DOVRE GROUP FINANCIAL STATEMENTS Patrick von Essen, CEO February 23, 2017

Transcription

1 DOVRE GROUP FINANCIAL STATEMENTS 2016 Patrick von Essen, CEO February 23, 2017

2 2016 HIGHLIGHTS Full year: Break even in an exceptionally difficult market situation Signs of market recovery towards the end of the year Q4: Positive operating result Q4: First organic quarter-on-quarter net sales increase since Q Steady progress in key strategic targets: De-risking. In 2016, only two clients each represented slightly over 10% of the Group s net sales. Diversification. Around 40% of the volumes comes from client segments other than oil & gas, i.e. energy, infrastructure and industry. Sales. Stronger than ever frame agreement portfolio. 20+ frame agreements signed in Cost. Annual overhead costs approximately MEUR 3 lower than a year ago. Consulting delivered a strong result Operative cash flow MEUR 0.6 Page 2

3 ANNUAL GENERAL MEETING To be held on March 30, 2017 at 15:00 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, Aloysius (Louis) Harrewijn and Ilari Koskelo, all current members of the Board, shall be reappointed as members of the Board, and that Ole Olsen shall be appointed as a new member of the Board. Release of lock-up for consideration shares The complete Notice of the Annual General Meeting of Dovre Group Plc is available on Page 3

4 KEY FIGURES EUR million H2/2016 H2/2015 * Change % 1-12/ /15 ** Change % Net sales % % Operating result % % % net sales -0.3 % -0.5 % 0.0 % -0.7 % Result % % % net sales -2.1 % -2.2 % -2.0 % 1.7 % Net cash flow from operations % % Personnel (period end) % % *) H2/2015 includes EUR 0.7 million non-recurring costs **) 1-12/2015 includes EUR 1.9 million non-recurring costs Page 4

5 QUARTERLY NET SALES Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Page 5

6 QUARTERLY OPERATING RESULT MEUR 0,6 0,4 0,2 0,0-0, ,02-0,4-0,6 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 In 2015 EUR 1.9 million non-recurring costs Page 6

7 NET SALES AND OPERATING RESULT BY BUSINESS AREA January December, MEUR Comments Net sales Operating result Net sales: Project Personnel accounted for 92 (94) % and Consulting for 8 (6) % of the Group s net sales Net sales for Project Personnel decreased by 29.3 %, totaling EUR 76.9 (108.8) million Net sales for Consulting decreased by 2.9 %, totaling EUR 6.9 (7.1) million FY 2015 FY FY 2015 FY 2016 Operating result: Project Personnel s operating profit EUR 0.6 (1.0) million Consulting business area s operating profit EUR 1.0 (0.8) million Operating result of the Group s Other functions EUR -1.2 (-1.9) million Project Personnel Consulting Page 7

8 KEY PERFORMANCE INDICATORS EUR million FY 2016 FY 2015 Change % Cash and cash equivalents % Interest-bearing liabilities % Net debt % Shareholders equity % Balance sheet total % Debt-equity ratio (gearing) % % -4.0 % Equity per share (EUR) % EPS (EUR) % Page 8

9 OUTLOOK FOR 2017 Main markets are in stable economies, but market still affected by several uncertainties Project Personnel Market outlook has improved slightly No guarantees that the market is on a growth path In 2016 several frame agreements signed and cost savings implemented Operating result is expected to improve from 2016 Consulting Market outlook remains unchanged Group Operating result is expected to improve compared to 2016 Page 9

10 EVENTS AFTER THE FINANCIAL YEAR Frank Ween, member of Dovre Group s executive team and President of the Group s business area Americas & EMEA, has decided to step down from his operative position at Dovre Group. The change is effective as of March 1, Patrick von Essen, the Group s CEO, takes over from Mr Ween as the acting President of the business area. (Stock exchange bulletin on February 15, 2017) A total of 300,000 new shares in Dovre Group Plc were subscribed for with the company s 2010C stock option series on February 15, The new shares will be entered in the Finnish trade register and trading with the new shares alongside the company s old shares will commence in Nasdaq Helsinki Ltd before the company s Annual General Meeting. After the registration, there are a total of 100,168,769 shares in the company. Page 10

11 FINANCIAL REPORTING IN 2017 Q1 trading statement for January 1 March 31, 2017 on Thursday, April 27, 2017 Half-year report for January 1 June 30, 2017 on Thursday, July 27, 2017 Q3 trading statement for January 1 September 30, 2017 on Thursday, October 26, 2017 Page 11