Etteplan Oyj — Interim / Quarterly Report 2012

May 8, 2012

Interim Report

January-March 2012

Operating prot and revenue improved signicantly

ETTEPLAN OYJ INTERIM REPORT MAY 8, 2012 AT 2:00 P.M.

ETTEPLAN Q1: OPERATING PROFIT AND REVENUE IMPROVED SIGNIFICANTLY

Review period January-March 2012

• − The Group's revenue grew 20.2% and was EUR 35.6 million (1–3/2011: EUR 29.6 million).
• − Operating profit improved 125.1% and was EUR 2.6 million (EUR 1.2 million).
• − The profit for the review period was EUR 1.7 million (EUR 0.7 million).
• − Operating cash flow increased and was EUR 1.6 million (EUR -2.0 million).
• − Earnings per share were EUR 0.09 (0.03).
• − Etteplan acquired the entire share capital of the Dutch-based Tedopres International B.V., a company focusing on technical product information solutions.
• − Etteplan revises its estimate for the outlook 2012 presented in the Financial Statement Release.

Outlook 2012

The development of Etteplan's customers' order books quickly influences the development of Etteplan's revenue. The current order books of Etteplan's major customers are on average at a good level. We estimate that our market position will remain strong and the sales of our product solutions will develop favourably.

We expect the revenue and operating profit for the year 2012 to grow clearly compared to 2011.

Previous estimate of outlook

At the beginning of 2012, the order books of major customers operating in Scandinavia are at a good level. We estimate that demand for design and product information services will continue to grow also in China. Changes in Etteplan's customers' order books quickly influence the development of Etteplan's revenue.

We expect the revenue and operating profit of the first six months of 2012 to grow compared to the first half of 2011.

Key figures

(EUR 1 000)	1-3/2012	1-3/2011	1-12/2011
Revenue	35,626	29,645	119,448
Earnings before interest, tax, depreciation and amortization and
share of result of associates (EBITDA)	3,083 ( 8.7% )	1,539 ( 5.2% )	8,478 ( 7.1% )
Operating profit (EBIT)	2,609 ( 7.3% )	1,159 ( 3.9% )	6,885 ( 5.8% )
Basic earnings per share, EUR	0.09	0.03	0.20
Equity ratio, %	25.7	41.5	31.1
Return on capital employed (ROCE) before taxes, %	25.5	12.4	17.6
Personnel at end of the period	1,777	1,574	1,659

Juha Näkki, President and CEO of Etteplan Oyj comments on the interim report:

"We managed to increase our market share in several global accounts, particularly with the aid of our service products. This kept the utilization rate of engineering design capacity at a good level and made strong growth possible. Service products and solutions have had a significant position in the development of the Group's business operations and had a positive impact on revenue and operating profit growth.

During the review period, we refocused our strategy to improve its alignment with market development and enhanced our organization to correspond to the updated strategy. In line with our strategy, we invested in the development of technical product information methods by acquiring the entire share capital of the Dutch-based Tedopres International B.V. Tedopres' advanced solutions complement Etteplan's service offering and form an excellent foundation for continued growth in the current customer industries. This acquisition opens up new opportunities both in the Central European market and in new customer industries and makes Etteplan one of the leading technical product information companies in Europe, with more than 300 specialists.

I am very satisfied with the positive development in the first quarter of the year. We have worked determinedly to harmonize operations and develop our business. I believe that the positive development will continue during the rest of 2012."

Accounting principles

The interim report has been prepared in accordance with IAS 34 (Interim Financial Reporting) standard and the preparation and accounting policies presented in the 2011 annual financial statements, but not all requirements of the IAS 34 standard for interim financial reporting have been followed in the accounting.

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

Business review January-March 2012

Operating environment

The demand for technical engineering design and product information services remained at a good level during the first quarter of the year. The demand for engineering design services from mining equipment manufacturers remained high. The demand for engineering design services in the energy and power transmission sector improved.

As for forest industry equipment manufacturers, demand developed heterogeneously due to the different demand development trends in various end customer segments. In Finland, demand for engineering design services from forest industry equipment manufacturers decreased slightly, whereas in Sweden, the demand remained at a good level during the review period.

In Etteplan's other key customer industries, demand remained at a good and stable level.

During the review period, new investment projects were started at a slow rate due to the uncertain market environment.

Business review

During the review period, Etteplan's business operations were balanced by the even spread of companies in the customer portfolio among different industries. Etteplan's customers are mainly global companies with a significant presence in emerging markets outside Europe. Furthermore, Etteplan serves its customers in all phases of the product lifecycle. These factors combined had the effect of presenting Etteplan with excellent growth opportunities in the review period. The partial uncertainty of the market did not have a significant impact on Etteplan's business during the review period.

The share of productized services of sales strengthened especially in Finland and the key accounts grew 21.0 per cent.

The utilization rate of engineering design capacity was at a good level throughout the review period. Business operations in Sweden were still impaired by personnel turnover. In Finland, personnel turnover was at a very low level.

In February, Etteplan lifted Engineering Methods as the fourth strategic theme to complement the themes specified in 2009: Customer Focus, Service Solutions and One Etteplan. In connection with the strategy update, Etteplan renewed its organization to correspond to the updated strategy. The new organization was effective as of March 1, 2012. In addition to President and CEO Juha Näkki, Etteplan's Management Group consists of the following persons: Per-Anders Gådin, Senior Vice President, Finance & IT, Veikko Lamminen, Senior Vice President, Operations Finland, Outi-Maria Liedes, Senior Vice President, Communications & Operational Development and Mikael Vatn, Senior Vice President, Operations Sweden.

In early March, Etteplan Oyj continued its investments in technical product information methods and expanded its operations in Europe by acquiring Tedopres International B.V. Tedopres International provides unique methods for the creation and distribution of technical product information. As a result of the acquisition, Etteplan's service solutions now cover all sectors of technical product information from content creation to distribution. Since the acquisition, Etteplan is one of the largest and most progressive technical product information companies in Europe. The acquisition improved Etteplan's growth opportunities significantly and enables the company to support customers more efficiently in the growing maintenance business operations, for instance.

During the review period, Etteplan signed several significant agreements with Cargotec Oyj, Moventas Wind Oy and Siemens AB, for instance. Etteplan's service solutions form a central part of new assignments and support Etteplan's business model transformation into managed services.

Etteplan Oyj earned the recognition as a Partner-level Supplier for 2011 in the John Deere Achieving Excellence Program. The Partner-level status is Deere & Company's highest supplier rating.

Revenue

In the first quarter of the year, Etteplan's revenue grew 20.2 per cent and amounted to EUR 35.6 million (1–3/2011: EUR 29.6 million). The factors contributing to this growth in revenue include strong demand for engineering design services and technical product information services as well as Etteplan's strong market position. The share of organic growth in the growth of revenue was 90.3 per cent. In addition, revenue was boosted by Etteplan's global customer base. Revenue from product design services aimed at customers' growing markets increased well.

Etteplan's business is subject to periodic fluctuation. The periodic fluctuation is affected by holiday seasons and the timing of product development and investment projects in customer companies, mainly at the beginning of the year as well as in the fall. Due to the summer holidays, the revenue of the third quarter is typically lower than that of other quarters. Etteplan's revenue in the first quarter developed well when compared with normal periodic fluctuation, thanks to the company's improved market position and the fact that Easter fell in the second quarter this year.

Result

Operating profit grew 125.1% and amounted to EUR 2.6 million (1–3/2011: EUR 1.2 million). The transfer to higher added value services had a positive impact on the operating profit. The costs related to the increased operations grew by 15.9 per cent. The operating profit percentage improved year-on-year and was 7.3% (3.9%).

Financial expenses were EUR 0.3 million (1–3/2011: EUR 0.2 million).

Taxes in the income statement corresponded to 27.4 (28.7) per cent of the result before taxes. The amount of taxes was EUR 0.7 (0.3) million.

The profit before taxes for the review period was EUR 2.4 million (1–3/2011: EUR 1.0 million). Earnings per share were EUR 0.09 (0.03). Equity per share was EUR 1.04 (1.42). Return on capital employed was 25.5 (12.4) per cent.

The profit for the review period was EUR 1.7 million (1–3/2011: EUR 0.7 million).

Financial position and cash flow

Total assets on March 31, 2012 were EUR 78.9 million (December 31, 2011: EUR 65.6 million). Goodwill on the balance sheet was EUR 39.2 million (December 31, 2011: EUR 36.3 million). The increase in goodwill results from the acquisition of Tedopres International B.V. and differences in currency rates. The amount of goodwill resulted from the acquisition of Tedopres is EUR 2.7 million.

The Group's cash and cash equivalents stood at EUR 2.7 million (December 31, 2011: EUR 3.0 million). The Group's financial liabilities amounted to EUR 23.9 million (December 31, 2011: EUR 20.2 million) at period end. The total of unused short term credit facilities is EUR 12.6 million (December 31, 2011: EUR 11.8 million).

The equity ratio was 25.7% (December 31, 2011: 31.1%) and it was influenced by the corporate acquisition made in the first quarter. Operating cash flow increased and was EUR 1.6 million (1–3/2011: EUR -2.0 million). Cash flow after investments was EUR -2.9 million (1–3/2011: EUR -2.0 million). Cash flow was enhanced by improved processing and sales of sales receivables.

Capital expenditures

The Group's gross investment during the review period was EUR 7.4 million (1-3/2011: 0.6). The investments mainly consisted of the acquisition and license fees for software.

Personnel

The Group employed an average of 1,773 (1-3/2011: 1,573) people during the review period and 1,777 (March 31, 2011: 1,574) at the end of the review period. At the end of the review period, 713 people (March 31, 2011: 619) were employed by the Group abroad.

Incentive plan for key personnel

The Board of Directors of Etteplan Oyj decided on a new share-based incentive plan for the Group key personnel in March 2011. The plan includes three earning periods, calendar years 2011, 2012 and 2013. The Board of Directors shall decide on the earnings criteria and on targets to be established for them for each earning period. During the earning period 2011, 16 people belonged to the target group of the plan. The earnings criteria of the earning period 2011 were the Etteplan Group´s operating profit and revenue.

The rewards to be paid on the basis of the plan from all earning periods 2011, 2012 and 2013 will correspond to the value of an approximate maximum total of 810,000 Etteplan Oyj shares (including also the proportion to be paid in cash).

The Board of Directors of Etteplan Oyj has in its meeting, on February 14, 2012, made a resolution that there will be no transfer of company-held shares for the 2011 earnings period.

During the earning period 2012, approximately 16 people belong to the target group of the plan. The earnings criteria of the earning period 2012 is the Etteplan Group´s operating profit.

Annual General Meeting

The Annual General Meeting of Shareholders of Etteplan Oyj was held at the premises of the Company in Vantaa on March 30, 2012. In accordance with the proposal of the Board of Directors' Nomination and Remuneration Committee the Annual General Meeting re-elected Tapio Hakakari, Heikki Hornborg, Robert Ingman, Pertti Nupponen, Satu Rautavalta and Teuvo Rintamäki to the Board.

The Annual General Meeting approved the Financial Statements for financial year 2011 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 fee for the auditor is paid according to invoice approved by the Company.

The Annual General Meeting authorized the Board of Directors to resolve to repurchase Company's own shares in one or more tranches using the Company's unrestricted equity. A maximum of 2,000,000 Company shares may be repurchased. The Company may deviate from the obligation to repurchase shares in proportion to the shareholders' holdings, i.e., the Board has the right to decide on a directed repurchase of Company shares.

The authorization includes the right for the Board to resolve to repurchase Company shares through a tender offer made to all shareholders on equal terms and conditions and at the price determined by the Board; or in public trading organized by the NASDAQ OMX Helsinki Ltd. at the market price valid at any given time, so that the Company's total holding of own shares does not exceed ten (10) per cent of all the shares in the Company. The minimum price for the shares to be repurchased is the lowest market price quoted for the Company shares in public trading and, correspondingly, the maximum price is the highest market price quoted for the Company shares in public trading during the validity of the authorization.

Should Company shares be repurchased in public trading, such shares will not be purchased in proportion to the current shareholders' holdings. Thus, there must be a substantial financial reason for the Company to repurchase Company shares. The shares may be repurchased in order to be used as consideration in potential acquisitions or in other structural arrangements. The shares may as well be used for carrying out Company's incentive schemes for its personnel. The repurchased shares may be kept by the Company, invalidated or transferred onwards.

The repurchase of shares will reduce the unrestricted equity.

The authorization is valid for 18 months from the date of the resolution of the Annual General Meeting starting on March 30, 2012 and ending on September 29, 2013. The authorization replaces the corresponding previous authorization.

Dividend

The Annual General Meeting on March 30, 2012 passed a resolution, in accordance with the proposal of the Board of Directors, that a dividend of EUR 0.10 per share is paid for the financial year 2011. The remaining funds shall be left to the unrestricted equity. The dividend was paid to the shareholders registered on the record date in the shareholders' register maintained by Euroclear Finland Ltd. The record date of the payment of dividend was April 4, 2012. The dividend was paid on April 13, 2012.

Shares

Etteplan's shares are listed in NASDAQ OMX Helsinki Ltd's Small Cap market capitalization group in the Industrials sector under the ETT1V ticker.

The company's share capital on March 31, 2012 was EUR 5,000,000.00, and the total number of shares 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 Annual General Meeting on March 24, 2010 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 five years from the time of the Annual General Meeting resolution – i.e., from March 24, 2010, through March 24, 2015. The authorization replaces the previous authorization. The Board has not exercised this authorization.

The company held 471,302 of its own shares on March 31, 2012 which corresponds 2.34 per cent of all shares and voting rights (31.12.2011: 471,302). During the period under review, the company did not acquire nor transfer any company-held shares.

The number of Etteplan Oyj shares traded during the review period was 921,725. The share price low was EUR 2.26, the high EUR 2.80, the average EUR 2.54, and the closing price EUR 2.68. Market capitalization on March 31, 2012 was EUR 52.8 million.

On March 31, 2012, the members of the company's Board of Directors and the President and CEO owned a total of 1,571,785 shares, or 7.79% of the total share base.

Flaggings

Ingman Group Oy Ab's share in Etteplan Oyj's share base and voting rights exceeded 20% through a business transaction completed on March 15, 2012.

Operating risks and uncertainty factors

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

Etteplan conducted a thorough risk assessment in 2011. The assessment is presented in the Annual Report 2011 on pages 25-27.

Estimate of operating risks and uncertainty factors in the review period

The uncertainty caused by the general economic development remained at the same high level as at the end of 2011. The risk did not change during the review period in comparison to the previous quarter.

The company's operations are based on skilled staff. The availability of competent professionals is an important factor for ensuring profitable growth and operations. During the review period, increased difficulties in obtaining professional staff in Sweden was an elevated business risk that materialized and burdened the revenue and operating profit in the first quarter.

Estimate of operating risks and uncertainty factors in the near future

The uncertainty caused by the general economic development continues to be a risk to Etteplan's business operations. The possibility of unseen changes in customers' operations continues to cause an increased risk to Etteplan's operations.

The company's operations are based on skilled staff. The availability of competent professionals is an important factor for ensuring profitable growth and operations. The company expects the risk to remain at the 2011 level.

Outlook 2012

The development of Etteplan's customers' order books quickly influences the development of Etteplan's revenue. The current order books of Etteplan's major customers are on average at a good level. We estimate that our market position will remain strong and the sales of our product solutions will develop favourably.

We expect the revenue and operating profit for the year 2012 to grow clearly compared to 2011.

Financial information in 2012

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

Second quarter, 6 months	Tuesday August 14, 2012
Third quarter, 9 months	Wednesday October 31, 2012

Hollola, May 8, 2012

Etteplan Oyj

Board of Directors

Additional information:

Juha Näkki, President and CEO, tel. +358 400 606 372

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 Notes to the Financial Statement Summary

The information presented herein has not been audited.

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

CONSOLIDATED STAMENT OF COMPREHENSIVE INCOME

(EUR 1 000)	1-3/2012	1-3/2011	1-12/2011
Revenue	35 626	29 645	119 448
Other operating income	107	78	347
Materials and services	-2 572	-1 943	-8 465
Staff costs	-24 864	-21 775	-84 550
Other operating expenses	-5 215	-4 465	-18 302
Depreciation and amortization	-473	-381	-1 593
Operating profit (EBIT)	2 609	1 159	6 885
Financial income	52	78	304
Financial expenses	-315	-230	-866
Share of the result of associates	51	27	24
Profit/loss before taxes	2 397	1 034	6 347
Income taxes	-658	-297	-1 724
Profit/loss for the financial year	1 739	737	4 623
Other comprehensive income
Foreign subsidiary net investment hedges	-59	-12	-148
Currency translation differences	175	66	-28
Change in fair value of investments available-for-sale	8	4	1
Other comprehensive income, net of tax	124	58	-175
Total comprehensive income/expense for the year	1 863	795	4 448
Income/expense attributable to
Equity holders of the company	1 782	763	4 660
Non-controlling interest	-43	-26	-37
	1 739	737	4 623
Total comprehensive income/expense attributable to
Equity holders of the company	1 900	813	4 500
Non-controlling interest	-37	-18	-52
	1 863	795	4 448
Earnings per share calculated from the result attributable to
equity holders of the parent company
Basic earnings per share, EUR	0,09	0,03	0,20
Diluted earnings per share, EUR	0,09	0,03	0,20

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CASH FLOWS

(EUR 1 000)	1-3/2012	1-3/2011	1-12/2011
Operating cash flow
Cash receipts from customers	35 760	27 379	120 629
Operating expenses paid	-33 650	-29 209	-110 548
Operating cash flow before financial items and taxes	2 110	-1 830	10 081
Interest and payment paid for financial expenses	-284	-151	-1 758
Interest received	32	25	83
Income taxes paid	-292	-1	-1 374
Operating cash flow (A)	1 566	-1 957	7 032
Investing cash flow
Purchase of tangible and intangible assets	-121	-89	-245
Acquisition of subsidiaries	-4 616	0	-2 981
Proceeds from sale of tangible and intangible assets	16	8	22
Loan receivables, decrease	272	0	1
Investing cash flow (B)	-4 449	-81	-3 203
Cash flow after investments (A+B)	-2 883	-2 038	3 829
Financing cash flow
Short-term loans, increase	14	609	951
Short-term loans, decrease	-258	0	0
Long-term loans, increase	4 000	4	10 147
Long-term loans, decrease	-907	-965	-4 187
Hybrid loan, decrease	0	0	-10 000
Payment of finance lease liabilities	-238	-175	-811
Dividend paid and other profit distribution	0	0	-1 971
Financing cash flow (C)	2 611	-527	-5 871
Variation in cash (A+B+C) increase (+) / decrease (-)	-272	-2 565	-2 042
Assets in the beginning of the period	3 023	5 017	5 017
Exchange gains or losses on cash and cash equivalents	-13	6	48
Assets at the end of the period	2 738	2 458	3 023

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Legends for table columns

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

(EUR 1 000)	A	B	C	D	E	F	G	H	I	J
Equity 1.1.2011	5 000	6 701	2 584	10 139	-1 958	63	6 734	29 264	101	29 365
Comprehensive income
Profit/loss for the
financial year	0	0	0	0	0	0	4 660	4 660	-37	4 623
Fair value reserve
available-for-sale
assets	0	0	0	1	0	0	0	1	0	1
Foreign subsidiary
net investment
hedges	0	0	0	0	0	-148	0	-148	0	-148
Cumulative
translation
adjustment	0	0	0	0	0	-11	-3	-14	-14	-28
Total
comprehensive
income/expense
for the year	0	0	0	1	0	-159	4 657	4 500	-52	4 448
Transactions with owners
Dividends	0	0	0	0	0	0	-1 971	-1 971	0	-1 971
Hybrid loan	0	0		0 -10 000	0	0		-713 -10 713		0 -10 713
Changes in
ownership	0	0	0	0	0	0	-614	-614	-244	-858
Transactions with
owners, total	0	0		0 -10 000	0	0		-3 298 -13 298		-244 -13 542
Equity 31.12.2011	5 000	6 701	2 584	140	-1 958	-96	8 093	20 466	-195	20 271

(EUR 1 000)	A	B	C	D	E	F	G	H	I	J
Equity 1.1.2012	5 000	6 701	2 584	140	-1 958	-96	8 093	20 466	-195	20 271
Comprehensive income
Profit/loss for the
financial year	0	0	0	0	0	0	1 782	1 782	-43	1 739
Fair value reserve
available-for-sale
assets	0	0	0	8	0	0	0	8	0	8
Foreign subsidiary
net investment
hedges	0	0	0	0	0	-59	0	-59	0	-59
Cumulative
translation
adjustment	0	0	0	0	0	167	2	169	6	175
Total
comprehensive
income/expense
for the year	0	0	0	8	0	108	1 784	1 900	-37	1 863
Transactions with owners
Dividends	0	0	0	0	0	0	-1 971	-1 971	0	-1 971
Share based
incentive plan	0	0	0	0	37	0	0	37	0	37
Transactions with
owners, total	0	0	0	0	37	0	-1 971	-1 934	0	-1 934
Equity 31.3.2012	5 000	6 701	2 584	148	-1 921	12	7 906	20 432	-232	20 201
(EUR 1 000)	A	B	C	D	E	F	G	H	I	J
Equity 1.1.2011	5 000	6 701	2 584	10 139	-1 958	63	6 734	29 264	101	29 365
Comprehensive income
Profit/loss for the
financial year	0	0	0	0	0	0	763	763	-26	737
Fair value reserve
available-for-sale
assets	0	0	0	4	0	0	0	4	0	4
Foreign subsidiary
net investment
hedges	0	0	0	0	0	-12	0	-12	0	-12
Cumulative
translation
adjustment	0	0	0	0	0	56	2	59	8	66
Total
comprehensive
income/expense
for the year	0	0	0	4	0	44	765	813	-18	795
Transactions with owners
Dividends	0	0	0	0	0	0	-1 971	-1 971	0	-1 971
Hybrid loan	0	0	0	0	0	0	-233	-233	0	-233
Transactions with
owners, total	0	0	0	0	0	0	-2 204	-2 204	0	-2 204
Equity 31.3.2011	5 000	6 701	2 584	10 143	-1 958	107	5 295	27 873	83	27 956

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. Etteplan's engineering expertise and service products cover the entire life cycle of the client's products. Our customers are global leaders in their fields and operate in areas like the automotive, aerospace and defense industries as well as the electricity generation and power transmission sectors, and material flow management.

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

In 2011, Etteplan had turnover of EUR 119.4 million. The company currently has close to 1,800 experts in Finland, Sweden, China and the Netherlands. Etteplan's shares are listed on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.

The Etteplan Oyj Board of Directors approved the financial statement release for publication at its meeting of May 8, 2012.

Basis for preparation

The interim report has been prepared in accordance with IAS 34 (Interim Financial Reporting) standard and the preparation and accounting policies presented in the 2011 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 2011 annual financial statements. The annual financial statements are available at http://www.etteplan.com/investors/annual-andinterim-reports/2011.aspx and the accounting policy is detailed on pages 38-44 of the annual report 2011. Formulas for the key figures are detailed at the end of this interim report.

Use of estimates

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

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 27.4% (28.7%).

Risks

Etteplan's financial results are exposed to a number of strategic, operational and financial risks. A description of risks can be found in Etteplan's annual report 2011 on pages 25-27. A detailed financial risk analysis can be found in Etteplan's annual report 2011 on page 44.

KEY FIGURES

(EUR 1 000)	1-3/2012	1-3/2011	1-12/2011	Change to
				prev. year
Revenue	35 626	29 645	119 448	20,2 %
Earnings before interest, tax, depreciation and amortization and
share of result of associates (EBITDA)	3 083	1 539	8 478	100,3 %
EBITDA, %	8,7	5,2	7,1
Operating profit (EBIT)	2 609	1 159	6 885	125,1 %
EBIT, %	7,3	3,9	5,8
Profit/loss before taxes	2 397	1 034	6 347	131,8 %
Profit/loss before taxes, %	6,7	3,5	5,3
Return on equity, %	34,4	10,3	18,6
Return on capital employed (ROCE) before taxes, %	25,5	12,4	17,6
Equity ratio, %	25,7	41,5	31,1
Gross interest-bearing debt	23 912	12 029	20 240	98,8 %
Net gearing, %	104,8	34,2	84,9
Balance sheet, total	78 932	67 515	65 554	16,9 %
Gross investments	7 430	587	3 221	1165,8 %
Earnings per share, EUR	0,09	0,03	0,20	200,0 %
Diluted earnings per share, EUR	0,09	0,03	0,20	200,0 %
Equity per share, EUR	1,04	1,42	1,04	-26,8 %
Personnel, average	1 773	1 573	1 625	12,7 %
Personnel at end of the period	1 777	1 574	1 659	12,9 %

FORMULAS FOR KEY FIGURES

Return on equity (ROE)

(Profit before taxes and non-controlling interest - taxes) x 100 (Shareholders' equity + minority interest) average

Return on capital employed (ROCE), before taxes

(Balance sheet total - non-interest bearing debts) average (Profit before taxes and non-controlling interest + interest and other financial expenses) x 100

Equity ratio, %

(Shareholders' equity + non-controlling interest) x 100 Balance sheet total - advances received

Net gearing, %

(Interest-bearing debts - cash and cash equivalents and marketable securities) x 100 Shareholders' equity + non-controlling interest

Earnings per share

(Profit before taxes and non-controlling interest - taxes - non-controlling interest - hybrid loan interest adjusted with tax effect)

Average number of shares during the financial year

Equity per share

Shareholders' equity

Adjusted number of shares at the end of the financial year