The objective of Etteplan Oyj’s internal control and risk management is to ensure that the Company’s operations are efficient and profitable, its information is reliable, and it complies with appropriate regulations and operating principles. The objectives also include identification, assessment, and monitoring of risks related to business operations. Internal audit helps to improve the efficient fulfilment of the Board’s supervision obligation.


Operating principles of internal control


Etteplan’s internal control process in controlled by the Finnish Companies Act, the Securities Markets Act and other laws and regulations applicable to the operations of the company, the rules and recommendations of the Nasdaq Helsinki Ltd., as well as Corporate Governance Code for Finnish listed companies. External control is implemented by the company’s auditors and the authorities.

Internal control in Etteplan covers financial reporting and other monitoring. The function of internal control is to ensure that the company achieves the goals and objectives set for it, as well as uses its resources economically and appropriately. Internal control also aims to ensure, among other things, correct and reliable financial and other information, compliance with external regulations and internal guidelines and policies, as well as sufficient security of operations and information. Furthermore, internal control aims to ensure the organization of adequate and appropriate IT and manual systems to support the operations of the Company.

In Etteplan internal control is executed by the Board of Directors, management and the Company’s entire personnel. Internal control is divided into 1) proactive control, 2) day-to-day control and 3) subsequent control. Proactive control consists of specification of corporate values and general operational principles. Day-to-day control includes operational steering and monitoring and thereto related operational systems and work instructions. Subsequent control comprises management evaluations and inspections, comparisons and verifications with the aim of ensuring that the goals are met and the agreed operational principles are followed.


Organization of risk management


Risk management is an integral part of Etteplan’s business management and internal control framework. The function of risk management is to anticipate future risks, to ensure that targets are reached, and to secure operations in changing conditions. The objective is to ensure that the Company’s operations are efficient and profitable, that the information produced is reliable, and that the Company complies with the appropriate regulations and operating principles.

The key measures of Etteplan risk management are comprehensive risk identification, proactive measures, securing operations, limiting adverse impacts, and utilizing opportunities. Etteplan risk management consists of coordinated measures aiming to identify, evaluate, manage and control all major risk areas of the Group in a systematic and proactive manner.

Etteplan’s risk management process is led by the Group President and CEO together with the Management Group member responsible for risk management. The Management Group monitors the significant risks of the business units and supervises the development of the Group’s risk management system and practices.

The business managers have the primary responsibility for risk management. Managers are responsible for risk management in their business areas in compliance with the Group’s risk management guidelines.

Managers report on the major risks of their business area to the Management Group as part of the monthly business reporting. The Group’s financial administration monitors and assesses operational and financial risks and takes measures to hedge against them in cooperation with the Board of Directors, the Management Group and operative management.

The Board of Directors supervises risk management and approves the risk management guidelines of the Group. Risk management actions and the most relevant Group level risks are reported regularly to the Board of Directors.

Risks and risk management are presented on Company’s website and as part of the Corporate Governance Report 2021 published by the Company. Reviews concerning financing risks are presented in the notes to the consolidated financial statements as part of the Financial Report 2021.

Risk management


Internal audit


Etteplan Group does not have separate internal audit function. The Board can engage external advisors to perform evaluations relating to control environment or other activities.


Description of the main features of the internal control and risk management systems pertaining to the financial reporting process


Etteplan prepares consolidated financial statements and interim reports in accordance with the International Financial Reporting Standards, as adopted by EU, the Securities Markets Acts as well as the appropriate Financial Supervision Authority Standards and Nasdaq Helsinki Ltd’s rules. The Report of the Board of Directors of Etteplan and parent company financial statements are prepared in accordance with Finnish Accounting Act and the opinions and guidelines of the Finnish Accounting Board.

Etteplan Group observes Group level accounting principles and instructions, which are applied in all Group companies and according to which the Group's financial reporting is prepared. Together with reporting calendar and schedules, accounting principles and instructions form the framework for timely and correct Group reporting. Etteplan’s business operations are in all material respects located in Finland, Sweden, China, the Netherlands Poland and Germany and the USA, and all countries have local accounting and financial reporting organizations, systems and reporting to the Group. Internal control and risk management systems and practices as described in the following section are designed to ensure that the financial reports as disclosed by the Company give essentially correct information about the Company finances.

Etteplan has a common Group consolidation system to which subsidiaries report their accounting data from centralized ERP or accounting systems. The correctness of the data is controlled by the Group’s financial administration as well as the financial organizations in the operating countries and service areas. The Group’s centralized financial administration prepares consolidated and published financial reports.


Internal control over financial reporting


Proper arrangement and monitoring of internal control is the responsibility of the local management in accordance with the Group framework. Etteplan Board of Directors has approved operating principles of internal control, which have been prepared in accordance with the Finnish Corporate Governance Code 2020 recommendation 24. Operating principles include the main features of risk management process, summary of risks, control objectives and common control points for financial reporting as well as roles and responsibilities in executing and monitoring internal control in Etteplan.

Internal controls over financial reporting process at the country and Group level are reviewed and updated annually. Etteplan’s finance organization has analyzed process risks and defined control objectives for external financial reporting process. Existing control points in the process have been documented. These control points include for example reconciliations, authorizations, analysis, and segregation of key accounting duties. The work has been led by the Group CFO.

According to its annual clock, the Management Group has monthly meetings where also financial performance and financial reporting are analyzed. Prior to these meetings, financial reports have been analyzed in the business group level to detect any irregularities or errors. Group level financial reports are prepared to the Etteplan Audit Committee and the Board of Directors on a monthly basis. The Audit Committe reviews and the Board of Directors approves interim financial reports, annual results report and financial statements.

Etteplan does not have separate internal audit function. The Audit Committee and/or the Board of Directors can engage external advisors to perform evaluations relating to control environment or other activities.

Management of financial risks: 
Management of financial risks.pdf

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Key financial data

5 year history

Back to Key financial data EUR 1,000, Financial period Jan 1 – Dec 31 2021 2020 2019 2018 2017 Revenue 300,111 259,702 263,292 236,477 214,768 Change in revenue, % 15.6 -1.4 11.3 10.1 16.8 Operating profit (EBITA) 30,139 26,172 25,964 22,555 17,387 % of revenue 10.0 10.1 9.9 9.5 8.1 Operating profit (EBIT) 25,754 22,380 22,819 20,184 15,484 % of revenue 8.6 8.6 8.7 8.5 7.2 Profit before taxes  24,867 21,080 21,924 19,396 14,745 % of revenue 8.3 8.1 8.3 8.2 6.9 Profit for the financial year 20,044 17,077 17,387 15,280 11,586 Return on equity, % 21.6 20.8 24.1 24.4 20.9 ROCE, % 16.0 16.0 19.9 21.3 17.8 Equity ratio, % 39.7 40.5 38.9 42.9 40.7 Gross investments 30,582 29,697 36,908 16,527 7,589 % of revenue 10.2 11.4 14.0 7.0 3.5 Net gearing, % 48.6 46.6 52.6 29.8 43.0 Personnel, average 3,480 3,320 3,305 2,995 2,711 Personnel at year end 3,629 3,267 3,447 3,055 2,802 Employee benefits expenses 197,596 177,301 172,520 156,183 144,965   Back to Key financial data Read more

Consolidated statement of comprehensive income

Back to Key financial data   EUR 1,000 Jan 1 - Dec 31, 2021   Jan 1 – Dec 31, 2020   Revenue 300,111   259,702   Other operating income 1,289   3,622   Materials and services -31,685   -23,317   Employee benefits expenses -197,596   -177,301   Other operating expenses -28,527   -22,300   Depreciation and amortization -17,839   -18,026   Operating profit (EBIT) 25,754 8,6% 22,380 8.6% Financial income 593   422   Financial expenses -1,480   -1,722   Profit before taxes 24,867   21,080   Income taxes -4,823   -4,003   Profit for the financial year 20,044   17,077   Other comprehensive income, that may be reclassified to profit or loss         Currency translation differences -589   1,415   Other comprehensive income, that will not be reclassified to profit or loss         Change in fair value of equity investments at fair value through other comprehensive income 32   -7   Other comprehensive income for the year, net of tax -557   1,409   Total comprehensive income for the year 19,487   18,486             Profit for the financial year attributable to         Equity holders of the parent company 20,044   17,077   Total comprehensive income attributable to         Equity holders of the parent company 19,487   18,486   Earnings per share calculated from the profit attributable to equity holders of the parent company         Basic earnings per share, EUR 0.80   0.69   Diluted earnings per share, EUR 0.80   0.69     The notes are an integral part of the Financial Statements.   Back to Key financial data Read more

Consolidated statement of financial position

Back to Key financial data   EUR 1,000  Dec 31, 2021 Dec 31, 2020 ASSETS     Non-current assets     Goodwill 92,380 83,685 Other intangible assets 28,807 26,011 Tangible assets 24,759 25,698 Investments at fair value through other comprehensive income 418 378 Other non-current receivables 54 54 Deferred tax assets 731 493 Non-current assets, total 147,150 136,320       Current assets     Inventory 376 336 Work in progress 26,810 17,764 Trade and other receivables 47,988 38,883 Current tax assets 273 208 Cash and cash equivalents 30,356 24,407 Current assets, total 105,803 81,598 TOTAL ASSETS 252,953 217,918       EQUITY AND LIABILITIES     Equity     Share capital 5,000 5,000 Share premium account 6,701 6,701 Unrestricted equity fund 22,037 20,101 Own shares -1,245 -124 Cumulative translation adjustment -3,473 -2,884 Other reserves 133 101 Retained earnings 69,761 58,178 Equity, total 98,914 87,074       Non-current liabilities     Deferred tax liabilities 7,408 6,502 Loans from financial institutions 30,350 12,900 Lease liabilities 8,777 8,608 Other non-current liabilities 827 27 Non-current liabilities, total 47,362 28,038       Current liabilities     Loans from financial institutions 25,453 27,583 Lease liabilities 13,894 15,883 Advances received 3,891 2,770 Trade and other payables 61,673 54,608 Current income tax liabilities 1,766 1,962 Current liabilities, total 106,677 102,806 Liabilities, total 154,039 130,844 TOTAL EQUITY AND LIABILITIES 252,953 217,918   The notes are an integral part of the financial statements.   Back to Key financial data Read more

Consolidated statement of cash flows

Back to Key financial data   EUR 1,000 Jan 1 - Dec 31, 2021 Jan 1 - Dec 31, 2020 OPERATING CASH FLOW     Cash receipts from customers 287,564 267,784 Operating expenses paid -253,056 -223,600 Operating cash flow before financial items and taxes 34,508 44,184       Interest and payment paid for financial expenses -1,289 -1,257 Interest received 80 79 Income taxes paid -6,205 -5,010 Operating cash flow (A) 27,093 37,997       INVESTING CASH FLOW     Purchase of tangible and intangible assets -2,157 -1,639 Acquisition of subsidiaries, net of cash acquired -14,255 -5,885 Proceeds from sale of tangible and intangible assets 17 30 Proceeds from repayment of loans 73 0 Investing cash flow (B) -16,321 -7,494       Cash flow after investments (A+B) 10,772 30,503       FINANCING CASH FLOW     Proceeds from directed share issue 1,936 0 Purchase of own shares -1,382 0 Issue of new current loans 6,941 11,698 Repayments of current loans -30,060 -12,217 Issue of new non-current loans 37,503 0 Repayments of non-current loans -6 -695 Payment of lease liabilities -11,478 -12,131 Dividend paid -8,461 -8,682 Financing cash flow (C) -5,007 -22,028       Variation in cash (A+B+C) increase (+) / decrease (-) 5,765 8,475       Assets at the beginning of the financial period 24,407 15,878 Exchange gains or losses on cash and cash equivalents 184 55 Assets at the end of the financial period 30,356 24,407   The notes are an integral part of the Financial Statements.   Back to Key financial data Read more

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