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ETTEPLAN OYJ: FINANCIAL STATEMENT BULLETIN, JANUARY 1 – DECEMBER 31, 2008

Stock exchange release – Published: 12.02.2009 9:30:00

FINANCIAL STATEMENT BULLETIN, JANUARY 1 - DECEMBER 31, 2008                     

Etteplan in 2008: A year of strong growth                                       

Review period October-December 2008                                             

- The Group's fourth quarter revenue increased by 14.3% to EUR 40.7 million
  (10-12/2007: EUR 35.6 million). 
- Operating profit was EUR 2.3 million (EUR 2.3 million).                       
- Profit for continuing operations for the period was EUR 1.3 million 
  (EUR 1.5 million). 
- Earnings per share were EUR 0.06 (EUR 0.08).                                  
- The number of personnel at the end of the period was 2,142 (2,197).           

Review period January-December 2008                                             

- The Group's revenue increased by 29.1% to EUR 161.6 million 
  (1-12/2007: EUR 125.2 million). 
- Operating profit grew by 14.5% to EUR 12.3 million (EUR 10.8 million).        
- The profit for continuing operations for the period was EUR 8.2 million
  (EUR 7.5 million). 
- Earnings per share were EUR 0.41 (EUR 0.38).                                  
- The Board of Directors proposes a dividend of EUR 0.15 per share.             

Key figures (EUR 1 000)                                                         

                               10-12/2008  10-12/2007  1-12/2008  1-12/2007     

Revenue                            40 655      35 563    161 614    125 192     
Operating profit                    2 263       2 285     12 349     10 788 *)  
Operating profit, %                   5,6         6,4        7,6        8,6 *)  
Profit for the period               1 256       1 521      8 155      7 517 *)  
Profit for the period, %              3,1         4,3        5,0        6,0 *)  
Equity ratio, %                      34,2        40,7       34,2       40,7     
Net gearing %                        54,6        25,7       54,6       25,7     
Total assets                       78 880      72 426     78 880     72 426     

*) In the comparative figures for 2007, capital gains of EUR 0.84 million for   
   the sale of NATLABS Oy have been eliminated.                                 


Matti Hyytiäinen, President and CEO, comments the financial statement as        
follows:                                                                        

“We are satisfied with the development of our business operations in 2008. We   
were able to expand our selection of services through determined efforts and to 
generate growth both with our existing customers and through new customer       
relationships. We are particularly happy about our customers' growing interest  
in our technical product information services and our new competence that we    
have increased with our recent acquisitions.                                    

We look upon today's challenging market situation as an opportunity to          
strengthen our market position. We will continue our investments in development 
programs aimed at improving service capabilities and efficient use of           
resources.”                                                                     

Key customer approach basis for transferring to one segment                     

Etteplan provides services for various stages in the life cycle of its          
customers' products, from product development to product maintenance. For this  
reason, Etteplan has reorganized its operations such that services are provided 
on a key customer basis and not by design phase. As a result, the company has   
stopped reporting for two separate segments and transferred to one segment,     
which better depicts the current operations.                                    

Accounting principles                                                           

The financial statements have been prepared in accordance with IAS 34 Interim   
Financial Reporting and the preparation and accounting policies presented in the
2007 annual financial statements.                                               

REPORT FOR OCTOBER-DECEMBER 2008                                                

Business review for October-December                                            

The company continued its profitable growth during the period. In               
October-December, however, the increasing economic uncertainty was reflected in 
design operations, and this was manifested as a decrease in the number of design
commissions and cancellations of commissions that had been agreed upon. Demand  
fluctuated intensely between Etteplan's various customer industries in          
October-December. Demand for technical design and product information was good  
in the energy and power transmission sector; in the aerospace and defense       
equipment industries; in design of elevators, hoists, and cranes; and in plant  
engineering. Demand for design of heavy vehicles remained good almost until the 
end of the review period. Demand for design services in the automotive industry 
and among equipment manufacturers in the forest industry decreased rapidly      
during the period under review. In the review period, the Group's design        
capacity utilization rate was good, except for design in the automotive industry
and among forest industry equipment manufacturers.                              

In the last quarter of the year, Etteplan started a reorganization of its design
operations in the automotive industry. The purpose is to guarantee long-term    
profitability of the business. The reorganization had an impact on the personnel
in Sweden. Approximately 100 workers employed in automotive design were laid    
off. The reductions were put into force during the review period.               

During the period under review, Etteplan started personnel negotiations to      
reduce the number of employees in Finland, too. The reductions consist of       
temporary and permanent layoffs. In December 2008, decisions were made to reduce
the amount of personnel with about 90 employees, mainly through temporary       
layoffs. The layoffs will be carried out in the first two quarters of 2009.     

Financial development for October-December                                      

In October-December revenue increased by 14.3% from that of the corresponding   
period of the previous year and amounted to EUR 40.7 million (10-12/2007:       
EUR 35.6 million).                                                              

Operating profit was EUR 2.3 million (EUR 2.3 million).                         

Major events in October-December                                                

Etteplan renewed its operating model and organization to correspond the customer
industries, at the end of the review period. The objective is to provide        
technical design and product information services more effectively to key       
customers.                                                                      

In its November meeting, the Board of Directors of Etteplan Oyj confirmed       
Etteplan Oyj's new Management Group. The new composition of the Management Group
supports the company's development into an ever more international entity. As of
January 1, 2009, the members of the Management Group are Matti Hyytiäinen,      
President and CEO; Tom Andersson, Vice President; Pia Björk, Vice President,    
Operations Development and M&A; Per-Anders Gådin, Chief Financial Officer; Risto
Koivunen, Vice President; Outi-Maria Liedes, Vice President, HR and             
Communications; and Juha Näkki, Vice President. The company's current Executive 
Vice President, Jukka Rausti, became Senior Executive adviser of the Board of   
Directors and reports to the Chairman of the Board.                             

REPORT FOR JANUARY-DECEMBER 2008                                                

Business review for January-December                                            

The year 2008 was a period of strong growth for Etteplan. Demand for technical  
design and product information was, on average, good in January-December 2008,  
except for the rapid decline in demand at the end of the year. Demand remained  
at a good level throughout the review period in the energy and power            
transmission sector, the aerospace and defense equipment industries, and        
manufacturing of medical technology equipment. In the first three quarters, the 
Group's design capacity utilization rate was good, but deteriorated in the      
automotive industry and among forest industry equipment manufacturers'          
commissions in the last quarter. The most significant sources of growth in 2008 
were the heavy vehicle and aerospace industries, as well as plant engineering.  
New business operations acquired in 2007 and 2008 performed well under          
Etteplan's ownership.                                                           

Revenue                                                                         

In 2008, Etteplan's revenue increased by 29.1%, from that of the corresponding  
period of the previous year and amounted to EUR 161.6 million (1-12/2007:       
EUR 125.2 million). Organic growth accounted for 10.6% of revenue growth in the 
review period, with the rest attributable to corporate acquisitions.            

Result                                                                          

Operating profit increased by 14.5% to EUR 12.3 million (EUR 10.8 million), or  
7.6% (8.6%) of revenue.                                                         

Profit for continuing operations before taxes for the financial year was EUR    
11.3 million (EUR 10.5 million). Taxes amounted to EUR 3.1 million (EUR 3.0     
million). Taxes have been periodized in line with the result for the period. The
income tax rate calculated on profit before taxes in the consolidated income    
statement was 27.7% (26.5%).                                                    

The profit for continuing operations for the financial year was EUR 8.2 million 
(EUR 7.5 million). Earnings per share were EUR 0.41 (EUR 0.38). Equity per share
was EUR 1.37 (EUR 1.44). Return on investment was 28.7% (30.4%).                

Financial position and cash flow                                                

The balance sheet total as of December 31, 2008, had increased by 8.9% to EUR   
78.9 million (EUR 72.4 million). Goodwill on the balance sheet was EUR 33.2     
million (EUR 29.4 million). The Group's cash and cash equivalents stood at      
EUR 1.9 million (EUR 7.2 million). The Group's interest-bearing liabilities     
showed an increase because of the need for working capital that resulted from   
corporate acquisitions and on account of business growth, amounting to EUR 16.6 
million (EUR 14.8 million) at period end. The equity ratio was 34.2% (40.7%).   
The change in the equity ratio was mainly attributable to the change in the     
value of balance sheet items denominated in the Swedish krona, caused by the    
deterioration in the exchange rate between the krona and the euro. Acquiring of 
company's own shares also influenced the decline of equity ratio. The cash flow 
before investments and financial items totaled EUR 9.2 million (EUR 9.8         
million).                                                                       

The corporate finance market, which tightened notably during the review period, 
has not had an effect on the availability of financing for Etteplan Group. The  
Group has met its financing needs.                                              

Capital expenditure                                                             

The Group's gross investments in the period under review were EUR 12.1 million  
(EUR 13.2 million). The investments were partially financed with company-held   
shares. The largest single investments were the acquisition of all share capital
of Cool Engineering AB, increase of ownership in Etteplan Technical Information 
Oy to 100%, and completion of the Lutab Professor Sten Luthander Ingenjörsbyrå  
AB and Innovation Team AB acquisitions. The rest of the investments were for    
business operations and business development.                                   

Acquisitions in 2008 and new business operations                                

In January, the company finalized its acquisition of Swedish Lutab Professor    
Sten Luthander Ingenjörsbyrå AB in accordance with the agreement concluded in   
October 2007.                                                                   

At the beginning of January, Etteplan Oyj signed an agreement to acquire the    
entire share capital of the Swedish Cool Engineering AB. The company,           
established in 1989, provides testing and analysis services for the automotive  
industry in particular. The agreement complements Etteplan's extensive expertise
in the automotive industry.                                                     

In January, Etteplan Oyj increased its ownership in Etteplan Technical          
Information Oy from 70% to 100%.                                                

Etteplan signed an agreement with Vataple Group to join forces to develop       
engineering design and technical product information services in China. In      
accordance with the agreement, the joint venture started operations on August 1,
2008. This joint venture, Etteplan Vataple Technology Centre Ltd, provides      
technical design and product information services to Etteplan and its           
subsidiaries. The technology center enables Etteplan to build new design        
capacity for its current and new customers. Vataple Group is a privately held   
company that has operations in Australia, the U.S., and China.                  

Etteplan Oyj signed an agreement to acquire the entire share capital of Eteco   
Oy. Established in 1987, Eteco Oy specializes in calculation and design services
for pressurized equipment and pipe systems. The company employs 11 people. The  
acquisition took effect on July 1, 2008.                                        

In July, Etteplan Oyj signed an agreement to acquire a majority stake in the    
Swedish Innovation Team AB. The company, established in 1989, specializes in    
product development services. The company's customer base consists primarily of 
equipment manufacturers in the medical technology industry and other            
high-technology companies in the energy and telecommunications industries.      

Personnel                                                                       

Etteplan Group's operations and number of personnel grew steadily. The number of
the Group's personnel averaged 2,188 (1,895) during the review period and was   
2,142 (1,949) at end of the year. Increases in staff numbers were mostly due to 
the business operations transferred to the Group. Outside Finland, the Group    
employed 1,069 people (915) at period end.                                      

Assessment of operating risks and uncertainty factors                           

Risks related to Etteplan Group's business operations are divided into external 
and internal risks, and the risks are monitored according to this               
classification.                                                                 

External risks                                                                  

External risks include risks concerning economic development on the whole and   
unpredictable changes in customers' order books, which are classified as the    
greatest risk in the company's business operations. During the period under     
review, demand in the automotive industry and among forest industry equipment   
manufacturers declined strongly.                                                

The company controls the effects of increased financial uncertainty by actively 
supervising its receivables and by working to enhance its debt collection       
processes.                                                                      

Increasing economic uncertainty and difficulty of availability of financing     
among customers may lead to cancellations of design commissions or a increasing 
credit loss risk.                                                               

Internal risks                                                                  

Internal risks include strategic and operating risks, as well as financing      
risks.                                                                          

Etteplan's most significant strategic risks relate to development of business   
operations and acquisitions. The company aims to manage these risks by following
its acquisitions policy and applying procedures and models that have been       
prepared on the basis of this policy. In addition to acquisitions, organic      
growth is an important part of the growth objectives for Etteplan's business.   

Etteplan's greatest operating risks are related to commissions and personnel.   
The company's commissions have a risk of services or performances including a   
professional error, omissions, or negligence that could cause significant       
financial or other damage. In order to contain operating risks, the company     
applies the following procedures: application of quality management systems,    
codes of practice, and acceptance procedures, coupled with training of personnel
and compliance with instructions on management of quotes and contracts,         
particularly in delimitation of contractual liability. The company has a        
liability insurance coverage that encompasses the entire Group. However,        
insurance does not cover all liability risk. The company's business is based on 
professional personnel, so availability of competent professionals is an        
important factor in ensuring profitable growth and continued business           
operations.                                                                     

Increasing economic uncertainty causes intense demand fluctuations in business  
operations. A prerequisite for maintaining profitability and financing position 
is flexibility in use of personnel resources. Flexible use of personnel         
resources is an economic challenge, especially in Sweden.                       

The Group aims to minimize its refinancing risk through a balanced maturity     
schedule for its loan portfolio, sufficient maturity of loans, and use of       
several different financing institutions as sources of financing.               

Reviews concerning financing risks are presented in the notes to the financial  
statements.                                                                     

Annual General Meeting in 2008                                                  

The Etteplan Oyj Annual General Meeting was held in Vantaa on March 28, 2008.   
The Board of Directors was confirmed as having five members. Tapio Hakakari,    
Heikki Hornborg, Tapani Mönkkönen, Pertti Nupponen, and Matti Virtaala were     
reelected as members of the Board. At its organizational meeting of March 28,   
2008, the Board elected Heikki Hornborg as chairman and Tapani Mönkkönen as     
vice-chairman.                                                                  

The AGM granted the Board of Directors the authorization to decide upon an issue
of no more than 4,000,000 shares with a share issue or by granting option rights
or other specific rights, referred to in Chapter 10, Article 1 of the Companies 
Act, giving entitlement to shares in one or more lots. The authorization        
includes the right to decide to issue either new shares or company-held shares. 
The authorization is valid for three years from the time of the Annual General  
Meeting resolution - i.e., from March 28, 2008, through March 28, 2011. The     
Board has not used its authorization since the AGM.                             

In addition, the AGM authorized the Board of Directors to decide to acquire the 
company's own shares in one or more lots with the company's non-restricted      
equity. The acquisition of the company's own shares may be done in a proportion 
other than that of the shareholders' share ownership; in other words, the Board 
of Directors may also decide on directed acquisition of the company's own       
shares. The authorization is valid for 18 months from the Annual General Meeting
resolution, beginning on March 28, 2008, and ending on September 28, 2009.      

As auditor the Annual General Meeting elected PricewaterhouseCoopers Oy, a firm 
of authorized public accountants, with Mika Kaarisalo, APA, acting as chief     
auditor.                                                                        

The Annual General Meeting passed a resolution on a motion by the Board of      
Directors to pay a dividend for the 2007 financial year of EUR 0.21 per share,  
or a total of EUR 4,224,733.80. The remaining profit, totaling EUR 9.2 million, 
was retained in non-restricted equity. The dividend was paid on April 9, 2008.  

Shares, share price development, and share buy-back                             

Shares in Etteplan Oyj (ETT1V) are quoted in the Nordic NASDAQ OMX's Small Cap  
market capitalization group in the "Industrials" sector.                        

The company's share capital on December 31, 2008, 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          
8,191,610, to a total value of EUR 34.3 million. The share price low was EUR    
2.30, the high EUR 5.35, the average EUR 4.16, and the closing price EUR 2.80.  
Market capitalization on December 31, 2008 was EUR 56.5 million, and there were 
1,807 shareholders.                                                             

The company held 499,176 of its own shares on December 31, 2008. In             
January−December 2008, the company acquired 580,642 of its own shares. The      
company disposed of 296,166 company-held shares in January-December 2008.       

Share-based incentive plan for key personnel                                    

The Etteplan Oyj Board of Directors decided on a new share-based incentive plan 
for key personnel. The plan includes three earnings periods: calendar years     
2008, 2009, and 2010. The first year of payment is 2009.                        

The plan commenced at the beginning of 2008, and it comprises 37 people. The    
Board of Directors has made a decision on the people who are part of the plan,  
only with respect to the 2008 earnings period. The share-based incentive plan   
offers the target group the opportunity to receive Etteplan Oyj shares as       
remuneration.                                                                   

The amount of remuneration paid is linked to objectives that are set on an      
annual basis; for the 2008 financial year, they related to revenue and operating
profit. At the beginning of each earnings period, the Board of Directors        
confirms the target group and specifies the maximum number of shares that can be
earned. Remunerations paid out from the incentive plan are paid in three earning
periods, as company shares and partly in cash. The part paid in cash covers the 
taxes and tax-like fees paid for the remuneration. An earnings period is        
followed by a mandatory two-year ownership period. During the three earnings    
periods, the total of remunerations shall correspond to the value of 720,000    
Etteplan Oyj shares at maximum.                                                 

If employment is terminated during the earnings or ownership period, the key    
person is not entitled to shares.                                               

Notification of changes in shareholdings                                        

With a transaction completed on September 29, 2008, Ingman Finance Oy Ab's      
holding of Etteplan Oyj share capital and voting rights exceeded the 15% level. 

With a transaction completed on October 22, 2008, where the seller was Ingman   
Finance Oy Ab, Ingman Group Oy Ab's holding of Etteplan Oyj share capital and   
voting rights exceeded the 15% level. Consequently Ingman Finance Oy Ab's       
ownership declined to 0 %.                                                      

Oy Fincorp Ab has renewed its futures contract, which expired on December 19,   
2008. Oy Fincorp Ab's holding in Etteplan Oyj still exceeds one tenth. The      
renewed futures contract is valid until December 18, 2009.                      

Outlook for 2009                                                                

The instability in the market and the crisis in the financial markets have an   
impact on industrial investments and on the development of our customers'       
business operations. We estimate that demand for technical design and product   
information will decline in 2009 due to changes in our customers' order books.  
                                                                                
In research and development projects we estimate that our customers continue to 
invest in R&D.                                                                  
                                                                                
The 2009 revenue of Etteplan Group is estimated to decline and the operating    
profit to weaken in comparison to year 2008. Potential acquisitions in 2009 are 
note included in the estimate.                                                  

Board's proposal for distribution of 2008 profits                               

The parent company's distributable shareholders' equity according to the balance
sheet on December 31, 2008, is EUR 16.9 million.                                
                                                                                
The Board of Directors will propose to the Annual General Meeting, which will   
convene on March 26, 2009, that on the dividend payout date a dividend of EUR   
0.15 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 31, 2009 and the date of dividend payout is April 7,   
2009.                                                                           

Financial information in 2009                                                   

Etteplan Oyj's interim reports will be published as follows:                    

First quarter, 3 months          Wednesday, April 29, 2009                      
Second quarter, 6 months         Wednesday, August 12, 2009                     
Third quarter, 9 months          Thursday, October 29, 2009                     

Annual General Meeting in 2009                                                  

Etteplan Oyj's 2009 Annual General Meeting will be held at Sibelius Hall in     
Lahti, Finland, on March 26, 2009, starting at 1pm. Summons to the AGM will be  
published as a separate release.                                                


Hollola, February 12, 2009                                                      

Etteplan Oyj                                                                    

Board of Directors 

                                                             
More information:                                                               
Matti Hyytiäinen, President and CEO, at tel. +358 400 710 968                   

No auditor's report on the financial statement bulletin has been submitted.     

APPENDIX:                                                                       

  Financial Statement Summary and Notes                                         
    Consolidated Income Statement                                               
    Consolidated Balance Sheet                                                  
    Consolidated Cash Flow Statement                                            
    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 Ltd.                                                        
Major media                                                                     
www.etteplan.com                                                                

These financial statements include forward-looking estimates and assumptions.   
Accordingly, outcomes may differ from these estimates, which are based on the   
management's current best knowledge.                                            



--------------------------------------------------------------------------------
| CONSOLIDATED INCOME STATEMENT                                                |
--------------------------------------------------------------------------------
| (EUR 1 000)                   |   10-12/ |    10-12/ |     1-12/ |     1-12/ |
--------------------------------------------------------------------------------
|                               |     2008 |      2007 |      2008 |      2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Continuing operations                                                        |
--------------------------------------------------------------------------------
| Revenue                       |   40 655 |    35 563 |   161 614 |   125 192 |
--------------------------------------------------------------------------------
| Other operating income        |      139 |       125 |       263 |     1 130 |
--------------------------------------------------------------------------------
| Materials and services        |   -3 834 |    -2 175 |   -12 391 |    -7 941 |
--------------------------------------------------------------------------------
| Staff costs                   |  -28 479 |   -24 798 |  -110 384 |   -86 486 |
--------------------------------------------------------------------------------
| Other operating expenses      |   -5 710 |    -5 926 |   -24 862 |   -18 351 |
--------------------------------------------------------------------------------
| Depreciation and amortisation |     -508 |      -504 |    -1 892 |    -1 917 |
--------------------------------------------------------------------------------
| Operating profit              |    2 263 |     2 285 |    12 349 |    11 628 |
--------------------------------------------------------------------------------
| Financial income              |      125 |       174 |       228 |       280 |
--------------------------------------------------------------------------------
| Financial expenses            |     -527 |      -213 |    -1 293 |      -534 |
--------------------------------------------------------------------------------
| Profit before taxes           |    1 862 |     2 246 |    11 285 |    11 373 |
--------------------------------------------------------------------------------
| Income taxes                  |     -606 |      -725 |    -3 130 |    -3 016 |
--------------------------------------------------------------------------------
| Profit for the financial year |    1 256 |     1 521 |     8 155 |     8 357 |
| Continuing operations         |          |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinuing operations                                                     |
--------------------------------------------------------------------------------
| Profit/loss for the financial |        0 |      -119 |      -140 |      -146 |
| year, discontinuing           |          |           |           |           |
| operations                    |          |           |           |           |
--------------------------------------------------------------------------------
| Profit for the financial year |    1 256 |     1 402 |     8 015 |     8 211 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to                                                              |
--------------------------------------------------------------------------------
| Equity holders of the company |    1 246 |     1 360 |     7 997 |     7 848 |
--------------------------------------------------------------------------------
| Minority interest             |       10 |        42 |        18 |       363 |
--------------------------------------------------------------------------------
|                               |    1 256 |     1 402 |     8 015 |     8 211 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share calculated |          |           |           |           |
| from the result of parent     |          |           |           |           |
| company shareholders          |          |           |           |           |
--------------------------------------------------------------------------------
| Continuing operations                                                        |
--------------------------------------------------------------------------------
| Basic earnings per share, EUR |     0,06 |      0,08 |      0,41 |      0,40 |
--------------------------------------------------------------------------------
| Diluted earnings per share,   |     0,06 |      0,08 |      0,41 |      0,40 |
| EUR                           |          |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinuing operations                                                     |
--------------------------------------------------------------------------------
| Basic earnings per share, EUR |     0,00 |     -0,01 |     -0,01 |     -0,01 |
--------------------------------------------------------------------------------
| Diluted earnings per share,   |     0,00 |     -0,01 |     -0,01 |     -0,01 |
| EUR                           |          |           |           |           |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET                                                   |
--------------------------------------------------------------------------------
| (EUR 1 000)                               |     31.12.2008 |      31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS                                                                       |
--------------------------------------------------------------------------------
| Non-current assets                        |                                  |
--------------------------------------------------------------------------------
| Tangible assets                           |          2 478 |           1 951 |
--------------------------------------------------------------------------------
| Goodwill                                  |         33 207 |          29 426 |
--------------------------------------------------------------------------------
| Other intangible assets                   |          1 566 |           1 459 |
--------------------------------------------------------------------------------
| Shares in associated companies            |             17 |               0 |
--------------------------------------------------------------------------------
| Investments available for sales           |            411 |             409 |
--------------------------------------------------------------------------------
| Other long-term receivables               |            551 |             816 |
--------------------------------------------------------------------------------
| Deferred tax assets                       |            191 |              34 |
--------------------------------------------------------------------------------
| Non-current assets, total                 |         38 421 |          34 096 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets                                                               |
--------------------------------------------------------------------------------
| Trade and other receivables               |         37 242 |          30 890 |
--------------------------------------------------------------------------------
| Current tax assets                        |          1 338 |             198 |
--------------------------------------------------------------------------------
| Cash and cash equivalents                 |          1 879 |           7 243 |
--------------------------------------------------------------------------------
| Current assets, total                     |         40 459 |          38 330 |
--------------------------------------------------------------------------------
| TOTAL ASSETS                              |         78 880 |          72 426 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES                                                       |
--------------------------------------------------------------------------------
| Capital attributable to equity holders    |                                  |
--------------------------------------------------------------------------------
| Share capital                             |          5 000 |           5 000 |
--------------------------------------------------------------------------------
| Share premium account                     |          6 701 |           6 701 |
--------------------------------------------------------------------------------
| Unrestricted equity fund                  |          2 474 |           2 601 |
--------------------------------------------------------------------------------
| Own shares                                |         -2 025 |            -962 |
--------------------------------------------------------------------------------
| Cumulative translation adjustment         |         -5 188 |            -823 |
--------------------------------------------------------------------------------
| Retained earnings                         |         11 962 |           8 339 |
--------------------------------------------------------------------------------
| Net profit for the financial year         |          7 997 |           7 848 |
--------------------------------------------------------------------------------
| Capital attributable to equity holders,   |         26 921 |          28 704 |
| total                                     |                |                 |
--------------------------------------------------------------------------------
| Minority interest                         |             79 |             597 |
--------------------------------------------------------------------------------
| Equity, total                             |         27 000 |          29 301 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities                                                      |
--------------------------------------------------------------------------------
| Deferred tax liability                    |          1 537 |           1 511 |
--------------------------------------------------------------------------------
| Non-current interest-bearing liabilities  |          9 981 |          11 606 |
--------------------------------------------------------------------------------
| Non-current liabilities, total            |         11 517 |          13 117 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities                                                          |
--------------------------------------------------------------------------------
| Current interest-bearing liabilities      |          6 635 |           3 170 |
--------------------------------------------------------------------------------
| Trade and other payables                  |         33 425 |          25 415 |
--------------------------------------------------------------------------------
| Current income tax liabilities            |            303 |           1 422 |
--------------------------------------------------------------------------------
| Current liabilities, total                |         40 363 |          30 008 |
--------------------------------------------------------------------------------
| Liabilities, total                        |         51 880 |          43 125 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES              |         78 880 |          72 426 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT                                             |
--------------------------------------------------------------------------------
| (EUR 1 000)                                        |      1-12/ |      1-12/ |
--------------------------------------------------------------------------------
|                                                    |       2008 |       2007 |
--------------------------------------------------------------------------------
| Operating cash flow                                                          |
--------------------------------------------------------------------------------
| Cash receipts from customers                       |    158 729 |    121 031 |
--------------------------------------------------------------------------------
| Cash receipts from other operating income          |        245 |        277 |
--------------------------------------------------------------------------------
| Operating expenses paid                            |    143 861 |    109 430 |
--------------------------------------------------------------------------------
| Operating cash flow before financial items and     |     15 113 |     11 878 |
| taxes                                              |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest and payment paid for financial expenses   |      1 131 |        491 |
--------------------------------------------------------------------------------
| Interest received                                  |        228 |        280 |
--------------------------------------------------------------------------------
| Income taxes paid                                  |      5 055 |      1 881 |
--------------------------------------------------------------------------------
| Operating cash flow ( A )                          |      9 155 |      9 787 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investing cash flow                                                          |
--------------------------------------------------------------------------------
| Purchase of tangible and intangible assets         |      1 774 |        834 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries                        |      7 582 |      8 271 |
--------------------------------------------------------------------------------
| Disposal of subsidiaries                           |          0 |        578 |
--------------------------------------------------------------------------------
| Proceeds from sale of tangible and intangible      |         60 |         86 |
| assets                                             |            |            |
--------------------------------------------------------------------------------
| Proceeds from repayments of loans                  |          0 |        540 |
--------------------------------------------------------------------------------
| Proceeds from sale of investments                  |         47 |          5 |
--------------------------------------------------------------------------------
| Investing cash flow ( B )                          |     -9 249 |     -7 896 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing cash flow                                                          |
--------------------------------------------------------------------------------
| Purchase of own shares                             |      2 523 |        962 |
--------------------------------------------------------------------------------
| Short-term loans, increase                         |      3 437 |          0 |
--------------------------------------------------------------------------------
| Long-term loans, increase                          |      2 544 |      5 128 |
--------------------------------------------------------------------------------
| Long-term loans, decrease                          |      4 007 |      2 108 |
--------------------------------------------------------------------------------
| Dividend paid and other profit distribution        |      4 225 |      2 776 |
--------------------------------------------------------------------------------
| Financing cash flow ( C )                          |     -4 774 |       -718 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Variation in cash (A + B + C)                      |                         |
--------------------------------------------------------------------------------
| increase ( + ) / decrease ( - )                    |     -4 868 |      1 173 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets in the beginning of the period              |      7 243 |      6 174 |
--------------------------------------------------------------------------------
| Exchange gains or losses on cash and bank          |       -496 |       -104 |
| equivalents                                        |            |            |
--------------------------------------------------------------------------------
| Assets at the end of the period                    |      1 879 |      7 243 |
--------------------------------------------------------------------------------


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) Retained Earnings                                                            
G) Minority Interest                                                            
H) Total                                                                        

--------------------------------------------------------------------------------
|           |   A   |   B   |   C   |   D   |   E   |   F    |   G    |   H    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity    | 2 443 | 9 179 |     0 |     0 |    43 | 10 931 |    872 | 23 468 |
| 1.1.2007  |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Dividends |       |       |       |       |       | -2 592 |   -201 | -2 793 |
--------------------------------------------------------------------------------
| Share     | 2 557 |    -2 | 2 601 |       |       |        |        |  2 680 |
| issue     |       |   478 |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Purchase  |       |       |       |  -962 |       |        |        |   -962 |
| of own    |       |       |       |       |       |        |        |        |
| shares    |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Changes   |       |       |       |       |       |        |   -437 |   -437 |
| in        |       |       |       |       |       |        |        |        |
| ownership |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Net       |       |       |       |       |       |  7 848 |    363 |  8 211 |
| profit    |       |       |       |       |       |        |        |        |
| for the   |       |       |       |       |       |        |        |        |
| financial |       |       |       |       |       |        |        |        |
| year      |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Translati |       |       |       |       |  -866 |        |        |   -866 |
| on        |       |       |       |       |       |        |        |        |
| adjustmen |       |       |       |       |       |        |        |        |
| t         |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Equity    | 5 000 | 6 701 | 2 601 |  -962 |  -823 | 16 187 |    597 | 29 301 |
| 31.12.200 |       |       |       |       |       |        |        |        |
| 7         |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity    | 5 000 | 6 701 | 2 601 |  -962 |  -823 | 16 187 |    597 | 29 301 |
| 1.1.2008  |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Dividends |       |       |       |       |       | -4 225 |        | -4 225 |
--------------------------------------------------------------------------------
| Purchase  |       |       |       |    -2 |       |        |        | -2 523 |
| of own    |       |       |       |   523 |       |        |        |        |
| shares    |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Disposal  |       |       |  -127 | 1 401 |       |        |        |  1 274 |
| of own    |       |       |       |       |       |        |        |        |
| shares    |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Shares to |       |       |       |    59 |       |        |        |     59 |
| be issued |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Changes   |       |       |       |       |       |        |   -536 |   -536 |
| in        |       |       |       |       |       |        |        |        |
| ownership |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Net       |       |       |       |       |       |  7 997 |     18 |  8 015 |
| profit    |       |       |       |       |       |        |        |        |
| for the   |       |       |       |       |       |        |        |        |
| financial |       |       |       |       |       |        |        |        |
| period    |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Translati |       |       |       |       |    -4 |        |        | -4 365 |
| on        |       |       |       |       |   365 |        |        |        |
| adjustmen |       |       |       |       |       |        |        |        |
| t         |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------
| Equity    | 5 000 | 6 701 | 2 474 |    -2 |    -5 | 19 959 |     79 | 27 000 |
| 31.12.200 |       |       |       |   025 |   188 |        |        |        |
| 8         |       |       |       |       |       |        |        |        |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| KEY FIGURES                       |      1-12/ |       1-12/ |     Change to |
--------------------------------------------------------------------------------
| (EUR 1 000)                       |       2008 |        2007 |     prev.year |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue                           |    161 614 |     125 192 |        29,1 % |
--------------------------------------------------------------------------------
| Operating profit                  |     12 349 |      11 628 |         6,2 % |
--------------------------------------------------------------------------------
| Operating profit, %               |        7,6 |         9,3 |               |
--------------------------------------------------------------------------------
| Profit before taxes               |     11 285 |      11 374 |        -0,8 % |
--------------------------------------------------------------------------------
| Profit before taxes, %            |        7,0 |         9,1 |               |
--------------------------------------------------------------------------------
| Return on equity, %               |       29,0 |        31,7 |               |
--------------------------------------------------------------------------------
| Return on investment, % *)        |       28,7 |        30,4 |               |
--------------------------------------------------------------------------------
| Equity ratio %                    |       34,2 |        40,7 |               |
--------------------------------------------------------------------------------
| Gross interest-bearing debt       |     16 615 |      14 777 |        12,4 % |
--------------------------------------------------------------------------------
| Net gearing, %                    |       54,6 |        25,7 |               |
--------------------------------------------------------------------------------
| Balance sheet, total              |     78 880 |      72 426 |         8,9 % |
--------------------------------------------------------------------------------
| Gross investments                 |     12 082 |      13 197 |        -8,5 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR           |       0,41 |        0,40 |         2,1 % |
--------------------------------------------------------------------------------
| Diluted earnings per share, EUR   |       0,41 |        0,40 |         3,0 % |
--------------------------------------------------------------------------------
| Equity per share, EUR             |       1,37 |        1,44 |        -4,9 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, average                |      2 188 |       1 895 |        15,5 % |
--------------------------------------------------------------------------------
| Personnel at end of the period    |      2 142 |       1 949 |         9,9 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) Return on investment has been calculated from result before taxes         |
--------------------------------------------------------------------------------


NOTES TO THE FINANCIAL STATEMENT BULLETIN                                       

General                                                                         

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 interim report for publication 
at its meeting of February 11, 2009.                                            

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 2007     
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.                              

At the beginning of 2008, the Group started applying the amended requirements of
IFRS 2 (Share-Based Payments). Apart from this, the accounting principles used  
were the same as for the 2007 annual financial statements. The annual financial 
statements are available at www.etteplan.com/investors/etteplan07.pdf, and the  
accounting policy is detailed on pages 24-27 of the annual report 2007.         

Use of estimates                                                                

The financial statements include forward-looking estimates and assumptions.     
Accordingly, outcomes may differ from these estimates, which are based on the   
management's current best knowledge.                                            

Segment information                                                             

Etteplan provides services for various stages in the life cycle of its          
customers' products, from product development to product maintenance. For this  
reason, Etteplan has reorganized its operations such that services are provided 
on a key customer basis and not by design phase. As a result, the Company has   
ceased reporting for two separate segments and transferred to one segment, which
better depicts the current operations.                                          

Acquired business operations and other investments                              

In January 2008, the Company finalized its acquisition of Swedish Lutab         
Professor Sten Luthander Ingenjörsbyrå AB in accordance with the agreement      
concluded in October 2007. Also in January, Etteplan acquired all share capital 
of Cool Engineering AB and increased its ownership in Etteplan Technical        
Information Oy to a full 100%. In July 2008, the Group acquired 100% ownership  
of Eteco Oy and signed an agreement to acquire a 91% share of Innovation Team   
AB. In the view of Etteplan's management, the customer accounts and agreements  
that were acquired cannot as a rule be considered to constitute an asset item   
that is to be recorded in the balance sheet, because customer agreements are by 
nature non­binding framework agreements and thus cannot be treated or sold      
separately. The joint purchase price for these share transactions was EUR 10,020
thousand, the fair value of the assets acquired was EUR 2,626 thousand and the  
goodwill was EUR 7,395 thousand. Other investments were for equipment and       
software needed in business operations.                                         

--------------------------------------------------------------------------------
| Details of net assets acquired and goodwill are as follows:                  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                           |   Fair value |   Carrying amount |
--------------------------------------------------------------------------------
|                                           |    EUR 1 000 |         EUR 1 000 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase consideration:                                                      |
--------------------------------------------------------------------------------
| -Cash paid                                |        8 747 |             8 747 |
--------------------------------------------------------------------------------
| -Fair value of disposed company-held      |        1 274 |             1 274 |
| shares                                    |              |                   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total purchase consideration              |       10 020 |            10 020 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair value of net assets acquired         |        2 626 |             2 626 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Goodwill                                  |        7 395 |             7 395 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The assets and liabilities arising from   |              |                   |
| the acquisition are as follows:           |              |                   |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minority interest                         |          541 |               541 |
--------------------------------------------------------------------------------
| Cash and cash equivalents                 |        1 185 |             1 185 |
--------------------------------------------------------------------------------
| Intangible assets                         |          100 |               100 |
--------------------------------------------------------------------------------
| Property, plant and equipment             |          193 |               193 |
--------------------------------------------------------------------------------
| Trade receivables                         |        2 394 |             2 394 |
--------------------------------------------------------------------------------
| Other receivables                         |          562 |               562 |
--------------------------------------------------------------------------------
| Current payables                          |       -2 349 |            -2 349 |
--------------------------------------------------------------------------------
| Net assets                                |        2 626 |             2 626 |
--------------------------------------------------------------------------------
| Fair value of net assets acquired         |        2 626 |             2 626 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase consideration settled in cash    |        8 747 |             8 747 |
--------------------------------------------------------------------------------
| Cash and cash equivalents in subsidiary   |        1 185 |             1 185 |
| acquired                                  |              |                   |
--------------------------------------------------------------------------------
| Cash outflow on acquisition               |        7 562 |             7 562 |
--------------------------------------------------------------------------------


Etteplan Group turnover for year 2008 would have been EUR 164 million if        
acquired operations would have been consolidated for the full fiscal year.      


--------------------------------------------------------------------------------
| Intangible assets and property, plant and equipment          |               |
--------------------------------------------------------------------------------
| (EUR 1 000)                      | Property,    | Goodwill   | Other         |
|                                  | plant,       |            | intangible    |
|                                  | equipment    |            | assets        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost 1.1.2008        |       11 334 |     29 426 |         5 229 |
--------------------------------------------------------------------------------
| Exchange difference              |         -447 |     -3 020 |           -83 |
--------------------------------------------------------------------------------
| Corporate transactions           |          634 |          0 |             0 |
--------------------------------------------------------------------------------
| Increases                        |        1 703 |      6 801 |           701 |
--------------------------------------------------------------------------------
| Decreases                        |          -49 |          0 |            -8 |
--------------------------------------------------------------------------------
| Acquisition cost 31.12.2008      |       13 175 |     33 207 |         5 839 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and     |        9 383 |          0 |         3 770 |
| impairment 1.1.2008              |              |            |               |
--------------------------------------------------------------------------------
| Exchange difference              |         -407 |          0 |           -44 |
--------------------------------------------------------------------------------
| Corporate transactions           |          409 |          0 |             0 |
--------------------------------------------------------------------------------
| Depreciation                     |        1 312 |          0 |           547 |
--------------------------------------------------------------------------------
| Accumulated depreciation and     |       10 697 |          0 |         4 272 |
| impairment 31.12.2008            |              |            |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 31.12.2008            |        2 478 |     33 207 |         1 566 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost 1.1.2007        |       11 640 |     19 256 |         5 427 |
--------------------------------------------------------------------------------
| Exchange difference              |         -148 |       -556 |           -98 |
--------------------------------------------------------------------------------
| Corporate transactions           |         -758 |          0 |          -700 |
--------------------------------------------------------------------------------
| Increases                        |          850 |     10 727 |           615 |
--------------------------------------------------------------------------------
| Decreases                        |         -249 |          0 |           -15 |
--------------------------------------------------------------------------------
| Acquisition cost 31.12.2007      |       11 334 |     29 426 |         5 229 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and     |        8 860 |          0 |         3 766 |
| impairment 1.1.2007              |              |            |               |
--------------------------------------------------------------------------------
| Exchange difference              |         -137 |          0 |           -38 |
--------------------------------------------------------------------------------
| Corporate transactions           |         -498 |          0 |          -586 |
--------------------------------------------------------------------------------
| Depreciation from decreases      |         -196 |          0 |             0 |
--------------------------------------------------------------------------------
| Depreciation                     |        1 355 |          0 |           628 |
--------------------------------------------------------------------------------
| Accumulated depreciation and     |        9 383 |          0 |         3 770 |
| impairment 31.12.2007            |              |            |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 31.12.2007            |        1 951 |     29 426 |         1 459 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Interest-bearing loans                   |                 |                 |
--------------------------------------------------------------------------------
| (EUR 1 000)                              |   31.12.2008    |   31.12.2007    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current                              |           9 981 |          11 606 |
--------------------------------------------------------------------------------
| Current                                  |           6 635 |           3 170 |
--------------------------------------------------------------------------------
| Total                                    |          16 615 |          14 776 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Pledges, mortgages and guarantees                                            |
--------------------------------------------------------------------------------
| (EUR 1 000)                              |   31.12.2008    |   31.12.2007    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| For own debts                                                                |
--------------------------------------------------------------------------------
| Other contingencies                      |             427 |           6 548 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing liabilities                                                          |
--------------------------------------------------------------------------------
| For payment under year                   |           1 648 |           2 196 |
--------------------------------------------------------------------------------
| For payment 1-5 years                    |           3 135 |             924 |
--------------------------------------------------------------------------------
| Total                                    |           4 784 |           3 120 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Derivatives                  |               |               |               |
--------------------------------------------------------------------------------
|                         |    |               |     2008      |     2007      |
--------------------------------------------------------------------------------
| Interest rate swaps          |               |               |               |
--------------------------------------------------------------------------------
| Fair value              |    |               |       0       |       -       |
--------------------------------------------------------------------------------
| Nominal value                |               |     5786      |       -       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest rate options        |               |               |               |
--------------------------------------------------------------------------------
| Fair value              |    |               |     -103      |      35       |
--------------------------------------------------------------------------------
| Nominal value                |               |     8679      |     8679      |
--------------------------------------------------------------------------------


Acquisition and disposition of company shares                                   

During 2008, the Company acquired 580,642 and disposed of 296,166 Company-held  
shares. At the end of the review period, it owned 499,176 of its own shares.    

Shares and share capital                                                        

On December 31, 2008, 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 28, 2008, the Annual General Meeting passed a resolution on a motion by
the Board of Directors to pay a dividend for the 2007 financial year of EUR 0.21
per share, or a total of EUR 4,224,733.80. The dividend was paid on April 9,    
2008.                                                                           
                                                                                
Related-party transactions                                                      

The Group's related parties include the Group's key personnel: the members of   
the Board of Directors and the CEO. Related parties also include subsidiaries   
and companies in which related-party key employees have significant holdings and
control.                                                                        


--------------------------------------------------------------------------------
| The following transactions were carried out with related parties:            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1 000)                           |   31.12.2008   |   31.12.2007   |    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales of services                                                       |    |
--------------------------------------------------------------------------------
| To other in related-party             |             53 |            100 |    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase of goods and services                                          |    |
--------------------------------------------------------------------------------
| Office premises rents                 |                                 |    |
--------------------------------------------------------------------------------
| Key management personnel              |             95 |             92 |    |
--------------------------------------------------------------------------------
| From other in related-party           |            285 |            222 |    |
--------------------------------------------------------------------------------
| Total                                 |            381 |            314 |    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Receivables and payables year end balances arising from sales                |
--------------------------------------------------------------------------------
| and purchase of goods and services                                      |    |
--------------------------------------------------------------------------------
| Receivables from other                |                                 |    |
--------------------------------------------------------------------------------
| in related-party                      |              2 |              7 |    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

Closed-down operations                                                          

Etteplan Engineering GmbH, in Germany, is classed as a closed-down operation.   

The Group's result for the financial year includes an expense item of EUR 140   
thousand that relates to closed-down operations.                                


--------------------------------------------------------------------------------
| Discontinuing operations                                                     |
--------------------------------------------------------------------------------
| (EUR 1 000)                               |   31.12.2008   |   31.12.2007    |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income statement                                                             |
--------------------------------------------------------------------------------
| Revenue                                   |              0 |           2 800 |
--------------------------------------------------------------------------------
| Expenses                                  |           -140 |          -2 946 |
--------------------------------------------------------------------------------
| Profit/loss before taxes                  |           -140 |            -146 |
--------------------------------------------------------------------------------
| Net profit for discontinuing operations   |           -140 |            -146 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow statement                                                          |
--------------------------------------------------------------------------------
| Operating cash flow                       |           -140 |            -187 |
--------------------------------------------------------------------------------
| Investing cash flow                       |              0 |             -17 |
--------------------------------------------------------------------------------
| Financing cash flow                       |              0 |               9 |
--------------------------------------------------------------------------------
| Change in cash                            |           -140 |            -195 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Effect of discontinuing operations to     |                |                 |
| Etteplan financial position               |                |                 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets                                                                       |
--------------------------------------------------------------------------------
| Property, plant and equipment             |              0 |              74 |
--------------------------------------------------------------------------------
| Other intangible assets                   |              0 |              29 |
--------------------------------------------------------------------------------
| Receivables                               |              0 |             717 |
--------------------------------------------------------------------------------
| Cash and cash equivalents                 |              0 |               2 |
--------------------------------------------------------------------------------
| Assets total                              |              0 |             821 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities                                                                  |
--------------------------------------------------------------------------------
| Interest bearing loans                    |              0 |             312 |
--------------------------------------------------------------------------------
| Trade and other payables                  |              0 |             417 |
--------------------------------------------------------------------------------
| Liabilities total                         |              0 |             729 |
--------------------------------------------------------------------------------



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 27.6     
(26.6)%.                                                                        

Management of financing risks                                                   

In its business operations, Etteplan Group is exposed to several financial      
risks: foreign-currency, interest, financing and liquidity, counterparty and    
credit risks.                                                                   

The objective of financial risk management is to protect the Group against      
unfavorable changes occurring in the financial markets. Management of financial 
risks has been centralized with the Group's Treasury, which is responsible for  
identification and evaluation of, and protection against, the Group's financial 
risks.                                                                          

Foreign-currency risk                                                           
                                                                                
The Group is exposed to foreign-currency risks related to different currencies, 
which come about as a result of foreign-currency-denominated commercial         
transactions and from translation of foreign-currency-denominated items into the
reporting currency. The majority of Etteplan Group's business operations are    
handled in the currency of the project country of the respective Group company. 
In the period under review, the Group did not have significant transaction risks
generated from the currency flow in foreign currencies, and the Group did not   
take steps to protect itself against transaction risks.                         

The Group is exposed to a translation risk caused by fluctuations in foreign    
currency exchange rates, when it translates balance sheet items of subsidiaries 
based outside the euro area into its reporting currency. In the period under    
review, the Group did not protect itself from the currency risks related to the 
shareholders' equity of these companies.                                        

Interest risk                                                                   

Etteplan Group is exposed to interest risk in two ways: because of changes in   
value for balance sheet items (i.e., a price risk) and cash flow risk caused by 
changes in market interest rates. The Group manages the interest risk by        
diversifying its loan portfolio to include loans with fixed and variable        
interest rates, and with interest rate derivative contracts.                    

Financing and liquidity risk                                                    

Etteplan Group aims to guarantee solid liquidity in all market conditions       
through efficient cash management. The Group uses credit limits tied to         
cash-pool arrangements for short-term financing. The Group aims to minimize its 
refinancing risk through applying a balanced maturity schedule for its loan     
portfolio, ensuring sufficient maturity of loans, and using several different   
banks as sources of financing.                                                  

Counterparty and credit risk                                                    

Financial instrument contracts that Etteplan Group has concluded with banks have
the associated risk of the counterparty being unable to fulfill its obligations 
under the contract. Credit risk related to business operations arises out of a  
customer's inability to perform its contractual obligations.                    

In order to minimize the counterparty risk, the Group has concluded its         
significant refinancing contracts with leading Nordic banks that have a good    
credit rating.                                                                  

A considerable proportion of the Group's business operations focus on large,    
financially solid companies that operate internationally. The Group aims to     
guarantee that services are sold to only those with an appropriate credit       
rating. The Company strives to control the effects of increased financial       
uncertainty by actively monitoring its receivables and by working to enhance its
debt collection processes.                                                      

--------------------------------------------------------------------------------
| Major shareholders                      |                 |                  |
--------------------------------------------------------------------------------
| December 31, 2008                       |                 |                  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                         |       Number of |       Holding of |
|                                         |          shares |       shares and |
|                                         |                 |         votes, % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Mönkkönen Tapani                        |       4 075 600 |            20,20 |
--------------------------------------------------------------------------------
| Ingman Group Oy Ab                      |       3 427 000 |            16,98 |
--------------------------------------------------------------------------------
| Evli Bank Plc.                          |       1 183 228 |             5,86 |
--------------------------------------------------------------------------------
| Hornborg Heikki                         |       1 144 720 |             5,67 |
--------------------------------------------------------------------------------
| Oy Fincorp Ab                           |       1 056 943 |             5,24 |
--------------------------------------------------------------------------------
| Varma Mutual Pension Insurance Company  |         608 328 |             3,01 |
--------------------------------------------------------------------------------
| Etteplan Oyj                            |         495 160 |             2,45 |
--------------------------------------------------------------------------------
| Aiff Ulf                                |         468 320 |             2,32 |
--------------------------------------------------------------------------------
| Nordea Bank Finland Plc.                |         377 174 |             1,87 |
--------------------------------------------------------------------------------
| Fondita Nordic Micro Cap Placeringsfond |         370 000 |             1,83 |
--------------------------------------------------------------------------------
| Tuori Klaus                             |         358 624 |             1,78 |
--------------------------------------------------------------------------------
| Alfred Berg Finland Fund                |         323 290 |             1,60 |
--------------------------------------------------------------------------------
| Hakakari Tapio                          |         306 180 |             1,52 |
--------------------------------------------------------------------------------
| Svenska Handelsbanken AB (Publ),        |         302 728 |             1,50 |
| Filialverksamheten i Finland            |                 |                  |
--------------------------------------------------------------------------------
| Aktia Capital Small Cap Fund            |         298 200 |             1,48 |
--------------------------------------------------------------------------------
| Alfred Berg Small Cap Fund              |         295 000 |             1,46 |
--------------------------------------------------------------------------------
| Tuori Aino                              |         256 896 |             1,27 |
--------------------------------------------------------------------------------
| Kempe Anna                              |         245 651 |             1,22 |
--------------------------------------------------------------------------------
| Tuori Kaius                             |         178 370 |             0,88 |
--------------------------------------------------------------------------------
| Hietala Pekka                           |         150 544 |             0,75 |
--------------------------------------------------------------------------------
| Other shareholders                      |       4 257 458 |            21,10 |
--------------------------------------------------------------------------------
| Total                                   |      20 179 414 |           100,00 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nominee-registrated shares              |         863 940 |             4,28 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| REVENUE AND OPERATING PROFIT QUARTERLY   |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1 000)              |       Q4/2008 |   Q3/2008 |   Q2/2008 |   Q1/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue                  |        40 655 |    36 198 |    44 085 |    40 675 |
--------------------------------------------------------------------------------
| Operating profit         |         2 263 |     2 175 |     4 184 |     3 727 |
--------------------------------------------------------------------------------
| % of revenue             |           5,6 |       6,0 |       9,5 |       9,2 |
--------------------------------------------------------------------------------