ETTEPLAN Q3 2022: Forward with strong operational performance

ETTEPLAN Q3 2022: Forward with strong operational performance

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ETTEPLAN Oyj Interim Report October 31, 2022, at 9.00 a.m.

ETTEPLAN Q3 2022: Forward with strong operational performance

Key points July-September 2022        

Key points January-September 2022  

Etteplan also monitors non-IFRS performance measures, because they provide additional information on Etteplan’s development. More information on performance measures is provided at the end of the release.

Key figures

EUR 1,000 7-9/2022 7-9/2021 1-9/2022 1-9/2021 1-12/2021
Revenue 80,308 66,860 259,146 214,853 300,111
Operating profit (EBITA) 7,085 5,701 24,184 21,174 30,139
EBITA, % 8.8 8.5 9.3 9.9 10.0
Operating profit (EBIT) 5,766 4,597 20,204 17,921 25,754
EBIT, % 7.2 6.9 7.8 8.3 8.6
Basic earnings per share, EUR -0.03 0.14 0.43 0.55 0.80
Equity ratio, % 36.7 42.1 36.7 42.1 39.7
Operating cash flow 4,085 227 17,075 13,937 27,093
ROCE, % 13.2 12.0 15.4 15.6 16.0
Personnel at end of the period 4,001 3,625 4,001 3,625 3,629

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.  

Market outlook 2022

The most important factor affecting Etteplan’s business is the global development of the machinery and metal industry. The COVID-19 pandemic continues to affect the market situation, especially in China. The war started by Russia in Ukraine, and the related energy crisis in Europe, increase uncertainty in the markets and accelerate inflation, which slows down investments and affects the demand situation and supply chains. On the other hand, the unstable geopolitical climate increases the demand for investments related to the defense industry, energy efficiency and the green transition. Forecasting remains difficult and the demand situation is fluctuating. We, nevertheless, expect the general demand situation to remain fairly good throughout 2022.

Financial guidance 2022 (published on October 31, 2022)

Etteplan specifies its financial guidance for Revenue and Operating profit EBIT) within the previously communicated range and estimates:  

revenue in 2022 is estimated to be EUR 345-360 (2021: 300.1) million, and
operating profit (EBIT) in 2022 is estimated to be EUR 28-31 (2021: 25.8) million.

Previous financial guidance 2022 (published on August 10, 2022)

Etteplan keeps its guidance for revenue and operating profit (EBIT) intact and issues the following estimate:  

revenue in 2022 is estimated to be EUR 340-370 (2021: 300.1) million, and
operating profit (EBIT) in 2022 is estimated to be EUR 28-32 (2021: 25.8) million.

Disclosure procedure

This stock exchange release is a summary of Etteplan's January-September 2022 Interim Report. The complete Interim Report is attached to this stock exchange release in pdf format and is also available on Etteplan's website at

Conference call and live webcast today, October 31, 2022

Etteplan’s President and CEO Juha Näkki will present the Company’s results for January-September 2022 in a conference call and a live webcast, held in English language, on October 31, 2022 starting at 10.00 a.m. Finnish time (EET).

Questions can be asked in Finnish and in English after President and CEO’s presentation only through conference call connection. Participants must register through this link to ask questions through the conference call lines. After registering the participant will receive a teleconference number and a code to join the call. The participants are asked to press *5 to join the queue for questions.

Juha Näkki’s presentation can be followed as a live webcast on The webcast starts at 10.00 a.m. Finnish time (EET). A recording of the webcast will be available later at

Espoo, October 31, 2022

Etteplan Oyj

Board of Directors

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


The information presented herein has not been audited.
Releases and other corporate information are available on Etteplan's website at


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Etteplan in brief

We are a rapidly growing technology service company specializing in software and embedded solutions, engineering solutions, and technical documentation solutions. We are a forerunner in the engineering industry and we differentiate ourselves by the wide-ranging competence of our experts. Our customers include world’s leading companies in the manufacturing industry. We help them to create a better world through engineering, innovation and digitalization.

Etteplan has lead the way in the engineering field already since 1983. In 2021, we had a turnover of EUR 300.1 million. The company currently has 4,000 professionals in Finland, Sweden, the Netherlands, Germany, Poland, Denmark and China. Etteplan's shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker.