ETTEPLAN Q2: ETTEPLAN'S POSITIVE DEVELOPMENT CONTINUED - OPERATING PROFIT IMPROVED
ETTEPLAN OYJ INTERIM REPORT AUGUST 12, 2010, AT 09:30 A.M.
ETTEPLAN Q2: ETTEPLAN'S POSITIVE DEVELOPMENT CONTINUED - OPERATING PROFIT
IMPROVED
Review period April-June 2010
- The Group's revenue for continuing operations was EUR 26.8 million (4-6/2009:
EUR 25.3 million).
- Operating profit for continuing operations was EUR 1.9 million (EUR -4.4
million).
- Profit for the period for continuing operations was EUR 1.2 million
(EUR -3.3 million).
- Profit for the period for discontinuing operations was EUR 0.4 million (EUR -
1.3 million).
- Operating cash flow was EUR 1.8 million (EUR 2.2 million).
- Earnings per share for continuing operations were EUR 0.06 (EUR -0.17).
- The number of personnel at the end of the period was 1,483 (1,663).
- Company specifies its outlook estimate for year 2010.
Outlook (updated): Adjustments done in year 2009 improve company's
profitability and operating profit's positive development is estimated to
continue.
Previous outlook estimate (May 6, 2010): Adjustments done in year 2009
improve company's profitability and operating profit is estimated to be
positive.
Review period January-June 2010
- The Group's revenue for continuing operations was EUR 51.6 million (1-6/2009:
EUR 54.8 million).
- Operating profit for continuing operations was EUR 3.0 million (EUR -3.2
million).
- Profit for the period for continuing operations was EUR 1.9 million
(EUR -2.6 million).
- Profit for the period for discontinuing operations was EUR 0.4 million (EUR -
2.0 million).
- Operating cash flow was EUR -0.9 million (EUR -4.5 million).
- Earnings per share for continuing operations were EUR 0.08 (EUR -0.13).
Key figures* (EUR 1 000)
4-6/2010 4-6/2009 1-6/2010 1-6/2009 1-12/2009
Revenue 26,782 25,255 51,635 54,766 98,700
Operating profit/loss 1,859 -4,367 2,984 -3,184 -3,587
Operating profit/loss, % 6.9 -17.3 5.8 -5.8 -3.6
Profit/loss for the period 1,211 -3,344 1,903 -2,578 -3,287
Profit/loss for the period, % 4.5 -13.2 3.7 -4.7 -3.3
Equity ratio, % 42.6 28.8 42.6 28.8 38.5
Net gearing, % 30.4 99.8 30.4 99.8 20.8
Total assets 61,775 74,001 61,775 74,001 61,704
*) continuing operations
Matti Hyytiäinen, President and CEO of Etteplan Oyj, comments on the interim
report:
”Orders received by Etteplan's central customers developed favourably in the
second quarter of the year. Order books for several of our customers were still
on low level compared to previous years, which reflected to Etteplan's revenue.
Recovery of demand for design services, which took place in the beginning of the
year, started to show as growth in Etteplan's revenue in the second quarter of
the year. Our strengthened market position and determined adjustments improved
the utilization rate of our design capacity and profitability. Intensifying of
operations improved the cash flow in the beginning of the year too.
Productization of our services and investments to develop our sales organization
have received a positive reception in the beginning of the year. Selling of new
service products commenced well. In the review period Etteplan continued its
investments to develop its offering. Cooperation agreement signed between
Sjöland & Thyselius Holding AB and Etteplan's subsidiary LUTAB offers customers
even quicker execution time in demanding product development projects. The first
joint assignment for aviation sector commenced in the period under review.
We continued actions according to our strategy to strengthen our global delivery
process. Etteplan increased its shareholding in Etteplan Vataple Technology
Centre Ltd. in China to 70 per cent in the beginning of July. Our operations are
based on high level design services close to customer combined with cost
effective use of Etteplan's units in China. The number of companies using
operating model that improves customers' cost competitiveness increased in the
review period.
Etteplan is well positioned for the growth of the design services' demand and we
are able to increase our design capacity without significant increase in fixed
costs. According to our strategy, in addition to organic growth we aim to grow
our business operations also with company acquisitions.”
Accounting principles
The interim report has been prepared in accordance with IAS 34 (Interim
Financial Reporting) and the preparation and accounting policies presented in
the 2009 annual financial statements.
REVIEW FOR APRIL-JUNE 2010
Business review for April-June
Demand for design services improved in the second quarter of the year. Demand
picked up especially in Finland compared to the first quarter of the year as the
market situation of Etteplan's customers improved.
Demand continued to fluctuate between different customer industries. Demand for
design services in energy and power transmission industry and among medical
technology equipment manufacturers remained on same good level as in the
beginning of the year. In special competence requiring testing and analysis
services for car industry customers demand remained on good level. Among mining
industry equipment manufacturers the increase in demand for design services that
commenced in the beginning of the year, continued in the review period. In the
second quarter of the year, there was a turn of demand for design services
among forest industry equipment manufacturers and demand improved clearly in
the period under review. Demand for aerospace and defence equipment industry
remained on low level.
In Finland, the number of personnel reductions implemented as temporary lay offs
decreased during the review period. The number of temporary laid off employees
halved compared to the first quarter and was under 100 in the end of the period.
In Sweden, recruitment commenced to respond to the improved market situation.
Etteplan and Sjöland & Thyselius Holding AB signed a cooperation agreement
during the period under review. From Etteplan's side the cooperation partner is
Etteplan's subsidiary LUTAB AB. LUTAB AB and Sjöland & Thyselius concentrate on
high technology product development services for machine and equipment
manufacturers developing renewable energy sources, aviation, space and defence
equipment industry as well as car and train manufacturing companies. The
cooperation aims to shorten customers' product development project time with the
help of integrated expertise services and efficient service processes.
Company started to renew its legal structure in Finland from April 1, 2010 and
the concentration of business operations to Etteplan Design Center Oy was
completed on July 1, 2010. In Sweden, business operations will be concentrated
to four legal companies in phases by the beginning of year 2011. Group
administration units continue their operations in the parent company Etteplan
Oyj. Change in legal structure does not impact the content of financial
reporting in 2010. Legal structure change will have an impact on parent
company's balance sheet. Parent company's balance sheet will be presented in
company's annual report 2010.
Financial development for April-June
Etteplan's revenue for continuing operations in April-June 2010 amounted to EUR
26.8 million (4-6/2009: EUR 25.3 million).
Operating profit for continuing operations was EUR 1.9 million (4-6/2009: EUR
-4.4 million). Improved demand for design services as well as adjustment and
cost saving measures affected the improvement of operating profit.
REVIEW FOR JANUARY-JUNE 2010
Business review for January-June
Demand for design services developed unevenly in the beginning of the year and
improved in most of Etteplan's customer industries towards the end of the review
period. In Sweden, the recovery of market commenced in the first months of year
2010 and became established on the improved level during the second quarter of
the year. In Finland, recovery of demand for design services was slower compared
to Sweden and an increase in number of design assignments was seen in the end of
the second quarter.
Etteplan renewed framework agreements with established customers during the
review period and was also successful in attaining new customers and signed new
technical design and product information agreements.
Revenue
Etteplan's revenue for continuing operations in the first half of the year
amounted to EUR 51.6 million (1-6/2009: EUR 54.8 million).
Result
The operating profit for continuing operations was EUR 3.0 million (1-6/2009:
EUR -3.2 million). Improved demand for design services as well as adjustment and
cost saving measures affected the improvement of operating profit.
Profit for the period for continuing operations before taxes was EUR 2.7 million
(1-6/2009: EUR -3.5 million). Taxes amounted to EUR 0.8 million (EUR -0.9
million). The income tax calculated on profit before taxes in the consolidated
income statement was 28.6% (26.6%).
Profit for the period for continuing operations was EUR 1.9 million (1-6/2009:
EUR -2.6 million). Earnings per share for continuing operations were EUR 0.08
(EUR -0.13). Equity per share was EUR 1.33 (EUR 1.07). The return on investment
improved and was 16.5% (-13.8%).
Profit for the period for discontinuing operations was EUR 0.4 million
(1-6/2009: EUR -2.0 million). The profit relates to payment of a loan receivable
which was written down in 2009.
Result for the review period was EUR 2.3 million (1-6/2009: EUR -4.5 million).
Financial position and cash flow
Total assets on June 30, 2010, were EUR 61.8 million (December 31, 2009: EUR
61.7 million). Goodwill on the balance sheet was EUR 32.7 million (December 31,
2009: EUR 31.2 million). The increase in goodwill was due to changes in currency
rates. The Group's cash and cash equivalents stood at EUR 3.4 million (December
31, 2009: EUR 6.7 million). The Group's financial liabilities amounted to EUR
11.4 million (December 31, 2009: EUR 11.6 million) at period end. The equity
ratio was 42.6% (December 31, 2009: 38.5%). Operating cash flow was EUR -0.9
million (EUR -4.5 million). The cash flow after investments improved and was EUR
-2.2 million (1-6/2009: EUR -4.9 million). Review period's cash flow included
additional purchase price of EUR 1.7 million caused by company acquisitions done
in 2008.
Capital expenditures
The Group's gross investments came to EUR 0.8 million (1-6/2009: EUR 0.3
million).
Personnel
The number of the Group's personnel averaged 1,502 (1-6/2009: 1,715) during the
review period and was 1,483 (June 30, 2009: 1,663) at period end. Outside
Finland, the Group employed 526 people (June 30, 2009: 647) at the end of the
period.
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, 39
people in 2009 and 33 people in 2010. The remuneration paid from the plan
corresponds to the value of about 720,000 Etteplan Oyj shares at maximum.
Pursuant to the authorization granted to it by the Annual General Meeting of
Shareholders', held on March 26, 2009, 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 2009.
External risks
During the period under review, economic development on the whole and
unpredictable changes in customers' business operations continued to be a risk.
Internal risks
Etteplan does not foresee changes in its internal risk position compared to
previously stated.
Annual General Meeting
The Annual General Meeting of Shareholders of Etteplan Oyj was held on March 24,
2010 at premises of the Company in Vantaa. In accordance with the proposal of
the Board of Directors´ Nomination and Compensation Committee Tapio Hakakari,
Heikki Hornborg, Robert Ingman and Pertti Nupponen were re-elected as members of
the Board of Directors as well as Satu Rautavalta and Teuvo Rintamäki were
elected as new members of the Board of Directors.
The Annual General Meeting approved the Financial Statements for financial year
2009 and discharged members of the Board of Directors and the CEO from
liability.
The auditor elected was PricewaterhouseCoopers Oy, Authorized Public Accounting
Firm with Authorized Public Accountant Mr Mika Kaarisalo as the main responsible
auditor. The fees for the auditor are paid according to invoice by the
principles approved by the Board of Directors.
The Annual General Meeting authorized the Board of Directors to decide to issue
maximum of 4,000,000 shares through issuance of shares, option rights or other
special rights entitling to shares under Chapter 10, Section 1 of the Companies
Act in one or more issues. The authorization includes a right to issue new
shares or assign company's own shares held by the company.
The authorization is effective for a period of five (5) years from the
resolution of the Annual General Meeting, i.e. from March 24, 2010 to March 24,
2015. The authorization shall replace the previous authorization.
The Annual General Meeting resolved, in accordance with proposal of the Board of
Directors, to grant the Board the authority to acquire the 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 24, 2010 and ending on September 24,
2011. The authorization shall replace the previous authorization.
The Annual General Meeting adopted a resolution to amend the articles of
association's paragraph 9 as follows:
"9 § Invitation to the General Meeting of Shareholders
Invitation to the General Meeting of Shareholders shall be published in the
company's website no earlier than two (2) calendar months and no later than
three (3) weeks prior to the meeting, but no later than nine (9) days before the
record date of the General Meeting. The Board of Directors may also decide to
publish the invitation to the General Meeting of Shareholders in a one Finnish
national newspaper determined by the Board of Directors."
Dividend
The Annual General Meeting passed a resolution, in accordance with the proposal
of the Board of Directors, that a dividend of EUR 0.04 per share be paid from
the financial year 2009. The remaining funds shall be left to the unrestricted
equity. The dividend will be paid to the shareholders registered in the
shareholders' register maintained by Euroclear Finland Ltd as the record date.
The record date of the payment of dividend was March 29, 2010. The dividend was
paid on April 7, 2010.
Shares
The Etteplan Oyj 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 June 30, 2010 was EUR 5,000,000.00, and the
number of shares outstanding was 20,179,414. The company has one series of
shares. All shares confer an equal right to a dividend and the company's funds.
The company held 470,634 of its own shares on June 30, 2010. During the period
under review, the company did not acquire nor dispose any company-held shares.
Major events after the review period
Etteplan increased its ownership in Etteplan Vataple Technology Centre Ltd.
(EVTC), located in Kunshan in China, from 40% to 70% on July 1, 2010. Etteplan
used its option right to buy the majority of the share capital of the company
according to the contract that came into force on April 8, 2008.
Outlook
The commencement of Etteplan's 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's positive development is estimated to continue. 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.
Financial information in 2010
Etteplan Oyj's third quarter's (9 months) interim report will be published on
Wednesday November 10, 2010.
Hollola, August 12, 2010
Etteplan Oyj
Board of Directors
Additional information:
Matti Hyytiäinen, President and CEO, tel. +358 400 710 968
The information presented herein has not been audited.
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
Key Figures
Notes to the Financial Statement Summary
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
This interim report includes 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.
In 2009, Etteplan had turnover of EUR 98.7 million. Etteplan's shares are listed
on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
--------------------------------------------------------------------------------
| (EUR 1 000) | 4-6 | 4-6 | 1-6 | 1-6/ | 1-12/ |
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Continuing operations |
--------------------------------------------------------------------------------
| Revenue | 26 782 | 25 255 | 51 635 | 54 766 | 98 700 |
--------------------------------------------------------------------------------
| Other operating | 442 | 172 | 519 | 339 | 392 |
| income | | | | | |
--------------------------------------------------------------------------------
| Materials and | -2 670 | -2 456 | -4 549 | -5 090 | -8 077 |
| services | | | | | |
--------------------------------------------------------------------------------
| Staff costs | -18 646 | -22 954 | -36 876 | -44 017 | -75 851 |
--------------------------------------------------------------------------------
| Other operating | -3 689 | -3 979 | -7 024 | -8 364 | -17 155 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -360 | -405 | -721 | -818 | -1 596 |
| amortisation | | | | | |
--------------------------------------------------------------------------------
| Operating profit/loss | 1 859 | -4 367 | 2 984 | -3 184 | -3 587 |
--------------------------------------------------------------------------------
| Financial income | 107 | -25 | 318 | 177 | 341 |
--------------------------------------------------------------------------------
| Financial expenses | -127 | -200 | -327 | -454 | -925 |
--------------------------------------------------------------------------------
| Share of the result | -157 | 100 | -308 | -49 | -134 |
| of associates | | | | | |
--------------------------------------------------------------------------------
| Profit/loss before | 1 682 | -4 491 | 2 667 | -3 511 | -4 304 |
| taxes | | | | | |
--------------------------------------------------------------------------------
| Income taxes | -471 | 1 147 | -764 | 933 | 1 017 |
--------------------------------------------------------------------------------
| Profit/loss for the | 1 211 | -3 344 | 1 903 | -2 578 | -3 287 |
| financial year, | | | | | |
| continuing operations | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinuing operations |
--------------------------------------------------------------------------------
| Profit/loss for the | 396 | -1 291 | 360 | -1 969 | -11 067 |
| financial year, | | | | | |
| discontinuing | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for the | 1 607 | -4 634 | 2 263 | -4 547 | -14 354 |
| financial year | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income |
--------------------------------------------------------------------------------
| Currency translation | 378 | 345 | 1 455 | 290 | 1 245 |
| differences | | | | | |
--------------------------------------------------------------------------------
| Other comprehensive | 378 | 345 | 1 455 | 290 | 1 245 |
| income, net of tax | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | 1 985 | -4 289 | 3 718 | -4 258 | -13 109 |
| income/expense for | | | | | |
| the year | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income/expense attributable to |
--------------------------------------------------------------------------------
| Equity holders of the | 1 594 | -4 647 | 2 241 | -4 567 | -14 403 |
| company | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 13 | 13 | 22 | 19 | 49 |
--------------------------------------------------------------------------------
| | 1 607 | -4 634 | 2 263 | -4 547 | -14 354 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | |
| income/expense | |
| attributable to | |
--------------------------------------------------------------------------------
| Equity holders of the | 1 981 | -4 302 | 3 698 | -4 277 | -13 164 |
| company | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 4 | 13 | 21 | 19 | 55 |
--------------------------------------------------------------------------------
| | 1 985 | -4 289 | 3 718 | -4 258 | -13 109 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | |
| calculated from the | |
| result of parent | |
| company shareholders | |
--------------------------------------------------------------------------------
| Continuing operations |
--------------------------------------------------------------------------------
| Basic earnings per | 0,06 | -0,17 | 0,08 | -0,13 | -0,17 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | 0,06 | -0,17 | 0,08 | -0,13 | -0,17 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinuing operations |
--------------------------------------------------------------------------------
| Basic earnings per | 0,02 | -0,07 | 0,02 | -0,10 | -0,56 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | 0,02 | -0,07 | 0,02 | -0,10 | -0,56 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
--------------------------------------------------------------------------------
| (EUR 1 000) | 30.6.2010 | 30.6.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS |
--------------------------------------------------------------------------------
| Non-current assets |
--------------------------------------------------------------------------------
| Tangible assets | 1 650 | 2 111 | 1 458 |
--------------------------------------------------------------------------------
| Goodwill | 32 730 | 33 695 | 31 184 |
--------------------------------------------------------------------------------
| Other intangible assets | 861 | 1 297 | 1 042 |
--------------------------------------------------------------------------------
| Investments available for sales | 690 | 411 | 691 |
--------------------------------------------------------------------------------
| Other long-term receivables | 3 | 554 | 3 |
--------------------------------------------------------------------------------
| Deferred tax assets | 618 | 236 | 950 |
--------------------------------------------------------------------------------
| Non-current assets, total | 36 552 | 38 303 | 35 329 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets |
--------------------------------------------------------------------------------
| Trade and other receivables | 21 812 | 29 538 | 18 645 |
--------------------------------------------------------------------------------
| Current tax assets | 21 | 3 816 | 1 079 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 3 389 | 2 345 | 6 650 |
--------------------------------------------------------------------------------
| Current assets, total | 25 223 | 35 698 | 26 375 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 61 775 | 74 001 | 61 704 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES |
--------------------------------------------------------------------------------
| Capital attributable to equity holders |
--------------------------------------------------------------------------------
| Share capital | 5 000 | 5 000 | 5 000 |
--------------------------------------------------------------------------------
| Share premium account | 6 701 | 6 701 | 6 701 |
--------------------------------------------------------------------------------
| Unrestricted equity fund | 2 586 | 2 593 | 2 590 |
--------------------------------------------------------------------------------
| Own shares | -1 930 | -1 909 | -1 949 |
--------------------------------------------------------------------------------
| Cumulative translation adjustment | -1 077 | -4 898 | -2 534 |
--------------------------------------------------------------------------------
| Other reserves | 10 000 | 0 | 10 000 |
--------------------------------------------------------------------------------
| Retained earnings | 2 591 | 18 184 | 18 148 |
--------------------------------------------------------------------------------
| Profit/loss for the financial year | 2 263 | -4 547 | -14 403 |
--------------------------------------------------------------------------------
| Capital attributable to equity | 26 134 | 21 123 | 23 554 |
| holders, total | | | |
--------------------------------------------------------------------------------
| Minority interest | 155 | 99 | 135 |
--------------------------------------------------------------------------------
| Equity, total | 26 289 | 21 222 | 23 689 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 146 | 1 523 | 150 |
--------------------------------------------------------------------------------
| Financial liabilities | 6 715 | 10 982 | 7 626 |
--------------------------------------------------------------------------------
| Non-current liabilities, total | 6 861 | 12 506 | 7 776 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities |
--------------------------------------------------------------------------------
| Financial liabilities | 4 674 | 12 533 | 3 959 |
--------------------------------------------------------------------------------
| Trade and other payables | 22 752 | 23 037 | 24 401 |
--------------------------------------------------------------------------------
| Reserves | 733 | 4 369 | 1 435 |
--------------------------------------------------------------------------------
| Current income tax liabilities | 465 | 335 | 445 |
--------------------------------------------------------------------------------
| Current liabilities, total | 28 624 | 40 274 | 30 239 |
--------------------------------------------------------------------------------
| Liabilities, total | 35 485 | 52 779 | 38 016 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 61 775 | 74 001 | 61 704 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CASH FLOWS |
--------------------------------------------------------------------------------
| (EUR 1 000) | 1-6/ | 1-6/ | 1-12/ |
--------------------------------------------------------------------------------
| | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Operating cash flow |
--------------------------------------------------------------------------------
| Cash receipts from customers | 49 330 | 68 506 | 129 302 |
--------------------------------------------------------------------------------
| Operating expenses paid | -49 990 | -71 904 | -126 232 |
--------------------------------------------------------------------------------
| Operating cash flow before financial | -660 | -3 398 | 3 070 |
| items and taxes | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest and payment paid for financial | -225 | -362 | -632 |
| expenses | | | |
--------------------------------------------------------------------------------
| Interest received | 18 | 112 | 197 |
--------------------------------------------------------------------------------
| Income taxes paid | -18 | -829 | -557 |
--------------------------------------------------------------------------------
| Operating cash flow ( A ) | -885 | -4 477 | 2 078 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investing cash flow |
--------------------------------------------------------------------------------
| Purchase of tangible and intangible | -83 | -67 | -139 |
| assets | | | |
--------------------------------------------------------------------------------
| Disposals of subsidiaries | 0 | 0 | 93 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries | -1 700 | -361 | -966 |
--------------------------------------------------------------------------------
| Acquisition of associates | -94 | 0 | 0 |
--------------------------------------------------------------------------------
| Proceeds from sale of tangible and | 27 | 30 | 30 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Loan receivables, increase | 0 | 0 | -977 |
--------------------------------------------------------------------------------
| Loan receivables, decrease | 523 | 0 | 0 |
--------------------------------------------------------------------------------
| Proceeds from sale of investments | 1 | 0 | 3 |
--------------------------------------------------------------------------------
| Investing cash flow ( B ) | -1 326 | -398 | -1 956 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow after investments (A+B) | -2 211 | -4 875 | 122 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing cash flow |
--------------------------------------------------------------------------------
| Purchase of own shares | 0 | -44 | -44 |
--------------------------------------------------------------------------------
| Short-term loans, increase | 1 135 | 5 912 | 0 |
--------------------------------------------------------------------------------
| Short-term loans, decrease | -521 | 0 | -3 251 |
--------------------------------------------------------------------------------
| Long-term loans, increase | 0 | 2 514 | 2 528 |
--------------------------------------------------------------------------------
| Hybrid loan, increase | 0 | 0 | 10 000 |
--------------------------------------------------------------------------------
| Long-term loans, decrease | -1 147 | -1 457 | -3 112 |
--------------------------------------------------------------------------------
| Dividend paid and other profit | -784 | -1 574 | -1 574 |
| distribution | | | |
--------------------------------------------------------------------------------
| Financing cash flow ( C ) | -1 317 | 5 351 | 4 547 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Variation in cash (A + B + C) |
--------------------------------------------------------------------------------
| increase ( + ) / decrease ( - ) | -3 528 | 476 | 4 669 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets in the beginning of the period | 6 650 | 1 879 | 1 879 |
--------------------------------------------------------------------------------
| Exchange gains or losses on cash and | 267 | -10 | 102 |
| bank equivalents | | | |
--------------------------------------------------------------------------------
| Assets at the end of the period | 3 389 | 2 345 | 6 650 |
--------------------------------------------------------------------------------
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 | 2 474 | -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 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 5 000 | 6 701 | 2 590 | -1 949 | -2 534 | 10 000 | 3 745 |
| 1.1.2010 | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | | -788 |
--------------------------------------------------------------------------------
| Purchase | | | | -6 | | | |
| of own | | | | | | | |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Shares to | | | -4 | 24 | | | 6 |
| be issued | | | | | | | |
--------------------------------------------------------------------------------
| Hybrid | | | | | | | -350 |
| loan | | | | | | | |
--------------------------------------------------------------------------------
| Comprehens | | | | | 1 457 | | 2 241 |
| ive income | | | | | | | |
| for the | | | | | | | |
| financial | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 5 000 | 6 701 | 2 586 | -1 930 | -1 077 | 10 000 | 4 854 |
| 30.6.2010 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | H | I | J | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 23 554 | 135 | 23 689 | |
| 1.1.2010 | | | | |
--------------------------------------------------------------------------------
| Dividends | -788 | | -788 | |
--------------------------------------------------------------------------------
| Purchase | -6 | | -6 | |
| of own | | | | |
| shares | | | | |
--------------------------------------------------------------------------------
| Shares to | 26 | | 26 | |
| be issued | | | | |
--------------------------------------------------------------------------------
| Hybrid | -350 | | -350 | |
| loan | | | | |
--------------------------------------------------------------------------------
| Comprehens | 3 698 | 21 | 3 718 | |
| ive income | | | | |
| for the | | | | |
| financial | | | | |
| period | | | | |
--------------------------------------------------------------------------------
| Equity | 26 134 | 155 | 26 289 | |
| 30.6.2010 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 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 | | | 119 | 160 | | | -183 |
| be issued | | | | | | | |
--------------------------------------------------------------------------------
| Comprehens | | | | | 290 | | -4 567 |
| ive income | | | | | | | |
| for the | | | | | | | |
| financial | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 5 000 | 6 701 | 2 593 | -1 909 | -4 898 | 0 | 13 636 |
| 30.6.2009 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 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 | 96 | | 96 | |
| be issued | | | | |
--------------------------------------------------------------------------------
| Comprehens | -4 277 | 19 | -4 258 | |
| ive income | | | | |
| for the | | | | |
| financial | | | | |
| period | | | | |
--------------------------------------------------------------------------------
| Equity | 21 123 | 99 | 21 222 | |
| 30.6.2009 | | | | |
--------------------------------------------------------------------------------
NOTES TO THE FINANCIAL STATEMENT SUMMARY
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.
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.
In 2009, Etteplan had turnover of EUR 98.7 million. Etteplan's shares are listed
on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.
The Etteplan Oyj Board of Directors approved the interim report for publication
at its meeting of August 11, 2010.
Basis for preparation
The interim report has been prepared in accordance with IAS 34 (Interim
Financial Reporting) and the preparation and accounting policies presented in
the 2009 annual financial statements.
Monetary figures in the interim report 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 interim report the accounting principles used were the same as for the 2009
annual financial statements. The annual financial statements are available at
http://etteplan.smartpage.fi/en/annualreport09/, and the accounting policy is
detailed on pages 26-30 of the annual report 2009. Formulas for the key figures
are detailed on page 45 of the annual report 2009. The IFRS changes that came in
force in 2010 are described in the annual report 2009.
Use of estimates
This interim report includes forward-looking estimates and assumptions.
Accordingly, outcomes may deviate from these estimates, which are based on the
management's current best knowledge.
--------------------------------------------------------------------------------
| KEY FIGURES | 1-6/ | 1-6/ | 1-12/ | Change to |
--------------------------------------------------------------------------------
| (EUR 1 000) | 2010 | 2009 | 2009 | prev.year |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 51 635 | 54 766 | 98 700 | -5,7 % |
--------------------------------------------------------------------------------
| Operating profit/loss | 2 984 | -3 184 | -3 587 | 193,7 % |
--------------------------------------------------------------------------------
| Operating profit/loss, % | 5,8 | -5,8 | -3,6 | |
--------------------------------------------------------------------------------
| Profit/loss before taxes | 2 667 | -3 511 | -4 304 | 176,0 % |
--------------------------------------------------------------------------------
| Profit/loss before taxes, % | 5,2 | -6,4 | -4,4 | |
--------------------------------------------------------------------------------
| Return on equity, % | 15,2 | -21,4 | -13,0 | |
--------------------------------------------------------------------------------
| Return on investment, % *) | 16,5 | -13,8 | -8,6 | |
--------------------------------------------------------------------------------
| Equity ratio, % | 42,6 | 28,8 | 38,5 | |
--------------------------------------------------------------------------------
| Gross interest-bearing debt | 11 388 | 23 515 | 11 585 | -51,6 % |
--------------------------------------------------------------------------------
| Net gearing, % | 30,4 | 99,8 | 20,8 | |
--------------------------------------------------------------------------------
| Balance sheet, total | 61 775 | 74 001 | 61 704 | -16,5 % |
--------------------------------------------------------------------------------
| Gross investments | 821 | 273 | 4 763 | 200,9 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0,08 | -0,13 | -0,17 | 146,2 % |
--------------------------------------------------------------------------------
| Diluted earnings per share, | 0,08 | -0,13 | -0,17 | 146,2 % |
| EUR | | | | |
--------------------------------------------------------------------------------
| Equity per share, EUR | 1,33 | 1,07 | 1,20 | 22,5 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, average | 1 502 | 1 715 | 1 765 | -12,4 % |
--------------------------------------------------------------------------------
| Personnel at end of the | 1 483 | 1 663 | 1 544 | -10,8 % |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *)Return on investment has been calculated from result before taxes |
--------------------------------------------------------------------------------
Discontinuing operations
As discontinuing operations are treated business operations sold in year 2009
that include selling of majority holding in Etteplan Tech AB in Sweden and
selling of majority holding in business in Italy. Discontinuing operations are
estimated not to cause costs in the second half of year 2010.
--------------------------------------------------------------------------------
| Discontinuing operations |
--------------------------------------------------------------------------------
| (EUR 1 000) | 30.6.2010 | 30.6.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income statement |
--------------------------------------------------------------------------------
| Incomes | 6 | 7 186 | 15 322 |
--------------------------------------------------------------------------------
| Expenses | 480 | -9 867 | -18 724 |
--------------------------------------------------------------------------------
| Result before taxes | 486 | -2 681 | -3 401 |
--------------------------------------------------------------------------------
| Income taxes | -126 | 712 | 442 |
--------------------------------------------------------------------------------
| Result after taxes | 360 | -1 969 | -2 960 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loss on disposal before taxes | 0 | 0 | -8 234 |
--------------------------------------------------------------------------------
| Income taxes | 0 | 0 | 127 |
--------------------------------------------------------------------------------
| Loss on disposal after taxes | 0 | 0 | -8 107 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total loss for discontinuing | 360 | -1 969 | -11 067 |
| operations | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow statement |
--------------------------------------------------------------------------------
| Operating cash flow | 0 | 0 | -2 484 |
--------------------------------------------------------------------------------
| Investing cash flow | 0 | 0 | 1 275 |
--------------------------------------------------------------------------------
| Financing cash flow | 0 | 0 | 1 080 |
--------------------------------------------------------------------------------
| Change in cash | 0 | 0 | -129 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Effect of discontinuing operations | | |
| to Etteplan financial position | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets |
--------------------------------------------------------------------------------
| Property, plant and equipment | 0 | 0 | 74 |
--------------------------------------------------------------------------------
| Other intangible assets | 0 | 0 | 7 155 |
--------------------------------------------------------------------------------
| Receivables | 0 | 0 | 3 751 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 0 | 0 | -131 |
--------------------------------------------------------------------------------
| Assets total | 0 | 0 | 10 849 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities |
--------------------------------------------------------------------------------
| Financial liabilities | 0 | 0 | 233 |
--------------------------------------------------------------------------------
| Trade and other payables | 0 | 0 | 3 282 |
--------------------------------------------------------------------------------
| Liabilities total | 0 | 0 | 3 515 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue and operating profit quarterly |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1 000) | Q1/2010 | Q2/2010 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 24 853 | 26 782 |
--------------------------------------------------------------------------------
| Operating profit | 1 125 | 1 859 |
--------------------------------------------------------------------------------
| % of revenue | 4,5 | 6,9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tangible and intangible assets |
--------------------------------------------------------------------------------
| (EUR 1 000) | Property, | Goodwill | Other |
| | plant, | | intangible |
| | equipment | | assets |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost 1.1.2010 | 11 255 | 31 184 | 5 573 |
--------------------------------------------------------------------------------
| Exchange difference | 172 | 1 556 | 30 |
--------------------------------------------------------------------------------
| Corporate transactions | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Increases | 666 | 0 | 58 |
--------------------------------------------------------------------------------
| Decreases | -2 | -10 | -1 |
--------------------------------------------------------------------------------
| Acquisition cost 30.6.2010 | 12 091 | 32 730 | 5 660 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and | -9 796 | 0 | -4 531 |
| impairment 1.1.2010 | | | |
--------------------------------------------------------------------------------
| Exchange difference | -159 | 0 | -26 |
--------------------------------------------------------------------------------
| Corporate transactions | 0 | | 0 |
--------------------------------------------------------------------------------
| Depreciation on disposals | -7 | | 0 |
--------------------------------------------------------------------------------
| Depreciation | -479 | 0 | -242 |
--------------------------------------------------------------------------------
| Accumulated depreciation and | -10 441 | 0 | -4 799 |
| impairment 30.6.2010 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 30.6.2010 | 1 650 | 32 730 | 861 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost 1.1.2009 | 13 173 | 33 207 | 5 839 |
--------------------------------------------------------------------------------
| Exchange difference | 20 | 127 | 0 |
--------------------------------------------------------------------------------
| Corporate transactions | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Increases | 256 | 361 | 16 |
--------------------------------------------------------------------------------
| Decreases | -34 | 0 | 0 |
--------------------------------------------------------------------------------
| Acquisition cost 30.6.2009 | 13 415 | 33 695 | 5 855 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and | -10 688 | 0 | -4 280 |
| impairment 1.1.2009 | | | |
--------------------------------------------------------------------------------
| Exchange difference | -21 | 0 | 4 |
--------------------------------------------------------------------------------
| Corporate transactions | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Depreciation | -595 | 0 | -282 |
--------------------------------------------------------------------------------
| Accumulated depreciation and | -11 304 | 0 | -4 558 |
| impairment 30.6.2010 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 30.6.2010 | 2 111 | 33 695 | 1 297 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial liabilities |
--------------------------------------------------------------------------------
| (EUR 1 000) | 30.6.2010 | 30.6.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current | 6 715 | 10 982 | 7 626 |
--------------------------------------------------------------------------------
| Current | 4 674 | 12 533 | 3 959 |
--------------------------------------------------------------------------------
| Total | 11 389 | 23 515 | 11 585 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reserves |
--------------------------------------------------------------------------------
| (EUR 1 000) | Warranty | Reorganizati | Other | Total |
| | provision | on provision | provisions | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reserves 1.1.2010 | 187 | 1 198 | 50 | 1 435 |
--------------------------------------------------------------------------------
| Utilized during the | -74 | -116 | 0 | -190 |
| period | | | | |
--------------------------------------------------------------------------------
| Unused amount reversed | -113 | -349 | -50 | -512 |
--------------------------------------------------------------------------------
| Reserves 30.6.2010 | 0 | 733 | 0 | 733 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reserves 1.1.2009 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Additional provisions | 0 | 4 369 | 0 | 4 369 |
--------------------------------------------------------------------------------
| Reserves 30.6.2009 | 0 | 4 369 | 0 | 4 369 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reserves 1.1.2009 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Additional provisions | 187 | 1 198 | 50 | 1 435 |
--------------------------------------------------------------------------------
| Reserves 31.12.2009 | 187 | 1 198 | 50 | 1 435 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Derivatives |
--------------------------------------------------------------------------------
| (EUR 1 000) | 30.6.2010 | 30.6.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency swaps |
--------------------------------------------------------------------------------
| Fair value | 0 | 0 | -6 |
--------------------------------------------------------------------------------
| Nominal value | 0 | 0 | 1 317 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate swaps |
--------------------------------------------------------------------------------
| Fair value | 0 | 2 | 1 |
--------------------------------------------------------------------------------
| Nominal value | 0 | 5 143 | 4 500 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate options |
--------------------------------------------------------------------------------
| Fair value | -106 | -169 | -141 |
--------------------------------------------------------------------------------
| Nominal value | 8 679 | 8 679 | 8 679 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pledges, mortgages and guarantees |
--------------------------------------------------------------------------------
| (EUR 1 000) | 30.6.2010 | 30.6.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| For own debts |
--------------------------------------------------------------------------------
| Other contingencies | 218 | 86 | 55 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing liabilities |
--------------------------------------------------------------------------------
| For payment under year | 927 | 1 207 | 983 |
--------------------------------------------------------------------------------
| For payment 1-5 years | 1 943 | 1 597 | 1 107 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 3 088 | 2 889 | 2 145 |
--------------------------------------------------------------------------------
Related-party transactions
The Group's related-party includes parent company, subsidiaries and associated
companies. Related-party includes also Board of Directors, Management group and
CEO.
As the transactions with related-party are recognized those business
transactions which are not eliminated in consolidation. Related-party
transactions are priced according to Group's normal pricing basis and sales
conditions.
--------------------------------------------------------------------------------
| The following transactions were carried out with related parties: |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1 000) | 30.6.2010 | 30.6.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales of services to related | |
| parties | |
--------------------------------------------------------------------------------
| Associated companies | 599 | 0 | 0 |
--------------------------------------------------------------------------------
| Other related parties | 15 | 6 | 7 |
--------------------------------------------------------------------------------
| Total | 615 | 6 | 7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase of services from | | | |
| related parties | | | |
--------------------------------------------------------------------------------
| Key personnel | 48 | 48 | 95 |
--------------------------------------------------------------------------------
| Associated companies | 344 | 81 | 256 |
--------------------------------------------------------------------------------
| Other related parties | 156 | 172 | 344 |
--------------------------------------------------------------------------------
| Total | 548 | 301 | 695 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Receivables from related parties | |
--------------------------------------------------------------------------------
| Associated companies | 282 | 0 | 0 |
--------------------------------------------------------------------------------
| Other related parties | 7 | 1 | 0 |
--------------------------------------------------------------------------------
| Total | 289 | 1 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Payables to related parties | |
--------------------------------------------------------------------------------
| Associated companies | 3 | 0 | 92 |
--------------------------------------------------------------------------------
Acquisition and disposition of company shares
The company held 470,634 of its own shares on June 30, 2010. During the period
under review, the company did not acquire nor dispose any company-held shares.
Shares and share capital
On June 30, 2010, 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 24, 2010, the Annual General Meeting passed a resolution on a motion by
the Board of Directors to pay a dividend for the 2009 financial year of EUR 0.04
per share, or a total of EUR 788,351.20. The dividend was paid on April 7, 2010.
Income taxes
The taxes listed in the consolidated statement of comprehensive income 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 28.6
(26.6)%.
Risks
Etteplan´s financial results are exposed to number of strategic, operational and
financial risks.
Etteplan Group's most significant goodwill are related to the Swedish
operations. The current impairment test shows no reason for goodwill write-down.
A detailed risk analysis can be found in Etteplan´s Annual report 2009.
--------------------------------------------------------------------------------
| Major shareholders |
--------------------------------------------------------------------------------
| June 30, 2010 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 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 | 2 199 603 | 10,90 |
--------------------------------------------------------------------------------
| 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 | 470 634 | 2,33 |
--------------------------------------------------------------------------------
| Tuori Klaus | 351 000 | 1,74 |
--------------------------------------------------------------------------------
| Alfred Berg Small Cap Fund | 331 090 | 1,64 |
--------------------------------------------------------------------------------
| Nordea Bank Finland Plc. | 321 786 | 1,59 |
--------------------------------------------------------------------------------
| Hakakari Tapio/Webstor Oy | 316 180 | 1,57 |
--------------------------------------------------------------------------------
| Aktia Capital Small Cap Fund | 298 200 | 1,48 |
--------------------------------------------------------------------------------
| Fondita Nordic Micro Cap Placeringsfond | 297 000 | 1,47 |
--------------------------------------------------------------------------------
| Svenska Handelsbanken AB (Publ), | 277 628 | 1,38 |
| Filialverksamheten i Finland | | |
--------------------------------------------------------------------------------
| Evli Bank Plc. | 267 895 | 1,33 |
--------------------------------------------------------------------------------
| Tuori Aino | 256 896 | 1,27 |
--------------------------------------------------------------------------------
| Kempe Anna | 225 000 | 1,11 |
--------------------------------------------------------------------------------
| Aiff Ulf | 220 546 | 1,09 |
--------------------------------------------------------------------------------
| Tuori Kaius | 178 370 | 0,88 |
--------------------------------------------------------------------------------
| Alfred Berg Optimal Small Cap Fund | 170 421 | 0,84 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other shareholders | 4 168 318 | 20,66 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 20 179 414 | 100,00 |
--------------------------------------------------------------------------------
