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2007-07-24 07:01:37 CEST 2007-07-24 07:01:37 CEST REGULATED INFORMATION Perlos - Interim report (Q1 and Q3)Interim Report January-June 2007: PERLOS PROFITABILITY IMPROVEMENT PROGRAMME PROCEEDING AHEAD OF SCHEDULEKey figures for April-June 2007: - Net sales amounted to EUR 113.6 million (EUR 172.2 million in 4-6 2006). - The operating result was EUR 0.2 million (EUR -0.2 million). - The result for the review period was EUR -5.2 million (EUR -2.7 million). - Earnings per share (diluted) were EUR -0.10 (EUR -0.05). - Net cash flow from operating activities was EUR 6.3 million excluding non-recurring items. Including non-recurring items, the net cash flow was EUR -4.9 million (EUR 15.9 million). The net cash flow was weakened by the payment of trade payables connected with the BenQ Mobile business and by non-recurring items related to the profitability improvement programme. - Cash flow before financing activities was EUR -12.6 million (EUR 0.4 million). MATTI VIRTANEN, PRESIDENT AND CEO OF PERLOS: - Over the past few months, Perlos has had two key objectives: to improve its profitability and to expand its customer base. Now that the second quarter has been closed, I can say that we have achieved significant progress in both areas. The operating result is, despite of the anticipated decrease of the net sales by one third, now positive after two loss-making quarters. We have also won new projects from a number of customers, which will be in production in 2008. - Our profitability improvement programme has proceeded ahead of schedule. The targeted reduction in the number of employees, approximately 4,000 from the beginning of this year, has now been reached. The overall objective of the cost base reduction, EUR 100 million, will be achieved earlier than announced, during the second half of the year. - The other key area in the profitability improvement programme; boosting our operational efficiency, is also progressing sooner than planned. Quality costs have decreased by nearly a half and at the same time, quality has improved. The improved efficiency is also visible as smaller inventories, which have fallen by 41% since the beginning of the year. - With the company's operations now on an essentially healthier basis, we will be able to focus on further strengthening Perlos' competitiveness. We have decided to renew the company's production model in accordance with the principles of "Lean Manufacturing". This is a fully demand-driven production model that will transform Perlos' operations fundamentally. Among other actions, our factories will be organised strictly according to product flows. Numerous world-class companies apply this model successfully, and it is our goal to deploy the model in making Perlos' production the most competitive in its industry. NET SALES AND RESULT IN APRIL-JUNE 2007 In line with our guidance, Perlos' net sales in April-June amounted to EUR 113.6 million (EUR 172.2 million), down 34% from the previous year. Of the Group's net sales, 42% (39%) originated in Asia, 35% (42%) in Europe and 23% (19%) in North and South America. The net sales trend has been affected particularly by BenQ Mobile's decision to cease production operations in Europe and by the weaker demand for Perlos' services in Finland. Operating profit in April-June was EUR 0.2 million (EUR -0.2 million), and the result for the review period was EUR -5.2 million (EUR -2.7 million). Taxes during the report period were EUR -2.6 million (1.0 million). Earnings per share were EUR -0.10 (EUR -0.05). Net cash flow from operating activities was EUR 6.3 million excluding non-recurring items. Including non-recurring items, the net cash flow was EUR -4.9 million (EUR 15.9 million). The net cash flow was weakened by the payment of trade payables connected with the BenQ Mobile business and by non-recurring items related to the profitability improvement programme. Cash flow before financing activities was EUR -12.6 million (EUR 0.4 million). NET SALES AND RESULT IN JANUARY-JUNE 2007 Perlos' net sales in January-June amounted to EUR 240.3 million (EUR 355.0 million). Of the Group's net sales, 42% (36%) originated in Asia, 38% (40%) in Europe and 20% (24%) in North and South America. The January-June operating result excluding non-recurring items was EUR -3.9 million (EUR 12.2 million). The January-June operating result including non-recurring expenses of EUR 38.9 million in connection with the profitability improvement programme was EUR -42.8 million (EUR -1.5 million). The result for the review period was EUR -53.6 million (EUR -3.4 million) and the earnings per share were EUR -1.01 (EUR -0.06). Net cash flow from operations was EUR -0.5 million (EUR 28.1 million) and cash flow before financing activities was EUR -21.1 million (EUR -1.8 million). INVESTMENTS AND NEW FACTORIES The Group's gross investments in intangible assets and property, plant and equipment totalled EUR 9.9 million (EUR 15.5 million) in April-June, or 8.7% (9.0%) of net sales. Gross investments during in January-June amounted to EUR 24.9 million (EUR 29.8 million). Among the largest investment items in early 2007 were the new manufacturing plants in Guangzhou, China, and Chennai, India. The construction of the new facilities was completed as planned, and the factories were ready to start production operations during the first half of the current year. The floor space of the Chennai manufacturing plant is approximately 20,000 square metres, and that of the Guangzhou factory about 35,000. NEW SALES OFFICE IN KOREA During the review period, Perlos opened an office in Seoul, South Korea. The office will focus on selling Perlos' services to local customers. FINANCING The Group's liquid assets at the end of the review period amounted to EUR 38.1 million (EUR 24.0 million) and unused committed credit limits to EUR 133.2 million (EUR 79.3 million). The Group's net gearing ratio was 1.41 (0.96) and its equity ratio 26.8% (35.2%). Interest-bearing liabilities amounted to EUR 183.9 million (EUR 196.0 million), of which short-term liabilities accounted for EUR 123.3 million (EUR 140.7 million) and long-term liabilities for EUR 60.6 million (EUR 55.3 million). Net interest-bearing liabilities totalled EUR 145.7 million (EUR 171.0 million). PRODUCTION OPERATIONS IN FINLAND As announced earlier, Perlos' production operations in Finland will be discontinued during the third quarter. Currently the company is still conducting final work on some customer projects in North Karelia, which will be completed by the end of September. During the review period, the company concluded the negotiations for finding buyers for some of Perlos' operations in North Karelia. During the spring, Perlos sold the assembly automation, injection moulding as well as the special products and connectors businesses to local companies in North Karelia. All in all, the sale of these operations has secured jobs for a 109 Perlos employees. PERSONNEL At the end of June, Perlos Corporation employed 8,829 (13,707) people, including temporary workers. Of them, 5,238 (7,411) worked in Asia, 2,615 (4,617) in Europe and 976 (1,679) in North and South America. The personnel reductions in Finland have proceeded according to plan during the spring and summer, with about 700 employees remaining in Finland at the end of June. By the end of the year, the number of personnel is expected to be in line with the company's objectives, totalling about 200. MAJOR BUSINESS RISKS Perlos' services and products are targeted mostly for customers in the mobile phone industry and majority of Perlos' net sales come from supplying mobile phone mechanics as well as products and services used in mobile phone networks. Focusing on one industry and being dependent on a few customers carries certain risks. Changes in the demand of mobile phones or in the market position of Perlos or its key customers may have unfavourable effects on Perlos' business operations. MERGER OF PERLOS TECHNOLOGY OY INTO PERLOS On 19 June 2007, the Board of Directors of Perlos Corporation approved a plan to merge the company's wholly-owned subsidiary Perlos Technology Oy with the parent company. The Board of Perlos Technology Oy has also approved the merger plan. The merger will simplify the Group structure of Perlos Corporation. The subsidiary will be merged without paying any merger consideration. The goal is to complete the merger by 31 October 2007. Perlos Technology Oy is a research and development unit within the Perlos Group of companies. In the fiscal year 1 January - 31 December 2006, Perlos Technology Oy's net sales amounted to approximately EUR one million, which consisted solely of income from the Perlos Group. The merger will have no effect on the employment of the subsidiary's personnel. OPTIONS AND SHARE CAPITAL At the end of the review period, Perlos Corporation had two share option programmes. A total of 750,000 shares can be subscribed for on the basis of the 2002 share option programme and 1,000,000 shares on the basis of the 2005 share option programme. No shares have been subscribed for on the basis of the 2002 and 2005 warrants. The A, B and C warrants issued in connection with the 2002 share option programme and the A warrants issued in connection with the 2005 share option programme are listed on the Main List of OMX Nordic Exchange Helsinki. Perlos Corporation's share capital at 30 June 2007 amounted to EUR 31,762,288.80 and the number of shares in issue to 52,937,148. There were no own shares in the company's possession at the end of the review period. INCENTIVE PLAN FOR KEY PERSONNEL The Board of Directors of Perlos Corporation decided on a new share-based incentive plan for the Group's key personnel on 16 April 2007. The plan has three one-year earning periods (the 2007, 2008 and 2009 calendar years) and one three-year earning period (from 2007 to 2009). Potential bonuses will be paid in 2008, 2009 and 2010 in company shares and cash. Shares earned as bonuses may not be transferred within two years of the end of each calendar year. The bonuses to be paid under the plan will correspond to a maximum total of approximately 1,620,000 Perlos Corporation shares, including cash bonuses. AUTHORISATIONS OF THE BOARD OF DIRECTORS In accordance with a resolution of the Annual General Meeting on 28 March 2007, the Board of Directors has an authorisation for the distribution of shares, share options and other special rights entitling to shares. Based on this authorisation, the maximum total number of shares to be distributed is 20,000,000. The Board also has an authorisation to decide on buying back the company's own shares or taking them as collateral. Based on the authorisation, the Board may buy back or take as collateral a maximum total of 5,000,000 own shares. CHANGE IN PERLOS' EXECUTIVE BOARD Perlos' Chief Operating Officer Jari Varjotie has announced that he will resign from Perlos' service as from 30 July 2007 to pursue his career outside the company. Perlos is currently in the process of finding a replacement for Mr Varjotie and will announce the nomination as soon as the replacement process has been finalised. OUTLOOK The profitability improvement programme initiated in January has proceeded ahead of schedule and Perlos' the full-year operating result excluding non-recurring items is expected to be significantly better than in 2006. The operating result for July-September is expected to improve slightly compared with April-June. In the current year, the trend in Perlos net sales will be influenced by the discontinuation of BenQ Mobile's production operations in Europe as well as the decrease in the demand for Perlos' services in Finland and in North and South America. Net sales in 2007 are anticipated to decrease by more than a quarter from last year's figure. Previously, net sales were forecast to come in approximately a quarter smaller than in 2006. Net sales in the July-September period are expected to be slightly below that of April-June. Interim Report is unaudited. INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT EUR million 4-6/2007 4-6/2006 Change,% 1-6/2007 1-6/2006 1-12/2006 Continuing operations: Net sales 113,6 172,2 -34 % 240,3 355,0 673,6 Cost of goods sold -100,2 -151,8 -34 % -254,3 -316,9 -614,8 Gross profit/loss 13,4 20,4 -14,0 38,1 58,8 Other operating income 0,4 0,6 1,8 1,2 3,5 Selling and marketing expenses -2,8 -3,3 -6,1 -7,0 -13,1 General and administrative expenses -10,5 -15,4 -24,1 -30,9 -61,0 Other operating expenses -0,3 -2,5 -0,4 -2,9 -21,1 Operating profit/ loss 0,2 -0,2 -42,8 -1,5 -32,9 Financial income and expenses -2,5 -3,0 -5,3 -3,5 -10,6 Share of profit/loss of associates -0,3 -0,1 -0,6 -0,1 -0,1 Profit/loss before income tax -2,6 -3,3 -48,7 -5,1 -43,6 Income tax expenses -2,6 1,0 -4,9 1,7 0,0 Profit/loss from continuing operations -5,2 -2,3 -53,6 -3,4 -43,6 Discontinued operations; Profit/loss from discontinued operations 0,0 -0,4 0,0 0,0 18,3 Profit/ loss for the period -5,2 -2,7 -53,6 -3,4 -25,3 Attributable to Equity holders' of the Company -5,1 -2,7 -53,5 -3,4 -25,5 Minority interest -0,1 0,0 -0,1 0,0 0,2 Earnings per share for profit/loss attributable to the equity holders' of the Company Continuing operations: Earnings per share, basic, € -0,10 -0,05 -1,01 -0,06 -0,82 Earnings per share, diluted, € -0,10 -0,05 -1,01 -0,06 -0,82 Geographical diversity of net sales from continuing operations, % 4-6/2007 4-6/2006 1-6/2007 1-6/2006 1-12/2006 Europe 35 % 42 % 38 % 40 % 44 % Americas 23 % 19 % 20 % 24 % 21 % Asia 42 % 39 % 42 % 36 % 35 % INTERIM CONDENSED CONSOLIDATED BALANCE SHEET EUR million ASSETS 6/2007 6/2006 12/2006 Non-current assets Goodwill 11,5 11,7 11,6 Intangible assets 10,3 16,4 13,0 Property, plant and equipment 208,2 240,0 219,3 Non-current trade and other receivables 0,9 0,8 1,3 Investments in associates 1,0 0,3 1,6 Available for sale financial assets 0,1 0,1 0,1 Deferred income tax assets 7,0 11,6 7,0 238,9 280,9 253,9 Current assets Inventories 38,6 116,5 65,6 Trade and other receivables 73,4 101,0 75,5 Derivative financial instruments 0,2 1,1 0,4 Cash and cash equivalents 38,1 24,0 28,1 150,4 242,6 169,7 Total assets 389,3 523,5 423,6 SHAREHOLDERS' EQUITY AND LIABILITIES 6/2007 6/2006 12/2006 Shareholders' equity Share capital 31,8 31,8 31,8 Share premium 1,2 48,8 - Far value, hedging and other reserves 5,7 3,2 4,3 Translation differences 1,9 2,1 1,1 Reserve, managed by the General Meeting 48,8 - 48,8 Retained earnings 14,0 91,4 69,6 Equity attributable to equity holders' of the Company 103,3 177,3 155,6 Minority interest 0,0 0,3 0,2 Total shareholders' equity 103,3 177,6 155,7 Liabilities Non-current liabilities Deferred income tax liabilities 0,2 0,7 0,2 Interest-bearing liabilities 60,6 55,3 51,1 Provisions 3,3 10,8 2,8 64,1 66,8 54,1 Current liabilities Interest-bearing liabilities 123,3 140,7 89,8 Current income tax liabilities 1,6 1,2 0,2 Provisions 6,1 0,0 2,9 Derivative financial instruments 0,2 0,8 0,3 Trade and other payables 90,8 136,4 120,6 221,9 279,1 213,7 Total liabilities 286,0 345,9 267,9 Total shareholders' equity and liabilities 389,3 523,5 423,6 INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT EUR million 4-6/2007 4-6/2006 1-6/2007 1-6/2006 1-12/2006 Cash flow from operating activities Operating profit/loss 0,2 0,0 -42,8 -0,2 -7,8 Adjustments 3,4 14,4 53,4 31,5 53,2 Change in working capital -4,8 7,2 -1,8 8,7 40,7 Financial income and expenses -2,0 -2,1 -6,0 -6,7 -10,8 Income taxes paid -1,7 -3,6 -3,3 -5,2 -9,9 Net cash flow from operations -4,9 15,9 -0,5 28,1 65,5 Cash flows from investing activities Investments in associated companies 0,0 0,0 0,0 0,0 -7,8 Purchase of tangible and intangible assets -9,9 -15,8 -24,9 -30,3 -60,4 Proceeds from tangible and intangible assets 2,2 0,3 4,3 0,4 2,4 Proceeds from divested operations, net of cash 0,0 0,0 0,0 0,0 56,0 Net cash used in investing activities -7,7 -15,5 -20,6 -29,9 -9,8 Cash flow before financing activities -12,6 0,4 -21,1 -1,8 55,7 Cash flow from financing activities Change in loans 25,6 2,4 31,1 5,8 -48,7 Dividends paid 0,0 -5,3 0,0 -5,3 -5,3 Net cash flow from financing activities 25,6 -2,9 31,1 0,5 -54,0 Translation difference -0,2 -2,1 -0,4 -2,2 -3,4 Change in cash and cash equivalents 13,2 -0,3 10,4 0,9 5,1 Cash and cash equivalents at beginning of period 25,1 27,5 28,1 26,4 26,4 Cash and cash equivalents at end of period 38,1 25,1 38,1 25,1 28,1 Due to exchange gains and losses during the year and discontinuing operations in 2006 the amounts in the cash flow statement are not directly reconcilable with the balance sheet figures. Consolidated statement of changes in shareholders' equity EUR million 1) Share capital 2) Share issue premium 3) Hedging reserve 4) Other reserves 5) Translation differencies 6) Retained earnings 7) Total 8) Minority interest 9) Total Shareholders' equity 1-6/2006 1) 2) 3) 4) 5) 6) 7) 8) 9) Shareholders' equity 31.12.2005 31,8 48,8 -0,2 2,9 4,5 100,0 187,8 0,4 188,2 Cash flow hedging - Increase - Decrease (hedging reserve) 0,2 0,2 0,2 - Deferred taxes's share of period movements Translation difference -2,4 0,1 -2,3 0,0 -2,3 Other changes 0,3 -0,1 0,2 0,2 Net profit/loss recoqnised directly to shareholders' equity 0,0 0,0 0,2 0,3 -2,4 0,0 -1,9 0,0 -1,9 Profit/loss for the period -3,3 -3,3 -0,1 -3,4 Total profits and losses 0,0 0,0 0,2 0,3 -2,4 -3,3 -5,2 -0,1 -5,3 Dividends paid -5,3 -5,3 -5,3 SHAREHOLDERS' EQUITY 30.6.2006 31,8 48,8 0,0 3,2 2,1 91,4 177,3 0,3 177,6 Shareholders' equity 1-6/2006 1) 2) 3) 4) 5) 6) 7) 8) 9) Shareholders' equity 31.12.2006 31,8 0,0 0,0 53,1 1,1 69,6 155,5 0,2 155,7 Cash flow hedging - Increase - Decrease (hedging reserve) - Deferred taxes's share of period Net gains/losses of net investments 1,7 1,7 1,7 Translation difference -0,9 0,4 -0,5 -0,5 Other changes 1,2 1,4 -2,5 0,1 -0,2 -0,1 Net profit/loss recoqnised directly to shareholders' equity 0,0 1,2 0,0 1,4 0,8 -2,1 1,3 -0,2 1,1 Profit/loss for the period -53,5 -53,5 -53,5 Total profits and losses 0,0 1,2 0,0 1,4 0,8 -55,6 -52,2 -0,2 -52,4 Dividends paid SHAREHOLDERS' EQUITY 30.6.2007 31,8 1,2 0,0 54,5 1,9 14,0 103,3 0,0 103,3 NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Basis of preparation and accounting policies The interim financial report has been prepared in accordance with the IAS 34 standard and the same principles as the annual financial statments for 2006. Changes in property, plant and equipment EUR million 1-6/2007 1-6/2006 1-12/2006 Book value at beginning of the period 219,3 246,5 246,5 Additions and transfers 34,2 27,7 61,2 Deductions and transfers -4,0 -6,7 -12,3 Discontinued operations 0,0 0,0 -23,5 Depreciation -20,8 -21,3 -37,3 Impairment -22,4 -9,2 -8,4 Translation difference and other changes 1,9 3,0 -6,8 Book value at end of the period 208,2 240,0 219,3 Provisions 1.1.2007 Increase Decrease 30.6.2007 Pension benefit 0,8 - - 0,8 Restructuring 4,9 9,7 -6,0 8,6 5,7 9,7 -6,0 9,4 The useage of restructuring provision is shown as decrease. Exchange rates 30.6.2007 30.6.2006 31.12.2006 USD 1,3505 1,2713 1,3170 CNY 10,2816 10,1648 10,2793 SEK 9,2525 9,2385 9,0404 BRL 2,6073 2,7479 2,8202 MXN 14,5586 14,3340 14,2830 INR 54,9425 57,9020 58,2295 HKD 10,5569 9,8745 10,2409 COMMITMENTS EUR million 1-6/2007 1-6/2006 1-12/2006 The future aggregate minimum lease payments under non-cancellable operating leases 22,2 35,6 19,9 Guarantees on behalf of third parties as collateral on other commitments 7,6 2,0 1,4 Guarantees on behalf of associated companies 5,0 0,0 5,6 Major off-balance sheet investment commitments 6,4 0,4 13,0 Nominal values of derivate financial instruments Foreing exchange forwards - related to transaction risk 3,8 9,1 4,1 - related to financing 39,2 113,9 46,3 Interest rate swaps 0,0 25,0 25,0 Commodity derivates 0,2 2,1 0,4 Total nominal values 43,2 150,1 75,8 The nominal amounts are presented as gross values. Fair values of derivates financial instruments Instruments having a positive fair value - Foreign exchange forwards -- related to transaction risk 0,0 0,0 0,0 -- related to financing 0,2 0,8 0,2 - Commodity derivatives 0,0 0,2 0,0 Instruments having a negative fair value - Foreign exchange forwards -- related to transaction risk 0,0 0,0 -0,1 -- related to financing -0,2 -0,7 -0,2 - Interest rate swaps 0,0 -0,1 0,0 - Commodity derivatives 0,0 0,0 0,0 Total fair values -0,1 0,2 -0,1 The fair values are based on quoted market prices. Fair value represents the amount that would be realised, if the derivative contracts were closed on the balance sheet date. All derivative financial instruments are fair valued through the income statement at each balance sheet date. KEY FIGURES 4-6/2007 4-6/2006 1-6/2007 1-6/2006 1-12/2006 Continuing operations gross investments in fixed assets, EUR million 9,9 15,5 24,9 29,8 60,4 EBITDA *) from continuing operations, EUR million 11,8 11,3 -18,5 21,1 11,6 EBITDA *) from continuing operations, % 10,4 6,5 -7,7 6,0 1,7 EBIT from continuing operations, EUR million 0,2 -0,2 -42,8 -1,5 -32,9 EBIT from continuing operations, % 0,2 -0,1 -17,8 -0,4 -4,9 Net sales from continuing operations, EUR million 113,6 172,2 240,3 355,0 673,6 Net sales from discontinued operations, EUR million - 12,5 - 25,4 42,7 Equity ratio, % 26,8 35,2 26,8 35,2 37,3 Gearing 1,41 0,96 1,41 0,96 0,72 Interest-bearing net liabilities, EUR million 145,7 171,0 145,7 171,0 112,8 ROE, % p.a. -19,8 -6,0 -82,7 -3,7 -14,7 ROI, % p.a. 4,5 10,0 -25,7 7,9 5,3 Earnings per share, EUR -0,10 -0,05 -1,01 -0,06 -0,48 Earnings per share, diluted, EUR -0,10 -0,05 -1,01 -0,06 -0,48 Earnings per share from continuing operations, EUR -0,10 -0,04 -1,01 -0,07 -0,82 Earnings per share from discontinued operations, EUR 0,00 -0,01 0,00 0,00 0,35 Shareholders' equity per share, EUR 1,93 3,35 1,93 3,35 2,94 Shareholders' equity per share, diluted, EUR 1,94 3,35 1,94 3,35 2,94 Average number of shares during the period (1 000) 52 937 52 937 52 937 52 937 52 937 Average number of shares (diluted) during the period (1 000) 52 825 53 064 52 825 53 064 53 020 Personnel of continuing operations - average for the period 5 993 7 567 6 491 7 522 7 746 - end of period 5 584 7 104 5 584 7 104 7 229 - average including workforce 9 427 14 175 10 278 13 560 13 320 - end of period including workforce 8 829 13 707 8 829 13 707 12 944 *) Earnings before interest, taxes, depreciation and amortisation Key figures have been calculated using the same calculation principles as the annual financial statments for 2006. The Interim Report for January-September 2007 will be published on October 23, 2007. Vantaa, July 23, 2007 PERLOS CORPORATON Board of Directors ADDITIONAL INFORMATION: - A news conference for analysts and media will be held today, July 24, 2007 at 9:30 in Restaurant G.W. Sundmans, Eteläranta 16, Helsinki. Welcome. - President and CEO Matti Virtanen is available today, July 24 at 10.45 - 11.30 Finnish time, tel. +358 9 2500 7200. - Perlos will arrange a conference call and web presentation for analysts, media and investors today, April 26, at 5.00 A.M. US Eastern time / 10.00 A.M. UK time / 12.00 noon Finnish time. You can participate over the telephone or through Perlos' Internet site. The results will be presented by Mr. Matti Virtanen, President and CEO. The conference call and presentation will be held in English. To participate in the conference call, please dial +44 (0)20 775 099 50, a few minutes before the beginning of the conference. PERLOS IN BRIEF Perlos Corporation is a global design and manufacturing partner for the telecommunications and electronics industry. The service offering covers the whole product life cycle from product design to manufacturing, logistics and new product versions. The production facilities are located in Asia, Europe and North and South America and the company is headquartered in Finland. In 2006, Perlos Corporation's net sales amounted to EUR 673,6 million. The company employed approximately 8,800 people worldwide in the end of June, 2007. Perlos share (POS1V) is traded on the OMX Nordic Exchange Helsinki. DISTRIBUTION Helsinki Stock Exchange Central media www.perlos.com |
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