2010-08-26 08:01:00 CEST
2010-08-26 08:01:01 CEST
REGULATED INFORMATION
Efore - Interim report (Q1 and Q3)
EFORE PLC INTERIM REPORT NOVEMBER 1, 2009 - JULY 31, 2010 (9 MONTHS)
EFORE PLC Interim Report August 26, 2010 9.01 a.m. November - July in brief (November 1, 2009 — July 31, 2010) - Net sales totaled EUR 48.5 million (EUR 49.8 million) - The result of operating activities was EUR -1.2 million (EUR -0.4 million) - The result before taxes was EUR -0.9 million (EUR -1.1 million) - The net result was EUR -0.8 million (EUR -1.4 million) - Earnings per share was EUR -0.02 (EUR -0.03) - The cash flow from business operations was EUR 1.0 million (EUR 3.1 million) May - July in brief (May 1, 2010 — July 31, 2010) - Net sales totaled EUR 19.0 million (EUR 15.0 million) - The result of operating activities was EUR 0.2 million (EUR 0.0 million) - The result before taxes was EUR 0.2 million (EUR -0.3 million) - The net result was EUR 0.2 million (EUR -0.4 million) - Earnings per share was EUR 0.00 (EUR -0.01) NOVEMBER - JULY NET SALES AND FINANCIAL DEVELOPMENT Net sales for the period under review totaled EUR 48.5 million (EUR 49.8 million). The decrease compared with the corresponding period in the previous fiscal year was -2.5 %. Net sales by customer group were as follows: ICT 74.4 % (64.5 %)and industrial electronics 25.6 % (35.5 %). Geographically net sales were as follows: EMEA EUR 23.2 million (EUR 23.5 million), APAC EUR 24.1 million (EUR 22.2 million) and the Americas EUR 1.3 million (EUR 4.1 million). The result of operating activities was EUR -1.2 million (EUR -0.4 million). MAY - JULY NET SALES AND FINANCIAL DEVELOPMENT Net sales for the third quarter totaled EUR 19.0 million (EUR 15.0 million). The increase compared with the previous quarter was EUR 3.3 million. Net sales by customer group were as follows: ICT 78,2 % (61.4 %) and industrial electronics 21.8 % (38.6 %). Geographically net sales were as follows: EMEA EUR 8.3 million (EUR 6.4 million), APAC EUR 10.2 million (EUR 7.7 million) and the Americas EUR 0.6 million (EUR 0.9 million). The result of operating activities was EUR 0.2 million (EUR 0.0 million). Key customer demand increased but the availability of components as well as their higher price level limited the deliveries and slowed the improvement of profitability during the third quarter. BUSINESS DEVELOPMENT Investment on product development during the period under review was EUR 5.7 million (EUR 4.8 million) representing 11.6 % (9.7 %) of net sales. Focal point of Efore business has been moved to Asia. The company's plan is to maintain the level of investment in product development. In custom-designed power supply solutions the focus was on developing new technologies and products especially for new applications e.g. for the fourth-generation broadband wireless networks, plug-in hybrid and electric vehicles as well as other energy efficient solutions. INVESTMENTS Group investments in fixed assets during the period under the review amounted to EUR 1.4 million (EUR 1.3 million) of which capitalized product development costs were EUR 0.2 million (EUR 0.6 million). At the end of the period under review capitalized product development costs amounted to EUR 1.1 million (EUR 1.2 million). FINANCIAL POSITION The Group's financial position during the period under the review was good. The consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 4.7 million (EUR 3.5 million). The consolidated net financial income were EUR 0.2 million (EUR -0.9 million). The cash flow from business operations was EUR 1.0 million (EUR 3.1 million). The cash flow after investment was EUR -0.4 million (EUR 2.0 million). The Group's solvency ratio was 53.0 % (62.4 %) and the gearing was -24.3 % (-16.5 %). Liquid assets excluding undrawn credit facilities totaled EUR 5.0 million (EUR 4.5 million) at the end of the period under the review. The balance sheet total was EUR 36.8 million (EUR 33.9 million). BOARD OF DIRECTORS Isto Hantila, M.Sc. (Eng) is stepping down from his position as the Chairman of the Efore Board due to the time limitations because of his new main duty. However he continues as a member of the Board. The Board of Directors have elected Board member Matti Vikkula, M.Sc (Econ) as the new Chairman of the Board starting from 26 August, 2010. PERSONNEL The number of the Group's own personnel averaged 525 (570) during the period under the review and at the end of the period under the review it was 580 (559). In addition to its own personnel, the Group's temporary personnel numbered 283 (251) at the end of the period under the review. The geographical distribution of the personnel including temporary personnel at the end of the period under the review was as follows: Europe 254 (309), Asia 606 (498) and the Americas 3(3). SHARES, SHARE CAPITAL AND SHAREHOLDERS The total number of Efore Plc shares at the end of the period under the review was 40 529 648 and the registered share capital was EUR 15.000.000. The decrease of the share capital decided by the Annual General Meeting on February 9, 2010 has been registered in the Trade Register on July 17, 2010. The amount of the decrease EUR 19,450,200.80 has been transferred to the reserve for invested unrestricted equity of the company. At the end of the period under the review the number of the Group's own shares was 922.149. The highest share price during the period under the review was EUR 0.96 and the lowest price was EUR 0.62. The average price during the period under the review was EUR 0.83 and the closing price was EUR 0.72. The market capitalization calculated at the final trading price during the period under the review was EUR 28.5 million. The total number of Efore shares traded on the Nasdaq OMX Helsinki during the period under the review was 5.9 million and their turnover value was EUR 4.9 million. This accounted for 14.6 % of the total number of shares at the end of the period under the review. The number of shareholders totaled 3228 at the end of the period under the review. ACCOUNTING POLICIES As of November 1, 2009 Efore-group has applied the following new or modified standards: IAS 1, IFRS 8, IAS 23, IRFS 3 and IAS 27. In this interim report, a Consolidated Statement of Comprehensive Income according to IAS 1 is presented. Efore's operating segment comprises the entire Group, therefore the figures reported in the operating segment are the same as those for the whole Group. For this reason applying IFRS 8 will not have any effect on the segment reporting presented in this interim report. Other modified standards have not had any effect on the information presented in this interim report. The interim report has been drawn up in accordance with IAS 34 Standard on Interim Financial Reporting and the Group's accounting principles presented in the 2009 annual report. The information in this release is unaudited. All the figures in the interim report have been rounded up/down, for which reason the total of the individual figures when added together may be different from the total shown. SHORT-TERM RISKS AND FACTORS OF UNCERTAINTY A total demand has been started to grow but the growth is divided unevenly by the areas and by the customers. The most significant business risks are connected with the success of key customers at the market and the company's capability to serve its key customers. During the latter part of the current fiscal year the company's net sales and result development can further be adversely affected by the poor availability and price changes of the components. By developing operational processes Efore is improving its internal flexibility and ability to react in order to be able to adapt its operations to meet changing demand at short notice, if necessary. A more comprehensive report on risk management is presented on the company's web-sites. EVENTS AFTER THE PERIOD UNDER THE REVIEW The Board of Directors of Efore Plc has on 25 August 2010 decided on a new shareholding plan directed to the members of the Efore Group Executive Management Team and a share issue related to it. A separate stock exchange release of this issue has been published on 26 August 2010. OUTLOOK According to the estimations received from the companies in the business, the overall telecommunications market is recovering and especially investments in new broadband networks have been started. Service business is estimated to grow faster than investments in networks. The company continues to focus on new technologies as well as the development of demanding and innovative power supply solutions. Developing energy saving solutions that will take up less space and use renewable energy sources will be a focal point for product development. Efore sees new business opportunities in utilizing its expertise in ecological, energy efficient solutions e.g. in telecom infrastructure, electric vehicles, industrial processes and power supply for data processing equipment. Resulting from the market recovery the company estimates that both net sales and result of operating activities of the current fiscal year will show an improvement compared to the previous fiscal year. TABLES -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATMENT OF COMPREHENSIVE | | | | | INCOME | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | May/10- | May/09- | Nov./09 | Nov./08- | Nov./08- | | | | | - | | | -------------------------------------------------------------------------------- | | July/10 | July/ 09 | July/10 | July/09 | Oct./09 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 9 | 9 months | 12 | | | | | months | | months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 19,0 | 15,0 | 48,5 | 49,8 | 64,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in inventories | | | | | | | of | | | | | | -------------------------------------------------------------------------------- | finished goods and | 0,1 | -0,4 | 0,6 | -0,6 | -1,2 | | work in progress | | | | | | -------------------------------------------------------------------------------- | Other operating income | 0,3 | 0,3 | 0,9 | 0,8 | 1,2 | -------------------------------------------------------------------------------- | Materials and services | -13,5 | -9,7 | -34,3 | -33,0 | -42,1 | -------------------------------------------------------------------------------- | Employee benefits | -3,0 | -2,6 | -9,3 | -9,5 | -12,5 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation | -0,8 | -0,8 | -2,4 | -2,5 | -3,3 | -------------------------------------------------------------------------------- | Impairments | 0,0 | 0,0 | 0,0 | -0,1 | -0,1 | -------------------------------------------------------------------------------- | Other operating | -1,7 | -1,8 | -5,2 | -5,3 | -7,4 | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 0,2 | 0,0 | -1,2 | -0,4 | -1,3 | | (-LOSS) | | | | | | -------------------------------------------------------------------------------- | % net sales | 1,3 | 0,1 | -2,4 | -0,8 | -2,1 | -------------------------------------------------------------------------------- | Financing income | 0,0 | 0,1 | 0,6 | 0,7 | 0,8 | -------------------------------------------------------------------------------- | Financing expenses | -0,2 | -0,5 | -0,3 | -1,6 | -1,8 | -------------------------------------------------------------------------------- | Share of profit of | | | | | | | associated | | | | | | -------------------------------------------------------------------------------- | companies | 0,1 | 0,1 | 0,0 | 0,2 | 0,2 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) BEFORE | 0,2 | -0,3 | -0,9 | -1,1 | -2,1 | | TAX | | | | | | -------------------------------------------------------------------------------- | % net sales | 1,0 | -2,0 | -1,8 | -2,2 | -3,3 | -------------------------------------------------------------------------------- | Tax on income from | 0,0 | -0,1 | 0,1 | -0,3 | -0,5 | | operations | | | | | | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR THE | 0,2 | -0,4 | -0,8 | -1,4 | -2,6 | | PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER COMPREHENSIVE | | | | | | | INCOME: | | | | | | -------------------------------------------------------------------------------- | Translation | 0,2 | -0,3 | 0,8 | -0,3 | -0,7 | | differences | | | | | | -------------------------------------------------------------------------------- | Total comprehensive | 0,4 | -0,7 | 0,0 | -1,7 | -3,3 | | income | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS | | | | | | | ATTRIBUTABLE | | | | | | -------------------------------------------------------------------------------- | To equity holders of | 0,2 | -0,4 | -0,8 | -1,4 | -2,6 | | the parent | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | | | | | | | INCOME | | | | | | -------------------------------------------------------------------------------- | ATTRIBUTABLE TO: | | | | | | -------------------------------------------------------------------------------- | To equity holders of | 0,4 | -0,7 | 0,0 | -1,7 | -3,3 | | the parent | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | | CALCULATED ON PROFIT | | | | | | | ATTRIBUTABLE TO EQUITY | | | | | | | HOLDERS OF THE PARENT: | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0,00 | -0,01 | -0,02 | -0,03 | -0,07 | | basic,eur | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0,00 | -0,01 | -0,02 | -0,03 | -0,07 | | diluted, eur | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INFORMATION ABOUT | May/10- | May/09- | Nov./09 | Nov./08- | Nov./08- | | GEOGRAPHICAL | | | - | | | -------------------------------------------------------------------------------- | AREAS, EUR million | July/10 | July/ 09 | July/10 | July/09 | Oct./09 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 9 | 9 months | 12 | | | | | months | | months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 0,6 | 0,9 | 1,3 | 4,1 | 4,2 | -------------------------------------------------------------------------------- | EMEA | 8,3 | 6,4 | 23,2 | 23,5 | 30,0 | -------------------------------------------------------------------------------- | APAC | 10,2 | 7,7 | 24,1 | 22,2 | 29,8 | -------------------------------------------------------------------------------- | Total | 19,0 | 15,0 | 48,5 | 49,8 | 64,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | | | | | | FINANCIAL POSITION | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | July 31, | July 31, | change | Oct. 31, | -------------------------------------------------------------------------------- | | 2010 | 2009 | % | 2009 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Intangible assets | 1,7 | 1,9 | | 2,1 | -------------------------------------------------------------------------------- | Tangible assets | 5,1 | 5,9 | | 5,3 | -------------------------------------------------------------------------------- | Investments in associates | 0,6 | 0,6 | | 0,6 | -------------------------------------------------------------------------------- | Other long-term investments | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 7,5 | 8,5 | -11,5 | 8,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 10,6 | 8,7 | | 7,8 | -------------------------------------------------------------------------------- | Trade receivables and other | 13,7 | 12,3 | | 11,5 | | receivables | | | | | -------------------------------------------------------------------------------- | Tax receivable, income tax | 0,1 | 0,0 | | 0,1 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 5,0 | 4,5 | | 5,4 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 29,4 | 25,4 | 15,4 | 24,7 | -------------------------------------------------------------------------------- | ASSETS | 36,8 | 33,9 | 8,7 | 32,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | 15,0 | 34,5 | | 34,5 | -------------------------------------------------------------------------------- | Treasury shares | -0,6 | -0,6 | | -0,6 | -------------------------------------------------------------------------------- | Other reserves | 20,5 | 1,0 | | 1,0 | -------------------------------------------------------------------------------- | Translation differences | 0,6 | 0,2 | | -0,2 | -------------------------------------------------------------------------------- | Retained earnigs | -15,9 | -13,9 | | -15,2 | -------------------------------------------------------------------------------- | EQUITY | 19,5 | 21,1 | -7,9 | 19,5 | -------------------------------------------------------------------------------- | Equity attributable to equity | 19,5 | 21,1 | | 19,5 | | holders of the parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,1 | 0,2 | | 0,2 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 0,1 | 0,2 | -49,6 | 0,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,2 | 0,8 | | 0,3 | -------------------------------------------------------------------------------- | Trade payables and other | 16,6 | 11,0 | | 12,3 | | liabilities | | | | | -------------------------------------------------------------------------------- | Tax liabilities | 0,0 | 0,1 | | 0,0 | -------------------------------------------------------------------------------- | Provisions | 0,5 | 0,7 | | 0,5 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 17,3 | 12,6 | | 13,0 | -------------------------------------------------------------------------------- | LIABILITIES | 17,4 | 12,8 | | 13,2 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 36,8 | 33,9 | 8,7 | 32,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, EUR | May/10 | May/09- | Nov./09 | Nov./08- | Nov./08- | | million | - | | - | | | -------------------------------------------------------------------------------- | | July/1 | July/ | July/10 | July/09 | Oct./09 | | | 0 | 09 | | | | -------------------------------------------------------------------------------- | | 3 | 3 | 9 | 9 months | 12 | | | months | months | months | | months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0,00 | -0,01 | -0,02 | -0,03 | -0,07 | | basic,eur | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0,00 | -0,01 | -0,02 | -0,03 | -0,07 | | diluted, eur | | | | | | -------------------------------------------------------------------------------- | Equity per share, eur | 0,49 | 0,53 | 0,49 | 0,53 | 0,49 | -------------------------------------------------------------------------------- | Solvency ratio,% | 53,0 | 62,4 | 53,0 | 62,4 | 59,6 | -------------------------------------------------------------------------------- | Return on equity-%(ROE) | 3,5 | -7,6 | -10,5 | -6,5 | -13,5 | -------------------------------------------------------------------------------- | Return on | 4,0 | -5,3 | -9,0 | -4,6 | -9,7 | | investment-%(ROI) | | | | | | -------------------------------------------------------------------------------- | Gearing, % | -24,3 | -16,5 | -24,3 | -16,5 | -25,3 | -------------------------------------------------------------------------------- | Net interest-bearing | -4,7 | -3,5 | -4,7 | -3,5 | -4,9 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Investments (intangible | 0,6 | 0,4 | 1,4 | 1,3 | 1,8 | | and tangible assets) | | | | | | -------------------------------------------------------------------------------- | as percentage of net | 3,0 | 2,9 | 2,9 | 2,7 | 2,7 | | sales | | | | | | -------------------------------------------------------------------------------- | Average personnel | 573 | 571 | 525 | 570 | 565 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | Nov./09- | Nov./08- | change | Nov./08- | | CASH FLOWS | | | | | -------------------------------------------------------------------------------- | EUR million | July /10 | July /09 | % | Oct./09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from | 48,5 | 56,5 | | 67,9 | | customers | | | | | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -47,7 | -52,7 | | -61,7 | | employees | | | | | -------------------------------------------------------------------------------- | Cash generated from | 0,8 | 3,8 | | 6,2 | | operations | | | | | -------------------------------------------------------------------------------- | Interest paid | 0,0 | -0,1 | | -0,1 | -------------------------------------------------------------------------------- | Interest received | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Other financial items | 0,1 | -0,4 | | -0,3 | -------------------------------------------------------------------------------- | Income taxes paid | 0,1 | -0,2 | | -0,7 | -------------------------------------------------------------------------------- | Net cash from operating | 1,0 | 3,1 | -66,6 | 5,1 | | activities (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of tangible and | -1,4 | -1,3 | | -1,5 | | intangible assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of | 0,0 | 0,0 | | 0,1 | | tangible and intangible | | | | | | assets | | | | | -------------------------------------------------------------------------------- | Proceeds from repayments of | 0,0 | 0,0 | | 0,0 | | loans | | | | | -------------------------------------------------------------------------------- | Proceeds from sales of | 0,0 | 0,0 | | 0,0 | | investments | | | | | -------------------------------------------------------------------------------- | Dividend received | 0,0 | 0,2 | | 0,2 | -------------------------------------------------------------------------------- | Net cash used in investing | -1,4 | -1,1 | 28,7 | -1,3 | | activities (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of treasury shares | 0,0 | -0,6 | | -0,6 | -------------------------------------------------------------------------------- | Repayment of short-term | 0,0 | 0,0 | | -0,7 | | borrowings | | | | | -------------------------------------------------------------------------------- | Repayment of long-term | -0,2 | -0,1 | | -0,2 | | borrowings | | | | | -------------------------------------------------------------------------------- | Dividends paid | 0,0 | -1,8 | | -1,8 | -------------------------------------------------------------------------------- | Net cash used in financing | -0,2 | -2,6 | | -3,4 | | activities (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in | | | | | | cash and cash | | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | -0,6 | -0,6 | | 0,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT | July 31, | July 31, | | Oct. 31, | | LIABILITIES | | | | | -------------------------------------------------------------------------------- | EUR million | 2010 | 2009 | | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Security and contingent | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For others | | | | | -------------------------------------------------------------------------------- | Other contingent | 0,1 | 0,1 | | 0,1 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating lease commitments | | | | | -------------------------------------------------------------------------------- | Group as lessee | | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum | | | | | | operating lease | | | | | -------------------------------------------------------------------------------- | payments: | | | | | -------------------------------------------------------------------------------- | Less than 1 year | 1,5 | 1,5 | | 1,4 | -------------------------------------------------------------------------------- | 1-5 years | 2,0 | 2,8 | | 2,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate | | | | | | financial instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, not | | | | | | hedge | | | | | -------------------------------------------------------------------------------- | Option contract | | | | | -------------------------------------------------------------------------------- | Nominal amount | 3,8 | 10,3 | | 8,8 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS | July 31, | July 31, | | Oct. 31, | | WERE | | | | | -------------------------------------------------------------------------------- | CARRIED OUT WITH RELATED | 2010 | 2009 | | 2009 | | PARTIES: | | | | | -------------------------------------------------------------------------------- | EUR million | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associated companies | | | | | -------------------------------------------------------------------------------- | Purchases | 0,1 | 0,1 | | 0,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | Share | Treasur | Unrestricte | Other | Transl | Retain | Total | | million | capita | y | d equity | reser | ation | ed | | | | l | shares | reserve | ves | differ | earnin | | | | | | | | ences | gs | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 0,0 | 1,0 | 0,5 | -11,0 | 25,0 | -------------------------------------------------------------------------------- | Nov.1, | | | | | | | | | 2008 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehe | 0,0 | 0,0 | 0,0 | 0,0 | -0,3 | -1,4 | -1,7 | | nsive | | | | | | | | | income | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,1 | 0,1 | | costs of | | | | | | | | | options | | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | -1,6 | -1,6 | | distribu | | | | | | | | | tion | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase | 0,0 | -0,6 | 0,0 | 0,0 | 0,0 | 0,0 | -0,6 | | of | | | | | | | | | treasury | | | | | | | | | shares | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | -0,6 | 0,0 | 1,0 | 0,2 | -13,9 | 21,1 | -------------------------------------------------------------------------------- | July 31, | | | | | | | | | 2009 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | Share | Treasur | Unrestricte | Other | Transl | Retain | Total | | million | capita | y | d equity | reser | ation | ed | | | | l | shares | reserve | ves | differ | earnin | | | | | | | | ences | gs | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | -0,6 | 0,0 | 1,0 | -0,2 | -15,2 | 19,5 | -------------------------------------------------------------------------------- | Nov.1, | | | | | | | | | 2009 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehe | 0,0 | 0,0 | 0,0 | 0,0 | 0,8 | -0,8 | 0,0 | | nsive | | | | | | | | | income | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reclassi | -19,5 | 0,0 | 19,5 | 0,0 | 0,0 | 0,0 | 0,0 | | fication | | | | | | | | | s | | | | | | | | | between | | | | | | | | | items | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 15,0 | -0,6 | 19,5 | 1,0 | 0,6 | -15,9 | 19,5 | -------------------------------------------------------------------------------- | July 31, | | | | | | | | | 2010 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.7.2010 | | -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | | | FIGURES AND RATIOS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment | = | Profit before taxes+interest and other | x 100 | | (ROI), % | | financing expenses / | | | | | (Equity + | | | | | interest-bearing liabilities, average | | | | | ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on Equity | = | Profit/loss for the period / Equity | x 100 | | (ROE), % | | (average ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current ratio | = | Current assets / Current liabilities | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Solvency ratio, % | = | Equity / (Total assets - advance | x 100 | | | | payments received - own shares*) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net interest-bearing | = | Interest-bearing liabilities - | | | liabilities | | financial assets at fair value through | | | | | profit or loss - cash and cash | | | | | equivalents | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing, % | = | Net interest-bearing liabilities / | x 100 | | | | Equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | = | Profit or loss for the period / | | | | | (Average number of shares - own | | | | | shares*) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend per share | = | Dividend for the financial year / (Number of | | | | shares - own shares*) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend payout | = | Dividend per share / Earnings per | x 100 | | ratio, % | | share | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Effective dividend | = | Dividend per share /Adjusted share | x 100 | | yield, % | | price at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | | | capitalization = | | sheet date x 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 July 31, 2010. | | -------------------------------------------------------------------------------- EFORE PLC Board of Directors For further information please contact Mr.Vesa Vähämöttönen, President and CEO, on August 26, 2010 at 9 - 11 a.m., tel. +358 9 4784 6312 Efore Plc will hold a news conference regarding the interim report for analysts and media on August 26, 2010 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 providing services for ICT and industrial electronics. Its operations comprise energy saving custom-designed power supplies, power systems, manufacturing of demanding electronics, and related service and maintenance. Efore's head office is in Espoo, Finland. Besides Finland, the company's product development and marketing units are located in China, the USA and Sweden. Its production units are located in China and Estonia. In the fiscal year ending in October 2009, consolidated net sales totaled EUR 64.1 million and the Group's personnel averaged 565. The company's share is quoted on the Nasdaq OMX Helsinki Ltd. www.efore.com
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