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Strong first year results from DNV GL

LNG Industry,

DNV GL has reported solid results for the first full financial year of the Group, following the merger between DNV and GL.

The company achieved operating revenues of NOK 21,623 million in 2014, an increase of NOK 1919 million from 2013 (a pro-forma view in which the GL Group is fully included from 1 January 2013). Of the 10% revenue growth, 4% is organic growth in DNV GL.

Merged company

Commenting on the results, Henrik O. Madsen, DNV GL Group President and CEO, said: “In ‘year one’ - 2014 - we operated as one merged company, but we also celebrated our 150 year history of safeguarding life, property and the environment. Today, we are in great shape and have the competence and resource base required to provide guidance and support to our customers in a complex business environment where the need for technical expertise, trust, governance and risk management is clearly evident.”

Thomas Vogth-Eriksen, DNV GL Group CFO, added: “The net profit for 2014 was NOK 1007 million, compared to NOK 825 million for 2013. The net cash flow for the year was NOK 57 million. The cash flow from operations was NOK 1658 million in 2014, which reflects solid results and positive currency effects, but was partly offset by an increase of NOK 701 million in working capital.”

Research and innovation

“There is no doubt that some of our main markets are facing tough times ahead. DNV GL will not remain unaffected, but I have strong confidence in our ability to constantly improve and adapt. Our industries’ need for efficiency, safety and sustainability performance improvements are particularly at the core of our capabilities, offering and outreach. We will continue to invest around 5% of our annual revenues in research, innovation and collaboration activities. In this way, we can develop and share the best insights, technical abilities, practices and standards which will help solve the challenges faced by our customers and the industry,” Madsen concluded.

Adapted from press release by Katie Woodward

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