Our financial strategy

Economic value creation

Our ambition and objectives

Economic performance is part of how DNV views sustainability. Through strong financial performance, we are able to deliver our strategic ambitions in line with our purpose, develop our people by building their skills and competence, and invest in research and innovation to ensure that we remain relevant to our customers. By creating opportunities for direct and indirect employment, investing in upskilling and lifelong learning, and by paying tax where we operate, we contribute to local communities. 

We have always focused on maintaining a strong financial foundation so that our company can stay resilient, remain independent and take a long-term view on delivering on our purpose “to safeguard life, property and the environment”. This was never more evident as during the ongoing pandemic. By working hard to deliver a profit, we generate value for society. 

We also add value by advancing safety and contributing to research and development in strategic areas such as the energy transition, digital assurance, and ocean industries. We support our globally-funded research by reinvesting five percent of our global revenue in research, development and innovation.

Activity in 2020

Financial performance

Revenue for the year was NOK 21,464 million (2020: NOK 20,911 million) with an operating profit of NOK 2,646 million (2020: NOK 2,406 million). EBITDA was NOK 3,673 million (2020: 3,481). 

We continue to commit five percent of our annual revenues to research and innovation programmes, which helps us fulfil our purpose to safeguard life, property and the environment. See our Financial performance section for more details.

Looking ahead

We launched our new five-year Group strategy at the start of 2021. The strategy runs until 2025 and sets out our goal for customer-centric growth and an ambition to shape the future of assurance within our core industries. For more information on the new strategy, see the How we make an impact section.

Approach

We are solely owned by Stiftelsen Det Norske Veritas, an independent Norwegian foundation with the long-standing purpose to safeguard life, property and the environment. This purpose is realized mainly through the 100% ownership of DNV Group AS. 

Our owner requires DNV to run profitable operations so that society at large benefits from the employment, taxes and other economic activity we create. In addition, our stakeholders, including employees, suppliers and subcontractors, and customers, rely on DNV to remain financially robust. 

Robust financial performance is a central tenet of our success. All business areas are expected to meet or exceed their annual revenue targets, but growth must not take place at the expense of sustainability, profitability, quality or the integrity of our operations. 

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Performance

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