Efore - Company Announcement

Efore publishes preliminary H1/2016 numbers and lowers its financial estimate for 2016

Espoo, Finland, 2016-08-04 13:30 CEST (GLOBE NEWSWIRE) -- EFORE PLC  Stock
Exchange Release   August 4, 2016    14.30 p.m. 


Preliminary net sales for the first half of 2016 is EUR 39,5 million (EUR 47,2
million.) and preliminary adjusted operating result is EUR -2,6 million(EUR 0,7
million). Efore's Half year report (January – June 2016) will be published on
Wednesday, August 10, 2016, as previously announced. 

Efore Plc downgrades its financial estimate for 2016 published on May 24, 2016.

New financial estimate is:

The Company estimates its net sales of financial year 2016 to be lower than in
the previous year (2015: EUR 89,9 million) and adjusted operating result to be
lower than last year (2015: EUR -1,6 million)due to the new forecasts which
indicate lower sales than earlier estimated. However H2/2016 adjusted operating
result will not be as low as in the corresponding period of last year (H2/2015:
EUR -2,3 million). 

Previous financial estimate was:

The Company estimates its net sales of financial year 2016 to be lower than in
the previous year (2015: EUR 89,9 million), and adjusted operating result (old
term results from operating activities without one-time items) to be negative,
but better than in the previous year (2015: EUR -1,6 million). 

Efore Plc prepares outsourcing of manufacturing as well as manufacturing
support functions at the Suzhou plant in China with selected EMS partners, as
earlier disclosed on March 30, 2016. 

The target of the outsourcing is to improve Efore’s cost structure and
flexibility as well as to improve the company’s ability to expand its customer
base in new markets. As a result of this, the company can allocate more
resources especially in sales and in core competencies of product development. 

The target is to finalize the outsourcing negotiations during the third quarter
of 2016. 

Furthermore, the company has started actions to reduce its fixed cost structure.

Efore will publish its half year report on August 10, 2016.

EFORE PLC

Jorma Wiitakorpi
President and CEO

For further information please contact on August 4, 2016 at 15.00 – 16.00 p.m.
Jorma Wiitakorpi, President and CEO, tel. +358 40 175 8510. 

DISTRIBUTION

Nasdaq Helsinki Oy
Principal media


Efore Group

Efore Group is an international company which develops and produces demanding
power products. Efore's head office is based in Finland and its production
units are located in China and Tunisia. Sales and marketing operations are
located in Europe, United States and China. In the fiscal year ending in
December 2015, consolidated net sales totalled EUR 89,9 million and the Group's
personnel averaged 887. The company's share is quoted on the Nasdaq Helsinki
Ltd. www.efore.com