Etteplan Oyj — Interim / Quarterly Report 2010

Nov 10, 2010

Etteplan's Interim Report January-September 2010 Etteplan´s revenue increased and operating profit improved

ETTEPLAN OYJ INTERIM REPORT NOVEMBER 10, 2010, at 08:00 A.M.

ETTEPLAN Q3: ETTEPLAN'S REVENUE INCREASED AND OPERATING PROFIT IMPROVED

Review period July-September 2010

• − The Group's revenue for continuing operations increased 26.2% and was EUR 23.1 million (7-9/2009: EUR 18.3 million).
• − Operating profit for continuing operations was EUR 1.2 million (EUR -1.7 million). Operating profit includes EUR 0.5 million non-recurring item.
• − Profit for the period for continuing operations was EUR 0.8 million (EUR -1.2 million).
• − Profit for the period for discontinuing operations was EUR -0.3 million (EUR 8.5 million).
• − Operating cash flow was EUR -0.9 million (EUR -0.4 million).
• − Earnings per share for continuing operations were EUR 0.05 (EUR -0.06).
• − The number of personnel at the end of the period was 1,567 (1,624).
• − Company's outlook remains unchanged.

Review period January-September 2010

• − The Group's revenue for continuing operations increased 2.2% and was EUR 74.7 million (1-9/2009: EUR 73.1 million).
• − Operating profit for continuing operations was EUR 4.2 million (EUR -4.8 million).
• − Profit for the period for continuing operations was EUR 2.7 million (EUR -3.8 million).
• − Profit for the period for discontinuing operations was EUR 0.1 million (EUR 10.5 million).
• − Operating cash flow was EUR -1.8 million (EUR -4.8 million).
• − Earnings per share for continuing operations were EUR 0.13 (EUR -0.19).

Key figures*)

(EUR 1 000)	7-9/2010	7-9/2009	1-9/2010	1-9/2009	1-12/2009
Revenue	23,062	18,328	74,698	73,094	98,700
Operating profit/loss	1,178	-1,664	4,163	-4,848	-3,587
Operating profit/loss, %	5.1	-9.1	5.6	-6.6	-3.6
Profit/loss for the period	836	-1,198	2,740	-3,776	-3,287
Profit/loss for the period, %	3.6	-6.5	3.7	-5.2	-3.3
Equity ratio, %	43.3	22.6	43.3	22.6	38.5
Net gearing, %	39.5	158.7	39.5	158.7	20.8
Total assets	64,500	61,301	64,500	61,301	61,704
*) continuing operations

Matti Hyytiäinen, President and CEO of Etteplan Oyj, comments on the interim report:

"The improvement of market situation continued in the third quarter of the year as the demand for design services improved in nearly all our customer industries.

Our revenue improved considerably compared to last year's third quarter. The improved market situation and our strengthened market position impacted the growth of our revenue.

Demand for design services is cyclical and typically for our branch demand slows down seasonally in the third quarter of the year. The decrease in capacity utilization rate caused by the slow down of demand and the timing of the holiday season to the third quarter affect our operating profit. Taking these into account I am reasonably satisfied with the development of our operating profit.

During the third quarter of the year we attained significant new clientele both in Finland and Sweden as well as improved our position as partner in demanding product development projects for equipment manufacturers for medical technology clientele.

Our units in China continued to grow steadily and I am satisfied with offshoring operating model becoming established among our customers."

Accounting principles

The interim report has been prepared in accordance with IAS 34 (Interim Financial Reporting) and the preparation and accounting policies presented in the 2009 annual financial statements, but not all requirements of the IAS 34 standard for interim financial reporting have been followed in the accounting.

REVIEW FOR JULY-SEPTEMBER 2010

Business review for July-September

The improvement of demand for design services that commenced in the early part of the year continued in the third quarter of the year. In Sweden during the third quarter, demand for design services that had stabilized during the second quarter of the year, turned to growth comparable to the beginning of the year. In Finland, growth in demand was steady.

The variation in demand between customer industries stabilized in the third quarter of the year. Design services' demand in energy and power transmission industry, medical technology and automotive industry remained on a good level that has continued through the year. Demand for design services among equipment manufacturers for forest and mining industry continued to increase in the third quarter. In aerospace and defence equipment industry where the demand had been on low level during the first half of the year, demand for design services recovered during the review period.

In Finland, personnel reductions, implemented as temporary lay offs, continued to decrease and were under 50 employees at the end of the period. In Sweden, recruitment that commenced during the second quarter continued. The slow availability of new manpower restricted the organic growth in Sweden during the review period.

Etteplan Oyj and the Swedish company Intertek Semko AB as well as Intertek Commercial and Electrical Division China signed cooperation agreements during the review period that apply to businesses in Finland, Sweden and China. The aim of the cooperation is to provide a service portfolio that supports customers' operations on new markets effectively. Global machine and equipment manufacturers broaden their operations by entering new markets with new product launches and production transfers closer to new markets. New market entries require design of products and production and equipment manufacturing according to country's authority regulations and standards. Design needs to be based on up-to-date and accurate information of authority regulations and standards that often change quickly. Intertek can provide this information to Etteplan's customer projects enabling high quality and time saving in technical design work and product information management.

Etteplan increased its ownership in Etteplan Vataple Technology Centre Ltd. (EVTC), located in Kunshan, China, from 40% to 70% on July 1, 2010. Etteplan used its option right to buy the majority of the share capital of the company according to the contract that came into force on April 8, 2008.

Cooperation between Etteplan and Sjöland & Thyselius Holding AB that was signed in the end of second quarter of the year, developed favourably during the review period.

During the review period new customer projects commenced among others with Glaston Oyj and Technip Offshore Finland Oy. Etteplan provides product development services to Glaston and design services for Olkiluoto 3 nuclear power plant to Technip Offshore Finland.

Financial development for July-September

Etteplan's revenue for continuing operations in July-September 2010 increased and was EUR 23.1 million (7-9/2009: EUR 18.3 million). Design services' improved demand situation and enhanced market share in 2009 affected the improved revenue. Etteplan's business is cyclical and third quarter's revenue is lower compared to other quarters of the year due to holiday season.

Operating profit for continuing operations was EUR 1.2 million (7-9/2009: EUR -1.7 million). Operating profit includes EUR 0.5 million non-recurring item relating to the re-evaluation of ownership in Etteplan Vataple Technology Centre (EVTC). According to IFRS principles acquiring the majority of a company, requires the company to re-evaluate the previously held ownership to fair value and book the difference of value in income statement. Improved demand for design services as well as adjustment and cost saving measures affected the improvement of operating profit.

REVIEW FOR JANUARY- SEPTEMBER 2010

Business review for January- September

The uneven development of demand for design services that occurred during the first half of the year, stabilized during the third quarter of the year. The demand was on a good level in Etteplan's all central customer industries during the third quarter, as the aerospace and defence equipment industry's demand recovered. Despite the recovery of market situation the demand is still on low level compared to the peak years.

In Finland, the recovery of demand for design services commenced slower than in Sweden in the early part of the year, but demand continued improve steadily during the whole review period. In Sweden, the market situation's recovery's impact to demand for design services was quick in the first quarter of the year and stabilized during the second quarter of the year. The demand recovered to new increase in the third quarter.

Etteplan steadily renewed framework agreements with its established customers during the whole review period.

Company started to renew its legal structure in Finland from April 1, 2010 and the concentration of business operations to Etteplan Design Center Oy was completed on July 1, 2010. In Sweden, business operations will be concentrated to four legal companies in phases by the beginning of year 2011. Group administration units continue their operations in the parent company Etteplan Oyj. Change in legal structure does not impact the content of financial reporting in 2010. Legal structure change will have an impact on parent company's balance sheet. Parent company's balance sheet will be presented in company's annual report 2010.

Revenue

Etteplan's revenue for continuing operations after three quarters amounted to EUR 74.7 million (1-9/2009: EUR 73.1 million).

Result

The operating profit for continuing operations was EUR 4.2 million (1-9/2009: EUR -4.8 million). Improved demand for design services as well as adjustment and cost saving measures affected the improvement of operating profit.

Profit for the period for continuing operations before taxes was EUR 3.7 million (1-9/2009: EUR -5.3 million). Taxes amounted to EUR 1.0 million (EUR -1.5 million). The income tax calculated on profit before taxes in the consolidated income statement was 26.9% (-28.6%).

Profit for the period for continuing operations was EUR 2.7 million (1-9/2009: EUR -3.8 million). Earnings per share for continuing operations were EUR 0.13 (EUR -0.19). Equity per share was EUR 1.41 (EUR 0.70). The return on investment improved and was 14.7% (-15.4%).

Profit for the period for discontinuing operations was EUR 0.1 million (1-9/2009: EUR -10.5 million). Result for the review period was EUR 2.8 million (1-9/2009: EUR -14.3 million).

Financial position and cash flow

Total assets on September 30, 2010, were EUR 64.5 million (December 31, 2009: EUR 61.7 million). Goodwill on the balance sheet was EUR 35.3 million (December 31, 2009: EUR 31.2 million). The increase in goodwill was due to changes in currency rates and ownership increase in EVTC. The Group's cash and cash equivalents stood at EUR 3.1 million (December 31, 2009: EUR 6.7 million). The Group's financial liabilities amounted to EUR 14.1 million (December 31, 2009: EUR 11.6 million) at period end. The equity ratio was 43.3% (December 31, 2009: 38.5%). Operating cash flow was EUR -1.8 million (1-9/2010: EUR -4.8 million). The cash flow after investments improved and was EUR million -4.4 (1-9/2009: EUR -6.5 million). Review period's cash flow includes EUR 2.4 million payment caused by company acquisitions done in 2008 and 2010.

Capital expenditures

The Group's gross investments came to EUR 0.9 million (1-9/2009: EUR 1.2 million).

Personnel

The number of the Group's personnel averaged 1,610 (1-9/2009: 1,682) during the review period and was 1,567 (September 30, 2009: 1,624) at period end. The Group employed people 615 (September 30, 2009: 628) overseas at the end of the period.

Incentive plan for key personnel

The Etteplan Oyj Board of Directors decided on a share-based incentive plan for key personnel in March 2008. The plan includes three earnings periods: calendar years 2008, 2009 and 2010. The plan had a target group of 37 people in 2008, 39 people in 2009 and 33 people in 2010. The remuneration paid from the plan corresponds to the value of about 720,000 Etteplan Oyj shares at maximum.

Pursuant to the authorization granted to it by the Annual General Meeting of Shareholders', held on March 26, 2009, the Board of Directors of Etteplan Oyj has in its meeting, on February 10, 2010, made a resolution that there will be no disposal of company-held shares for the 2009 earnings period.

Estimate of operating risks and uncertainty factors

Etteplan's financial results are exposed to number of strategic, operational and financial risks. A detailed risk analysis can be found in Etteplan's annual report 2009.

External risks

During the period under review, economic development on the whole and unpredictable changes in customers' business operations continued to be a risk.

Internal risks

Etteplan does not foresee changes in its internal risk position compared to previously stated.

Annual General Meeting

The Annual General Meeting of Shareholders of Etteplan Oyj was held on March 24, 2010 at premises of the Company in Vantaa. In accordance with the proposal of the Board of Directors´ Nomination and Compensation Committee Tapio Hakakari, Heikki Hornborg, Robert Ingman and Pertti Nupponen were re-elected as members of the Board of Directors as well as Satu Rautavalta and Teuvo Rintamäki were elected as new members of the Board of Directors.

The Annual General Meeting approved the Financial Statements for financial year 2009 and discharged members of the Board of Directors and the CEO from liability.

The auditor elected was PricewaterhouseCoopers Oy, Authorized Public Accounting Firm with Authorized Public Accountant Mr Mika Kaarisalo as the main responsible auditor. The fees for the auditor are paid according to invoice by the principles approved by the Board of Directors.

The Annual General Meeting authorized the Board of Directors to decide to issue maximum of 4,000,000 shares through issuance of shares, option rights or other special rights entitling to shares under Chapter 10, Section 1 of the Companies Act in one or more issues. The authorization includes a right to issue new shares or assign company's own shares held by the company.

The authorization is effective for a period of five (5) years from the resolution of the Annual General Meeting, i.e. from March 24, 2010 to March 24, 2015. The authorization shall replace the previous authorization.

The Annual General Meeting resolved, in accordance with proposal of the Board of Directors, to grant the Board the authority to acquire the company's own shares in one or more lots using the company's unrestricted equity. A maximum of 2,000,000 of the company's own shares can be acquired. The Board of Directors shall have the right to decide who the shares are acquired from or, the Board of Directors has the right to decide on a directed acquisition of own shares.

The authorization is valid for 18 months from the date of the decision of the Annual General Meeting starting on March 24, 2010 and ending on September 24, 2011. The authorization shall replace the previous authorization.

The Annual General Meeting adopted a resolution to amend the articles of association's paragraph 9 as follows:

"9 § Invitation to the General Meeting of Shareholders

Invitation to the General Meeting of Shareholders shall be published in the company's website no earlier than two (2) calendar months and no later than three (3) weeks prior to the meeting, but no later than nine (9) days before the record date of the General Meeting. The Board of Directors may also decide to publish the invitation to the General Meeting of Shareholders in a one Finnish national newspaper determined by the Board of Directors."

Dividend

The Annual General Meeting passed a resolution, in accordance with the proposal of the Board of Directors, that a dividend of EUR 0.04 per share be paid from the financial year 2009. The remaining funds shall be left to the unrestricted equity. The dividend will be paid to the shareholders registered in the shareholders' register maintained by Euroclear Finland Ltd as the record date. The record date of the payment of dividend was March 29, 2010. The dividend was paid on April 7, 2010.

Shares

The Etteplan Oyj share (ETT1V) is quoted in the Nordic NASDAQ OMX's Small Cap market capitalization group in the Industrials sector.

The company's share capital on September 30, 2010 was EUR 5,000,000.00, and the number of shares outstanding was 20,179,414. The company has one series of shares. All shares confer an equal right to a dividend and the company's funds.

The company held 470,634 of its own shares on September 30, 2010. During the period under review, the company did not acquire nor dispose any company-held shares.

Outlook

The commencement of Etteplan's customers' investment and product development projects as well as changes in order books reflect quickly to the demand for technical design and product information services and the development of Etteplan's revenue.

The revenue in 2010 is estimated to be approximately on the same level as in year 2009. Adjustments done in year 2009 improve company's profitability and operating profit's positive development is estimated to continue. The revenue and operating profit estimates are based on Etteplan's current market outlook. Potential acquisitions in year 2010 are not included in the estimate.

Hollola, November 10, 2010

Etteplan Oyj

Board of Directors

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

The information presented herein has not been audited.

APPENDIX:

Financial Statement Summary and Notes Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Key Figures Notes to the Financial Statement Summary

Releases and other corporate information are available on Etteplan's Web site at www.etteplan.com.

DISTRIBUTION: NASDAQ OMX Helsinki Major media www.etteplan.com

This interim report includes forward-looking estimates and assumptions. Accordingly, outcomes may deviate from these estimates, which are based on the management's current best knowledge.

Etteplan is a specialist in industrial equipment engineering and technical product information solutions and services. Our customers are global leaders in their fields and operate in areas like the automotive, aerospace and defence industries as well as the electricity generation and power transmission sectors, and material flow management.

Etteplan has comprehensive competence in electronics and embedded systems development, automation and electrical design, mechanical design and technical product information solutions and services.

In 2009, Etteplan had turnover of EUR 98.7 million. Etteplan's shares are listed on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(EUR 1 000)	7-9/2010	7-9/2009	1-9/2010	1-9/2009	1-12/2009
Continuing operations
Revenue	23 062	18 328	74 698	73 094	98 700
Other operating income	579	224	1 099	563	392
Materials and services	-2 278	-373	-6 827	-5 463	-8 077
Staff costs	-16 061	-15 714	-52 937	-59 731	-75 851
Other operating expenses	-3 735	-3 740	-10 759	-12 103	-17 155
Depreciation and amortisation	-389	-390	-1 110	-1 208	-1 596
Operating profit/loss	1 178	-1 664	4 163	-4 848	-3 587
Financial income	71	42	389	219	341
Financial expenses	-187	-116	-514	-571	-925
Share of the result of associates	18	-36	-290	-86	-134
Profit/loss before taxes	1 080	-1 775	3 748	-5 285	-4 304
Income taxes	-244	576	-1 008	1 509	1 017
Profit/loss for the financial year, continuing
operations	836	-1 198	2 740	-3 776	-3 287
Discontinuing operations
Profit/loss for the financial year, discontinuing
operations	-257	-8 549	102	-10 518	-11 067
Profit/loss for the financial year	579	-9 747	2 842	-14 295	-14 354
Other comprehensive income
Currency translation differences	810	919	2 265	1 209	1 245
Other comprehensive income, net of tax	810	919	2 265	1 209	1 245
Total comprehensive income/expense for
the year	1 389	-8 828	5 107	-13 086	-13 109
Income/expense attributable to
Equity holders of the company	586	-9 750	2 827	-14 317	-14 403
Minority interest	-7	3	15	22	49
	579	-9 747	2 842	-14 295	-14 354
Total comprehensive income/expense at
tributable to
Equity holders of the company	1 389	-8 831	5 087	-13 108	-13 164
Minority interest	0	3	21	22	55
	1 389	-8 828	5 107	-13 086	-13 109
Earnings per share calculated from the result of parent company shareholders
Continuing operations
Basic earnings per share, EUR	0,05	-0,06	0,13	-0,19	-0,17
Diluted earnings per share, EUR	0,05	-0,06	0,13	-0,19	-0,17
Discontinuing operations
Basic earnings per share, EUR	-0,01	-0,43	0,01	-0,53	-0,56
Diluted earnings per share, EUR	-0,01	-0,43	0,01	-0,53	-0,56
					8 (14)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(EUR 1 000)	30.9.2010	30.9.2009	31.12.2009
ASSETS
Non-current assets
Tangible assets	1 671	1 681	1 458
Goodwill	35 318	28 106	31 184
Other intangible assets	1 059	1 182	1 042
Investments available for sales	433	667	691
Other long-term receivables	4	3	3
Deferred tax assets	520	1 922	950
Non-current assets, total	39 005	33 562	35 329
Current assets
Trade and other receivables	22 399	24 919	18 645
Current tax assets	21	759	1 079
Cash and cash equivalents	3 075	2 062	6 650
Current assets, total	25 496	27 740	26 375
TOTAL ASSETS	64 500	61 301	61 704
EQUITY AND LIABILITIES
Capital attributable to equity holders
Share capital	5 000	5 000	5 000
Share premium account	6 701	6 701	6 701
Unrestricted equity fund	2 586	2 593	2 590
Own shares	-1 913	-1 904	-1 949
Cumulative translation adjustment	-273	-2 569	-2 534
Other reserves	10 000	0	10 000
Retained earnings	2 771	18 203	18 148
Profit/loss for the financial year	2 842	-14 317	-14 403
Capital attributable to equity holders, total	27 714	13 707	23 554
Non-controlling Interests	155	107	135
Equity, total	27 870	13 814	23 689
Non-current liabilities
Deferred tax liabilities	199	933	150
Financial liabilities	5 304	9 388	7 626
Non-current liabilities, total	5 502	10 321	7 776
Current liabilities
Financial liabilities	8 792	14 603	3 959
Trade and other payables	21 246	18 342	24 401
Reserves	391	3 948	1 435
Current income tax liabilities	700	273	445
Current liabilities, total	31 129	37 166	30 239
Liabilities, total	36 631	47 487	38 016
TOTAL EQUITY AND LIABILITIES	64 500	61 301	61 704

CONSOLIDATED STATEMENT OF CASH FLOWS

(EUR 1 000)	1-9/2010	1-9/2009	1-12/2009
Operating cash flow
Cash receipts from customers	72 776	99 719	129 302
Operating expenses paid	-74 136	-104 251	-126 232
Operating cash flow before financial items and taxes	-1 360	-4 532	3 070
Interest and payment paid for financial expenses	-468	-472	-632
Interest received	48	102	197
Income taxes paid	-20	66	-557
Operating cash flow ( A )	-1 800	-4 837	2 078
Investing cash flow
Purchase of tangible and intangible assets	-684	-98	-139
Disposals of subsidiaries	0	0	93
Acquisition of subsidiaries	-2 420	-840	-966
Acquisition of associates	-95	0	0
Proceeds from sale of tangible and intangible assets	27	257	30
Loan receivables, increase	0	-993	-977
Loan receivables, decrease	523	0	0
Proceeds from sale of investments	1	0	3
Investing cash flow ( B )	-2 648	-1 674	-1 956
Cash flow after investments ( A + B )	-4 448	-6 510	122
Financing cash flow
Purchase of own shares	0	-44	-44
Short-term loans, increase	3 808	8 009	0
Short-term loans, decrease	0	0	-3 251
Long-term loans, increase	0	2 492	2 528
Hybrid loan, increase	0	0	10 000
Long-term loans, decrease	-2 502	-2 266	-3 112
Dividend paid and other profit distribution	-788	-1 574	-1 574
Financing cash flow ( C )	518	6 618	4 547
Variation in cash (A + B + C) increase ( + ) / decrease ( - )	-3 930	107	4 669
Assets in the beginning of the period	6 650	1 879	1 879
Exchange gains or losses on cash and bank equivalents	355	76	102
Assets at the end of the period	3 075	2 062	6 650

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Legends for table columns

• A) Share Capital
• B) Share Premium Account
• C) Unrestricted Equity Fund
• D) Own shares
• E) Cumulative Translation Adjustment
• F) Other reserves
• G) Retained Earnings
• H) Total
• I) Non-controlling Interests
• J) Equity total

(EUR 1 000)	A	B	C	D	E	F	G	H	I	J
Equity 1.1.2009	5 000	6 701	2 474	-2 025	-5 188	0	19 959	26 921	79	27 000
Dividends							-1 574	-1 574		-1 574
Purchase of own shares				-44				-44		-44
Shares to be issued			116	120			-179	57		57
Hybrid loan						10 000	-59	9 941		9 941
Change in transla tion difference								0	6	6
Changes in ownership					1 410			1 410		1 410
Comprehensive income for the financial period					1 245		-14 403 -13 159			49 -13 109
Equity 31.12.2009	5 000	6 701	2 590	-1 949	-2 534	10 000	3 745	23 554	135	23 689

(EUR 1 000)	A	B	C	D	E	F	G	H	I	J
Equity 1.1.2010	5 000	6 701	2 590	-1 949	-2 534	10 000	3 745	23 554	135	23 689
Dividends							-788	-788		-788
Purchase of own shares				-6				-6		-6
Shares to be issued			-4	41			6	43		43
Hybrid loan							-176	-176		-176
Comprehensive income for the
financial period					2 260		2 827	5 087	21	5 107
Equity 30.9.2010	5 000	6 701	2 586	-1 913	-273	10 000	5 614	27 714	155	27 870

(EUR 1 000)	A	B	C	D	E	F	G	H	I	J
Equity 1.1.2009	5 000	6 701	2 474	-2 025	-5 188		0 19 959	26 921	79	27 000
Dividends							-1 574	-1 574		-1 574
Purchase of own shares				-44				-44		-44
Shares to be issued			119	165			-183	101		101
Changes in ownership					1 410			1 410	5	1 415
Comprehensive income for the financial period					1 209			-14 317 -13 108		22 -13 086
Equity 30.9.2009	5 000	6 701	2 593	-1 904	-2 569		0 3 886	13 707	107	13 814

KEY FIGURES

				Change to
(EUR 1 000)	1-9/2010	1-9/2009	1-12/2009	prev.year
Revenue	74 698	73 094	98 700	2,2 %
Operating profit/loss	4 163	-4 848	-3 587	185,9 %
Operating profit/loss, %	5,6	-6,6	-3,6
Profit/loss before taxes	3 748	-5 285	-4 304	170,9 %
Profit/loss before taxes, %	5,0	-7,2	-4,4
Return on equity, %	14,2	-24,7	-13,0
Return on investment, % *)	14,7	-15,4	-8,6
Equity ratio, %	43,3	22,6	38,5
Gross interest-bearing debt	14 096	23 991	11 585	-41,2 %
Net gearing, %	39,5	158,7	20,8
Balance sheet, total	64 500	61 301	61 704	5,2 %
Gross investments	902	1 168	4 763	-22,7 %
Earnings per share, EUR	0,13	-0,19	-0,17	168,4 %
Diluted earnings per share, EUR	0,13	-0,19	-0,17	168,4 %
Equity per share, EUR	1,41	0,70	1,20	101,9 %
Personnel, average	1 610	1 682	1 765	-4,3 %
Personnel at end of the period	1 567	1 624	1 544	-3,5 %

*) Return on investment has been calculated from result before taxes

Revenue and operating profit quarterly
(EUR 1 000)	Q1/2010	Q2/2010	Q3/2010
Revenue	24 853	26 782	23 062
Operating profit	1 125	1 859	1 178
% of revenue	4,5	6,9	5,1

Reserves

(EUR 1 000)	Warranty provision	Reorganization provision	Other provisions	Total
Reserves 1.1.2010	187	1 198	50	1 435
Utilized during the period	-74	-254	0	-328
Unused amount reversed	-113	-554	-50	-717
Reserves 30.9.2010	0	391	0	391
Reserves 1.1.2009	0	0	0	0
Additional provisions	0	3 948	0	3 948
Reserves 30.9.2009	0	3 948	0	3 948
Reserves 1.1.2009	0	0	0	0
Additional provisions	187	1 198	50	1 435
Reserves 31.12.2009	187	1 198	50	1 435

NOTES TO THE FINANCIAL STATEMENT SUMMARY

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.

Etteplan is a specialist in industrial equipment engineering and technical product information solutions and services. Our customers are global leaders in their fields and operate in areas like the automotive, aerospace and defence industries as well as the electricity generation and power transmission sectors, and material flow management.

Etteplan has comprehensive competence in electronics and embedded systems development, automation and electrical design, mechanical design and technical product information solutions and services.

Etteplan's strength lies in its highly skilled employees who, being located near to the customers, are able to develop close, long term business relationships. We implement solutions globally according to customer needs.

In 2009, Etteplan had turnover of EUR 98.7 million. Etteplan's shares are listed on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.

The Etteplan Oyj Board of Directors approved the interim report for publication at its meeting of November 9, 2010.

Basis for preparation

The interim report has been prepared in accordance with IAS 34 (Interim Financial Reporting) and the preparation and accounting policies presented in the 2009 annual financial statements, but not all requirements of the IAS 34 standard for interim financial reporting have been followed in the accounting.

Monetary figures in the interim report are presented in thousands of euros. All figures in the tables have been rounded up or down, due to which the sums of figures may deviate from the sum totals presented.

In interim report the accounting principles used were the same as for the 2009 annual financial statements. The annual financial statements are available at http://etteplan.smartpage.fi/en/annualreport09/ and the accounting policy is detailed on pages 26–30 of the annual report 2009. Formulas for the key figures are detailed on page 45 of the annual report 2009.

Income taxes

The taxes listed in the consolidated statement of comprehensive income have been calculated with the tax rate appropriate for the projected full-year result. The estimated average effective tax rate for the year has been set separately for each relevant country. The effective tax rate used in the interim report is 26.9%.

Risks

Etteplan´s financial results are exposed to number of strategic, operational and financial risks.

Etteplan Group's most significant goodwill is related to the Swedish operations. The current impairment test shows no reason for goodwill write-down.

A detailed risk analysis can be found in Etteplan´s annual report 2009.