2009-08-27 08:00:00 CEST
2009-08-27 08:00:03 CEST
REGULATED INFORMATION
Efore - Interim report (Q1 and Q3)
Efore Plc Interim Report November 1, 2008 - July 31, 2009 (9 months)
EFORE PLC Interim Report August 27, 2009 9.00 a.m. November - July in brief (November 1, 2008 — July 31, 2009) - Net sales totaled EUR 49.8 million (EUR 59.9 million) - The operating profit was EUR -0.4 million (EUR 0.9 million) - The profit before taxes was EUR -1.1 million (EUR 0.9 million) - The net profit was EUR -1.4 million (EUR 0.5 million) - Earnings per share was -0.03 EUR (0.01 EUR) May - July in brief (May 1, 2009 — July 31, 2009) - Net sales totaled EUR 15.0 million (EUR 19.1 million) - The operating profit was EUR 0.0 million (EUR 0.3 million) - The profit before taxes was EUR -0.3 million (EUR 0.4 million) - The net profit was EUR -0.4 million (EUR 0.2 million) - Earnings per share was -0.01 EUR (0.01 EUR) NET SALES AND FINANCIAL PERFORMANCE NOVEMBER - JULY Net sales for the period under review totaled EUR 49.8 million (EUR 59.9 million). The decrease compared with the corresponding period in the previous fiscal year was -16.9 %. Net sales by customer group were as follows: telecommunications 64.5 % (68.5%) and industrial electronics 35.5 % (31.5 %). Geographically net sales were as follows: EMEA EUR 23.5 million (EUR 37.8 million), APAC EUR 22.2 million (EUR 16.5 million) and the Americas EUR 4.1 million (EUR 5.6 million). The profit before taxes for the period under review was EUR -1.1 million (EUR 0.9 million) and the net profit was EUR -1.4 million (EUR 0.5 million). NET SALES AND FINANCIAL PERFORMANCE MAY - JULY Net sales for the third quarter totaled EUR 15.0 million (EUR 19.1 million). The decrease compared with the corresponding period in the previous fiscal year was -21.4 %. Net sales by customer group were as follows: telecommunications 61.4 % (69.9 %) and industrial electronics 38.6 % (30.1 %). Geographically net sales were as follows: EMEA EUR 6.4 million (EUR 11.3 million), APAC EUR 7.7 million (EUR 6.7 million) and the Americas EUR 0.9 million (EUR 1.1 million). Net sales remained at low level due to the economic slowdown and weakening demand especially in the EMEA area. Despite of the low net sales, break even-level of operating profit was achieved due to EUR 0.3 million savings in personnel expenses and other streamlining actions. The result was adversely affected by non-recurring expenses of EUR 0.2 million related to the streamlining actions of the American operations. BUSINESS DEVELOPMENT Investments by teleoperators on 3G networks in China will continue according to the plans published early 2009. The demand will continue to be at a moderate level in Asia. The company has won new customers in China this year and has expanded its product portfolio within the existing customers but 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 market places the company has adjusted the costs in order to meet the market situation by unpaid vacations and lay-offs during summer time as well as by shaping American operation into a sales company. Production plant in the USA has been closed down and profitable stake of the production has been transferred to China plant. Focal point of Efore business has been increasingly moved to Asia. It is the company plan to further invest in product development, especially for the growing Asian markets. Investment on product development during the period under review was EUR 4.8 million (EUR 5.2 million) representing 9.7 % (8.7 %) of net sales. 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 OPUS DC Power Supply product family has 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. INVESTMENTS Group investment in fixed assets amounted to EUR 1.3 million (EUR 0.9 million) of which capitalized product development costs were EUR 0.6 million (EUR 0.3 million). At the end of the period under review capitalized product development costs amounted to EUR 1.2 million (EUR 1.1 million). FINANCIAL POSITION The Group's financial position during the period under review was good. The Group's solvency ratio was 62.4 % (61.9 %) and the gearing was -16.5 % (-15.0%). The consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 3.5 million (EUR 3.9 million). The consolidated net financial expenses were EUR 0.9 million (EUR 0.2 million) out of which the unrealized currency losses were EUR 0.3 million. The cash flow from business operations was EUR 3.1 million (EUR 0.0 million). The cash flow after investment was EUR 2.0 million (EUR -0.8 million). Liquid assets excluding undrawn credit facilities totaled EUR 4.5 million (EUR 4.8 million) at the end of period under review. The Group also had access to substantial undrawn credit facilities. The balance sheet total was EUR 33.9 million (EUR 41.9 million). PERSONNEL The number of the Group's own personnel averaged 570 (688) during the period under review and at the end of the period under review it was 559(608). The number of personnel fell by 19 during the period under review. In addition to its own personnel, the Group's contract staff numbered 251 (215) at the end of the period under review. The number of contract staff increased by 34 during the period under review. The geographical distribution of the personnel including contract staff at the end of the period under review was as follows: Europe 309 (367), Asia 498 (437) and the Americas 3(19). SHARES, SHARE CAPITAL AND SHAREHOLDERS The total number of Efore Plc shares at the end of the period under review was 40 529 648 and the registered share capital was EUR 34.450.200,80. The highest share price during the period under review was EUR 1.10 and the lowest price was EUR 0.55. The average price during the period under review was EUR 0.71 and the closing price was EUR 0.80. The market capitalization calculated at the final trading price during the period under review was EUR 31.7 million. The total number of Efore shares traded on the Nasdaq OMX Helsinki during the period under review was 8.1 million and their turnover value was EUR 5.7 million. This accounted for 20.0 % of the total number of shares at the end of the period under review. The number of shareholders totaled 3269 at the end of the period under review. At the end of the period under review the number of the Group's own shares was 922.149. 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 Rapid changes in demand are typical in telecommunications, and even short-term predictions about the future development of the business are challenging to make. 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. The uncertainty on the market development has been increased due to a weakening world economy and the predictability about the future development is low under current circumstances. The weakening demand seems to have stabilized and signs of a recovery in demand can be recognized. 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 China's and India's remarkable investments on local wireless networks will maintain the demand. There are growing geographical markets in the field such as the Middle East and Africa. According to the estimations received from the companies in the business the overall telecommunications market will be further weakening. The slowdown in the world real economy has weakened the demand during the whole fiscal year. 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. 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's actions to adjust fixed costs in order to meet the market situation will lighten the costs of the group by approximately EUR 2.0 million on annual level as previously announced. The impact of savings will be realized in full from the beginning of the next fiscal year. Efore Plc estimates according to the previous guidance that the company's operating result for the current fiscal year will remain under the previous year's result. TABLES -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | May/09- | May/08- | Nov./08 | Nov./07- | Nov.07- | | | | | - | | | -------------------------------------------------------------------------------- | | Jul./09 | Jul./08 | Jul./09 | Jul./08 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 9 | 9 months | 12 months | | | | | months | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 15,0 | 19,1 | 49,8 | 59,9 | 78,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | | | | | | | inventories of | | | | | | -------------------------------------------------------------------------------- | finished goods and | -0,4 | 0,2 | -0,6 | -0,7 | -0,6 | | work in progress | | | | | | -------------------------------------------------------------------------------- | Other operating | 0,3 | 0,0 | 0,8 | 0,2 | 0,8 | | income | | | | | | -------------------------------------------------------------------------------- | Materials and | -9,7 | -13,0 | -33,0 | -39,3 | -51,0 | | services | | | | | | -------------------------------------------------------------------------------- | Employee benefits | -2,6 | -3,1 | -9,5 | -10,6 | -14,2 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation | -0,8 | -1,1 | -2,5 | -3,0 | -4,1 | -------------------------------------------------------------------------------- | Impairments | 0,0 | 0,0 | -0,1 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Other operating | -1,8 | -1,8 | -5,3 | -5,6 | -7,6 | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 0,0 | 0,3 | -0,4 | 0,9 | 1,4 | | (-LOSS) | | | | | | -------------------------------------------------------------------------------- | % net sales | 0,1 | 1,8 | -0,8 | 1,5 | 1,8 | -------------------------------------------------------------------------------- | Financing income | 0,1 | 0,1 | 0,7 | 0,9 | 2,1 | -------------------------------------------------------------------------------- | Financing expenses | -0,5 | -0,2 | -1,6 | -1,1 | -2,1 | -------------------------------------------------------------------------------- | Share of profit of | | | | | | | associated | | | | | | -------------------------------------------------------------------------------- | companies | 0,1 | 0,1 | 0,2 | 0,2 | 0,2 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) | -0,3 | 0,4 | -1,1 | 0,9 | 1,7 | | BEFORE TAX | | | | | | -------------------------------------------------------------------------------- | % net sales | -2,0 | 2,1 | -2,2 | 1,5 | 2,2 | -------------------------------------------------------------------------------- | Tax on income from | -0,1 | -0,2 | -0,3 | -0,4 | -0,5 | | operations | | | | | | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR | -0,4 | 0,2 | -1,4 | 0,5 | 1,2 | | THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS | | | | | | | ATTRIBUTABLE | | | | | | -------------------------------------------------------------------------------- | To equity holders | -0,4 | 0,2 | -1,4 | 0,5 | 1,2 | | of the parent | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | | CALCULATED ON | | | | | | | PROFIT ATTRIBUTABLE | | | | | | | TO EQUITY HOLDERS | | | | | | | OF THE PARENT: | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0,01 | 0,01 | -0,03 | 0,01 | 0,03 | | basic,eur | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0,01 | 0,01 | -0,03 | 0,01 | 0,03 | | diluted, eur | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY | May/09- | May/08- | Nov./08 | Nov./07- | Nov.07- | | SECONDARY SEGMENTS, | | | - | | | -------------------------------------------------------------------------------- | EUR million | Jul./09 | Jul./08 | Jul./09 | Jul./08 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 9 | 9 months | 12 months | | | | | months | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 0,9 | 1,1 | 4,1 | 5,6 | 7,0 | -------------------------------------------------------------------------------- | EMEA | 6,4 | 11,3 | 23,5 | 37,8 | 49,3 | -------------------------------------------------------------------------------- | APAC | 7,7 | 6,7 | 22,2 | 16,5 | 22,1 | -------------------------------------------------------------------------------- | Total | 15,0 | 19,1 | 49,8 | 59,9 | 78,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Jul. 31, | Jul. 31, | change | Oct.31, | -------------------------------------------------------------------------------- | | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Intangible assets | 1,9 | 1,8 | | 1,6 | -------------------------------------------------------------------------------- | Tangible assets | 5,9 | 7,2 | | 7,7 | -------------------------------------------------------------------------------- | Investments in associates | 0,6 | 0,5 | | 0,6 | -------------------------------------------------------------------------------- | Other long-term investments | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 8,5 | 9,6 | -11,7 | 10,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 8,7 | 10,3 | | 10,9 | -------------------------------------------------------------------------------- | Trade receivables and other | 12,3 | 17,2 | | 15,7 | | receivables | | | | | -------------------------------------------------------------------------------- | Tax receivable, income tax | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 4,5 | 4,8 | | 5,1 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 25,4 | 32,3 | -21,2 | 31,7 | -------------------------------------------------------------------------------- | ASSETS | 33,9 | 41,9 | -19,0 | 41,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | 34,5 | 34,5 | | 34,5 | -------------------------------------------------------------------------------- | Treasury shares | -0,6 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Other reserves | 1,0 | 0,8 | | 1,0 | -------------------------------------------------------------------------------- | Translation differences | 0,2 | -0,1 | | 0,5 | -------------------------------------------------------------------------------- | Retained earnigs | -13,9 | -9,2 | | -10,9 | -------------------------------------------------------------------------------- | EQUITY | 21,1 | 25,9 | -18,4 | 25,0 | -------------------------------------------------------------------------------- | Equity attributable to equity | 21,1 | 25,9 | | 25,0 | | holders of the parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,2 | 0,2 | | 0,2 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 0,2 | 0,2 | -11,1 | 0,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,8 | 0,8 | | 0,9 | -------------------------------------------------------------------------------- | Trade payables and other | 11,0 | 13,9 | | 14,4 | | liabilities | | | | | -------------------------------------------------------------------------------- | Tax liabilities | 0,1 | 0,1 | | 0,1 | -------------------------------------------------------------------------------- | Provisions | 0,7 | 1,0 | | 1,1 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 12,6 | 15,8 | | 16,5 | -------------------------------------------------------------------------------- | LIABILITIES | 12,8 | 15,9 | | 16,7 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 33,9 | 41,9 | -19,0 | 41,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, | May/09- | May/08- | Nov./08- | Nov./07- | Nov.07- | | EUR million | | | | | | -------------------------------------------------------------------------------- | | Jul./09 | Jul./08 | Jul./09 | Jul./08 | Oct./08 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | -0,01 | 0,01 | -0,03 | 0,01 | 0,03 | | basic,eur | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0,01 | 0,01 | -0,03 | 0,01 | 0,03 | | diluted, eur | | | | | | -------------------------------------------------------------------------------- | Equity per share, | 0,53 | 0,64 | 0,53 | 0,64 | 0,62 | | eur | | | | | | -------------------------------------------------------------------------------- | Solvency ratio,% | 62,4 | 61,9 | 62,4 | 61,9 | 59,9 | -------------------------------------------------------------------------------- | Return on | -7,5 | 3,2 | -7,9 | 2,3 | 4,7 | | equity-%(ROE) | | | | | | -------------------------------------------------------------------------------- | Return on | -5,2 | 6,5 | -5,6 | 5,1 | 7,0 | | investment-%(ROI) | | | | | | -------------------------------------------------------------------------------- | Gearing, % | -16,5 | -15,0 | -16,5 | -15,0 | -16,0 | -------------------------------------------------------------------------------- | Net interest-bearing | -3,5 | -3,9 | -3,5 | -3,9 | -4,0 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Investments | 0,4 | 0,3 | 1,3 | 0,9 | 1,9 | | (intangible and | | | | | | | tangible assets) | | | | | | -------------------------------------------------------------------------------- | as percentage of net | 2,9 | 1,4 | 2,7 | 1,5 | 2,5 | | sales | | | | | | -------------------------------------------------------------------------------- | Average personnel | 571 | 621 | 570 | 688 | 637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | Nov./08- | Nov./07- | change | Oct. 31 | | STATEMENT | | | | | -------------------------------------------------------------------------------- | EUR million | Jul./09 | Jul./08 | % | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 56,5 | 55,8 | | 76,1 | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -52,7 | -55,9 | | -72,7 | | employees | | | | | -------------------------------------------------------------------------------- | Cash generated from operations | 3,8 | -0,1 | | 3,4 | -------------------------------------------------------------------------------- | Interest paid | -0,1 | -0,1 | | -0,1 | -------------------------------------------------------------------------------- | Interest received | 0,0 | 0,0 | | 0,1 | -------------------------------------------------------------------------------- | Other financial items | -0,4 | 0,3 | | -0,4 | -------------------------------------------------------------------------------- | Income taxes paid | -0,2 | -0,1 | | -0,2 | -------------------------------------------------------------------------------- | Net cash from operating | 3,1 | 0,0 | 12 973,5 | 2,7 | | activities (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of tangible and | -1,3 | -0,9 | | -1,7 | | intangible assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of tangible | 0,0 | 0,1 | | 0,1 | | and intangible assets | | | | | -------------------------------------------------------------------------------- | Disposal of subsidiary shares | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Dividend received | 0,2 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Net cash used in investing | -1,1 | -0,8 | 40,3 | -1,6 | | activities (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of treasury shares | -0,6 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Repayment of long-term | -0,1 | -0,1 | | -0,1 | | borrowings | | | | | -------------------------------------------------------------------------------- | Dividends paid | -1,8 | -2,0 | | -3,8 | -------------------------------------------------------------------------------- | Net cash used in financing | -2,6 | -2,1 | | -4,0 | | activities (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash | | | | | | and cash | | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | -0,6 | -2,9 | -80,5 | -2,9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | Jul. 31, | Jul. 31, | | Oct.31, | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Security and contingent | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | | | | | -------------------------------------------------------------------------------- | Pledges | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For others | | | | | -------------------------------------------------------------------------------- | Other contingent liabilities | 0,1 | 0,1 | | 0,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating lease commitments | | | | | -------------------------------------------------------------------------------- | Group as lessee | | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum | | | | | | operating lease | | | | | -------------------------------------------------------------------------------- | payments: | | | | | -------------------------------------------------------------------------------- | Less than 1 year | 1,5 | 1,9 | | 1,9 | -------------------------------------------------------------------------------- | 1-5 years | 2,8 | 3,0 | | 3,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate | | | | | | financial instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, not | | | | | | hedge | | | | | -------------------------------------------------------------------------------- | Option contract | | | | | -------------------------------------------------------------------------------- | Nominal amount | 10,3 | 13,3 | | 12,5 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS | Jul. 31, | Jul. 31, | | Oct.31, | | WERE | | | | | -------------------------------------------------------------------------------- | CARRIED OUT WITH RELATED | 2009 | 2008 | | 2008 | | PARTIES: | | | | | -------------------------------------------------------------------------------- | EUR million | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associated companies | | | | | -------------------------------------------------------------------------------- | Sales | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Purchases | 0,1 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Receivables | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Liabilities | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Treasur | Other | Trans-l | Retained | Total | | | capita | y | reserves | ation | earnings | | | | l | shares | | diffe-r | | | | | | | | ences | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,4 | -0,1 | -8,8 | 27,0 | -------------------------------------------------------------------------------- | Nov.1, 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | -0,1 | 0,4 | 0,3 | | translation | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- | The costs of | 0,0 | 0,0 | 0,0 | 0,0 | 0,2 | 0,2 | | options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reclassificati | 0,0 | 0,0 | -0,6 | 0,0 | 0,6 | 0,0 | | ons between | | | | | | | | items | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | 0,5 | 0,5 | | for the period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | -2,0 | -2,0 | | distribution | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 0,8 | -0,1 | -9,2 | 25,9 | -------------------------------------------------------------------------------- | Jul. 31, 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Treasur | Other | Trans-l | Retained | Total | | | capita | y | reserves | ation | earnings | | | | l | shares | | diffe-r | | | | | | | | ences | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 34,5 | 0,0 | 1,0 | 0,5 | -11,0 | 25,0 | -------------------------------------------------------------------------------- | Nov.1, 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | -0,3 | 0,0 | -0,3 | | translation | | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | | -------------------------------------------------------------------------------- | The costs of | 0,0 | 0,0 | 0,0 | 0,0 | 0,1 | 0,1 | | options | | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | | -------------------------------------------------------------------------------- | Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | -1,4 | -1,4 | | for 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 | -13,9 | 21,1 | -------------------------------------------------------------------------------- | Jul. 31, 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.7.2009 | | -------------------------------------------------------------------------------- | 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. | | -------------------------------------------------------------------------------- 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 August 27, 2009 at 9 - 11 a.m., tel. +358 9 4784 6312 Efore Plc will hold a news conference regarding the interim report for analysts and media on August 27, 2009 at 11 a.m. in Helsinki World Trade Center, address Aleksanterinkatu 17. DISTRIBUTION Nasdaq OMX Helsinki Oy Principal media Efore Group Efore Group is an international company providing services for ICT, industrial automation and health care industries. 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 2008, consolidated net sales totaled EUR 78,3 million and the Group's personnel averaged 637. The company's share is quoted on the Nasdaq OMX Helsinki Ltd. www.efore.com
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