2009-02-26 08:00:00 CET
2009-02-26 08:00:02 CET
REGULATED INFORMATION
Efore - Interim report (Q1 and Q3)
EFORE PLC INTERIM REPORT NOVEMBER 1, 2008 - January 31, 2009 (3 months)
EFORE PLC Interim Report February 26, 2009 9.00 a.m. First quarter in brief (November 1, 2008 — January 31, 2009) - Net sales totaled EUR 14.3 million (EUR 20.7 million) - The operating profit was EUR -1.2 million (EUR 0.3 million) - The profit before taxes was EUR -1.3 million (EUR 0.2 million) - The net profit for the period was EUR -1.3 million (EUR 0.2 million) NET SALES AND FINANCIAL PERFORMANCE FOR THE FIRST QUARTER Net sales for the first quarter totaled EUR 14.3 million (EUR 20.7 million). The fall compared with the corresponding period in the previous fiscal year was 30.9 %. Net sales by customer group were as follows: telecommunications 62.6 % (66.6 %) and industrial electronics 37.4 % (33.4). Geographically net sales were as follows: EMEA EUR 7.1 million (EUR 13.1 million), APAC EUR 5.7 million (EUR 5.1 million) and the Americas EUR 1.5 million (EUR 2.5 million). The profit before taxes for the first quarter was EUR -1.3 million (EUR 0.2 million) and the net profit was EUR -1.3 million (EUR 0.2 million). BUSINESS OPERATIONS The demand for Efore's products and services in Europe and in the USA was adversely affected by the international financial crisis. A decrease in demand during the first quarter has been stronger than the company estimated before the start of the fiscal year. The company has started to streamline its fixed costs in order to meet the market demand in these areas. Licenses of China's 3G networks were issued in January 2009 and Efore's equipment deliveries for 3G integrators have started in the beginning of February. Installations of China's 3G networks are expected to increase towards the end of the year 2009. Also the issue of licenses for India's 3G and Wimax networks has started and deliveries are expected to start during the current fiscal year. In custom-designed power supply solutions the focus was on developing new technologies and products for new applications e.g. for the national 3G networks in China and the coming fourth-generation LTE networks. Investment on product development during the period under review year was EUR 1.6 million (EUR 2.0 million) representing 10.9 % (9.4 %) of net sales. An agreement was made with Helsinki University of Technology concerning the establishment of a new- technology R&D laboratory on the university's premises and the laboratory was opened in December 2008. The laboratory will be doing research into new power supply architectures that save electricity in the sites and utilization of renewable and alternative energy sources in them. The new OPUS system product family, which was developed during the previous fiscal year, was launched onto the market in November 2008. The OPUS product family will supplement the company's battery-backup solutions for customers particularly in the process control and automation systems as well as in ICT sites. Operational development projects of the group together with long term programs in order to improve productivity and reduce cost structure, lower inventories and make the production and product development processes more efficient will continue. The purpose of these projects is to maintain continuous improvement in the competitiveness of the company on the global market. INVESTMENT Group investment in fixed assets amounted to EUR 0.3 million (EUR 0.3 million) of which capitalized product development costs were EUR 0.1 million (EUR 0.0 million). At the end of the period under review capitalized product development costs amounted to EUR 0.9 million (EUR 1.4 million). FINANCIAL POSITION The Group's financial position during the period under review was good. The Group's solvency ratio was 57.6 % (56.3 %) and the gearing was -9.3 % (-14.0%). The consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 2.0 million (EUR 3.5 million). The consolidated net financial expenses were EUR -0.1 million (EUR -0.1 million). The cash flow from business operations was EUR -1.3 million (EUR -3.0 million). The cash flow after investment was EUR -1.5 million (EUR -3.1 million). Liquid assets excluding undrawn credit facilities totaled EUR 3.1 million (EUR 4.6 million) at the end of period under review. The Group also had access to substantial undrawn credit facilities. The balance sheet total was EUR 38.0 million (EUR 44.9 million). PERSONNEL The number of the Group's own personnel averaged 584(680) during the period under review and at the end of the period under review it was 565(666). The number of personnel fell by 35 during the period under review. In addition to its own personnel, the Group's contract staff numbered 212(153) at the end of the period under review. The number of contract staff increased by 6 during the period under review. The geographical distribution of the personnel including contract staff at the end of the period under review was as follows: Europe 319 (384), Asia 435 (401) and the Americas 23(34). 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 under review was EUR 0.81 and the lowest price was EUR 0.55. The average price during the period under review was EUR 0.66 and the closing price was EUR 0.73. The market capitalization calculated at the final trading price during the period under review was EUR 29.3 million. The total number of Efore shares traded on the Nasdaq OMX Helsinki during the period under review was 5.1 million and their turnover value was EUR 3.3 million. This accounted for 12.5 % of the total number of shares at the end of the period under review. The number of shareholders totaled 3275 at the end of the period under review. Efore Plc decided start to acquire company's own shares in accordance with the authorization given to it at the Annual General Meeting on 31 January 2008. The authorization was effective until January 29, 2009 and during the period of validity the company acquired 365 000 of its own shares. SEGMENT INFORMATION Efore Group uses business segments for its primary segment reporting, and geographical segments for its secondary segment reporting. Efore's primary segment comprises the entire Group, therefore the figures reported in the primary segment are the same as those for the whole Group. DECISIONS OF THE ANNUAL GENERAL MEETING OF EFORE PLC AND THE MEETING OF THE BOARD OF DIRECTORS Efore Plc's Annual General Meeting for the financial year November 1, 2007 - October 31, 2008 was held on January 29, 2009 in Helsinki. Janne Haapakari, Senior Legal Counsel, served as the Chairman of the Annual General Meeting. The Annual General Meeting adopted the financial statements of Efore Group and Efore Plc for the financial year and discharged the Board of Directors and the CEO from liability for their actions in the past financial year. BOARD OF DIRECTORS AND THE COMMITTEES The Annual General Meeting elected to the Board of Directors six members based on the proposal of the Nomination Committee. The following members were elected: Isto Hantila, Marko Luoma, Ari Siponmaa, Timo Syrjälä, Matti Tammivuori and Matti Vikkula. At the Meeting of the Board of Directors held after the Annual General Meeting Isto Hantila was elected Chairman and Matti Vikkula was elected Vice Chairman of the Board of Directors. The Audit Committee was elected at the Board meeting. Timo Syrjälä was elected Chairman of the Audit Committee and Isto Hantila and Matti Tammivuori were elected as members. Decision on the Nomination Committee will be made later. The company has no Compensation Committee. AUDITOR Authorised Accounting Firm KPMG Oy Ab was elected as the Company's auditor, with Authorised Public Accountant Lasse Holopainen as the principal auditor. DIVIDEND The Annual General Meeting approved the proposal of the Board of Directors to distribute a dividend of EUR 0.04 per share AUTHORISING THE BOARD OF DIRECTORS TO RESOLVE ON THE DISTRIBUTION OF DIVIDEND The Board of Directors was authorised, in accordance with its proposal, to resolve on the distribution of an extraordinary dividend. On the basis of the authorisation, the Board of Directors may decide on the distribution of an extraordinary dividend so that the amount of dividend on the basis of the authorisation in total does not exceed EUR 0.05 per share. The extraordinary dividend may be distributed on one or several occasions. The authorisation is in force until the next Annual General Meeting. AUTHORISING THE BOARD OF DIRECTORS TO RESOLVE ON THE ACQUISITION OF THE COMPANY'S OWN SHARES The Board of Directors was authorised, in accordance with its proposal, to resolve on the acquisition of the company's own shares in one or several instalments. A maximum of 4,000,000 own shares, or a lower amount that, together with the shares already owned or pledged by the company, is less than 10 per cent of all shares, may be acquired on the basis of the authorisation. The authorisation includes the right to acquire own shares otherwise than in proportion to the holdings of the shareholders. The authorisation is in force until the next Annual General Meeting. AUTHORISING THE BOARD OF DIRECTORS TO RESOLVE ON THE ISSUING OF SHARES, OPTION RIGHTS AND OTHER SPECIAL RIGHTS ENTITLING TO SHARES The Board of Directors was authorised, in accordance with its proposal, to resolve on the issuance, in one or several instalments, of shares, option rights and special rights pursuant to chapter 10, section 1 of the Finnish Companies Act, so that the aggregate maximum number of new shares granted on the basis of the authorisation 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 authorisation includes the right to deviate from the shareholders' pre-emptive subscription rights. The authorisation is in force until the 2011 Annual General Meeting. AMENDMENTS TO THE ARTICLES OF ASSOCIATION The Annual General Meeting decided to amend the Articles of Association according to the proposal of the Board of Directors. SHORT-TERM RISKS AND FACTORS OF UNCERTAINTY Rapid changes in demand are typical in Efore's field of operation, and even short-term predictions about the future development of the business are challenging to make. 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. The uncertainty on the market development has been increased due to the global economical situation and no prediction about the future development is possible to make under current circumstances. According to the company's view there were no material changes in the short-term risks and uncertainty factors. A more comprehensive report on risk management is presented on the company's web-sites. EVENTS AFTER PERIOD UNDER REVIEW The company issued an invitation to the representatives of personnel in Finland to participate in statutory joint negotiations as per the Act on Co-operations within Undertakings on February 3, 2009. The purpose of these negotiations is to streamline the company's operations and costs to meet the market situation. The adjusting measures will involve approximately 30 employees in Finland. Decisions concerning adjusting measures in the USA have been made and company's operations will be focused on product sales, marketing and maintenance services. OUTLOOK According to the estimations received from the companies in the business the overall telecommunications market will be weakening. There are however growing geographical markets in the field such as Asia, the Middle East and Africa. The international financial crisis and the recession in the world economy are expected to weaken the demand during the whole fiscal year althought China's and India's remarkable investments on local wireless networks will increase demand in these countries. 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. Operational development projects of the group together with long term programs in order to improve productivity and reduce cost structure, lower inventories and make the production and product development processes more efficient will continue. The purpose of these projects is to maintain continuous improvement in the competitiveness of the company on the global market. With these planned actions and adjusting fixed costs in order to meet the market situation the company estimates to lighten fixed costs of the group by approximately EUR 2.0 million on annual level. The effect of savings will materialize in full from the beginning of the next fiscal year. With ongoing development projects and growing demand in Asia result for the fiscal year 2009 is expected to show an improvement compared to the previous fiscal year. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Nov./08- | Nov./07- | Nov.07- | -------------------------------------------------------------------------------- | | Jan./09 | Jan./08 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 14,3 | 20,7 | 78,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in inventories of | | | | -------------------------------------------------------------------------------- | finished goods and work in progress | 0,4 | 0,0 | -0,6 | -------------------------------------------------------------------------------- | Other operating income | 0,2 | 0,3 | 0,8 | -------------------------------------------------------------------------------- | Materials and services | -10,3 | -13,9 | -51,0 | -------------------------------------------------------------------------------- | Employee benefits expenses | -3,2 | -3,8 | -14,2 | -------------------------------------------------------------------------------- | Depreciation | -0,9 | -1,0 | -4,1 | -------------------------------------------------------------------------------- | Impairments | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Other operating expenses | -1,8 | -2,1 | -7,6 | -------------------------------------------------------------------------------- | OPERATING PROFIT (-LOSS) | -1,2 | 0,3 | 1,4 | -------------------------------------------------------------------------------- | % net sales | -8,7 | 1,3 | 1,8 | -------------------------------------------------------------------------------- | Financing income | 0,4 | 0,3 | 2,1 | -------------------------------------------------------------------------------- | Financing expenses | -0,5 | -0,4 | -2,1 | -------------------------------------------------------------------------------- | Share of profit of associated | | | | -------------------------------------------------------------------------------- | companies | 0,0 | 0,1 | 0,2 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) BEFORE TAX | -1,3 | 0,2 | 1,7 | -------------------------------------------------------------------------------- | % net sales | -9,1 | 1,1 | 2,2 | -------------------------------------------------------------------------------- | Tax on income from operations | 0,0 | -0,1 | -0,5 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR THE PERIOD | -1,3 | 0,2 | 1,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS ATTRIBUTABLE | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | -1,3 | 0,2 | 1,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE CALCULATED ON | | | | | PROFIT ATTRIBUTABLE TO EQUITY HOLDERS | | | | | OF THE PARENT: | | | | -------------------------------------------------------------------------------- | Earnings per share, basic, eur | -0,03 | 0,00 | 0,03 | -------------------------------------------------------------------------------- | Earnings per share, diluted, eur | -0,03 | 0,00 | 0,03 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY SECONDARY SEGMENTS, | Nov./08- | Nov./07- | Nov.07- | -------------------------------------------------------------------------------- | EUR million | Jan./09 | Jan./08 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 1,5 | 2,5 | 7,0 | -------------------------------------------------------------------------------- | EMEA | 7,1 | 13,1 | 49,3 | -------------------------------------------------------------------------------- | APAC | 5,7 | 5,1 | 22,1 | -------------------------------------------------------------------------------- | TOTAL | 14,3 | 20,7 | 78,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Jan. 31, | Jan. 31, | change | Oct.31, | -------------------------------------------------------------------------------- | | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Intangible assets | 1,6 | 2,2 | | 1,6 | -------------------------------------------------------------------------------- | Tangible assets | 7,2 | 8,0 | | 7,7 | -------------------------------------------------------------------------------- | Investments in associates | 0,5 | 0,5 | | 0,6 | -------------------------------------------------------------------------------- | Other long-term investments | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Deferred tax assets | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 9,3 | 10,6 | -12,4 | 10,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 11,4 | 12,7 | | 10,9 | -------------------------------------------------------------------------------- | Trade receivables and other | 14,2 | 16,9 | | 15,7 | | receivables | | | | | -------------------------------------------------------------------------------- | Tax receivable, income tax | 0,0 | 0,1 | | 0,0 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 3,1 | 4,6 | | 5,1 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 28,7 | 34,3 | -16,3 | 31,7 | -------------------------------------------------------------------------------- | ASSETS | 38,0 | 44,9 | -15,4 | 41,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | 34,5 | 34,5 | | 34,5 | -------------------------------------------------------------------------------- | Treasury shares | -0,3 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Other reserves | 1,0 | 1,5 | | 1,0 | -------------------------------------------------------------------------------- | Translation differences | 0,5 | -0,1 | | 0,5 | -------------------------------------------------------------------------------- | Retained earnigs | -13,8 | -10,6 | | -10,9 | -------------------------------------------------------------------------------- | EQUITY | 21,9 | 25,3 | -13,5 | 25,0 | -------------------------------------------------------------------------------- | Equity attributable to equity | 21,9 | 25,3 | | 25,0 | | holders of the parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,2 | 0,2 | | 0,2 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 0,2 | 0,2 | -14,2 | 0,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,9 | 0,8 | | 0,9 | -------------------------------------------------------------------------------- | Trade payables and other | 14,0 | 17,5 | | 14,5 | | liabilities | | | | | -------------------------------------------------------------------------------- | Provisions | 1,0 | 1,1 | | 1,1 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 15,9 | 19,4 | | 16,5 | -------------------------------------------------------------------------------- | LIABILITIES | 16,1 | 19,6 | | 16,7 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 38,0 | 44,9 | -15,4 | 41,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, EUR million | Nov./08- | Nov./07- | Nov.07- | -------------------------------------------------------------------------------- | | Jan./09 | Jan./08 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share,eur | -0,03 | 0,00 | 0,03 | -------------------------------------------------------------------------------- | Earnings per share, diluted, eur | -0,03 | 0,00 | 0,03 | -------------------------------------------------------------------------------- | Equity per share, eur | 0,54 | 0,62 | 0,62 | -------------------------------------------------------------------------------- | Solvency ratio,% | 57,6 | 56,3 | 59,9 | -------------------------------------------------------------------------------- | Return on equity-%(ROE) | -21,8 | 2,6 | 4,7 | -------------------------------------------------------------------------------- | Return on investment-%(ROI) | -20,6 | 5,1 | 7,0 | -------------------------------------------------------------------------------- | Gearing, % | -9,3 | -14,0 | -16,0 | -------------------------------------------------------------------------------- | Net interest-bearing liabilities | -2,0 | -3,5 | -4,0 | -------------------------------------------------------------------------------- | Investments (intangible and | 0,3 | 0,3 | 1,9 | | tangible assets) | | | | -------------------------------------------------------------------------------- | as percentage of net sales | 2,4 | 1,2 | 2,5 | -------------------------------------------------------------------------------- | Average personnel | 584 | 680 | 637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | Nov./08- | Nov./07- | change | Oct. 31 | | STATEMENT | | | | | -------------------------------------------------------------------------------- | EUR million | Jan./09 | Jan./08 | % | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 16,8 | 19,3 | | 76,1 | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -17,7 | -22,2 | | -72,7 | | employees | | | | | -------------------------------------------------------------------------------- | Cash generated from | -1,0 | -3,0 | | 3,4 | | operations | | | | | -------------------------------------------------------------------------------- | Interest paid | 0,0 | -0,1 | | -0,1 | -------------------------------------------------------------------------------- | Interest received | 0,0 | 0,0 | | 0,1 | -------------------------------------------------------------------------------- | Other financing items | -0,3 | 0,0 | | -0,4 | -------------------------------------------------------------------------------- | Income taxes paid | 0,0 | 0,1 | | -0,2 | -------------------------------------------------------------------------------- | Net cash from operating | -1,3 | -3,0 | -55,6 | 2,7 | | activities (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of tangible and | -0,3 | -0,2 | | -1,7 | | intangible assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of | 0,0 | 0,1 | | 0,1 | | tangible and intangible | | | | | | assets | | | | | -------------------------------------------------------------------------------- | Disposal of subsidiary shares | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Dividend received | 0,2 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Net cash used in investing | -0,2 | -0,1 | 23,8 | -1,6 | | activities (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of treasury shares | -0,3 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Repayment of long-term | 0,0 | 0,0 | | -0,1 | | borrowings | | | | | -------------------------------------------------------------------------------- | Dividend paid | -0,2 | 0,0 | | -3,8 | -------------------------------------------------------------------------------- | Net cash used in financing | -0,5 | 0,0 | 1 281,7 | -4,0 | | activities (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash | | | | | | and cash | | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | -2,0 | -3,2 | -36,9 | -2,9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | Jan. 31, | Jan. 31, | | Oct.31, | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Security and contingent | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | | | | | -------------------------------------------------------------------------------- | Pledges | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 1,8 | 1,9 | | 1,9 | -------------------------------------------------------------------------------- | 1-5 years | 3,3 | 3,6 | | 3,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate | | | | | | financial instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, not | | | | | | hedge | | | | | -------------------------------------------------------------------------------- | Forward currency contracts | | | | | -------------------------------------------------------------------------------- | Nominal amount | 0,0 | 0,7 | | 0,0 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Option contract | | | | | -------------------------------------------------------------------------------- | Nominal amount | 11,3 | 14,2 | | 12,5 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,1 | | 0,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,1 | 0,0 | | 0,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS | Jan. 31, | Jan. 31, | | Oct.31, | | WERE | | | | | -------------------------------------------------------------------------------- | CARRIED OUT WITH RELATED | 2009 | 2008 | | 2008 | | PARTIES: | | | | | -------------------------------------------------------------------------------- | EUR million | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associated companies | | | | | -------------------------------------------------------------------------------- | Sales | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Purchases | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Receivables | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Liabilities | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES | | | | | | IN EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Treasury | Other | Trans-l | Retained | Total | | | capital | shares | reserves | ation | earnings | | | | | | | diffe-r | | | | | | | | ences | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,4 | -0,1 | -8,8 | 27,0 | -------------------------------------------------------------------------------- | Nov.1, 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 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 | 0,2 | 0,2 | | for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | -2,0 | -2,0 | | distribution | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,5 | -0,1 | -10,6 | 25,3 | -------------------------------------------------------------------------------- | Jan. 31, | | | | | | | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Treasury | Other | Trans-l | Retained | Total | | | capital | shares | reserves | ation | earnings | | | | | | | diffe-r | | | | | | | | ences | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,0 | 0,5 | -10,9 | 25,0 | -------------------------------------------------------------------------------- | Nov.1, 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | | translation | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- | The costs of | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | | options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- | Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | -1,3 | -1,3 | | for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | -1,6 | -1,6 | | distribution | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase of | 0,0 | -0,3 | 0,0 | 0,0 | 0,0 | -0,3 | | treasury | | | | | | | | shares | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | -0,3 | 1,0 | 0,5 | -13,8 | 21,9 | -------------------------------------------------------------------------------- | Jan. 31, | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.1.2009 | | -------------------------------------------------------------------------------- | 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. | | -------------------------------------------------------------------------------- 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 2008 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. EFORE PLC Board of Directors For further information please contact Mr. Reijo Mäihäniemi, President and CEO, on February 26, 2009 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 February 26, 2009 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, industrial automation and health care industries. 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, Estonia and the USA. In the fiscal year ending in October 2008, consolidated net sales totaled EUR 78,3 million and the Group's personnel averaged 637. The company's share is quoted on the Nasdaq OMX Helsinki Ltd. www.efore.com
© 2024 Nasdaq, Inc. All Rights Reserved |