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ETTEPLAN IN 2011: GOAL FOR ORGANIC GROWTH EXCEEDED, IMPROVED CASH FLOW FROM BUSINESS OPERATIONS

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ETTEPLAN OYJ, FINANCIAL STATEMENT RELEASE, FEBRUARY 14, 2012, at 2:00 P.M.

ETTEPLAN IN 2011: GOAL FOR ORGANIC GROWTH EXCEEDED, IMPROVED CASH FLOW FROM BUSINESS OPERATIONS

Review period October-December 2011

  • The Group’s revenue for continuing operations grew 8.8% and was EUR 32.7 million (10-12/2010: EUR 30.1 million).
  • Operating profit for continuing operations improved 5.9% and was EUR 2.0 million (EUR 1.9 million).
  • Profit for the period for continuing operations was EUR 1.4 million (EUR 1.6 million).
  • Operating cash flow was EUR 8.6 million (EUR 3.9 million).
  • Earnings per share for continuing operations were EUR 0.05 (EUR 0.06).
  • The payback of the hybrid bond issued in 2009 affected the structure of the company’s balance sheet.

Review period January-December 2011 

  • The Group’s revenue for continuing operations grew 14.0% and was EUR 119.4 million (1-12/2010: EUR 104.8 million).
  • Operating profit for continuing operations improved 13.7% and was EUR 6.9 million (EUR 6.1 million).
  • Profit for the period for continuing operations was EUR 4.6 million (EUR 4.3 million).
  • Operating cash flow was EUR 7.0 million (EUR 2.1 million).
  • Earnings per share for continuing operations were EUR 0.20 (EUR 0.19).
  • The number of personnel at the end of the period was 1,659 (1,569).
  • The Board of Directors proposes a dividend of EUR 0.10 per share.

Outlook 2012

At the beginning of 2012, the order books of major customers operating in Scandinavia are at a good level. We estimate that demand for design and product information services will continue to grow also in China. Changes in Etteplan’s customers’ order books quickly influence the development of Etteplan’s revenue.

We expect the revenue and operating profit of the first six months of 2012 to grow compared to the first half of 2011.

Key figures *)

(EUR 1 000) 10-12/2011 10-12/2010 1-11/2011 1-12/2010
         
Revenue 32,747 30,089 119,448 104,786
Operating profit/loss 2,003 1,891 6,885 6,054
Operating profit/loss, % 6.1 6,3 5.8 5.8
Profit/loss for the period 1,424 1,607 4,623 4,347
Profit/loss for the period, % 4.3 5.3 3.9 4.1
Equity ratio, % 31.1 43.6 31.1 43.6
Net gearing, % 84.9 24.1 84.9 24.1
Total assets 65,554 67,653 65,554 67,653
*) continuing operations        

Juha Näkki, President and CEO of Etteplan Oyj comments on the financial statement: 

“I am pleased with the increased revenue and the positive development of cash flow achieved as a result of the work carried out in 2011. 

Demand for design services remained good throughout the year, and we succeeded in increasing our market share with many important customers as they concentrated their engineering design purchases on fewer partners. We continued to sell our service solutions actively, and in the last quarter of the year in particular, we succeeded in gaining several significant assignments from both existing and new customers. The development of our Chinese operations continued, and its importance as an integrated part of our cost-efficient service solutions has become emphasized as the competition is getting tougher.

The Swedish operations that burdened our profitability especially at the beginning of the year developed favorably towards the end of the year. Extensive actions were implemented across the entire group to harmonize and enhance our operations. As an important example of these actions, we combined the four business names previously used in Sweden under the Etteplan name during the last quarter of the year. I believe that these actions will improve our profitability.”

Hollola, February 14, 2012

Etteplan Oyj

Board of Directors

Additional information:

Juha Näkki, President and CEO, tel. +358 400 606 372

 

The information presented herein has not been audited.

Releases and other corporate information are available on Etteplan's Web site at www.etteplan.com.

 

DISTRIBUTION:
NASDAQ OMX Helsinki
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www.etteplan.com


Etteplan is a specialist in industrial equipment engineering and technical product information solutions and services. Etteplan’s engineering expertise and service products cover the entire life cycle of the client’s products. Our customers are global leaders in their fields and operate in areas like the automotive, aerospace and defense industries as well as the electricity generation and power transmission sectors, and material flow management.

Etteplan has comprehensive competence in electronics and embedded systems development, automation and electrical design, mechanical design and technical product information solutions and services.

In 2011, Etteplan had turnover of EUR 119.4 million. The company currently has more than 1,600 experts in Finland, Sweden, and China. Etteplan's shares are listed on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.

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