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ETTEPLAN Q1 2022: A strong start to the year

Stock exchange release – Published: 05.05.2022 13:00:00

ETTEPLAN OYJ Interim Report May 5, 2022, at 1:00 p.m.

ETTEPLAN Q1 2022: A strong start to the year

Key points January-March 2022

  • The Group’s revenue grew by 22.8 percent and was EUR 89.6 million (1-3/2021: EUR 73.0 million). At comparable exchange rates, revenue increased by 23.2 percent.
  • Operating profit (EBITA) grew by 16.6 percent and was EUR 9.0 (7.7) million, or 10.0 (10.5) percent of revenue.
  • Operating profit (EBIT) increased by 15.6 percent and was EUR 7.6 (6.6) million, or 8.5 (9.0) percent of revenue.
  • Operating cash flow was EUR 8.6 (1.3) million.
  • Basic earnings per share were EUR 0.23 (0.21).

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 1,0001-3/20221-3/20211-12/2021
Operating profit (EBITA)8,9507,67930,139
EBITA, %10.010.510.0
Operating profit (EBIT)7,6226,59425,754
Basic earnings per share, EUR0.230.210.80
Equity ratio, %37.942.539.7
Operating cash flow8,5971,29027,093
ROCE, %16.518.016.0
Personnel at end of the period3,8773,3313,629

President and CEO Juha Näkki:

The first quarter gave us a good start to the year. Our growth was very strong, acquisitions supported our growth, but we also accelerated our organic growth which totaled some 15 per cent. Our profitability was in line with our target and cash flow was also at a good level thanks to the strong final quarter of the previous year. 

Russia’s attack and the war in Ukraine have shocked us all, but the impacts of the war on our business have been minor so far. The demand situation has been good, but the overall impacts of the war on the demand development are difficult to assess. Investments related to the defense industry and accelerating the green transition are growing, while rising inflation may reduce demand and the willingness to invest in some industries.

The prolongation of the COVID-19 pandemic had a bigger impact on our business in the first quarter than Russia’s attack on Ukraine. Significantly increased sickness-related absences affected our operations in Europe and the effects of the shutdown measures in China began to show. We are able to work remotely in China to a reasonable extent, but we expect the shutdowns to have clear effects on our business operations in the second quarter in China at least.

We continued to invest in growth during the review period. We strengthened our Technical Documentation Solutions service area in Germany by acquiring Cognitas GmbH and we strengthened our Software and Embedded Solutions service area in Sweden by acquiring Syncore Technologies AB.

After the review period, at the end of April, we acquired the Finnish company LCA Consulting Oy. LCA provides us with new capabilities in the area of carbon footprint calculation, significantly strengthening our ability to help our customers achieve their sustainability targets. We now have the ability to assess the customer’s current carbon footprint and help them develop their products and production facilities in order to accomplish their sustainability goals. We believe that these types of services are in high demand among our customer base, which creates excellent growth opportunities for us going forward.

The war in Ukraine and COVID-19 have significantly increased uncertainty in the markets and made forecasting very difficult. While there will certainly be fluctuations in demand, we do not expect the demand situation to deteriorate suddenly. Instead, we expect demand to remain fairly good for the remainder of the year. Consequently, we are keeping our financial guidance unchanged.

Market outlook 2022

The most important factor affecting Etteplan’s business is the global development of the machinery and metal industry. The prolongation of the COVID-19 pandemic continues to have an impact on the market situation and supply chains. Our customers have adapted to the effects of the pandemic, and their business has developed positively. Russia’s attack on Ukraine increases uncertainty in the markets and leads to higher costs, which may affect the demand situation and slow down investments. On the other hand the unstable geopolitical climate increases demand in the defense industry and for investments related to the green transition. We expect the general demand situation to remain fairly good throughout 2022.

Financial guidance 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-March 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, May 5, 2022

Etteplan’s President and CEO Juha Näkki will present the Company’s results for January-March 2022 in a conference call and a live webcast, held in English language, on May 5, 2022 starting at 2.30 p.m. Finnish time (EEST).

To participate in the conference call please dial 5-10 minutes prior to the start of the conference to +358 (0)9 8171 0310 and insert the conference PIN code 79850620#. Questions can be asked in Finnish and in English after President and CEO’s presentation only through conference call connection.

Juha Näkki’s presentation can be followed as a live webcast on The webcast starts at 2.30 p.m. Finnish time (EEST). A recording of the webcast will be available later at

Espoo, May 5, 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 almost 3,900 professionals in Finland, Sweden, the Netherlands, Germany, Poland, Denmark and China. Etteplan's shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker.