will be available on the company website by March 2, 2012.
Dovre Group releases its 2012 interim reports as follows:
- Interim report for January 1 – March 31, 2012 on Thursday, April 26, 2012
- Interim report for January 1 – June 30, 2012 on Thursday, July 26, 2012
- Interim report for January 1 – September 30, 2012 on Thursday, October 25, 2012.
Annual General Meeting
Dovre Group Plc’s Annual General Meeting has been planned to be held at Suomalainen Klubi in Helsinki (address: Kansakoulukuja 3) on Thursday, March 15, 2012, starting at 3:30pm.
Distribution
NASDAQ OMX Helsinki Ltd
Major media
www.dovregroup.com
