Etteplan Q3: Steady development in uncertain market conditions
ETTEPLAN OYJ INTERIM REPORT OCTOBER 31, 2012 AT 02:00 P.M.
ETTEPLAN Q3: Steady development in uncertain market conditions
Review period July-September 2012
- The Group’s revenue grew by 9.5% and was EUR 28.9 million (7-9/2011: EUR 26.4 million).
- Operating profit increased by 1.0% and was EUR 1.9 million (EUR 1.9 million).
- The profit for the review period was EUR 1.0 million (EUR 1.3 million).
- Operating cash flow decreased and was EUR -1.2 million (EUR -0.5 million).
- Earnings per share were EUR 0.05 (EUR 0.06).
- The Group had 1,773 employees at the end of the period (1,640).
- Etteplan adjusts its estimate of market outlook and keeps its financial guidance for 2012
as presented in Q1 interim report.
Review period January-September 2012
- The Group’s revenue grew by 14.8% and was EUR 99.5 million (1-9/2011: EUR 86.7 million).
- Operating profit increased by 40.0% and was EUR 6.8 million (EUR 4.9 million).
- The profit for the review period was EUR 4.4 million (EUR 3.2 million).
- Operating cash flow increased and was EUR 2.8 million (EUR -1.0 million).
- Earnings per share were EUR 0.23 (EUR 0.15).
- Etteplan acquired the entire share capital of Dutch-based Tedopres International B.V.,
a company focusing on technical product information solutions.
Outlook 2012
The development of Etteplan’s customers’ order books quickly influences the development of Etteplan’s revenue. The order books of Etteplan’s major customers at the end of the review period were at a good or satisfactory level. We estimate that our market position will remain strong and the sales of our product solutions will develop favourably.
We expect the revenue and operating profit for the year 2012 to grow clearly compared to 2011.
Previous outlook 2012
The development of Etteplan’s customers’ order books quickly influences the development of Etteplan’s revenue. The current order books of Etteplan’s major customers are on average at a good level. We estimate that our market position will remain strong and the sales of our product solutions will develop favourably.
We expect the revenue and operating profit for the year 2012 to grow clearly compared to 2011.
Key figures
| (EUR 1,000) | 7-9/2012 | 7-9/2011 | 1-9/2012 | 1-9/2011 | 1-12/2011 |
| Revenue | 28,909 | 26,408 | 99,536 | 86,701 | 119,448 |
| Earnings before interest, tax, depreciation and amortization and share of result of associates (EBITDA) | 2,524 | 2,248 | 8,602 | 6,052 | 8,478 |
| EBITDA, % | 8.7 | 8.5 | 8.6 | 7.0 | 7.1 |
| Operating profit (EBIT) | 1,871 | 1,853 | 6,833 | 4,882 | 6,885 |
| EBIT, % | 6.5 | 7.0 | 6.9 | 5.6 | 5.8 |
| Basic earnings per share, EUR | 0.05 | 0.06 | 0.23 | 0.15 | 0.20 |
| Equity ratio, % | 31.4 | 44.3 | 31.4 | 44.3 | 31.1 |
| Return on capital employed (ROCE) before taxes, % | 15.9 | 17.7 | 20.8 | 15.8 | 17.6 |
| Personnel at end of the period | 1,773 | 1,640 | 1,773 | 1,640 | 1,659 |
Juha Näkki, President and CEO of Etteplan Oyj comments on the interim report:
“Our operating profit in the third quarter reached the same level as last year – an achievement with which we can be satisfied in current market conditions. Etteplan’s operating profit for January-September 2012 is equivalent to our operating profit for the entire year 2011. The uncertainty in the market that has continued for a long time increased further and began to show as weakening demand towards the end of the review period. Demand varied by customer and customer industry. The demand from engineering industry companies operating globally remained at a reasonably good level. Decision making with regard to the launch of new projects and development initiatives was clearly more cautious than in the first half of the year, in particular in small and medium-sized companies.
Etteplan’s decision to concentrate on global key customer relationships enabled continued growth, and with our service solutions, we managed to increase our market share with several customers. The integration process related to the acquisition of Tedopres proceeded as planned, and in the review period we signed the first significant agreements that include new service solutions that came with the acquisition. Furthermore, we continued to work determinedly to harmonize our operational work practices and to improve their efficiency. The ERP system project, started in the spring, is proceeding as planned and we expect the new group-wide system to be in use next year.
Encouraged by the strong first part of the year, we keep our financial guidance for 2012. Interest for our efficient service solutions is at a good level, and despite challenging market conditions, we can find new opportunities especially in the field of technical product information.”
Hollola, October 31, 2012
Etteplan Oyj
Board of Directors
Additional information:
Juha Näkki, President and CEO, tel. +358 400 606 372
The information presented herein has not been audited.
Releases and other corporate information are available on Etteplan’s Web site at www.etteplan.com.
DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.etteplan.com
Etteplan is a specialist in industrial equipment engineering and technical product information solutions and services. Etteplan’s engineering expertise and service products cover the entire life cycle of the client’s products. Our customers are global leaders in their fields and operate in areas like the automotive, aerospace and defense industries as well as the electricity generation and power transmission sectors, and material flow management.
Etteplan has comprehensive competence in electronics and embedded systems development, automation and electrical design, mechanical design and technical product information solutions and services.
In 2011, Etteplan had turnover of EUR 119.4 million. The company currently has close to 1,800 experts in Finland, Sweden, China and the Netherlands. Etteplan's shares are listed on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.