2011-12-14 08:00:00 CET
2011-12-14 08:00:10 CET
REGULATED INFORMATION
Efore - Financial Statement Release
EFORE GROUP FINANCIAL STATEMENT RELEASE NOVEMBER 1, 2010 – OCTOBER 31, 2011 (12 MONTHS) – SIGNIFICANT IMPROVEMENT IN NET SALES AND RESULTS FROM OPERATING ACTIVITIES
Espoo, Finland, 2011-12-14 08:00 CET (GLOBE NEWSWIRE) -- EFORE PLC Financial
Statement Release December 14, 2011 9.00 a.m.
Fiscal year in brief (November 1, 2010 — October 31, 2011)
- Net sales totaled EUR 88.1 million (EUR 69.7 million)
- Results from operating activities totaled EUR 4.4 million (EUR 0.0 million)
- Profit before taxes was EUR 4.5 million (EUR 0.1 million)
- Profit for the period was EUR 3.4 million (EUR 0.1 million)
- Earnings per share was EUR 0.09 (EUR 0.00)
Fourth quarter in brief (August 1, 2011 — October 31, 2011)
- Net sales totaled EUR 21.4 million (EUR 20.4 million)
- Results from operating activities totaled EUR 1.0 million (EUR 1.1 million)
- Profit before taxes was EUR 0.5 million (EUR 1.0 million)
- Profit for the period was EUR 0.5 million (EUR 0.9 million)
- Earnings per share was EUR 0.01 (EUR 0.02)
Vesa Vähämöttönen, Efore's President and CEO:
“We achieved a good result in 2011. Net sales increased by 26 % year-over-year
and EBIT margin was 5 % of net sales. Positive result was driven by the strong
demand of Efore's telecom power products. Strategy clarification enabled
resource allocation for growing markets. The project award from the Finnish
Defense Forces strengthened Efore's industrial business area.”
NET SALES AND FINANCIAL DEVELOPMENT FOR THE FISCAL YEAR
Net sales for the fiscal year totaled EUR 88.1 million (EUR 69.7 million). Net
sales by customer group were as follows: Telecommunication 79.7 % (75.3 %) and
industrial electronics 20.3 % (24.7 %). Geographically Efore's deliveries were
to the following areas: EMEA EUR 32.9 million (EUR 22.5 million), APAC EUR 40.6
million (EUR 35.1 million), Finland EUR 11.9 million (EUR 10.0 million) and the
Americas EUR 2.8 million (EUR 2.2 million) which totaled EUR 88.1 million (EUR
69.7 million). Final geographical distribution of Efore's products deviates
from the before mentioned as Efore's customers distribute further the products
from the logistics centers to other markets.
The results from operating activities amounted to EUR 4.4 million (EUR 0.0
million).
Strong demand of Efore's telecom power products enabled positive development of
net sales and result of the fiscal year.
NET SALES AND FINANCIAL DEVELOPMENT FOR THE FOURTH QUARTER
Net sales for the fourth quarter totaled EUR 21.4 million (EUR 20.4 million).
Net sales by customer group were as follows: Telecommunication 79.2 % (77.4 %)
and industrial electronics 20.8 % (22.6 %). Geographically Efore's deliveries
were to the following areas: EMEA EUR 9.2 million (EUR 6.1 million), APAC EUR
8.7 million (EUR 11.0 million), Finland EUR 2.8 million (EUR 2.5 million) and
the Americas EUR 0.7 million (EUR 0.9 million) which totaled EUR 21.4 million
(EUR 20.4 million).
The results from operating activities for the fourth quarter was EUR 1.0
million(EUR 1.1 million).
BUSINESS DEVELOPMENT
Investment on technology and product development during the fiscal year was EUR
7.6 million (EUR 6.3 million) representing 8.6 % (9.0 %) of net sales.
Demand of Efore's telecom power products was strong during the fiscal year even
though it slowed down just at the end of the fiscal year. Increased mobile data
traffic generated by the growing popularity of smartphones creates a need to
improve network capacity.
Industrial electronics share from net sales remained on the same level with
previous fiscal year. Power supply cabinets for the Finnish Defence Forces were
delivered as planned.
Electric vehicle (EV) power products dedicated company was established in
Suzhou, China in spring 2011 and EV related activities have been moved to new
premises. Efore has been chosen as power electronics vendor for two electric
vehicle models of a Chinese car manufacturer. The production of these models is
estimated to start at earliest in 2013.
Efore executed an investment program worth EUR 1.7 million to increase Suzhou
factory production capacity. 30% increase in capacity was achieved and the
investment program was concluded in October 2011.
Efore focused further on its selected target markets and sold its 25% holding
in Power Innovation Stromversorgungstechnik GmbH (PI) in May 2011. This
arrangement had no effect on the results from operating activities but it
improved Efore Group's net result by EUR 0.8 million.
INVESTMENTS
Group investments in fixed assets during the fiscal year amounted to EUR 4.4
million (EUR 1.6 million) of which EUR 1.7 million were allocated on capacity
increase in China factory.
At the end of the fiscal year capitalized product development costs amounted to
EUR 0.7 million (EUR 1.0 million).
FINANCIAL POSITION
The Group's financial position during the fiscal year was good.
The consolidated interest-bearing cash reserves exceeded interest-bearing
liabilities by EUR 3.9 million (EUR 2.7 million) at the end of the fiscal year.
The consolidated net financial income was EUR -0.1 million (EUR 0.1 million)
including income from selling PI EUR 0.8 million. The cash flow from business
operations was EUR 4.3 million (EUR -1.0 million). The cash flow after
investment was EUR 1.5 million (EUR -2.6 million).
The Group's solvency ratio was 48.3 % (49.7 %) and the gearing was -16.3 %
(-13.3 %).
Liquid assets excluding undrawn credit facilities totaled EUR 11.2 million (EUR
5.9 million) at the end of the fiscal year. The balance sheet total was EUR
49.9 million (EUR 40.6 million).
GROUP STRUCTURE
Efore Group consists of the parent company Efore Plc and its directly or
indirectly wholly owned subsidiaries Efore (USA) Inc. in the United States,
Efore(Suzhou) Electronics Co. Ltd in China, Efore (Suzhou) Automotive
Technology Co., Ltd in China, Efore AS in Estonia, Efore AB in Sweden, Efore
(Hongkong) Co. Ltd in China and FI-Systems Oy in Finland.
Efore Management Oy,a company owned by the members of the Efore Group Executive
Management Team has been consolidated in the group.
PERSONNEL
The number of the Group's own personnel including temporary personnel averaged
960 (821) during the fiscal year and at the end of the fiscal year it was 907
(890). At the end of October 2011 more than 91% of the personnel worked outside
of Finland.
BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT TEAM
In accordance with the proposal of the Board's Nomination Committee, the Annual
General Meeting held on February 10, 2011 elected six regular members to the
Board: Marko Luoma, Ari Siponmaa, Matti Vikkula, Olli Heikkilä, Richard
Järvinen ja Tei-Hu Liu. The Board of Directors selected Matti Vikkula to
continue as Chairman of the Board as Chairman of the Audit Committee with Olli
Heikkilä and Ari Siponmaa as members.
The members of the executive management team and their global spheres of
responsibility are as follows: President and CEO Vesa Vähämöttönen, Panu Kaila
(Operations), Markku Kukkonen (Product Development), Olli Nermes (Finance and
Administration), Alexander Luiga (Sales and Marketing) and Jukka Pietarinen
(Industrial Business Area since December 13, 2011).
AUDITORS
The Annual General Meeting held on February 10, 2011 appointed KPMG Oy Ab as
Efore's auditors, with Authorized Public Accountant Lasse Holopainen as
principal auditor.
SHARES, SHARE CAPITAL AND SHAREHOLDERS
The total number of Efore Plc shares at the end of the fiscal year was
42.529.648 and the registered share capital was EUR 15.000.000.
At the end of the fiscal year the number of the Group's own shares was 861.535.
In addition to this Efore Management Oy, a company belonging to Efore group
owned 2.084.400 Efore shares.
The highest share price during the fiscal year was EUR 1.09 and the lowest
price was EUR 0.69. The average price during the fiscal year was EUR 0.92 and
the closing price was EUR 0.90. The market capitalization calculated at the
final trading price of the fiscal year was EUR 35.6 million.
The total number of Efore shares traded on the Nasdaq OMX Helsinki during the
fiscal year was 17.4 million and their turnover value was EUR 16.0 million.
This accounted for 43.9 % of the total number of outstanding shares. The
number of shareholders totaled 3 315 (3 204) at the end of the fiscal year.
AUTHORIZATION OF THE BOARD OF DIRECTORS
The Annual General Meeting on February 10, 2011 decided, in accordance with the
proposal of the Board of Directors, to authorize the Board of Directors to
resolve at its discretion on a possible distribution of assets as dividend or
assets from the reserve for invested unrestricted equity if the financial
position of the company supports that. The maximum aggregate amount of the
distribution of assets is EUR 0.05 per share. The authorization includes the
right of the Board of Directors to resolve on all other terms and conditions
relating to the distribution of assets. The authorization is valid until the
next Annual General Meeting. The authorization had not been used by the end of
fiscal year 2011.
The Annual General Meeting on February 10, 2011 decided, in accordance with the
proposal of the Board of Directors, to authorize the Board of Directors to
resolve on the acquisition of the company's own shares, in one or several
installments, on the following terms and conditions:
Based on the authorization an aggregate maximum of 4,000,000 own shares
constituting approximately 9.4% of all the shares in the company may be
acquired by using the company's unrestricted equity. The shares may be acquired
in public trading arranged by the NASDAQ OMX Helsinki Oy at the prevailing
market price on the date of acquisition, or at the price otherwise formed on
the market. The Board of Directors shall resolve on all other terms and
conditions relating to the acquisition of the company's own shares. The
acquisition may be concluded using, inter alia, derivatives and the company's
own shares may be acquired otherwise than in proportion to the holdings of the
shareholders (directed acquisition). The authorization is valid until the next
Annual General Meeting. The authorization shall supersede the authorization
given by the Annual General Meeting on 9 February 2010 to resolve on the
acquisition of the company's own shares. The authorization had not been used by
the end of fiscal year 2011.
AUTHORIZING THE BOARD OF DIRECTORS TO RESOLVE ON THE ISSUE OF SHARES AS WELL AS
THE ISSUE OF OPTIONS AND OTHER SPECIAL RIGHTS ENTITLING TO SHARES
The Annual General Meeting on February 10, 2011 decided, in accordance with the
proposal of the Board of Directors, to authorize the Board of Directors to
resolve on the issuance, in one or several installments, of shares as well as
option rights and other special rights pursuant to chapter 10, section 1 of the
Finnish Companies Act, so that the aggregate maximum number of new shares
issued on the basis of the authorization, whether as an issue of shares or
based on option rights and other special rights pursuant to chapter 10, section
1 of the Finnish Companies Act, does not exceed 13,000,000 new shares. In
addition, a maximum number of 4,000,000 own shares held by the company may be
transferred in connection with a share issue and/or received based on special
rights entitling to shares. The authorization includes the right to resolve on
a directed issue deviating from the shareholders' pre-emptive subscription
right and the right to resolve on a directed share issue without payment. The
authorization is in force until the 2013 Annual General Meeting. The earlier
authorization is terminated with this authorization.
Based on the authorization to issue shares given by the Annual General Meeting,
the Board of Directors of Efore Plc resolved to assign in aggregate 60 614 own
shares held by the company as payment of the Board of Directors' annual
remuneration on March 25, 2011. The number of shares has in accordance with the
resolution of the Annual General Meeting been determined based on the average
of the closing prices of the Efore Plc share March 3 - 16, 2011. The assignment
of the shares took place on May 20, 2011.
ACCOUNTING POLICIES
The financial statement has been drawn up in accordance with IAS 34 Standard on
Interim Financial Reporting and the Group's accounting principles presented in
the 2010 Financial Statements. The information in this release is unaudited.
All the figures in the 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
SHORT-TERM RISKS AND FACTORS OF UNCERTAINTY
The demand fluctuation typical for the market can still cause rapid changes in
Efore's business. The most significant business risks are related to the
success of key customers in their markets and to Efore's capability serve its
key customers.
Progress of the EV power electronics projects depends on the customers' own
project schedules and the establishment of the whole market.
It has been recognized that global economic development may have an effect on
Efore's business environment.
A more comprehensive report on risk management is presented on the company's
web-sites.
EVENTS AFTER THE CLOSE OF THE FISCAL YEAR
Efore combined its resources targeting to increase sales in industrial
business area. Jukka Pietarinen, M.Sc(Eng), has been appointed as Executive
Vice President, Industrial Business Area and as the member of the Efore
Executive Management Team from December 13, 2011. Jukka Pietarinen has been
employed by Efore since 2009.
In order to improve Efore's profitability and competitiveness of its industrial
business Efore plans to transfer its production from Estonia to China and
discontinue production at Estonia factory during the fiscal year 2012.
According to the plan the Group's personnel would be reduced approximately by
120 persons. Efore estimates one-time costs to be approximately EUR 1.8 million
and these would be reported for the current fiscal year. With this plan Efore
aims to improve its annual profitability by EUR 1.6 million.
OUTLOOK
As announced in the Stock Exchange Release on November 22, 2011 Efore estimated
that its customers have in short-term higher inventory levels than needed. Due
to lowering the inventory levels Efore's net sales will not reach the level of
the previous year in the first months of the fiscal year 2012, and results from
operating activities might be negative during these months. Efore estimates the
inventory levels to balance during the first half of the fiscal year 2012.
Efore estimates its position in its main market area, power products for
telecommunication, to remain good. The fundamentals for long-term positive
development of wireless network equipment industry are expected to remain
unchanged.
FINANCIAL ESTIMATE FOR THE FISCAL YEAR 2012
Slow first months of the fiscal year 2012 will effect to the whole year. Efore
estimates to reach at least EUR 80 million net sales for full fiscal year 2012.
Fiscal year 2012 result from operating activities without one-time costs is
expected to be positive but staying below the fiscal year 2011 level.
BOARD OF DIRECTORS' PROPOSAL FOR THE ANNUAL GENERAL MEETING
The Board of Directors will propose to the Annual General Meeting on February
9, 2012 that no dividend will be distributed from fiscal year November 1, 2010
- October 31, 2011.
The Board of Directors will propose to the Annual General Meeting on February
9, 2012 that the company will distribute assets from the invested
non-restricted equity fund to the shareholders 0,05 euros per share.
TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million Aug./11- Aug./10- Nov./10- Nov./09-
Oct./11 Oct./ 10 Oct./11 Oct./10
3 months 3 months 12 months 12 months
Net sales 21,4 20,4 88,1 69,7
Change in inventories of
finished goods and work in progress -0,6 0,3 2,5 0,9
Other operating income 0,1 0,0 0,2 0,2
Materials and services -13,3 -13,8 -61,7 -48,1
Employee benefits expenses -4,2 -3,4 -15,1 -12,6
Depreciation -0,7 -0,8 -2,6 -3,1
Impairments 0,0 0,0 0,0 0,0
Other operating expenses -1,8 -1,7 -6,9 -6,9
RESULTS FROM OPERATING ACTIVITIES 1,0 1,1 4,4 0,0
% net sales 4,5 5,6 5,0 0,0
Financing income 0,3 0,0 1,3 0,5
Financing expenses -0,7 -0,1 -1,3 -0,5
Share of profit of associated
companies 0,0 0,0 0,1 0,0
PROFIT (-LOSS) BEFORE TAX 0,5 1,0 4,5 0,1
% net sales 2,3 4,9 5,1 0,1
Tax on income from operations 0,0 0,0 -1,0 0,1
PROFIT (-LOSS) FOR THE PERIOD 0,5 0,9 3,4 0,1
OTHER COMPREHENSIVE INCOME:
Translation differences 0,4 -0,4 0,4 0,3
Total comprehensive income 0,9 0,5 3,9 0,5
NET PROFIT/LOSS ATTRIBUTABLE
To equity holders of the parent 0,5 0,9 3,4 0,1
To non-controlling interest 0,0 0,0 0,0 0,0
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
Equity holders of the parent 0,9 0,5 3,9 0,5
Non-controlling interest 0,0 0,0 0,0 0,0
EARNINGS PER SHARE CALCULATED ON
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS
OF THE PARENT:
Earnings per share, basic,eur 0,01 0,02 0,09 0,00
Earnings per share, diluted, eur 0,01 0,02 0,09 0,00
INFORMATION ABOUT GEOGRAPHICAL Aug./11- Aug./10- Nov./10- Nov./09-
AREAS, EUR million Oct./11 Oct./ 10 Oct./11 Oct./10
3 months 3 months 12 months 12 months
Americas 0,7 0,9 2,8 2,2
EMEA 9,2 6,1 32,9 22,5
FINLAND 2,8 2,5 11,9 10,0
APAC 8,7 11,0 40,6 35,1
Total 21,4 20,4 88,1 69,7
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
EUR million Oct. 31, Oct. 31, change Oct. 31,
2011 2010 % 2010
ASSETS
NON-CURRENT ASSETS
Intangible assets 1,4 1,5 1,5
Tangible assets 6,8 4,6 4,6
Investments in associates 0,0 0,6 0,6
Other long-term investments 0,0 0,0 0,0
NON-CURRENT ASSETS 8,2 6,7 22,8 6,7
CURRENT ASSETS
Inventories 13,0 10,5 10,5
Trade receivables and other 17,3 17,5 17,5
receivables
Tax receivable, income tax 0,1 0,1 0,1
Cash and cash equivalents 11,2 5,9 5,9
CURRENT ASSETS 41,7 33,9 22,7 33,9
ASSETS 49,9 40,6 22,7 40,6
EQUITY AND LIABILITIES
EQUITY
Share capital 15,0 15,0 15,0
Treasury shares -2,1 -2,1 -2,1
Other reserves 21,9 21,9 21,9
Translation differences 0,6 0,1 0,1
Retained earnings -11,6 -15,0 -15,0
Equity attributable to equity holders 23,8 19,9 19,9
of the parent
Equity attributable to non-controlling 0,3 0,3 0,3
interests
EQUITY 24,1 20,2 19,4 20,2
NON-CURRENT LIABILITIES
Deferred tax liabilities 0,0 0,0 0,0
Interest-bearing liabilities 3,3 2,6 2,6
NON-CURRENT LIABILITIES 3,3 2,6 27,1 2,6
CURRENT LIABILITIES
Interest-bearing liabilities 4,1 0,6 0,6
Trade payables and other liabilities 17,9 16,7 16,7
Tax liabilities 0,3 0,2 0,2
Provisions 0,3 0,3 0,3
CURRENT LIABILITIES 22,5 17,9 17,9
LIABILITIES 25,8 20,5 20,5
TOTAL EQUITY AND LIABILITIES 49,9 40,6 22,7 40,6
GROUP KEY FIGURES, EUR million Aug./11- Aug./10- Nov./10- Nov./09-
Oct./11 Oct./ 10 Oct./11 Oct./10
3 months 3 months 12 months 12 months
Earnings per share, basic,eur 0,01 0,02 0,09 0,00
Earnings per share, diluted, eur 0,01 0,02 0,09 0,00
Equity per share, eur 0,60 0,50 0,60 0,50
Solvency ratio,% 48,3 49,7 48,3 49,7
Return on equity-%(ROE) 7,7 18,4 15,5 0,6
Return on investment-%(ROI) 8,4 20,3 17,5 1,1
Gearing, % -16,3 -13,3 -16,3 -13,3
Net interest-bearing liabilities -3,9 -2,7 -3,9 -2,7
Investments (intangible and tangible 1,9 0,0 4,4 1,6
assets)
as percentage of net sales 9,1 -0,7 5,0 2,3
Average personnel 987 894 960 821
CONSOLIDATED STATEMENT OF CASH FLOWS Nov./10 Nov./09 change Nov./09
- - -
EUR million Oct. Oct./10 % Oct./10
/11
Cash flows from operating activities
Cash receipts from customers 91,9 64,0 64,0
Cash paid to suppliers and employees -86,4 -65,4 -65,4
Cash generated from operations 5,5 -1,4 -1,4
Interest paid -0,1 0,0 0,0
Interest received 0,1 0,0 0,0
Other financial items -0,5 0,1 0,1
Income taxes paid -0,6 0,3 0,3
Net cash from operating activities (A) 4,3 -1,0 -515,4 -1,0
Cash flows from investing activities
Purchase of tangible and intangible assets -4,3 -1,6 -1,6
Proceeds from sale of tangible and intangible 0,1 0,1 0,1
assets
Disposal of associated companies 0,5 0,0 0,0
Dividend received and repayment of capital 1,0 0,0 0,0
Net cash used in investing activities (B) -2,8 -1,5 81,2 -1,5
Cash flows from financing activities
Capital invest by the minority 0,0 0,3 0,3
Purchase of treasury shares 0,0 -0,1 -0,1
Proceedings from short-term borrowings 3,3 0,5 0,5
Proceeds from long-term borrowings 1,1 2,5 2,5
Repayment of long-term borrowings -0,5 0,0 0,0
Financial leasing repayment -0,2 -0,3 -0,3
Net cash used in financing activities (C) 3,7 3,0 3,0
Net increase/decrease in cash and cash
equivalents (A+B+C) 5,3 0,4 0,4
GROUP CONTINGENT LIABILITIES Oct. Oct. Oct.
31, 31, 31,
EUR million 2011 2010 2010
Security and contingent liabilities
For others
Other contingent liabilities 0,1 0,1 0,1
Operating lease commitments
Group as lessee
Non-cancellable minimum operating lease
payments:
Less than 1 year 1,1 1,5 1,5
1-5 years 0,8 1,7 1,7
Fair values of derivate financial instruments
Currency derivatives, not hedge
Option contract
Nominal amount 5,2 2,9 2,9
Negative fair value 0,0 0,0 0,0
THE FOLLOWING TRANSACTIONS WERE Oct. Oct. Oct.
31, 31, 31,
CARRIED OUT WITH RELATED PARTIES: 2011 2010 2010
EUR million
Associated companies
Purchases 0,0 0,1 0,1
Liabilities 0,0 0,0 0,0
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A Share capital
B Treasury shares
C Unrestricted equity reserve
D Other reserves
E Translation differences
F Retained earnings
G Equity holders of the parent
H Non-controlling interests
I Total
EUR million A B C D E F G H I
Equity 34,5 -0,6 0,0 1,0 -0,2 -15,2 19,5 0,0 19,5
Nov.1, 2009
Comprehensive income 0,0 0,0 0,0 0,0 0,3 0,1 0,5 0,0 0,5
Capital invest by the 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,3 0,3
minority
The costs of options 0,0 0,0 1,4 0,0 0,0 0,0 1,4 0,0 1,4
rights
Reclassification between -19,5 0,0 19,5 0,0 0,0 0,0 0,0 0,0 0,0
items
Purchase of treasury 0,0 -1,5 0,0 0,0 0,0 0,0 -1,5 0,0 -1,5
shares
Equity 15,0 -2,1 20,9 1,0 0,1 -15,0 19,9 0,3 20,2
October 31, 2010
EUR million A B C D E F G H I
Equity 15,0 -2,1 20,9 1,0 0,1 -15,0 19,9 0,3 20,2
Nov.1, 2010
Comprehensive income 0,0 0,0 0,0 0,0 0,4 3,5 3,9 0,0 3,9
Assign of treasury shares 0,0 0,0 0,0 0,0 0,0 0,0 0,1 0,0 0,1
Equity 15,0 -2,1 20,9 1,0 0,6 -11,6 23,8 0,3 24,1
October 31, 2011
31.10.2011
CALCULATION OF
KEY
FIGURES AND
RATIOS
Return on = Profit before taxes+interest and other financing x 100
investment expenses /
(ROI), % (Equity + interest-bearing liabilities, average )
Return on Equity = Profit/loss for the period / Equity (average ) x 100
(ROE), %
Current ratio = Current assets / Current liabilities
Solvency ratio, % = Equity / (Total assets - advance payments received x 100
- own shares*)
Net = Interest-bearing liabilities - financial assets at
interest-bearing fair value through profit or loss - cash and cash
liabilities equivalents
Gearing, % = Net interest-bearing liabilities / Equity x 100
Earnings per = Profit or loss attributable to ordinary equity
share holders of the parent entity/ The weighted average
number of ordinary shares outstanding
Dividend per = Dividend for the financial year / (Number of shares - own
share shares*)
Dividend payout = Dividend per share / Earnings per share x 100
ratio, %
Effective = Dividend per share /Adjusted share price at x 100
dividend yield, balance sheet date
%
Equity per share = Equity - own shares* /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 sheet date x
capitalization = outstanding 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.
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.
* There were own shares held by company October 31, 2011.
EFORE PLC
Board of Directors
For further information please contact Mr.Vesa Vähämöttönen, President and CEO,
on December 14, 2011 at 9 - 11 a.m., tel. +358 9 4784 6312
Efore Plc will hold a news conference regarding the financial statement report
for analysts and media on December 14, 2011 at 11 a.m. in Helsinki World Trade
Center, address Aleksanterinkatu 17.
DISTRIBUTION
Nasdaq OMX Helsinki Oy
Principal media
Efore Group
Efore Group is an international company which develops and produces demanding
power products. Efore's head office is based in Finland and its production
units are located in China and in Estonia. Efore is present also in Sweden. In
the fiscal year ending in October 2011, consolidated net sales totaled EUR 88,1
million and the Group's personnel averaged 960. The company's share is quoted
on the Nasdaq OMX Helsinki Ltd. www.efore.com
Mr.Vesa Vähämöttönen, President and CEO, tel. +358 9 4784 6312
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