2010-12-10 08:00:00 CET
2010-12-10 08:00:03 CET
REGULATED INFORMATION
Efore - Financial Statement Release
EFORE GROUP FINANCIAL STATEMENT RELEASE NOVEMBER 1, 2009 - OCTOBER 31, 2010 (12 MONTHS)
EFORE PLC Financial Statement Release December 10, 2010 9.00 a.m. Efore renews its strategy. Besides the current power products for telecommunication and industrial sectors Efore has chosen electric vehicle power electronics as its target market. Fiscal year in brief (November 1, 2009 — October 31, 2010) - Net sales totaled EUR 69.7 million (EUR 65.0 million) - The result of operating activities was EUR 0.0 million (EUR -1.4 million) - The result before taxes was EUR 0.1 million (EUR -2.1 million) - The net result was EUR 0.1 million (EUR -2.6 million) - Earnings per share was EUR 0.00 (EUR -0.07) Fourth quarter in brief (August 1, 2010 — October 31, 2010) - Net sales totaled EUR 20.4 million (EUR 14.7 million) - The result of operating activities was EUR 1.0 million (EUR -1.0 million) - The result before taxes was EUR 1.0 million (EUR -1.0 million) - The net result was EUR 0.9 million (EUR -1.3 million) - Earnings per share was EUR 0.02 (EUR -0.03) NET SALES AND FINANCIAL DEVELOPMENT FOR THE FISCAL YEAR Net sales for the fiscal year totaled EUR 69.7 million (EUR 65.0 million). The increse compared with the previous fiscal year was 7,2 %. Net sales by customer group was as follows: ICT 75.3 % (65.1 %) and industrial electronics 24.7 % (34.9 %). Geographically net sales was as follows: EMEA EUR 32.5 million (EUR 31.0 million), APAC EUR 35.1 million (EUR 29.9 million) and the Americas EUR 2.2 million (EUR 4.2 million) which totaled EUR 69.7 million (EUR 65.0 million). The result of operating activities was EUR 0.0 million (EUR -1.4 million). The result development was hampered by the exceptionally poor availability of the components as well as their higher price level. According to the company's estimation the result was adversely affected by the component shortage which weakened the result by EUR 1.6 million during the whole fiscal year. NET SALES AND FINANCIAL DEVELOPMENT FOR THE FOURTH QUARTER Net sales for the fourth quarter totaled EUR 20.4 million (EUR 14.7 million). The increase compared with the previous quarter was EUR 2.2 million. Net sales by customer group was as follows: ICT 77.4 % (67.1 %) and industrial electronics 22.6 % (32.9 %). Geographically net sales was as follows: EMEA EUR 8.5 million (EUR 6.9 million), APAC EUR 11.0 million (EUR 7.7 million) and the Americas EUR 0.9 million (EUR 0.1 million) which totaled EUR 20.4 million (EUR 14.7 million). Despite of the continued componet shortage Efore succeeded in component sourcing better during latter part of the year which was shown in better turnover and profitability during the last quarter of the fiscal year. The result of operating activities for the fourth quarter was EUR 1.0 million (EUR -1.0 million). The increse compared with the previous quarter was EUR 0.9 million. BUSINESS DEVELOPMENT Investment on product development during the fiscal year was EUR 7.4 million (EUR 6.9 million) representing 10.6 % (10.6 %) of net sales. Focal point of Efore business has been moved to Asia. The company's plan is to maintain the level of investment in product development. The product development resources have been strenghten in China by opening a product development center in Shenzen in spring 2010. In product development the focus was on developing new technologies and products especially for the fourth-generation broadband wireless networks, industrial applications and plug-in electric vehicles. The product development work consists mainly of the productization work where the custom designed products are developed in cooperation with the customer. INVESTMENTS Group investments in fixed assets during the fiscal year amounted to EUR 1.6 million (EUR 1.8 million) of which capitalized product development costs were EUR 0.2 million (EUR 0.7 million). At the end of the fiscal year capitalized product development costs amounted to EUR 1.0 million (EUR 1.3 million). FINANCIAL POSITION The Group's financial position during the fiscal year was good. The consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 2.7 million (EUR 4.9 million). The consolidated net financial income were EUR 0.1 million (EUR -1.0 million). The cash flow from business operations was EUR -1.0 million (EUR 5.1 million) which was due to increased receivables and inventories caused by the increased sales. The cash flow after investment was EUR -2.5 million (EUR 3.8 million). The Group's solvency ratio was 49.7 % (59.6 %) and the gearing was -13.3 % (-25.3 %). Liquid assets excluding undrawn credit facilities totaled EUR 5.9 million (EUR 5.4 million) at the end of the fiscal year. The balance sheet total was EUR 40.6 million (EUR 32.7 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 due to uncertainty of these assets. From these deferred tax assets of EUR 3.8 million are allocated to the USA and EUR 7.6 million are allocated to Finland which includes avoir-fiscal receivable of EUR 0.6 million. 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 AS in Estonia, Efore AB in Sweden, Efore (Hongkong) Co. Ltd in China and FI-Systems Oy in Finland. Efore Plc also has a 25% stake in Power Innovation GmbH, a German power electronics company. Efore Management Oy,a company owned by the members of the Efore Group Executive Management Team has been consolidated in the group. PERSONNEL The number of the Group's own personnel averaged 534 (565) during the fiscal year and at the end of the fiscal year it was 561 (549). In addition to its own personnel, the Group's temporary personnel numbered 329 (268) at the end of the fiscal year. The geographical distribution of the personnel including temporary personnel at the end of the fiscal year was as follows: Europe 234 (290), Asia 653 (524) and the Americas 3(3). BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT TEAM In accordance with the proposal of the Board's Nomination Committee, the Annual General Meeting held on February 9, 2010 elected six regular members to the Board: Isto Hantila, Marko Luoma, Ari Siponmaa, Timo Syrjälä, Matti Tammivuori and Matti Vikkula. The inaugural meeting the Board of Directors selected Isto Hantila as Chairman of the Board and Matti Vikkula as Deputy Chairman and Matti Vikkula as Chairman of the Audit Committee with Timo Syrjälä, Isto Hantila and Matti Tammivuori as members. Isto Hantila was stepping down from his position as the Chairman of the Efore Board but continued as a member of the Board. The Board of Directors elected Board member Matti Vikkula as the new Chairman of the Board starting from 26 August, 2010. After hearing the major shareholders, Efore's Board of Directors decided to appoint the Nomination Board on 1 November, 2010. All members were elected outside the Board of Directors. Juhani Pirttisalo was elected as the Chairman and Markku Kaloniemi, Jarmo Simola and Leena Tammivuori were elected as members of the Nomination Board. The term of the Nomination Board shall end at the closing of the next Annual General Meeting of the company. Reijo Mäihäniemi was acting as President and CEO of the group until May 31, 2010. The Board of Directors appointed Vesa Vähämöttönen, tech.lic, as new President and CEO of Efore Plc starting from June 1, 2010. Alexander Luiga was nominated as new Executive Vice President, Sales and Marketing starting from August 1, 2010. The members of the executive management team and their global spheres of responsibility are as follows: President and CEO Vesa Vähämöttönen, Panu Kaila (Operations), Markku Kukkonen (Product Development), Olli Nermes (Finance and Administration) and Alexander Luiga (Sales and Marketing). AUDITORS The Annual General Meeting held on February 9, 2010 appointed KPMG Oy Ab as Efore's auditors, with Authorized Public Accountant Lasse Holopainen as principal auditor SHARES, SHARE CAPITAL AND SHAREHOLDERS The Annual General Meeting on February 9, 2010 decided, in accordance with the proposal of the Board of Directors, to decrease the share capital of the Company by EUR 19,450,200.80. As a result the share capital of the company decreased from EUR 34,450,200.80 to EUR 15,000,000.00. The decreased amount EUR 19,450,200.80 was transferred to the reserve for invested unrestricted equity of the company. On the basis of authorization granted by the Annual General Meeting of Shareholders of the Company on 9 February 2010, the Board of Directors of the Company decided on 25 August 2010 on a directed share issue to Efore Management Oy, which was founded during the fiscal year. In the directed share issue, a maximum total of 2,000,000 new Company shares was offered for subscription to Efore Management. The subscription price of the new shares EUR 1.400.000 was registered to the reserve for invested unrestricted equity of the company. After the share issue Efore Management Oy's shareholding in Efore Oyj was 4,9 % The total number of Efore Plc shares at the end of the fiscal year was 42.529.648 and the registered share capital was EUR 15.000.000. At the end of the fiscal year the number of the Group's own shares was 922.149. In addition to this Efore Management Oy, a company belonging to Efore group acquired 2.000.000 pcs of Efore shares through a directed share issue and 84.400 pcs of Efore shares from the stock market. The parent company's distributable shareholder's equity was EUR 0.5 million at the end of the fiscal year and the amount of unrestrictec equity reserve was EUR 20.9 million. The highest share price during the fiscal year was EUR 0.96 and the lowest price was EUR 0.62. The average price during the fiscal year was EUR 0.80 and the closing price was EUR 0.72. The market capitalization calculated at the final trading price during the fiscal year was EUR 28.5 million. The total number of Efore shares traded on the Nasdaq OMX Helsinki during the fiscal year was 8.0 million and their turnover value was EUR 6.4 million. This accounted for 20.3 % of the total number of shares. The number of shareholders totaled 3204 at the end of the fiscal year. AUTHORISING THE BOARD OF DIRECTORS The Annual General Meeting on February 9, 2010 decided, in accordance with the proposal of the Board of Directors, to authorise the Board of Directors to resolve at its discretion on a possible distribution of assets as dividend or assets from the reserve for invested unrestricted equity if the financial position of the company supports that. The maximum aggregate amount of the distribution of assets is EUR 0.05 per share. The authorization includes the right of the Board of Directors to resolve on all other terms and conditions relating to the distribution of assets. The authorization is valid until the next Annual General Meeting. The authorization had not been used by October 31, 2010. The Annual General Meeting on February 9, 2010 decided, in accordance with the proposal of the Board of Directors, to authorise the Board of Directors to resolve on the acquisition of the company's own shares, in one or several instalments. Based on the authorization an aggregate maximum of 4,000,000 own shares may be acquired by using the company's unrestricted equity. The shares shall be acquired in public trading arranged by NASDAQ OMX Helsinki Oy at the prevailing market price. The minimum price of the shares to be acquired is thus the lowest market price quoted in public trading during the validity of the authorization, and the maximum price is the highest market price quoted in public trading during the validity of the authorization. The rules of NASDAQ OMX Helsinki Oy and of Euroclear Finland Oy shall be complied with in the acquisition. The authorization includes the right of the Board of Directors to resolve on all other terms and conditions relating to the acquisition of the company's own shares. Thus, the authorization also includes the right to acquire own shares otherwise than in proportion to the holdings of the shareholders. The authorization is valid until the next Annual General Meeting. The authorization had not been used by October 31, 2010. The Annual General Meeting on February 9, 2010 decided, in accordance with the proposal of the Board of Directors, to authorise the Board of Directors to resolve on the issuance, in one or several instalments, of shares, option rights and special rights pursuant to chapter 10, section 1 of the Finnish Companies Act, so that the aggregate maximum number of new shares granted on the basis of the authorization does not exceed 13,000,000 new shares. In addition, a maximum number of 4,000,000 own shares held by the company may be transferred in connection with a share issue and/or received based on special rights entitling to shares. The authorization includes the right to resolve on a directed issue deviating from the shareholders' pre-emptive subscription right and the right to resolve on a directed share issue without payment. The authorization is in force until the 2012 Annual General Meeting. The Board of Directors decided to use the authorization on a directed share issue and decided on a directed share issue to Efore Management Oy owned by the executive management team of the company. A total of 2,000,000 new shares in the Company were offered for subscription in the share issue. The share subscription period was 13 September — 8 October 2010 and the subscription price was 0.70 eur/share. The total subscription value of the shares 1.400.000 eur was be registered to the reserve for invested unrestricted equity of the Company. 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 the Financial statement, a Consolidated Statement of Comprehensive Income according to IAS 1 is presented. Efore Management Oy is consolidated in Efore Group as Efore Oyj has control over Efore Management Oy based on a management (partnership) agreement. The shares in Efore Oyj that Efore Management has acquired have been decucted from the Balance Sheet and unrestricted shareholders' equity. The deduction from unrestricted equity has been treated as acquisition of own shares. The capital investment made by the owners of Efore Management Oy is shown as non-controlling interest. The comparable information for year 2009 have been changed for net sales, other operating income, other operating expenses and financing expenses. Product development income, totalling EUR 1,0 million for the whole year and EUR 0,4 million for the last quarter, has been transferred from other operating income to net sales. The loss on dissolving subsidiary amounting to EUR 0,1 million has been transferred from financing expenses to other operating expenses. 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 financial statement. Other modified standards have not had any effect on the information presented in this report. The financial statement has been drawn up in accordance with IAS 34 Standard on Interim Financial Reporting and the Group's accounting principles presented in the 2010 annual report. The information in this release is unaudited. All the figures in the 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 A total demand has improved but the demand fluctuation typical in the business can still create rapid changes. The most significant business risks are connected with the success of key customers onthe market and the company's capability to serve its key customers. The poor availability and price changes of the components during the current fiscal year can further affect adversely to the company's net sales and result development. By developing operational processes Efore is improving its internal flexibility and ability to react on changing demand at short notice, if necessary. A more comprehensive report on risk management is presented on the company's web-sites. BOARD OF DIRECTORS' PROPOSAL FOR DIVIDEND The Board of Directors will propose to the Annual General Meeting on February 10,2011 that no dividend will be distributed. OUTLOOK After the end of the fiscal year 2010 Efore has reviewed its strategy and further specified its target markets. Because the global power supply market is very big and split into a number of distinct market sectors, it is important for Efore to select the key market areas where it is possible to grow and to be the customers' primary partner. After analyzing company's strengths and resources and the market sectors' demands, in addition to the current power supplies for telecommunication and industrial sectors Efore has chosen DC-DC converters and chargers for electric vehicles as its target market areas. Efore's expertise and existing product platforms can be utilized with these products. Power range needed in the slow charging from the grid matches with Efore's core competence. In addition to this Efore has strong experience from demanding environment and reliable solutions. Product development with the customers is ongoing. According to market studies, the demand for power products is increasing especially on telecom and industry markets. The electric vehicle market is in a strong development phase with new products launched frequently. Efore's new market focus enables presence on this solidly developing market area. The company estimates that both net sales and result of operating activities of the current fiscal year will show an improvement compared to the previous fiscal year. TABLES -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATMENT OF COMPREHENSIVE INCOME | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Aug./10 | Aug./09 | Nov./09- | Nov./08- | | | - | - | | | -------------------------------------------------------------------------------- | | Oct./10 | Oct./ | Oct./10 | Oct./09 | | | | 09 | | | -------------------------------------------------------------------------------- | | 3 | 3 | 12 months | 12 months | | | months | months | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 20,4 | 14,7 | 69,7 | 65,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in inventories of | | | | | -------------------------------------------------------------------------------- | finished goods and work in | 0,3 | -0,6 | 0,9 | -1,2 | | progress | | | | | -------------------------------------------------------------------------------- | Other operating income | 0,0 | 0,0 | 0,2 | 0,2 | -------------------------------------------------------------------------------- | Materials and services | -13,8 | -9,2 | -48,1 | -42,1 | -------------------------------------------------------------------------------- | Employee benefits expenses | -3,4 | -3,0 | -12,6 | -12,5 | -------------------------------------------------------------------------------- | Depreciation | -0,8 | -0,8 | -3,1 | -3,3 | -------------------------------------------------------------------------------- | Impairments | 0,0 | 0,0 | 0,0 | -0,1 | -------------------------------------------------------------------------------- | Other operating expenses | -1,7 | -2,1 | -6,9 | -7,5 | -------------------------------------------------------------------------------- | OPERATING PROFIT (-LOSS) | 1,1 | -1,0 | 0,0 | -1,4 | -------------------------------------------------------------------------------- | % net sales | 5,6 | -6,8 | 0,0 | -2,2 | -------------------------------------------------------------------------------- | Financing income | 0,0 | 0,2 | 0,5 | 0,8 | -------------------------------------------------------------------------------- | Financing expenses | -0,1 | -0,1 | -0,5 | -1,7 | -------------------------------------------------------------------------------- | Share of profit of associated | | | | | -------------------------------------------------------------------------------- | companies | 0,0 | 0,0 | 0,0 | 0,2 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) BEFORE TAX | 1,0 | -1,0 | 0,1 | -2,1 | -------------------------------------------------------------------------------- | % net sales | 4,9 | -6,8 | 0,1 | -3,2 | -------------------------------------------------------------------------------- | Tax on income from operations | 0,0 | -0,2 | 0,1 | -0,5 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR THE PERIOD | 0,9 | -1,3 | 0,1 | -2,6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER COMPREHENSIVE INCOME: | | | | | -------------------------------------------------------------------------------- | Translation differences | -0,4 | -0,4 | 0,3 | -0,7 | -------------------------------------------------------------------------------- | Total comprehensive income | 0,5 | -1,7 | 0,5 | -3,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS ATTRIBUTABLE | | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | 0,9 | -1,3 | 0,1 | -2,6 | -------------------------------------------------------------------------------- | To non-controlling interest | 0,0 | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME | | | | | -------------------------------------------------------------------------------- | ATTRIBUTABLE TO: | | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | 0,5 | -1,7 | 0,5 | -3,3 | -------------------------------------------------------------------------------- | To non-controlling interest | 0,0 | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE CALCULATED ON | | | | | | PROFIT ATTRIBUTABLE TO EQUITY | | | | | | HOLDERS OF THE PARENT: | | | | | -------------------------------------------------------------------------------- | Earnings per share, basic,eur | 0,02 | -0,03 | 0,00 | -0,07 | -------------------------------------------------------------------------------- | Earnings per share, diluted, eur | 0,02 | -0,03 | 0,00 | -0,07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INFORMATION ABOUT GEOGRAPHICAL | Aug./10 | Aug./09 | Nov./09- | Nov./08- | | | - | - | | | -------------------------------------------------------------------------------- | AREAS, EUR million | Oct./10 | Oct./ | Oct./10 | Oct./09 | | | | 09 | | | -------------------------------------------------------------------------------- | | 3 | 3 | 12 months | 12 months | | | months | months | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 0,9 | 0,1 | 2,2 | 4,2 | -------------------------------------------------------------------------------- | EMEA | 8,5 | 6,9 | 32,5 | 31,0 | -------------------------------------------------------------------------------- | APAC | 11,0 | 7,7 | 35,1 | 29,9 | -------------------------------------------------------------------------------- | Total | 20,4 | 14,7 | 69,7 | 65,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL | | | | | POSITION | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Oct. 31, | Oct. 31, | change | -------------------------------------------------------------------------------- | | 2010 | 2009 | % | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible assets | 1,5 | 2,1 | | -------------------------------------------------------------------------------- | Tangible assets | 4,6 | 5,3 | | -------------------------------------------------------------------------------- | Investments in associates | 0,6 | 0,6 | | -------------------------------------------------------------------------------- | Other long-term investments | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 6,7 | 8,0 | -15,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Inventories | 10,5 | 7,8 | | -------------------------------------------------------------------------------- | Trade receivables and other receivables | 17,5 | 11,5 | | -------------------------------------------------------------------------------- | Tax receivable, income tax | 0,1 | 0,1 | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 5,9 | 5,4 | | -------------------------------------------------------------------------------- | CURRENT ASSETS | 33,9 | 24,7 | 37,1 | -------------------------------------------------------------------------------- | ASSETS | 40,6 | 32,7 | 24,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Share capital | 15,0 | 34,5 | | -------------------------------------------------------------------------------- | Treasury shares | -2,1 | -0,6 | | -------------------------------------------------------------------------------- | Other reserves | 21,9 | 1,0 | | -------------------------------------------------------------------------------- | Translation differences | 0,1 | -0,2 | | -------------------------------------------------------------------------------- | Retained earnigs | -15,0 | -15,2 | | -------------------------------------------------------------------------------- | Equity Holders of the parent company | 19,9 | 19,5 | 3,7 | -------------------------------------------------------------------------------- | Non-controlling interests | 0,3 | 0,0 | | -------------------------------------------------------------------------------- | Equity attributable to equity holders of | 20,2 | 19,5 | | | the parent | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 2,6 | 0,2 | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 2,6 | 0,2 | 1379,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,6 | 0,3 | | -------------------------------------------------------------------------------- | Trade payables and other liabilities | 16,7 | 12,3 | | -------------------------------------------------------------------------------- | Tax liabilities | 0,2 | 0,0 | | -------------------------------------------------------------------------------- | Provisions | 0,3 | 0,5 | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 17,9 | 13,0 | | -------------------------------------------------------------------------------- | LIABILITIES | 20,5 | 13,2 | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 40,7 | 32,7 | 24,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, EUR million | Aug./10 | Aug./09- | Nov./09- | Nov./08- | | | - | | | | -------------------------------------------------------------------------------- | | Oct./10 | Oct./ 09 | Oct./10 | Oct./09 | -------------------------------------------------------------------------------- | | 3 | 3 months | 12 months | 12 months | | | months | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, basic,eur | 0,02 | -0,03 | 0,00 | -0,07 | -------------------------------------------------------------------------------- | Earnings per share, diluted, | 0,02 | -0,03 | 0,00 | -0,07 | | eur | | | | | -------------------------------------------------------------------------------- | Equity per share, eur | 0,5 | 0,49 | 0,50 | 0,49 | -------------------------------------------------------------------------------- | Solvency ratio,% | 49,7 | 59,6 | 49,7 | 59,6 | -------------------------------------------------------------------------------- | Return on equity-%(ROE) | 18,4 | -22,8 | 0,6 | -11,8 | -------------------------------------------------------------------------------- | Return on investment-%(ROI) | 20,3 | -17,7 | 1,1 | -8,4 | -------------------------------------------------------------------------------- | Gearing, % | -13,3 | -25,3 | -13,3 | -25,3 | -------------------------------------------------------------------------------- | Net interest-bearing | -2,7 | -4,9 | -2,7 | -4,9 | | liabilities | | | | | -------------------------------------------------------------------------------- | Investments (intangible and | 0,0 | 0,4 | 1,6 | 1,8 | | tangible assets) | | | | | -------------------------------------------------------------------------------- | as percentage of net sales | -0,7 | 2,8 | 2,3 | 2,7 | -------------------------------------------------------------------------------- | Average personnel | 563 | 552 | 534 | 565 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CASH | Nov./09- | Nov./08- | change | | FLOWS | | | | -------------------------------------------------------------------------------- | EUR million | Oct. /10 | Oct. /09 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | activities | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 64,0 | 67,9 | | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -65,4 | -61,7 | | | employees | | | | -------------------------------------------------------------------------------- | Cash generated from operations | -1,4 | 6,2 | | -------------------------------------------------------------------------------- | Interest paid | 0,0 | -0,1 | | -------------------------------------------------------------------------------- | Interest received | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Other financial items | 0,1 | -0,3 | | -------------------------------------------------------------------------------- | Income taxes paid | 0,3 | -0,7 | | -------------------------------------------------------------------------------- | Net cash from operating activities | -1,0 | 5,1 | -120,4 | | (A) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | activities | | | | -------------------------------------------------------------------------------- | Purchase of tangible and intangible | -1,6 | -1,5 | | | assets | | | | -------------------------------------------------------------------------------- | Proceeds from sale of tangible and | 0,1 | 0,1 | | | intangible assets | | | | -------------------------------------------------------------------------------- | Proceeds from repayments of loans | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Proceeds from sales of investments | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Dividend received | 0,0 | 0,2 | | -------------------------------------------------------------------------------- | Net cash used in investing | -1,5 | -1,3 | 16,8 | | activities (B) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | activities | | | | -------------------------------------------------------------------------------- | Capital invest by the minority | 0,3 | 0,0 | | -------------------------------------------------------------------------------- | Purchase of treasury shares | -0,1 | -0,6 | | -------------------------------------------------------------------------------- | Proceedings from short-term loans | 0,5 | 0,0 | | -------------------------------------------------------------------------------- | Repayment of short-term borrowings | 0,0 | -0,7 | | -------------------------------------------------------------------------------- | Repayment of long-term borrowings | -0,3 | -0,2 | | -------------------------------------------------------------------------------- | Proceedings from long-term loans | 2,5 | 0,0 | | -------------------------------------------------------------------------------- | Dividends paid | 0,0 | -1,8 | | -------------------------------------------------------------------------------- | Net cash used in financing | 3,0 | -3,4 | | | activities (C) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash and | | | | | cash | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | 0,4 | 0,5 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | Oct. 31, | Oct. 31, | | -------------------------------------------------------------------------------- | EUR million | 2010 | 2009 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Security and contingent liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 1,5 | 1,4 | | -------------------------------------------------------------------------------- | 1-5 years | 1,7 | 2,5 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate financial | | | | | instruments | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, not hedge | | | | -------------------------------------------------------------------------------- | Option contract | | | | -------------------------------------------------------------------------------- | Nominal amount | 2,9 | 8,8 | | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS WERE | Oct. 31, | Oct. 31, | | -------------------------------------------------------------------------------- | CARRIED OUT WITH RELATED PARTIES: | 2010 | 2009 | | -------------------------------------------------------------------------------- | EUR million | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associated companies | | | | -------------------------------------------------------------------------------- | Purchases | 0,1 | 0,1 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | 0,0 | 0,0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN | | | | | | | EQUITY | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | Share | Treasur | Unrestric | Other | Tran | Reta | Non- | Tota | | million | capita | y | tec | reser | slat | ined | cont | l | | | l | shares | equity | ves | ion | earn | roll | | | | | | reserve | | diff | ings | ing | | | | | | | | eren | | inte | | | | | | | | ces | | rest | | | | | | | | | | s | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 0,0 | 1,0 | 0,5 | -11, | 0,0 | 25,0 | | | | | | | | 0 | | | -------------------------------------------------------------------------------- | Nov.1, | | | | | | | | | | 2008 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehen | 0,0 | 0,0 | 0,0 | 0,0 | -0,7 | -2,6 | 0,0 | -3,3 | | sive | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The costs | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,1 | 0,0 | 0,1 | | of | | | | | | | | | | options | | | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | -1,6 | 0,0 | -1,6 | | distribut | | | | | | | | | | ion | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reclassif | 0,0 | 0,0 | 0,0 | 0,1 | 0,0 | -0,1 | 0,0 | 0,0 | | ication | | | | | | | | | | between | | | | | | | | | | items | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase | 0,0 | -0,6 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | -0,6 | | of | | | | | | | | | | treasury | | | | | | | | | | shares | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | -0,6 | 0,0 | 1,0 | -0,2 | -15, | 0,0 | 19,5 | | | | | | | | 2 | | | -------------------------------------------------------------------------------- | October | | | | | | | | | | 31, 2009 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | Share | Treasur | Unrestric | Other | Tran | Reta | Non- | Tota | | million | capita | y | tec | reser | slat | ined | cont | l | | | l | shares | equity | ves | ion | earn | roll | | | | | | reserve | | diff | ings | ing | | | | | | | | eren | | inte | | | | | | | | ces | | rest | | | | | | | | | | s | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | -0,6 | 0,0 | 1,0 | -0,2 | -15, | 0,0 | 19,5 | | | | | | | | 2 | | | -------------------------------------------------------------------------------- | Nov.1, | | | | | | | | | | 2009 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,3 | 0,3 | | invest by | | | | | | | | | | the | | | | | | | | | | minority | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Proceeds | 0,0 | 0,0 | 1,4 | 0,0 | 0,0 | 0,0 | 0,0 | 1,4 | | from | | | | | | | | | | increasin | | | | | | | | | | g equity | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase | 0,0 | -1,5 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | -1,5 | | of | | | | | | | | | | treasury | | | | | | | | | | shares | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehen | 0,0 | 0,0 | 0,0 | 0,0 | 0,3 | 0,1 | 0,0 | 0,4 | | sive | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reclassif | -19,5 | 0,0 | 19,5 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | | ications | | | | | | | | | | between | | | | | | | | | | items | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 15,0 | -2,1 | 20,9 | 1,0 | 0,1 | -15, | 0,3 | 20,2 | | | | | | | | 0 | | | -------------------------------------------------------------------------------- | October | | | | | | | | | | 31, 2010 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.10.2010 | | -------------------------------------------------------------------------------- | 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 October 31, 2010. | | -------------------------------------------------------------------------------- EFORE PLC Board of Directors For further information please contact Mr.Vesa Vähämöttönen, President and CEO, on December 10, 2010 at 9 - 11 a.m., tel. +358 9 4784 6312 Efore Plc will hold a news conference regarding the financial statement report for analysts and media on December 10, 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 which develops and produces demanding power products. 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 2010, consolidated net sales totaled EUR 69,7 million and the Group's personnel averaged 534. The company's share is quoted on the Nasdaq OMX Helsinki Ltd. www.efore.com
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