2008-05-29 08:00:00 CEST
2008-05-29 08:00:01 CEST
REGULATED INFORMATION
Efore - Interim report (Q1 and Q3)
EFORE PLC INTERIM REPORT NOVEMBER 1, 2007 - APRIL 30, 2008 (6 months)
EFORE PLC Interim Report May 29, 2008 9.00 a.m. EFORE PLC INTERIM REPORT NOVEMBER 1, 2007 - APRIL 30, 2008 (6 months) November - April in brief (November 1, 2007 — April 30, 2008) - Net sales totaled EUR 40,9 million (EUR 34,4 million) - The operating profit was EUR 0,5 million (EUR -5,6 million) - The profit before taxes was EUR 0,5 million (EUR -5,6 million) - The net profit was EUR 0,3 million (EUR -5,9 million) February - April in brief (February 1, 2008 — April 30, 2008) - Net sales totaled EUR 20,1 million (EUR 18,2 million) - The operating profit was EUR 0,3 million (EUR -2,3 million) - The profit before taxes was EUR 0,2 million (EUR -2,6 million) - The net profit was EUR 0,1 million (EUR -2,7 million) NET SALES AND FINANCIAL PERFORMANCE NOVEMBER - APRIL Net sales for November - April totaled EUR 40,9 million (EUR 34,4 million). The growth compared with the corresponding period in the previous fiscal year was 18,7 %. Sales by customer group were as follows: telecommunications 67,9 % (62,2 %), industrial electronics 25,7 % (28,5 %) and health-care electronics 6,4 % (9,3 %). Geographically sales were as follows: EMEA EUR 26,5 million (EUR 25,0 million), the Americas EUR 4,5 million (EUR 2,9 million) and APAC EUR 9,9 million (EUR 6,5 million). The operating profit for November - April was EUR 0,5 million (EUR -5,6 million). Write-offs of inventories were made during the period under review. Write-offs of inventories amounted to EUR 0,5 million (EUR 0,4 million). The profit before taxes for November - April was EUR 0,5 million (EUR -5,6 million) and the net profit was EUR 0,3 million (EUR -5,9 million). NET SALES AND FINANCIAL PERFORMANCE FEBRUARY - APRIL Net sales for February - April totaled EUR 20,1 million (EUR 18,2 million). The growth compared with the corresponding period in the previous fiscal year was 10,4 %. Sales by customer group were as follows: telecommunications 69,1 % (64,8 %), industrial electronics 23,9 % (27,5 %) and health-care electronics 7,0 % (7,7 %). Geographically sales were as follows: EMEA EUR 13,3 million (EUR 13,7 million), the Americas EUR 2,0 million (EUR 1,3 million) and APAC EUR 4,8 million (EUR 3,2 million). The operating profit for February - April was EUR 0,3 million (EUR -2,3 million). The profit before taxes for February - April was EUR 0,2 million (EUR -2,6 million) and the net profit was EUR 0,1 million (EUR -2,7 million). BUSINESS OPERATIONS Investment on product development during the period under review was 9,1 % of net sales, whereas investment in product development during the previous fiscal year amounted to 7,5 % respectively. Product development activity was focused mainly on power supply of new base stations that will be used in the future and other new power supply systems. The company's cost structure has further improved. INVESTMENT Group investment in fixed assets amounted to EUR 0,6 million (EUR 1,9 million) of which capitalized product development costs were EUR 0,2 million (EUR 0,6 million). FINANCIAL POSITION The Group's financial position during the period under review was good. The Group's solvency ratio was 59,1 % (63,2 %) and the gearing was -16,6% (-17,8%). The consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 4,2 million (EUR 4,3 million). The consolidated net financial expenses were EUR 0,1 million (EUR 0,1 million). The cash flow from business operations was EUR 0,1 million (EUR -4,3 million decrease). The cash flow after investment was EUR -0,5 million (EUR -6,1 million). Liquid assets excluding undrawn credit facilities totaled EUR 5,2 million (EUR 5,4 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 43,2 million (EUR 38,6 million). PERSONNEL The number of the Group's own personnel averaged 688(799) during the period under review and at the end of the period under review it was 636(763). The number of personnel fell by 70 during the period under review. In addition to its own personnel, the Group's contract staff numbered 196(166) at the end of the period under review. The number of contract staff increased by 29 during the period under review. The geographical distribution of the personnel including contract staff at the end of the period under review was as follows: Europe 378 (486), the Americas 32 (50) and Asia 422 (393). 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 under review was EUR 1,25 and the lowest price was EUR 0,85. The average price during the period under review was EUR 1,05 and the closing price was EUR 0,96. The market capitalization calculated at the final trading price during the period under review was EUR 38,9 million. The total number of Efore shares traded on the Helsinki Stock Exchange during the period under the review was 6,4 million and their turnover value was EUR 6,7 million. This accounted for 15,9 % of the total number of shares at the end of the period under review. The number of shareholders totaled 3262 at the end of the period under review. At the end of the period under review 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. During the period under review, there were no material changes in the risks and uncertainty factors faced by Efore in the near future. A more comprehensive report on risk management is presented in the company's annual report. OUTLOOK According to the information received from companies in the business growth in the overall telecommunications market will be slow and especially mobile networks market is predicted to represent no growth at all. There are growing geographical markets in the field such as Asia, the Middle East and Africa. The company continues to focus on new technologies as well as the development of demanding and innovative power supply solutions. Developing energy saving solutions that will take up less space will be a major focal point for product development. Projects to develop operations together with long term programs in order to improve productivity and reduce 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 market. With ongoing development projects result for the fiscal year 2008 is expected to show an improvement compared to the previous fiscal year. TABLES -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Feb./08- | Feb./07- | Nov./07- | Nov./06- | Nov.06- | -------------------------------------------------------------------------------- | | Apr./08 | Apr./07 | Apr./08 | Apr./07 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 20,1 | 18,2 | 40,9 | 34,4 | 80,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | | | | | | | inventories of | | | | | | -------------------------------------------------------------------------------- | finished goods and | -1,0 | -0,8 | -0,9 | 0,0 | -0,2 | | work in progress | | | | | | -------------------------------------------------------------------------------- | Other operating | -0,1 | 0,0 | 0,2 | 0,1 | 1,7 | | income | | | | | | -------------------------------------------------------------------------------- | Materials and | -12,4 | -12,4 | -26,3 | -24,7 | -54,4 | | services | | | | | | -------------------------------------------------------------------------------- | Employee benefits | -3,7 | -4,3 | -7,6 | -8,4 | -16,1 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation | -1,0 | -1,1 | -1,9 | -1,7 | -3,7 | -------------------------------------------------------------------------------- | Impairments | 0,0 | -0,1 | 0,0 | -1,6 | -2,2 | -------------------------------------------------------------------------------- | Other operating | -1,7 | -2,0 | -3,8 | -3,8 | -7,3 | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 0,3 | -2,3 | 0,5 | -5,6 | -2,1 | | (-LOSS) | | | | | | -------------------------------------------------------------------------------- | % net sales | 1,3 | -12,8 | 1,3 | -16,3 | -2,6 | -------------------------------------------------------------------------------- | Financing income | 0,5 | 0,2 | 0,8 | 0,6 | 1,1 | -------------------------------------------------------------------------------- | Financing expenses | -0,5 | -0,5 | -0,9 | -0,7 | -2,0 | -------------------------------------------------------------------------------- | Share of profit of | | | | | | | associated | | | | | | -------------------------------------------------------------------------------- | companies | 0,0 | 0,0 | 0,0 | 0,1 | 0,1 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) | 0,2 | -2,6 | 0,5 | -5,6 | -2,9 | | BEFORE TAX | | | | | | -------------------------------------------------------------------------------- | % net sales | 1,2 | -14,1 | 1,2 | -16,3 | -3,6 | -------------------------------------------------------------------------------- | Tax on income from | -0,2 | -0,1 | -0,2 | -0,3 | -0,5 | | operations | | | | | | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR | 0,1 | -2,7 | 0,3 | -5,9 | -3,4 | | THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS | | | | | | | ATTRIBUTABLE | | | | | | -------------------------------------------------------------------------------- | To equity holders of | 0,1 | -2,7 | 0,3 | -5,9 | -3,4 | | the parent | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | | CALCULATED ON PROFIT | | | | | | | ATTRIBUTABLE TO | | | | | | | EQUITY HOLDERS OF | | | | | | | THE PARENT: | | | | | | -------------------------------------------------------------------------------- | Earnings per | 0,00 | -0,07 | 0,01 | -0,15 | -0,08 | | share,eur | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0,00 | -0,07 | 0,01 | -0,15 | -0,08 | | diluted, eur | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY | Feb./08- | Feb./07- | Nov./07- | Nov./06- | Nov.06- | | SECONDARY SEGMENTS, | | | | | | -------------------------------------------------------------------------------- | EUR million | Apr./08 | Apr./07 | Apr./08 | Apr./07 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 2,0 | 1,3 | 4,5 | 2,9 | 7,4 | -------------------------------------------------------------------------------- | Emea | 13,3 | 13,7 | 26,5 | 25,0 | 55,6 | -------------------------------------------------------------------------------- | Apac | 4,8 | 3,2 | 9,9 | 6,5 | 17,2 | -------------------------------------------------------------------------------- | Total | 20,1 | 18,2 | 40,9 | 34,4 | 80,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE | | | | | | SHEET | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Apr. 30, | Apr. 30, | change | Oct.31, | -------------------------------------------------------------------------------- | | 2008 | 2007 | % | 2007 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Intangible assets | 2,1 | 3,3 | | 2,6 | -------------------------------------------------------------------------------- | Tangible assets | 7,5 | 8,3 | | 8,4 | -------------------------------------------------------------------------------- | Investments in | 0,4 | 0,4 | | 0,4 | | associates | | | | | -------------------------------------------------------------------------------- | Other long-term | 0,0 | 0,0 | | 0,0 | | investments | | | | | -------------------------------------------------------------------------------- | Deferred tax assets | 0,0 | 0,1 | | 0,1 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 10,0 | 12,0 | -16,2 | 11,4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 11,0 | 12,0 | | 12,6 | -------------------------------------------------------------------------------- | Trade receivables and | 16,9 | 9,2 | | 14,8 | | other receivables | | | | | -------------------------------------------------------------------------------- | Tax receivable, income | 0,0 | 0,0 | | 0,1 | | tax | | | | | -------------------------------------------------------------------------------- | Financial assets at fair | 0,0 | 1,7 | | 0,0 | | value through profit or | | | | | | loss | | | | | -------------------------------------------------------------------------------- | Cash and cash | 5,2 | 3,7 | | 7,7 | | equivalents | | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | 33,1 | 26,6 | 24,6 | 35,3 | -------------------------------------------------------------------------------- | ASSETS | 43,2 | 38,6 | 11,9 | 46,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | 34,5 | 34,5 | | 34,5 | -------------------------------------------------------------------------------- | Share premium account | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Other reserves | 1,5 | 1,2 | | 1,4 | -------------------------------------------------------------------------------- | Translation differences | -0,1 | 0,0 | | -0,1 | -------------------------------------------------------------------------------- | Retained earnigs | -10,4 | -11,3 | | -8,8 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 25,5 | 24,4 | 4,6 | 27,0 | -------------------------------------------------------------------------------- | Equity attributable to | 25,5 | 24,4 | | 27,0 | | equity holders of the | | | | | | parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Interest-bearing | 0,2 | 0,2 | | 0,2 | | liabilities | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 0,2 | 0,2 | -11,6 | 0,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 0,8 | 0,9 | | 0,8 | | liabilities | | | | | -------------------------------------------------------------------------------- | Trade payables and other | 15,8 | 12,6 | | 17,3 | | liabilities | | | | | -------------------------------------------------------------------------------- | Income tax liability | 0,1 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Provisions | 0,8 | 0,5 | | 1,2 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 17,5 | 14,0 | | 19,4 | -------------------------------------------------------------------------------- | LIABILITIES | 17,7 | 14,2 | | 19,7 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 43,2 | 38,6 | 11,8 | 46,7 | | LIABILITIES | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, | Feb./08- | Feb./07- | Nov./07- | Nov./06- | Nov.06- | | EUR million | | | | | | -------------------------------------------------------------------------------- | | Apr./08 | Apr./07 | Apr./08 | Apr./07 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0,00 | -0,07 | 0,01 | -0,15 | -0,08 | | share,eur | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0,00 | -0,07 | 0,01 | -0,15 | -0,08 | | diluted, eur | | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | 0,63 | 0,60 | 0,63 | 0,60 | 0,67 | | per share, eur | | | | | | -------------------------------------------------------------------------------- | Solvency ratio,% | 59,1 | 63,2 | 59,1 | 63,2 | 57,9 | -------------------------------------------------------------------------------- | Return on | 1,3 | -41,8 | 1,9 | -43,2 | -11,8 | | equity-%(ROE) | | | | | | -------------------------------------------------------------------------------- | Return on | 4,0 | -36,6 | 4,5 | -38,1 | -8,1 | | investment-%(ROI) | | | | | | -------------------------------------------------------------------------------- | Gearing, % | -16,6 | -17,8 | -16,6 | -17,8 | -24,6 | -------------------------------------------------------------------------------- | Net interest-bearing | -4,2 | -4,3 | -4,2 | -4,3 | -6,6 | | liabilities, EUR | | | | | | | million | | | | | | -------------------------------------------------------------------------------- | Investments | 0,4 | 1,0 | 0,6 | 1,9 | 4,0 | | (intangible and | | | | | | | tangible assets), Me | | | | | | -------------------------------------------------------------------------------- | as percentage of net | 1,8 | 5,7 | 1,5 | 5,4 | 4,9 | | sales | | | | | | -------------------------------------------------------------------------------- | Average personnel | 643 | 782 | 688 | 799 | 766 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | Nov./07- | Nov./06- | change | Oct. 31 | | STATEMENT | | | | | -------------------------------------------------------------------------------- | EUR million | Apr./08 | Apr./07 | % | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 37,0 | 34,2 | | 76,2 | -------------------------------------------------------------------------------- | Cash receipts from other | 0,0 | 0,1 | | 0,0 | | operating income | | | | | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -37,3 | -38,8 | | -75,5 | | employees | | | | | -------------------------------------------------------------------------------- | Cash generated from operations | -0,3 | -4,5 | | 0,7 | -------------------------------------------------------------------------------- | Interest paid | -0,1 | -0,3 | | -0,4 | -------------------------------------------------------------------------------- | Dividends received | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Interest received | 0,0 | 0,6 | | 0,0 | -------------------------------------------------------------------------------- | Other financial items | 0,4 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Income taxes paid | 0,0 | -0,1 | | -0,5 | -------------------------------------------------------------------------------- | Net cash from operating | 0,1 | -4,3 | -102,9 | -0,1 | | activities (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of tangible and | -0,6 | -1,9 | | -3,9 | | intangible assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of tangible | 0,1 | 0,1 | | 0,2 | | and intangible assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of | 0,0 | 0,0 | | 0,0 | | investments | | | | | -------------------------------------------------------------------------------- | Net cash used in investing | -0,5 | -1,8 | -70,4 | -3,7 | | activities (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Proceeds from short-term | 0,0 | 0,0 | | 0,0 | | borrowings | | | | | -------------------------------------------------------------------------------- | Repayment of long-term | 0,0 | 0,0 | | -0,1 | | borrowings | | | | | -------------------------------------------------------------------------------- | Repayment of leasing debts | -0,1 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Dividends paid | -2,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Net cash used in financing | -2,1 | 0,0 | | -0,1 | | activities (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash | | | | | | and cash | | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | -2,5 | -6,1 | -58,1 | -3,9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | Apr. 30, | Apr. 30, | | Oct.31, | -------------------------------------------------------------------------------- | EUR million | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Security and contingent | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | | | | | -------------------------------------------------------------------------------- | Pledges | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For others | | | | | -------------------------------------------------------------------------------- | Other contingent liabilities | 0,1 | 0,2 | | 0,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating lease commitments | | | | | -------------------------------------------------------------------------------- | Group as lessee | | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum | | | | | | operating lease | | | | | -------------------------------------------------------------------------------- | payments: | | | | | -------------------------------------------------------------------------------- | Less than 1 year | 1,9 | 2,1 | | 1,9 | -------------------------------------------------------------------------------- | 1-5 years | 3,2 | 3,9 | | 3,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate | | | | | | financial instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, not hedge | | | | | -------------------------------------------------------------------------------- | Forward currency contracts | | | | | -------------------------------------------------------------------------------- | Nominal amount | 0,0 | 0,6 | | 0,7 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Option contract | | | | | -------------------------------------------------------------------------------- | Nominal amount | 12,2 | 0,0 | | 7,2 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,2 | -------------------------------------------------------------------------------- | Negative fair value | -0,1 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS WERE | Apr. 30, | Apr. 30, | | Oct.31, | -------------------------------------------------------------------------------- | CARRIED OUT WITH RELATED | 2008 | 2007 | | 2007 | | PARTIES: | | | | | -------------------------------------------------------------------------------- | EUR million | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associated companies | | | | | -------------------------------------------------------------------------------- | Sales | 0,0 | 0,1 | | 0,0 | -------------------------------------------------------------------------------- | Purchases | 0,0 | 0,2 | | 0,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Receivables | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Liabilities | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Equity attributable to equity holders of the | | | | parent | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Other | Trans- | Retained | Total | | | capit | reserve | lation | earnings | | | | al | s | differenc | | | | | | | es | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 1,3 | 0,2 | -5,7 | 30,2 | | equity | | | | | | -------------------------------------------------------------------------------- | Nov.1, 2006 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | -0,2 | 0,1 | -0,1 | | translation | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | -------------------------------------------------------------------------------- | The costs of | 0,0 | 0,1 | 0,0 | 0,0 | 0,1 | | options | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | -------------------------------------------------------------------------------- | Other changes | | -0,2 | | 0,2 | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss for | 0,0 | 0,0 | 0,0 | -5,9 | -5,9 | | the period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | | | | 0,0 | 0,0 | | distribution | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 1,2 | 0,0 | -11,3 | 24,4 | | equity | | | | | | -------------------------------------------------------------------------------- | Apr. 30, 2007 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Other | Trans- | Retained | Total | | | capit | reserve | lation | earnings | | | | al | s | differenc | | | | | | | es | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 1,4 | -0,1 | -8,8 | 27,0 | | equity | | | | | | -------------------------------------------------------------------------------- | Nov.1, 2007 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | -0,1 | 0,2 | 0,1 | | translation | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | -------------------------------------------------------------------------------- | The costs of | 0,0 | 0,1 | 0,0 | 0,0 | 0,1 | | options | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | -------------------------------------------------------------------------------- | Profit/loss for | 0,0 | 0,0 | 0,0 | 0,3 | 0,3 | | the period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | | | | -2,0 | -2,0 | | distribution | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 1,5 | -0,1 | -10,4 | 25,5 | | equity | | | | | | -------------------------------------------------------------------------------- | Apr. 30, 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | | | FIGURES AND RATIOS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment | = | Profit before taxes+interest and other | x 100 | | (ROI), % | | financing expenses / | | | | | (Shareholders' | | | | | equity + interest-bearing liabilities, | | | | | average ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on Equity | = | Profit/loss for the period / | x 100 | | (ROE), % | | Shareholders' equity (average ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current ratio | = | Current assets / Current liabilities | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Solvency ratio, % | = | Shareholders' equity / (Total assets - | x 100 | | | | advance payments received - own | | | | | shares) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net interest-bearing | = | Interest-bearing liabilities - | | | liabilities | | financial assets at fair value through | | | | | profit or loss - cash and cash | | | | | equivalents | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing, % | = | Net interest-bearing liabilities / | x 100 | | | | Shareholders' equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | = | Profit or loss for the period / | | | | | (Average number of shares - own | | | | | shares) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend per share | = | Dividend for the financial year / (Number of | | | | shares - own shares) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend payout | = | Dividend per share / Earnings per | x 100 | | ratio, % | | share | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Effective dividend | = | Dividend per share /Adjusted share | x 100 | | yield, % | | price at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | = | Shareholders' equity - own shares | | | per share | | /Number of shares at balance sheet | | | | | date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P/E-ratio | = | Adjusted share price at balance | | | | | sheet date / Earnings per share | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Market | = | Adjusted share price at balance | | | capitalization = | | sheet date x actual number of | | | | | shares at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average personnel | = | The average number of employees at | | | | | the end of each calendar month | | | | | during the accounting period | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | All share-specific figures are based on the issue-adjusted | | | number of shares. | | -------------------------------------------------------------------------------- | Shareholders' equity is the equity owned by the holders of the | | | parent company's shares. | | -------------------------------------------------------------------------------- | Profit for the period is the fiscal period profit attributable | | | to equity holders of the parent. | | -------------------------------------------------------------------------------- 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 2007 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 May 29, 2008 at 9 - 11 a.m. or at 3 - 4 p.m., tel. +358 9 4784 6312 Efore Plc will hold a news conference regarding the interim report for analysts and media on May 29, 2008 at 11 a.m. in Helsinki World Trade Center, address Aleksanterinkatu 17. DISTRIBUTION Helsinki Stock Exchange Principal media Efore Group is an international company providing services for the telecommunications, industrial automation and health care industries. Its operations comprise custom-designed power supplies, power systems, manufacturing of demanding electronics, and related service and maintenance. Efore's head office is in Espoo, Finland. Besides Finland, the company's product development and marketing units are located in China, the USA and Sweden. Its production units are located in China, Estonia and the USA. In the fiscal year ending in October 2007, consolidated net sales totaled EUR 80,2 million and the Group's personnel averaged 766. The shares of the parent company Efore Plc are listed at the Helsinki Stock Exchange. www.efore.com
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