2012-12-13 08:00:02 CET
2012-12-13 08:00:10 CET
REGULATED INFORMATION
Efore - Financial Statement Release
EFORE GROUP FINANCIAL STATEMENT RELEASE NOVEMBER 1, 2011 – OCTOBER 31, 2012 (12 MONTHS)
Espoo, Finland, 2012-12-13 08:00 CET (GLOBE NEWSWIRE) -- EFORE PLC Financial
Statement December 13, 2012 9 a.m.
Fiscal year in brief (November 1, 2011 — October 31, 2012)
- Net sales amounted to EUR 78.1 million (EUR 88.0 million)
- Results from operating activities amounted to EUR -2.6 million (EUR 4.1
million)
- Results from operating activities without one-time costs amounted to
EUR -1.3 million (EUR 4.1 million)
- Result before taxes was EUR -3.0 million (EUR 4.5 million)
- Result for the period was EUR -2.3 million (EUR 3.5 million)
- Earnings per share was EUR -0.06 (EUR 0.09)
Fourth quarter in brief (August 1, 2012 — October 31, 2012)
- Net sales amounted to EUR 22.8 million (EUR 21.3 million)
- Results from operating activities amounted to EUR -0.7 million (EUR 0.8
million)
- Results from operating activities without one-time costs amounted to
EUR 0.8 million (EUR 0.8 million)
- Result before taxes was EUR -0.5 million (EUR 0.5 million)
- Result for the period was EUR -0.1 million (EUR 0.5 million)
- Earnings per share was EUR -0.00 (EUR 0.01)
Vesa Vähämöttönen, Efore's President and CEO:
“Stronger second half of the year did not compensate the weak start of the
fiscal year. Fourth quarter net sales and profitability were almost in line
with our targets and especially positive was strong demand of industrial
sector. Full year industrial sector deliveries increased about 8%
year-over-year representing 23,4% of group's total net sales.”
NET SALES AND FINANCIAL DEVELOPMENT FOR THE FISCAL YEAR
Net sales for the fiscal year amounted to EUR 78.1 million (EUR 88.0 million).
Net sales by customer group amounted to as follows: Telecommunication 76.6 %
(79.7 %) and industrial electronics 23.4% (20.3 %). Geographically Efore's
deliveries were to the following areas: EMEA EUR 42.0 million (EUR 32.9
million), APAC EUR 23.8 million (EUR 40.5 million), Finland EUR 11.1 million
(EUR 11.9 million) and the Americas EUR 1.3 million (EUR 2.8 million) which
totaled EUR 78.1 million (EUR 88.0 million). Final geographical distribution of
Efore's products deviates from the before mentioned as Efore's customers
distribute further the products from the logistics centres to other markets.
The results from operating activities amounted to EUR -2.6 million (EUR 4.1
million).
Low demand during the first half of the fiscal year together with unfavorable
product mix affected the development of the net sales and the results from
operating activities. Results from operating activities without one-time costs
amounted to EUR -1.3 million.
Results from operating activities include one-time net costs of EUR 1.1 million
related to closing down Estonia factory and production transfer to China as
well as costs of EUR 0.2 million related to closing down Shenzhen product
development unit.
Deferred tax receivables of EUR 0.9 million have been recorded in the accounts
of Efore's subsidiaries in China.
NET SALES AND FINANCIAL DEVELOPMENT FOR THE FOURTH QUARTER
Net sales for the fourth quarter totaled EUR 22.8 million (EUR 21.3 million).
Net sales by customer group amounted to as follows: Telecommunication 71.0 %
(79.1 %) and industrial electronics 29.0 % (20.9 %). Geographically Efore's
deliveries were to the following areas: EMEA EUR 12.3 million (EUR 9.2
million), APAC EUR 5.7 million (EUR 8.7 million), Finland EUR 4.3 million (EUR
2.8 million) and the Americas EUR 0.4 million (EUR 0.7 million) which totaled
EUR 22.8 million (EUR 21.3 million). Final geographical distribution of Efore's
products deviates from the before mentioned as Efore's customers distribute
further the products from the logistics centres to other markets.
The results from operating activities amounted to EUR -0.7 million (EUR 0.8
million).
Results from operating activities include one-time net cost of EUR 1.5 million
related to the closing of Estonia factory and Shenzen product development unit.
BUSINESS DEVELOPMENT
Investment in product and technology development during the fiscal year was EUR
7.3 million (EUR 7.6 million) representing 9.4 % (8.6 %) of net sales.
The fiscal year 2012 was characterized especially by strong demand fluctuation
of telecom products.
Industrial sector deliveries increased about 8% year-over-year being strongest
during the last quarter.
Efore is looking for a suitable cooperation model enabling the access to the
Chinese market. EV power electronics customer projects are progressing
according to the plans. During the fiscal year investments in EV business were
EUR 0.3 million and total operating costs were EUR 0.8 million.
Estonia factory closing and production transfer to China were completed as
planned by the end of the fiscal year 2012. One-time net costs as a result from
those were EUR 1.1 million.
According to Efore's business model Efore AS will act as an Intellectual
Property Rights (IPR) administration company of the group. As a result the
parent company Efore Plc made an internal transaction and sold IPRs to Efore AS
in October 2012. A profit of EUR 4.5 million was booked in parent company's
income statement due to this transaction.
INVESTMENTS
Group investments in fixed assets during the fiscal year amounted to EUR 1.7
million (EUR 4.4 million). Previous year figure includes EUR 1.7 million
capacity increase investments at China factory.
Capitalized product development costs were EUR 0.4 million. At the end of the
fiscal year capitalized product development costs amounted to EUR 0.6 million
(EUR 0.7 million).
FINANCIAL POSITION
The Group's financial position during the fiscal yearwas good.
The consolidated interest-bearing cash reserves exceeded interest-bearing
liabilities by EUR 2.3 million (EUR 3.9 million). The consolidated net
financial expenses were EUR -0.4 million (EUR 0.3 million). Efore sold its
holding in Power Innovation Stromversorgungstechnik GmbH which improved Efore
Group's previous year net result by EUR 0.8 million.
The cash flow from business operations was EUR 2.6 million (EUR 4.3 million).
The cash flow after investments was EUR 1.0 million (EUR 1.5 million).
The Group's solvency ratio was 47.7 % (48.3 %) and the gearing was -11.3 %
(-16.3 %) at the end of the fiscal year.
Liquid assets excluding undrawn credit facilities amounted to EUR 4.5 million
(EUR 11.2 million) at the end of the fiscal year. The balance sheet total was
EUR 43.3 million (EUR 49.9 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 (Suzhou) Automotive
Technology 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 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 including temporary personnel averaged
888 (960) during the fiscal year and at the end of the fiscal year it was 804
(907). At the end of October 2012 more than 90% of the personnel worked outside
of Finland.
BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT TEAM
In accordance with the proposal of the Board's Nomination Board, the Annual
General Meeting on February 9, 2012 elected six regular members to the Board:
Olli Heikkilä, Richard Järvinen, Tei-Hu Liu, Marko Luoma, Ari Siponmaa and
Matti Vikkula. The Board of Directors selected Matti Vikkula to continue as the
Chairman of the Board. Olli Heikkilä was selected as the Chairman of the Audit
Committee and Marko Luoma and Matti Vikkula as members.
After hearing the major shareholders of the company, Efore's Board of Directors
decided to appoint the Nomination Board on 25 September, 2012. All the members
were elected from outside the Board of Directors. Jari Suominen was elected as
the Chairman and Timo Syrjälä 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
The members of the executive management team and their global spheres of
responsibility are as follows: President and CEO Vesa Vähämöttönen, Panu Kaila
(Operations and Programs), Markku Kukkonen (Technology and Product
Development), Alexander Luiga (Sales and Marketing), Olli Nermes (Finance and
Administration), and Jukka Pietarinen (Industrial Business Area)
AUDITORS
The Annual General Meeting held on February 9, 2012 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
42.529.648 and the registered share capital was EUR 15.000.000.
In April-June 2012 the company acquired total 713,660 pcs of Efore shares
according to the authorization of Annual General Meeting on 9 February 2012.
The amount of the Group's own shares was 1,218,544 at the end of the fiscal
year. In addition to this Efore Management Oy, a company belonging to Efore
group owned 2.358.242 pcs of Efore shares.
The highest share price during the fiscal year was EUR 0.94 and the lowest
price was EUR 0.57. The average price during the fiscal year was EUR 0.72 and
the closing price was EUR 0.67. The market capitalization calculated at the
final trading price during the fiscal year was EUR 26.1 million.
The total number of Efore shares traded on the Nasdaq OMX Helsinki during the
fiscal year was 10.0 million and their turnover value was EUR 7.2 million. This
accounted for 23.5 % of the total number of shares. The number of shareholders
totaled 3235 (3315) at the end of the fiscal year.
FLAGGING NOTIFICATIONS
As a result of the share issue directed to Efore Management Oy on January 13,
2012, Efore Management Oy's holding of shares and voting rights in Efore Plc
exceeded 5 per cent.
DISTRIBUTION OF ASSETS FROM THE RESERVE FOR INVESTED UNRESTRICTED EQUITY
Efore's Annual General Meeting on February 9, 2012 decided, in accordance with
the proposal of the Board of Directors to distribute assets from the reserve
for invested unrestricted equity in the amount of EUR 0.05 per share. The
distribution was paid to shareholders who on the record date 14 February 2012
were on the shareholders' register of the company maintained by Euroclear
Finland Oy. The distribution amounted to EUR 2.1 million and it was paid on
February 21, 2012.
AUTHORIZING THE BOARD OF DIRECTORS TO RESOLVE ON THE DISTRIBUTION OF THE ASSETS
OF THE COMPANY
Efore's Annual General Meeting on February 9, 2012 decided in accordance with
the proposal of the Board of Directors to authorize 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 has not been used by the end of
fiscal year 2012.
AUTHORIZING THE BOARD OF DIRECTORS TO RESOLVE ON THE ACQUISITION OF THE
COMPANY'S OWN SHARES
Efore's Annual General Meeting on February 9, 2012 decided in accordance with
the proposal of the Board of Directors to authorize the Board of Directors to
resolve on the acquisition of the company's own shares, in one or several
instalments, on the following terms and conditions:
Based on the authorization an aggregate maximum of 4,000,000 own shares
constituting approximately 9.4% of all the shares in the company may be
acquired by using the company's unrestricted equity. The shares may be acquired
in public trading arranged by the NASDAQ OMX Helsinki Oy at the prevailing
market price on the date of acquisition, or at the price otherwise formed on
the market. The Board of Directors shall resolve on all other terms and
conditions relating to the acquisition of the company's own shares. The
acquisition may be concluded using, inter alia, derivatives and the company's
own shares may be acquired otherwise than in proportion to the holdings of the
shareholders (directed acquisition). The authorization is valid until the next
Annual General Meeting.
The Board of Directors of Efore Plc decided to acquire in one or several
tranches an aggregate maximum of 1,000,000 of the company's own shares in
accordance with the authorization given to it at the Annual General Meeting on
9 February 2012. The Board of Directors used this authorization and in
April-June 2012 the company acquired total 713 660 pcs of Efore shares
according to the authorization.
AUTHORIZING THE BOARD OF DIRECTORS TO RESOLVE ON THE ISSUE OF SHARES AS WELL AS
THE ISSUE OF OPTIONS AND OTHER SPECIAL RIGHTS ENTITLING TO SHARES
Efore's Annual General Meeting on February 9, 2012 decided in accordance with
the proposal of the Board of Directors to authorize the Board of Directors, in
one or more transactions, decide on the issuance of shares and the issuance of
options and other special rights entitling to shares referred to in chapter 10
section 1 of the Companies Act as follows:
The number of shares to be issued based on the authorization may in total
amount to a maximum of 17,000,000 shares.
The Board of Directors decides on all the terms and conditions of the issuances
of shares and of options and other special rights entitling to shares. The
authorization concerns both the issuance of new shares as well as the transfer
of treasury shares. The issuance of shares and of options and other special
rights entitling to shares referred to in chapter 10 section 1 of the Companies
Act may be carried out in deviation from the shareholders' pre-emptive rights
(directed issue). The authorization is effective until the Annual General
Meeting in 2014.
Based on the authorization given by the Annual General Meeting on February 10,
2011 the Board of Directors offered in the directed share issue against payment
273,842 shares held by the Company for subscription by Efore Management Oy in
order to expand the shareholding plan and to include a new member of the Efore
Group Executive Management Team in the plan. The subscription price of the
share was EUR 0.82 per share, which was the trade volume weighted average
quotation of the Company's share on NASDAQ OMX Helsinki Ltd on 9 January 2012.
The share subscription period was 11 January-25 January 2012.
The Board of Directors of the company resolved to assign in aggregate 82 817
own shares held by the company as payment of the Board of Directors' annual
remuneration. The number of share has in accordance with the resolution of the
Annual General Meeting been determined based on the average of the closing
prices of the Efore Plc share March 12-22, 2012. The assignment of the shares
took place on May 18, 2012.
ACCOUNTING POLICIES
The report has been drawn up in accordance with IAS 34 Standard on Interim
Financial Reporting and the Group's accounting principles presented in the 2011
annual report. The information in this release is unaudited.
Exchange rate differences have been reported in financial items from the
beginning of the fiscal year. The figures for the previous year have been
adjusted in accordance with the new practice.
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
The market typical fluctuation in demand can cause rapid changes in Efore's
business. The most significant business risks are related to the success of
key customers in their markets and to Efore's delivery capability for the key
customers.
Progress of the EV power electronics projects depends on the customers' own
project schedules and the establishment of the whole market.
It has been recognized that global economic development may effect negatively
on Efore's business environment
A more comprehensive report on risk management is presented on the company's
web-sites.
EVENTS AFTER THE CLOSE OF THE FISCAL YEAR
Efore Plc received a notification on November 9, 2012 that Sievi Capital Oyj's
holding of shares and voting rights in Efore Plc has exceeded 5 per cent.
oUTLOOK
The fundamentals for long-term positive development of wireless network
equipment industry are expected to remain unchanged and Efore estimates its
position in this main market to remain strong.
FINANCIAL ESTIMATE FOR THE FISCAL YEAR 2013
Although the long term outlook is positive, due to the uncertainties in the
global economy combined with the telecom market fluctuation and customers'
ordering practices it is not possible to provide a reliable financial estimate
for the fiscal year 2013.
However, based on the available information company estimates its net sales to
be on the same level with previous year.
BOARD OF DIRECTORS' PROPOSAL FOR THE ANNUAL GENERAL MEETING
The Board of Directors will propose to the Annual General Meeting on February
7, 2013 that no dividend will be paid.
TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million Aug./1 Aug./1 Nov./1 Nov./1
2- 1- 1- 0- Oct./1 Oct./1 Oct./1 Oct./1
2 1 2 1
3 3 12 12
months months months months
Net sales 22,8 21,3 78,1 88,0
Change in inventories of
finished goods and work in progress 0,2 -0,6 2,3 2,5
Other operating income 0,0 0,1 0,6 0,2
Materials and services -15,5 -13,3 -55,9 -62,0
Employee benefits expenses -4,4 -4,2 -15,9 -15,1
Depreciation -0,8 -0,7 -3,0 -2,6
Other operating expenses -2,9 -1,8 -8,8 -6,9
RESULTS FROM OPERATING ACTIVITIES -0,7 0,8 -2,6 4,1
% net sales -3,0 3,7 -3,3 4,6
Financing income 0,7 0,4 1,7 1,3
Financing expenses -0,5 -0,7 -2,1 -1,0
Share of profit of associated
companies 0,0 0,0 0,0 0,1
PROFIT (-LOSS) BEFORE TAX -0,5 0,5 -3,0 4,5
% net sales -2,3 2,3 -3,9 5,1
Tax on income from operations 0,4 0,0 0,7 -1,0
PROFIT (-LOSS) FOR THE PERIOD -0,1 0,5 -2,3 3,4
OTHER COMPREHENSIVE INCOME:
Translation differences -0,5 0,4 1,4 0,4
Total comprehensive income -0,7 0,9 -0,9 3,9
NET PROFIT/LOSS ATTRIBUTABLE
To equity holders of the parent -0,1 0,5 -2,3 3,5
To non-controlling interests 0,0 0,0 -0,1 0,0
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
Equity holders of the parent -0,7 0,9 -0,9 3,9
Non-controlling interests 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 -0,00 0,01 -0,06 0,09
Earnings per share, diluted, eur -0,00 0,01 -0,06 0,09
INFORMATION ABOUT GEOGRAPHICAL Aug./1 Aug./1 Nov./1 Nov./1
2- 1- 1- 0-
AREAS, EUR million Oct./1 Oct./1 Oct./1 Oct./1
2 1 2 1
3 3 12 12
months months months months
Americas 0,4 0,7 1,3 2,8
EMEA 12,3 9,2 42,0 32,9
Finland 4,3 2,7 11,1 11,7
APAC 5,7 8,7 23,8 40,7
Total 22,8 21,3 78,1 88,0
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
EUR million October October change Oct.
31, 31, 31,
2012 2011 % 2011
ASSETS
NON-CURRENT ASSETS
Intangible assets 0,9 1,4 1,4
Tangible assets 6,1 6,8 6,8
Trade receivables and other receivables, 0,6 0,0 0,0
non-current
Other long-term investments 0,0 0,0 0,0
Deferred tax asset 0,9 0,0 0,0
NON-CURRENT ASSETS 8,6 8,2 4,4 8,2
CURRENT ASSETS
Inventories 14,2 13,0 13,0
Trade receivables and other receivables 16,0 17,3 17,3
Tax receivable, income tax 0,0 0,1 0,1
Cash and cash equivalents 4,5 11,2 11,2
CURRENT ASSETS 34,7 41,7 -16,7 41,7
ASSETS 43,3 49,9 -13,2 49,9
EQUITY AND LIABILITIES
EQUITY
Share capital 15,0 15,0 15,0
Treasury shares -2,5 -2,1 -2,1
Other reserves 19,8 21,9 21,9
Translation differences 2,0 0,6 0,6
Retained earnings -13,9 -11,6 -11,6
Equity attributable to equity holders of 20,4 23,8 23,8
the parent
Equity attributable to non-controlling 0,2 0,3 0,3
interests
EQUITY 20,7 24,1 -14,2 24,1
NON-CURRENT LIABILITIES
Deferred tax liabilities 0,0 0,0 0,0
Interest-bearing liabilities 1,5 3,3 3,3
NON-CURRENT LIABILITIES 1,5 3,3 -53,3 3,3
CURRENT LIABILITIES
Interest-bearing liabilities 0,6 4,1 4,1
Trade payables and other liabilities 20,4 17,9 17,9
Tax liabilities 0,0 0,3 0,3
Provisions 0,1 0,3 0,3
CURRENT LIABILITIES 21,1 22,5 22,5
LIABILITIES 22,6 25,8 25,8
TOTAL EQUITY AND LIABILITIES 43,3 49,9 -13,2 49,9
GROUP KEY FIGURES, EUR million Aug./12- Aug./11- Nov./11- Nov./10-
Oct./12 Oct./11 Oct./12 Oct./11
3 months 3 months 12 months 12 months
Earnings per share, basic,eur 0,00 0,01 -0,06 0,09
Earnings per share, diluted, eur 0,00 0,01 -0,06 0,09
Equity per share, eur 0,52 0,60 0,52 0,60
Solvency ratio,% 47,7 48,3 47,7 48,3
Return on equity-%(ROE) -2,7 7,7 -10,5 15,5
Return on investment-%(ROI) -7,5 8,4 -9,9 17,5
Gearing, % -11,3 -16,3 -11,3 -16,3
Net interest-bearing liabilities -2,3 -3,9 -2,3 -3,9
Investments (intangible and tangible 0,4 1,9 1,8 4,4
assets)
as percentage of net sales 1,6 9,2 2,4 5,0
Average personnel 864 987 888 960
CONSOLIDATED STATEMENT OF CASH FLOWS Nov./11- Nov./10- change Nov./10
-
EUR million Oct. /12 Oct./11 % Oct./11
Cash flows from operating activities
Cash receipts from customers 83,9 91,9 91,9
Cash paid to suppliers and employees -81,3 -86,4 -86,4
Cash generated from operations 2,7 5,5 5,5
Interest paid -0,3 -0,1 -0,1
Interest received 0,0 0,1 0,1
Other financial items 0,5 -0,5 -0,5
Income taxes paid -0,2 -0,6 -0,6
Net cash from operating activities (A) 2,6 4,3 -39,8 4,3
Cash flows from investing activities
Purchase of tangible and intangible -1,7 -4,3 -4,3
assets
Proceeds from sale of tangible and 0,2 0,1 0,1
intangible assets
Disposal of associated companies 0,0 0,5 0,5
Dividend received 0,0 1,0 1,0
Net cash used in investing activities (B) -1,6 -2,8 -43,5 -2,8
Cash flows from financing activities
Capital investment by the minority 0,0 0,0 0,0
Purchase of treasury shares -0,5 0,0 0,0
Proceeds from short-term borrowings 1,8 3,3 3,3
Repayment of short-term borrowings -5,5 0,0 0,0
Proceeds from long-term borrowings 0,0 1,1 1,1
Repayment of long-term borrowings -1,7 -0,5 -0,5
Financial leasing repayment -0,2 -0,2 -0,2
Distribution of assets from invested -2,1 0,0 0,0
unrestricted equity
Net cash used in financing activities (C) -8,1 3,7 3,7
Net increase/decrease in cash and cash
equivalents (A+B+C) -7,1 5,3 5,3
Cash and cash equivalents at beginning of 11,2 5,9 5,9
period on Nov.1
Net increase/decrease in cash and cash -7,1 5,3 5,3
equivalents
Effects of exchange rate fluctuations on 0,4 0,1 0,1
cash held
Cash and cash equivalents at end of 4,5 11,2 11,2
period
GROUP CONTINGENT LIABILITIES October October Oct.
31, 31, 31,
EUR million 2012 2011 2011
Security and contingent liabilities
For others
Other contingent liabilities 0,1 0,1 0,1
Operating lease commitments
Group as lessee
Non-cancellable minimum operating lease
payments:
Less than 1 year 0,7 1,1 1,1
1-5 years 0,5 0,8 0,8
Fair values of derivate financial
instruments
Currency derivatives, not hedge
Option contract
Nominal amount 0,8 5,2 5,2
Negative fair value 0,0 0,0 0,0
THE FOLLOWING TRANSACTIONS WERE October October Oct.
31, 31, 31,
CARRIED OUT WITH RELATED PARTIES: 2012 2011 2011
EUR million
Associated companies
Purchases 0,0 0,0 0,0
Liabilities 0,0 0,0 0,0
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million A B C D E F G H I
Equity 15,0 -2,1 20,9 1,0 0,1 -15,0 19,9 0,3 20,2
Nov.1, 2010
Comprehensive income 0,0 0,0 0,0 0,0 0,4 3,5 3,9 0,0 3,9
Disposal of treasury shares 0,0 0,0 0,0 0,0 0,0 0,0 0,1 0,0 0,1
Equity 15,0 -2,1 20,9 1,0 0,6 -11,6 23,8 0,3 24,1
October 30, 2011
EUR million A B C D E F G H I
Equity 15,0 -2,1 20,9 1,0 0,6 -11,6 23,8 0,3 24,1
Nov.1, 2011
Comprehensive income 0,0 0,0 0,0 0,0 1,4 -2,3 -0,9 -0,1 -1,0
Distribution of assets from 0,0 0,0 -2,1 0,0 0,0 0,0 -2,1 0,0 -2,1
invested unrestricted
equity
Capital invest by the 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0
minority
Repurchase of own shares 0,0 -0,5 0,0 0,0 0,0 0,0 -0,5 0,0 -0,5
Disposal of treasury shares 0,0 0,1 0,0 0,0 0,0 0,0 0,1 0,0 0,1
Equity 15,0 -2,5 18,8 1,0 2,0 -13,9 20,4 0,2 20,7
October 30, 2012
A Share capital
B Treasury shares
C Unrestricted equity reserve
D Other reserves
E Translation differences
F Retained earnings
G Equity holders of the parent
H Non-controlling interests
I Total
CALCULATION OF
KEY
FIGURES AND
RATIOS
Return on = Profit before taxes+interest and other financing x 100
investment expenses /
(ROI), % (Equity + interest-bearing liabilities, average )
Return on Equity = Profit/loss for the period / Equity (average ) x 100
(ROE), %
Current ratio = Current assets / Current liabilities
Solvency ratio, % = Equity / (Total assets - advance payments received x 100
- own shares*)
Net = Interest-bearing liabilities - financial assets at
interest-bearing fair value through profit or loss - cash and cash
liabilities equivalents
Gearing, % = Net interest-bearing liabilities / Equity x 100
Earnings per = Profit or loss attributable to ordinary equity
share holders of the parent entity/ The weighted average
number of ordinary shares outstanding
Earnings per Profit or loss attributable to ordinary equity
share (dil) holders of the parent entity / The weighted
average number of diluted shares outstanding
Dividend per = Dividend for the financial year / (Number of shares - own
share shares*)
Dividend payout = Dividend per share / Earnings per share x 100
ratio, %
Effective = Dividend per share /Adjusted share price at x 100
dividend yield, 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 sheet date x
capitalization = 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, 2012.
EFORE PLC
Board of Directors
For further information please contact Mr.Vesa Vähämöttönen, President and CEO,
on December 13, 2012 at 9 - 11 a.m., tel. +358 9 4784 6312
Efore Plc will hold a news conference regarding the report for analysts and
media on December 13, 2012 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. Efore's head office is based in Finland and its production unit
is located in China. Efore is present also in Sweden. In the fiscal year ending
in October 2012, consolidated net sales totaled EUR 78,1 million and the
Group's personnel averaged 888. The company's share is quoted on the Nasdaq OMX
Helsinki Ltd.
www.efore.com
Mr.Vesa Vähämöttönen, President and CEO, tel. +358 9 4784 6312
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