2010-03-04 08:00:00 CET
2010-03-04 08:00:04 CET
REGULATED INFORMATION
Efore - Interim report (Q1 and Q3)
EFORE PLC INTERIM REPORT NOVEMBER 1, 2009 - JANUARY 31, 2010 (3 months)
EFORE PLC Interim report March 4, 2010 9.00 a.m. First quarter in brief (November 1, 2009 — January 31, 2010) - Net sales totaled EUR 13.9 million (EUR 14.3 million) - The operating loss was EUR -0.5 million (EUR -1.2 million) - The loss before taxes was EUR -0.3 million (EUR -1.3 million) - The net loss was EUR -0.2 million (EUR -1.3 million) - Earnings per share was EUR -0.01 (EUR -0,03) NET SALES AND FINANCIAL DEVELOPMENT Net sales for the first quater totaled EUR 13.9 million (EUR 14.3 million). Net sales by customer group were as follows: ICT 69.8 % (62.6 %) and industrial electronics 30.2 % (37.4 %). Geographically net sales were as follows: EMEA EUR 6.7 million (EUR 7.1 million), APAC EUR 6.8 million (EUR 5.7 million) and the Americas EUR 0.3 million (EUR 1.5 million). The operating loss for the period under the review was EUR -0.5 million (EUR -1.2 million). Net cash from operating activities was EUR 1.7 million positive (EUR -1.3 million). During the first quarter the product demand has started to grow. The company could not respond to the growing demand as per customers' expectations due to the poor availability of the components and the globally extended delivery times. The material costs were adversely affected by the poor availability of the components which decreased the result. Compared to the first quarter of the previous fiscal year the profit performance was positively affected by the earlier decided savings in fixed costs amounted to EUR 0.5 million which realized during the period under the review. BUSINESS DEVELOPMENT Investment on product development during the period under review was EUR 1.7 million (EUR 1.6 million) representing 12.2 % (10.9 %) of net sales. Investments by teleoperators on 3G networks in China continued. The company has won new customers in China and has expanded its product portfolio within the existing customers. Focal point of Efore business has been increasingly moved to Asia. The company's plan is to maintain the level of investment in product development. The company has made a decision to open another product development center in Shenzhen, in southern part of China during spring 2010. The company's present product development center in China is located in Suzhou in connection with the company's manufacturing plant. 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. INVESTMENTS Group investments in fixed assets during the period under the review amounted to EUR 0.3 million (EUR 0.3 million) of which capitalized product development costs were EUR 0.1 million (EUR 0.1 million). At the end of the period under review capitalized product development costs amounted to EUR 1.3 million (EUR 0.9 million). FINANCIAL POSITION The Group's financial position during the period under the review was good. The consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 6.4 million (EUR 2.0 million). The consolidated net financial expenses were EUR 0.2 million (EUR -0.1 million). The cash flow from business operations was EUR 1.7 million (EUR -1.3 million). The cash flow after investment was EUR 1.4 million (EUR -1.5 million). The Group's solvency ratio was 57.2 % (57.6%) and the gearing was -32.6 % (-9.3 %). Liquid assets excluding undrawn credit facilities totaled EUR 6.7 million (EUR 3.1 million) at the end of the period under the review. The balance sheet total was EUR 34.3 million (EUR 38.0 million). PERSONNEL The number of the Group's own personnel averaged 502 (584) during the period under the review and at the end of the period under the review it was 500(565) In addition to its own personnel, the Group's temporary personnel numbered 250 (212) at the end of the period under the review. The geographical distribution of the personnel including temporary personnel at the end of the period under the review was as follows: Europe 244 (319), Asia 503 (435) and the Americas 3(23). SHARES, SHARE CAPITAL AND SHAREHOLDERS The total number of Efore Plc shares at the end of the period under the review was 40 529 648 and the registered share capital was EUR 34.450.200,80. At the end of the period under the review the number of the Group's own shares was 922.149. The highest share price during the period under the review was EUR 0.96 and the lowest price was EUR 0.76. The average price during the period under the review was EUR 0.85 and the closing price was EUR 0.93. The market capitalization calculated at the final trading price during the period under the review was EUR 36.8 million. The total number of Efore shares traded on the Nasdaq OMX Helsinki during the period under the review was 2.5 million and their turnover value was EUR 2.1 million. This accounted for 6.1 % of the total number of shares at the end of the period under the review. The number of shareholders totaled 3309 at the end of the period under the review. ACCOUNTING POLICIES As of November 1, 2009 Efore-group has applied the following new or modified standards: IAS 1, IFRS 8, IAS 23, IRFS 3 and IAS 27. In this interim report, a Consolidated Statement of Comprehensive Income according to IAS 1 is presented. Efore's operating segment comprises the entire Group, therefore the figures reported in the operating segment are the same as those for the whole Group. For this reason applying IFRS 8 will not have any effect on the segment reporting presented in this interim report. Other modified standards have not had any effect on the information presented in this interim report. The interim report has been drawn up in accordance with IAS 34 Standard on Interim Financial Reporting and the Group's accounting principles presented in the 2009 annual report. The information in this release is unaudited. All the figures in the interim report have been rounded up/down, for which reason the total of the individual figures when added together may be different from the total shown. SHORT-TERM RISKS AND FACTORS OF UNCERTAINTY Predictability about the future development is difficult. A weakening total demand seems to have stabilized and clear signs of a growing demand has already been recognized during the first quarter. The most significant business risks are connected with the success of key customer at the market and the company's capability to serve its key customers. In the beginning of the year the company's net sales and result development can be adversely affected by the availability and price changes of the components. By developing operational processes Efore is improving its internal flexibility and ability to react in order to be able to adapt its operations to meet changing demand at short notice, if necessary. A more comprehensive report on risk management is presented on the company's web-sites. OUTLOOK According to the estimations received from the companies in the business, the decrease of the overall telecommunications market is ending and especially investments in new broadband technologies have been started. Service business is estimated to grow faster than product business. 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. The company continues to focus on new technologies as well as the development of demanding and innovative power supply solutions. Developing energy saving solutions that will take up less space and use renewable energy sources will be a focal point for product development. Efore sees new business opportunities in utilizing its expertise in green, energy efficient solutions e.g. in server farms, electric vehicles and telecom infrastructure. Resulting from the market recovery and due to the costs adjustment actions made, the company estimates that both net sales and operating result of the current fiscal year will gradually show an improvement compared to the previous fiscal year. TABLES -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATMENT OF COMPREHENSIVE | | | | | INCOME | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Nov./09- | Nov./08- | Nov./08- | -------------------------------------------------------------------------------- | | Jan./10 | Jan./09 | Oct./09 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 13,9 | 14,3 | 64,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in inventories of | | | | -------------------------------------------------------------------------------- | finished goods and work in progress | 0,4 | 0,4 | -1,2 | -------------------------------------------------------------------------------- | Other operating income | 0,4 | 0,2 | 1,2 | -------------------------------------------------------------------------------- | Materials and services | -9,9 | -10,3 | -42,1 | -------------------------------------------------------------------------------- | Employee benefits expenses | -2,9 | -3,2 | -12,5 | -------------------------------------------------------------------------------- | Depreciation | -0,8 | -0,9 | -3,3 | -------------------------------------------------------------------------------- | Impairments | 0,0 | 0,0 | -0,1 | -------------------------------------------------------------------------------- | Other operating expenses | -1,6 | -1,8 | -7,4 | -------------------------------------------------------------------------------- | OPERATING PROFIT (-LOSS) | -0,5 | -1,2 | -1,3 | -------------------------------------------------------------------------------- | % net sales | -3,7 | -8,7 | -2,1 | -------------------------------------------------------------------------------- | Financing income | 0,3 | 0,4 | 0,8 | -------------------------------------------------------------------------------- | Financing expenses | -0,1 | -0,5 | -1,8 | -------------------------------------------------------------------------------- | Share of profit of associated | | | | -------------------------------------------------------------------------------- | companies | 0,0 | 0,0 | 0,2 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) BEFORE TAX | -0,3 | -1,3 | -2,1 | -------------------------------------------------------------------------------- | % net sales | -2,1 | -9,1 | -3,3 | -------------------------------------------------------------------------------- | Tax on income from operations | 0,1 | 0,0 | -0,5 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR THE PERIOD | -0,2 | -1,3 | -2,6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER COMPREHENSIVE INCOME: | | | | -------------------------------------------------------------------------------- | Translation differences | 0,3 | 0,0 | -0,7 | -------------------------------------------------------------------------------- | Total comprehensive income | 0,1 | -1,3 | -3,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS ATTRIBUTABLE | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | -0,2 | -1,3 | -2,6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME | | | | -------------------------------------------------------------------------------- | ATTRIBUTABLE TO: | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | 0,1 | -1,3 | -3,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE CALCULATED ON PROFIT | | | | | ATTRIBUTABLE TO EQUITY HOLDERS OF THE | | | | | PARENT: | | | | -------------------------------------------------------------------------------- | Earnings per share, basic,eur | -0,01 | -0,03 | -0,07 | -------------------------------------------------------------------------------- | Earnings per share, diluted, eur | -0,01 | -0,03 | -0,07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INFORMATION ABOUT GEOGRAPHICAL | Nov./09- | Nov./08- | Nov./08- | -------------------------------------------------------------------------------- | AREAS, EUR million | Jan./10 | Jan./09 | Oct./09 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 0,3 | 1,5 | 4,2 | -------------------------------------------------------------------------------- | EMEA | 6,7 | 7,1 | 30,0 | -------------------------------------------------------------------------------- | APAC | 6,8 | 5,7 | 29,8 | -------------------------------------------------------------------------------- | Total | 13,9 | 14,3 | 64,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | | | | | | FINANCIAL POSITION | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Jan. 31, | Jan. 31, | change | Oct. | | | | | | 31, | -------------------------------------------------------------------------------- | | 2010 | 2009 | % | 2009 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Intangible assets | 1,9 | 1,6 | | 2,1 | -------------------------------------------------------------------------------- | Tangible assets | 5,3 | 7,2 | | 5,3 | -------------------------------------------------------------------------------- | Investments in associates | 0,6 | 0,5 | | 0,6 | -------------------------------------------------------------------------------- | Other long-term investments | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 7,8 | 9,3 | -16,5 | 8,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 8,0 | 11,4 | | 7,8 | -------------------------------------------------------------------------------- | Trade receivables and other | 11,8 | 14,2 | | 11,5 | | receivables | | | | | -------------------------------------------------------------------------------- | Tax receivable, income tax | 0,0 | 0,0 | | 0,1 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 6,7 | 3,1 | | 5,4 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 26,5 | 28,7 | -7,6 | 24,7 | -------------------------------------------------------------------------------- | ASSETS | 34,3 | 38,0 | -9,7 | 32,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | 34,5 | 34,5 | | 34,5 | -------------------------------------------------------------------------------- | Treasury shares | -0,6 | -0,3 | | -0,6 | -------------------------------------------------------------------------------- | Other reserves | 1,0 | 1,0 | | 1,0 | -------------------------------------------------------------------------------- | Translation differences | 0,1 | 0,5 | | -0,2 | -------------------------------------------------------------------------------- | Retained earnigs | -15,4 | -13,8 | | -15,2 | -------------------------------------------------------------------------------- | EQUITY | 19,6 | 21,9 | -10,6 | 19,5 | -------------------------------------------------------------------------------- | Equity attributable to equity | 19,6 | 21,9 | | 19,5 | | holders of the parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,1 | 0,2 | | 0,2 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 0,1 | 0,2 | -43,0 | 0,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,3 | 0,9 | | 0,3 | -------------------------------------------------------------------------------- | Trade payables and other | 13,8 | 14,0 | | 12,3 | | liabilities | | | | | -------------------------------------------------------------------------------- | Tax liabilities | 0,1 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Provisions | 0,5 | 1,0 | | 0,5 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 14,6 | 15,9 | | 13,0 | -------------------------------------------------------------------------------- | LIABILITIES | 14,7 | 16,1 | | 13,2 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 34,3 | 38,0 | -9,7 | 32,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, EUR million | Nov./09- | Nov./08- | Nov./08- | -------------------------------------------------------------------------------- | | Jan./10 | Jan./09 | Oct./09 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, basic,eur | -0,01 | -0,03 | -0,07 | -------------------------------------------------------------------------------- | Earnings per share, diluted, eur | -0,01 | -0,03 | -0,07 | -------------------------------------------------------------------------------- | Equity per share, eur | 0,49 | 0,54 | 0,49 | -------------------------------------------------------------------------------- | Solvency ratio,% | 57,2 | 57,6 | 59,6 | -------------------------------------------------------------------------------- | Return on equity-%(ROE) | -4,8 | -21,8 | -11,8 | -------------------------------------------------------------------------------- | Return on investment-%(ROI) | -5,7 | -20,6 | -8,4 | -------------------------------------------------------------------------------- | Gearing, % | -32,6 | -9,3 | -25,3 | -------------------------------------------------------------------------------- | Net interest-bearing liabilities | -6,4 | -2,0 | -4,9 | -------------------------------------------------------------------------------- | Investments (intangible and | 0,3 | 0,3 | 1,8 | | tangible assets) | | | | -------------------------------------------------------------------------------- | as percentage of net sales | 2,5 | 2,4 | 2,7 | -------------------------------------------------------------------------------- | Average personnel | 502 | 584 | 565 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CASH | Nov./09- | Nov./08- | change | Nov./08 | | FLOWS | | | | - | -------------------------------------------------------------------------------- | EUR million | Jan./10 | Jan./09 | % | Oct./09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 15,1 | 16,8 | | 67,9 | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -13,7 | -17,7 | | -61,7 | | employees | | | | | -------------------------------------------------------------------------------- | Cash generated from operations | 1,5 | -1,0 | | 6,2 | -------------------------------------------------------------------------------- | Interest paid | 0,0 | 0,0 | | -0,1 | -------------------------------------------------------------------------------- | Interest received | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Other financial items | 0,0 | -0,3 | | -0,3 | -------------------------------------------------------------------------------- | Income taxes paid | 0,2 | 0,0 | | -0,7 | -------------------------------------------------------------------------------- | Net cash from operating | 1,7 | -1,3 | -229,1 | 5,1 | | activities (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of tangible and | -0,3 | -0,3 | | -1,5 | | intangible assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of tangible | 0,0 | 0,0 | | 0,1 | | and intangible assets | | | | | -------------------------------------------------------------------------------- | Disposal of subsidiary shares | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Proceeds from repayments of | 0,0 | 0,0 | | 0,0 | | loans | | | | | -------------------------------------------------------------------------------- | Proceeds from sales of | 0,0 | 0,0 | | 0,0 | | investments | | | | | -------------------------------------------------------------------------------- | Dividend received | 0,0 | 0,2 | | 0,2 | -------------------------------------------------------------------------------- | Net cash used in investing | -0,3 | -0,2 | 90,6 | -1,3 | | activities (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of treasury shares | 0,0 | -0,3 | | -0,6 | -------------------------------------------------------------------------------- | Repayment of short-term | 0,0 | 0,0 | | -0,7 | | borrowings | | | | | -------------------------------------------------------------------------------- | Repayment of long-term | -0,1 | 0,0 | | -0,2 | | borrowings | | | | | -------------------------------------------------------------------------------- | Dividends paid | 0,0 | -0,2 | | -1,8 | -------------------------------------------------------------------------------- | Net cash used in financing | -0,1 | -0,5 | | -3,4 | | activities (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash | | | | | | and cash | | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | 1,3 | -2,0 | -166,2 | 0,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | Jan. 31, | Jan. 31, | | Oct. | | | | | | 31, | -------------------------------------------------------------------------------- | EUR million | 2010 | 2009 | | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Security and contingent | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 1,4 | 1,8 | | 1,4 | -------------------------------------------------------------------------------- | 1-5 years | 2,5 | 3,3 | | 2,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate | | | | | | financial instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, not | | | | | | hedge | | | | | -------------------------------------------------------------------------------- | Option contract | | | | | -------------------------------------------------------------------------------- | Nominal amount | 9,5 | 11,3 | | 8,8 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,1 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS | Jan. 31, | Jan. 31, | | Oct. | | WERE | | | | 31, | -------------------------------------------------------------------------------- | CARRIED OUT WITH RELATED | 2010 | 2009 | | 2009 | | PARTIES: | | | | | -------------------------------------------------------------------------------- | EUR million | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associated companies | | | | | -------------------------------------------------------------------------------- | Purchases | 0,0 | 0,0 | | 0,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | Share | Treasury | Other | Trans-l | Retaine | Total | | million | capital | shares | reserves | ation | d | | | | | | | diffe-r | earning | | | | | | | ences | s | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,0 | 0,5 | -10,9 | 25,0 | -------------------------------------------------------------------------------- | Nov.1, | | | | | | | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehen | 0,0 | 0,0 | 0,0 | 0,0 | -1,3 | -1,3 | | sive | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The costs | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | | of | | | | | | | | options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | -1,6 | -1,6 | | distribut | | | | | | | | ion | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase | 0,0 | -0,3 | 0,0 | 0,0 | 0,0 | -0,3 | | of | | | | | | | | treasury | | | | | | | | shares | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | -0,3 | 1,0 | 0,5 | -13,8 | 21,9 | -------------------------------------------------------------------------------- | Jan. 31, | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | Share | Treasury | Other | Trans-l | Retaine | Total | | million | capital | shares | reserves | ation | d | | | | | | | diffe-r | earning | | | | | | | ences | s | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | -0,6 | 1,0 | -0,2 | -15,2 | 19,5 | -------------------------------------------------------------------------------- | Nov.1, | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehen | 0,0 | 0,0 | 0,0 | 0,3 | -0,2 | 0,1 | | sive | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | -0,6 | 1,0 | 0,1 | -15,4 | 19,6 | -------------------------------------------------------------------------------- | Jan. 31, | | | | | | | | 2010 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.1.2010 | | -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | | | FIGURES AND RATIOS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment | = | Profit before taxes+interest and other | x 100 | | (ROI), % | | financing expenses / | | | | | (Equity + | | | | | interest-bearing liabilities, average | | | | | ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on Equity | = | Profit/loss for the period / Equity | x 100 | | (ROE), % | | (average ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current ratio | = | Current assets / Current liabilities | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Solvency ratio, % | = | Equity / (Total assets - advance | x 100 | | | | payments received - own shares*) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net interest-bearing | = | Interest-bearing liabilities - | | | liabilities | | financial assets at fair value through | | | | | profit or loss - cash and cash | | | | | equivalents | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing, % | = | Net interest-bearing liabilities / | x 100 | | | | Equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | = | Profit or loss for the period / | | | | | (Average number of shares - own | | | | | shares*) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend per share | = | Dividend for the financial year / (Number of | | | | shares - own shares*) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend payout | = | Dividend per share / Earnings per | x 100 | | ratio, % | | share | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Effective dividend | = | Dividend per share /Adjusted share | x 100 | | yield, % | | price at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share | = | Equity - own shares* /Number of | | | | | shares at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P/E-ratio | = | Adjusted share price at balance | | | | | sheet date / Earnings per share | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Market | = | Adjusted share price at balance | | | capitalization = | | sheet date x outstanding number of | | | | | shares at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average personnel | = | The average number of employees at | | | | | the end of each calendar month | | | | | during the accounting period | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | All share-specific figures are based on the issue-adjusted | | | number of shares. | | -------------------------------------------------------------------------------- | Equity is the equity owned by the holders of the parent | | | company's shares. | | -------------------------------------------------------------------------------- | Profit for the period is the fiscal period profit attributable | | | to equity holders of the parent. | | | * There were own shares held | | | by company January 31, 2010. | | -------------------------------------------------------------------------------- EFORE PLC Board of Directors For further information please contact Mr. Reijo Mäihäniemi, President and CEO, on March 4, 2010 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 March 4, 2010 at 11 a.m. in Helsinki World Trade Center, address Aleksanterinkatu 17. DISTRIBUTION Nasdaq OMX Helsinki Oy Principal media Efore Group Efore Group is an international company providing services for ICT and industrial electronics. Its operations comprise energy saving custom-designed power supplies, power systems, manufacturing of demanding electronics, and related service and maintenance. Efore's head office is in Espoo, Finland. Besides Finland, the company's product development and marketing units are located in China, the USA and Sweden. Its production units are located in China and Estonia. In the fiscal year ending in October 2009, consolidated net sales totaled EUR 64.1 million and the Group's personnel averaged 565. The company's share is quoted on the Nasdaq OMX Helsinki Ltd. www.efore.com
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