ETTEPLAN OYJ: FINANCIAL STATEMENT BULLETIN 1 JANUARY-31 DECEMBER 2005

ETTEPLAN OYJ  STOCK EXCHANGE RELEASE 17 FEBRUARY 2006  10.00 A.M.


FINANCIAL STATEMENT BULLETIN 1 JANUARY-31 DECEMBER 2005

Revenue: EUR 79.4 million                              +28%
Operating profit: EUR 3.4 million                      -37%
Net profit for the financial year: EUR 2.2 million     -30%
Earnings per share: EUR 0.25                           -33%
Proposed dividend: EUR 0.20 per share

Etteplan continued its rapid growth in 2005. The growth in revenue of 
28% was attributable to acquisitions and to organic growth. Organic 
growth accounted for 8 percentage points of overall annual growth.

During the year the company strengthened its position in Sweden by 
acquiring a majority stake in ProTang AB. The acquisition was a 
means for the company to establish a secure position in the 
traditional customer segment as well as to procure expertise in,
for instance, nuclear power plant automation. In Finland operations
were expanded to include information technology by means of the
acquisition of a majority stake in DokuMentori Oy. During the year
a new unit was established in China. In line with objectives, it 
devoted efforts in its first year of operations to recruiting and
training staff as well as to marketing. Extended service provision
helped land new customers and deepen co-operation with existing 
customers.

In 2005 the demand for design services was at normal levels, with
the exception of late summer and early autumn, when there were 
delays in getting new assignments underway. Owing to significant 
changes that took place within the operating environment of some 
individual customers, the demand for design services on their part 
fell sharply, and consequently, units serving these customers were
clearly loss-making. The effects were felt in Central Europe in
particular as well as in areas in the electronics industry. In the
final quarter, adjustments were made in order to rectify the 
situation as a result of which the company booked non-recurring 
expenses amounting to EUR 0.3 million for the period. The losses
incurred by the units affected the result for the full year,
causing it to remain short of the set targets.

Revenue and result

The Etteplan Group's revenue increased significantly compared to
the previous year. Revenue grew by 28.1% to EUR 79.4 million 
(EUR 62.0 million in 2004). Growth was attributable to the 
acquisition of the majority stake in the Swedish ProTang AB and
the Finnish DokuMentori Oy as well as to organic growth, mainly
customers' outsourced units taken on.

Operating profit was EUR 3.4 million (EUR 5.4 million), or 4.3% 
of revenue (8.8%). Operating profit declined by 37.3% on the 
previous year. Profit for the financial period before taxes and 
minority interest was EUR 3.4 million (EUR 5.5 million). Net profit
for the financial year amounted to EUR 2.2 million (EUR 3.2 million).

Earnings per share were EUR 0.25 (EUR 0.37). Equity per share was
EUR 1.99 (EUR 1.57). The return on investment was 18.2% (34.7%) 
and the return on equity 12.8% (25.9%).

Business operations

Etteplan operates as a partner of large and medium-sized 
internationally operating industrial companies, providing 
industrial engineering design services. The Group's design 
services are divided into two segments: Delivery Design and
Product Development.

The Delivery Design segment provides services for the design of
machinery, devices as well as production facilities. Mechanical,
electrical, automation and plant design and commissioning 
services are provided for project and equipment suppliers as 
well as for plant owners and operators. The Product Development
segment provides design services for product development. The 
services are based on long-term partnerships with customers and 
are aimed to ensure the customer's competitiveness in the future. 
In addition, the company has an accredited laboratory which is 
specialized in electromagnetic disturbance measurements. Etteplan's
customer base comprises equipment manufacturers and end-users 
in the wood-processing industry as well as the process, automotive,
lifting and hoisting equipment and electronics industries.

In 2005 demand for the Delivery Design segment was at normal levels,
with the exception of late summer and early autumn, when there were
delays in getting new assignments underway. The segment's business 
operations grew, mainly by way of acquisitions, but growth was also
organic. The segment's profitability weakened to some extent; profit
was burdened by the restructuring of operations carried out by some 
customers.

The number of assignments in 2005 for the Product Development segment
remained at previous levels in Finland and developed positively in 
Sweden. The segment's revenue showed marginal growth but the result
was significantly weakened, mainly due to a temporary low workload 
as well as to the one-off measures taken in response to the 
restructuring of operations carried out by some customers.

Major events in 2005

At the beginning of 2005, Etteplan Oyj adopted IFRS standards in 
its financial reporting.

Etteplan Oyj's stock option programme ended on 31 January 2005. 
A total of 24,130 stock options were subscribed for within the 
framework of the programme.

In January name changes were made, in response to wishes by units,
to three of Etteplan's subsidiaries in order to facilitate marketing
efforts. In Finland Konette Design Center Oy changed its name to 
Etteplan Design Center Oy and in Sweden, J.A. Produktutveckling AB
was changed to Etteplan Technical Systems AB and Timatec AB to 
Etteplan Industriteknik AB. 

In February Etteplan Oyj acquired a majority stake in the Swedish 
ProTang AB. Established in 1995, the company provides machine and
equipment design services for the mechanical engineering industry, 
plant design and maintenance and rationalization design for nuclear
power plants.

On 23 February 2005 Etteplan Oyj published a stock exchange release 
which presented the opening IFRS balance sheet dated 1 January 2004 
and the most significant impacts of the adoption of IFRS on Etteplan 
Oyj's reporting.

In March Etteplan Oyj's Annual General Meeting resolved, in accordance
with the proposal of the Board of Directors, to pay a dividend of 
EUR 0.30 per share for the 2005 financial year and it authorized the
Board of Directors to increase the share capital through a rights issue
as well as to purchase the company's own shares and to transfer them.
Furthermore, the Annual General Meeting authorized the Board of 
Directors to raise the company's share capital through a bonus issue
and it resolved, in accordance with the proposal of the Board of 
Directors, to lower the accounting counter value of the company's 
share without reducing share capital (split).

The split of Etteplan Oyj's shares was registered on 31 March 2005.
The split became valid in the Helsinki Stock Exchange's SAXESS system
as of 1 April 2005 and the split shares have been traded on the 
Helsinki Stock Exchange from that date.

On 22 April 2005 Etteplan published a stock exchange release which 
presented the preliminary comparative information for 2004 in 
compliance with the IFRS standard's recognition and measurement 
principles as well as the reconciliation calculation for the 
consolidated result and shareholders' equity as at 31 December 2004.

Etteplan Oyj's share was transferred to the Main List of the Helsinki
Stock Exchange on 24 May 2005. Etteplan is quoted within the Other 
Services business sector of the Main List. The company's share was 
previously quoted on the NM List of the Helsinki Stock Exchange.

In August Etteplan Oyj and ABB Oy signed a cooperation agreement. 
Under the agreement, Etteplan provides design services to ABB Oy. 
As part of the agreement, nine mechanical engineering designers 
from ABB Oy's Transformers Unit transferred to Etteplan on 
1 September 2005 under their current terms of employment.

In September Etteplan Oyj's Extraordinary General Meeting passed 
the motions put forward by the Board of Directors to authorize 
the Board to increase the share capital, to take convertible 
bonds and/or grant stock options. Pertti Nupponen D.Sc. (Econ. 
& Bus. Adm.), M.Sc. (Tech.) was elected as the new member of the
Board in place of the late Tapani Tuori.

In October, Etteplan acquired a majority stake in the Tampere-
based company DokuMentori Oy. Established in 1998, the company
offers products and services for information technology.

Personnel

The operations and number of personnel of the Etteplan Group have
grown steadily. During the financial year the Group employed an 
average of 1,230 people (965), an increase of 27.5%. At the end 
of the period on 31 December 2005, the payroll numbered 1,294 
employees (1,049). The increases in staff were due mainly to
acquisitions and to organic growth attributable to outsourcing by
key customers. At the end of the period the Group employed in 
Finland 865 persons, in Sweden 315, in Germany 64 and in other
countries 50 persons.

Capital expenditures

The Group's total capital expenditures amounted to EUR 8.3 million
(EUR 2.4 million). The majority of capital expenditures went for 
expanding the business operations. The major acquisitions were 
carried out fully or partially by an exchange of shares.

Risks and risk management

Risk management within the Group encompasses corporate governance
within the Group as well as the management of operational and 
financial risks. The Group's corporate governance guidelines 
and quality system are the means used for the supervision of 
administrative risk within the Group. The risks are itemized in
the Notes to the financial statements.

Owing to their very nature, the company's business operations involve
no significant credit, environmental or foreign currency risks.

Financial position

Etteplan's financial position remained sound. Total assets at 
31 December 2005 stood at EUR 37.6 million (EUR 28.1 million), 
of which cash and cash equivalents as well as marketable 
securities totalled EUR 4.9 million (EUR 6.8 million). The
Group's interest-bearing liabilities at the end of the period
totalled EUR 2.2 million (EUR 1.4 million). The equity ratio
was 54.7% (52.9%). Liquidity was good throughout the report 
period.

Shares, share price trend and share buy-back

The company's share capital at 31 December 2005 was 
EUR 2,403,282.50 and the number of shares outstanding was 
9,613,130.

The number of Etteplan Oyj shares traded during the financial
year was 4,369,064, to a total value of EUR 25.2 million. The 
share price low was EUR 4.59, the average EUR 5.78 and the 
closing price was EUR 4.77. The Group's market capitalization
at 31 December 2005 was EUR 45.9 million and it had 1,962
shareholders.

During the financial year the company did not buy back or 
transfer its own shares (treasury shares). At the end of the 
financial year the company held 200 of its own shares and 
consideration paid for the shares amounted to EUR 481.00.

Stock options, share issue authorizations and the option programme

The Annual General Meeting held on 23 March 2005 granted the
Board of Directors an authorization to

- decide, within one year from the date of the Annual General 
Meeting to take one or more convertible bonds and/or issue option
rights and/or decide to increase the share capital in one or more
lots by using new issue so that when issuing convertible bonds or
option rights or new issues together, the Board of Directors' 
unexercised, valid authorizations shall, however, with regard to 
the total amount of increase and the total number of voting rights
attached to the shares to be issued, correspond to no more than 
one-fifth of the registered share capital and the aggregate number
of voting rights attached to the shares at the date of the resolution
of the General Meeting of Shareholders concerning the authorization
and the decision of the Board of Directors to increase the share 
capital. Pursuant to the authorization the company's share capital
may be increased by a maximum of EUR 86,969.

- decide to acquire the company's own shares in one or more lots
to the effect that the company may use funds distributable as
profit otherwise than in proportion to the holdings of the 
shareholders. The authorization includes the right to acquire the 
company's shares in public trade at the applicable quoted price 
to the effect that the total accounting par value and the voting 
rights attached to the acquired shares shall be no more than
five (5) per cent of the company's share capital and the aggregate
number of voting rights after the acquisition of the shares.

- decide to convey, in one or more lots, the company's own shares 
acquired pursuant to the authorization set forth. The authorization
to the Board of Directors includes the right to convey to the effect 
that the aggregate accounting par value and the voting rights 
attached to the shares shall be no more than five (5) per cent 
of the company's share capital and the aggregate number of voting 
rights attached to the shares at the time of the convey.

The Extraordinary General Meeting held on 21 September 2005 made
a resolution to cancel and remove from the Trade Register the 
authorization of the Board of Directors to take convertible loans
and/or issue option rights and/or decide to increase the share 
capital resolved by the Annual General Meeting on March 23rd, 2005.
The Extraordinary General Meeting granted the Board of Directors an
authorization to decide, within one year from the date of the 
Extraordinary General Meeting to take one or more convertible bond 
loans and/or issue option rights and/or decide to increase the 
share capital in one or more lots by using new issue so that when 
issuing convertible bonds or option rights or new issues, the 
Board of Directors' unexercised, valid authorizations shall, with
regard to the total amount of increase and the total number of 
voting rights attached to the shares to be issued, correspond 
together to no more than one-fifth of the registered share capital
and the aggregate number of voting rights attached to the shares 
at the date of the resolution of the General Meeting of Shareholders
concerning the authorization and the decision of the Board of 
Directors to increase the share capital. Pursuant to the 
authorization the company's share capital may be increased by a
maximum of EUR 454,802.25.

In March Etteplan increased its share capital as a consequence of
the subscribed options in 2004 according to Etteplan Oyj's stock 
option programme I 2000-2005. The 6,000 new shares registered in
the directed share issue were admitted for trading on 10 March 2005.

In April Etteplan increased its share capital as a consequence of 
the subscribed options in January 2005 according to Etteplan Oyj's 
stock option programme I 2000-2005. The 36,260 new shares registered 
in the directed share issue were admitted for trading on 5 April 2005. 
Furthermore, Etteplan increased its share capital as a consequence
of the agreement made in February to acquire a majority stake in
ProTang AB. The 362,886 new shares registered in the directed share
issue were also admitted for trading on 5 April 2005.

In October Etteplan increased its share capital as a consequence
of the agreement made in October to acquire a majority stake in 
DokuMentori Oy. The 517,084 new shares registered in the directed 
share issue were admitted for trading on 14 October 2005.

All the company's permanently employed staff came within the sphere
of Etteplan's stock option programme up to 31 January 2005.

Board of Directors, CEO and auditors

The members of Etteplan Oyj's Board of Directors during the report
period were Tapani Mönkkönen, Chairman, and Tapio Hakakari, 
Heikki Hornborg, Tapani Tuori and Matti Virtaala as well as 
Pertti Nupponen who was elected by the Extraordinary General Meeting
as the new member in place of the late Tapani Tuori. Tapio Hakakari, 
Tapani Tuori, Matti Virtaala and Pertti Nupponen were impartial 
members in 2005.

The company's Chief Executive Officer was Heikki Hornborg, 
M. Sc.(Tech.).

The company's auditor was PricewaterhouseCoopers Oy, a firm of 
authorized public accountants, with Mika Kaarisalo APA acting
as chief auditor.

As of 1 January 2006, the company has complied with the amended 
Insider Guidelines issued by the Helsinki Stock Exchange. Etteplan's 
statutory insiders include the members of the Board of Directors, 
the CEO, the Executive Vice President and the auditor. Furthermore,
the members of the Management Group are considered as Etteplan's 
public insiders.

Board of Directors proposal for the disposal of profits

The Group's distributable shareholders' equity according to the 
balance sheet at 31 December 2005 is EUR 8.2 million and the parent
company's distributable shareholders' equity is EUR 7.9 million.

The Board of Directors is proposing to the Annual General Meeting,
which will convene on 29 March 2006, that on the dividend payout date
a dividend of EUR 0.20 per share be paid on the company's externally
owned shares and that the remainder be transferred to retained earnings.
In accordance with the Board of Directors' proposal, the record date
for the dividend payout is 3 April 2006 and the dividend will be paid
on 10 April 2006.

Transition to International Financial Reporting Standards (IFRS)

Etteplan prepared its first financial statements in compliance with 
the IFRS standard for the 2005 financial year. On 23 February 2005 
Etteplan Oyj released a stock exchange release which presented the 
opening IFRS balance sheet dated 1 January 2004 as well as the most 
significant impacts of the adoption of the IFRS standard on the 
accounting policies of the Group's financial statements. The
preliminary comparative data for 2004 were published in a stock 
exchange release dated 22 April 2005. The interim reports for 2005 
have been drawn up in compliance with the IFRS standard's recognition 
and calculation principles.

Outlook for the future

The demand for design services is expected to remain strong within 
the company's main market area, the Nordic countries. Investments 
in China have led to the launch of actual design operations. Outlays 
in Central Europe have focused much effort into marketing as well
as to stepping up efficiency, which are expected to result in 
considerably improved earnings in these units after the first quarter.
The programme aimed at improving profitability carried out in the 
units will not call for any major non-recurring expenses.

Improved profitability has been set as the primary objective for 
the operating year. In order to achieve this objective, the 
organization has been fine-tuned to respond to changed customer
needs, reporting has been speeded up and several development 
projects have been launched, the combined effects of which stand 
to boost the result. In line with its strategy, the Group's goal
is to continue on a path of profitable growth. Growth will be 
achieved organically, by means of acquisitions and by taking on 
customers' design functions through out-sourcing.


Hollola, 17 February 2006


Etteplan Oyj

Board of Directors


For additional information, please contact Heikki Hornborg, CEO, 
tel. + 358 400 873 063 or Pia Björk, CFO, Vice President Corporate 
Planning, tel. + 358 400 241 815

No auditor's report on the financial statement bulletin has been
submitted.


APPENDICES
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Key figures for Etteplan Group
Revenue and operating profit quarterly

Etteplan Oyj's first interim report for 2006 will be published
on 28 April 2006. Releases and other corporate information are
available on Etteplan's website at www.etteplan.fi.


DISTRIBUTION
Helsinki Stock Exchange
Principal media


CONSOLIDATED INCOME STATEMENT (EUR 1 000)

                                   1.1.-31.12.05  1.1.-31.12.04

Revenue                                   79 365         61 967
Other operating income                        98            121
Materials and services                    -2 920         -1 926
Staff costs                              -58 072        -44 036
Other operating expenses                 -13 129         -9 053
Depreciation and amortization expense     -1 930         -1 630
Operating profit                           3 411          5 443
Net financial expenses                        18             42
Profit before taxes and
minority interest                          3 429          5 485
Income taxes                              -1 167         -1 686
Profit before minority interest            2 262          3 799
Minority interest                            -17           -588
Net profit for the financial year          2 244          3 211
Basic earnings per share, EUR               0.25           0.09
Diluted earnings per share, EUR             0.25           0.09


CONSOLIDATED BALANCE SHEET (EUR 1 000)

                                      31.12.2005     31.12.2004
ASSETS
Non-current assets
Goodwill                                     337              8
Intangible assets                          1 914          1 309
Goodwill on consolidation                  8 921          3 743
Property, plant and equipment              3 193          3 904
Investments available for sales              425             95
Other non-current receivables                 40              0
Deferred tax assets                           96              0
Non-current assets, total                 14 926          9 059
Current assets
Stocks                                        25              0
Trade and other receivables               17 712         12 201
Financial assets through
income statement                             475            234
Cash and cash equivalents                  4 445          6 601
Current assets, total                     22 657         19 035
TOTAL ASSETS                              37 582         28 095

EQUITY AND LIABLITIES
Capital attributable to equity holders
Share capital                              2 403            434
Share premium account                      8 269          5 434
Cumulative translation difference           -252            -19
Retained earnings                          6 439          4 532
Net profit for the financial year          2 244          3 211
Minority interest                          1 360          1 208
Equity, total                             20 463         14 800
Non-current liabilities
Deferred tax liability                       193            166
Non-current interest-bearing
liabilities                                1 596          1 342
Non-current liabilities, total             1 789          1 509
Current liabilities
Pension liability                              0             13
Current interest-bearing liabilities         584             55
Trade and other payables                  14 746         11 718
Current liabilities, total                15 330         11 786
Liabilities, total                        17 119         13 295
TOTAL EQUITY AND LIABILITIES              37 582         28 095


CONSOLIDATED CASH FLOW STATEMENT (EUR 1 000)

                                  1.1.-31.12.05  1.1.-31.12.04

OPERATING CASH FLOW
Cash receipts from customers             73 864         60 685
Cash receipts from other
operating income                             78            121
Operating expenses paid                  72 836         53 212
OPERATING CASH FLOW BEFORE
FINANCIAL ITEMS AND TAXES                 1 106          7 594

Interest and payment paid
for financial expenses                      103             54
Interest received                           120             90
Dividends received                            0              6
Income taxes paid                           980          1 725
OPERATING CASH FLOW (A)                     144          5 910

INVESTING CASH FLOW
Purchase of tangible and
intangible assets                         1 730          1 918
Acquisition of subsidiaries                 672          1 769
Proceeds from sale of tangible
and intangible assets                       295            371
Purchase of other investment                360             42
INVESTMENT CASH FLOW (B)                 -2 467         -3 358

FINANCING CASH FLOW
Proceeds from issuance of share capital     317              7
Short-terms loans, decrease                  28            105
Long-term loans, increase                 1 423            126
Dividend paid and other
profit distribution                       1 305          2 351
FINANCING CASH FLOW                         409         -2 323

VARIATION IN WORKING CAPITAL (A + B + C)
INCREASE (+)/DECREASE (-)                -1 915            229

ASSETS IN THE BEGINNING OF THE PERIOD     6 835          6 606
ASSETS AT THE END OF THE PERIOD           4 920          6 835


KEY FIGURES FOR ETTEPLAN GROUP (EUR 1 000)

                         1.1.-31.12.05  1.1.-31.12.04  Change
                                                       for prev.
                                                       year
Revenue                         79 365        61 967     28.1 %
Operating profit                 3 411         5 443    -37.3 %
% of revenue                     4.3 %         8.8 %
Profit before taxes and
minority interest                3 429         5 485    -37.5 %
Net profit for the
financial year                   2 244         3 211    -30.1 %
Return on investment, %           18.2          34.7
Return on equity, %               12.8          25.9
Equity ratio, %                   54.7          52.9
Gross interest-bearing loans     2 180         1 398     56.0 %
Dept-equity ratio, %             -13.4         -36.7
Total balance                   37 582        28 095     33.8 %
Gross investments                8 311         2 384    248.6 %
Earnings per share                0.25          0.37    -32.8 %
Equity per share                  1.99          1.57     27.0 %

Personnel at the end of period   1 294         1 049     23.4 %
Personnel, average               1 230           965     27.5 %


REVENUE AND OPERATING PROFIT QUARTERLY

                      Q4/2005    Q3/2005    Q2/2005    Q1/2005

Revenue                22 762     16 088     21 069     19 446
Operating profit        1 110       -181      1 514        968
% of revenue              4.9       -1.1        7.2        5.0



About Us

Etteplan’s services cover engineering, technical documentation, embedded systems and IoT solutions. Our customers are the world’s leading companies in the manufacturing industry. Our services are geared to improve the competitiveness of our customers’ products and engineering processes throughout the product life cycle. The results of Etteplan’s innovative engineering can be seen in numerous industrial solutions and everyday products. In 2016, Etteplan had turnover of EUR 183.9 million. The company has over 2,500 professionals in Finland, Sweden, the Netherlands, Germany, Poland and China. Etteplan's shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker.

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