ETTEPLAN IN 2010: DEMAND FOR DESIGN SERVICES RECOVERED AND OPERATING PROFIT IMPROVED SIGNIFICANTLY
Stock exchange release – Published: 15.02.2011 8:00:00
FINANCIAL STATEMENT RELEASE, JANUARY 1 – DECEMBER 31, 2010
ETTEPLAN IN 2010: DEMAND FOR DESIGN SERVICES RECOVERED AND OPERATING PROFIT IMPROVED SIGNIFICANTLY
Review period October-December 2010
- The Group’s revenue for continuing operations increased 17.5% and was EUR 30.1 million (10-12/2009: EUR 25.6 million).
- Operating profit for continuing operations increased 49.8% and was EUR 1.9 million (EUR 1.3 million).
- Profit for the period for continuing operations improved and was EUR 1.6 million (EUR 0.5 million).
- Profit for the period for discontinuing operations was EUR 0.0 million (EUR -0.5 million).
- Operating cash flow was EUR 3.3 million (EUR 6.9 million).
- Earnings per share for continuing operations were EUR 0.06 (EUR 0.02).
- The number of personnel at the end of the period was 1,569 (1,544).
Review period January-December 2010
- The Group’s revenue for continuing operations increased 6.2% and was EUR 104.8 million (1-12/2009: EUR 98.7 million).
- Operating profit for continuing operations increased significantly and was EUR 6.1 million (EUR -3.6 million).
- Profit for the financial period for continuing operations was EUR 4.3 million (EUR -3.3 million).
- The profit for the financial period for discontinuing operations was EUR 0.1 million (EUR -11.1 million).
- Operating cash flow was EUR 1.5 million (EUR 2.1 million).
- Earnings per share for continuing operations were EUR 0.19 (EUR -0.17).
- The Board of Directors proposes a dividend of EUR 0.10 per share.
Outlook
Current market outlook of machinery and equipment manufacturers is positive. The development of Etteplan’s customers’ order books influences quickly the development of Etteplan’s revenue.
We expect the revenue and operating profit for the year 2011 to grow compared to year 2010.
Potential acquisitions in 2011 are not included in the estimate.
| Key figures | ||||
| 10-12/2010 | 10-12/2009 | 1-12/2010 | 1-12/2009 | |
| Revenue | 30,089 | 25,606 | 104,786 | 98,700 |
| Operating profit/loss | 1,891 | 1,262 | 6,054 | -3,587 |
| Operating profit/loss, % | 6.3 | 4.9 | 5.8 | -3.6 |
| Profit/loss for the period | 1,607 | 489 | 4,347 | -3,287 |
| Profit/loss for the period, % | 5.3 | 1.9 | 4.1 | -3.3 |
| Equity ratio, % | 43.6 | 38.5 | 43.6 | 38.5 |
| Net gearing % | 24.1 | 20.8 | 24.1 | 20.8 |
| Total assets | 67,653 | 61,704 | 67,653 | 61,704 |
| *) Continuing operations |
Matti Hyytiäinen, President and CEO of Etteplan Oyj, comments the financial statement release as follows:
”The gradual recovery of demand of our customers’ products and services continued throughout the year and accelerated in the last quarter of the year. As a consequence the market situation for our industry improved toward the end of the year. We can be relatively satisfied with the achievements in 2010. Revenue for the whole year grew six percent and in the last quarter the growth was 17 percent compared to the same period last year. Adjustment measures started during year 2009 and finished in spring 2010 manifested as more efficient operations and our operating profit improved significantly compared to previous year. Operating cash flow remained still at a low level due to the increase in working capital caused by the strong growth in the last quarter.
We expect the demand for design services to further improve due to our customers’ technology development investments and improved order books. Etteplan is well positioned for the growth of the design services’ demand and we are able to increase our design capacity without significant increase in fixed costs.”
Board’s proposal for distribution of 2010 profits
The parent company’s distributable shareholders’ equity according to the balance sheet on December 31, 2010, is EUR 10, 928, 531.54.
The Board of Directors will propose to the Annual General Meeting, which will convene on March 31, 2011, that on the dividend payout date a dividend of EUR 0.10 per share be paid on the company’s externally owned shares, to a total amount of EUR 2, 017, 941.40 at most, 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 April 5, 2011 and the date of dividend payout is April 12, 2011.
Hollola, February 15, 2011
Etteplan Oyj
Board of Directors
Additional information: Matti Hyytiäinen, President and CEO, tel. +358 400 710 968
Releases and other corporate information are available on Etteplan’s website at www.etteplan.com.
DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.etteplan.com
Etteplan is a specialist in industrial equipment engineering and technical product information solutions and services. Our customers are global leaders in their fields and operate in areas like the automotive, aerospace and defence industries as well as the electricity generation and power transmission sectors, and material flow management.
Etteplan has comprehensive competence in electronics and embedded systems development, automation and electrical design, mechanical design and technical product information solutions and services.
In 2010, Etteplan had turnover of EUR 104.8 million. Etteplan’s shares are listed on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.
