2009-12-11 08:00:00 CET
2009-12-11 08:00:02 CET
REGULATED INFORMATION
Efore - Financial Statement Release
Efore Plc Financial Statements November 1, 2008 - October 31, 2009 (12 months)
EFORE PLC Financial Statement Release December 11, 2009 9.00 a.m. Fiscal year in brief (November 1, 2008 — October 31, 2009) - Net sales totaled EUR 64.1 million (EUR 78.3 million) - The operating loss was EUR -1.3 million (EUR 1.4 million) - The loss before taxes was EUR -2.1 million (EUR 1.7 million) - The net loss was EUR -2.6 million (EUR 1.2 million) - Earnings per share was EUR -0.07 (EUR 0,03) - Solvency ratio was 59.6 % (59.9 %) - Cash flow from business operations was EUR 5,1 million (EUR 2.7 million) - The Group's interest-bearing cash reserves exceed interest-bearing liabilities by EUR 4.9 million Fourth quarter in brief (August 1, 2009 — October 31, 2009) - Net sales totaled EUR 14.3 million (EUR 18.4 million) - The operating loss was EUR -0.9 million (EUR 0.5 million) - The loss before taxes was EUR -1.0 million (EUR 0.8 million) - The net loss was EUR -1.3 million (EUR 0.8 million) - Earnings per share was -0.03 EUR (0.02 EUR) NET SALES AND FINANCIAL DEVELOPMENT Net sales for the fiscal year totaled EUR 64,1 million (EUR 78,3 million). Net sales by customer group were as follows: ICT 65.1 % (67,6 %) and industrial electronics 34,9 % (32.4 %). Geographically net sales were as follows: EMEA EUR 30,0 million (EUR 49.2 million), APAC EUR 29.8 million (EUR 22.1 million) and the Americas EUR 4.2 million (EUR 7.0 million). The operating loss for the fiscal year was EUR -1.3 million (EUR 1.4 million). The result was hampered by a weakening demand and expenditure related to streamlining operations of group companies. Production plant in the USA was closed down during the third quarter and profitable stake of the production was transferred to China plant. Saarijärvi unit was closed down and Saarijärvi operations were transferred to the company's other units. Also operations and capasity of Pärnu plant was streamlined to meet the lowered demand. The result was adversely affected by non-recurring expenses of EUR 0.3 million related to the streamlining actions of the group. Write-offs of inventories were made during the fiscal year. Write-offs of inventories amounted to EUR 0.7 million (EUR 0.9 million). The loss before taxes for the fiscal year was EUR -2.1 million (EUR 1.7 million) and the net loss was EUR -2.6 million (EUR 1.2 million). NET SALES AND FINANCIAL DEVELOPMENT AUGUST - OCTOBER Net sales for the fourth quarter totaled EUR 14.3 million (EUR 18.4 million). The decrease compared with the corresponding period in the previous fiscal year was 22,5 %. Net sales by customer group were as follows: ICT 67.4 % (64.6 %) and industrial electronics 32.6 % (35.4 %). Geographically net sales were as follows: EMEA EUR 6.5 million (EUR 11.4 million), APAC EUR 7.7 million (EUR 5.6 million) and the Americas EUR 0.1 million (EUR 1.4 million). Net sales remained at low level due to the economic slowdown and weakening demand especially in the EMEA area. The operating loss for the forth quarter was EUR -0.9 million (EUR 0.5 million) and the loss before taxes was EUR -1.0 million (EUR 0.8 million) The net loss was EUR -1.3 million (EUR 0.8 million). BUSINESS DEVELOPMENT Investment on product development during the fiscal year was EUR 6.9 million (EUR 7.2 million) representing 10.7 % (9.1 %) of net sales. Investments by teleoperators on 3G networks in China were continued according to the plans published early 2009. The company has won new customers in China and has expanded its product portfolio within the existing customers. Due to the rapid changes of the customers in the telecommunication sector the positive impact of the company's actions on the business will be realized mainly not until in the next fiscal year. The demand in Asia has not been affected by the crisis in the world real economy to the same extent as in Europe and in the USA. In these markets the company has adjusted the costs by structuring American operation into a sales company. Focal point of Efore business has been increasingly moved to Asia. The company's plan is maintain level of investment in product development. 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. Efore DC Power Supply systems have been expanded to new applications enabling the use of renewable energy sources. New features and modules for the system will be further developed and a sales network based on integrator partners will be enhanced. Efore sees new business opportunities in utilizing its expertise in energy efficient solutions e.g. in server hotels, electric vehicles and telecom infrastructure. INVESTMENTS Group investment in fixed assets during the fiscal year amounted to EUR 1.8 million (EUR 1.9 million) of which capitalized product development costs were EUR 0.7 million (EUR 0.5 million). At the end of the fiscal year capitalized product development costs amounted to EUR 1.3 million (EUR 0.9 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 -4.9 million (EUR -4.0 million). The consolidated net financial expenses were EUR -1.0 million (EUR 0.1 million). The cash flow from business operations was EUR 5.1 million (EUR 2.7 million). The cash flow after investment was EUR 3.8 million (EUR 1.1 million). The Group's solvency ratio was 59.6 % (59.9%) and the gearing was -25.3 % (-16.0 %). Liquid assets excluding undrawn credit facilities totaled EUR 5.4 million (EUR 5.1 million) at the end of the fiscal year. The Group also had access to undrawn credit facilities. The balance sheet total was EUR 32.7 million (EUR 41.7 million). TAXATION Group companies had remarkable amount of tax losses at the end of the last fiscal year of which deferred tax assets were not recognized out. Those deferred tax assets of EUR 3.4 million are allocated to the USA and EUR 6.4 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, and FI-Systems Oy in Finland. Efore Plc also has a 25% stake in Power Innovation GmbH, a German power electronics company. PERSONNEL The number of the Group's own personnel averaged 565 (637) during the fiscal year and at the end of the fiscal year it was 549(600). The number of personnel fell by 51 during the period under review. In addition to its own personnel, the Group's temporary personnel numbered 268 (218) at the end of the fiscal year. The number of temporary increased by 50 during the fiscal year. The geographical distribution of the personnel including temporary personnel at the end of the fiscal year was as follows: Europe 290 (356), Asia 524 (440) and the Americas 3(22). BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT TEAM In accordance with the proposal of the Board's Nomination Committee, the Annual General Meeting held on January 29, 2009 elected six regular members of the Board: Isto Hantila, Marko Luoma, Ari Siponmaa, Timo Syrjälä, Matti Tammivuori and Matti Vikkula. The inaugural meeting the Board of Directors elected Isto Hantila as Chairman of the Board and Matti Vikkula as Deputy Chairman and Timo Syrjälä as Chairman of the Audit Committee with Isto Hantila and Matti Tammivuori as members. The Board decided on the appointment of the Nomination Committee after the fiscal year on November 17, 2009. Matti Tammivuori was elected Chairman of the Nomination Committee and Timo Syrjälä and Rauno Puolimatka as members. In addition, the Board of Directors elected Isto Hantila, the Chairman of the Board of Directors, as an expert member. Ilkka Starck was nominated as new Executive Vice President, Sales and Marketing since January 1, 2009. The members of the management team and their global spheres of responsibility are as follows: President and CEO Reijo Mäihäniemi , Panu Kaila (Operations), Markku Kukkonen (Product Development), Olli Nermes (Finance and Administration) and Ilkka Starck (Sales and Marketing). AUDITORS The Annual General Meeting held on January 29, 2009 appointed KPMG Oy Ab as Efore's auditors, with Authorized Public Accountant Lasse Holopainen as principal auditor SHARES, SHARE CAPITAL AND SHAREHOLDERS The total number of Efore Plc shares at the end of the fiscal year was 40 529 648 and the registered share capital was EUR 34.450.200,80. The highest share price during the fiscal year was EUR 1.10 and the lowest price was EUR 0.55. The average price during the fiscal year was EUR 0.72 and the closing price was EUR 0.85. The market capitalization calculated at the final trading price during the fiscal year was EUR 33.7 million. The total number of Efore shares traded on the Nasdaq OMX Helsinki during the fiscal year was 8.8 million and their turnover value was EUR 6.3 million. This accounted for 21.7 % of the total number of shares at the end of the fiscal year. The number of shareholders totaled 3276 at the end of the fiscal year. At the end of the fiscal year the number of the Group's own shares was 922.149. FLAGGING NOTIFICATIONS The company received the information on December 18, 2008 that the holdings of Timo Syrjälä, including the companies under his authority, of the share capital and voting rights in Efore Plc have, due to deal made on December 17, 2008 decreased below one-tenth (1/10) AUTHORISATIONS The Annual General Meeting on January 29, 2009 decided in accordance with a proposal by the Board of Directors to authorize the Board to decide on the distribution of an extraordinary dividend. On the basis of the authorisation, the Board of Directors may decide on the distribution of an extraordinary dividend so that the amount of dividend on the basis of the authorisation in total does not exceed EUR 0.05 per share. The extraordinary dividend may be distributed on one or several occasions. The authorisation is in force until the next Annual General Meeting. The authorization had not been used by October 31, 2009. The Annual General Meeting on January 29, 2009 decided in accordance with a proposal by the Board of Directors to authorize the Board to decide on the acquisition of the company's own shares in one or several instalments. A maximum of 4,000,000 own shares, or a lower amount that, together with the shares already owned or pledged by the company, is less than 10 per cent of all shares, may be acquired on the basis of the authorisation. The authorisation includes the right to acquire own shares otherwise than in proportion to the holdings of the shareholders. The authorisation is in force until the next Annual General Meeting. The Board of Directors decided to use the authorizations on December 12, 2008 and February 26, 2009 on the aqcquisition of the company's own shares of 922.149 pcs. Shares were repurchased in public trading on the NASDAQ OMX Helsinki Ltd. for the market price quoted at the time of the buyback on December 19, 2008 - April 2, 2009. The Annual General Meeting on January 29, 2009 decided in accordance with a proposal by the Board of Directors to authorize the Board to decide 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 authorisation 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 authorisation includes the right to deviate from the shareholders' pre-emptive subscription rights. The authorisation is in force until the 2011 Annual General Meeting. The authorization had not been used by October 31, 2009. SEGMENT INFORMATION Efore Group uses business segments for its primary segment reporting, and geographical segments for its secondary segment reporting. Efore's primary segment comprises the entire Group, therefore the figures reported in the primary segment are the same as those for the whole Group. SHORT-TERM RISKS AND FACTORS OF UNCERTAINTY During the current fiscal year the uncertainty on the market development has been increased due to a weakening world economy and predictability about the future development has been and continues to be low. Especially in the telecommunication sector, restructuring is assumed to continue and the predictability about the future development is challenging, even in the short-term. A weakening demand seems to have stabilized and signs of a recovery can be recognized. 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. 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 According to the company's view there were no material changes in the short-term risks and uncertainty factors. A more comprehensive report on risk management is presented on the company's web-sites. OUTLOOK 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. In Europe and in the USA group fixed costs have been adjusted in a previously reported manner approximately EUR 2 million per annum. Remarkable part of savings have been realized starting from the last quarter of the fiscal year and they will be realized fully as from the current fiscal year. 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 energy efficient solutions e.g. in server hotels, 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. BOARD OF DIRECTORS' PROPOSAL FOR DIVIDEND The Board of Directors will propose to the Annual General Meeting on February 9, 2010 that no dividend will be distributed. BOARD OF DIRECTORS' DECISION CONCERNING THE ANNUAL GENERAL MEETING The Board of Directors will propose to the Annual General Meeting on February 9, 2010 that the Annual General Meeting shall authorise the Board of Directors to resolve on the distribution of assets a maximum of EUR 0.05 per share. TABLES -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Aug./09- | Aug./08- | Nov./08- | Nov./07- | -------------------------------------------------------------------------------- | | Oct./09 | Oct./08 | Oct./09 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 14,3 | 18,4 | 64,1 | 78,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in inventories of | | | | | -------------------------------------------------------------------------------- | finished goods and work in | -0,6 | 0,1 | -1,2 | -0,6 | | progress | | | | | -------------------------------------------------------------------------------- | Other operating income | 0,5 | 0,5 | 1,2 | 0,8 | -------------------------------------------------------------------------------- | Materials and services | -9,2 | -11,7 | -42,1 | -51,0 | -------------------------------------------------------------------------------- | Employee benefits expenses | -3,0 | -3,6 | -12,5 | -14,2 | -------------------------------------------------------------------------------- | Depreciation | -0,8 | -1,1 | -3,3 | -4,1 | -------------------------------------------------------------------------------- | Impairments | 0,0 | 0,0 | -0,1 | 0,0 | -------------------------------------------------------------------------------- | Other operating expenses | -2,0 | -2,0 | -7,4 | -7,6 | -------------------------------------------------------------------------------- | OPERATING PROFIT (-LOSS) | -0,9 | 0,5 | -1,3 | 1,4 | -------------------------------------------------------------------------------- | % net sales | -6,4 | 3,0 | -2,1 | 1,8 | -------------------------------------------------------------------------------- | Financing income | 0,2 | 1,2 | 0,8 | 2,1 | -------------------------------------------------------------------------------- | Financing expenses | -0,2 | -1,0 | -1,8 | -2,1 | -------------------------------------------------------------------------------- | Share of profit of associated | | | | | -------------------------------------------------------------------------------- | companies | 0,0 | 0,1 | 0,2 | 0,2 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) BEFORE TAX | -1,0 | 0,8 | -2,1 | 1,7 | -------------------------------------------------------------------------------- | % net sales | -7,1 | 4,5 | -3,3 | 2,2 | -------------------------------------------------------------------------------- | Tax on income from operations | -0,2 | -0,1 | -0,5 | -0,5 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR THE PERIOD | -1,3 | 0,8 | -2,6 | 1,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS ATTRIBUTABLE | | | | | -------------------------------------------------------------------------------- | To equity holders of the | -1,3 | 0,8 | -2,6 | 1,2 | | parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE CALCULATED | | | | | | ON PROFIT ATTRIBUTABLE TO | | | | | | EQUITY HOLDERS OF THE PARENT: | | | | | -------------------------------------------------------------------------------- | Earnings per share, basic,eur | -0,03 | 0,02 | -0,07 | 0,03 | -------------------------------------------------------------------------------- | Earnings per share, diluted, | -0,03 | 0,02 | -0,07 | 0,03 | | eur | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY SECONDARY | Aug./09- | Aug./08- | Nov./08- | Nov./07- | | SEGMENTS, | | | | | -------------------------------------------------------------------------------- | EUR million | Oct./09 | Oct./08 | Oct./09 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 0,1 | 1,4 | 4,2 | 7,0 | -------------------------------------------------------------------------------- | EMEA | 6,5 | 11,4 | 30,0 | 49,3 | -------------------------------------------------------------------------------- | APAC | 7,7 | 5,6 | 29,8 | 22,1 | -------------------------------------------------------------------------------- | Total | 14,3 | 18,4 | 64,1 | 78,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Oct. 31, | Oct. 31, | change | -------------------------------------------------------------------------------- | | 2009 | 2008 | % | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible assets | 2,1 | 1,6 | | -------------------------------------------------------------------------------- | Tangible assets | 5,3 | 7,7 | | -------------------------------------------------------------------------------- | Investments in associates | 0,6 | 0,6 | | -------------------------------------------------------------------------------- | Other long-term investments | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 8,0 | 10,0 | -20,4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Inventories | 7,8 | 10,9 | | -------------------------------------------------------------------------------- | Trade receivables and other receivables | 11,5 | 15,7 | | -------------------------------------------------------------------------------- | Tax receivable, income tax | 0,1 | 0,0 | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 5,4 | 5,1 | | -------------------------------------------------------------------------------- | CURRENT ASSETS | 24,7 | 31,7 | -22,1 | -------------------------------------------------------------------------------- | ASSETS | 32,7 | 41,7 | -21,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Share capital | 34,5 | 34,5 | | -------------------------------------------------------------------------------- | Treasury shares | -0,6 | 0,0 | | -------------------------------------------------------------------------------- | Other reserves | 1,0 | 1,0 | | -------------------------------------------------------------------------------- | Translation differences | -0,2 | 0,5 | | -------------------------------------------------------------------------------- | Retained earnigs | -15,2 | -10,9 | | -------------------------------------------------------------------------------- | EQUITY | 19,5 | 25,0 | -22,1 | -------------------------------------------------------------------------------- | Equity attributable to equity holders of | 19,5 | 25,0 | | | the parent | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,2 | 0,2 | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 0,2 | 0,2 | -24,6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,3 | 0,9 | | -------------------------------------------------------------------------------- | Trade payables and other liabilities | 12,3 | 14,4 | | -------------------------------------------------------------------------------- | Tax liabilities | 0,0 | 0,1 | | -------------------------------------------------------------------------------- | Provisions | 0,5 | 1,1 | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 13,0 | 16,5 | | -------------------------------------------------------------------------------- | LIABILITIES | 13,2 | 16,7 | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 32,7 | 41,7 | -21,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, EUR | Aug./09- | Aug./08- | Nov./08- | Nov./07- | | million | | | | | -------------------------------------------------------------------------------- | | Oct./09 | Oct./08 | Oct./09 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, basic,eur | -0,03 | 0,02 | -0,07 | 0,03 | -------------------------------------------------------------------------------- | Earnings per share, diluted, | -0,03 | 0,02 | -0,07 | 0,03 | | eur | | | | | -------------------------------------------------------------------------------- | Equity per share, eur | 0,49 | 0,62 | 0,49 | 0,62 | -------------------------------------------------------------------------------- | Solvency ratio,% | 59,6 | 59,9 | 59,6 | 59,9 | -------------------------------------------------------------------------------- | Return on equity-%(ROE) | -24,8 | 12,1 | -11,8 | 4,7 | -------------------------------------------------------------------------------- | Return on investment-%(ROI) | -17,7 | 13,0 | -8,4 | 7,0 | -------------------------------------------------------------------------------- | Gearing, % | -25,3 | -16,0 | -25,3 | -16,0 | -------------------------------------------------------------------------------- | Net interest-bearing | -4,9 | -4,0 | -4,9 | -4,0 | | liabilities | | | | | -------------------------------------------------------------------------------- | Investments (intangible and | 0,4 | 1,1 | 1,8 | 1,9 | | tangible assets) | | | | | -------------------------------------------------------------------------------- | as percentage of net sales | 3,0 | 5,8 | 2,7 | 2,5 | -------------------------------------------------------------------------------- | Average personnel | 552 | 621 | 565 | 637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | Nov./08- | Nov./07- | change | -------------------------------------------------------------------------------- | EUR million | Oct./09 | Oct./08 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | activities | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 67,9 | 76,1 | | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -61,7 | -72,7 | | | employees | | | | -------------------------------------------------------------------------------- | Cash generated from operations | 6,2 | 3,4 | | -------------------------------------------------------------------------------- | Interest paid | -0,1 | -0,1 | | -------------------------------------------------------------------------------- | Interest received | 0,0 | 0,1 | | -------------------------------------------------------------------------------- | Other financial items | -0,3 | -0,4 | | -------------------------------------------------------------------------------- | Income taxes paid | -0,7 | -0,2 | | -------------------------------------------------------------------------------- | Net cash from operating activities | 5,1 | 2,7 | 88,5 | | (A) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | activities | | | | -------------------------------------------------------------------------------- | Purchase of tangible and intangible | -1,5 | -1,7 | | | assets | | | | -------------------------------------------------------------------------------- | Proceeds from sale of tangible and | 0,1 | 0,1 | | | intangible assets | | | | -------------------------------------------------------------------------------- | Disposal of subsidiary shares | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Proceeds from repayments of loans | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Dividend received | 0,2 | 0,0 | | -------------------------------------------------------------------------------- | Net cash used in investing | -1,3 | -1,6 | -20,6 | | activities (B) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | activities | | | | -------------------------------------------------------------------------------- | Purchase of treasury shares | -0,6 | 0,0 | | -------------------------------------------------------------------------------- | Repayment of short-term borrowings | -0,7 | 0,0 | | -------------------------------------------------------------------------------- | Repayment of long-term borrowings | -0,2 | -0,1 | | -------------------------------------------------------------------------------- | Dividends paid | -1,8 | -3,8 | | -------------------------------------------------------------------------------- | Net cash used in financing | -3,4 | -4,0 | | | activities (C) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash and | | | | | cash | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | 0,5 | -2,9 | -115,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | Oct. 31, | Oct. 31, | | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 1,4 | 1,9 | | -------------------------------------------------------------------------------- | 1-5 years | 2,5 | 3,5 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate financial | | | | | instruments | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, not hedge | | | | -------------------------------------------------------------------------------- | Option contract | | | | -------------------------------------------------------------------------------- | Nominal amount | 8,8 | 12,5 | | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,3 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS WERE | Oct. 31, | Oct. 31, | | -------------------------------------------------------------------------------- | CARRIED OUT WITH RELATED PARTIES: | 2009 | 2008 | | -------------------------------------------------------------------------------- | EUR million | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associated companies | | | | -------------------------------------------------------------------------------- | Sales | 0,0 | 0,0 | | -------------------------------------------------------------------------------- | Purchases | 0,1 | 0,0 | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Liabilities | 0,0 | 0,0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Treasury | Other | Trans- | Retaine | Total | | | capital | shares | reserves | lation | d | | | | | | | diffe | earning | | | | | | | -rences | s | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,4 | -0,1 | -8,8 | 27,0 | -------------------------------------------------------------------------------- | Nov.1, 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | 0,6 | 0,0 | 0,6 | | translation | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- | The costs of | 0,0 | 0,0 | 0,0 | 0,0 | 0,2 | 0,2 | | options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reclassifica | 0,0 | 0,0 | -0,4 | 0,0 | 0,4 | 0,0 | | tions | | | | | | | | between | | | | | | | -------------------------------------------------------------------------------- | items | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | 1,2 | 1,2 | | for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | -4,1 | -4,1 | | distribution | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,0 | 0,5 | -10,9 | 25,0 | -------------------------------------------------------------------------------- | Oct. 31, | | | | | | | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Treasury | Other | Trans-l | Retaine | Total | | | 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 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | -0,7 | 0,0 | -0,7 | | translation | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The costs of | 0,0 | 0,0 | 0,0 | 0,0 | 0,1 | 0,1 | | options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reclassifications | | | | | | | between | | | | | | -------------------------------------------------------------------------------- | items | 0,0 | 0,0 | 0,1 | 0,0 | -0,1 | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss for | 0,0 | 0,0 | 0,0 | 0,0 | -2,6 | -2,6 | | the period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | -1,6 | -1,6 | | distribution | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase of | 0,0 | -0,6 | 0,0 | 0,0 | 0,0 | -0,6 | | treasury shares | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | -0,6 | 1,0 | -0,2 | -15,2 | 19,5 | -------------------------------------------------------------------------------- | Oct. 31, 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.10.2009 | | -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | | | FIGURES AND RATIOS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment | = | Profit before taxes+interest and other | x 100 | | (ROI), % | | financing expenses / | | | | | (Equity + | | | | | interest-bearing liabilities, average | | | | | ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on Equity | = | Profit/loss for the period / Equity | x 100 | | (ROE), % | | (average ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current ratio | = | Current assets / Current liabilities | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Solvency ratio, % | = | Equity / (Total assets - advance | x 100 | | | | payments received - own shares*) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net interest-bearing | = | Interest-bearing liabilities - | | | liabilities | | financial assets at fair value through | | | | | profit or loss - cash and cash | | | | | equivalents | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing, % | = | Net interest-bearing liabilities / | x 100 | | | | Equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | = | Profit or loss for the period / | | | | | (Average number of shares - own | | | | | shares*) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend per share | = | Dividend for the financial year / (Number of | | | | shares - own shares*) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend payout | = | Dividend per share / Earnings per | x 100 | | ratio, % | | share | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Effective dividend | = | Dividend per share /Adjusted share | x 100 | | yield, % | | price at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share | = | Equity - own shares* /Number of | | | | | shares at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P/E-ratio | = | Adjusted share price at balance | | | | | sheet date / Earnings per share | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Market | = | Adjusted share price at balance | | | capitalization = | | sheet date x outstanding number of | | | | | shares at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average personnel | = | The average number of employees at | | | | | the end of each calendar month | | | | | during the accounting period | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | All share-specific figures are based on the issue-adjusted | | | number of shares. | | -------------------------------------------------------------------------------- | Equity is the equity owned by the holders of the parent | | | company's shares. | | -------------------------------------------------------------------------------- | Profit for the period is the fiscal period profit attributable | | | to equity holders of the parent. | | | * There were own shares held | | | by company October 31, 2009. | | -------------------------------------------------------------------------------- The interim report has been drawn up in accordance with IAS 34 Standard on Interim Financial Reporting and the Group's accounting principles presented in the 2008 annual report. The information in this release is unaudited. All the figures in the interim report have been rounded up/down, for which reason the total of the individual figures when added together may be different from the total shown. EFORE PLC Board of Directors For further information please contact Mr. Reijo Mäihäniemi, President and CEO, on December 11, 2009 at 9 - 11 a.m., tel. +358 9 4784 6312 Efore Plc will hold a news conference regarding the financial statements for analysts and media on December 11, 2009 at 12 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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