Etteplan Interim Report January-September 2022 published: Forward with strong operational performance

Etteplan News release October 31, 2022

Etteplan’s Interim Report January-September 2022 has been published. You can find the report and the related presentation materials at https://www.etteplan.com/investors/reports-presentations.

Join our webcast today October 31, 2022 at 10.00 a.m. EET here: https://etteplan.videosync.fi/2022-q3

A recording of the webcast can be found through the same link after the live event.

More information about the webcast can be found here: https://www.etteplan.com/releases/etteplans-january-september-2022-interim-report-be-published-october-31-2022

President and CEO Juha Näkki:

“Our operational performance was strong in the third quarter. Strong revenue growth continued, and profitability and cash flow were at a good level for a third quarter. The results for the review period were weakened by significant non-recurring costs related to the public offer we made for Semcon AB. Our offer was ultimately not accepted due to a competing offer. We recognized transaction and financing costs related to the project in our result, with the most significant of these being related to currency hedge, and these costs pushed our earnings per share into negative in the third quarter.

The demand situation remained good during the review period in spite of the war started by Russia and its impacts. However, there were differences in demand between customer industries and customers. 

All three of our service areas performed well in a good market situation. The result of Engineering Solutions was excellent thanks to good operational efficiency, while Software and Embedded Solutions substantially improved its profitability compared to the slightly weaker previous quarter. The strong growth of Technical Documentation Solutions continued, but profitability was slightly lower than expected. This was mainly due to challenges in the service area’s business in Germany, and we have taken action to improve the situation.

We enter the final quarter of the year in an uncertain market situation. Russia’s invasion of Ukraine as well as the related acceleration of inflation and the European energy crisis are affecting the willingness to invest and demand in certain customer industries. In these uncertain conditions, we have adopted a slightly more cautious policy with regard to recruitment in order to ensure good operational efficiency and, consequently, good profitability in all circumstances. At the same time, however, we also see many opportunities related to energy efficiency and the defense industry, for example.  

It was naturally a setback that the Semcon acquisition did not materialize, but we have already turned our attention toward new opportunities and we will continue the determined execution of our strategy in order to achieve our financial targets.”

Additional information:
Juha Näkki, President and CEO, tel. +358 10 307 2077
Outi Torniainen, SVP, Marketing and Communications, tel. +358 10 307 3302