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 SCHEDULE
Key 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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