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2007-03-08 08:00:30 CET 2007-03-08 08:00:30 CET REGULATED INFORMATION Efore - Quarterly reportEFORE PLC INTERIM REPORT NOVEMBER 1, 2006 - JANUARY 31, 2007 (3 months)EFORE PLC Stock Exchange Release March 8, 2007 EFORE PLC INTERIM REPORT NOVEMBER 1, 2006 - JANUARY 31, 2007 (3 months) First quarter in brief (November 1, 2006 — January 31, 2007) - Net sales totaled EUR 16.2 million (EUR 22.1 million). The fall compared with the corresponding period in the previous fiscal year was 26.7%. - The operating profit was EUR -3.3 million (EUR -0.9 million). - The profit before taxes was EUR -3.0 million (EUR -0.8 million). - The earnings for the period were EUR -3.2 million (EUR -0.9 million). - The operating profit was adversely affected by the lower-than-expected sales and impairments of capitalized product development projects totaling EUR 1.6 million. NET SALES AND FINANCIAL PERFORMANCE Net sales for the first quarter fell to EUR 16.2 million (EUR 22.1 million). The fall compared with the corresponding period in the previous fiscal year was 26.7%. Sales by customer segment were as follows: telecommunications 59.3% (67.1%), industrial electronics 29.6% (28.4%) and health-care electronics 11.1% (4.5%). Geographically sales were as follows: EMEA EUR 11.4 million (EUR 11.1 million), the Americas EUR 1.6 million (EUR 8.4 million) and APAC EUR 3.3 million (EUR 2.6 million). The operating profit for the first quarter was EUR -3.3 million (EUR -0.9 million). The financial performance for the period under review was affected by lower-than-expected sales in November-December arising from the postponement of orders for a major customer. Furthermore, in spite of restructuring carried out during the previous fiscal year, operations at the plant in the USA were running at a loss. Restructuring and the termination of employment relationships have still been causing extra personnel costs in the present fiscal year. Launching new products onto the market has been brought forward and estimated life-cycles of products have been reduced. Return expectations of certain capitalized product development projects have been lowered. Impairments were made during the period under review. Impairments amounted to EUR 1.6 million and most of them were Systems-products. The profit before taxes in the first quarter was EUR -3.0 million (EUR -0.8 million) and the net profit was EUR -3.2 million (EUR -0.9 million). BUSINESS OPERATIONS Several product development projects have been underway during the period under review. Product development activity was focused mainly on new base station families that will be used in the future and other equipment for telecommunications networks. Attempts will be made to strengthen the volume of product development resources further in both Europe and Asia during the present fiscal year. In order to increase production the plant in China will be transferring to new premises of about 10,700 m2 during the second quarter of the year. As a result of restructuring, about 83.3% (62.5%) of Efore's production was in countries with lower costs at the end of the period under review. Major logistical challenges to the demand for Efore products have been caused by dependence on certain main customers. Predicting which way demand will go in the telecom sector has also been generally difficult under review and difficult predictability continues. INVESTMENT Group investment in fixed assets amounted to EUR 0.8 million (EUR 1.3 million), of which investment in machinery and equipment accounted for EUR 0.4 million and product development costs EUR 0.4 million. At the end of the period under review capitalized product development costs amounted to EUR 2.7 million (previous year EUR 3.8 million). FINANCIAL POSITION The Group's financial position during the period under review was good. The Group's solvency ratio at the end of the period was 63.3% (68.2%) and the gearing was -20.4% (-36.3%). Consolidated net interest-bearing liabilities amounted to a positive figure of EUR 5.5 million (EUR 13.5 million positive), i.e. the consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 5.5 million. The consolidated net financial income was EUR 0.2 million (EUR 0.1 million). The cash flow from business operations was EUR -4.1 million (EUR -5.2 million) and the change in cash flow showed a decrease of EUR 4.9 million (EUR 6.5 million decrease). The cash flow after investment was EUR -4.9million (EUR -6.5 million). Liquid assets excluding undrawn credit facilities totaled EUR 6.6 million (EUR 15.3 million) at the end of the period under review. The Group also had access to substantial credit facilities at its disposal. The balance sheet total was EUR 42.8 million (EUR 54.7 million). The low sales in the first quarter kept the inventory volume high, as the Group had prepared for much higher demand than occurred. PERSONNEL The number of the Group's own personnel averaged 816 (750) during the period under review and at the end of the period it was 802 (758). The number of personnel fell by 10 during the period. In addition to its own personnel, the Group's contract staff numbered 165 (184) at the end of the period. The number of contract staff fell by 10 during the period under review. The geographical distribution of the personnel including contract staff at the end of the period was as follows: Europe 488 (447), of which 182 (262) were in Finland and 306 (185) in Estonia, the Americas 70 (144) and Asia 409 (351). The number of personnel in Finland will, based on previous decisions, fall to more than 130 during spring of this year. CHANGES IN GROUP'S MANAGEMENT Khalid Hafeez, Vice President Sales and Marketing for APAC area, resigned as of December 22, 2006 from the company's service. Olli Nermes (M.Sc. Econ) has been acting as the Efore Group's CFO and member of the Group's Executive Management Team since February 1, 2007. He succeeds Jorma Lappalainen, who has resigned from the company's service. Kari Saarinen, Executive Vice President for EMEA, appointed global Executive Vice President for Efore Sales & Marketing function as of March 2, 2007. In his new role Kari Saarinen is in charge of Efore Group's sales and marketing activities in EMEA, Americas and APAC regions. Scott Vartija, Vice President Sales and marketing for Americas reports to Kari Saarinen. Members and responsibilities of the Executive Management are as follows since March 2, 2007: Reijo Mäihäniemi (President and CEO), Panu Kaila (Operations and Sourcing), Markku Kukkonen (Product Development), Olli Nermes (Finance, Administration and IT), Kari Saarinen (Sales and Marketing) and Mika Sippola (Technology). DECISIONS OF THE ANNUAL GENERAL MEETING AND THE INAUGURAL MEETING OF THE BOARD OF DIRECTORS The Annual General Meeting for the fiscal year November 1, 2005 - October 31, 2006 and the inaugural meeting of the Board of Directors were held on February 5, 2007 in Helsinki. Board of Directors and committees On a proposal by the Nomination Committee, the Annual General Meeting elected to the Board of Directors from the company's members of the previous Board of Directors Johan Ek, Isto Hantila, Outi Raitasuo, Timo Syrjälä and Matti Tammivuori, and as new members Jukka Harju, Esa Korvenmaa and Marko Luoma. In the Inaugural Meeting of the Board of Directors Isto Hantila was elected Chairman of the Board and Timo Syrjälä Vice Chairman. Timo Syrjälä was elected Chairman of the Audit Committee and Outi Raitasuo and Matti Tammivuori committee members. Isto Hantila was elected Chairman of the Compensation Committee and Timo Syrjälä and Matti Tammivuori committee members. The Nomination Committee will be elected in autumn 2007. Auditors The Annual General Meeting elected Authorized Accounting Firm Ernst & Young Oy as the company's auditor. Dividend The Annual General Meeting decided, in accordance with a proposal by the Board of Directors, that no dividend be distributed for the fiscal year. Board of Directors authorizations The Annual General Meeting, in accordance with a proposal by the Board of Directors, decided to authorize the Board of Directors to decide on an issue of new shares in one or several installments so that, on the basis of the authorization, the number of new shares issued will total a maximum of 13,274,783. The Board of Directors may, on the basis of the authorization, decide on a targeted share issue. The authorization may not, however, be used for a staff incentive. The authorization is valid for one year from the decision of the Annual General Meeting. DISPUTES AND LEGAL PROCESSES On December 28, 2006 Helsinki Court of Appeal issued its decision concerning an action for annulment taken out by a shareholder over a decision taken by the Annual General Meeting on February 3, 2004 concerning a targeted share issue. A district court previously rejected the action through a decision given on February 25, 2005, and the Court of Appeal has not, in the judgment it has given, changed that decision. SHARES, SHARE CAPITAL AND SHAREHOLDERS The total number of Efore Plc shares at the end of the period under review was 40,529,648 and the registered share capital was EUR 34,450,200.80. The highest share price during the period was EUR 1.55 and the lowest price was EUR 1.07. The average price during the period was EUR 1.29 and the closing price was EUR 1.47. The market capitalization calculated at the final trading price in the period under review was EUR 59.6 million. The total number of Efore shares traded on the Helsinki Stock Exchange during the period was 8.6 million and their turnover value was EUR 11.1 million. This accounted for 21.3% of the total number of shares at the end of the period. The number of shareholders totaled 3,884 at the end of the period. OUTLOOK Telecommunications markets are expected to continue their moderate euro-denominated growth during 2007. The biggest growth is expected on emerging markets e.g. India, the Middle East and Africa. As a result of moderate market prospects, Efore's net sales in strategically important product groups are forecast to show growth. The business operations will still be affected by changes to customers' logistics control that will have a negative effect on sales and create costpressure. Growth in the fiscal year is estimated to be weighted much more towards the second half of the year. The company's main aim is to continue focusing on the development of demanding and innovative power-supply solutions with the world's leading companies in their own fields. Developing energy-saving solutions that will take up less space will be a major focal point. Projects to develop operations in order to improve productivity and cost structure, lower inventories and make the production and product development processes more efficient will continue during this fiscal year. The purpose of these projects is to bring further improvement to the profitability of the company's operations. The Group intends further focusing of operations on low-cost countries, particularly China. The Group has also decided to examine the scope for becoming established on new, expanding markets, where the company does not yet operate locally. With new customer relationships, new products and the restructuring that has been carried out, profitability and result for the new year (12 months) are expected to show an improvement compared with the last fiscal year, but stay lower than guided previously. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | STATEMENT | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Nov./06- | Nov./05- | | Nov./05- | -------------------------------------------------------------------------------- | | Jan./07 | Jan./06 | | Oct./06 | -------------------------------------------------------------------------------- | | 3 months | 3 months | | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 16,2 | 22,1 | | 90,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in inventories of | | | | | -------------------------------------------------------------------------------- | finished goods and work in | 0,8 | 0,0 | | 1,2 | | progress | | | | | -------------------------------------------------------------------------------- | Other operating income | 0,1 | 0,1 | | 0,5 | -------------------------------------------------------------------------------- | Materials and services | -12,3 | -14,9 | | -65,9 | -------------------------------------------------------------------------------- | Employee benefits expenses | -4,0 | -4,7 | | -18,8 | -------------------------------------------------------------------------------- | Depreciation | -0,6 | -0,9 | | -3,5 | -------------------------------------------------------------------------------- | Impairments | -1,6 | 0,0 | | -0,5 | -------------------------------------------------------------------------------- | Other operating expenses | -1,8 | -2,6 | | -9,4 | -------------------------------------------------------------------------------- | OPERATING PROFIT (-LOSS) | -3,3 | -0,9 | | -5,8 | -------------------------------------------------------------------------------- | % net sales | -20,3 | -4,0 | | -6,4 | -------------------------------------------------------------------------------- | Financing income | 0,4 | 0,4 | | 1,0 | -------------------------------------------------------------------------------- | Financing expenses | -0,3 | -0,3 | | -0,8 | -------------------------------------------------------------------------------- | Share of profit of | | | | | | associated | | | | | -------------------------------------------------------------------------------- | companies | 0,1 | 0,0 | | 0,2 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) BEFORE TAX | -3,0 | -0,8 | | -5,5 | -------------------------------------------------------------------------------- | % net sales | -18,7 | -3,5 | | -6,1 | -------------------------------------------------------------------------------- | Tax on income from | -0,2 | -0,2 | | -2,7 | | operations | | | | | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR THE | -3,2 | -0,9 | | -8,2 | | PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS | | | | | | ATTRIBUTABLE | | | | | -------------------------------------------------------------------------------- | To equity holders of the | -3,2 | -0,9 | | -8,2 | | parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share,eur | -0,08 | -0,02 | | -0,20 | -------------------------------------------------------------------------------- | Earnings per share, | -0,08 | -0,02 | | -0,20 | | diluted, eur | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY SECONDARY | Nov./06- | Nov./05- | Change-% | Nov./05- | | SEGMENTS, | | | | | -------------------------------------------------------------------------------- | EUR million | Jan./07 | Jan./06 | | Oct./06 | -------------------------------------------------------------------------------- | | 3 months | 3 months | | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 1,6 | 8,4 | -81,1 | 21,2 | -------------------------------------------------------------------------------- | EMEA | 11,4 | 11,1 | 1,9 | 57,9 | -------------------------------------------------------------------------------- | APAC | 3,3 | 2,6 | 24,9 | 11,4 | -------------------------------------------------------------------------------- | TOTAL | 16,2 | 22,1 | -26,7 | 90,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Jan. 31, | Jan. 31, | change | Oct. | | | | | | 31, | -------------------------------------------------------------------------------- | | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Intangible assets | 3,3 | 4,5 | | 4,6 | -------------------------------------------------------------------------------- | Tangible assets | 8,4 | 8,8 | | 8,6 | -------------------------------------------------------------------------------- | Investments in associates | 0,4 | 0,0 | | 0,2 | -------------------------------------------------------------------------------- | Long-term receivables and | 0,0 | 0,0 | | 0,0 | | other receivables | | | | | -------------------------------------------------------------------------------- | Other long-term investments | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Deferred tax assets | 0,1 | 1,7 | | 0,3 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 12,2 | 15,0 | -18,7 | 13,8 | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 14,3 | 13,7 | | 14,3 | -------------------------------------------------------------------------------- | Trade receivables and other | 9,6 | 10,6 | | 8,8 | | receivables | | | | | -------------------------------------------------------------------------------- | Financial assets held for | 2,9 | 11,1 | | 3,4 | | trading | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 3,8 | 4,2 | | 8,2 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 30,6 | 39,6 | -22,8 | 34,7 | -------------------------------------------------------------------------------- | ASSETS | 42,8 | 54,7 | -21,7 | 48,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | 34,5 | 34,5 | | 34,5 | -------------------------------------------------------------------------------- | Share premium account | 0,0 | 4,0 | | 0,0 | -------------------------------------------------------------------------------- | Fair value reserve and other | 1,4 | 0,8 | | 1,3 | | reserves | | | | | -------------------------------------------------------------------------------- | Translation differences | 0,2 | 0,3 | | 0,2 | -------------------------------------------------------------------------------- | Retained earnigs | -8,9 | -2,2 | | -5,7 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 27,1 | 37,3 | -27,3 | 30,2 | -------------------------------------------------------------------------------- | Equity attributable to equity | 27,1 | 37,3 | | 30,2 | | holders of the parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 0,1 | 0,1 | | 0,1 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,2 | 0,7 | | 0,3 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 0,3 | 0,8 | -67,1 | 0,4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,9 | 1,1 | | 0,9 | -------------------------------------------------------------------------------- | Trade payables and other | 14,0 | 15,1 | | 16,5 | | liabilities | | | | | -------------------------------------------------------------------------------- | Current provisions | 0,5 | 0,3 | | 0,5 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 15,4 | 16,5 | | 17,9 | -------------------------------------------------------------------------------- | LIABILITIES | 15,7 | 17,4 | | 18,3 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 42,8 | 54,7 | -21,7 | 48,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, EUR | Nov./06- | Nov./05- | | Nov./05- | | million | | | | | -------------------------------------------------------------------------------- | | Jan./07 | Jan./06 | | Oct./06 | -------------------------------------------------------------------------------- | | 3 months | 3 months | | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share,eur | -0,08 | -0,02 | | -0,20 | -------------------------------------------------------------------------------- | Earnings per share, | -0,08 | -0,02 | | -0,20 | | diluted, eur | | | | | -------------------------------------------------------------------------------- | Shareholders' equity per | 0,67 | 0,92 | | 0,75 | | share, eur | | | | | -------------------------------------------------------------------------------- | Solvency ratio,% | 63,3 | 68,2 | | 62,3 | -------------------------------------------------------------------------------- | Return on equity-%(ROE) | -44,8 | -10,0 | | -23,9 | -------------------------------------------------------------------------------- | Return on investment-%(ROI) | -39,8 | -6,7 | | -14,3 | -------------------------------------------------------------------------------- | Gearing, % | -20,4 | -36,3 | | -34,6 | -------------------------------------------------------------------------------- | Net interest-bearing | -5,5 | -13,5 | | -10,5 | | liabilities, EUR million | | | | | -------------------------------------------------------------------------------- | Gross investments, Me | 0,8 | 1,3 | | 4,8 | -------------------------------------------------------------------------------- | as percentage of net sales | 5,0 | 5,7 | | 5,3 | -------------------------------------------------------------------------------- | Average personnel | 816 | 750 | | 792 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | Nov./06- | Nov./05- | change | Nov./05 | | STATEMENT | | | | - | -------------------------------------------------------------------------------- | EUR million | Jan./07 | Jan./06 | % | Oct./06 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | before financing items and | -4,3 | -5,2 | | -4,2 | | taxes | | | | | -------------------------------------------------------------------------------- | Financing items and taxes | 0,2 | 0,1 | | -0,5 | -------------------------------------------------------------------------------- | Net cash from operating | -4,1 | -5,2 | -19,9 | -4,7 | | activities (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | -0,8 | -1,3 | | -4,9 | -------------------------------------------------------------------------------- | Net cash used in investing | -0,8 | -1,3 | -38,9 | -4,9 | | activities (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liabilities | 0,0 | 0,0 | | -0,5 | -------------------------------------------------------------------------------- | Net cash used in financing | 0,0 | 0,0 | -100,0 | -0,5 | | activities (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash | | | | | | and cash | | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | -4,9 | -6,5 | -24,1 | -10,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | Jan. 31, | Jan. 31, | | Oct. | | | | | | 31, | -------------------------------------------------------------------------------- | EUR million | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Security and contingent | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | | | | | -------------------------------------------------------------------------------- | Pledges | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For others | | | | | -------------------------------------------------------------------------------- | Other contingent liabilities | 0,2 | 0,2 | | 0,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating lease commitments | | | | | -------------------------------------------------------------------------------- | Group as lessee | | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum | | | | | | operating lease | | | | | -------------------------------------------------------------------------------- | payments: | | | | | -------------------------------------------------------------------------------- | Less than 1 year | 2,6 | 2,2 | | 1,9 | -------------------------------------------------------------------------------- | 1-5 years | 8,3 | 4,6 | | 7,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate | | | | | | financial instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives | | | | | -------------------------------------------------------------------------------- | Forward currency contracts | | | | | -------------------------------------------------------------------------------- | Nominal amount | 0,8 | 0,7 | | 0,8 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Stock derivatives | | | | | -------------------------------------------------------------------------------- | Futures | | | | | -------------------------------------------------------------------------------- | Nominal amount | 0,0 | 0,0 | | 2,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, IFRS | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Share | Other | Translati | Retained | | | | | | | on | | | -------------------------------------------------------------------------------- | | capital | premium| reserves| differen | earnings | Total | | | | | | ces | | | -------------------------------------------------------------------------------- | | | account| | | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 0,0 | 1,3 | 0,2 | -5,7 | 30,2 | | equity | | | | | | | -------------------------------------------------------------------------------- | Nov.1, 2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | 0,0 | 0,1 | 0,0 | | translation | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The costs of | 0,0 | 0,0 | 0,1 | 0,0 | 0,0 | 0,1 | | options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | -3,2 | -3,2 | | for the period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 0,0 | 1,4 | 0,2 | -8,9 | 27,1 | | equity | | | | | | | -------------------------------------------------------------------------------- | Jan. 31, 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Share | Other | Translati | Retained | | | | | | | on | | | -------------------------------------------------------------------------------- | | capital | premium| reserves| differen | earnings | Total | | | | | | ces | | | -------------------------------------------------------------------------------- | | | account| | | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 4,0 | 0,7 | 0,2 | -1,2 | 38,2 | | equity | | | | | | | -------------------------------------------------------------------------------- | Nov.1, 2005 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | 0,1 | -0,1 | 0,0 | | translation | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other changes | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | -0,9 | -0,9 | | for the period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 4,0 | 0,8 | 0,3 | -2,2 | 37,3 | | equity | | | | | | | -------------------------------------------------------------------------------- | Jan. 31, 2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Percentage changes calculated on basis of | | | | | exact figures. | | | | -------------------------------------------------------------------------------- The interim report has been drawn up using IFRS compatible value and distribution principles and according to the accounting principles presented in the 2006 annual report, but in drawing up this interim report not all the requirements of IAS 34 have been observed. 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 March 8, 2007 at 9 - 11 a.m. or at 3-5 p.m., tel. +358 9 4784 6312 Efore Plc will hold a news conference regarding the interim report for analysts and media on March 8, 2007 at 11 a.m. in Helsinki World Trade Center, address Aleksanterinkatu 17. DISTRIBUTION Helsinki Stock Exchange Principal media Efore Group The Efore Electronics Group is an international company providing services for the telecommunications, industrial automation and health care industries. Its operations comprise custom-designed power supplies, DC power systems, electronics design, and ancillary maintenance and repair services. Efore's head office is in Espoo, Finland. Besides Finland, the company's product development and marketing units are located in China, the USA, Germany and Sweden. Its production units are located in China, Estonia and the USA. In the fiscal year ending in October 2006, consolidated net sales totaled approximately EUR 90.5 million and the Group's personnel numbered 812. The shares of the parent company Efore Plc are listed at the Helsinki Stock Exchange. www.efore.fi |
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