DOVRE GROUP RECLASSIFIES ITEMS IN THE INCOME STATEMENT

| Source: Dovre Group Oyj Dovre Group Oyj

Espoo, Finland, 2012-12-21 07:45 CET (GLOBE NEWSWIRE) --
Dovre Group Plc             Stock exchange release             December 21, 2012 at 8:45am

DOVRE GROUP RECLASSIFIES ITEMS IN THE INCOME STATEMENT

Dovre Group harmonizes the presentation of expense reimbursements received from customers in the income statement across Group companies. Previously, companies primarily in the Group’s Project Personnel division have presented net sales related direct cost and the resulting income as net. As of the fourth quarter of 2012, the Group will present the items separately in the income statement so that expense reimbursements received from customers are included in net sales while sales-related direct costs are presented in their respective expense accounts.

In accordance with IAS 1 Presentation of Financial Statements Dovre Group discloses comparative information for 2011 as well as previously reported quarters in 2012 according to the new classification. The reclassification impacts the Group’s net sales and other expenses, but has no impact on the Group’s reported operating result. As a result of the reclassification, the Group’s net sales in 2011 increases by EUR 4.7 million to EUR 77.2 million. The reclassification does not affect the Group’s operating result in 2011, which was EUR 4.9 million. Following the reclassification, the Group’s operating result % decreases and is 6.4% of net sales in 2011.

The reclassification does not affect the Group’s guidance for 2012. Net sales in 2012 are expected to grow over 20% from 2011 also after the reclassification.

The attached tables present the Group’s income statement up to operating result in accordance with both the old and new classification. In addition, the tables present the Group’s net sales by reporting segment in accordance with both the old and the new classification.

 

For further information, please contact:

Dovre Group Plc
Heidi Karlsson, CFO
Tel. +358 (0)20 436 2000
heidi.karlsson@dovregroup.com
www.dovregroup.com

 

Dovre Group is a global provider of project management services and software. Dovre Group consists of three divisions: Project Personnel, Consulting, and Software. In 2011, the Group’s net sales were EUR 77 million. Dovre Group employs over 400 people worldwide. Dovre Group is listed on the NASDAQ OMX Helsinki (symbol: DOV1V).

 

DISTRIBUTION:
NASDAQ OMX Helsinki Plc
Major media


 

QUARTERLY INCOME STATEMENT (INCLUDING FULL YEAR 2011) UP TO OPERATING RESULT ACCORDING OLD CLASSIFICATION
                 
  2012 2011 2012 2011 2012 2011 2011 2011
(EUR thousand) 1-3 1-3 4-6 4-6 7-9 7-9 10-12 1-12
                 
NET SALES 22 184 18 559 23 090 17 444 23 113 17 664 18 829 72 497
Other operating income 13 20 20 16 0 14 32 82
Material and services -62 -47 -53 -21 -58 -35 -76 -180
Employee benefits expense -19 705 -15 008 -20 640 -15 586 -20 836 -15 746 -16 806 -63 147
Depreciation and amortization -107 -103 -110 -128 -105 -104 -110 -446
Other operating expenses -1 162 -959 -1 070 -1 144 -1 113 -854 -947 -3 904
OPERATING PROFIT 1 161 2 462 1 238 580 1 002 938 921 4 902
% 5.2% 13.3% 5.4% 3.3% 4.3% 5.3% 4.9% 6.8%
                   
                 
                 
QUARTERLY INCOME STATEMENT (INCLUDING FULL YEAR 2011) UP TO OPERATING RESULT ACCORDING TO NEW CLASSIFICATION
                 
  2012 2011 2012 2011 2012 2011 2011 2011
(EUR thousand) 1-3 1-3 4-6 4-6 7-9 7-9 10-12 1-12
                 
NET SALES 23 311 19 859 24 375 18 661 24 301 18 647 20 015 77 183
Other operating income 13 20 20 16 0 14 32 82
Material and services -62 -47 -53 -21 -58 -35 -76 -180
Employee benefits expense -19 705 -15 008 -20 640 -15 586 -20 836 -15 746 -16 806 -63 147
Depreciation and amortization -107 -103 -110 -128 -105 -104 -110 -446
Other operating expenses -2 288 -2 259 -2 355 -2 361 -2 301 -1 837 -2 134 -8 590
OPERATING PROFIT 1 161 2 462 1 238 580 1 002 938 921 4 902
% 5.0% 12.4% 5.1% 3.1% 4.1% 5.0% 4.6% 6.4%
                 
                 
                 
Change in net sales, EUR 1 127 1 300 1 285 1 217 1 188 983 1 187 4 686
Change in net sales, % 5.1% 7.0% 5.6% 7.0% 5.1% 5.6% 6.3% 6.5%

 

 

NET SALES PER SEGMENT ACCORDING TO OLD CLASSIFICATION        
                 
                 
  2012 2011 2012 2011 2012 2011 2011 2011
(EUR million) 1-3 1-3 4-6 4-6 7-9 7-9 10-12 1-12
                 
Project Personnel 18.6 16.0 19.7 14.8 19.9 15.4 15.8 61.9
Consulting 2.3 1.6 2.2 1.8 2.0 1.4 2.1 6.9
Software 1.3 1.0 1.2 0.9 1.2 0.9 1.2 4.1
Group functions 0.3 0.2 0.3 0.2 0.3 0.3 0.6 1.3
Net sales between segments -0.4 -0.3 -0.4 -0.3 -0.4 -0.4 -0.8 -1.8
Group total 22.2 18.6 23.1 17.4 23.1 17.7 18.8 72.5

 

NET SALES PER SEGMENT ACCORDING TO NEW RECLASSIFICATION
 

 

  2012 2011 2012 2011 2012 2011 2011 2011
(EUR million) 1-3 1-3 4-6 4-6 7-9 7-9 10-12 1-12
                 
Project Personnel 19.7 17.4 21.0 16.0 21.2 16.3 17.0 66.6
Consulting 2.3 1.6 2.2 1.8 2.0 1.4 2.1 7.0
Software 1.3 1.0 1.2 0.9 1.2 0.9 1.2 4.1
Group functions 0.3 0.2 0.3 0.2 0.3 0.3 0.6 1.3
Net sales between segments -0.4 -0.3 -0.4 -0.3 -0.4 -0.4 -0.8 -1.8
Group total 23.3 19.9 24.4 18.7 24.3 18.6 20.0 77.2