2007-09-06 08:00:00 CEST
2007-09-06 08:00:00 CEST
REGULATED INFORMATION
Efore - Quarterly report
EFORE PLC INTERIM REPORT NOVEMBER 1, 2006 - JULY 31, 2007 (9 months)
November - July in brief (November 1, 2006 — July 31, 2007)
- Net sales totaled EUR 56.0 million (EUR 71.6 million).
- The operating profit was EUR -4.5 million (EUR -3.0 million).
- The profit before taxes was EUR -4.7 million (EUR -3.1 million).
- The net profit for the period were EUR -5.1 million (EUR -5.8 million).
May - July in brief (May 1, - July 31, 2007)
- Net sales totaled EUR 21.6 million (EUR 22.5 million).
- The operating profit was EUR 1.1 million (EUR -3.4 million)
- The profit before taxes was EUR 0.9 million (EUR -4.0 million).
- The net profit for the period were EUR 0.8 million (EUR -4.3 million).
NET SALES AND FINANCIAL PERFORMANCE NOVEMBER - JULY
Net sales for November - July totaled EUR 56.0 million (EUR 71.6 million). The
fall compared with the corresponding period in the previous fiscal year was 21.8
%. Sales by customer group were as follows: telecommunications 64.2 % (72.0 %),
industrial electronics 27.9 % (23.2 %) and health-care electronics 7.9 % (4.8
%). Geographically sales were as follows: EMEA EUR 39.0 million (EUR 44.0
million), the Americas EUR 4.7 million (EUR 18.6 million) and APAC EUR 12.3
million (EUR 9.0 million).
The operating profit for November - July was EUR -4.5 million (EUR -3.0
million).
The profit for November to July was affected by sales being lower in the first
two quarters as expected and by the restructuring implemented in Finland and in
the USA as planned. The USA operations have been further revised and began
showing a profit in the third quarter. As a result of the restructuring, the
company's cost structure has been improved.
Write-offs of inventories were made during the period under review. Write-offs
of inventories amounted to EUR 0.1 million (EUR 1.0 million).
The profit before taxes for November - July was EUR -4.7 million (EUR -3.1
million) and the net profit was EUR -5.1 million (EUR -5.8 million).
NET SALES AND FINANCIAL PERFORMANCE MAY - JULY
Net sales for the third quarter totaled EUR 21.6 million (EUR 22.5 million). The
fall compared with the corresponding period in the previous fiscal year was 4.1
%. Sales by customer group were as follows: telecommunications 67.5 % (74.5 %),
industrial electronics 26.9 % (20.3 %) and health-care electronics 5.6 % (5.2
%). Geographically sales were as follows: EMEA EUR 14.0 million (EUR 14.2
million), the Americas EUR 1.8 million (EUR 4.6 million) and APAC EUR 5.8
million (EUR 3.7 million).
The operating profit for the third quarter was EUR 1.1 million (EUR -3.4
million).
The profit before taxes for the third quarter was EUR 0.9 million (EUR -4.0
million) and the net profit was EUR 0.8 million (EUR -4.3 million).
BUSINESS OPERATIONS
Product development activity was focused mainly on new base station families
that will be used in the future and other equipment for telecommunications
networks. Attempts have been and will be made to strengthen the number of
product development and technical support resources further in both Europe and
Asia.
Efore's new plant in China was inaugurated on May 8, 2007 and at the same time
production at Efore's old premises was discontinued. The plant is 10,600 m2 in
area, 7,560 m2 of which are production premises. With the expansion of
production in China, the proportion of Efore's production undertaken in
countries with lower costs had already risen to 91.0 % (77.1 %) by the end of
the review period.
The exceptional uncertainty prevalent in the telecommunications sector is
calming down, which makes it easier to predict general demand. Nevertheless, the
outlook is weak, and the market is characterized by rapid changes. Operational
flexibility, rapid responses and cost control will continue to be important
factors for the company's economic success in future operations.
INVESTMENT
Group investment in fixed assets amounted to EUR 3.2 million (EUR 4.0 million),
of which investment in machinery and equipment accounted for EUR 2.5 million and
product development costs EUR 0.7 million. At the end of the period under review
capitalized product development costs amounted to EUR 2.3 million (previous year
EUR 4.2 million).
Disposals on tangible fixed assets were EUR 0.1 million (EUR 0.3 million) in the
review period.
FINANCIAL POSITION
The Group's financial position during the period under review was good. The
Group's solvency ratio was 59.4 % (62.1 %) and the gearing was -16.7 % (-40.6%).
Consolidated net interest-bearing liabilities amounted to a positive figure of
EUR -4.2 million (EUR -13.1 million positive), i.e. the consolidated
interest-bearing cash reserves exceed interest-bearing liabilities by EUR 4.2
million. The consolidated net financial expenses were EUR -0.3 million (EUR -0.1
million). The cash flow from business operations was EUR -3.1 million (EUR -2.7
million) and the change in cash flow showed a decrease of EUR 6.2 million (EUR
7.6 million decrease). The cash flow after investment was EUR -6.1 million (EUR
-6.8 million).
Liquid assets excluding undrawn credit facilities totaled EUR 5.2 million (EUR
14.2 million) at the end of the period under review. The Group also had access
to substantial credit facilities at its disposal. The balance sheet total was
EUR 42.6 million (EUR 52.2 million).
PERSONNEL
The number of the Group's own personnel averaged 784 (786) during the period
under review and at the end of the period it was 747 (805). The number of
personnel fell by 65 during the period. At the same time the number of product
development and technical support resources has been increased by 14 persons.
In addition to its own personnel, the Group's contract staff numbered 152 (270)
at the end of the period. The number of contract staff fell by 21 during the
period under review.
The geographical distribution of the personnel including contract staff at the
end of the period was as follows: Europe 450 (501), of which 140 (248) were in
Finland, the Americas 46 (96) and Asia 403 (478).
SHARES, SHARE CAPITAL AND SHAREHOLDERS
The total number of Efore Plc shares at the end of the period under review was
40.529.648 and the registered share capital was EUR 34,450,200.80.
The highest share price during the period was EUR 1.55 and the lowest price was
EUR 1.01. The average price during the period was EUR 1.27 and the closing price
was EUR 1.17. The market capitalization calculated at the final trading price in
the period under review was EUR 47.4 million.
The total number of Efore shares traded on the Helsinki Stock Exchange during
the period was 13.6 million and their turnover value was EUR 17.2 million. This
accounted for 33.6 % of the total number of shares at the end of the period. The
number of shareholders totaled 3526 at the end of the period.
At the end of the period the company did not hold any of its own shares.
SEGMENT INFORMATION
Efore Group uses business segments for its primary segment reporting, and
geographical segments for its secondary segment reporting. Efore's primary
segment comprises the entire Group, therefore the figures reported in the
primary segment are the same as those for the whole Group.
SHORT-TERM RISKS AND FACTORS OF UNCERTAINTY
Rapid changes in demand are typical in Efore's field of operation, and even
short-term predictions about the future development of the business are
challenging to make. By developing operational processes Efore is improving its
internal flexibility and ability to react in order to be able to adapt its
operations to meet changing demand at short notice, if necessary.
OUTLOOK
Telecommunications markets are expected to continue their moderate
euro-denominated growth during 2007. The biggest growth is further expected on
emerging markets e.g. Asia countries, the Middle East and Africa. Despite the
reasonably market outlook, achieving and maintaining profitability is a
challenge for all actors because of the demanding nature of the sector.
Industrial electronics and health care electronics have increased their
percentage of company sales, and these customer groups are expected to grow.
The company continues to focus on the development of demanding and innovative
power-supply solutions with the world's leading companies in their own fields.
Developing energy-saving solutions that will take up less space will be a major
focal point.
Projects to develop operations together with long term programs in order to
improve productivity and cost structure, lower inventories and make the
production and product development processes more efficient will continue. The
purpose of these projects is to bring continuous improvement to the
competitiveness of the company on the global markets.
The Group intends further focusing of operations on low-cost countries,
particularly China. Thanks to a successful and well-timed plant investment, the
company's capacity to respond to growing customer needs in Asia has
substantially improved.
The Group examines the scope for becoming established on new, expanding markets,
where the company does not yet operate locally.
With the restructuring and development projects that has been carried out,
result for the fiscal year (12 months) is expected to show an improvement
compared with the previous fiscal year.
EVENTS AFTER PERIOD UNDER REVIEW
The company has its production in lease premises in Estonia. The company has
sold a call option relating to the lease of a property to the present owner of
the property on September 5, 2007. The options's sales price is EUR 1.3 million.
The sales of the option does not have any other effect on the lease contract and
production of the company in Estonia continues normally.
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| CONSOLIDATED INCOME | | | | | |
| STATEMENT | | | | | |
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| EUR million | May/07- | May/06- | Nov.06- | Nov.05- | Nov./05- |
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| | Jul./07 | Jul./06 | Jul./07 | Jul./06 | Oct./06 |
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| | 3 | 3 months | 9 months | 9 months | 12 months |
| | months | | | | |
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--------------------------------------------------------------------------------
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| Net sales | 21,6 | 22,5 | 56,0 | 71,6 | 90,5 |
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| Change in inventories | | | | | |
| of | | | | | |
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| finished goods and | -0,1 | 0,5 | -0,1 | 0,0 | 1,2 |
| work in progress | | | | | |
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| Other operating | 0,1 | 0,2 | 0,2 | 0,4 | 0,5 |
| income | | | | | |
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| Materials and | -13,9 | -18,1 | -38,5 | -50,6 | -65,9 |
| services | | | | | |
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| Employee benefits | -3,9 | -5,3 | -12,3 | -14,6 | -18,8 |
| expenses | | | | | |
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| Depreciation | -0,9 | -0,9 | -2,6 | -2,6 | -3,5 |
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| Impairments | 0,0 | 0,0 | -1,7 | 0,0 | -0,5 |
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| Other operating | -1,8 | -2,3 | -5,5 | -7,1 | -9,4 |
| expenses | | | | | |
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| OPERATING PROFIT | 1,1 | -3,4 | -4,5 | -3,0 | -5,8 |
| (-LOSS) | | | | | |
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| % net sales | 5,1 | -15,0 | -8,1 | -4,1 | -6,4 |
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| Financing income | 0,2 | -0,1 | 0,8 | 0,7 | 1,0 |
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| Financing expenses | -0,3 | -0,4 | -1,1 | -0,9 | -0,8 |
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| Share of profit of | | | | | |
| associated | | | | | |
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| companies | 0,0 | -0,1 | 0,1 | 0,0 | 0,2 |
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| PROFIT (-LOSS) BEFORE | 0,9 | -4,0 | -4,7 | -3,1 | -5,5 |
| TAX | | | | | |
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| % net sales | 4,4 | -18,0 | -8,3 | -4,4 | -6,1 |
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| Tax on income from | -0,1 | -0,3 | -0,4 | -2,7 | -2,7 |
| operations | | | | | |
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| PROFIT (-LOSS) FOR | 0,8 | -4,3 | -5,1 | -5,8 | -8,2 |
| THE PERIOD | | | | | |
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| NET PROFIT/LOSS | | | | | |
| ATTRIBUTABLE | | | | | |
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| To equity holders of | 0,8 | -4,3 | -5,1 | -5,8 | -8,2 |
| the parent | | | | | |
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| EARNINGS PER SHARE | | | | | |
| CALCULATED ON PROFIT | | | | | |
| ATTRIBUTABLE TO | | | | | |
| EQUITY HOLDERS OF THE | | | | | |
| PARENT: | | | | | |
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| Earnings per | 0,02 | -0,11 | -0,13 | -0,14 | -0,20 |
| share,eur | | | | | |
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| Earnings per share, | 0,02 | -0,11 | -0,13 | -0,14 | -0,20 |
| diluted, eur | | | | | |
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| NET SALES BY | May/07- | May/06- | Nov.06- | Nov.05- | Nov./05- |
| SECONDARY SEGMENTS, | | | | | |
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| EUR million | Jul./07 | Jul./06 | Jul./07 | Jul./06 | Oct./06 |
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| | 3 | 3 months | 9 months | 9 months | 12 months |
| | months | | | | |
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| Americas | 1,8 | 4,6 | 4,7 | 18,6 | 21,2 |
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| EMEA | 14,0 | 14,2 | 39,0 | 44,0 | 57,9 |
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| APAC | 5,8 | 3,7 | 12,3 | 9,0 | 11,4 |
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| TOTAL | 21,6 | 22,5 | 56,0 | 71,6 | 90,5 |
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| CONSOLIDATED BALANCE SHEET | | | | |
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| EUR million | Jul. 31, | Jul. 31, | change | Oct. 31, |
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| | 2007 | 2006 | % | 2006 |
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| ASSETS | | | | |
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| NON-CURRENT ASSETS | | | | |
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| Intangible assets | 3,0 | 4,9 | | 4,6 |
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| Tangible assets | 9,0 | 8,9 | | 8,6 |
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| Investments in associates | 0,4 | 0,1 | | 0,2 |
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| Long-term receivables and | 0,0 | 0,0 | | 0,0 |
| other receivables | | | | |
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| Other long-term investments | 0,0 | 0,0 | | 0,0 |
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| Deferred tax assets | 0,1 | 0,4 | | 0,3 |
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| NON-CURRENT ASSETS | 12,4 | 14,2 | -12,8 | 13,8 |
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| CURRENT ASSETS | | | | |
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| Inventories | 12,5 | 12,4 | | 14,3 |
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| Trade receivables and other | 12,5 | 11,5 | | 8,8 |
| receivables | | | | |
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| Financial assets at fair | 1,5 | 7,3 | | 3,4 |
| value through profit or | | | | |
| loss | | | | |
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| Cash and cash equivalents | 3,7 | 6,8 | | 8,2 |
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| CURRENT ASSETS | 30,2 | 38,0 | -20,5 | 34,7 |
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| ASSETS | 42,6 | 52,2 | -18,4 | 48,5 |
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| EQUITY AND LIABILITIES | | | | |
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| SHAREHOLDERS' EQUITY | | | | |
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| Share capital | 34,5 | 34,5 | | 34,5 |
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| Share premium account | 0,0 | 0,0 | | 0,0 |
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| Fair value reserve and | 1,3 | 0,9 | | 1,3 |
| other reserves | | | | |
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| Translation differences | 0,0 | 0,2 | | 0,2 |
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| Retained earnigs | -10,5 | -3,1 | | -5,7 |
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| SHAREHOLDERS' EQUITY | 25,3 | 32,4 | -21,9 | 30,2 |
--------------------------------------------------------------------------------
| Equity attributable to | 25,3 | 32,4 | | 30,2 |
| equity holders of the | | | | |
| parent | | | | |
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| NON-CURRENT LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 0,0 | 0,2 | | 0,1 |
--------------------------------------------------------------------------------
| Interest-bearing | 0,2 | 0,3 | | 0,3 |
| liabilities | | | | |
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| NON-CURRENT LIABILITIES | 0,2 | 0,4 | -54,7 | 0,4 |
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| CURRENT LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Interest-bearing | 0,8 | 0,7 | | 0,9 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 15,7 | 18,3 | | 16,5 |
| liabilities | | | | |
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| Current provisions | 0,5 | 0,4 | | 0,5 |
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| CURRENT LIABILITIES | 17,1 | 19,4 | | 17,9 |
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| LIABILITIES | 17,3 | 19,8 | | 18,3 |
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| TOTAL EQUITY AND | 42,6 | 52,2 | -18,4 | 48,5 |
| LIABILITIES | | | | |
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| GROUP KEY FIGURES, | May/07- | May/06- | Nov.06- | Nov.05- | Nov./05- |
| EUR million | | | | | |
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| | Jul./07 | Jul./06 | Jul./07 | Jul./06 | Oct./06 |
--------------------------------------------------------------------------------
| | 3 | 3 months | 9 months | 9 months | 12 months |
| | months | | | | |
--------------------------------------------------------------------------------
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| Earnings per | 0,02 | -0,11 | -0,13 | -0,14 | -0,20 |
| share,eur | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | 0,02 | -0,11 | -0,13 | -0,14 | -0,20 |
| diluted, eur | | | | | |
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| Shareholders' equity | 0,62 | 0,80 | 0,62 | 0,80 | 0,75 |
| per share, eur | | | | | |
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| Solvency ratio,% | 59,4 | 62,1 | 59,4 | 62,1 | 62,3 |
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| Return on | 12,9 | -50,2 | -24,5 | -21,9 | -23,9 |
| equity-%(ROE) | | | | | |
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| Return on | 16,5 | -43,9 | -20,1 | -10,3 | -14,3 |
| investment-%(ROI) | | | | | |
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| Gearing, % | -16,7 | -40,6 | -16,7 | -40,6 | -34,6 |
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| Net interest-bearing | -4,2 | -13,1 | -4,2 | -13,1 | -10,5 |
| liabilities, EUR | | | | | |
| million | | | | | |
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| Gross investments, Me | 1,4 | 1,6 | 3,2 | 4,0 | 4,8 |
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| as percentage of net | 6,3 | 7,2 | 5,7 | 5,6 | 5,3 |
| sales | | | | | |
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| Average personnel | 754 | 807 | 784 | 786 | 792 |
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| CONSOLIDATED CASH FLOW | Nov./06- | Nov./05- | change | Nov./05- |
| STATEMENT | | | | |
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| EUR million | Jul./07 | Jul./06 | % | Oct./06 |
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| Cash flows from operating | | | | |
| activities | | | | |
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| Cash receipts from customers | 52,3 | 69,5 | | 90,8 |
--------------------------------------------------------------------------------
| Cash receipts from other | 0,2 | 0,2 | | 0,4 |
| operating income | | | | |
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| Cash paid to suppliers and | -55,6 | -71,6 | | -95,4 |
| employees | | | | |
--------------------------------------------------------------------------------
| Cash generated from | -3,1 | -2,0 | | -4,2 |
| operations | | | | |
--------------------------------------------------------------------------------
| Interest paid | -0,5 | -0,7 | | -0,8 |
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| Dividends received | 0,0 | 0,0 | | 0,1 |
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| Interest received | 0,8 | 0,6 | | 0,8 |
--------------------------------------------------------------------------------
| Income taxes paid | -0,3 | -0,5 | | -0,6 |
--------------------------------------------------------------------------------
| Net cash from operating | -3,1 | -2,7 | 15,9 | -4,7 |
| activities (A) | | | | |
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| Cash flows from investing | | | | |
| activities | | | | |
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| Purchase of tangible and | -3,2 | -4,2 | | -5,0 |
| intangible assets | | | | |
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| Proceeds from sale of | 0,2 | 0,0 | | 0,0 |
| tangible and intangible | | | | |
| assets | | | | |
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| Purchase of investments | 0,0 | 0,0 | | 0,0 |
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| Net cash used in investing | -3,0 | -4,2 | -27,3 | -4,9 |
| activities (B) | | | | |
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| Cash flows from financing | | | | |
| activities | | | | |
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| Proceeds from short-term | 0,0 | 0,0 | | 0,2 |
| borrowings | | | | |
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| Repayment of long-term | -0,1 | -0,7 | | -0,7 |
| borrowings | | | | |
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| Net cash used in financing | -0,1 | -0,7 | -85,2 | -0,5 |
| activities (C) | | | | |
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| Net increase/decrease in cash | | | | |
| and cash | | | | |
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| equivalents (A+B+C) | -6,2 | -7,6 | -17,5 | -10,1 |
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| GROUP CONTINGENT LIABILITIES | Jul. 31, | Jul. 31, | | Oct. 31, |
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| EUR million | 2007 | 2006 | | 2006 |
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| Security and contingent | | | | |
| liabilities | | | | |
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| On own behalf | | | | |
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| Pledges | 0,0 | 0,0 | | 0,0 |
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| For others | | | | |
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| Other contingent liabilities | 0,2 | 0,2 | | 0,2 |
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| Operating lease commitments | | | | |
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| Group as lessee | | | | |
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| Non-cancellable minimum | | | | |
| operating lease | | | | |
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| payments: | | | | |
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| Less than 1 year | 1,9 | 1,8 | | 1,9 |
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| 1-5 years | 3,2 | 4,3 | | 7,3 |
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| Fair values of derivate | | | | |
| financial instruments | | | | |
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| Currency derivatives | | | | |
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| Forward currency contracts | | | | |
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| Nominal amount | 1,2 | 0,9 | | 0,8 |
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| Positive fair value | 0,0 | 0,0 | | 0,0 |
--------------------------------------------------------------------------------
| Negative fair value | 0,0 | 0,0 | | 0,0 |
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| Option contract | | | | |
--------------------------------------------------------------------------------
| Nominal amount | 7,2 | 0,0 | | 0,0 |
--------------------------------------------------------------------------------
| Positive fair value | 0,0 | 0,0 | | 0,0 |
--------------------------------------------------------------------------------
| Negative fair value | 0,0 | 0,0 | | 0,0 |
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| Stock derivatives | | | | |
--------------------------------------------------------------------------------
| Futures | | | | |
--------------------------------------------------------------------------------
| Nominal amount | 0,0 | 0,0 | | 2,0 |
--------------------------------------------------------------------------------
| Negative fair value | 0,0 | 0,0 | | 0,0 |
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| THE FOLLOWING TRANSACTIONS | Jul. 31, | Jul. 31, | | Oct. 31, |
| WERE | | | | |
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| CARRIED OUT WITH RELATED | 2007 | 2006 | | 2006 |
| PARTIES: | | | | |
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| EUR million | | | | |
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| Associated companies | | | | |
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| Sales | 0,1 | 4,2 | | 4,2 |
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| Purchases | 0,2 | 0,3 | | 0,5 |
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| Receivables | 0,0 | 1,1 | | 0,1 |
--------------------------------------------------------------------------------
| Liabilities | 0,0 | 0,0 | | 0,0 |
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| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' | | |
| EQUITY | | |
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| | | Equity attributable to equity holders of | |
| | | the parent | |
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| EUR million | Share | Share | Other | Translatio | Retained | Total |
| | capital | premium | reserves | n | earnings | |
| | | account | | difference | | |
| | | | | s | | |
--------------------------------------------------------------------------------
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| Shareholder | 34,5 | 0,0 | 1,3 | 0,2 | -5,7 | 30,2 |
| s' equity | | | | | | |
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| Nov.1, 2006 | | | | | | |
--------------------------------------------------------------------------------
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| Change in | 0,0 | 0,0 | 0,0 | -0,2 | 0,2 | 0,0 |
| translation | | | | | | |
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| difference | | | | | | |
--------------------------------------------------------------------------------
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| The costs | 0,0 | 0,0 | 0,2 | 0,0 | 0,0 | 0,2 |
| of options | | | | | | |
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| rights | | | | | | |
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| Other | 0,0 | 0,0 | -0,2 | 0,0 | 0,2 | 0,0 |
| changes | | | | | | |
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| Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | -5,1 | -5,1 |
| for the | | | | | | |
| period | | | | | | |
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| Shareholder | 34,5 | 0,0 | 1,3 | 0,0 | -10,5 | 25,3 |
| s' equity | | | | | | |
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| Jul. 31, | | | | | | |
| 2007 | | | | | | |
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| EUR million | Share | Share | Other | Translatio | Retained | Total |
| | capital | premium | reserves | n | earnings | |
| | | account | | difference | | |
| | | | | s | | |
--------------------------------------------------------------------------------
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| Shareholder | 34,5 | 4,0 | 0,7 | 0,2 | -1,2 | 38,2 |
| s' equity | | | | | | |
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| Nov.1, 2005 | | | | | | |
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| Change in | 0,0 | 0,0 | 0,0 | 0,0 | -0,1 | -0,2 |
| translation | | | | | | |
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| difference | | | | | | |
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| Transferred | 0,0 | -4,0 | 0,0 | 0,0 | 4,0 | 0,0 |
| from share | | | | | | |
| premium | | | | | | |
| account to | | | | | | |
| retained | | | | | | |
| earnings | | | | | | |
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| The costs | 0,0 | 0,0 | 0,2 | 0,0 | 0,0 | 0,2 |
| of options | | | | | | |
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| rights | | | | | | |
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| Other | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| changes | | | | | | |
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| Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | -5,8 | -5,8 |
| for the | | | | | | |
| period | | | | | | |
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| Shareholder | 34,5 | 0,0 | 0,9 | 0,2 | -3,1 | 32,4 |
| s' equity | | | | | | |
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| Jul. 31, | | | | | | |
| 2006 | | | | | | |
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Percentage changes calculated on basis of exact figures.
The interim report has been drawn up in accordance with IAS 34 Standard on
Interim Financial Reporting and the Group's accounting principles presented in
the 2006 annual report. The information in this release is unaudited.
All the figures in the interim report have been rounded up/down, for which
reason the total of the individual figures when added together may be different
from the total shown.
EFORE PLC
Board of Directors
For further information please contact Mr. Reijo Mäihäniemi, President and CEO,
on September 6, 2007 at 9 - 11 a.m. or at 4 - 5 p.m., tel. +358 9 4784 6312
Efore Plc will hold a news conference regarding the interim report for analysts
and media on September 6, 2007 at 11 a.m. in Helsinki World Trade Center,
address Aleksanterinkatu 17.
DISTRIBUTION Helsinki Stock Exchange
Principal media
The Efore Electronics Group is an international company providing services for
the telecommunications, industrial automation and health care industries. Its
operations comprise custom-designed power supplies, DC power systems,
electronics design, and ancillary maintenance and repair services.
Efore's head office is in Espoo, Finland. Besides Finland, the company's product
development and marketing units are located in China, the USA, Germany and
Sweden. Its production units are located in China, Estonia and the USA. In the
fiscal year ending in October 2006, consolidated net sales totaled approximately
EUR 90.5 million and the Group's personnel numbered 812. The shares of the
parent company Efore Plc are listed at the Helsinki Stock Exchange.
www.efore.com
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