2008-12-12 08:00:00 CET
2008-12-12 08:00:02 CET
REGULATED INFORMATION
Efore - Financial Statement Release
EFORE PLC FINANCIAL STATEMENTS NOVEMBER 1, 2007 - October 31, 2008 (12 months)
EFORE PLC Stock Exchange Release December 12, 2008 9.00 a.m. EFORE PLC FINANCIAL STATEMENTS NOVEMBER 1, 2007 - October 31, 2008 (12 months) Fiscal year in brief (November 1, 2007 — October 31, 2008) - Net sales totaled EUR 78.3 million (EUR 80.2 million) - The operating profit was EUR 1.4 million (EUR -2.1 million) - The profit before taxes was EUR 1.7 million (EUR -2.9 million) - The net profit was EUR 1.2 million (EUR -3.4 million) - Earnings per share EUR 0.03 (EUR -0.08) - Return on investment (ROI) 7.0 % (-8.1 %) - Return on equity (ROE) 4.7 % (-11.8 %) - Solvency ratio 59.9 % (57.9 %) - Cash flow from business operations EUR 2.7 million (EUR -0.1 million) - The consolidated net interest-bearing liabilities were EUR -4,0 million positive (EUR -6.6 million positive), i.e. the Group's interest-bearing cash reserves exceed interest-bearing liabilities by EUR 4.0 million - Gearing -16.0 % (-24.6 %) Fourth quarter in brief (August 1, - October 31, 2008) - Net sales totaled EUR 18.4 million (EUR 24.2 million) - The operating profit was EUR 0.5 million (EUR 2.4 million) - The profit before taxes was EUR 0.8 million (EUR 1.8 million) - The net profit for the period was EUR 0.8 million (EUR 1.7 million) NET SALES AND FINANCIAL PERFORMANCE Net sales for the fiscal year totaled EUR 78.3 million (EUR 80.2 million). Sales by customer group were as follows: telecommunications 67.6 % (65.2 %), industrial electronics 26.0 % (28.1 %) and health care electronics 6.4 % (6.7 %). Geographically sales were as follows: EMEA EUR 49.2 million (EUR 55.6 million), APAC EUR 22.1 million (EUR 17.2 million) and the Americas EUR 7.0 million (EUR 7.4 million). The international financial crisis that began in the second half of the fiscal year affected global power supply markets by reducing demand. The operating profit for the fiscal year was EUR 1.4 million (EUR -2.1 million). A higher operating efficiency and a better cost structure contributed to this. The result was hampered by expenditure related to streamlining operations of a group subsidiary in the USA and expenses generated in agreeing on an issue relating to the parent company's product liability. A stronger dollar in the fourth quarter had a positive effect on the net profit. Write-offs of inventories were made during the fiscal year. Write-offs of inventories amounted to EUR 0.9 million (EUR -0.3 million). The profit before taxes during the fiscal year was EUR 1.7 million (EUR -2.9 million) and the net profit was EUR 1.2 million (EUR -3.4 million). NET SALES AND FINANCIAL PERFORMANCE AUGUST - OCTOBER Net sales for the fourth quarter totaled EUR 18.4 million (EUR 24.2 million). The fall compared with the corresponding period in the previous fiscal year was 23.9 %. Sales by customer group were as follows: telecommunications 64.6 % (67,2 %), industrial electronics 29.2 % (28.7 %) and health care electronics 6,2 % (4.1 %). Geographically sales were as follows: EMEA EUR 11.4 million (EUR 16.5 million), the Americas EUR 1.4 million (EUR 2.7 million) and APAC EUR 5.6 million (EUR 5.0 million) and The profit before taxes for the fourth quarter was EUR 0.8 million (EUR 1.8 million) and the net profit was EUR 0.8 million (EUR 1.7 million). BUSINESS OPERATIONS Investment on product development during the fiscal year was EUR 7.1 million (EUR 6.0 million) representing 9.1 % (7.5 %) of net sales. The new OPUS system product family, which was developed during the fiscal year, was launched onto the market in November 2008. An agreement was made with Helsinki University of Technology concerning the establishment of a new- technology R&D laboratory on the university's premises. 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 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. 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. Deliveries of equipment for suppliers of China's 3G networks started in the last fiscal year. Installations of China's 3G networks are expected to increase during 2009. Global 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 continued during the fiscal year. The purpose of these projects is to maintain continuous improvement in the competitiveness of the company. INVESTMENT Group investment in fixed assets amounted to EUR 1.9 million (EUR 4.0 million) of which capitalized product development costs were EUR 0.5 million (EUR 0.9 million). At the end of the fiscal year capitalized product development costs amounted to EUR 0.9 million (EUR 1.7 million). The amount of the capitalized product development costs fell because the company believes that product life cycles have become shorter and in addition to this some product development costs have been revised so that certain product development projects have not been capitalized on the balance sheet FINANCIAL POSITION The Group's financial position during the fiscal year was good. The Group's solvency ratio was 59.9 % (57.9 %) and the gearing was -16 % (-24.6%). The consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 4.0 million (EUR 6.6 million). The consolidated net financial expenses were EUR 0,06 million (EUR -0.9 million). The cash flow from business operations was EUR 2.7 million (EUR -0.1 million). The cash flow after investment was EUR 1.1 million (EUR -3.8 million). Liquid assets excluding undrawn credit facilities totaled EUR 5.1 million (EUR 7.7 million) at the end of the fiscal year. The Group also had access to substantial credit facilities at its disposal. The balance sheet total was EUR 41.7 million (EUR 46.7 million). TAXATION Group companies had remarkable amount of tax losses at the end of the last fiscal year of which deferred tax assets were not recognized out. Those deferred tax assets of EUR 3.5 million are allocated to the USA and EUR 7.0 million are allocated to Finland which includes avoir-fiscal receivable of EUR 0.6 million. The company in China was given the income tax status of “High Technology”, which reduced the income tax base for three years to 15% starting on January 1, 2008. The tax base of foreign companies in China was 18% and it will rise gradually to 25% by 2012. GROUP STRUCTURE Efore Group consists of the parent company Efore Plc and its directly or indirectly wholly owned subsidiaries Efore (USA) Inc in the United States, Efore (Suzhou) Electronics Co. Ltd in China, Efore Ltda in Brazil, Efore AS in Estonia, Efore AB in Sweden, and FI-Systems Oy in Finland. Efore Plc also has a 25% stake in Power Innovation GmbH, a German power electronics company. The Group closed down Efore (UK) Ltd during the fiscal year and sold Efore (SIP) Electronics Co. Ltd in China. These companies had no business operations during the fiscal year. PERSONNEL The number of the Group's own personnel averaged 637(766) during the fiscal year and at the end of the fiscal year it was 600(706). The number of personnel fell by 106 during the fiscal year. In addition to its own personnel, the Group's contract staff numbered 218(167) at the end of the fiscal year. The number of contract staff increased by 51 during the fiscal year. The geographical distribution of the personnel including contract staff at the end of the period under review was as follows: Europe 356 (421), Asia 440 (417) and the Americas 22 (35). BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT TEAM In accordance with the proposal of the Board's Nomination Committee, the Annual General Meeting held on January 31, 2008 elected six regular members of the Board: Isto Hantila, Jukka Harju, Marko Luoma, Esa Korvenmaa, Timo Syrjälä and Matti Tammivuori. The inaugural meeting the Board of Directors elected Isto Hantila as Chairman of the Board and Jukka Harju as Deputy Chairman and Timo Syrjälä as Chairman of the Audit Committee with Isto Hantila and Matti Tammivuori as members. The Board decided on the appointment of the Nomination Committee after the fiscal year on November 7, 2008. Matti Tammivuori was elected Chairman of the Nomination Committee and Timo Syrjälä and Rauno Puolimatka as members. In addition, the Board of Directors elected Isto Hantila, the Chairman of the Board of Directors, as an expert member. During the fiscal year some changes were made in the Executive Management Team and in the responsibilities of its members. The members and their global spheres of responsibility are as follows: President and CEO Reijo Mäihäniemi (Sales and Marketing in addition to his own duties June 19 - December 31, 2008), Panu Kaila (Operations and Sourcing), Markku Kukkonen (Product Development and Technology) and Olli Nermes (F&A). AUDITORS The Annual General Meeting held on January 31, 2008 appointed KPMG Oy Ab as Efore's auditors, with Authorized Public Accountant Lasse Holopainen as principal auditor SHARES, SHARE CAPITAL AND SHAREHOLDERS The total number of Efore Plc shares at the end of the fiscal year was 40 529 648 and the registered share capital was EUR 34.450.200,80. The highest share price during the fiscal year was EUR 1,25 and the lowest price was EUR 0,70. The average price during the fiscal year was EUR 1,01 and the closing price was EUR 0,76. The market capitalization calculated at the final trading price during the fiscal year was EUR 30,8 million. The total number of Efore shares traded on the Nasdaq OMX Helsinki during the fiscal year was 8.7 million and their turnover value was EUR 8.7 million. This accounted for 21.4 % of the total number of shares at the end of the fiscal year. The number of shareholders totaled 3197 at the end of the fiscal year. At the end of the fiscal year the company did not hold any of its own shares. DISCLOSURE OF CHANGES IN OWNERSHIP DURING THE FISCAL YEAR Efore Plc received the announcement on December 20, 2007 that the holdings of Timo Syrjälä, including the companies under his authority, of the share capital and voting rights in Efore Plc have, due to stock deal made on December 19, 2007 have exceeded one tenth (1/10) and now stood at 10.08 %. Rausanne Oy announced on January 9, 2008 that its holding and share of votes in Efore Plc had exceeded 10 % based on forward deal made on January 9, 2008 and now stood at 10.01 %. AUTHORIZATIONS The Annual General Meeting on January 31, 2008 decided in accordance with a proposal by the Board of Directors to authorize the Board to decide on the issue, in one or several installments, 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 issued on the basis of the authorization will be 13,000,000. The Board of Directors may, on the basis of the authorization decide on a targeted share issue. The authorization is in force until the next Annual General Meeting. The authorization had not been used by October 31, 2008. The Annual General Meeting on January 31, 2008 decided in accordance with a proposal by the Board of Directors to authorize the Board to decide on the acquisition of the company's own shares, in one or several installments. A maximum of 4,000,000 own shares, or a lower amount that in addition to the own shares already owned by the company is less than 10 per cent of all shares, may be acquired on the basis of the authorization. The authorization includes the right to acquire own shares otherwise than in proportion to the holdings of the shareholders. The authorization is in force until the next Annual General Meeting. The authorization had not been used by October 31, 2008. The Annual General Meeting on January 31, 2008 decided in accordance with a proposal by the Board of Directors to authorize the Board to decide on the distribution of dividend. On the basis of the authorization, the Board of Directors may decide on the distribution of dividend so that the amount of dividend on the basis of the authorization in total does not exceed EUR 0.05 per share, or in total EUR 2,026,482.40. A dividend may be distributed one or several times. The authorization was used on September 26, 2008, when the Board of Directors decided that the company would pay an additional dividend of EUR 0.05 for the fiscal year 2007 i.e. EUR 2,026,482.40. The dividend was paid on October 8, 2008. 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. Towards the end of the fiscal year the uncertainty on the market development has been increased due to the financial crises. According to the Company's view there were no material changes in the risks and uncertainty factors. A more comprehensive report on risk management is presented on the company's web-sites. OUTLOOK According to the information the overall telecommunications market will remain at present level or fall to some extent. There are however growing geographical markets in the field such as Asia, the Middle East and Africa. The international financial crisis and the weakening world economy are expected to continue and will 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. 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 ongoing development projects result for the fiscal year 2009 is expected to show an improvement compared to the previous fiscal year. EVENTS FOLLOWING THE CLOSE OF THE FISCAL YEAR Ilkka Starck, M.Sc (Eng), has been appointed as Executive Vice President, Sales and Marketing and as a member of the Efore Executive Management Team as of January 1, 2009 BOARD OF DIRECTORS' PROPOSAL FOR DIVIDEND According to the financial statements ending October 31, 2008, the parent company has distributable equity of EUR 12,980,848.46. The Board of Directors proposes that dividend of 0.04 eur/share will be distributed. BOARD OF DIRECTORS' DECISION CONCERNING THE ANNUAL GENERAL MEETING The Board of Directors will propose according to the Nomination Comittee proposal the following six members to be elected to the Board: Mr. Isto Hantila, Mr. Marko Luoma, Mr. Ari Siponmaa, Mr. Timo Syrjälä, Mr. Matti Tammivuori and Mr. Matti Vikkula. TABLES -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | STATEMENT | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Aug./08- | Aug./07- | Nov./07- | Nov./06- | -------------------------------------------------------------------------------- | | Oct./08 | Oct./07 | Oct./08 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 18,4 | 24,2 | 78,3 | 80,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in inventories of | | | | | -------------------------------------------------------------------------------- | finished goods and work in | 0,1 | -0,1 | -0,6 | -0,2 | | progress | | | | | -------------------------------------------------------------------------------- | Other operating income | 0,5 | 1,5 | 0,8 | 1,7 | -------------------------------------------------------------------------------- | Materials and services | -11,7 | -15,7 | -51,0 | -53,7 | -------------------------------------------------------------------------------- | Employee benefits expenses | -3,6 | -3,8 | -14,2 | -16,1 | -------------------------------------------------------------------------------- | Depreciation | -1,1 | -1,1 | -4,1 | -3,7 | -------------------------------------------------------------------------------- | Impairments | 0,0 | -0,6 | 0,0 | -2,2 | -------------------------------------------------------------------------------- | Other operating expenses | -2,0 | -2,0 | -7,6 | -8,0 | -------------------------------------------------------------------------------- | OPERATING PROFIT (-LOSS) | 0,5 | 2,4 | 1,4 | -2,1 | -------------------------------------------------------------------------------- | % net sales | 3,0 | 10,1 | 1,8 | -2,6 | -------------------------------------------------------------------------------- | Financing income | 1,2 | 0,2 | 2,1 | 1,1 | -------------------------------------------------------------------------------- | Financing expenses | -1,0 | -0,9 | -2,1 | -2,0 | -------------------------------------------------------------------------------- | Share of profit of | | | | | | associated | | | | | -------------------------------------------------------------------------------- | companies | 0,1 | 0,0 | 0,2 | 0,1 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) BEFORE TAX | 0,8 | 1,8 | 1,7 | -2,9 | -------------------------------------------------------------------------------- | % net sales | 4,5 | 7,4 | 2,2 | -3,6 | -------------------------------------------------------------------------------- | Tax on income from | -0,1 | -0,1 | -0,5 | -0,5 | | operations | | | | | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR THE | 0,8 | 1,7 | 1,2 | -3,4 | | PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS ATTRIBUTABLE | | | | | -------------------------------------------------------------------------------- | To equity holders of the | 0,8 | 1,7 | 1,2 | -3,4 | | parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | CALCULATED ON PROFIT | | | | | | ATTRIBUTABLE TO EQUITY | | | | | | HOLDERS OF THE PARENT: | | | | | -------------------------------------------------------------------------------- | Earnings per share,eur | 0,02 | 0,04 | 0,03 | -0,08 | -------------------------------------------------------------------------------- | Earnings per share, diluted, | 0,02 | 0,04 | 0,03 | -0,08 | | eur | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY SECONDARY | Aug./08- | Aug./07- | Nov./07- | Nov./06- | | SEGMENTS, | | | | | -------------------------------------------------------------------------------- | EUR million | Oct./08 | Oct./07 | Oct./08 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 1,4 | 2,7 | 7,0 | 7,4 | -------------------------------------------------------------------------------- | Emea | 11,4 | 16,5 | 49,3 | 55,6 | -------------------------------------------------------------------------------- | Apac | 5,6 | 5,0 | 22,1 | 17,2 | -------------------------------------------------------------------------------- | Total | 18,4 | 24,2 | 78,3 | 80,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Oct. 31, | Oct. 31, | change | -------------------------------------------------------------------------------- | | 2008 | 2007 | % | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible assets | 1,6 | 2,6 | | -------------------------------------------------------------------------------- | Tangible assets | 7,7 | 8,4 | | -------------------------------------------------------------------------------- | Investments in associates | 0,6 | 0,4 | | -------------------------------------------------------------------------------- | Other long-term investments | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Deferred tax assets | 0,0 | 0,1 | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 10,0 | 11,4 | -12,6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Inventories | 10,9 | 12,6 | | -------------------------------------------------------------------------------- | Trade receivables and other receivables | 15,7 | 14,8 | | -------------------------------------------------------------------------------- | Tax receivable, income tax | 0,0 | 0,1 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents | 5,1 | 7,7 | | -------------------------------------------------------------------------------- | CURRENT ASSETS | 31,7 | 35,3 | -10,0 | -------------------------------------------------------------------------------- | ASSETS | 41,7 | 46,7 | -10,6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | | | | -------------------------------------------------------------------------------- | Share capital | 34,5 | 34,5 | | -------------------------------------------------------------------------------- | Share premium account | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Other reserves | 1,0 | 1,4 | | -------------------------------------------------------------------------------- | Translation differences | 0,5 | -0,1 | | -------------------------------------------------------------------------------- | Retained earnigs | -10,9 | -8,8 | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 25,0 | 27,0 | -7,4 | -------------------------------------------------------------------------------- | Equity attributable to equity holders | 25,0 | 27,0 | | | of the parent | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,2 | 0,2 | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 0,2 | 0,3 | -15,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,9 | 0,8 | | -------------------------------------------------------------------------------- | Trade payables and other liabilities | 14,4 | 17,3 | | -------------------------------------------------------------------------------- | Income tax liability | 0,1 | 0,0 | | -------------------------------------------------------------------------------- | Provisions | 1,1 | 1,2 | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 16,5 | 19,4 | | -------------------------------------------------------------------------------- | LIABILITIES | 16,7 | 19,7 | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 41,7 | 46,7 | -10,6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, EUR | Aug./08- | Aug./07- | Nov./07- | Nov./06- | | million | | | | | -------------------------------------------------------------------------------- | | Oct./08 | Oct./07 | Oct./08 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share,eur | 0,02 | 0,04 | 0,03 | -0,08 | -------------------------------------------------------------------------------- | Earnings per share, diluted, | 0,02 | 0,04 | 0,03 | -0,08 | | eur | | | | | -------------------------------------------------------------------------------- | Shareholders' equity per | 0,62 | 0,67 | 0,62 | 0,67 | | share, eur | | | | | -------------------------------------------------------------------------------- | Solvency ratio,% | 59,9 | 57,9 | 59,9 | 57,9 | -------------------------------------------------------------------------------- | Return on equity-%(ROE) | 12,1 | 26,1 | 4,7 | -11,8 | -------------------------------------------------------------------------------- | Return on investment-%(ROI) | 13,0 | 28,7 | 7 | -8,1 | -------------------------------------------------------------------------------- | Gearing, % | -16,0 | -24,6 | -16,0 | -24,6 | -------------------------------------------------------------------------------- | Net interest-bearing | -4,0 | -6,6 | -4,0 | -6,6 | | liabilities, EUR million | | | | | -------------------------------------------------------------------------------- | Investments (intangible and | 1,1 | 0,8 | 1,9 | 4,0 | | tangible assets), Me | | | | | -------------------------------------------------------------------------------- | as percentage of net sales | 5,8 | 3,1 | 2,5 | 4,9 | -------------------------------------------------------------------------------- | Average personnel | 621 | 714 | 637 | 766 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | Nov./07- | Nov./06- | change | -------------------------------------------------------------------------------- | EUR million | Oct./08 | Oct./07 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | activities | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 76,1 | 76,2 | | -------------------------------------------------------------------------------- | Cash receipts from other operating | 0,0 | 0,0 | | | income | | | | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -72,7 | -75,5 | | | employees | | | | -------------------------------------------------------------------------------- | Cash generated from operations | 3,4 | 0,7 | | -------------------------------------------------------------------------------- | Interest paid | -0,1 | -0,4 | | -------------------------------------------------------------------------------- | Dividends received | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Interest received | 0,1 | 0,0 | | -------------------------------------------------------------------------------- | Other financial items | -0,4 | 0,0 | | -------------------------------------------------------------------------------- | Income taxes paid | -0,2 | -0,5 | | -------------------------------------------------------------------------------- | Net cash from operating activities | 2,7 | -0,1 | | | (A) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | activities | | | | -------------------------------------------------------------------------------- | Purchase of tangible and intangible | -1,7 | -3,9 | | | assets | | | | -------------------------------------------------------------------------------- | Proceeds from sale of tangible and | 0,1 | 0,2 | | | intangible assets | | | | -------------------------------------------------------------------------------- | Proceeds from sale of investments | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Net cash used in investing | -1,6 | -3,7 | -56,4 | | activities (B) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | activities | | | | -------------------------------------------------------------------------------- | Proceeds from short-term borrowings | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Repayment of long-term borrowings | 0,0 | -0,1 | | -------------------------------------------------------------------------------- | Repayment of leasing debts | -0,1 | 0,0 | | -------------------------------------------------------------------------------- | Dividends paid | -3,8 | 0,0 | | -------------------------------------------------------------------------------- | Net cash used in financing | -4,0 | -0,1 | | | activities (C) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash and | | | | | cash | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | -2,9 | -3,9 | -25,6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | Oct. 31, | Oct. 31, | | -------------------------------------------------------------------------------- | EUR million | 2008 | 2007 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Security and contingent liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | | | | -------------------------------------------------------------------------------- | Pledges | 0,0 | 0,0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For others | | | | -------------------------------------------------------------------------------- | Other contingent liabilities | 0,1 | 0,1 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating lease commitments | | | | -------------------------------------------------------------------------------- | Group as lessee | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum operating | | | | | lease | | | | -------------------------------------------------------------------------------- | payments: | | | | -------------------------------------------------------------------------------- | Less than 1 year | 1,9 | 1,9 | | -------------------------------------------------------------------------------- | 1-5 years | 3,5 | 3,7 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate financial | | | | | instruments | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, non hedge | | | | | accounting | | | | -------------------------------------------------------------------------------- | Forward currency contracts | | | | -------------------------------------------------------------------------------- | Nominal amount | 0,0 | 1,2 | | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Option contract | | | | -------------------------------------------------------------------------------- | Nominal amount | 12,5 | 7,2 | | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,2 | | -------------------------------------------------------------------------------- | Negative fair value | 0,3 | 0,0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS WERE | Oct. 31, | Oct. 31, | | -------------------------------------------------------------------------------- | CARRIED OUT WITH RELATED PARTIES: | 2008 | 2007 | | -------------------------------------------------------------------------------- | EUR million | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associated companies | | | | -------------------------------------------------------------------------------- | Sales | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Purchases | 0,0 | 0,2 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Receivables | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Liabilities | 0,0 | 0,0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | Equity attributable to equity holders of | | | | | the parent | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | Share | Share | Other | Trans- | Retained | Total | | million | capital | premium | re-serv | lation | earnings | | | | | | es | diffe- | | | | | | | | rences | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholde | 34,5 | 0,0 | 1,3 | 0,2 | -5,7 | 30,2 | | rs' equity | | | | | | | -------------------------------------------------------------------------------- | Nov.1, | | | | | | | | 2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | -0,1 | -0,3 | 0,3 | 0,0 | | translatio | | | | | | | | n | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- | The costs | 0,0 | 0,0 | 0,2 | 0,0 | 0,0 | 0,2 | | of options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- | Other | 0,0 | 0,0 | -0,2 | 0,0 | 0,2 | 0,0 | | changes | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/los | 0,0 | 0,0 | 0,0 | 0,0 | -3,4 | -3,4 | | s for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,1 | 0,0 | -0,1 | 0,0 | | distributi | | | | | | | | on | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholde | 34,5 | 0,0 | 1,4 | -0,1 | -8,8 | 27,0 | | rs' equity | | | | | | | -------------------------------------------------------------------------------- | Oct. 31, | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | Share | Share | Other | Trans- | Retained | Total | | million | capital | premium | re-serv | lation | earnings | | | | | | es | diffe-re | | | | | | | | nces | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholde | 34,5 | 0,0 | 1,4 | -0,1 | -8,8 | 27,0 | | rs' equity | | | | | | | -------------------------------------------------------------------------------- | Nov.1, | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | 0,6 | 0,0 | 0,6 | | translatio | | | | | | | | n | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- | The costs | 0,0 | 0,0 | 0,0 | 0,0 | 0,2 | 0,2 | | of options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- | Reclassifi | 0,0 | 0,0 | -0,4 | 0,0 | 0,4 | 0,0 | | cations | | | | | | | | between | | | | | | | | items | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/los | 0,0 | 0,0 | 0,0 | 0,0 | 1,2 | 1,2 | | s for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | -4,1 | -4,1 | | distributi | | | | | | | | on | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholde | 34,5 | 0,0 | 1,0 | 0,5 | -10,9 | 25,0 | | rs' equity | | | | | | | -------------------------------------------------------------------------------- | Oct. 31, | | | | | | | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.10.2008 | | -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | | | FIGURES AND RATIOS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment | = | Profit before taxes+interest and other | x 100 | | (ROI), % | | financing expenses / | | | | | (Shareholders' | | | | | equity + interest-bearing liabilities, | | | | | average ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on Equity | = | Profit/loss for the period / | x 100 | | (ROE), % | | Shareholders' equity (average ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current ratio | = | Current assets / Current liabilities | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Solvency ratio, % | = | Shareholders' equity / (Total assets - | x 100 | | | | advance payments received) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | | | | Shareholders' equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | = | Profit or loss for the period / | | | | | (Average number of shares) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend per share | = | Dividend for the financial year / (Number of | | | | 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 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | = | Shareholders' equity /Number of | | | per share | | 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 actual 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. | | -------------------------------------------------------------------------------- | Shareholders' 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 2007 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 December 12, 2008 at 9 - 11 a.m., tel. +358 9 4784 6312 Efore Plc will hold a news conference regarding the financial statements for analysts and media on December 12, 2008 at 11 a.m. in Helsinki World Trade Center, address Aleksanterinkatu 17. DISTRIBUTION Nasdaq OMX Helsinki Oy Principal media 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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