Annual Report • Feb 14, 2014
Annual Report
Open in ViewerOpens in native device viewer
Dovre Group Plc Financial statements February 14, 2014 at 8.30 a.m.
| EUR million | 10-12 | 10-12 | Change | 1-12 | 1-12 | Change |
|---|---|---|---|---|---|---|
| 2013 | 2012 | % | 2013 | 2012 | % | |
| Net sales | 24.8 | 25.7 | -3.5 | 98.5 | 94.1 | 4.8 |
| Operating result | 0.5 | 0.6 | -24.0 | 2.4 | 3.4 | -29.6 |
| % of net sales | 2.0 | 2.5 | 2.4 | 3.6 | ||
| Operating result excl. extraordinary | 0.7 | 0.6 | 9.3 | 3.0 | 3.4 | -11.6 |
| items | ||||||
| % of net sales | 2.9 | 2.5 | 3.1 | 3.6 | ||
| Result for the period, incl. discontinued operations |
0.4 | 0.7 | -38.6 | 5.6 | 2.9 | 93.9 |
| % of net sales | 1.6 | 2.5 | 5.6 | 3.0 | ||
| Result for the period, continuing | 0.4 | 0.5 | -16.8 | 1.2 | 2.2 | -45.0 |
| operations | ||||||
| % of net sales | 1.6 | 1.8 | 1.2 | 2.3 | ||
| Net cash flow from operations, | 2.7 | 0.7 | 75.4 | 3.7 | 1.9 | 91.3 |
| continuing operations | ||||||
| Net cash flow from operations, incl. | 2.7 | 1.3 | 106.6 | 3.2 | 2.8 | 14.9 |
| discontinued operations | ||||||
| Change in cash and cash equivalents, | 2.1 | 1.5 | 45.5 | 4.4 | 1.4 | 224.3 |
| incl. discontinued operations | ||||||
| Debt-equity ratio (Gearing), % | -50.0 | -27.0 | 85.2 | -50.0 | -27.0 | 85.2 |
| Earnings per share, EUR (incl. | ||||||
| discontinued operations) | ||||||
| Basic | 0.01 | 0.01 | -38.6 | 0.09 | 0.05 | 93.9 |
| Diluted | 0.01 | 0.01 | -38.7 | 0.09 | 0.05 | 93.4 |
| Earnings per share, EUR (continuing | ||||||
| operations) | ||||||
| Basic | 0.01 | 0.01 | -14.7 | 0.02 | 0.04 | -45.0 |
| Diluted | 0.01 | 0.01 | -14.9 | 0.02 | 0.03 | -45.1 |
The Group's Software business area, which was sold on May 30, 2013, has been reported under discontinued operations as of the fourth quarter of 2012.
"In 2013, Dovre Group's net sales developed positively throughout the year. While net sales growth in euros was 5 %, our net sales grew 10% in local currencies. In the fourth quarter, our euro net sales decreased 3.5% from the fourth quarter of 2012, while local currency net sales grew 7%. The strengthening of the euro in relation to the local currencies in Dovre's key markets had a negative impact on the Group's euro net sales especially in the second half of 2013. Only 2% of the Group's net sales were in the Group's reporting currency. The Group's net sales in 2013 were EUR 98.5 million.
Project Personnel, our biggest business area, increased its net sales approximately 5.8% in 2013. In local currencies, the growth in net sales was 11%. Net sales for Consulting decreased by 6.8% in euros and by 4% in local currencies. Geographically, growth in net sales was strongest in Norway throughout the year.
Our operating result in 2013 was EUR 2.4 million, which is 2.4% of net sales. Excluding extraordinary items, our operating result was EUR 3.0 million, which is 3.1% of net sales. Our operating result in the fourth quarter of 2013 was EUR 0.5 million, which is 2.0% of net sales. Excluding extraordinary items, operating result in the fourth quarter was EUR 0.7 million, which is 2.9% of net sales.
Profitability of the Group's Project Personnel business area was affected by items relating to previous periods and by restructuring costs in Australia in the first quarter of 2013. Profitability was also affected by investments in business development within the business area, most notably the Dovre Club service platform. In the Consulting business area, profitability decreased due to the difficult market situation in Finland and Sweden and the business area's challenges in biorenewables consulting in the beginning of the year.
In accordance with the Group's strategy, released in January 2013, we will focus on providing professional services to the energy sector, especially the oil and gas industry, with the aim to become the most advanced international player in the field. As part of our new strategy we announced that we would discontinue our software business in Norway. The sale of Safran Software Solutions was completed in May 2013.
Our most important development project of the year, Dovre Club, was launched to the market in October. Dovre Club is an advanced online service platform for recruiting and sales with sophisticated tools for business and market analysis. I believe it will also significantly strengthen our internal processes.
Our long term work to expand our market in the Middle East bore fruit at the end of 2013, when our first assignments in the area started. The Group's associate SaraRasa Bioindo started commercial renewable fuel production in Indonesia in the final quarter of 2013.
I expect our business to grow steadily in 2014. Investment levels in the energy sector are expected to remain stable. We continue our work to develop the Group in accordance with our strategy, with further development of the Dovre Club online service as an essential part of strategy implementation."
General economic insecurity has not significantly affected investment levels among Project Personnel business area's customers in the oil and gas industry and Dovre Gourp expects demand for the business area's services to remain stable in key market areas also in 2014. 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. However, Norway's strong economic growth is expected to level down in 2014. In Finland and Sweden, demand for consulting services decreased in 2013 due to low investment levels especially in the export industry. Dovre expects moderate increase of customer demand in 2014.
Guidance for 2014: In 2014, net sales are expected to grow and operating result to improve from 2013. This future outlook is based on forecasts approved by Dovre Group's Board of Directors.
Dovre Group Plc is an international company providing professional services to the energy industry. The company has two business areas: Project Personnel and Consulting.
The company aims to become the most advanced player in its field. The company's long-term financial objective is an operating profit margin on the level of 5-10% with an average annual net sales growth of more than 15%.
Dovre Group consists of the Group's parent Dovre Group Plc and its fully-owned operational subsidiaries in Australia, Canada, Norway, Russia, Singapore, Sweden, the UK, and the US.
Dovre Group Plc also has two associated companies, SaraRasa Biomass Pte. Ltd. and SaraRasa Bioindo Pte. Ltd. in Singapore. The Group's associates' net sales are not included in the Group's net sales, but the Group's share of the associates' result is included in the Group's result.
In 2013, Dovre Group's net sales increased by 4.8%, totaling EUR 98.5 (94.1) million. In local currencies, growth in net sales was approx. 10%. Project Personnel accounted for 91 (90) % and Consulting for 9 (10) % of the Group's net sales.
Net sales for Project Personnel increased by 5.8% in euros, totaling EUR 89.9 (85.0) million. In local currencies, Project Personnel's net sales increased 11%. Net sales for Consulting decreased by 6.8%, totaling EUR 8.5 (9.2) million. In local currencies, net sales for Consulting decreased by 4%.
In Q4, the Group's net sales decreased by 3.5%, totaling EUR 24.8 (25.7) million. In local currencies, the Group's net sales increased by approx. 7%. In Q4, Project Personnel accounted for 91 (92) % and Consulting for 9 (9) % of the Group's net sales. Net sales for Project Personnel decreased by 2.2%, totaling EUR 22.6 (23.1) million. Net sales for Consulting decreased by 14.9%, totaling EUR 2.2 (2.6) million.
By market area, EMEA's net sales totaled EUR 54.2 (49.2) million, accounting for 55 (52) % of the Group's net sales in 2013. Net sales for AMERICAS were EUR 39.2 (39.4) million, accounting for 40 (42) % the Group's net sales. Net sales for APAC were EUR 5.2 (5.5) million, accounting for 5 (6) % the Group's net sales. Lower sales volumes in APAC were due to business restructuring in Australia that was carried out in the beginning of 2013.
| Net sales by | Change in | Change in | ||||||
|---|---|---|---|---|---|---|---|---|
| reporting segment | local | local | ||||||
| 10-12 | 10-12 | Change | currencies | 1-12 | 1-12 | Change | currencies | |
| EUR million | 2013 | 2012 | % | % | 2013 | 2012 | % | % |
| Project Personnel | 22.6 | 23.1 | -2 | 8 | 89.9 | 85.0 | 6 | 11 |
| Consulting | 2.2 | 2.6 | -15 | -9 | 8.5 | 9.2 | -7 | -4 |
| Eliminations | 0.0 | 0.0 | -61 | 0.1 | -0.1 | 228 | ||
| Group total | 24.8 | 25.7 | -3.5 | 7 | 98.5 | 94.1 | 4.8 | 10 |
5 (24)
| Net sales by market area |
Change in local |
Change in local |
||||||
|---|---|---|---|---|---|---|---|---|
| EUR million | 10-12 2013 |
10-12 2012 |
Change % |
currencies % |
1-12 2013 |
1-12 2012 |
Change % |
currencies % |
| EMEA | 14.7 | 14.0 | 4.9 | 17 | 54.2 | 49.2 | 10.1 | 15 |
| AMERICAS | 9.1 | 10.1 | -10.3 | -2 | 39.2 | 39.4 | -0.5 | 5 |
| APAC | 1.0 | 1.6 | -34.0 | -28 | 5.2 | 5.5 | -6.9 | 1 |
| Group total | 24.8 | 25.7 | -3.5 | 7 | 98.5 | 94.1 | 4.8 | 10 |
Dovre Group's markets by area are:
In 2013, the Group's operating result was EUR 2.4 (3.4) million. Project Personnel business area's operating result was EUR 3.8 (3.9) million. Consulting business area's operating result was EUR 0.7 (1.4) million. The operating result of Other functions was EUR -1.8 (-1.6) million. Intra-Group service charges were EUR 0.9 (0.8) million. The Group's operating result excluding extraordinary items was EUR 3.0 (3.4) million, which is 3.1 (3.6) % of net sales.
In Q4, the Group's operating result was EUR 0.5 (0.6) million. Project Personnel business area's operating result was EUR 0.9 (0.7) million. Consulting business area's operating result was EUR 0.3 (0.4) million. The operating result of Other functions was EUR -0.7 (-0.3) million. Operating result, continuing operations excl. extraordinary items EUR 0.7 (0.6) million, which is 2.9 (2.5) % of net sales.
The Group's profitability was affected by items relating to previous periods and by restructuring costs in Australia in Q1 in the Project Personnel business area, and costs relating to the change of the Group's CEO. In the Consulting business area, decrease in the operating result was due to the difficult market situation in Finland and Sweden and challenges in entering the market in biorenewables.
In 2013, the Group's discontinued operations' operating result was EUR 0.4 (0.9) million.
| Operating result by | Change in | Change in | ||||||
|---|---|---|---|---|---|---|---|---|
| reporting segment | 10-12 | 10-12 | Change | local | 1-12 | 1-12 | Change | local |
| EUR million | 2013 | 2012 | % | currencies % | 2013 | 2012 | % | currencies % |
| Project Personnel | 0.9 | 0.7 | 42 | 59 | 3.8 | 3.9 | -2 | 4 |
| Consulting | 0.3 | 0.4 | -21 | -19 | 0.7 | 1.4 | -52 | -51 |
| Other functions | -0.7 | -0.3 | -104 | -101 | -1.8 | -1.6 | -14 | -14 |
| Eliminations | 0.0 | 0.0 | -99 | 0.0 | 0.0 | -99 | ||
| Unallocated | 0.0 | -0.1 | 23 | -0.3 | -0.3 | -2 | ||
| Group total | 0.5 | 0.6 | -24 | -7 | 2.4 | 3.4 | -30 | -22 |
In 2013, result before taxes for the Group's continuing operations was EUR 2.0 (3.2) million including the Group's share, EUR -0.3 (-0.2) million, of the results of its associates SaraRasa Biomass Pte Ltd. and SaraRasa Bioindo Pte Ltd.
In 2013, result after taxes for the Group's continuing operations and including discontinued operations EUR 5.6 (2.9) million. Taxes for continuing operations totaled EUR -0.8 (-1.0) million. Discontinued operations accounted for EUR 4.3 (0.7) million of the Group's result.
The Group's earnings per share incl. discontinued operations was EUR 0.09 (0.05). The Group's return on average capital employed before taxes was 10.2 (15.9) %.
In Q4, result before taxes for the Group's continuing operations was EUR 0.4 (0.5) million including the Group's share, EUR -0.1 (-0.0) million, of the results of its associates SaraRasa Biomass Pte Ltd. and SaraRasa Bioindo Pte Ltd.
In Q4, result after taxes for the Group's continuing operations and including discontinued operations was EUR 0.4 (0.7) million. Taxes totaled EUR 0.0 (-0.1) million. Discontinued operations accounted for EUR 0.0 (0.2) million of the Group's result.
In Q4, the Group's earnings per share incl. discontinued operations was EUR 0.01 (0.01). The Group's return on average capital employed before taxes was 7.8 (10.9) %.
On December 31, 2013, the Group balance sheet total was EUR 40.7 (40.5) million.
The Group's cash and cash equivalents totaled EUR 13.7 (9.3) million at the end of the financial year. In addition, the parent company and the subsidiaries have unused credit limits. The Group's cash and cash equivalents increased by EUR 4.4 (1.3) million during January – December 2013, EUR 3.9 million of which was due to the sale of Safran Software Solutions AS in May 2013.
The equity ratio was 62.3 (56.8) %. The debt-equity ratio (gearing) was -50.0 (-27.0) %. On December 31, 2013, the interest-bearing liabilities amounted to EUR 1.0 (1.3) million, accounting for 2.6 (3.2) % of the Group's shareholders' equity and liabilities. The Group's interest-bearing liabilities were all current.
The net cash flow from operating activities for the Group's continuing operations was EUR 3.7 (1.9) million. The net cash flow from operating activities including discontinued operations was EUR 3.2 (2.8) million, which includes EUR 0.9 (-0.9) million change in working capital. EUR 1.2 (0.9) million were paid in taxes.
The net cash flow from investing activities was EUR 3.5 (-1.4) million, including disposal of shares in Group companies, net of disposed cash, EUR 3.9 million. Gross investments totaled EUR 0.4 (1.7) million. The comparative for 2012 includes the Group's investment, EUR 1.5 million, in a project development company based in Singapore and in the company's first development project.
The net cash flow from financing activities was EUR -1.4 (-0.2) million. The Group drew new current loans worth of EUR 0.2 (0.4) million. During the period under review, the Group paid a total of EUR 1.3 (0.6) million in dividends.
The balance sheet goodwill totaled EUR 7.0 (7.8) million on December 31, 2013. No indications of impairment of assets exist.
The Group's research and development costs were EUR 0.2 (0.1) million, representing 0.2 (0.1) % of the Group's net sales.
Patrick von Essen was appointed Dovre Group's new CEO on December 16, 2013. Von Essen, who is currently Vice President, Real Estate, at Fiskars Plc, will assume his position during the spring 2014. Dovre Group's CFO Tarja Leikas has served as the Group's acting CEO since December 17, 2013. Jan-Erik Mielck served as the Group's CEO until December 16, 2013.
At the end of the financial year, the Group's Executive Team was Tarja Leikas (acting CEO and CFO), Arve Jensen (EVP, Project Personnel), and Petri Karlsson (EVP, Consulting).
The following changes took place in the Group's Executive Team in 2013: Mikko Marsio and Juha Pennanen were members of the Executive Team until January 25, 2013. Heidi Karlsson served as Dovre Group's CFO and member of the Executive Team until September 3, 2013. Tarja Leikas started as Dovre Group's new CFO and a member of the Executive Team on September 16, 2013. Jan-Erik Mielck served as the Group's CEO and the Chairman of the Executive Team until December 16, 2013.
In 2013, the average number of personnel employed by the Group's continuing operations was 469 (434). On December 31, 2013, Dovre Group employed 468 (461) people. The average number of personnel employed by the Group's Other functions was 5 (5).
At the end of the year, 49 (54) personnel were employed by Consulting, 44 (42) by Project Personnel's sales, marketing and administration functions, and 371 (359) worked on Project Personnel's customer projects. In the Project Personnel business area, 41 (0) % of all employees were independent contractors.
In 2013, the Group's personnel expenses for continuing operations were EUR 85.9 (80.2) million.
The personnel expenses of the Project Personnel business area were EUR 77.6 (72.6) million. The personnel expenses of the Consulting business area were EUR 6.9 (6.7) million. The personnel expenses of Other functions were EUR 1.4 (0.9) million.
| Personnel | 10-12 | 10-12 | Change | 1-12 | 1-12 | Change |
|---|---|---|---|---|---|---|
| average | 2013 | 2012 | % | 2013 | 2012 | % |
| Project Personnel | 417 | 401 | 4 | 411 | 379 | 9 |
| Consulting | 49 | 55 | -11 | 53 | 50 | 6 |
| Other functions | 4 | 6 | -33 | 5 | 5 | 0 |
| Group total | 470 | 462 | 1.7 | 469 | 434 | 8.1 |
The Group's business development proceeded in accordance with the Group's new strategy, released in January 2013. As part of the new strategy the Group announced that it would discontinue its´ software business in Norway. The sale of Safran Software Solutions AS was completed in May 2013. In terms of utilizing latest technologies in business operations, the most notable achievement was the introduction of the Dovre Club service platform in October 2013. Through Dovre Club the Group aims to strengthen its´ business practices by improving the quality of operations and customer experience.
The Group´s long term work to expand the market in the Middle East bore fruit at the end of 2013, when first assignments in the area started.
The Group's associate SaraRasa Bioindo started commercial renewable fuel production in Indonesia in the last quarter of 2013.
On December 31, 2013, Dovre Group's share capital was EUR 9,603,084.48 and the total number of shares 62,915,751. Increase in the number of shares during the financial year, 20,000, was due to the registration on April 12, 2013, of the new shares subscribed for with the company's 2010A stock option plan. The increase has been recorded in the company's reserve for non-restricted equity.
In January – December, 2013, approximately 16.1 (9.2) million Dovre Group shares were exchanged on the NASDAQ OMX Helsinki Ltd., corresponding to a trade of approximately EUR 7.7 (3.9) million. The lowest quotation was EUR 0.38 (0.32) and the highest EUR 0.59 (0.52). On December 31, 2013, the closing quotation was EUR 0.48 (0.53).
The period-end market capitalization was approximately EUR 30.2 (33.3) million.
On December 31, 2013, the number of registered shareholders of Dovre Group Plc totaled 3,064 (2,927) including 9 nominee registers. 0.7 (0.9) % of the Group's shares are nominee-registered.
On December 31, 2013, members of the Group's Board of Directors owned directly 3,089,540 shares in the company, representing 4.9% of all shares. Including holdings through a company and/or family member, members of the Board held a total of 4,934,540 shares in the company, representing 7.8% of all shares.
On December 31, 2013, the Group's acting CEO Tarja Leikas held, together with her family members and through her controlled companies, a total of 10,422 shares in the company and a total of 100,000 stock options granted under the 2013 stock option plan. At the end of the financial year, Patrick von Essen did not own any shares in the company. Jan-Erik Mielck, the Group's CEO until December 16, 2013, held, on December 16, 2013, a total of 50,000 shares in the company and a total of 725,000 stock options.
The subscription period for Dovre Group Plc's 2010B option plan begun on March 1, 2013. No shares were subscribed for with the option rights during the financial year.
In its meeting on January 24, 2013, the Board of Directors of Dovre Group Plc approved a new option plan 2013 based on the authorization granted to the Board by the company's Annual General Meeting held on March 15, 2012. Under this plan, a total of 3,000,000 stock options are offered for subscription to Dovre Group's key personnel. Each stock option entitles the holder to subscribe for one share in Dovre Group Plc. By the end of the financial year, the Group had granted a total of 725,000 stock options under the 2013 stock options plan.
The option plan is divided into three series, with each series including a maximum of 1,000,000 stock options. The share subscription period and price per series are as follows:
Option series 2013A: Subscription price EUR 0.54, March 1, 2015 – February 29, 2018 Option series 2013B: Subscription price is the trade volume weighted average rating during February 1 – March 31, 2014, and the subscription period March 1, 2016 – February 28, 2019 Option series 2013C: Subscription price is the trade volume weighted average rating during February 1 – March 31, 2015, and the subscription period March 1, 2017 – February 28, 2020
In its meeting on January 24, 2013, the Board of Directors of Dovre Group Plc decided to cancel a total of 345,000 2010A stock options and a total of 380,000 2010B stock options.
By the end of the financial year, the Group had granted a total of 535,000 2010A stock options and a total of 395,000 2010B stock options. Each stock option entitles the holder to subscribe for one share in Dovre Group Plc.
Option series 2010A: Subscription price EUR 0.33, subscription period March 1, 2012 – February 28, 2015 Option series 2010B: Subscription price EUR 0.47, subscription period March 1, 2013 – February 28, 2016 Option series 2010C: Subscription price EUR 0.38, subscription period March 1, 2014 – February 28, 2017
Dovre Group Plc's Annual General Meeting held on March 14, 2013, adopted the financial statements for 2012, discharged the members of the Board of Directors and the CEO from liability for the financial year enading on December 31, 2012, and decided on other matters falling within its competence in accordance with the Board of Directors' proposal. In addition, the Annual General Meeting resolved that the company's registered office shall be situated in Helsinki, Finland.
The Annual General Meeting held on March 14, 2013, decided to authorize the Board of Directors to decide on the repurchase of a maximum of 6,200,000 of the Company's own shares. The repurchase authorization is valid until June 30, 2014. The Board did not exercise the authorizations granted by the Annual General Meeting held on March 14, 2013 during the financial year.
The Annual General Meeting also decided to authorize the Board of Directors to decide on the issuance of shares as well as the issuance of special rights. By virtue of the authorization, the Board is entitled to decide on the issuing of a maximum of 12,400,000 new shares. Additionally, the Board is authorized to grant special rights entitling to shares should there be weighty financial reasons for doing so. The Board is entitled to decide on the conveying of a maximum 6,200,000 own shares held by the Company. The number of shares
to be issued to the Company shall not exceed 6,200,000 including the number of own shares acquired by the Company by virtue of the authorization to repurchase the Company's own shares. The maximum number of shares to be thus issued is 5,000,000 whereby this maximum number is included in the maximum number of shares noted above. The authorization is valid until June 30, 2014.
Dovre Group Plc's Annual General Meeting, held on March 14, 2013, set the number of Board members to five. At the end of the financial year, the Chairman of the Board was Hannu Vaajoensuu, Vice Chairman was Rainer Häggblom, and members of the Board were Ilari Koskelo, Ossi Pohjola, and Anja Silvennoinen. All members of the Board were independent of the company and its major shareholders. In December 2013, board member Anja Silvennoinen announced her resignation, effective on January 1, 2014, from the Board of Directors. Ms Silvennoinen resigned in order to avoid any conflict of interest between her membership in Dovre Group's Board of Directors and her new position at Pöyry Management Consulting Ltd.
Until the Annual General Meeting of Dovre Group Plc on March 14, 2013, the Board of Directors consisted of Hannu Vaajoensuu (Chairman), Antti Manninen, Ilari Koskelo, Leena Mäkelä, and Ossi Pohjola.
In accordance with the decision of the Annual General Meeting, the Chairman of the Board is paid an annual compensation of EUR 35,000, the Vice Chairman EUR 25,000, and other members of the Board EUR 22,000.
Authorized public accountants Ernst & Young Oy continued as the Group's auditor, with APA Mikko Järventausta as the auditor in charge.
Dovre Group Plc complies with the Corporate Governance Code of the Finnish Securities Market Association. Dovre Group follows the recommendations of the Finnish Corporate Governance Code with the following exception: There are no separate committees of the Board, because the size of the Group's operations and of the Board do not necessitate the preparation of matters in smaller groups than the composition of the Board.
The Corporate Governance Statement for 2013 will be issued separately from the Annual Review by Dovre Group Plc's Board of Directors. Dovre Group's corporate governance principles are available on the company's investor pages at www.dovregroup.com.
The success of the Group's Project Personnel business area is influenced by the energy sector market as well as investment levels in the oil and gas industry. The business area expands its business to new geographical market areas. Growth in new market areas requires investments and includes risks. The business area's identified main risks are maintaining its overall competitiveness, profitability, and its key resources in an ever more competitive market environment. Project Personnel business is project-based by nature, thus adding an element of uncertainty to forecasting.
The oil and gas industry in general involves risks, and single projects may experience delays or other unexpected events. Such situations may affect the operating result of the Project Personnel business area. Dovre Group is responsible for the work performed by its consultants. However, the company has no overall responsibility for project deliveries.
In the Consulting business area, current market outlook in Norway remains is positive, while uncertainty in the export industry in Finland and Sweden may continue to influence demand for consulting services. The business area has expanded into the renewable energy market, which involves investments and includes risks. Project delivery also involves minor risks due to both customers and the Group's own personnel such as project delays or loss of key personnel.
Dovre Group has two major customers, each of which accounts for more than 10% of the Group's net sales. The Group has extensive delivery agreements with these clients and is thus dependent on its key customers and the long-term frame agreements signed with them.
Dovre Group has invested in a new company, SaraRasa Bioindo Pte. Ltd.,based in Singapore. Risks involved in the start-up phase, such as organizational set-up, construction of production capacity, legal and regulatory issues, commercial agreements, and feedstock purchase and end-product sale agreements have diminished as the company has started operations. As the company's production unit is located in Indonesia, the company is exposed to high political risk.
The Group's reporting currency is euro. The Group's most important functional currencies are the Canadian dollar, the Norwegian crown, and the US dollar. Currency fluctuations can affect the company's net sales. Assets and liabilities in foreign currencies can also result in foreign exchange gains or losses. The Group is hedging its currency positions.
No material events have taken place after the end of the financial year.
The parent company's distributable funds are EUR 15,816,710.91. 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 1 258 215,00 based on the total number of shares (62,915,751). The Board also proposes an extraordinary dividend of EUR 0.05 per share to be paid, corresponding to EUR 3 145 537,55.
The Board of Directors proposes that the dividend and the extraordinary dividend are paid to a shareholder who on the record date April 1, 2014, is registered as a shareholder in the Company's shareholders' register maintained by Euroclear Finland Ltd. The dividend is paid on April 8, 2014.
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.
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 13, 2014.
Dovre Group organizes a briefing on financial statements 2013 to the press and financial analysts on Friday, February 14, 2014, at 10 a.m. The briefing will be held at Event Arena Bank, Unioninkatu 20, Helsinki. A recording of the briefing will be available on the company's website www.dovregroup.com from around 3 pm onwards. The briefing will be held in Finnish.
Helsinki, February 13, 2014
DOVRE GROUP PLC BOARD OF DIRECTORS
For additional information, please contact
Dovre Group Plc Tarja Leikas, CEO (acting), CFO tel. +358-20-436 2000 [email protected] www.dovregroup.com
Dovre Group Plc's Annual Report 2013, including the Group's audited financial statements for January 1 – December 31, 2013, will be available on the company website by March 6, 2014.
Dovre Group releases its 2013 interim reports as follows:
Dovre Group Plc's Annual General Meeting has been planned to be held at Suomalainen Klubi in Helsinki (address: Kansakoulukuja 3) on Thursday, March 27, 2014, starting at 2:30pm.
Distribution NASDAQ OMX Helsinki Ltd Major media www.dovregroup.com
| 10-12 | 10-12 | Change | 1-12 | 1-12 | Change | |
|---|---|---|---|---|---|---|
| EUR thousand | 2013 | 2012 | % | 2013 | 2012 | % |
| Continuing operations: | ||||||
| NET SALES | 24 804 | 25 709 | -3.5 | 98 544 | 94 069 | 4.8 |
| Other operating income | 50 | 54 | -7.2 | 132 | 87 | 51.6 |
| Material and services | -93 | -46 | 101.3 | -274 | -219 | 25.1 |
| Employee benefits expense | -21 760 | -21 613 | 0.7 | -85 857 | -80 183 | 7.1 |
| Depreciation and amortization | -106 | -110 | -3.1 | -402 | -428 | -6.1 |
| Other operating expenses | -2 402 | -3 345 | -28.2 | -9 736 | -9 907 | -1.7 |
| OPERATING RESULT | 493 | 649 | -24.0 | 2 407 | 3 419 | -29.6 |
| Financing income | 87 | 49 | 77.1 | 478 | 351 | 36.1 |
| Financing expenses | -157 | -113 | 39.1 | -552 | -374 | 47.6 |
| Share of results in associates | -60 | -43 | 39.5 | -294 | -156 | 88.5 |
| RESULT BEFORE TAX | 364 | 543 | -33.0 | 2 039 | 3 240 | -37.1 |
| Tax on income from operations | 37 | -73 | -151.3 | -825 | -1 033 | -20.1 |
| RESULT FOR THE PERIOD, | 401 | 470 | -14.7 | 1 214 | 2 207 | -45.0 |
| continuing operations | ||||||
| Discontinued operations: | ||||||
| Result for the period, discontinued | 183 | -100.0 | 4 349 | 662 | 556.9 | |
| operations | 401 | 653 | -38.6 | 5 563 | 2 869 | 93.9 |
| RESULT FOR THE PERIOD | ||||||
| Other comprehensive income | ||||||
| Other comprehensive income to | ||||||
| be classified to or loss in | ||||||
| subsequent periods: | ||||||
| Translation differences | -672 | -264 | -154.5 | -2 014 | 290 | 794.5 |
| Other comprehensive income for | -672 | -264 | -154.5 | -2 014 | 290 | 794.5 |
| the period, net of tax | ||||||
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
-271 | 389 | -169.7 | 3 549 | 3 159 | 12.3 |
| Earnings/share EUR | ||||||
| Basic, continuing operations | 0.01 | 0.01 | -14.7 | 0.02 | 0.04 | -45.0 |
| Diluted, continuing operations | 0.01 | 0.01 | -14.8 | 0.02 | 0.03 | -45.1 |
| Basic, discontinued operations | 0.00 | -100.0 | 0.07 | 0.01 | 556.8 | |
| Diluted, discontinued operations | 0.00 | -100.0 | 0.07 | 0.01 | 555.3 | |
| Basic, result for the period | 0.01 | 0.01 | -38.6 | 0.09 | 0.05 | 93.9 |
| Diluted, result for the period | 0.01 | 0.01 | -38.8 | 0.09 | 0.05 | 93.4 |
| 10-12 | 10-12 | 1-12 | 1-12 | |||
| Average number of shares | 62 915 751 | 2013 | 2012 62 895 751 |
2013 62 910 751 |
2012 62 895 751 |
|
| Basic Diluted |
63 318 920 | 63 183 706 | 63 225 292 | 63 063 235 | ||
| EUR thousand | Dec. 31, 2013 |
Dec. 31, 2012 |
Change % |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 754 | 856 | -11.9 |
| Goodwill | 6 972 | 7 803 | -10.6 |
| Tangible assets | 145 | 123 | 17.9 |
| Investments in associates | 967 | 1 296 | -25.4 |
| Trade receivables and other receivables | 26 | 25 | 4.0 |
| Deferred tax asset | 306 | 121 | 152.9 |
| Non-current assets | 9 170 | 10 224 | -10.3 |
| Current assets | |||
| Trade receivables and other receivables | 16 854 | 19 201 | -12.2 |
| Tax receivable, income tax | 24 | 41 | -41.5 |
| Cash and cash equivalents | 13 737 | 7 503 | 83.1 |
| Current assets | 30 615 | 26 745 | 14.5 |
| Assets held for sale | 933 | 3 553 | -73.7 |
| TOTAL ASSETS | 40 718 | 40 522 | 0.5 |
| EQUITY AND LIABILITIES | |||
| Shareholders' equity | |||
| Share capital | 9 603 | 9 603 | 0.0 |
| Reserve for invested non-restricted equity | 352 | 346 | 1.7 |
| Revaluation reserve | 21 | 79 | -73.4 |
| Translation differences | -907 | 1 101 | -182.4 |
| Retained earnings | 16 297 | 11 884 | 37.1 |
| Shareholders' equity | 25 366 | 23 013 | 10.2 |
| Non-current liabilities | |||
| Deferred tax liability | 609 | 799 | -23.8 |
| Other long-term liabilities | 26 | 25 | 4.0 |
| Non-current liabilities | 635 | 824 | -22.9 |
| Current liabilities | |||
| Short-term liabilities, interest-bearing | 1 048 | 1 286 | -18.5 |
| Trade payables and other liabilities | 13 077 | 13 010 | 0.5 |
| Tax liability, income tax | 564 | 761 | -25.9 |
| Current provisions | 28 | 0 | |
| Current liabilities | 14 717 | 15 057 | -2.3 |
| Liabilities held for sale | 0 | 1 628 | -100.0 |
| TOTAL EQUITY AND LIABILITIES | 40 718 | 40 522 | 0.5 |
| Share of interest-bearing liabilities of shareholders' equity and liabilities |
2.6 % | 3.2 % |
| a) Share capital | |
|---|---|
| EUR thousand | a) | b) | c) | d) | e) | f) |
|---|---|---|---|---|---|---|
| SHAREHOLDERS' EQUITY Jan. 1, 2012 | 9 603 | 346 | 127 | 818 | 9 524 | 20 418 |
| Comprehensive income | ||||||
| Result for the period | 2 869 | 2 869 | ||||
| Other comprehensive income | ||||||
| Translation differences | 7 | 283 | 290 | |||
| Transfers between items | -55 | 55 | 0 | |||
| Total comprehensive income | 0 | 0 | -48 | 283 | 2 924 | 3 159 |
| Transactions with shareholders | ||||||
| Share based compensation | 65 | 65 | ||||
| Dividend distribution | -629 | -629 | ||||
| Total transactions with shareholders | 0 | 0 | 0 | 0 | -564 | -564 |
| SHAREHOLDERS' EQUITY Dec. 31, 2012 | 9 603 | 346 | 79 | 1 101 | 11 884 | 23 013 |
| EUR thousand | a) | b) | c) | d) | e) | f) |
|---|---|---|---|---|---|---|
| SHAREHOLDERS' EQUITY Jan. 1, 2013 | 9 603 | 346 | 79 | 1 101 | 11 884 | 23 013 |
| Comprehensive income | ||||||
| Result for the period | 5 563 | 5 563 | ||||
| Other comprehensive income | ||||||
| Translation differences | -6 | -2 008 | -2 014 | |||
| Transfers between items | -52 | 52 | 0 | |||
| Total comprehensive income | 0 | 0 | -58 | -2 008 | 5 615 | 3 549 |
| Transactions with shareholders | ||||||
| Stock options exercised | 6 | 6 | ||||
| Share based compensation | 56 | 56 | ||||
| Dividend distribution | -1 258 | -1 258 | ||||
| Total transactions with shareholders | 0 | 6 | 0 | 0 | -1 202 | -1 196 |
| SHAREHOLDERS' EQUITY Dec. 31, 2013 | 9 603 | 352 | 21 | -907 | 16 297 | 25 336 |
| 10-12 | 10-12 | 1-12 | 1-12 | |
|---|---|---|---|---|
| EUR thousand | 2013 | 2012 | 2013 | 2012 |
| Cash flow from operating activities | ||||
| Operating result, continued operations | 493 | 649 | 2 407 | 3 419 |
| Operating result, discontinued operations | 0 | 252 | 4 432 | 883 |
| Adjustments: | ||||
| Depreciation / Amortization | 106 | 111 | 404 | 433 |
| Gain on disposal of investment | 0 | -5 | -4 080 | -5 |
| Personnel expenses | 237 | 16 | 292 | 65 |
| Non-cash transactions | 8 | -18 | 8 | 0 |
| Adjustments total | 351 | 104 | -3 376 | 493 |
| Changes in working capital | ||||
| Trade and other receivables, increase (-) / | ||||
| decrease (+) | 2 454 | 1 336 | -1 486 | -3 934 |
| Trade and other payables, increase (+) / | 75 | -552 | 2 342 | |
| decrease (-) | 2 529 | 784 | 856 | 2 986 |
| Changes in working capital, total | -948 | |||
| Interest paid | -10 | -25 | -26 | -59 |
| Interest received | 15 | 19 | 74 | 77 |
| Other financial expenses paid and received | -35 | -42 | 38 | -132 |
| Income taxes paid | -597 | -412 | -1 167 | -915 |
| Net cash generated by operating activities | 2 746 | 1 329 | 3 238 | 2 818 |
| Cash flow from investing activities | -61 | -90 | -384 | |
| Investments in tangible and intangible assets | 0 | 80 | 0 | -184 |
| Proceeds from available-for-sale financial assets Disposal of shares in Group companies, net of |
80 | |||
| disposed cash | 0 | 0 | 3 932 | 0 |
| Purchase of shares in associates | 0 | 0 | -11 | -1 485 |
| Increase (-) / decrease (+) in loans receivable | 0 | 218 | 0 | 218 |
| Net cash generated by investing activities | -61 | 208 | 3 537 | -1 371 |
| Cash flow from financing activities | ||||
| Stock options exercised | 0 | 0 | 6 | 0 |
| Proceeds from short-term loans | 0 | 30 | 216 | 448 |
| Repayments of short-term loans | -133 | 0 | -404 | -16 |
| Dividends paid | 0 | 0 | -1 258 | -629 |
| Net cash generated by financing activities | -133 | 30 | -1 440 | -197 |
| Change in cash and cash equivalents | 2 552 | 1 567 | 5 335 | 1 250 |
| Translation differences | -416 | -99 | -905 | 116 |
| Cash and cash equivalents at beginning of the period | 11 601 | 7 839 | 9 307 | 7 941 |
| Cash and cash equivalents at end of the period | 13 737 | 9 307 | 13 737 | 9 307 |
| Cash and cash equivalents at end of the period | ||||
| Continued operations | 7 502 | |||
| Discontinued operations | 1 805 | |||
| Cash and cash equivalents at end of the period, total | 9 307 |
The interim report has been prepared in line with IAS 34 and, apart from the addition below, the same accounting principles have been applied as in the 2012 financial statements. Key indicator calculations remain unchanged and have been presented in the 2012 financial statements.
The Group applies the following new or revised standards as appropriate: IAS 1 Presentation of Financial Statements (amendment); IFRS 7 Financial Instruments: Disclosures (amendment); IFRS 13 Fair Value Measurement (new); and annual improvements. As the Group has no defined benefit plans, the amended IAS 19 Employee Benefits does not affect the Group's result, financial position, or disclosure.
The Group applies the possibility allowed by IAS21.15 to classify receivables as a part of the Group's net investment in a foreign subsidiary and thus recognizes any exchange differences arising from such receivables as other comprehensive income.
The Group's segment information is based on the Group's internal financial reporting and has been produced in accordance with IFRS standards. The Group does not allocate the parent companies intra-Group charges to segments for the purposes of segment reporting. Unallocated expenses include customer agreements and relations and their amortization, share-based compensation recognized as expense in the income statement, financial items, and income taxes. The assets and liabilities of a segment are business items that a segment uses in its business or that can be allocated to a segment. Unallocated assets include customer agreements and relations, capitalized research and development expenses, cash and cash equivalents, available-for-sale investments, and tax assets. Pricing between segments is based on fair market price.
| 1-12/2013 EUR thousand |
Project Personnel |
Consulting | Other functions |
Elimi nations |
Unallocated | Group total |
|---|---|---|---|---|---|---|
| Net sales | 89 926 | 8 539 | 79 | 0 | 0 | 98 544 |
| Operating result Financing income and |
3 813 | 666 | -1 796 | 19 | -295 | 2 407 |
| expenses | -74 | -74 | ||||
| Share of results in associates | -294 | -294 | ||||
| Income taxes | -825 | -825 | ||||
| Discontinued operations | 4 349 | 4 349 | ||||
| Result for the period | 3 813 | 666 | 2 259 | 19 | -1 194 | 5 563 |
| 1-12/2012 EUR thousand |
Project Personnel |
Consulting | Other functions |
Elimi nations |
Unallocated | Group total |
| Net sales | 84 967 | 9 164 | 0 | -62 | 0 | 94 069 |
| Operating result Financing income and |
3 883 | 1 379 | -1 582 | 22 | -283 | 3 419 |
expenses -23 -23 Share of results in associates -156 -156 Income taxes -1 033 -1 033 Discontinued operations 662 662 Result for the period 3 883 1 379 -1 076 22 -1 339 2 869
On December 28, 2012, Dovre Group Plc received a notice for a call of option to acquire the entire share capital of Dovre Group's fully-owned Norwegian subsidiary Safran Software Solutions AS. The disposal was completed on May 30, 2013. The Group recognized a gain on disposal of EUR 4.1 million. The following table presents the subsidiary's statement of income excluding certain intra-Group items:
| EUR thousand | 2013 *) | 2012 |
|---|---|---|
| NET SALES | 2 244 | 4 854 |
| Other operating income | 0 | 1 |
| Employee benefits expense | -1 595 | -3 485 |
| Depreciation | -2 | -5 |
| Other operating expenses | -295 | -482 |
| OPERATING RESULT | 352 | 883 |
| Financing income | 4 | 27 |
| Financing expenses | -2 | -44 |
| RESULT BEFORE TAX | 354 | 866 |
| Tax on income from operations | -85 | -204 |
| RESULT FOR THE PERIOD, DISCONTINUED OPERATIONS | 269 | 662 |
| Gain on disposal | 4 080 | |
| RESULT, DISCONTINUED OPERATIONS | 4 349 | 662 |
The total consideration received for the shares in Safran Software Solutions AS was EUR 4.4 million (NOK 33.9 million), which was all received as cash. Assets and liabilities over which control was lost were as follows on May 30, 2013:
| May 30, | Dec. 31, | |
|---|---|---|
| EUR thousand | 2013 | 2012 |
| Tangible assets | 13 | 16 |
| Deferred tax asset | 1 | 1 |
| Trade receivables and other receivables | 2 439 | 798 |
| Cash and cash equivalents | 516 | 1 805 |
| Total assets disposed of | 2 969 | 2 620 |
| Trade payables and other liabilities | 2 506 | 1 420 |
| Tax liability, income tax | 129 | 208 |
| Total liabilities disposed of | 2 635 | 1 628 |
Cash flow from discontinued operations:
| EUR thousand | 2013 *) | 2012 |
|---|---|---|
| Net cash generated by operating activities | -438 | 896 |
| Net cash generated by investing activities | 0 | 198 |
| Net cash generated by financing activities | -788 | 0 |
| Change in cash and cash equivalents | -1 226 | 1 094 |
*) Includes discontinued operations from January 1, 2013, until May 30, 2013, on which date control of the operations passed to the acquirer.
| EUR thousand | 2013 | 2012 |
|---|---|---|
| Carrying value, opening balance | 1 296 | 933 |
| Additions | 11 | 1 485 |
| Share of profit and loss in associates | -294 | -156 |
| Translation differences | -46 | -33 |
| Transfer to assets held for sale | 0 | -933 |
| At the end of the period | 967 | 1 296 |
In 2012, additions includes the Group's investments in a project development company based in Singapore and the company's first development project. Both investments are treated as associates because the Group has significant influence in the companies due to Board memberships. In 2013, the Group participated in an issuance of shares by one of the companies in a number proportional to the Group's ownership of the company. Transfer to assets held for sale includes the parent company Dovre Group Plc's shares in Kiinteistö Oy Kuukoti in accordance with IFRS 5. The company's management has not ceased actively marketing the shares and deems that the requirements of IFRS 5 are fulfilled. The company is not publicly listed.
Dovre Group Plc has one class of shares. The book value of the shares is EUR 0.15 per share. Each share entitles the shareholder to one vote. Dovre Group Plc's shares are traded on NASDAQ OMX Helsinki Ltd.
| Number of | Reserve for non | ||
|---|---|---|---|
| EUR thousand | shares | Share capital | restricted equity |
| Dec. 31, 2011 | 62 895 751 | 9 603 | 346 |
| Dec. 31, 2012 | 62 895 751 | 9 603 | 346 |
| Stock options exercised | 20 000 | 6 | |
| Sept. 30, 2013 | 62 915 751 | 9 603 | 352 |
During the period under review, a total of 20,000 shares were subscribed for under Dovre Group Plc's 2010A option plan. The subscription period of the plan is March 1, 2012 – February 28, 2015. The increase in the company's number of shares has been entered in the Finnish trade register on April 12, 2013.
After the registration, there are a total of 62,915,751 shares in the company. The increase has been recorded in the company's reserve for non-restricted equity.
Dovre Group Plc's Annual General Meeting held on March 14, 2013, decided that shareholders be paid a dividend of EUR 0.02 per share, corresponding to approx. EUR 1.3 million. The dividend, which was conditional on the creditor protection procedure, was paid on August 15, 2013.
a) Loans and receivables measured at the effective interest rate method
b) Financial assets/liabilities at fair value through profit or loss
c) Financial liabilities measured at amortized cost
d) Balance sheet items at book value
e) Balance sheet items at fair value
| 2013 | |||||
|---|---|---|---|---|---|
| EUR thousand | a) | b) | c) | d) | e) |
| Non-current financial assets | |||||
| Receivables | 26 | 26 | 26 | ||
| Current financial assets | |||||
| Derivatives – receivables | 6 | 6 | 6 | ||
| Trade receivables | 15 287 | 15 287 | 15 287 | ||
| 15 313 | 6 | 15 319 | 15 319 | ||
| Non-current financial liabilities | |||||
| Other liabilities | 26 | 26 | 26 | ||
| Current financial liabilities | |||||
| Interest-bearing liabilities | 1 048 | 1 048 | 1 048 | ||
| Trade payables | 5 605 | 5 605 | 5 605 | ||
| 6 679 | 6 679 | 6 679 | |||
| 2012 | |||||
| EUR thousand | a) | b) | c) | d) | e) |
| Non-current financial assets | |||||
| Receivables | 25 | 25 | 25 | ||
| Current financial assets | |||||
| Trade receivables | 16 854 | 16 854 | 16 854 | ||
| 16 879 | 16 879 | 16 879 | |||
| Non-current financial liabilities | |||||
| Other liabilities | 25 | 25 | 25 | ||
| Current financial liabilities | |||||
| Interest-bearing liabilities | 1 286 | 1 286 | 1 286 | ||
| Derivatives – liabilities | 1 | 1 | 1 | ||
| Trade payables | 3 926 | 3 926 | 3 926 | ||
| 1 | 5 237 | 5 238 | 5 238 |
The Group's financial assets and liabilities at fair value through profit or loss consist of currency derivatives. The fair value of derivatives is determined using the appropriate quoted market price and commonly used option valuation methods. This corresponds to level 2 in the hierarchy required by IFRS 13 Fair Value Measurement.
Commitments and contingent liabilities
Collateral for own commitments
| EUR thousand | Dec. 31, 2013 | Dec. 31, 2012 |
|---|---|---|
| Floating charges | 2 989 | 3 402 |
| Pledged shares | 933 | 933 |
| Future minimum lease payments for non-cancellable operating leases | ||
| EUR thousand | 2013 | 2012 |
| Not later than one year | 420 | 710 |
| Later than one year and not later than five years | 107 | 549 |
| Total | 527 | 1 259 |
22 (24)
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |
|---|---|---|---|---|---|---|---|---|
| EUR thousand | 1-3 | 1-3 | 4-6 | 4-6 | 7-9 | 7-9 | 10-12 | 10-12 |
| NET SALES | 24 335 | 22 040 | 25 316 | 23 218 | 24 089 | 23 102 | 24 804 | 25 709 |
| Other operating income | 4 | 13 | 24 | 20 | 54 | 1 | 50 | 53 |
| Material and services Employee benefits |
-49 | -62 | -69 | -53 | -63 | -58 | -93 | -46 |
| expense Depreciation and |
-21 264 | -18 849 | -21 886 | -19 718 | -20 947 | -20 003 | -21 760 | -21 614 |
| amortization | -109 | -106 | -94 | -109 | -92 | -103 | -106 | -109 |
| Other operating expenses | -2 600 | -2 122 | -2 465 | -2 227 | -2 268 | -2 213 | -2 402 | -3 345 |
| OPERATING RESULT | 316 | 913 | 825 | 1 130 | 773 | 727 | 493 | 649 |
| % of Net sales | 1.3 | 4.1 | 3.3 | 4.9 | 3.2 | 3.1 | 2.0 | 2.5 |
| Financing income | 82 | 140 | 273 | 151 | 36 | 10 | 87 | 50 |
| Financing expenses Share of results in |
-39 | -120 | -269 | -30 | -87 | -112 | -157 | -113 |
| associates | -68 | -13 | -74 | -67 | -92 | -33 | -60 | -43 |
| RESULT BEFORE TAX, | 291 | 920 | 755 | 1 185 | 629 | 592 | 364 | 543 |
| % of Net sales Tax on income from |
1.2 | 4.2 | 3.0 | 5.1 | 2.6 | 2.6 | 1.5 | 2.1 |
| operations RESULT, CONTINUING |
-239 | -302 | -327 | -411 | -296 | -246 | 37 | -73 |
| OPERATIONS | 53 | 618 | 428 | 774 | 333 | 346 | 401 | 470 |
| % of Net sales Result from discontinued |
0.2 | 2.8 | 1.7 | 3.3 | 1.4 | 1.5 | 1.6 | 1.8 |
| operations RESULT FOR THE |
156 | 177 | 4 193 | 90 | 0 | 211 | 0 | 183 |
| PERIOD | 208 | 795 | 4 621 | 864 | 333 | 557 | 401 | 653 |
| % of Net sales | 0.9 % | 3.6 % | 18.3 % | 3.7 % | 1.4 % | 2.4 % | 1.6 % | 2.5 % |
The Group's key financial performance indicators have been calculated for the Group's continuing operations excluding result for the period, return on equity, and earnings per share, which include both continuing and discontinued operations.
| 10-12 | 10-12 | 1-12 | 1-12 | |
|---|---|---|---|---|
| EUR million | 2013 | 2012 | 2013 | 2012 |
| Net sales | 24.8 | 25.7 | 98.5 | 94.1 |
| Operating result | 0.5 | 0.6 | 2.4 | 3.4 |
| % of Net sales | 2.0 | 2.5 | 2.4 | 3.6 |
| Result before taxes, continuing operations | 0.4 | 0.5 | 2.0 | 3.2 |
| % of Net sales | 1.5 | 2.1 | 2.1 | 3.4 |
| Result, continuing operations | 0.4 | 0.5 | 1.2 | 2.2 |
| % of Net sales | 1.6 | 1.8 | 1.2 | 2.3 |
| Result for the period | 0.4 | 0.7 | 5.6 | 2.9 |
| % of Net sales | 1.6 | 2.5 | 5.6 | 3.0 |
| Return on equity, % | 6.3 | 11.5 | 23.0 | 13.2 |
| Return on investment, % *) | 7.8 | 10.9 | 10.2 | 15.9 |
| Interest-bearing liabilities | 1.0 | 1.3 | 1.0 | 1.3 |
| Cash and cash equivalents | 13.7 | 7.5 | 13.7 | 7.5 |
| Debt-equity ratio (Gearing), % | -50.0 | -27.0 | -50.0 | -27.0 |
| Equity-ratio, % | 62.3 | 56.8 | 62.3 | 56.8 |
| Balance sheet total | 40.7 | 40.5 | 40.7 | 40.5 |
| Gross investments | 0.1 | 0.1 | 0.4 | 1.7 |
| % of Net sales | 0.2 | 0.4 | 0.4 | 1.8 |
| Research & Development costs | 0.0 | 0.0 | 0.2 | 0.1 |
| % of Net sales | 0.2 | 0.2 | 0.2 | 0.1 |
| Personnel average for the period | 470 | 462 | 469 | 434 |
| Personnel at the end of the period | 468 | 461 | 468 | 461 |
| Earnings per share, EUR | ||||
| Basic | 0.01 | 0.01 | 0.09 | 0.05 |
| Diluted | 0.01 | 0.01 | 0.09 | 0.05 |
| Earnings per share, EUR, continuing operations | ||||
| Basic | 0.01 | 0.01 | 0.02 | 0.04 |
| Diluted | 0.01 | 0.01 | 0.02 | 0.03 |
| Equity per share, EUR | 0.40 | 0.37 | 0.40 | 0.37 |
*) Refers to return on capital employed before taxes. Key indicator calculation remains unchanged and has been presented in the 2012 financial statements.
| Shareholder | Number of shares | % Holding | |
|---|---|---|---|
| 1 | Etola Erkki | 16 900 000 | 26.9% |
| Etra Capital Oy *) | 15 000 000 | 23.8% | |
| Etola Erkki | 1 900 000 | 3.0% | |
| 2 | Koskelo Ilari | 4 389 540 | 7.0% |
| Koskelo Ilari | 3 089 540 | 4.9% | |
| Navdata Oy **) | 1 300 000 | 2.1% | |
| 3 | Sijoitusrahasto Evli Suomi | 3 098 320 | 4.9% |
| 4 | Mäkelä Pekka | 1 882 375 | 3.0% |
| 5 | Siik Rauni | 1 477 808 | 2.3% |
| 6 | Siik Seppo Sakari | 1 211 629 | 1.9% |
| 7 | Hinkka Petri | 1 000 000 | 1.6% |
| 8 | Kefura Ab | 1 000 000 | 1.6% |
| 9 | Paasi Kari | 806 000 | 1.3% |
| 10 | Keep it simple KIS OY AB | 800 000 | 1.3% |
| 11 | Schütt Christian | 700 000 | 1.1% |
| 12 | Ruokostenpohja Ismo | 652 967 | 1.0% |
| 13 | Nordea Henkivakuutus Suomi Oy | 650 351 | 1.0% |
| 14 | Hinkka Invest Oy | 583 390 | 0.9% |
| 15 | Vaajoensuu Hannu | 545 000 | 0.9% |
| Havacment Oy ***) | 215 000 | 0.3% | |
| Vaajoensuu Henri ***) | 165 000 | 0.3% | |
| Vaajoensuu Sara ***) | 165 000 | 0.3% | |
| 16 | Toivanen Kari | 500 000 | 0.8% |
| 17 | Suonpää Altti | 444 444 | 0.7% |
| 18 | Olsson Vesa | 433 000 | 0.7% |
| 19 | Karppinen Sakari | 423 295 | 0.7% |
| 20 | Sandström Yngve | 370 000 | 0.6% |
| 20 largest shareholders, total | 37 868 119 | 60.2% | |
| Nominee registered shares, total | 414 839 | 0.7% | |
| Total remaining | 24 632 793 | 39.2% | |
| Total | 62 915 751 | 100.0% |
*) Erkki Etola holds control in Etra Capital Oy.
**) Ilari Koskelo, member of Dovre Group's Board of Directors, holds control in Navdata Oy. ***) Hannu Vaajoensuu, Chairman of Dovre Group's Board of Directors, holds control in Havacment Oy. Henri and Petra Vaajoensuu are Hannu Vaajoensuu's family members living in the same household with him.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.