DOVRE GROUP FINANCIAL STATEMENTS Patrick von Essen, CEO February 18, 2016

Transcription

1 DOVRE GROUP FINANCIAL STATEMENTS 2015 Patrick von Essen, CEO February 18, 2016

2 Q4/2015 HIGHLIGHTS Difficult market situation in oil & gas continued Q4 net sales +19 % Q4 comparable net sales -32% Diversification into new business segments progressing, but not yet enough to compensate for decreasing demand in oil & gas Operating result negative due to non-recurring items related to restructuring in Norway and Sweden Operative net cash flow improved to 4.4 MEUR Page 2

3 FULL YEAR 2015 HIGHLIGHTS NPC consolidated as of May 28, 2015 Dovre Group is now a market leader in Norway Strong foothold in Asia Pacific Full year net sales +17 % Full year comparable net sales -16 % EBITDA before non recurring items 1.5 MEUR Full year operating result negative due to -1.9 MEUR non-recurring items Advisory services and restructuring costs related to NPC merger Restructuring costs in Norway and Sweden Annual cost savings of 1.3 MEUR implemented, effective 2016 Full year net cash flow improved to 2.0 MEUR Page 3

4 KEY FIGURES EUR million Q4/2015 Q4/2014 Change % 1-12/ /2014 Change % Net sales % % EBITDA excl. non-recurring items % % % net sales 1.3 % 3.5 % 1.3 % 2.2 % Non-recurring items % % EBIT % % % net sales -1.6 % 2.2 % -0.7 % 1.2 % Result % % % net sales -3.0 % 1.3 % -1.7 % 0.3 % Net cash flow from operations % % Personnel (period end) % % Page 4

5 QUARTERLY NET SALES MEUR % in EUR -32% excl. NPC Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 *) Q3/2015 *) Q4/2015 *) *) In Q2/2015, NPC s share of net sales EUR 4.9 million *) In Q3/2015, NPC s share of net sales EUR 13.2 million *) In Q4/2015, NPC s share of net sales EUR 13.5 million Page 5

6 QUARTERLY EBITDA EXCL. NON-RECURRING ITEMS MEUR 1,0-55 % in EUR % of net sales 5% 0,8 4% 0,6 3% 0, % 0, % 0,0 Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 *)Q3/2015 *)Q4/2015 *) 0% *) In Q2/2015, NPC s EBITDA excl. non-recurring items EUR 0.1 million *) In Q3/2015, NPC s EBITDA excl. non-recurring items EUR 0.3 million *) In Q4/2015, NPC s EBITDA excl. non-recurring items EUR 0.6 million Page 6

7 NET SALES AND PROFITABILITY BY BUSINESS AREA Q4 Net sales Q Q Q4, MEUR EBITDA excl. nonrecurring items 1,5 1,2 0,9 0,6 0,3 0,0 Project Personnel Q Q Consulting Net sales: Comments Project Personnel accounted for 95 (91) % and Consulting for 5 (9) % of the Group s net sales Net sales for Project Personnel increased by 24 %, totaling EUR 28.6 (23.1) million In constant currencies and excluding NPC s share, Project Personnel s net sales decreased by approx. 33 % Net sales for Consulting decreased by 28% totaling EUR 1.7 (2.3) million In constant currencies, net sales for Consulting decreased by approx. 23 % EBITDA excl. non-recurring items: Project Personnel s EBITDA excluding nonrecurring items EUR 0.5 (0.9) million Consulting business area s EBITDA excluding non-recurring items EUR 0.3 (0.4) million The EBITDA of Other functions excluding nonrecurring items EUR -0.4 (-0.4) million Page 7

8 NET SALES AND PROFITABILITY BY BUSINESS AREA YTD Net sales January December, MEUR FY 2014 FY 2015 Project Personnel EBITDA excl. nonrecurring items FY 2014 FY 2015 Consulting Net sales: Comments Project Personnel accounted for 94 (92) % and Consulting for 6 (8) % of the Group s net sales Net sales for Project Personnel increased by 19 %, totaling EUR (91.1) million In constant currencies and excluding NPC s net sales, Project Personnel s net sales decreased by approx. 17 % Net sales for Consulting decreased by 9 %, totaling EUR 7.1 (7.8) million In constant currencies, net sales for Consulting decreased by approx. 3 % EBITDA excl. non-recurring items: Project Personnel s EBITDA excluding nonrecurring items EUR 2.2 (2.6) million Consulting business area s EBITDA excluding non-recurring items EUR 0.9 (0.8) million EBITDA excluding non-recurring items of the Group s Other functions EUR -1.4 (-1.2) million Page 8

9 NET SALES BY MARKET AREA Q4 & FY Q4 & YTD, MEUR Comments Q FY Q4: Net sales for EMEA EUR 18.3 (15.0) million, 60 (59) % of the Group s net sales Net sales for AMERICAS EUR 5.7 (9.4) million, 19 (37) % the Group s net sales Net sales for APAC EUR 6.3 (1.1) million, 21 (4) % the Group s net sales Fiscal Year: Net sales for EMEA EUR 68.1 (58.0) million, 59 (59) % of the Group s net sales Net sales for AMERICAS EUR 30.6 (36.0) million, 26 (36) % the Group s net sales 0 Q Q FY 2014 FY 2015 Net sales for APAC EUR 17.2 (4.9) million, 15 (5) % the Group s net sales EMEA AMERICAS APAC Page 9

10 KEY PERFORMANCE INDICATORS EUR million FY 2015 FY 2014 Change % Cash and cash equivalents % Interest-bearing liabilities % Shareholders equity % Balance sheet total % Debt-equity ratio (gearing) % % -55 % Equity per share (EUR) % EPS (EUR) % Page 10

11 FUTURE OUTLOOK Main markets are in stable economies, but market still affected by several uncertainties Our focus is now on Increasing our sales capacity and competence Entering new client segments Further improved cost efficiency Project Personnel Demand in oil & gas expected to drop further in 2016, but not as steeply as in 2015 We expect orders from other client segments to increase Other client segments will not yet compensate for the decrease in oil & gas Consulting Market outlook positive in Norway and Finland due to strong order stock Page 11

12 GUIDANCE FOR 2016 Net sales are expected to exceed 100 MEUR and operating result is expected to be positive. Page 12

13 ANNUAL GENERAL MEETING To be held on March 17, 2016 at 14:30 Venue: Suomalainen Klubi, Kansakoulukuja 3, Helsinki Board proposal to the AGM: Dividend 0.01 EUR / share Shareholders proposal to the AGM: The shareholders representing over 55% of the total shares in the Company propose That the number of Board members shall be set at four (4) That Rainer Häggblom and Ilari Koskelo, both current members of the Board, shall be reappointed as members of the Board, and that Christian Bull Eriksson and John Wiseman shall be appointed as new members of the Board. The complete Notice of the Annual General Meeting of Dovre Group Plc is available on Page 13