2009-05-28 08:00:00 CEST
2009-05-28 08:00:21 CEST
REGULATED INFORMATION
Efore - Interim report (Q1 and Q3)
Efore Plc Interim Report November 1, 2008 - April 30, 2009 (6 months)
EFORE PLC Interim Report May 28, 2009 9.00 a.m. November - April in brief (November 1, 2008 — April 30, 2009) - Net sales totaled EUR 34.8 million (EUR 40.9 million) - The operating profit was EUR -0.4 million (EUR 0.5 million) - The profit before taxes was EUR -0.8 million (EUR 0.5 million) - The net profit was EUR -1.0 million (EUR 0.3 million) February - April in brief (February 1, 2009 — April 30, 2009) - Net sales totaled EUR 20.5 million (EUR 20.1 million) - The operating profit was EUR 0.8 million (EUR 0.3 million) - The profit before taxes was EUR 0.5 million (EUR 0.2 million) - The net profit was EUR 0.3 million (EUR 0.1 million) NET SALES AND FINANCIAL PERFORMANCE NOVEMBER -APRIL Net sales for the period under review totaled EUR 34.8 million (EUR 40.9 million). The fall compared with the corresponding period in the previous fiscal year was -14.8 %. Net sales by customer group were as follows: telecommunications 65.8 % (67.9%) and industrial electronics 34.2 % (32.1 %). Geographically net sales were as follows: EMEA EUR 17.1 million (EUR 26.5 million), APAC EUR 14.5 million (EUR 9.9 million) and the Americas EUR 3.2 million (EUR 4.5 million). The profit before taxes for the period under review was EUR -0.8 million (EUR 0.5 million) and the net profit was EUR -1.0 million (EUR 0.3 million). NET SALES AND FINANCIAL PERFORMANCE FEBRUARY -APRIL Net sales for the second quarter totaled EUR 20.5 million (EUR 20.1 million). The increase compared with the corresponding period in the previous fiscal year was 1.8 %. Net sales by customer group were as follows: telecommunications 68.0 % (69.1%) and industrial electronics 32.0 % (30.9 %). Geographically net sales were as follows: EMEA EUR 10.0 million (EUR 13.3 million), APAC EUR 8.7 million (EUR 4.8 million) and the Americas EUR 1.8 million (EUR 2.0 million). The profit before taxes for the second quarter was EUR 0.5 million (EUR 0.2 million) and the net profit was EUR 0.3 million (EUR 0.1 million). BUSINESS OPERATIONS Investments by teleoperators on 3G networks in China have started according to the plans published early 2009. The demand has continued to be at a moderate level in Asia. The demand in Asia has not been affected by the crisis in the world real economy to the same extent as in Europe and in the USA where the company has started to adjust the costs in order to meet the market situation. Focal point for Efore business has been increasingly transferred to Asia which has had a positive impact on the company's business operations during the second quarter. Investment on product development during the period under review was EUR 3.4 million (EUR 3.7 million) representing 9.8 % (9.1 %) of net sales. In custom-designed power supply solutions the focus was on developing new technologies and new products for new applications e.g. for the national 3G networks in China and the coming fourth-generation LTE networks. Efore has also launched onto the market a new OPUS DC Power Supply product family and deliveries to the customers have been started. New features and modules for the system will be further developed. INVESTMENT Group investment in fixed assets amounted to EUR 0.9 million (EUR 0.6 million) of which capitalized product development costs were EUR 0.4 million (EUR 0.2 million). At the end of the period under review capitalized product development costs amounted to EUR 1.1 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 56.2 % (59.1 %) and the gearing was -14.7 % (-16.6%). The consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 3.2 million (EUR 4.2 million). The consolidated net financial expenses were EUR 0.5 million (EUR 0.1 million). The cash flow from business operations was EUR 2.4 million (EUR 0.1 million). The cash flow after investment was EUR 1.7 million (EUR -0.4 million). Liquid assets excluding undrawn credit facilities totaled EUR 4.3 million (EUR 5.2 million) at the end of period under review. The Group also had access to substantial undrawn credit facilities. The balance sheet total was EUR 38.9 million (EUR 43.2 million). PERSONNEL The number of the Group's own personnel averaged 584 (688) during the period under review and at the end of the period under review it was 554(636). The number of personnel fell by 30 during the period under review. In addition to its own personnel, the Group's contract staff numbered 309 (196) at the end of the period under review. The number of contract staff increased by 91 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 314 (378), Asia 530 (422) and the Americas 19(32). Efore's statutory joint negotiations with employees started in February 2009 were concluded on March 27, 2009. As a result of the negotiations, a total of 23 employments were terminated in Saarijärvi and in Espoo and temporary employment contracts were not renewed. Saarijärvi unit will be closed down by September 27, 2009 and Saarijärvi operations will be transferred to the company's other units. 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 0.90 and the lowest price was EUR 0.55. The average price during the period under review was EUR 0.67 and the closing price was EUR 0.88. The market capitalization calculated at the final trading price during the period under review was EUR 34.9 million. The total number of Efore shares traded on the Nasdaq OMX Helsinki during the period under review was 7.2 million and their turnover value was EUR 4.8 million. This accounted for 17.8 % of the total number of shares at the end of the period under review. The number of shareholders totaled 3284 at the end of the period under review. At the end of the period under review the number of the Group's own shares was 922.149. 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. 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 a weakening world economy and the predictability about the future development is low 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. OUTLOOK China's and India's remarkable investments on local wireless networks will increase demand in these countries. There are other growing geographical markets in the field in addition to Asia, such as the Middle East and Africa. According to the estimations received from the companies in the business the overall telecommunications market will be however weakening. The recession in the world real economy is expected to weaken the demand during the whole fiscal year. 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. Group's projects to develop operations 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 costs of the group by approximately EUR 2.0 million on annual level in the way as previously announced. The effect of savings will be visible in full from the beginning of the next fiscal year. With ongoing development projects and growing demand in Asia operating result for the fiscal year 2009 is expected to show an improvement compared to the previous fiscal year. TABLES -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Feb./09- | Feb./08- | Nov./08- | Nov./07- | Nov.07- | -------------------------------------------------------------------------------- | | Apr./09 | Apr./08 | Apr./09 | Apr./08 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 20,5 | 20,1 | 34,8 | 40,9 | 78,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | | | | | | | inventories of | | | | | | -------------------------------------------------------------------------------- | finished goods and | -0,6 | -1,0 | -0,2 | -0,9 | -0,6 | | work in progress | | | | | | -------------------------------------------------------------------------------- | Other operating | 0,3 | -0,1 | 0,5 | 0,2 | 0,8 | | income | | | | | | -------------------------------------------------------------------------------- | Materials and | -13,0 | -12,4 | -23,3 | -26,3 | -51,0 | | services | | | | | | -------------------------------------------------------------------------------- | Employee benefits | -3,6 | -3,7 | -6,9 | -7,6 | -14,2 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation | -0,8 | -1,0 | -1,7 | -1,9 | -4,1 | -------------------------------------------------------------------------------- | Impairments | -0,1 | 0,0 | -0,1 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Other operating | -1,7 | -1,7 | -3,5 | -3,8 | -7,6 | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 0,8 | 0,3 | -0,4 | 0,5 | 1,4 | | (-LOSS) | | | | | | -------------------------------------------------------------------------------- | % net sales | 4,0 | 1,3 | -1,2 | 1,3 | 1,8 | -------------------------------------------------------------------------------- | Financing income | 0,2 | 0,5 | 0,6 | 0,8 | 2,1 | -------------------------------------------------------------------------------- | Financing expenses | -0,6 | -0,5 | -1,1 | -0,9 | -2,1 | -------------------------------------------------------------------------------- | Share of profit of | | | | | | | associated | | | | | | -------------------------------------------------------------------------------- | companies | 0,1 | 0,0 | 0,1 | 0,0 | 0,2 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) | 0,5 | 0,2 | -0,8 | 0,5 | 1,7 | | BEFORE TAX | | | | | | -------------------------------------------------------------------------------- | % net sales | 2,5 | 1,2 | -2,2 | 1,2 | 2,2 | -------------------------------------------------------------------------------- | Tax on income from | -0,2 | -0,2 | -0,2 | -0,2 | -0,5 | | operations | | | | | | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR | 0,3 | 0,1 | -1,0 | 0,3 | 1,2 | | THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS | | | | | | | ATTRIBUTABLE | | | | | | -------------------------------------------------------------------------------- | To equity holders | 0,3 | 0,1 | -1,0 | 0,3 | 1,2 | | of the parent | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | | CALCULATED ON | | | | | | | PROFIT ATTRIBUTABLE | | | | | | | TO EQUITY HOLDERS | | | | | | | OF THE PARENT: | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0,01 | 0,00 | -0,02 | 0,01 | 0,03 | | basic,eur | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0,01 | 0,00 | -0,02 | 0,01 | 0,03 | | diluted, eur | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY | Feb./09- | Feb./08- | Nov./08- | Nov./07- | Nov.07- | | SECONDARY SEGMENTS, | | | | | | -------------------------------------------------------------------------------- | EUR million | Apr./09 | Apr./08 | Apr./09 | Apr./08 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 1,8 | 2,0 | 3,2 | 4,5 | 7,0 | -------------------------------------------------------------------------------- | EMEA | 10,0 | 13,3 | 17,1 | 26,5 | 49,3 | -------------------------------------------------------------------------------- | APAC | 8,7 | 4,8 | 14,5 | 9,9 | 22,1 | -------------------------------------------------------------------------------- | Total | 20,5 | 20,1 | 34,8 | 40,9 | 78,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Apr. 30, | Apr. 30, | change | Oct.31, | -------------------------------------------------------------------------------- | | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Intangible assets | 1,7 | 2,1 | | 1,6 | -------------------------------------------------------------------------------- | Tangible assets | 6,7 | 7,5 | | 7,7 | -------------------------------------------------------------------------------- | Investments in associates | 0,6 | 0,4 | | 0,6 | -------------------------------------------------------------------------------- | Other long-term investments | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 9,0 | 10,0 | -10,7 | 10,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 10,1 | 11,0 | | 10,9 | -------------------------------------------------------------------------------- | Trade receivables and other | 15,5 | 16,9 | | 15,7 | | receivables | | | | | -------------------------------------------------------------------------------- | Tax receivable, income tax | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 4,3 | 5,2 | | 5,1 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 29,9 | 33,1 | -9,7 | 31,7 | -------------------------------------------------------------------------------- | ASSETS | 38,9 | 43,2 | -9,9 | 41,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | 34,5 | 34,5 | | 34,5 | -------------------------------------------------------------------------------- | Treasury shares | -0,6 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Other reserves | 1,0 | 1,5 | | 1,0 | -------------------------------------------------------------------------------- | Translation differences | 0,5 | -0,1 | | 0,5 | -------------------------------------------------------------------------------- | Retained earnigs | -13,4 | -10,4 | | -10,9 | -------------------------------------------------------------------------------- | EQUITY | 21,8 | 25,5 | -14,3 | 25,0 | -------------------------------------------------------------------------------- | Equity attributable to equity | 21,8 | 25,5 | | 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 | -12,7 | 0,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,9 | 0,8 | | 0,9 | -------------------------------------------------------------------------------- | Trade payables and other | 15,0 | 15,8 | | 14,4 | | liabilities | | | | | -------------------------------------------------------------------------------- | Tax liabilities | 0,2 | 0,1 | | 0,1 | -------------------------------------------------------------------------------- | Provisions | 0,8 | 0,8 | | 1,1 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 16,9 | 17,5 | | 16,5 | -------------------------------------------------------------------------------- | LIABILITIES | 17,0 | 17,7 | | 16,7 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 38,9 | 43,2 | -9,9 | 41,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, | Feb./09- | Feb./08- | Nov./08- | Nov./07- | Nov.07- | | EUR million | | | | | | -------------------------------------------------------------------------------- | | Apr./09 | Apr./08 | Apr./09 | Apr./08 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0,01 | 0,00 | -0,02 | 0,01 | 0,03 | | basic,eur | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0,01 | 0,00 | -0,02 | 0,01 | 0,03 | | diluted, eur | | | | | | -------------------------------------------------------------------------------- | Equity per share, | 0,55 | 0,63 | 0,55 | 0,63 | 0,62 | | eur | | | | | | -------------------------------------------------------------------------------- | Solvency ratio,% | 56,2 | 59,1 | 56,2 | 59,1 | 59,9 | -------------------------------------------------------------------------------- | Return on | 5,7 | 1,3 | -8,3 | 1,9 | 4,7 | | equity-%(ROE) | | | | | | -------------------------------------------------------------------------------- | Return on | 9,5 | 4,0 | -5,9 | 4,5 | 7,0 | | investment-%(ROI) | | | | | | -------------------------------------------------------------------------------- | Gearing, % | -14,7 | -16,6 | -14,7 | -16,6 | -16,0 | -------------------------------------------------------------------------------- | Net | -3,2 | -4,2 | -3,2 | -4,2 | -4,0 | | interest-bearing | | | | | | | liabilities | | | | | | -------------------------------------------------------------------------------- | Investments | 0,5 | 0,4 | 0,9 | 0,6 | 1,9 | | (intangible and | | | | | | | tangible assets) | | | | | | -------------------------------------------------------------------------------- | as percentage of | 2,7 | 1,8 | 2,5 | 1,5 | 2,5 | | net sales | | | | | | -------------------------------------------------------------------------------- | Average personnel | 554 | 643 | 584 | 688 | 637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | Nov./08- | Nov./07- | change | Oct. 31 | | STATEMENT | | | | | -------------------------------------------------------------------------------- | EUR million | Apr./09 | Apr./08 | % | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 35,3 | 37,0 | | 76,1 | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -32,4 | -37,3 | | -72,7 | | employees | | | | | -------------------------------------------------------------------------------- | Cash generated from | 2,9 | -0,3 | | 3,4 | | operations | | | | | -------------------------------------------------------------------------------- | Interest paid | 0,0 | -0,1 | | -0,1 | -------------------------------------------------------------------------------- | Interest received | 0,0 | 0,0 | | 0,1 | -------------------------------------------------------------------------------- | Other financial items | -0,4 | 0,4 | | -0,4 | -------------------------------------------------------------------------------- | Income taxes paid | -0,1 | 0,0 | | -0,2 | -------------------------------------------------------------------------------- | Net cash from operating | 2,4 | 0,1 | 1 865,0 | 2,7 | | activities (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of tangible and | -0,9 | -0,6 | | -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 | -0,7 | -0,5 | 25,1 | -1,6 | | activities (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of treasury shares | -0,6 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Repayment of long-term | -0,1 | -0,1 | | -0,1 | | borrowings | | | | | -------------------------------------------------------------------------------- | Dividends paid | -1,8 | -2,0 | | -3,8 | -------------------------------------------------------------------------------- | Net cash used in financing | -2,5 | -2,1 | | -4,0 | | activities (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash | | | | | | and cash | | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | -0,8 | -2,5 | -68,2 | -2,9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | Apr. 30, | Apr. 30, | | 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 | 1,6 | 1,9 | | 1,9 | -------------------------------------------------------------------------------- | 1-5 years | 3,0 | 3,2 | | 3,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate | | | | | | financial instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, not | | | | | | hedge | | | | | -------------------------------------------------------------------------------- | Forward currency contracts | | | | | -------------------------------------------------------------------------------- | Nominal amount | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Option contract | | | | | -------------------------------------------------------------------------------- | Nominal amount | 11,2 | 12,2 | | 12,5 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | -0,1 | | 0,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS | Apr. 30, | Apr. 30, | | 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-la | Retained | Total | | | capital | shares | reserves | tion | earnings | | | | | | | diffe-re | | | | | | | | nces | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,4 | -0,1 | -8,8 | 27,0 | -------------------------------------------------------------------------------- | Nov.1, 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | -0,1 | 0,2 | 0,1 | | translation | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- | The costs | 0,0 | 0,0 | 0,1 | 0,0 | 0,0 | 0,1 | | of options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | 0,3 | 0,3 | | for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | -2,0 | -2,0 | | distributio | | | | | | | | n | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,5 | -0,1 | -10,4 | 25,5 | -------------------------------------------------------------------------------- | Apr. 30, | | | | | | | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Treasury | Other | Trans-la | Retained | Total | | | capital | shares | reserves | tion | earnings | | | | | | | diffe-re | | | | | | | | nces | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,0 | 0,5 | -11,0 | 25,0 | -------------------------------------------------------------------------------- | Nov.1, 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | | translation | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- | The costs | 0,0 | 0,0 | 0,0 | 0,0 | 0,1 | 0,1 | | of options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- | Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | -1,0 | -1,0 | | for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | -1,6 | -1,6 | | distributio | | | | | | | | n | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase of | 0,0 | -0,6 | 0,0 | 0,0 | 0,0 | -0,6 | | treasury | | | | | | | | shares | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | -0,6 | 1,0 | 0,5 | -13,4 | 21,8 | -------------------------------------------------------------------------------- | Apr. 30, | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 30.4.2009 | | -------------------------------------------------------------------------------- | 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 May 28, 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 May 28, 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
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