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DNV GL posts first full year of financial results

DNV GL grew revenues by 10 per cent in 2014, the group’s first full financial year since the 2013 merger of the Norwegian and German classification societies (DNV and GL).

{mprestriction ids="1,2"}Operating revenue for the year was NOK 21,623 million (approximately $2.9 billion), an increase of NOK 1,919 million ($257 million) from 2013, while net profit grew to NOK 1,007 million ($135 million), up from NOK 825 million ($110 million) the previous year.

“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,” says Henrik O. Madsen, president and CEO of DNV GL Group.

“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.”

DNV GL attributes the increase in revenues to a combination of sources, including organic growth, acquisitions and fluctuations in currency.

“Of the 10 per cent revenue growth, 4 per cent is organic growth in DNV GL,” explains Thomas Vogth-Eriksen, DNV GL Group CFO.

“Less than 1 per cent is non-organic growth, including acquisitions of Danish Standard Certification and Marine Cybernetics, and 5 per cent is the result of currency effects. The currency effects accelerated in the last quarter of the year due to the NOK weakening against most major currencies.”

The weakening of the NOK was reflected in the Group’s cash flow results, with cash flow from operations in 2014 reaching NOK 1,658 million ($222 million). The financial performance will enable DNV GL to continue to invest in research and development, according to Mr Madsen.

“We will continue to invest around 5 per cent of our annual revenues in research, innovation and collaboration activities,” says the CEO. 

“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.”{/mprestriction}

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