DNV showed a strong market and financial performance in 2012. Revenues increased by 27% compared to 2011 and DNV strengthened its global position in all its key areas: maritime, oil & gas, energy & sustainability, and business assurance.
DNV Group CEO Henrik O. Madsen characterised 2012 as “a year of financial uncertainty and rapid technological change”, which has led to an increasing complex risk environment for customers and, in turn, a continued demand for DNV’s technology and risk management services.
DNV achieved an operating revenue of USD 2,214M in 2012, an increase of USD 464M from 2011. Of the 27% revenue growth, 9% is organic growth within DNV units and 18% is the result of the KEMA acquisition in March 2012. The Maritime, Oil & Gas and the Business Assurance businesses showed robust organic growth rates, primarily from DNV’s traditional classification and certification services.
“The net profit for 2012 is USD 124M, compared to USD 126M for 2011 and USD 106M for 2010. The cash flow from operations was positive at USD 107M in 2012, but the net cash flow was negative because the acquisition of KEMA was entirely financed by equity. DNV has a strong balance sheet with no interest-bearing debt and total equity of USD 1,247M or 60% of its total assets,” says Thomas Vogth-Eriksen, DNV Group Chief Financial Officer.