ETTEPLAN Q1: Revenue continued to grow - operating profit improves towards the end of the year
ETTEPLAN OYJ, STOCK EXCHANGE RELEASE, MAY 5, 2011, AT 02:00 P.M.
ETTEPLAN Q1: Revenue continued to grow – operating profit improves towards the end of the year
Review period January-March 2011
- The Group's revenue for continuing operations grew 19.3% and was EUR 29.6 million (1-3/2010: EUR 24.9 million).
- Operating profit for continuing operations was EUR 1.2 million (EUR 1.1 million).
- Profit for the period for continuing operations was EUR 0.7 million (EUR 0.7 million).
- Operating cash flow was EUR -2.1 million (EUR -2.7 million).
- Earnings per share for continuing operations were EUR 0.03 (EUR 0.03).
- Number of personnel at the end of the period was 1,574 (March 31, 2010: 1,500).
- Company keeps its estimate for outlook 2011 the same as it was in financial statement release published on February 15, 2011.
Outlook 2011
Current market outlook of machinery and equipment manufacturers is positive. The development of Etteplan's customers' order books influences quickly the development of Etteplan's revenue.
We expect the revenue and operating profit for the year 2011 to grow compared to year 2010.
Potential acquisitions in 2011 are not included in the estimate.
Key figures* (EUR 1 000)
| 1-3/2011 | 1-3/2010 | 1-12/2010 | |
| Revenue | 29,645 | 24,853 | 104,786 |
| Operating profit/loss | 1,159 | 1,125 | 6,054 |
| Operating profit/loss, % | 3.9 | 4.5 | 5.8 |
| Profit/loss for the period | 737 | 692 | 4,347 |
| Profit/loss for the period, % | 2.5 | 2.8 | 4.1 |
| Equity ratio, % | 41.5 | 39.8 | 43.6 |
| Net gearing, % | 34.2 | 31.3 | 24.1 |
| Total assets | 67,515 | 61,492 | 67,653 |
| *) continuing operations |
Matti Hyytiäinen, President and CEO of Etteplan Oyj, comments on the interim report:
“Business of Etteplan’s central customers’ developed positively and as a consequence demand for design services was at a good level. Our revenue grew almost with a fifth compared to the comparison period and we are satisfied with the achievements of our active sales work. Operating profit remained at the comparison period’s level due to low profitability of business in Sweden in the beginning of the year during January-February. Operating profit was also burdened by several non-recurring investment items which prepare us for carrying out of coming customer projects. Most significant of these investments were related to IT-system development, personnel reorganization and recruitment. We continued recruitment in all our key market areas. Despite the increase in working capital caused by the strong growth, operating cash flow improved compared to the comparison period. We expect the operating profit to improve towards the end of year 2011.”
Hollola, May 5, 2011
Etteplan Oyj
Board of Directors
Additional information:
Matti Hyytiäinen, President and CEO, tel. +358 400 710 968
Releases and other corporate information are available on Etteplan's Web site at www.etteplan.com.
DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.etteplan.com
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.
In 2010, Etteplan had turnover of EUR 104.8 million. The company currently has approximately 1,600 employees. Etteplan's shares are listed on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.