ETTEPLAN OYJ: FINANCIAL STATEMENT RELEASE JANUARY 1 - DECEMBER 31, 2009
ETTEPLAN OYJ STOCK EXCHANGE RELEASE FEBRUARY 11, 2010, 8:00 A.M.
FINANCIAL STATEMENT RELEASE, JANUARY 1 - DECEMBER 31, 2009
Etteplan in 2009: Year of restructuring
Etteplan sold its majority holding in Etteplan Tech AB in the third quarter of
the year, and majority holding of its business in Italy in the fourth quarter of
the year. Both are treated as discontinuing operations in the financial
statements.
Review period October-December 2009
- The Group's revenue for continuing operations was EUR 25.6 million (10-
12/2008: EUR 33.5 million).
- Operating profit for continuing operations was EUR 1.3 million (EUR 4.0
million).
- Etteplan issued a EUR 10 million hybrid loan.
Review period January-December 2009
- The Group's revenue for continuing operations was EUR 98.7 million (1-12/2008:
EUR 134.2 million).
- Operating profit for continuing operations excluding non-recurring costs was
EUR 0.1 million (EUR 13.8 million).
- Operating profit for continuing operations was EUR -3.6 million (EUR 13.8
million). Operating profit for continuing operations includes EUR 3.7 million
operation adjustment costs.
- The profit for the period for discontinuing operations was EUR -11.1 million
(EUR -1.0 million).
- Operating cash flow was EUR 2.1 million (EUR 9.2 million).
- Cash flow after investments was EUR 0.1 million (EUR -0.1 million).
- Earnings per share for continuing operations were EUR -0.17 (EUR 0.45).
- The Board of Directors proposes a dividend of EUR 0.04 per share.
Key figures* (EUR 1 000)
10-12/2009 10-12/2008 1-12/2009 1-12/2008
Revenue 25,606 33,492 98,700 134,215
Operating profit 1,262 4,035 -3,587 13,757
Operating profit, % 4.9 12.0 -3.6 10.2
Profit for the period 489 2,331 -3,287 9,045
Profit for the period, % 1.9 7.0 -3.3 6.7
Equity ratio, % 38.5 34.2 38.5 34.2
Net gearing % 20.8 54.6 20.8 54.6
Total assets 61,704 78,880 61,704 78,880
*) Continuing operations
Matti Hyytiäinen, President and CEO of Etteplan Oyj, comments the financial
statement as follows:
”Year 2009 was a year of big changes for Etteplan. Our operating environment was
exceptionally challenging. The severe down turn of international economy and
uncertainty of financial markets decreased the demand for our customers'
products. The demand for design services declined notably and the decline was
exceptionally strong in Sweden's automotive industry's clientele. We decided to
withdraw from basic design engineering provided to Sweden's automotive industry
by selling the majority holding in Etteplan Tech AB. Other measures to adjust
design capacity to the current market situation as well as lightening of the
cost structure commenced in the beginning of year 2009 and continued through the
year.
Costs of adjustments, done in Sweden, were significant, but other projects to
lower costs and net working capital were successful. Our company's cash flow for
the whole year was positive and after investments even better than in year 2008.
Taking into consideration the circumstances, we succeeded outstandingly in the
control of the cash flow.
Our customers continued concentrating their design service procurement and we
succeeded in increasing our market share with a number of customers. Etteplan's
strength is broad service offering and delivery model that is able to attain
savings in technical design and product information solutions. We continued
product development investments to build up the competitiveness of our service
offering.
In the end of autumn, we specified our company's strategy. Operating environment
of our customers has changed rapidly. Tightened competition and changed focus of
demand to Asia in a number of business areas has, with an increasing speed, led
to new decisions by our customers to renew their production structures and
operational models. Etteplan has new product solutions to these changed needs as
well as an effective way to produce technical design and product information in
Asia.
Etteplan's improved market share, new product solutions and more efficient
service and Group structures are sources of success in 2010.”
Accounting principles
The financial statement release has been prepared in accordance with IAS 34
(Interim Financial Reporting) and the preparation and accounting policies
presented in the 2008 annual financial statements, but not all requirements of
the IAS 34 standard for interim financial reporting have been followed in the
accounting.
REPORT FOR OCTOBER-DECEMBER 2009
Business review for October-December
Demand for technical design and product information services stabilized to a
lower than usual level during the review period. Out of Etteplan's customer
industries, energy and power transmission industry's demand continued on a good
steady level due to wind power projects among others. In other customer
industries the demand remained on a low level. Investment projects continued to
be postponed and customers' uncertain outlooks reflected to the amount of design
assignments.
During the review period, Etteplan continued renewal of Group structure. The
majority holding of business in Italy was sold to the operative management. The
company has 16 employees. Etteplan continues as minority shareholder in the
company with 19.0% share.
Etteplan Oyj issued a EUR 10 million hybrid loan in November. The coupon rate of
the loan is 9.50% per annum. The loan has no maturity but the company may call
the loan after two years. The loan was sold to a limited number of investors.
The loan strengthens Group's capital structure and the arrangement provides
prerequisites for expanding the business among others with company acquisitions.
Etteplan Oyj published its updated strategy in the review period. As a result of
the updated strategy, for years 2010-2012, Etteplan reorganised its operational
and service principles.
With the help of the updated strategy company aims to improve its current strong
market position. Etteplan's good current clientele creates a strong base for the
growth.
Etteplan serves its customers by providing technical design and product
information solutions for all phases of the life cycle of customers' products.
In the updated strategy, Etteplan's service offering is divided into two service
areas, operational services and expertise services.
As a part of the strategy process Etteplan published its new business structure
in the period under review. The change aims to improve organisation's efficiency
and simplicity. The change took effect on January 1, 2010. As of January 1, 2010
Etteplan Group's management group is composed of Matti Hyytiäinen, President and
CEO; Pia Björk, Vice President, Operations Development and M&A; Niclas Gräns,
Vice President, Etteplan Technology; Per-Anders Gådin, CFO; Outi-Maria Liedes,
Vice President, HR and Communications and Juha Näkki, Vice President, Etteplan
Engineering.
In the review period, personnel reductions continued in Sweden. The reductions
affected 30 employees.
Financial development for October-December
In October-December 2009, Etteplan's revenue for continuing operations amounted
to EUR 25.6 million (10-12/2008: EUR 33.5 million).
Operating profit for continuing operations was EUR 1.3 million (10-12/2008: EUR
4.0 million).
REPORT FOR JANUARY-DECEMBER 2009
Business review for January-December
Etteplan's customers' weakened order books reflected to the demand for design
services through the year. The demand declined rapidly during the first half of
the year and stabilized, in the third quarter, to 25% lower level compared to
the same period in the previous year. Demand remained on this level until the
end of the year. Decline in demand commenced, in the first quarter of year, with
the decline in demand for design services among forest industry equipment
manufacturers, and decline expanded to include most of Etteplan's customer
industries during the review period. Energy and power transmission industry was
an exception and demand continued on a steady level through the entire period
under review.
Etteplan signed framework agreements with current and new customers steadily
through the review period. Etteplan's customers' continued to concentrate their
design services procurement and for Etteplan this meant improved market share.
During the review period, Etteplan renewed its Group structure and operational
practices as well as adjusted operations to correspond with the declined demand.
Renewing of Group structure applied mainly to operations in Sweden. Etteplan
sold its majority holding in Etteplan Tech AB and owns 19.9% of the company
after the transaction. With the transaction Etteplan withdrew from automotive
industry's basic design engineering.
Renewing operational practices included the development of cost effective
technical design and product information delivery models. Etteplan received a
number of new assignments during the year where work is done in China units.
Delivery models offer customers' substantial cost savings in technical design
and product information.
The amount of personnel reductions grew quickly in the first half of the year
and was approximately 250 employees in Finland and approximately 100 employees
in continuing operation in Sweden. The reductions were mainly temporary lay offs
in Finland and permanent lay offs in Sweden. There was no substantial change in
the amount of personnel reductions in the second half of the year.
Revenue
In 2009, Etteplan's revenue for continuing operations amounted to EUR 98.7
million (1-12/2008: EUR 134.2 million).
Result
Operating profit for continuing operations excluding non-recurring costs was EUR
0.1 million (1-12/2008: EUR 13.8 million). Operating profit for continuing
operations was EUR -3.6 million (EUR 13.8 million). Operating profit for
continuing operations includes EUR 3.7 million operation adjustment costs.
Profit for continuing operations before taxes for the financial year was EUR
-4.3 million (1-12/2008: EUR 12.8 million). Taxes amounted to EUR -1.0 million
(EUR 3.8 million). The income tax rate calculated on profit before taxes in the
consolidated income statement was 23.5% (29.2%).
The profit for continuing operations for the financial year was EUR -3.3 million
(1-12/2008: EUR 9.0 million). Earnings per share were EUR -0.17 (EUR 0.45).
Equity per share was EUR 1.20 (EUR 1.37). Return on investment was -8.6%
(31.8%).
Profit for the period for discontinuing operations was EUR -11.1 million (EUR
1-12/2008: EUR -1.0 million). This includes EUR 7.1 million goodwill write-down,
which does not affect the cash flow.
Result for the review period was EUR -14.4 million (EUR 8.0 million).
Financial position and cash flow
Total assets on December 31, 2009, were EUR 61.7 million (December 31, 2008: EUR
78.9 million). Goodwill on the balance sheet was EUR 31.2 million (December 31,
2008: EUR 33.2 million). The goodwill includes estimated EUR 3.7 million
additional purchase prices of companies purchased in 2008. The Group's cash and
cash equivalents stood at EUR 6.7 million (December 31, 2008: EUR 1.9 million).
The Group's financial liabilities amounted to EUR 11.6 million (December 31,
2008: EUR 16.6 million) at period end. The equity ratio was 38.5 % (December 31,
2008: 34.2%). The cash flow before investments and financial items was positive
and totalled EUR 2.1 million (1-12/2008: EUR 9.2 million). Cash flow after
investments was EUR 0.1 million (1-12/2008: EUR -0.1 million).
Capital expenditure
The Group's gross investments in the period under review were EUR 4.8 million
(1-12/2008: EUR 12.1 million). The investments consisted mainly of the
additional purchase prices of companies purchased in 2008 that will be paid in
2010 and 2011.
Personnel
The number of the Group's personnel averaged 1,765 (1-12/2008: 1,763) during the
review period and was 1,544 (December 31, 2008: 1,749) at end of the year.
Outside Finland, the Group employed 571 people (December 31, 2008: 676) at
period end.
Incentive plan for key personnel
The Etteplan Oyj Board of Directors decided on a share-based incentive plan for
key personnel in March 2008. The plan includes three earnings periods: calendar
years 2008, 2009 and 2010. The plan had a target group of 37 people in 2008 and
39 people in 2009. The remuneration paid from the plan corresponds to the value
of about 720,000 Etteplan Oyj shares at maximum.
The Board of Directors of Etteplan Oyj has in its meeting held on February 11,
2009 made a resolution upon disposal of company-held shares pursuant to the
authorization granted to it by the Annual General Meeting of Shareholders' held
on March 28, 2008. The authorization is valid until March 28, 2011.
In accordance with the decision by the Board of Directors, Etteplan Oyj has, on
April 30, 2009, disposed 41,177 company-held shares as the remuneration for the
2008 earnings period for 36 employees who were part of share-based incentive
plan in 2008. The price per share of the transferred shares was EUR 2.89, which
was the volume weighted average quotation of Etteplan Oyj share on April 30,
2009. Accordingly, the total transaction price of the transferred shares was EUR
119,001.53. In addition, a monetary part and capital transfer tax, totalling at
EUR 180,723.97, were paid out of the plan. The remuneration earned in 2008 was
paid on April 30, 2009. 890 of the disposed shares have been returned to the
company.
Pursuant to the authorization granted to it by the Annual General Meeting of
Shareholders', held on March 28, 2008, the Board of Directors of Etteplan Oyj
has in its meeting, on February 10, 2010, made a resolution that there will be
no disposal of company-held shares for the 2009 earnings period.
Estimate of operating risks and uncertainty factors
Etteplan's financial results are exposed to number of strategic, operational and
financial risks. A detailed risk analysis can be found in Etteplan's annual
report 2008.
External risks
During the period under review, economic development on the whole and
unpredictable changes in customers' order books continued to be a significant
risk. The customer related risks will continue to pose an increased risk for
Etteplan's operations.
Internal risks
Internally Etteplan does not foresee changes in its risk position compared to
previously stated.
Reviews concerning financing risks are presented in the notes to the financial
statements.
In addition to the write-down done during the review period, the current
impairment test shows no reason for goodwill write-down.
Annual General Meeting
The Etteplan Oyj Annual General Meeting was held in Lahti on March 26, 2009.
The Board of Directors was confirmed to have six members. Tapio Hakakari,
Heikki Hornborg, Tapani Mönkkönen, Pertti Nupponen, and Matti Virtaala were
re-elected as members of the Board and Robert Ingman was elected as a new member
of the Board. At its organizational meeting of March 26, 2009, the Board elected
Heikki Hornborg as chairman and Tapani Mönkkönen as vice-chairman.
The Annual General Meeting approved the Financial Statements for the financial
year 2008 and discharged the members of the Board of Directors and the CEO from
liability.
The auditor elected was PricewaterhouseCoopers Oy, a firm of authorized public
accountants, with Mika Kaarisalo APA as the auditor in charge. The fees for the
auditor are paid according to invoice.
The Annual General Meeting authorized the Board of Directors to acquire
company's own shares in one or more lots using the company's unrestricted
equity. A maximum of 2,000,000 of the company's own shares can be acquired. The
Board of Directors shall have the right to decide who the shares are acquired
from or, the Board of Directors has the right to decide on a directed
acquisition of own shares.
The authorization is valid for 18 months from the date of the decision of the
Annual General Meeting starting on March 26, 2009 and ending on September 26,
2010. The authorization replaces the previous authorization.
Dividend
The Annual General Meeting passed a resolution in accordance with the proposal
of the Board of Directors to pay a dividend for the 2008 financial year of EUR
0.08 per share, or a total of EUR 1,573,586.30. The remaining profit was
retained in non-restricted equity. The record date of the payment of dividend
was March 31, 2009. The dividend was paid on April 7, 2009.
The Annual General Meeting authorized the Board of Directors to decide within
their discretion on the payment of a possible additional dividend of EUR 0.07
per share, or a total maximum of EUR 1,376,888.00, should the economic situation
of the company allow it. The authorization was valid until December 31, 2009.
Etteplan Oyj's Board of Directors decided, in its meeting on October 28, 2009,
that additional dividend will not be paid in year 2009.
Shares, share price development, and share buy-back
The Etteplan share (ETT1V) is quoted in the Nordic NASDAQ OMX's Small Cap market
capitalization group in the Industrials sector.
The company's share capital on December 31, 2009, was EUR 5,000,000.00, and the
number of shares outstanding was 20,179,414. There were no changes in the share
capital during the period under review. The company has one series of shares.
All shares confer an equal right to dividends and the company's funds.
The number of Etteplan Oyj shares traded during the financial year was
2,604,232 to a total value of EUR 7.6 million. The share price low was EUR 2.58,
the high EUR 3.40, the average EUR 2.94, and the closing price EUR 2.77. Market
capitalization on December 31, 2009 was EUR 54.6 million, and there were 1,907
shareholders.
The company held 469,298 of its own shares on December 31, 2009. In
January-December 2009, the company acquired 10,409 of its own shares. The
company disposed of 40,287 company-held shares in January-December 2009.
Notification of changes in shareholdings
Evli Pankki Oyj's share in Etteplan Oyj's voting rights and share capital fell
under 5% due to the trade of forward contracts that fell due, on December 18,
2009.
Oy Fincorp Ab's forward contracts fell due on December 18, 2009 and the holdings
by Oy Fincorp Ab in Etteplan Oyj exceed 10%.
Major events after the review period
Peter Jahn (45) was appointed as Vice President, Enterprise Solutions to
Etteplan Group as of February 8, 2010. Jahn is a member of Etteplan Oyj's
management group and reports to President and CEO Matti Hyytiäinen.
Peter Jahn came to Etteplan from Intertek Group Plc where he was Sales Director
of Commercial & Electrical division in Europe. In this position Jahn was
responsible for key accounts headquartered in Europe for the whole Intertek
Group. Jahn has a profound knowledge of different industries' product
development and design processes such as engineering industry, consumer
electronics, medical technology equipment manufacturers and telecommunications.
New Enterprise Solutions unit concentrates on Etteplan's global key customers
with an aim to improve competitiveness of customers' operations by offering
comprehensive technical design and product information expertise and operational
services that are assorted to international business environment.
Outlook for 2010
The commencement of Etteplans' customers' investment and product development
projects as well as changes in order books reflect quickly to the demand for
technical design and product information services and the development of
Etteplan's revenue.
The revenue in 2010 is estimated to be approximately on the same level as in
year 2009. Adjustments done in year 2009 improve company's profitability and
operating profit is estimated to be positive. The revenue and operating profit
estimates are based on Etteplan's current market outlook. Potential acquisitions
in year 2010 are not included in the estimate.
Board's proposal for distribution of 2009 profits
The parent company's distributable shareholders' equity according to the balance
sheet on December 31, 2009, is EUR 9,331,564.08.
The Board of Directors will propose to the Annual General Meeting, which will
convene on March 24, 2010, that on the dividend payout date a dividend of EUR
0.04 per share be paid on the company's externally owned shares and that the
remaining profit be transferred to retained earnings. It is the Board's opinion
that the proposed distribution of dividends will not endanger the company's
solvency. In accordance with the Board's proposal, the record date for the
dividend payout is March 29, 2010 and the date of dividend payout is April 7,
2010.
Financial information in 2010
Etteplan Oyj's interim reports will be published as follows:
First quarter results, 3 months Thursday May 6, 2010
Second quarter results, 6 months Thursday August 12, 2010
Third quarter results, 9 months Wednesday November 10, 2010
Annual General Meeting in 2010
Etteplan Oyj's 2010 Annual General Meeting will be held in Vantaa, Finland, on
March 24, 2010, starting at 1pm. Summons to the AGM will be published as a
separate release.
Hollola, February 11, 2010
Etteplan Oyj
Board of Directors
Additional information:
Matti Hyytiäinen, President and CEO, at tel. +358 400 710 968
No auditor's report on the financial statement release has been submitted.
APPENDIX:
Financial Statement Summary and Notes
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Notes to the Financial Statement Summary
Releases and other corporate information are available on Etteplan's website at
www.etteplan.com.
DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.etteplan.com
These financial statements include forward-looking estimates and assumptions.
Accordingly, outcomes may deviate from these estimates, which are based on the
management's current best knowledge.
Etteplan is a specialist in industrial equipment engineering and technical
product information solutions and services. Our customers are global leaders in
their fields and operate in areas like the automotive, aerospace and defence
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.
Etteplan's strength lies in its highly skilled employees who, being located near
to the customers, are able to develop close, long term business relationships.
We implement solutions globally according to customer needs.
Etteplan's shares are listed on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
--------------------------------------------------------------------------------
| (EUR 1 000) | 10-12/ | 10-12/ | 1-12/ | 1-12/ |
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Continuing operations |
--------------------------------------------------------------------------------
| Revenue | 25 606 | 33 492 | 98 700 | 134 215 |
--------------------------------------------------------------------------------
| Other operating income | -171 | 777 | 392 | 947 |
--------------------------------------------------------------------------------
| Materials and services | -2 614 | -3 198 | -8 077 | -11 314 |
--------------------------------------------------------------------------------
| Staff costs | -16 121 | -21 988 | -75 851 | -87 745 |
--------------------------------------------------------------------------------
| Other operating expenses | -5 051 | -4 592 | -17 155 | -20 626 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -387 | -457 | -1 596 | -1 720 |
--------------------------------------------------------------------------------
| Operating profit | 1 262 | 4 035 | -3 587 | 13 757 |
--------------------------------------------------------------------------------
| Financial income | 122 | 102 | 341 | 169 |
--------------------------------------------------------------------------------
| Financial expenses | -354 | -481 | -925 | -1 129 |
--------------------------------------------------------------------------------
| Share of the result of | -48 | 0 | -134 | 0 |
| associates | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | 981 | 3 656 | -4 304 | 12 797 |
--------------------------------------------------------------------------------
| Income taxes | -492 | -1 325 | 1 017 | -3 752 |
--------------------------------------------------------------------------------
| Profit for the financial year | 489 | 2 331 | -3 287 | 9 045 |
| continuing operations | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinuing operations |
--------------------------------------------------------------------------------
| Profit/loss for the financial | -549 | -1 075 | -11 067 | -1 030 |
| year, discontinuing operations | | | | |
--------------------------------------------------------------------------------
| Result for the financial year | -59 | 1 256 | -14 354 | 8 015 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income |
--------------------------------------------------------------------------------
| Currency translation | 36 | -3 061 | 1 245 | -4 365 |
| differences | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income for | 36 | -3 061 | 1 245 | -4 365 |
| the year, net of tax | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income for | -24 | -1 805 | -13 109 | 3 650 |
| the year | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit attributable to |
--------------------------------------------------------------------------------
| Equity holders of the company | -86 | 1 246 | -14 403 | 7 997 |
--------------------------------------------------------------------------------
| Minority interest | 27 | 10 | 49 | 18 |
--------------------------------------------------------------------------------
| | -59 | 1 256 | -14 354 | 8 015 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income | |
| attributable to | |
--------------------------------------------------------------------------------
| Equity holders of the company | -57 | -1 815 | -13 164 | 3 632 |
--------------------------------------------------------------------------------
| Minority interest | 33 | 10 | 55 | 18 |
--------------------------------------------------------------------------------
| | -24 | -1 805 | -13 109 | 3 650 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share calculated | |
| from the result of parent | |
| company shareholders | |
--------------------------------------------------------------------------------
| Continuing operations |
--------------------------------------------------------------------------------
| Basic earnings per share, EUR | 0,02 | 0,12 | -0,17 | 0,45 |
--------------------------------------------------------------------------------
| Diluted earnings per share, | 0,02 | 0,12 | -0,17 | 0,45 |
| EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinuing operations |
--------------------------------------------------------------------------------
| Basic earnings per share, EUR | -0,03 | -0,05 | -0,56 | -0,05 |
--------------------------------------------------------------------------------
| Diluted earnings per share, | -0,03 | -0,05 | -0,56 | -0,05 |
| EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
--------------------------------------------------------------------------------
| (EUR 1 000) | 31.12.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS |
--------------------------------------------------------------------------------
| Non-current assets |
--------------------------------------------------------------------------------
| Tangible assets | 1 458 | 2 485 |
--------------------------------------------------------------------------------
| Goodwill | 31 184 | 33 207 |
--------------------------------------------------------------------------------
| Other intangible assets | 1 042 | 1 558 |
--------------------------------------------------------------------------------
| Shares in associated companies | 0 | 17 |
--------------------------------------------------------------------------------
| Investments available for sales | 691 | 411 |
--------------------------------------------------------------------------------
| Other long-term receivables | 3 | 551 |
--------------------------------------------------------------------------------
| Deferred tax assets | 950 | 191 |
--------------------------------------------------------------------------------
| Non-current assets, total | 35 329 | 38 421 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets |
--------------------------------------------------------------------------------
| Trade and other receivables | 18 645 | 37 242 |
--------------------------------------------------------------------------------
| Current tax assets | 1 079 | 1 338 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 6 650 | 1 879 |
--------------------------------------------------------------------------------
| Current assets, total | 26 375 | 40 459 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 61 704 | 78 880 |
--------------------------------------------------------------------------------
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| EQUITY AND LIABILITIES |
--------------------------------------------------------------------------------
| Capital attributable to equity holders | |
--------------------------------------------------------------------------------
| Share capital | 5 000 | 5 000 |
--------------------------------------------------------------------------------
| Share premium account | 6 701 | 6 701 |
--------------------------------------------------------------------------------
| Unrestricted equity fund | 2 590 | 2 474 |
--------------------------------------------------------------------------------
| Own shares | -1 949 | -2 025 |
--------------------------------------------------------------------------------
| Cumulative translation adjustment | -2 534 | -5 188 |
--------------------------------------------------------------------------------
| Other reserves | 10 000 | 0 |
--------------------------------------------------------------------------------
| Retained earnings | 18 148 | 11 962 |
--------------------------------------------------------------------------------
| Profit for the financial year | -14 403 | 7 997 |
--------------------------------------------------------------------------------
| Capital attributable to equity holders, | 23 554 | 26 921 |
| total | | |
--------------------------------------------------------------------------------
| Minority interest | 135 | 79 |
--------------------------------------------------------------------------------
| Equity, total | 23 689 | 27 000 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities |
--------------------------------------------------------------------------------
| Deferred tax liability | 150 | 1 537 |
--------------------------------------------------------------------------------
| Financial liabilities | 7 626 | 9 981 |
--------------------------------------------------------------------------------
| Non-current liabilities, total | 7 776 | 11 517 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities |
--------------------------------------------------------------------------------
| Financial liabilities | 3 959 | 6 635 |
--------------------------------------------------------------------------------
| Trade and other payables | 24 401 | 33 425 |
--------------------------------------------------------------------------------
| Reserves | 1 435 | 0 |
--------------------------------------------------------------------------------
| Current income tax liabilities | 445 | 303 |
--------------------------------------------------------------------------------
| Current liabilities, total | 30 239 | 40 363 |
--------------------------------------------------------------------------------
| Liabilities, total | 38 016 | 51 880 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 61 704 | 78 880 |
--------------------------------------------------------------------------------
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| CONSOLIDATED STATEMENT OF CASH FLOWS |
--------------------------------------------------------------------------------
| (EUR 1 000) | 1-12/ | 1-12/ |
--------------------------------------------------------------------------------
| | 2009 | 2008 |
--------------------------------------------------------------------------------
| Operating cash flow |
--------------------------------------------------------------------------------
| Cash receipts from customers | 129 302 | 158 974 |
--------------------------------------------------------------------------------
| Operating expenses paid | -126 232 | -143 861 |
--------------------------------------------------------------------------------
| Operating cash flow before financial items and | 3 070 | 15 113 |
| taxes | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest and payment paid for financial expenses | -632 | -1 131 |
--------------------------------------------------------------------------------
| Interest received | 197 | 228 |
--------------------------------------------------------------------------------
| Income taxes paid | -557 | -5 055 |
--------------------------------------------------------------------------------
| Operating cash flow ( A ) | 2 078 | 9 155 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investing cash flow |
--------------------------------------------------------------------------------
| Purchase of tangible and intangible assets | -139 | -1 774 |
--------------------------------------------------------------------------------
| Disposals of subsidiaries | 93 | 0 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries | -966 | -7 582 |
--------------------------------------------------------------------------------
| Proceeds from sale of tangible and intangible | 30 | 60 |
| assets | | |
--------------------------------------------------------------------------------
| Loan receivables, increase | -977 | 0 |
--------------------------------------------------------------------------------
| Proceeds from sale of investments | 3 | 47 |
--------------------------------------------------------------------------------
| Investing cash flow ( B ) | -1 956 | -9 249 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow after investments (A+B) | 122 | -94 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing cash flow |
--------------------------------------------------------------------------------
| Purchase of own shares | -44 | -2 523 |
--------------------------------------------------------------------------------
| Short-term loans, increase | 0 | 3 437 |
--------------------------------------------------------------------------------
| Short-term loans, decrease | -3 251 | 0 |
--------------------------------------------------------------------------------
| Long-term loans, increase | 2 528 | 2 544 |
--------------------------------------------------------------------------------
| Hybrid loan, increase | 10 000 | 0 |
--------------------------------------------------------------------------------
| Long-term loans, decrease | -3 112 | -4 007 |
--------------------------------------------------------------------------------
| Dividend paid and other profit distribution | -1 574 | -4 225 |
--------------------------------------------------------------------------------
| Financing cash flow ( C ) | 4 547 | -4 774 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Variation in cash (A + B + C) |
--------------------------------------------------------------------------------
| increase ( + ) / decrease ( - ) | 4 669 | -4 868 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets in the beginning of the period | 1 879 | 7 243 |
--------------------------------------------------------------------------------
| Exchange gains or losses on cash and bank | 102 | -496 |
| equivalents | | |
--------------------------------------------------------------------------------
| Assets at the end of the period | 6 650 | 1 879 |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR 1 000)
Legends for table columns
A) Share Capital
B) Share Premium Account
C) Unrestricted Equity Fund
D) Own shares
E) Cumulative Translation Adjustment
F) Other reserves
G) Retained Earnings
H) Total
I) Minority Interest
J) Equity total
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 5 000 | 6 701 | 2 601 | -962 | -823 | 0 | 16 187 |
| 1.1.2008 | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | | -4 225 |
--------------------------------------------------------------------------------
| Purchase | | | | -2 523 | | | |
| of own | | | | | | | |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Disposal | | | -127 | 1 401 | | | |
| of own | | | | | | | |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Shares to | | | | 59 | | | |
| be issued | | | | | | | |
--------------------------------------------------------------------------------
| Changes in | | | | | | | |
| ownership | | | | | | | |
--------------------------------------------------------------------------------
| Comprehens | | | | | -4 365 | | 7 997 |
| ive income | | | | | | | |
| for the | | | | | | | |
| financial | | | | | | | |
| year | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 5 000 | 6 701 | 2 474 | -2 025 | -5 188 | 0 | 19 959 |
| 31.12.2008 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | H | I | J | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 28 704 | 597 | 29 301 | |
| 1.1.2008 | | | | |
--------------------------------------------------------------------------------
| Dividends | -4 225 | | -4 225 | |
--------------------------------------------------------------------------------
| Purchase | -2 523 | | -2 523 | |
| of own | | | | |
| shares | | | | |
--------------------------------------------------------------------------------
| Disposal | 1 274 | | 1 274 | |
| of own | | | | |
| shares | | | | |
--------------------------------------------------------------------------------
| Shares to | 59 | | 59 | |
| be issued | | | | |
--------------------------------------------------------------------------------
| Changes in | 0 | -536 | -536 | |
| ownership | | | | |
--------------------------------------------------------------------------------
| Comprehens | 3 632 | 18 | 3 650 | |
| ive income | | | | |
| for the | | | | |
| financial | | | | |
| year | | | | |
--------------------------------------------------------------------------------
| Equity | 26 921 | 79 | 27 000 | |
| 31.12.2008 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 5 000 | 6 701 | 2 474 | -2 025 | -5 188 | 0 | 19 959 |
| 1.1.2009 | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | | -1 574 |
--------------------------------------------------------------------------------
| Purchase | | | | -44 | | | |
| of own | | | | | | | |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Shares to | | | 116 | 120 | | | -179 |
| be issued | | | | | | | |
--------------------------------------------------------------------------------
| Hybrid | | | | | | 10 000 | -59 |
| loan | | | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | | | | |
| translatio | | | | | | | |
| n | | | | | | | |
| difference | | | | | | | |
--------------------------------------------------------------------------------
| Changes in | | | | | 1 410 | | |
| ownership | | | | | | | |
--------------------------------------------------------------------------------
| Comprehens | | | | | 1 245 | | -14 403 |
| ive income | | | | | | | |
| for the | | | | | | | |
| financial | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 5 000 | 6 701 | 2 590 | -1 949 | -2 534 | 10 000 | 3 745 |
| 31.12.2009 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | H | I | J | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 26 921 | 79 | 27 000 | |
| 1.1.2009 | | | | |
--------------------------------------------------------------------------------
| Dividends | -1 574 | | -1 574 | |
--------------------------------------------------------------------------------
| Purchase | -44 | | -44 | |
| of own | | | | |
| shares | | | | |
--------------------------------------------------------------------------------
| Shares to | 57 | | 57 | |
| be issued | | | | |
--------------------------------------------------------------------------------
| Hybrid | 9 941 | | 9 941 | |
| loan | | | | |
--------------------------------------------------------------------------------
| Change in | 0 | 6 | 6 | | | | |
| translatio | | | | | | | |
| n | | | | | | | |
| difference | | | | | | | |
--------------------------------------------------------------------------------
| Changes in | 1 410 | | 1 410 | |
| ownership | | | | |
--------------------------------------------------------------------------------
| Comprehens | -13 | 49 | -13 | |
| ive income | 159 | | 109 | |
| for the | | | | |
| financial | | | | |
| period | | | | |
--------------------------------------------------------------------------------
| Equity | 23 554 | 135 | 23 689 | |
| 31.12.2009 | | | | |
--------------------------------------------------------------------------------
NOTES TO THE FINANCIAL STATEMENT RELEASE
Company profile
The parent company of Etteplan Group is Etteplan Oyj (“the Company”), a Finnish
public limited company established under Finnish law. The Company is domiciled
in Hollola. The Company's shares are quoted on the exchange of NASDAQ OMX
Helsinki Ltd.
Etteplan Oyj and its subsidiaries provide high-quality industrial technology
design services. The Group's main market area is Europe. For our core customers,
Etteplan's services extend worldwide.
The Etteplan Oyj Board of Directors approved the financial statement release for
publication at its meeting of February 10, 2010.
Basis for preparation
The financial statement release has been prepared in accordance with IAS 34
(Interim Financial Reporting) and the preparation and accounting policies
presented in the 2008 annual financial statements, but not all requirements of
the IAS 34 standard for interim financial reporting have been followed in the
accounting. Revised IAS 1, Presentation of Financial Statements: Amendments have
been made to the presentation of the income statement and statement of changes
in equity.
Monetary figures in the financial statement release are presented in thousands
of euros. All figures in the tables have been rounded up or down, due to which
the sums of figures may deviate from the sum totals presented.
In financial statement the accounting principles used were the same as for the
2008 annual financial statements. The annual financial statements are available
at http://etteplan.smartpage.fi/en/annualreport08/, and the accounting policy is
detailed on pages 28-33 of the annual report 2008. Formulas for the key figures
are detailed on page 52 of the annual report 2008.
Use of estimates
These financial statements include forward-looking estimates and assumptions.
Accordingly, outcomes may deviate from these estimates, which are based on the
management's current best knowledge.
--------------------------------------------------------------------------------
| KEY FIGURES | 1-12/ | 1-12/ | Change to |
--------------------------------------------------------------------------------
| (EUR 1 000) | 2009 | 2008 | prev.year |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 98 700 | 134 215 | -26,5 % |
--------------------------------------------------------------------------------
| Operating profit | -3 587 | 13 757 | -126,1 % |
--------------------------------------------------------------------------------
| Operating profit, % | -3,6 | 10,3 | |
--------------------------------------------------------------------------------
| Profit before taxes | -4 304 | 12 797 | -133,6 % |
--------------------------------------------------------------------------------
| Profit before taxes, % | -4,4 | 9,5 | |
--------------------------------------------------------------------------------
| Return on equity, % | -13,0 | 32,1 | |
--------------------------------------------------------------------------------
| Return on investment, % *) | -8,6 | 31,8 | |
--------------------------------------------------------------------------------
| Equity ratio % | 38,5 | 34,2 | |
--------------------------------------------------------------------------------
| Gross interest-bearing debt | 11 585 | 16 615 | -30,3 % |
--------------------------------------------------------------------------------
| Net gearing, % | 20,8 | 54,6 | |
--------------------------------------------------------------------------------
| Balance sheet, total | 61 704 | 78 880 | -21,8 % |
--------------------------------------------------------------------------------
| Gross investments | 4 763 | 12 082 | -60,6 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR | -0,17 | 0,45 | -137,5 % |
--------------------------------------------------------------------------------
| Diluted earnings per share, EUR | -0,17 | 0,45 | -137,5 % |
--------------------------------------------------------------------------------
| Equity per share, EUR | 1,20 | 1,37 | -12,3 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, average | 1 765 | 1 763 | 0,1 % |
--------------------------------------------------------------------------------
| Personnel at end of the period | 1 544 | 1 749 | -11,7 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *)Return on investment has been calculated from result before taxes |
--------------------------------------------------------------------------------
Discontinuing operations
The selling of majority holdings in Etteplan Tech AB that provides design
services for automotive industry in Sweden, and business in Italy are treated as
discontinuing operations.
--------------------------------------------------------------------------------
| Discontinuing operations |
--------------------------------------------------------------------------------
| (EUR 1 000) | 31.12.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income statement |
--------------------------------------------------------------------------------
| Incomes | 15 322 | 26 716 |
--------------------------------------------------------------------------------
| Expenses | -18 724 | -28 368 |
--------------------------------------------------------------------------------
| Result before taxes | -3 401 | -1 652 |
--------------------------------------------------------------------------------
| Income taxes | 442 | 622 |
--------------------------------------------------------------------------------
| Result after taxes | -2 960 | -1 030 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loss on disposal before taxes | -8 234 | 0 |
--------------------------------------------------------------------------------
| Income taxes | 127 | 0 |
--------------------------------------------------------------------------------
| Loss on disposal after taxes | -8 107 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total loss for discontinuing operations | -11 067 | -1 030 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow statement |
--------------------------------------------------------------------------------
| Operating cash flow | -2 484 | -117 |
--------------------------------------------------------------------------------
| Investing cash flow | 1 275 | -119 |
--------------------------------------------------------------------------------
| Financing cash flow | 1 080 | -559 |
--------------------------------------------------------------------------------
| Change in cash | -129 | -795 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Effect of discontinuing operations to | |
| Etteplan financial position | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets |
--------------------------------------------------------------------------------
| Property, plant and equipment | 74 | 0 |
--------------------------------------------------------------------------------
| Other intangible assets | 7 155 | 0 |
--------------------------------------------------------------------------------
| Receivables | 3 751 | 0 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | -131 | 0 |
--------------------------------------------------------------------------------
| Assets total | 10 849 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities |
--------------------------------------------------------------------------------
| Financial liabilities | 233 | 0 |
--------------------------------------------------------------------------------
| Trade and other payables | 3 282 | 0 |
--------------------------------------------------------------------------------
| Liabilities total | 3 515 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue and operating profit quarterly |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1 000) | Q1/2009 | Q2/2009 | Q3/2009 | Q4/2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 29 510 | 25 256 | 18 328 | 25 606 |
--------------------------------------------------------------------------------
| Operating profit | 1 183 | -4 367 | -1 664 | 1 262 |
--------------------------------------------------------------------------------
| % of revenue | 4,0 | -17,3 | -9,1 | 4,9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tangible and intangible assets |
--------------------------------------------------------------------------------
| (EUR 1 000) | Property, | Goodwill | Other |
| | plant, | | intangible |
| | equipment | | assets |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost 1.1.2009 | 13 173 | 33 207 | 5 839 |
--------------------------------------------------------------------------------
| Exchange difference | 234 | 1 440 | 8 |
--------------------------------------------------------------------------------
| Corporate transactions | -1 162 | -7 162 | -331 |
--------------------------------------------------------------------------------
| Increases | 332 | 3 699 | 59 |
--------------------------------------------------------------------------------
| Decreases | -1 322 | 0 | -2 |
--------------------------------------------------------------------------------
| Acquisition cost 31.12.2009 | 11 255 | 31 184 | 5 573 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and | -10 688 | 0 | -4 280 |
| impairment 1.1.2009 | | | |
--------------------------------------------------------------------------------
| Exchange difference | -209 | 0 | -7 |
--------------------------------------------------------------------------------
| Corporate transactions | 1 088 | 0 | 307 |
--------------------------------------------------------------------------------
| Depreciation on disposals | 1 137 | 0 | 7 |
--------------------------------------------------------------------------------
| Depreciation | -1 124 | 0 | -558 |
--------------------------------------------------------------------------------
| Accumulated depreciation and | -9 796 | 0 | -4 531 |
| impairment 31.12.2009 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 31.12.2009 | 1 458 | 31 184 | 1 042 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost 1.1.2008 | 11 334 | 29 426 | 5 229 |
--------------------------------------------------------------------------------
| Exchange difference | -447 | -3 020 | -83 |
--------------------------------------------------------------------------------
| Corporate transactions | 634 | 0 | 0 |
--------------------------------------------------------------------------------
| Increases | 1 701 | 6 801 | 701 |
--------------------------------------------------------------------------------
| Decreases | -49 | 0 | -8 |
--------------------------------------------------------------------------------
| Acquisition cost 31.12.2008 | 13 173 | 33 207 | 5 839 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and | -9 383 | 0 | -3 770 |
| impairment 1.1.2008 | | | |
--------------------------------------------------------------------------------
| Exchange difference | 441 | 0 | 37 |
--------------------------------------------------------------------------------
| Corporate transactions | -409 | 0 | 0 |
--------------------------------------------------------------------------------
| Depreciation | -1 338 | 0 | -547 |
--------------------------------------------------------------------------------
| Accumulated depreciation and | -10 688 | 0 | -4 279 |
| impairment 31.12.2008 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 31.12.2008 | 2 485 | 33 207 | 1 559 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reserves |
--------------------------------------------------------------------------------
| (EUR 1 000) | 31.12.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reserves 1.1.2009 | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Additional provisions | |
--------------------------------------------------------------------------------
| Warranty provision | 187 | 0 |
--------------------------------------------------------------------------------
| Reorganisation provision | 1 198 | 0 |
--------------------------------------------------------------------------------
| Other provisions | 50 | 0 |
--------------------------------------------------------------------------------
| Additional provisions total | 1 435 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reserves 31.12.2009 | 1 435 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Derivatives |
--------------------------------------------------------------------------------
| (EUR 1 000) | 31.12.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency swaps |
--------------------------------------------------------------------------------
| Fair value | -6 | 0 |
--------------------------------------------------------------------------------
| Nominal value | 1 317 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate swaps |
--------------------------------------------------------------------------------
| Fair value | 1 | 0 |
--------------------------------------------------------------------------------
| Nominal value | 4 500 | 5 786 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate options |
--------------------------------------------------------------------------------
| Fair value | -141 | -103 |
--------------------------------------------------------------------------------
| Nominal value | 8 679 | 8 679 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pledges, mortgages and guarantees |
--------------------------------------------------------------------------------
| (EUR 1 000) | 31.12.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| For own debts |
--------------------------------------------------------------------------------
| Other contingencies | 55 | 427 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing liabilities |
--------------------------------------------------------------------------------
| For payment under year | 983 | 1 158 |
--------------------------------------------------------------------------------
| For payment 1-5 years | 1 107 | 1 909 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 2 145 | 3 494 |
--------------------------------------------------------------------------------
Acquisition and disposition of company shares
During 2009, the Company acquired 10,409 and disposed of 40,287 company-held
shares. At the end of the review period, it owned 469,298 of its own shares.
Shares and share capital
On December 31, 2009, Etteplan Oyj had 20,179,414 shares (including the shares
held by the Company) and share capital amounted to EUR 5,000,000.00.
Dividends
On March 26, 2009, the Annual General Meeting passed a resolution on a motion by
the Board of Directors to pay a dividend for the 2008 financial year of EUR 0.08
per share, or a total of EUR 1,573,586.30. The dividend was paid on April 7,
2009.
Income taxes
The taxes listed in the consolidated income statement have been calculated with
the tax rate appropriate for the projected full-year result. The estimated
average effective tax rate for the year has been set separately for each
relevant country. The effective tax rate used in the interim report is 23.5
(29.2)%.
Risks
Etteplan´s financial results are exposed to number of strategic, operational and
financial risks.
A detailed risk analysis can be found in Etteplan´s Annual report 2008.
In addition to the write-down done during the review period, the current
impairment test shows no reason for goodwill write-down.
--------------------------------------------------------------------------------
| Major shareholders |
--------------------------------------------------------------------------------
| December 31, 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Name | Number of | Holding of |
| | shares | shares, % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Mönkkönen Tapani | 4 075 600 | 20,20 |
--------------------------------------------------------------------------------
| Ingman Group Oy Ab | 3 500 000 | 17,34 |
--------------------------------------------------------------------------------
| Oy Fincorp Ab | 2 147 474 | 10,64 |
--------------------------------------------------------------------------------
| Hornborg Heikki | 1 143 220 | 5,67 |
--------------------------------------------------------------------------------
| Varma Mutual Pension Insurance Company | 608 328 | 3,01 |
--------------------------------------------------------------------------------
| Alfred Berg Finland Fund | 501 699 | 2,49 |
--------------------------------------------------------------------------------
| Etteplan Oyj | 469 298 | 2,33 |
--------------------------------------------------------------------------------
| Fondita Nordic Micro Cap Placeringsfond | 417 180 | 2,07 |
--------------------------------------------------------------------------------
| Tuori Klaus | 351 000 | 1,74 |
--------------------------------------------------------------------------------
| Nordea Bank Finland Plc. | 346 412 | 1,72 |
--------------------------------------------------------------------------------
| Alfred Berg Small Cap Fund | 331 090 | 1,64 |
--------------------------------------------------------------------------------
| Hakakari Tapio/Webstor Oy | 306 180 | 1,52 |
--------------------------------------------------------------------------------
| Aktia Capital Small Cap Fund | 298 200 | 1,48 |
--------------------------------------------------------------------------------
| Svenska Handelsbanken AB (Publ), | 277 628 | 1,38 |
| Filialverksamheten i Finland | | |
--------------------------------------------------------------------------------
| Tuori Aino | 256 896 | 1,27 |
--------------------------------------------------------------------------------
| Kempe Anna | 249 343 | 1,24 |
--------------------------------------------------------------------------------
| Aiff Ulf | 220 546 | 1,09 |
--------------------------------------------------------------------------------
| Evli Bank Plc. | 201 200 | 1,00 |
--------------------------------------------------------------------------------
| Tuori Kaius | 178 370 | 0,88 |
--------------------------------------------------------------------------------
| Alfred Berg Optimal Small Cap Fund | 170 421 | 0,84 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other shareholders | 4 129 329 | 20,46 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 20 179 414 | 100,00 |
--------------------------------------------------------------------------------
