Dovre

  
  
Dovre Group Plc                Stock exchange release             October 24, 2024 at 9.00 a.m.  
  

DOVRE GROUP TRADING STATEMENT JAN 1 – SEPTEMBER 30, 2024 

Dovre Group Plc issues today a trading statement for the three months ended on September 30, 2024. The figures presented in this trading statement are not audited. Last year’s corresponding period in parentheses.   
  
July – September 2024  
  

• Net sales EUR 63.2 (52.8) million – increase of 19.8%.  
  • Project Personnel: net sales EUR 25.1 (28.8) million – decrease of 13.0%.  
  • Consulting: net sales EUR 2.8 (3.5) million – decrease of 18.8%.  
  • Renewable Energy: net sales EUR 35.3 (20.5) million – increase of 72.5%.  
• EBITDA EUR 2.6 (2.9) million – decrease of 10.5%.  
• Operating profit EUR 2.4 (2.7) million – decrease of 11.6%.   
• Profit before tax EUR 1.9 (2.1) million – decrease of 10.6%.  
• Profit for the shareholders of the parent company EUR 1.2 (1.3) million – decrease of 8.4%.  
• Earnings per share EUR 0.011 (0.012) – decrease of 8.4%.  
• Net cash flow from operating activities EUR 1.9 (-3.3) million.  

January – September 2024  
  

• Net sales EUR 156.4 (145.9) million – increase of 7.2%.  
  • Project Personnel: net sales EUR 75.6 (79.5) million – decrease of 4.9%.  
  • Consulting: net sales EUR 9.9 (12.6) million – decrease of 21.1%.  
  • Renewable Energy: net sales EUR 70.9 (53.8) million – increase of 31.8%.  
• EBITDA EUR 0.1 (6.6) million – decrease of 98.1%.
• Operating result EUR -0.7 (5.9) million.  
• Profit before tax EUR -1.4 (4.9) million.  
• Profit for the shareholders of the parent company EUR -0.2 (3.1) million.
• Earnings per share EUR -0.002 (0.029).  
• Net cash flow from operating activities EUR 1.6 (3.8) million.  

Outlook for 2024 unchanged (issued on 18 April 2024):   

Dovre Group’s net sales in 2024 are expected to be in the range of 185 to 210 MEUR and the operating profit (EBIT) is expected to be 2-4 MEUR.   

ARVE JENSEN, CEO:  
  
In Q3 2024, Dovre Group posted total net sales of EUR 63.2 million, reflecting a strong 19.8% increase compared to the same period in 2023.

Main reason for growth was our Renewable Energy segment where our net sales increased by a remarkable 72.5% compared to Q3 2023. Project Personnel segment reported a 13.0% decrease and Consulting experienced an 18.8% decrease in net sales compared to Q3 2023.

Project Personnel segment’s sales declined following the completion of a large renewable energy project in Canada last year. Our largest Project Personnel units in Norway/EMEA and Singapore have however increased their sales during the quarter and January-September period.

In the Consulting segment, we have as expected leveled down to the somewhat slower market so far this year in Norway. Consulting business in Finland has remained stable.

The Renewable Energy segment has experienced record high activity level, implementing several large solar and wind park construction projects in Sweden and Finland.

The clearly decreased EBIT for the January-September 9 month period is due to a significant 5.8 million euros one-time loss concerning a single renewable project. The total loss of this project was 9.2 million euros, out of which 3.4 million euros was already booked in 2023.

Varied performance between the three segments is a natural part of our business landscape. These fluctuations can be attributed to market cycles, project timelines, and related factors. They also highlight the need for continuous adaptability, prudent risk management, and strategic foresight. 

 

NET SALES  
  
Net sales in Q3  
  
In Q3, Dovre Group’s net sales increased by 19.8% to EUR 63.2 (52.8) million.  
  
Project Personnel accounted for 40 (54) %, Consulting for 4 (7) %, and Renewable Energy for 56 (39) % of the Group’s net sales.

Project Personnel’s net sales decreased by 13.0% to EUR 25.1 (28.8) million, while net sales for Consulting decreased by 18.8% to EUR 2.8 (3.5) million. Net sales in Renewable Energy increased by a remarkable 72.5% to 35.3 (20.5) million euros.   

Net sales by reporting segment	7-9	7-9	Change	1-9	1-9	Change	1-12
EUR million	2024	2023	%	2024	2023	%	2023
Project Personnel	25.1	28.8	-13.0	75.6	79.5	-4.9	108.8
Consulting	2.8	3.5	-18.8	9.9	12.6	-21.1	16.5
Renewable Energy	35.3	20.5	72.5	70.9	53.8	31.8	71.4
Group total	63.2	52.8	19.8	156.4	145.9	7.2	196.7

OPERATING PROFIT 
  
Profitability in Q3  
  
The Group’s EBITDA in Q3 decreased by 10.5% to EUR 2.6 (2.9) million. The Group’s operating profit decreased by 11.6% to EUR 2.4 (2.7) million. Project Personnel’s operating profit was EUR 1.0 (1.7) million. Consulting’s operating profit was EUR 0.3 (0.4) million and Renewable Energy’s operating profit was EUR 1.4 (0.9) million. The operating loss of the Group’s Other functions was -0.2 (-0.2) million.   

  

EBITDA	7-9	7-9	Change	1-9	1-9	Change	1-12
EUR million	2024	2023	%	2024	2023	%	2023
Project Personnel	1.1	1.8	-38.7	2.8	4.2	-33.8	5.3
Consulting	0.3	0.4	-16.9	0.9	1.3	-30.7	1.7
Renewable Energy	1.4	0.9	53.4	-3.0	1.7		2.0
Other functions	-0.2	-0.2	-11.1	-0.5	-0.6	10.4	-0.7
Group total	2.6	2.9	-10.5	0.1	6.6	-98.1	8.4

Operating profit (EBIT)	7-9	7-9	Change	1-9	1-9	Change	1-12
EUR million	2024	2023	%	2024	2023	%	2023
Project Personnel	1.0	1.7	-40.0	2.4	3.8	-36.1	4.9
Consulting	0.3	0.4	-17.2	0.9	1.3	-31.5	1.7
Renewable Energy	1.4	0.9	53.2	-3.2	1.6		1.8
Other functions	-0.2	-0.2	-13.1	-0.6	-0.6	7.8	-0.7
Unallocated *)	-0.1	-0.1	0.0	-0.2	-0.2	-12.0	-0.3
Group total	2.4	2.7	-11.6	-0.7	5.9		7.4

*Unallocated expenses include amortization of customer agreements and relations.  

PERSONNEL  
  
In Q3 2024, the average number of employees increased by 14.5% year-on-year. During January–September, Dovre Group employed an average of 740 people (660). The average number of employees during the period increased due to the organic growth of the Renewable Energy business area.  
  
On September 30. 2024., Dovre Group employed 806 (737) people, 541 (583) of whom were employed by Project Personnel, 77 (95) by Consulting, 184 (57) by Renewable Energy and 4 (2) by Other functions.   

  

Average number of personnel*	7-9	7-9	Change	1-9	1-9	Change	1-12
Number of persons	2024	2023	%	2024	2023	%	2023
Project Personnel	558	556	0.4	556	509	9.2	519
Renewable Energy	77	93	-17.2	78	100	-22.0	97
Consulting	169	54	213.0	103	49	110.2	50
Other functions	3	2	50.0	3	2	50.0	2
Group total	807	705	14.5	740	660	12.1	668

  

Personnel at period-end*	30 Sept	30 Sept	Change	31 Dec
Number of persons	2024	2023	%	2023
Project Personnel	541	583	-7.2	537
Consulting	77	95	-18.9	84
Renewable Energy	184	57	222.8	54
Other functions	4	2	100.0	3
Group total	806	737	9.4	678

*Change in accounting principles regarding the calculation of number of personnel. Dovre has previously included independent contractors working for Project Personnel business area in its’ number of personnel. As of this trading statement Dovre implements a principle where only personnel belonging to company payroll are being reported. All earlier period figures in the tables above have also been corrected so that they contain comparable information.

CASH POSITION  
  
On September 30, 2024., the Group’s net debt was EUR 3.0 (-1.7) million. The Group’s cash and cash equivalents totaled EUR 7.2 (9.2) million. The Group’s interest-bearing liabilities were EUR 10.2 (7.5) million, a total of EUR 6.7 (5.8) million of which were current and EUR 3.5 (1.7) million non-current.   
  
In January – September, net cash flow from operating activities totaled EUR 1.6 (3.8) million, which includes EUR 3.3 (0.7) million net effect due to a change in net working capital.
  
  

In Espoo, October 24, 2024  
  
DOVRE GROUP PLC  
BOARD OF DIRECTORS  

For additional information, please contact:  

Dovre Group Plc  
Arve Jensen. CEO  
tel.  +47 90 60 78 11  
arve.jensen@dovregroup.com  
  
  
Distribution  
Nasdaq Helsinki Ltd  
Major media  
www.dovregroup.com  
  

Attachment

• Dovre Group Q3 Trading Statement EN

Dovre Group Plc                Stock exchange release                October 8, 2024, at 2 p.m.

DOVRE GROUP PLC’s SECOND DIVIDEND INSTALLMENT BASED ON THE ANNUAL GENERAL MEETING DECISION (APRIL 4, 2024)

Dovre Group Plc’s Annual General Meeting (AGM), held on April 4, 2024, decided on the company’s dividend distribution in two installments. The first installment, 0.01 euros per share, was paid on April 15, 2024.

The second installment, 0.01 euros per share, will be paid on October 31, 2024. For this second installment the ex-dividend date is October 23, 2024, and the date of record is October 24, 2024.

For further information, please contact:

Dovre Group Plc
Hans Sten, CFO
Tel. +358 20 436 2000
hans.sten@dovregroup.com

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
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Main media
www.dovregroup.com

Dovre Group Plc         Half-year financial statement         August 15, 2024, at 9:00 a.m.

DOVRE GROUP’S HALF-YEAR FINANCIAL REPORT 1.1.–30.6.2024

The figures presented in this half-year financial report are not audited. Last year’s corresponding period in parentheses. The Renewable Energy segment, consisting of the operations of the windmill park construction and construction design company Suvic Oy is fully consolidated in the Group’s financial statements. The non-controlling interest (49%) is presented as a separate line item in the income statements and balance sheet.

April–June 2024

• Net sales increased 7,5% to EUR 50.9 (47.3) million
  • Project Personnel: net sales EUR 25.3 (25.9) million – decrease of 2.4%.
  • Consulting: net sales EUR 3.5 (4.0) million – decrease of 13.0%
  • Renewable Energy: net sales EUR 22.1 million (17.4) – increase of 26.9 %
• EBITDA EUR 2.1 (1.8) million – increase of 19.7%
• Operating profit EUR 1.9 (1.5) million – increase of 25.7 %
• Profit before tax EUR 1.7 (1.3) million – increase of 30.2 %
• Earnings for the shareholders of the parent company EUR 1.0 (0.8) million – increase of 32.8%
• Earnings per share EUR 0.010 (0.007).
• Net cash flow from operating activities EUR 1.6 (2.9) million.

January–June 2024

• Net sales decreased by 0.1% to EUR 93.2 (93.1) million.
  • Project Personnel: net sales EUR 50.5 (50.7) million – a decrease of 0.4%.
  • Consulting: net sales EUR 7.1 (9.0) million – a decrease of 22.3%.
  • Renewable Energy: net sales EUR 35.6 (33.3) million – an increase of 6.9%.
• EBITDA was EUR 2.5 million negative (EUR 3.7 million positive)  
• Operating result was EUR 3.0 million negative (EUR 3.2 million positive)
• Profit before tax was EUR 3.3 million negative (EUR 2.8 million positive)
• Earnings for the shareholders of the parent company were EUR 1.4 million negative (EUR 1.8 million positive)
• Earnings per share were EUR -0,013 (0.017).
• Net cash flow from operating activities was EUR -0.3 (7.1) million.

Dovre Group’s profitability for the period was clearly negative due to a significant write-down (5.8 million euros) of a single Renewable Energy project in Q1. The project was technically successful but exceeded the cost budget considerably. Corrective actions have been taken and Suvic expects the remainder of 2024 to clearly exceed the comparison period of 2023 in both revenue and EBIT.

Outlook for 2024 unchanged (issued on 18 April 2024)

Dovre Group’s net sales in 2024 are expected to be in the range of 185 to 210 million euros and the operating profit (EBIT) is expected to be in the range of 2 to 4 million euros.

CEO ARVE JENSEN:

The start of the year 2024 was particularly challenging due to a significant write- down in one of our Renewable Energy projects – undertaken by our subsidiary, Suvic Oy. Apart from this setback, the remainder of Dovre Group`s operations have progressed in line with our expectations.

In the Renewable Energy segment, Suvic has commenced work on two new wind farm projects in Sweden and a Heat Pump plant for Fortum. In addition, Dovre Group has joined a renewable energy consortium in Pyhäsalmi, which encompasses three separate projects. Our initial commitment is to participate in the development of an 85 MW Battery Energy Storage System (BESS), adjacent to the former Pyhäsalmi copper and zinc mine. Our project development company, Renetec, is also evaluating several early-stage solar projects for further development.

In Project Personnel, the sales have remained strong and are on par with record highs from the previous year. Meanwhile, growth in both EMEA and Singapore has offset the reduction in North American sales following the completion of a big renewable energy project. However, profitability has decreased compared to the previous year, owing to a shift in our project and client portfolio.

In Consulting, the Norwegian market has been less active than last year. The effects of new temporary hiring legislation, which took effect last year, have had a limited impact on the energy sector's activity level thus far. On the other hand, the public sector in Norway has been more noticeably affected, slowing down hiring processes. Furthermore, there has been a decline in public investments across civil construction, transport and ICT. The Finnish market has remained stable, with both the Proha and eSite businesses developing as planned.

We also started the next phase of our sustainability reporting program, aligning them with the new CSRD reporting requirements to ensure that we continue to create value through sustainable practices.

Looking ahead, we recognize that uncertainties persist in the global market. Nevertheless, we anticipate strong demand for our services in the second half of the year. In addition, we are proactively implementing measures to enhance operational efficiency and drive sustainable profitability.

GROUP’S KEY FIGURES

EUR million	4–6 2024	4–6 2023	Change %	1–6 2024	1–6 2023	Change %	1–12 2023
Net sales	50.9	47.3	7.5	93.2	93.1	0.1%	196.7
EBITDA	2.1	1.8	18.7 %	-2.5	3.7		8.4
% of net sales	4.1 %	3.7 %		-2.7 %	4.0 %		4.3%
Operating result	1.9	1.5	23.8 %	-3.0	3.2		7.4
% of net sales	3.6 %	3.2 %		-3.2 %	3.4 %		3.8 %
Profit before taxes	1.7	1.3	30.2	-3.3	2.8		6.3
% of net sales	3.3 %	2.8 %		-3.5 %	3.0 %		3.2 %
Earnings for the shareholders of the parent company	1.0	0.8	32.8 %	-1.4	1.8		4.1
% of the net sales	2.0 %	1.6 %		-1.5 %	1.9 %		2.1 %
Net cash flow from operating activities	1.6	2.9	-45.4 %	-0.3	7.1		0.1
Net debt	3.8	-6.4		3.8	-6.4		1.2
Debt-equity ratio (Gearing), %	11.6 %	-18.5 %		11.6 %	-18,5%		3.1 %
Earnings per share, EUR
Undiluted	0.010	0.007	32.8 %	-0.013	0.017		0.038
Diluted	0.010	0.007	32.8 %	-0.013	0.017		0.038

This stock exchange release is a summary of Dovre Group Plc’s Half-Year Financial Report January 1 - June 30, 2024. The full bulletin is attached to this release and is also available online at www.dovregroup.com-> Investors

Espoo, August 15, 2024

DOVRE GROUP PLC
BOARD OF DIRECTORS

For additional information, please contact:

Dovre Group PLC

Arve Jensen, CEO
arve.jensen@dovregroup.com
tel. +47 90 60 78 11

Hans Sten, CFO
hans.sten@dovregroup.com
tel. +358 20 436 2000

Financial reporting in 2024

Dovre Group releases its Q3 trading statement for January 1 – September 30, 2024, on Thursday, October 24, 2024.

Distribution
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com

The figures presented in this half-year financial report are not audited.

Attachment

• Dovre H1 2024 report ENG

Dovre Group Plc                Press release                        June 3, 2024, at 9.30 a.m.

Dovre joins the Pyhäsalmi renewable energy consortium’s 85 MW BESS solution

Dovre Group joins the Callio renewable energy consortium in Pyhäsalmi consisting of three separate projects. Dovre’s first commitment is to participate in developing an 85 MW Battery as an Energy Storage System (BESS) adjacent to the former Pyhäsalmi copper and zinc mine. The next two projects under the development of Callio are photovoltaic solar parks (PV) and an Underground Pumped Hydroelectric Storage (UPHS) facility in the actual mine, both for which Dovre has an option and interest to participate in.

The consortium will consist of Callio development company owned by the municipality of Pyhäsalmi, the Sustainable Energy Solutions Sweden Holding AB (publ) and Dovre Group Plc. The investment of Dovre is sufficient to maintain and further develop the BESS project to a Ready to Build (RTB) phase, as well as the UPHS project until such time that final decision must be made regarding the UPHS construction project later this year. The UPHS provides much higher efficiency rate compared to hydrogen storage systems, and has raised large interest among the investors for the actual construction project.

Ilari Koskelo, Vice Chairman of Dovre, comments:
"For the past few years Dovre’s focus in the Finnish market has been in the renewable energy development and construction business together with group companies Renetec Oy and Suvic Oy. I believe that the concentration of different renewable energy opportunities in the Pyhäsalmi area is innovative and provides energy production efficiency for Dovre and other market participants now and in the future.”

Henrik Boman, CEO of SENS, comments:
"We are excited to have Dovre Group Plc join our consortium as we see the formation of a new energy cluster in Finland. Their participation validates the appeal and effectiveness of SENS's solutions and expertise. With this partnership, we are entering the Finnish market confidently, supported by the trust our partners place in us. We are enthusiastic about our role in delivering sustainable energy storage to the region and contributing to its clean energy future.”

For further information, please contact:
Ilari Koskelo
Vice Chairman of the Board, Dovre Group Plc
Tel. +358 40 510 8408

Henrik Boman
CEO, Sustainable Energy Solutions Sweden Holding AB (SENS)
Tel. +46 70 224 63 61

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

About SENS
Sustainable Energy Solutions Sweden Holding AB (publ) (SENS), provides sustainable energy solutions enabling the transition to a fossil-free and CO2 neutral energy mix both locally and internationally. SENS develops, designs, constructs and sells large-scale energy projects combining renewable energy sources with next generation energy storage technologies such as underground pumped hydro storage (UPHS) and/or battery energy storage systems (BESS). The company also conducts technical advisory consultancy services within energy storage and energy systems optimisation. The company is listed on NGM Nordic SME under the short name SENS.

Distribution:
Nasdaq Helsinki
Major media
www.dovregroup.com

Dovre Group Plc                   Managers’ Transactions               April 29, 2024, at 10 a.m.

Dovre Group Plc: Managers' Transactions – Koskelo Ilari

____________________________________________

Person subject to the notification requirement

Name: Ilari Koskelo

Position: Member of the Board/Deputy member

Issuer: Dovre Group Plc

LEI: 7437000NA1I6Y1OQWL24

Notification type: INITIAL NOTIFICATION

Reference number: 60259/5/4

____________________________________________

Transaction date: 2024-04-25

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009008098

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 36 Unit price: 0.325 EUR

(2): Volume: 600 Unit price: 0.325 EUR

(3): Volume: 21650 Unit price: 0.325 EUR

(4): Volume: 7500 Unit price: 0.325 EUR

(5): Volume: 214 Unit price: 0.325 EUR

Aggregated transactions (5):

Volume: 30000 Volume weighted average price: 0.325 EUR

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Main media
www.dovregroup.com

Dovre Group Plc                     Stock exchange release                     April 25, 2024, at 9.15 a.m.

DOVRE GROUP TRADING STATEMENT JANUARY 1 – MARCH 31, 2024

Significant write-down of a single renewable project led to a negative operating profit

Correction: PDF attachments have been added.

Dovre Group Plc issues today a trading statement for the three months ended on March 31, 2024. The figures presented in this trading statement are not audited. Last year’s corresponding period in parentheses.

January – March 2024

• Net sales EUR 42.3 (45.8) million – decrease 7.6%
  • Project Personnel: net sales EUR 25.2 (24.8) million – increase 1.7%
  • Consulting: net sales EUR 3.6 (5.1) million – decrease 29.6%
  • Renewable Energy: net sales EUR 13.5 (15.9) million - decrease 15.1%
• EBITDA EUR -4.6 (1.9) million
• Operating result EUR -4.9 (1.7) million
• Result before tax EUR -5.1 (1.5) million
• Result for the shareholders of the parent company EUR -2.4 (1.0) million
• Earnings per share EUR -0.023 (0.010)
• Net cash flow from operating activities EUR -1.9 (4.3) million

Dovre Group’s profitability for the period was clearly negative due to a significant write-down (5.8 million euros) of a single renewable energy project. The project was technically successful but exceeded the cost budget considerably. Corrective actions have been taken and Suvic expects the remainder of the 2024 to clearly exceed the comparison period of 2023 in both revenue and EBIT.

Outlook for 2024

Dovre Group’s net sales are expected to be in the range of 185 - 210 MEUR and the Operating Profit (EBIT) is expected to be in the range of 2 - 4 MEUR.

The lower than 2023 EBIT is due to the above mentioned significant one-time write-down of a single renewable project in Q1.

Dovre`s Project personnel and Consulting business areas are expected to decline in both revenue and EBIT compared to 2023 due to the completion of a major project in Canada and somewhat slower activity in the Norwegian public sector.

ARVE JENSEN, CEO:  
  
In Q1 2024, Dovre Group posted total net sales of EUR 42.3 million, reflecting a 7.6% decrease compared to the same period in 2023. Our Project Personnel segment continued to perform well, reporting sales of 1.7% higher than the previous year. By contrast, the Consulting segment reported a 29.6% decrease, while Renewable Energy experienced a 15.9% decrease in net sales during Q1 2024.

Our Project Personnel business area remained highly active. We also successfully implemented restructuring the EMEA unit in Finland, consolidating the essential parts of project personnel to Norway. The objective was to improve the profitability and quality of service by centralizing operations in Norway and streamlining the remaining operations in Finland.

The Consulting business area has been negatively impacted by a slower market in the public sector in Norway and Norwegian legislation on hiring practices. Meanwhile, the Finnish market remains stable and profitable following the restructuring.

In the Renewable Energy business area, our subsidiary Suvic has had a very busy start of the year due to the commencement of the next phases of the two Swedish windfarm projects (Vitberget and Storhöjden) alongside the existing projects in Finland.

As informed in the recent stock release, Outlook for 2024, Suvic has decided to write down a significant loss of 5.8 MEUR for one project. Although the project was technically successful, it exceeded the cost budget considerably. Corrective actions have therefore been taken and Suvic expects the remainder of the year to clearly exceed the comparison period for 2023.

NET SALES

In Q1, Dovre Group’s net sales decreased by 7.6% to EUR 42.3 (45.8). Project Personnel accounted for 60% (54), Consulting for 8% (11) and Renewable Energy for 32% (35) of the Group’s net sales.

Project Personnel’s net sales increased by 1.7% to EUR 25.2 (24.8) million. Net sales for Consulting decreased by 29.6% to EUR 3.6 (5.1) million. Net sales for Renewable decreased by 15.1% to EUR 13.5 (15.9) million.

Net sales by reporting segment	1-3	1-3	Change	1-12
EUR million	2024	2023	%	2023
Project Personnel	25,2	24,8	1,7	108,8
Consulting	3,6	5,1	-29,6	16,5
Renewable Energy	13,5	15,9	-15,1	71,4
Group total	42,3	45,8	-7,6	196,7

 

PROFITABILITY

Dovre Group’s profitability for the period was clearly negative due to the above-mentioned significant write-down (5.8 million euros) of a single renewable energy project.

The Group’s EBITDA was 4.6 EUR million negative (1.9 MEUR positive)
The Group’s operating profit was 4.9 EUR million negative (1.7 MEUR positive)

Project Personnel’s operating profit was EUR 0.7 (1.2) million, Consulting’s operating profit was EUR 0.3 (0.6) million and Renewable Energy’s operating loss was 5.7 (0.2 MEUR positive) million.

The operating loss of the Group’s Other functions was EUR 0.2 (0.2) million.

EBITDA	1-3	1-3	Change		1-12
EUR million	2024	2023	%		2023
Project Personnel	0,8	1,3	-35,8		5,3
Consulting	0,3	0,6	-39,6		1,7
Renewable Energy	-5,6	0,3			2,0
Other functions	-0,2	-0,2	19,3		-0,7
Unallocated *)	0,0	0,0	0,0		0,0
Group total	-4,6	1,9			8,4
Operating result (EBIT)	1-3	1-3	Change	1-12
EUR million	2024	2023	%	2023
Project Personnel	0,7	1,2	-40,5	4,9
Consulting	0,3	0,6	-39,7	1,7
Renewable Energy	-5,7	0,2		1,8
Other functions	-0,2	-0,2	18,7	-0,7
Unallocated *)	-0,1	-0,1	-0,5	-0,3
Group total	-4,9	1,7		7,4

*Unallocated expenses include amortization of customer agreements and relations.

 

PERSONNEL

The Dovre Group employed an average of 812 people (797) during the review period.

On March 31, 2024, Dovre Group employed 837 (807) people, 686 (656) of whom were employed by Project Personnel, 80 (106) by Consulting, 68 (43) by Renewable Energy and 3 (2) by Other Functions.

Average number of personnel	1-3	1-3	Change	1-12
Number of persons	2024	2023	%	2023
Project Personnel	669	646	3,6	686
Consulting	80	106	-24,8	97
Renewable Energy	60	43	39,5	50
Other functions	3	2	50,0	2
Group total	812	797	1,9	835

Personnel at period-end	31 Mar	31 Mar	Change	31 Dec
Number of persons	2024	2023	%	2023
Project Personnel	686	656	4,6	679
Consulting	80	106	-24,5	84
Renewable Energy	68	43	58,1	54
Other functions	3	2	50,0	3
Group total	837	807	3,7	820

 

CASH POSITION

On March 31, 2024, the Group’s net debt was EUR 3.8 (-6.7) million. The Group’s cash and cash equivalents totaled EUR 11.3 (13.5) million. The Group’s interest-bearing liabilities were EUR 15.1 (6.9) million, a total of EUR 8.1 (5.8) million of which were current and EUR 7.0 (1.0) million non-current.

In Q1, net cash flow from operating activities was EUR -1,9 (4.3) million, which includes EUR 2.9 (3.5) million decrease in working capital. The decrease in working capital is primarily due to Renewable Energy business.

 

OTHER EVENTS DURING THE REVIEW PERIOD

Suvic AB, a subsidiary of Suvic Oy, has received a Notice to Proceed for the Storhöjden wind farm

Suvic has received a Notice to Proceed from the customer for the Storhöjden wind farm and will start the actual construction work in Sweden. The work will be carried out by Suvic AB, a wholly owned Swedish subsidiary of Suvic Oy.

With this notification, the conditional contract for Storhöjden announced on 20.12.2023 thus becomes a BoP contract.

Suvic has already completed some design, field surveys and preliminary road alignments in Storhöjden as part of the early works agreement. "The actual work will start with topsoil removal, site mobilisation and quarrying, after which we will build the lifting fields and roadways. The foundations and cabling for the wind turbines are planned to be completed by December 2024," says Olli Niemelä, COO of Suvic's Swedish site operations, explaining the construction schedule for the park.

The park of 22 wind turbines in Kramfors municipality is part of the High Coast project. The BoP is being made with Adalen and HC Wind – SPVs launched by Renewable Power Capital Ltd. (RPC). Headquartered in London, RPC is backed by CPP Investment Board and was founded in 2020 to develop, construct, own and operate renewable energy and industrial scale storage projects across Europe. 

Tricon and Suvic to build a heat pump plant for Fortum in Espoo's Hepokorpi data centre area.

A Working Association of Tricon and Suvic is building a heat pump plant recovering waste heat for Fortum's district heating network in the future data centre area of Espoo. Together with the previously announced heat pump plant in the Kolabacken data centre area of Kirkkonummi, the project will create an unprecedented scale of waste heat utilization.

The heat pump facility at the Hepokorpi data center utilizes waste heat and ambient air. It includes a recovery building housing heat pumps for heat recovery from the data center, air-to-water heat pumps, and electric boiler. The client for the project is Fortum Power and Heat Ltd.

"The Hepokorvi data centre is optimally located close to the district heating network. It is fantastic that we get to build both Fortum's Kirkkonummi and Espoo heat pump plants. The utilisation of waste heat complements our service portfolio for the construction of carbon dioxide-free energy production, which also includes wind power and solar power plants," says Ville Vesanen, CEO of Suvic, about the project.

The waste heat from data centres can replace a significant share of the fossil fuel based heat production in Espoo's district heating network area. In practice, the heat from the data centre's indoor air is transferred through a heat exchanger to water, which flows in a closed loop to the heat pump plant. Heat is transferred from the plant as required to the district heating system and to thousands of homes and other users. The aim is to produce heat from the 2025–2026 heating season onwards.

"The projects in Espoo and Kirkkonummi promote decarbonization, and at the same time, households, services, and businesses receive competitive, clean, and reliable electric-based district heating. Fortum's district heating in Finland will be carbon-free by 2024 and carbon-neutral before 2030," summarizes the benefits of the project Teemu Nieminen, Project Director from Fortum's Heating and Cooling Business.

"The site will be ready for installation in spring 2025. The construction of the Hepokorvi heat pump plant will be somewhat more demanding than the construction of the similar plant in Kolabacken, Kirkkonummi. This is due to the soil, the size of the Hepokorvi site and its location between the power lines and Ring III," says Jukka Kallio of Suvic, project manager for both projects.

In Espoo, April 25, 2024

DOVRE GROUP PLC
BOARD OF DIRECTORS

For additional information, please contact:

Dovre Group Plc
Arve Jensen, CEO                          
tel. +47 90 60 78 11
arve.jensen@dovregroup.com

Hans Sten, CFO
tel. +358 20 436 2000
hans.sten@dovregroup.com

Distribution
Nasdaq Helsinki Ltd
Main media

www.dovregroup.com

Attachment

• Dovre Group Plc_Q1_2024 Trading Statement

Dovre Group Plc                     Stock exchange release                     April 25, 2024, at 9.15 a.m.

DOVRE GROUP TRADING STATEMENT JANUARY 1 – MARCH 31, 2024

Significant write-down of a single renewable project led to a negative operating profit

Dovre Group Plc issues today a trading statement for the three months ended on March 31, 2024. The figures presented in this trading statement are not audited. Last year’s corresponding period in parentheses.

January – March 2024

• Net sales EUR 42.3 (45.8) million – decrease 7.6%
  • Project Personnel: net sales EUR 25.2 (24.8) million – increase 1.7%
  • Consulting: net sales EUR 3.6 (5.1) million – decrease 29.6%
  • Renewable Energy: net sales EUR 13.5 (15.9) million - decrease 15.1%
• EBITDA EUR -4.6 (1.9) million
• Operating result EUR -4.9 (1.7) million
• Result before tax EUR -5.1 (1.5) million
• Result for the shareholders of the parent company EUR -2.4 (1.0) million
• Earnings per share EUR -0.023 (0.010)
• Net cash flow from operating activities EUR -1.9 (4.3) million

Dovre Group’s profitability for the period was clearly negative due to a significant write-down (5.8 million euros) of a single renewable energy project. The project was technically successful but exceeded the cost budget considerably. Corrective actions have been taken and Suvic expects the remainder of the 2024 to clearly exceed the comparison period of 2023 in both revenue and EBIT.

Outlook for 2024

Dovre Group’s net sales are expected to be in the range of 185 - 210 MEUR and the Operating Profit (EBIT) is expected to be in the range of 2 - 4 MEUR.

The lower than 2023 EBIT is due to the above mentioned significant one-time write-down of a single renewable project in Q1.

Dovre`s Project personnel and Consulting business areas are expected to decline in both revenue and EBIT compared to 2023 due to the completion of a major project in Canada and somewhat slower activity in the Norwegian public sector.

ARVE JENSEN, CEO:  
  
In Q1 2024, Dovre Group posted total net sales of EUR 42.3 million, reflecting a 7.6% decrease compared to the same period in 2023. Our Project Personnel segment continued to perform well, reporting sales of 1.7% higher than the previous year. By contrast, the Consulting segment reported a 29.6% decrease, while Renewable Energy experienced a 15.9% decrease in net sales during Q1 2024.

Our Project Personnel business area remained highly active. We also successfully implemented restructuring the EMEA unit in Finland, consolidating the essential parts of project personnel to Norway. The objective was to improve the profitability and quality of service by centralizing operations in Norway and streamlining the remaining operations in Finland.

The Consulting business area has been negatively impacted by a slower market in the public sector in Norway and Norwegian legislation on hiring practices. Meanwhile, the Finnish market remains stable and profitable following the restructuring.

In the Renewable Energy business area, our subsidiary Suvic has had a very busy start of the year due to the commencement of the next phases of the two Swedish windfarm projects (Vitberget and Storhöjden) alongside the existing projects in Finland.

As informed in the recent stock release, Outlook for 2024, Suvic has decided to write down a significant loss of 5.8 MEUR for one project. Although the project was technically successful, it exceeded the cost budget considerably. Corrective actions have therefore been taken and Suvic expects the remainder of the year to clearly exceed the comparison period for 2023.

NET SALES

In Q1, Dovre Group’s net sales decreased by 7.6% to EUR 42.3 (45.8). Project Personnel accounted for 60% (54), Consulting for 8% (11) and Renewable Energy for 32% (35) of the Group’s net sales.

Project Personnel’s net sales increased by 1.7% to EUR 25.2 (24.8) million. Net sales for Consulting decreased by 29.6% to EUR 3.6 (5.1) million. Net sales for Renewable decreased by 15.1% to EUR 13.5 (15.9) million.

Net sales by reporting segment	1-3	1-3	Change	1-12
EUR million	2024	2023	%	2023
Project Personnel	25,2	24,8	1,7	108,8
Consulting	3,6	5,1	-29,6	16,5
Renewable Energy	13,5	15,9	-15,1	71,4
Group total	42,3	45,8	-7,6	196,7

 

PROFITABILITY

Dovre Group’s profitability for the period was clearly negative due to the above-mentioned significant write-down (5.8 million euros) of a single renewable energy project.

The Group’s EBITDA was 4.6 EUR million negative (1.9 MEUR positive)
The Group’s operating profit was 4.9 EUR million negative (1.7 MEUR positive)

Project Personnel’s operating profit was EUR 0.7 (1.2) million, Consulting’s operating profit was EUR 0.3 (0.6) million and Renewable Energy’s operating loss was 5.7 (0.2 MEUR positive) million.

The operating loss of the Group’s Other functions was EUR 0.2 (0.2) million.

EBITDA	1-3	1-3	Change		1-12
EUR million	2024	2023	%		2023
Project Personnel	0,8	1,3	-35,8		5,3
Consulting	0,3	0,6	-39,6		1,7
Renewable Energy	-5,6	0,3			2,0
Other functions	-0,2	-0,2	19,3		-0,7
Unallocated *)	0,0	0,0	0,0		0,0
Group total	-4,6	1,9			8,4
Operating result (EBIT)	1-3	1-3	Change	1-12
EUR million	2024	2023	%	2023
Project Personnel	0,7	1,2	-40,5	4,9
Consulting	0,3	0,6	-39,7	1,7
Renewable Energy	-5,7	0,2		1,8
Other functions	-0,2	-0,2	18,7	-0,7
Unallocated *)	-0,1	-0,1	-0,5	-0,3
Group total	-4,9	1,7		7,4

*Unallocated expenses include amortization of customer agreements and relations.

 

PERSONNEL

The Dovre Group employed an average of 812 people (797) during the review period.

On March 31, 2024, Dovre Group employed 837 (807) people, 686 (656) of whom were employed by Project Personnel, 80 (106) by Consulting, 68 (43) by Renewable Energy and 3 (2) by Other Functions.

Average number of personnel	1-3	1-3	Change	1-12
Number of persons	2024	2023	%	2023
Project Personnel	669	646	3,6	686
Consulting	80	106	-24,8	97
Renewable Energy	60	43	39,5	50
Other functions	3	2	50,0	2
Group total	812	797	1,9	835

Personnel at period-end	31 Mar	31 Mar	Change	31 Dec
Number of persons	2024	2023	%	2023
Project Personnel	686	656	4,6	679
Consulting	80	106	-24,5	84
Renewable Energy	68	43	58,1	54
Other functions	3	2	50,0	3
Group total	837	807	3,7	820

CASH POSITION

On March 31, 2024, the Group’s net debt was EUR 3.8 (-6.7) million. The Group’s cash and cash equivalents totaled EUR 11.3 (13.5) million. The Group’s interest-bearing liabilities were EUR 15.1 (6.9) million, a total of EUR 8.1 (5.8) million of which were current and EUR 7.0 (1.0) million non-current.

In Q1, net cash flow from operating activities was EUR -1,9 (4.3) million, which includes EUR 2.9 (3.5) million decrease in working capital. The decrease in working capital is primarily due to Renewable Energy business.

 

OTHER EVENTS DURING THE REVIEW PERIOD

Suvic AB, a subsidiary of Suvic Oy, has received a Notice to Proceed for the Storhöjden wind farm

Suvic has received a Notice to Proceed from the customer for the Storhöjden wind farm and will start the actual construction work in Sweden. The work will be carried out by Suvic AB, a wholly owned Swedish subsidiary of Suvic Oy.

With this notification, the conditional contract for Storhöjden announced on 20.12.2023 thus becomes a BoP contract.

Suvic has already completed some design, field surveys and preliminary road alignments in Storhöjden as part of the early works agreement. "The actual work will start with topsoil removal, site mobilisation and quarrying, after which we will build the lifting fields and roadways. The foundations and cabling for the wind turbines are planned to be completed by December 2024," says Olli Niemelä, COO of Suvic's Swedish site operations, explaining the construction schedule for the park.

The park of 22 wind turbines in Kramfors municipality is part of the High Coast project. The BoP is being made with Adalen and HC Wind – SPVs launched by Renewable Power Capital Ltd. (RPC). Headquartered in London, RPC is backed by CPP Investment Board and was founded in 2020 to develop, construct, own and operate renewable energy and industrial scale storage projects across Europe. 

Tricon and Suvic to build a heat pump plant for Fortum in Espoo's Hepokorpi data centre area.

A Working Association of Tricon and Suvic is building a heat pump plant recovering waste heat for Fortum's district heating network in the future data centre area of Espoo. Together with the previously announced heat pump plant in the Kolabacken data centre area of Kirkkonummi, the project will create an unprecedented scale of waste heat utilization.

The heat pump facility at the Hepokorpi data center utilizes waste heat and ambient air. It includes a recovery building housing heat pumps for heat recovery from the data center, air-to-water heat pumps, and electric boiler. The client for the project is Fortum Power and Heat Ltd.

"The Hepokorvi data centre is optimally located close to the district heating network. It is fantastic that we get to build both Fortum's Kirkkonummi and Espoo heat pump plants. The utilisation of waste heat complements our service portfolio for the construction of carbon dioxide-free energy production, which also includes wind power and solar power plants," says Ville Vesanen, CEO of Suvic, about the project.

The waste heat from data centres can replace a significant share of the fossil fuel based heat production in Espoo's district heating network area. In practice, the heat from the data centre's indoor air is transferred through a heat exchanger to water, which flows in a closed loop to the heat pump plant. Heat is transferred from the plant as required to the district heating system and to thousands of homes and other users. The aim is to produce heat from the 2025–2026 heating season onwards.

"The projects in Espoo and Kirkkonummi promote decarbonization, and at the same time, households, services, and businesses receive competitive, clean, and reliable electric-based district heating. Fortum's district heating in Finland will be carbon-free by 2024 and carbon-neutral before 2030," summarizes the benefits of the project Teemu Nieminen, Project Director from Fortum's Heating and Cooling Business.

"The site will be ready for installation in spring 2025. The construction of the Hepokorvi heat pump plant will be somewhat more demanding than the construction of the similar plant in Kolabacken, Kirkkonummi. This is due to the soil, the size of the Hepokorvi site and its location between the power lines and Ring III," says Jukka Kallio of Suvic, project manager for both projects.

In Espoo, April 25, 2024

DOVRE GROUP PLC
BOARD OF DIRECTORS

For additional information, please contact:

Dovre Group Plc
Arve Jensen, CEO                          
tel. +47 90 60 78 11
arve.jensen@dovregroup.com

Hans Sten, CFO
tel. +358 20 436 2000
hans.sten@dovregroup.com

Distribution
Nasdaq Helsinki Ltd
Main media

www.dovregroup.com

Dovre Group Plc                       Stock Exchange Release                    April 18, 2024, at 5.00 pm

DOVRE GROUP PLC OUTLOOK FOR YEAR 2024

In 2024 our revenue is expected to be in the range of 185 - 210 MEUR and the Operating Profit (EBIT) is expected to be in the range of 2 - 4 MEUR.

The lower than 2023 EBIT is due to a significant one-time write-down (approx. 6 million euros) of a single renewable project in Q1. The project was technically successful but exceeded the cost budget considerably. Corrective actions have been taken and Suvic expects the remainder of the 2024 to clearly exceed the comparison period of 2023 in both revenue and EBIT.

Dovre`s Project personnel and Consulting business areas are expected to decline in both revenue and EBIT compared to 2023 due to the completion of a major project in Canada and somewhat slower activity in the Norwegian public sector.

For further information:

Dovre Group Plc
Arve Jensen
CEO
Tel. +47 90 60 78 11
arve.jensen@dovregroup.com

Hans Sten
CFO
hans.sten@dovregroup.com
tel. +358 20 436 2000

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Main media
www.dovregroup.com

 

Dovre Group Plc                 Press Release           April 5, 2024, at 1 pm

Suvic AB, a subsidiary of Suvic Oy, has received a Notice to Proceed for the Vitberget wind farm

Suvic has received a Notice to Proceed from the customer for the Vitberget wind farm and will start the actual construction work on site. The work will be carried out by Suvic AB, a wholly owned Swedish subsidiary of Suvic Oy.

With this notification, the conditional contract for Vitberget announced on December 20, 2023, thus becomes a BoP contract.

Suvic's CEO Ville Vesanen says that the preparations for the work have gone well in cooperation with the client. "The site is about to start deforestation, which will be carried out by Svenska Cellulosa Aktiebolaget SCA, while VTG Entreprenad AB is our partner for civil works. We are fortunate to have been able to find a number of talented professionals with wind energy construction experience in the vicinity of the wind farm. Suvic AB has also been well received by the local community, for which we are of course grateful. For our part, the work is largely scheduled for completion in December 2024, and the summer will be a busy construction period," Vesanen sums up the project news.

The park of 24 wind turbines in Kramfors municipality is part of the High Coast project. The BoP is being made with Adalen and HC Wind – SPVs launched by Renewable Power Capital Ltd. (RPC). Headquartered in London, RPC is backed by CPP Investment Board and was founded in 2020 to develop, construct, own and operate renewable energy and industrial scale storage projects across Europe. 

For further information, please contact:

Ville Vesanen
CEO, Suvic Oy
Tel. +358 44 328 9928
vve@suvic.fi, www.suvic.fi

Ilari Koskelo
Vice Chairman of the Board, Dovre Group Plc
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

Suvic is a company founded in 2017 in Oulu, Finland, that operates in the Nordic countries with a special focus on renewable energy construction. It brings new, innovative practices to the industry through design, construction and project management. The company's current projects include Valrea's Kalistanneva and Matkussaari wind farms (Kurikka), Prime Capital's Sandbacka wind farm (Uusikaarlepyy and Vöyri), CPC Finland's Lakari solar power plant, EPV Aurinkovoima Oy's Heinineva solar power plant (Lapua) and Fortum's heat pump plants in Espoo and Kirkkonummi data centre areas. Website: www.suvic.fi

RPC is a London-headquartered pan-European renewables company established in 2020, with the backing of CPP Investments. RPC invests in the development, construction, and long-term ownership of onshore wind and solar projects, enabling the energy transition and driving stable long-term, risk-adjusted returns. RPC’s flexible mandate allows it to structure investments which recognise the changing market dynamics in Europe and create innovative solutions to build relationships designed for decades rather than months.

RPC is led by a seasoned and established team of energy investment professionals with deep renewable power, technical, and operational expertise, and a strong common purpose. RPC aims to pioneer the European renewables sector, accelerating the already-rapid growth and playing a key role in making the energy transition a reality.

For more information, please visit www.renewablepowercapital.com

Distribution:
Nasdaq Helsinki
Major media
www.dovregroup.com

Dovre Group Plc                         Stock Exchange Release                     April 4, 2024, at 5.30 pm

DECISIONS OF THE ANNUAL GENERAL MEETING OF DOVRE GROUP PLC

Dovre Group Plc’s Annual General Meeting held today on April 4, 2024, adopted the financial statements and consolidated financial statements for 2023 and discharged the members of the Board of Directors and the CEO from liability for the financial year ending on December 31, 2023.

The Annual General Meeting also decided on the composition and remuneration of the Board of Directors, the election of the auditor, the authorization of the Board of Directors to decide on the repurchase of the Company’s own shares and on the issuance of shares as well as the issuance of other special rights entitling to shares.

Payment of dividend

The Annual General Meeting decided, in accordance with the Board’s proposal that a dividend of EUR 0.01 per share be paid for the financial year 2023 on April 15, 2024, to a shareholder who on the record date April 8, 2024, is registered in the Company's shareholder register maintained by Euroclear Finland Ltd.

The Annual General Meeting also decided, in accordance with the Board’s proposal that was amended before the Annual General Meeting that an extra dividend of EUR 0.01 be paid on October 31, 2024. This extra dividend is paid to a shareholder who on the record date that is determined later by the Board of Directors, is registered in the Company's shareholder register maintained by Euroclear Finland Ltd.

Remuneration report for 2023

In accordance with the Board´s proposal, the Annual General Meeting resolved to approve the remuneration report for the financial year of 2023.

Composition and remuneration of the Board of Directors

The Annual General Meeting decided that the number of Board members be set at four (4). Svein Stavelin, Ilari Koskelo, Antti Manninen and Sanna Outa-Ollila were re-elected as members of the Board.

The Annual General Meeting resolved that the chairman of the Board is paid EUR 40,000, the vice chairman of the Board EUR 33,000, and each other member of the Board EUR 25,000 per year. The annual compensation is to be paid in cash. In addition, reasonable travel expenses are also compensated.

Auditor

The Annual General Meeting elected the Authorized Public Accountant entity BDO Oy as the Company's auditor. BDO Oy has informed that Authorized Public Accountant Henrik Juth will be the principal auditor. The auditor’s fee shall be paid according to the approved invoice of the auditor.

Authorizing the Board of Directors to decide on the repurchase of the Company’s own shares

The Annual General Meeting authorized the Board of Directors to decide on the repurchase of the Company’s own shares on the following conditions: the Board is entitled to decide on repurchase of a maximum of 10 100 000 of the Company's own shares, which shall be repurchased in deviation from the proportion to the holdings of the shareholders using the non-restricted equity and acquired through trading at the regulated market organized by Nasdaq Helsinki Ltd at the share price prevailing at the time of acquisition. This number of shares corresponds to approximately a maximum of 9.5% of the total number of shares in the Company. The shares may be repurchased in order to be used as consideration in possible acquisitions or other arrangements related to the Company’s business, to finance investments or as part of the Company’s incentive program or to be held, otherwise conveyed or cancelled by the Company. The Board of Directors shall decide on other matters related to the repurchase of the Company’s own shares. This repurchase authorization is valid until June 30, 2025, and revokes earlier repurchase authorizations.

Authorizing the Board of Directors to decide on the issuance of shares as well as the issuance of other special rights entitling to shares

The Annual General Meeting authorized the Board of Directors to decide on the issuance of new shares and/or the conveyance of own shares held by the Company and/or the granting of special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act on the following conditions:

By virtue of the authorization, the Board may also decide on a directed issue of shares and special rights, i.e. waiving the pre-emptive subscription rights of the shareholders, under the requirements of the law. By virtue of the authorization, a maximum of 10 100 000 shares may be issued, corresponding to approximately a maximum of 9.5% of the Company’s existing shares.

The Board may use the authorization in one or more instalments. The Board may use the authorization to finance or conclude acquisitions or other arrangements, to strengthen the Company’s capital structure, to incentive programs or other purposes decided by the Board. The new shares may be issued or the Company’s own shares conveyed either against payment or free of charge. The new shares may also be issued as an issue without payment to the Company itself. The Board was authorized to decide on other terms of the issuance 5.of shares and special rights. By virtue of the authorization, the Board of Directors may decide on the realization of the Company’s own shares possibly held by the Company as pledge. 

The authorization is valid until June 30, 2025. The authorization revokes earlier authorizations to issue shares and grant option rights and other special rights entitling to shares.

The minutes of the Annual General Meeting will be available on the Company’s website at www.dovregroup.com within 14 days as of the date of Annual General Meeting.

Convening after the Annual General Meeting, the Board of Directors of Dovre Group Plc elected Svein Stavelin Chairman of the Board and Ilari Koskelo Vice Chairman of the Board.

Dovre Group Plc
Arve Jensen, CEO
Tel. +47 90 60 78 11
arve.jensen@dovregroup.com

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Main media
www.dovregroup.com

 

Attachment

• Dovre Group Plc_ AGM decisions 2024-04-04

Dovre Group Plc                Press release                March 20, 2024, at 1 pm

Tricon and Suvic to build a heat pump plant for Fortum in Espoo's Hepokorvi data centre area

A Working Association of Tricon and Suvic is building a heat pump plant recovering waste heat for Fortum's district heating network in the future data centre area of Espoo. Together with the previously announced heat pump plant in the Kolabacken data centre area of Kirkkonummi, the project will create an unprecedented scale of waste heat utilization.

The heat pump facility at the Hepokorpi data center utilizes waste heat and ambient air. It includes a recovery building housing heat pumps for heat recovery from the data center, air-to-water heat pumps, and electric boiler. The client for the project is Fortum Power and Heat Ltd.

"The Hepokorvi data centre is optimally located close to the district heating network. It is fantastic that we get to build both Fortum's Kirkkonummi and Espoo heat pump plants. The utilisation of waste heat complements our service portfolio for the construction of carbon dioxide-free energy production, which also includes wind power and solar power plants," says Ville Vesanen, CEO of Suvic, about the project.

The waste heat from data centres can replace a significant share of the fossil fuel based heat production in Espoo's district heating network area. In practice, the heat from the data centre's indoor air is transferred through a heat exchanger to water, which flows in a closed loop to the heat pump plant. Heat is transferred from the plant as required to the district heating system and to thousands of homes and other users. The aim is to produce heat from the 2025–2026 heating season onwards.

"The projects in Espoo and Kirkkonummi promote decarbonization, and at the same time, households, services, and businesses receive competitive, clean, and reliable electric-based district heating. Fortum's district heating in Finland will be carbon-free by 2024 and carbon-neutral before 2030," summarizes the benefits of the project Teemu Nieminen, Project Director from Fortum's Heating and Cooling Business.

"The site will be ready for installation in spring 2025. The construction of the Hepokorvi heat pump plant will be somewhat more demanding than the construction of the similar plant in Kolabacken, Kirkkonummi. This is due to the soil, the size of the Hepokorvi site and its location between the power lines and Ring III," says Jukka Kallio of Suvic, project manager for both projects.

For further information, please contact:
Ville Vesanen
CEO, Suvic Oy
Tel. +358 44 328 9928
vve@suvic.fi, www.suvic.fi

Ilari Koskelo
Vice Chairman of the Board, Dovre Group Plc
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

Suvic is a company founded in 2017 in Oulu, Finland, that operates in the Nordic countries with a special focus on renewable energy construction. It brings new, innovative practices to the industry through design, construction and project management. The company's current projects include Valrea's Kalistanneva and Matkussaari wind farms (Kurikka), Prime Capital's Sandbacka wind farm (Uusikaarlepyy and Vöyri), CPC Finland's Lakari solar power plant, EPV Aurinkovoima Oy's Heinineva solar power plant (Lapua) and Fortum's Kirkkonummi data centre heat pump plant. Website: www.suvic.fi

 

Dovre Group Plc                        Stock Exchange Release                                March 12, 2024 at 10 am

NOTICE TO THE ANNUAL GENERAL MEETING OF DOVRE GROUP PLC

Notice is given to the shareholders of Dovre Group Plc (‘Company’) to the Annual General Meeting (‘AGM’) to be held on Thursday, April 4, 2024 at 3:00 p.m. at Helsingin Suomalainen Klubi (The Helsinki Finnish Club), Kansakoulukuja 3, 00100 Helsinki. The reception of the persons who have registered for the meeting and the distribution of voting tickets will commence at 2:30 p.m. at the meeting venue.   

Shareholders representing over 20% of the outstanding shares of Dovre Group Plc have indicated that they will vote in favor of all proposals presented in this notice to the AGM.

A. MATTERS ON THE AGENDA OF THE ANNUAL GENERAL MEETING

At the AGM, the following matters will be considered:

1. Opening of the meeting

2. Calling the meeting to order

3. Election of persons to scrutinize the minutes and to verify the counting of votes

4. Recording the legality of the meeting

5. Recording the attendance at the meeting and adoption of the voting list

6. Presentation of the annual accounts 2023, the report of the Board of Directors and the auditor's report
- Review by the CEO of Dovre Group Plc
- Review by the CEO of the Company’s subsidiary Suvic Oy

7. Adoption of the annual accounts

8. Resolution on the use of the profit shown on the balance sheet and resolution on the distribution of dividend

The parent company’s distributable funds as on December 31, 2023 amounted to EUR 17,536,903.69. Board of Directors proposes to the AGM that a dividend of EUR 0.01 per share be paid for the financial year 2023. The Board of Directors proposes that the dividend is paid on April 15, 2024 to a shareholder who on the record date April 8, 2024, is registered in the Company's shareholder register maintained by Euroclear Finland Ltd.

The Board of Directors also proposes that extra dividend of EUR 0.01 be paid, which will be paid in accordance with the Board's decision no later than October 31, 2024. This extra dividend would be paid to a shareholder who on the record date that is determined later by the Board of Directors, is registered in the Company's shareholder register maintained by Euroclear Finland Ltd.

Dividend is not paid to the shares held by the Company.

9. Resolution on the discharge of the members of the Board of Directors and the CEO from liability

10. Adoption of the remuneration report for governing bodies

The Board of Directors proposes to the AGM that the AGM adopts the remuneration report for the financial year 2023.

11. Resolution on the remuneration of the members of the Board of Directors

The shareholders representing over 20% of the total shares in the Company have indicated to propose to the AGM that the annual remuneration payable to the Board members shall be as follows: The Chairman of the Board is paid EUR 40,000, the Vice Chairman of the Board EUR 33,000, and each other member of the Board EUR 25,000.

In addition, it is proposed that reasonable travel expenses incurred by the Board members be compensated according to the actual costs.

The remuneration of the members of the Board of Directors shall be paid in cash.

12. Resolution on the number of members of the Board of Directors

The shareholders representing over 20% of the total shares in the Company have indicated to propose to the AGM that the number of Board members be four (4).

13. Election of the members of the Board of Directors

The shareholders representing over 20% of the total shares in the Company have indicated to propose to the AGM that current members of the Board, Ilari Koskelo, Antti Manninen, Sanna Outa-Ollila and Svein Stavelin be re-elected as members of the Board.

14. Resolution on the remuneration of the auditor

The Board of Directors proposes to the AGM that the auditor’s fee shall be paid according to the approved reasonable invoice from the auditor.

15. Election of the auditor

The Board of Directors proposes to the AGM that one (1) auditor be elected for the Company. The Board of Directors proposes that Authorized Public Accountant firm BDO Oy be elected as the Company’s auditor. BDO Oy has informed that Authorized Public Accountant Henrik Juth would act as the principally responsible auditor.

16. Authorizing the Board of Directors to decide on the repurchase of the Company’s own shares

The Board of Directors proposes to the AGM that the Board of Directors be authorized to decide on the repurchase of the Company’s own shares on the following conditions:

a) By virtue of the authorization, the Board is entitled to decide on repurchase of a maximum of 10,100,000 of the Company’s own shares, corresponding to a maximum of approximately 9.5% of all shares in the Company.

b) The Company’s own shares may be repurchased in deviation from the proportion to the holdings of the shareholders using the non-restricted equity and acquired on regulated market through trading on Nasdaq Helsinki Ltd at the share price prevailing at the time of acquisition. Shares will be acquired and paid for in accordance with the rules of Nasdaq Helsinki Ltd and Euroclear Finland Ltd.

c) The shares may be repurchased in order to be used as consideration in possible acquisitions or other arrangements related to the Company’s business, to finance investments or as part of the Company’s incentive program or the be held, otherwise conveyed or cancelled by the Company.

The Board of Directors shall decide on other matters related to repurchase of the Company’s own shares.

The repurchase authorization is valid until June 30, 2025. The authorization revokes previous authorizations to acquire the Company’s own shares.

17. Authorizing the Board of Directors to decide on the issuance of shares as well as the issuance of other special rights entitling to shares

The Board of Directors proposes to the AGM that the Board of Directors be authorized to decide on
(i)   the issuance of new shares and/or
(ii)   the conveyance of the Company’s own shares and/or
(iii)   the granting of special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, on the following conditions:


By virtue of the authorization, the Board may also decide on a directed issue of shares and special rights, i.e. in deviation of the pre-emptive subscription rights of the shareholders, under the requirements of the law. By virtue of the authorization, a maximum of 10,100,000 shares may be issued, corresponding to a maximum of 9.5% of the Company’s existing shares.

The Board may use the authorization in one or more instalments. The Board may use the authorization to finance or conclude acquisitions or other arrangements, to strengthen the Company’s capital structure, for incentive programs or for other purposes decided by the Board. The new shares may be issued or the Company’s own shares conveyed either against payment or free of charge. The new shares may also be issued as an issue without payment to the Company itself. The Board is authorized to decide on other terms of the issuance of shares and special rights. By virtue of the authorization, the Board of Directors may decide on the realization of the Company’s own shares possibly held by the Company as pledge.

The authorization is valid until June 30, 2025. The authorization revokes earlier authorizations to issue shares and grant option rights and other special rights entitling to shares.

18. Closing of the meeting

B. DOCUMENTS OF THE ANNUAL GENERAL MEETING

The above mentioned proposals of the Board of Directors relating to the agenda of the AGM as well as this notice are available on the Company’s website www.dovregroup.com. The Company’s annual report, which includes the Company’s financial statements, the report of the Board of Directors, the auditor’s report and the Corporate Government Statement, as well as the remuneration report, have been published in electronic form on the Company’s website during week 10. The proposals of the Board of Directors and the financial statements are also available at the AGM. Copies of these documents and of this notice will be sent to shareholders upon request.

C. INSTRUCTIONS FOR THE PARTICIPANTS IN THE ANNUAL GENERAL MEETING

1. Shareholder registered in the shareholders’ register

A shareholder who is registered in the shareholders’ register of the Company maintained by Euroclear Finland Ltd, on the record date March 21, 2024, has the right to participate in the AGM. A shareholder, whose shares are registered on his/her personal Finnish book-entry account, is registered in the shareholder register of the Company.

The registration period for the AGM commences on March 12, 2024. A shareholder, who is registered in the shareholder register of the Company and who wants to participate in the AGM, must register no later than on March 28, 2024 10:00 a.m., by which time the registration must be received.

Registration for the AGM can be made:
a) on Dovre Group Plc’s website at www.dovregroup.com
b) by email to marja.saukkonen@dovregroup.com
c) by telephone to Dovre Group Plc/Marja Saukkonen, tel. +358 50 385 4296

In connection with the registration, a shareholder shall notify his/her name, personal identification number or business ID, address, telephone number, and the name of a possible assistant or proxy representative and the personal identification number of a proxy representative. The personal data given to Dovre Group Plc is used only in connection with the AGM and with the processing of related necessary registrations.

2. Holders of nominee registered shares

A holder of nominee registered shares has the right to participate in the AGM by virtue of such shares, based on which he/she would be entitled to be registered in the shareholder register of the Company maintained by Euroclear Finland Ltd on the record date of the AGM on March 21, 2024. The right to participate requires, in addition, that the shareholder has, on the basis of such shares, been registered into the temporary shareholder register maintained by Euroclear Finland Ltd. at the latest by March 28, 2024 by 10:00 a.m. In regards to nominee registered shares this constitutes due registration for the AGM. Changes in shareholding after the record date of the AGM do not affect the right to participate in the AGM or the number of votes of the shareholder.

A holder of nominee registered shares is advised to request without delay necessary instructions regarding the registration in the temporary shareholder register of the Company, the issuing of proxy documents and registration for the AGM from his/her custodian bank. The account management organization of the custodian bank has to register a holder of nominee registered shares, who wants to participate in the AGM, into the temporary shareholder register of the Company at the latest by March 28, 2024 by 10:00 a.m.

3. Proxy representative and powers of attorney

A shareholder may participate in the AGM and exercise his/her rights at the meeting through aproxy representative. A proxy representative shall produce a duly dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the AGM. When a shareholder participates in the AGM by means of several proxy representatives representing the shareholder with shares at different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the AGM.

Any proxy documents should be delivered in original to Dovre Group Plc/Marja Saukkonen, Ahventie 4 B, 02170 Espoo, Finland, or as a scanned copy by email to marja.saukkonen@dovregroup.com by the last date of registration. In addition to the delivery of the proxy documents the shareholder or the proxy representative shall register for the AGM as described in this notice.

4. Other information

Pursuant to Chapter 5, Section 25 of the Companies Act, a shareholder who is present at the AGM has the right to request information with respect to the matters to be considered at the meeting

On the date of this notice to the AGM, the total number of shares and votes in Dovre Group Plc is 105,956,494.

Espoo, March 12, 2024

DOVRE GROUP PLC
Board of Directors

For further information please contact Mr Arve Jensen, CEO, tel. +47 90 60 78 11 or Mr Hans Sten, CFO, tel. +358 20 436 2000.

DISTRIBUTION
Nasdaq Helsinki
Main media
www.dovregroup.com

 

 

 

Attachment

• Dovre Group Plc Notice to AGM_2024-04-04

Dovre Group Plc                     Stock Exchange Release                        March 8, 2024, at 9 am

DOVRE GROUP’S 2023 ANNUAL REPORT PUBLISHED

Dovre Group has published its Annual Report 2023 at www.dovregroup.com -> Investors today.

The Annual Report includes a review by the CEO, the Board of Directors’ report, non-financial reporting, consolidated financial statements, parent company financial statements, auditor’s report and a corporate governance statement.

Dovre Group publishes the financial statements in accordance with the European Single Electronic Format (ESEF) reporting requirements in xHTML format. In line with the ESEF requirements, the primary financial statements have been labelled with XBRL tags and the notes to the consolidated financial statements have been labelled with XBRL block tags. The audit firm BDO Oy has provided an independent auditor’s reasonable assurance report on Dovre Group’s ESEF consolidated financial statements in accordance with ISAE 3000.

Dovre Group has also published the corporate governance statement and a remuneration report for 2023 today.

The Annual Report in PDF file, the corporate governance statement and the remuneration report for 2023 and the financial Statements xHTML file are attached to this release and available on www.dovregroup.com -> Investors.

For further information, please contact:

Dovre Group Plc

Hans Sten, CFO
hans.sten@dovregroup.com
tel. +358 20 436 2000

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196,7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com

 

Attachments

• 7437000NA1I6Y1OQWL24-2023-12-31-en
• Dovre Group Plc_2023_CGS_EN
• Dovre Group Plc_2023_Remuneration_EN
• Dovre_2023_Annual_Report_EN

DOVRE GROUP’S FINANCIAL STATEMENT RELEASE 1.1.–31.12.2023:

The information presented in the report has not been audited.

Dovre Group Plc               Financial Statement Release            February 22, 2024, at 6 p.m.

October–December 2023

• Net sales grew by 5.6% to EUR 50.8 (48.1) million. The growth was driven especially by Project Personnel.
  • Project Personnel: net sales totaled EUR 29.3 (23.0) million – increase of 27.2 %.
  • Consulting: net sales totaled EUR 3.9 (4.8) million – decrease of 19.1%.
  • Renewable Energy: net sales totaled EUR 17.6 (20.2) million – decrease of 13.0%.
• EBITDA was EUR 1.8 (2.5) million – decrease of 28.0%.
• Operating profit was EUR 1.5 (2.1) million – decrease of 28.6%.
• Profit before tax was EUR 1.4 (1.4) million.
• Earnings for the shareholders of the parent company EUR 1.0 (1.1) million.
• Earnings per share were EUR 0.009 (0.010).
• Net cash flow from operating activities totaled EUR -0.1 (2.5) million.

January–December 2023

• Net sales declined by 3.1% to EUR 196.7 (203.0) million.
  • Project Personnel: net sales totaled EUR 108.8 (90.6) million – increase of 20.0%
  • Consulting: net sales totaled EUR 16.5 (18.2) million – decrease of 9.1%.
  • Renewable Energy: net sales totaled EUR 71.4 (94.2) million – decrease of 24.2%.
• EBITDA was EUR 8.4 (9.5) million – a decrease of 11.2%.

• Operating profit was EUR 7.4 (8.5) million – decrease of 12.6%.
• Profit before tax was EUR 6.3 (7.4) million including EUR -1.1 (-1.0) million of finance items.
• Earnings for the shareholders of the parent company was EUR 4.1 (5.2) million – decrease of 21.2%.
• Earnings per share totaled EUR 0.038 (0.049).
• Net cash flow from operating activities was EUR 0.1 (2.6) million.

The Board proposes one cent dividend payable on April 11th, 2024, and a one cent extra dividend payable by a Board of Director’s decision at the latest on October 31st, 2024.

Last year’s corresponding period is shown in parentheses. 

OUTLOOK FOR 2024

Dovre Group will release its outlook at the latest along with the trading statement for Q1 on April 25th, 2024. This is due to Suvic’s sales cycle, which is not complete for 2024 as of today. The Project Personnel segment anticipates a potential decrease in demand following a record year in 2023.

POLICY CHANGE OUTLOOK
Publishing the outlook latest in April will be a permanent policy change for Dovre Group.

CEO ARVE JENSEN:

The year 2023 was marked by both challenges and achievements for Dovre Group. Our net sales for the year fell slightly by 3.1% to EUR 196.7 million. Adjusted for currency fluctuations, sales would have increased by 5.6%, with the notable impact stemming from changes in the valuation of the Norwegian currency. This result, while reflecting broader economic uncertainties, also highlights the strong success of our Project Personnel segment, which saw a remarkable 20.0% growth in net sales. Such growth, particularly notable in the final quarter, demonstrates our team's agility and the strong demand for our expertise. Additionally, our active involvement in Canada, where we successfully concluded a substantial renewable project, further contributes to this positive performance.

However, the year was not without trials. The Renewable Energy segment faced downward pressures, with net sales decreasing by 24.2% that were caused by a reduction in the number and size of new projects in the Finnish Renewable Market sector. Meanwhile, Consulting experienced a 9.1% decline in sales, influenced by a slower market owing to new legislation for hire in Norway and a record high comparison period.

Our operating profit experienced a 12.3% decline, primarily stemming from reduced sales. This decrease can also be ascribed to our ongoing investment in future growth areas and our commitment to maintaining a high level of service quality. Moreover, this should be viewed in the context of the broader industry trend, where many players have faced similar obstacles. However, our strategic initiatives – along with a renewed focus on sustainability – have positioned us well to rebound as market conditions improve.

The year 2023 was also one of strategic recalibration. In response to the shifting market conditions, we intensified our focus on sectors showing strong growth potential, particularly in Project Personnel. Our ability to secure new frame agreements and extend existing ones has been central to this segment's success, demonstrating the enduring strength of our relationships and the value of our service offering.
In Q4 we initiated and completed restructuring of our Project Personnel unit in Finland by transferring the main work into the existing Norwegian unit in order to streamline the operations. The changes resulted in a reduction of four staff and the costs involved were booked in 2023.

In Consulting and Renewable Energy, the challenges have prompted a thorough review of our strategies. Our focus has shifted towards refining our approach to these markets, identifying new avenues for innovation, and leveraging our strengths to navigate in the market that lies ahead.

Our commitment to sustainable development was evident in several landmark projects. Suvic Oy, our subsidiary, secured contracts for the construction of one of Finland's largest solar farms in Lapua. Through Suvic Oy’s operations, we are also expanding our reach into Sweden with two major wind farm projects at Storhöjden and Vitberget. We achieved another key milestone with the co-founding of Renetec Oy, a company with a sharp focus on solar power development. This step aligns with our strategic vision of leadership in the renewable energy sector. Financial figures for Renetec are included in the Renewable Energy segment. Additionally, our collaboration with the Norwegian Ministry of Finance for quality assurance in public projects in Norway reflects our versatile expertise and commitment to project management excellence.

Market cyclicality has posed some hurdles but also opportunities for growth and innovation. Our presence in several geographical regions exposes us to varying economic and political climates. Additionally, the ongoing global shift towards renewable energy presents opportunities in balancing our project portfolio. Addressing these risks is central to our strategy. As a result, we are enhancing our risk management frameworks, diversifying our service offerings, and continuously adapting to market demands.

Looking ahead, we approach the future with cautious optimism, recognizing the growing demand for energy solutions and the opportunities it presents, particularly in renewable sources. This demand drives our focus on delivering sustainable solutions and professional services to our clients and stakeholders.

GROUP’S KEY FIGURES

EUR million	10–12 2023	10–12 2022	Change %	1–12 2023	1–12 2022	Change %
Net sales	50.8	48.1	5.6	196.7	203.0	-3.1
EBITDA	1.8	2.5	-28,0	8.4	9.5	-11.2
% of net sales	3.5	4.7		4.3	4.7
Operating profit	1.5	2.1	-28.6	7.4	8.5	-12.6
% of net sales	3.0	4.2		3.8	4.2
Profit before taxes	1.4	1.4		6.3	7.4	-15.2
% of net sales	2.8	3.9		3.2	3.7
Earnings for the shareholders of the parent company	1.0	1.1	-8.2	4.1	5.2	-20.4
% of the net sales	2.0	2.6		2.1	2.5
Net cash flow from operating activities	-0,1	2.5		0.1	2.6	-100,0
Net debt	1.2	-3.0	-53.6	-1.4	-3.0	-54.0
Debt-equity ratio % (Gearing)	3.1	-8.8		3.1	-8.8
Earnings per share, EUR
Undiluted	0.009	0.010	-10.0	0.038	0.049	-20.6
Diluted	0.009	0.010	-10.0	0.038	0.049	-20.6

BOARD OF DIRECTORS’ PROPOSAL FOR DISTRIBUTION OF A DIVIDEND

On December 31, 2023, the parent company’s distributable funds were EUR 17.299.588.89

The Board proposes one cent dividend payable on April 11th, 2024, and a one cent extra dividend payable by a Board of Director’s decision at the latest on October 31st, 2024.

FINANCIAL REPORTING IN 2024

Dovre Group releases its financial reports in 2024 as follows:

• Trading statement January-March 2024 on Thursday, April 25th, 2024
• Half-year financial report January-June 2024 on Thursday, August 15th, 2024
• Trading statement January-September 2024 on Thursday, October 24th, 2024
  
  

Dovre Group’s Financial Statements 2023 and Annual Report 2023 will be published online at the latest during the week beginning March 4th, 2024. The Annual Report will include the company’s financial statements, the report of the Board of Directors, the corporate governance statement, and the remuneration report.

The company’s Annual General Meeting is planned to be held on Thursday, April 4, 2024. Dovre Group’s Board of Directors will summon the meeting later.

Espoo, February 22, 2024

DOVRE GROUP PLC
BOARD OF DIRECTORS

For additional information, please contact: 

Arve Jensen
CEO
arve.jensen@dovregroup.com
tel. +47 90 60 78 11

Hans Sten
CFO
hans.sten@dovregroup.com
tel. +358 20 436 2000

Distribution 
Nasdaq Helsinki Ltd 
Major media 
www.dovregroup.com

 

 

 

Attachment

• Dovre Group Plc_FSR_January 1 - December 31 2023_EN

Dovre Group Plc                 Press Release           January 31, 2024, at 2 pm

Suvic AB, a subsidiary of Suvic Oy, has received a Notice to Proceed for the Storhöjden wind farm

Suvic has received a Notice to Proceed from the customer for the Storhöjden wind farm and will start the actual construction work in Sweden. The work will be carried out by Suvic AB, a wholly owned Swedish subsidiary of Suvic Oy.

With this notification, the conditional contract for Storhöjden announced on 20.12.2023 thus becomes a BoP contract.

Suvic has already completed some design, field surveys and preliminary road alignments in Storhöjden as part of the early works agreement. "The actual work will start with topsoil removal, site mobilisation and quarrying, after which we will build the lifting fields and roadways. The foundations and cabling for the wind turbines are planned to be completed by December 2024," says Olli Niemelä, COO of Suvic's Swedish site operations, explaining the construction schedule for the park.

The park of 22 wind turbines in Kramfors municipality is part of the High Coast project. The BoP is being made with Adalen and HC Wind – SPVs launched by Renewable Power Capital Ltd. (RPC). Headquartered in London, RPC is backed by CPP Investment Board and was founded in 2020 to develop, construct, own and operate renewable energy and industrial scale storage projects across Europe. 

For further information, please contact:

Ville Vesanen
CEO, Suvic Oy
Tel. +358 44 328 9928
vve@suvic.fi, www.suvic.fi

Ilari Koskelo
Vice Chairman of the Board, Dovre Group Plc
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2022, the Group’s net sales were EUR 203 million and its operating result was EUR 8.5 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

Suvic Oy is a construction company founded in Oulu in 2017, specializing in the implementation and project management of wind farms. The company also offers contracting services for energy and industrial construction. Suvic brings new, innovative practices to the field of energy construction through design, construction, and project management. The company's current sites include Valrea's Kalistanneva and Matkussaari wind farms (Kurikka), Prime Capital's Sandbacka wind farm (Uusikaarlepyy and Vöyri), CPC Finland's Lakari solar power plant, EPV Solar Power’s solar power plant in Heinineva (Lapua) and Fortum’s data center waste heat power plant (Kirkkonummi). Website: www.suvic.fi

RPC is a London-headquartered pan-European renewables company established in 2020, with the backing of CPP Investments. RPC invests in the development, construction, and long-term ownership of onshore wind and solar projects, enabling the energy transition and driving stable long-term, risk-adjusted returns. RPC’s flexible mandate allows it to structure investments which recognise the changing market dynamics in Europe and create innovative solutions to build relationships designed for decades rather than months.

RPC is led by a seasoned and established team of energy investment professionals with deep renewable power, technical, and operational expertise, and a strong common purpose. RPC aims to pioneer the European renewables sector, accelerating the already-rapid growth and playing a key role in making the energy transition a reality.

For more information, please visit www.renewablepowercapital.com

Distribution:
Nasdaq Helsinki
Major media
www.dovregroup.com