2007-06-07 08:00:00 CEST
2007-06-07 08:00:00 CEST
REGULATED INFORMATION
Efore - Quarterly report
EFORE PLC INTERIM REPORT NOVEMBER 1, 2006 - APRIL 30, 2007 (6 months)
EFORE PLC Stock Exchange Release June 7, 2007 9.00 a.m.
EFORE PLC INTERIM REPORT NOVEMBER 1, 2006 - APRIL 30, 2007 (6 months)
November - April in brief (November 1, 2006 — April 30, 2007)
- Net sales totaled EUR 34.4 million (EUR 49.1 million). The fall compared with
the corresponding period in the previous fiscal year was 29.9 %.
- The operating profit was EUR -5.6 million (EUR 0.4 million).
- The profit before taxes was EUR -5.6 million (EUR 0.9 million).
- The earnings for the period were EUR -5.9 million (EUR -1.5 million).
February - April in brief (February 1, - April 30, 2007)
- Net sales totaled EUR 18.2 million (EUR 27.0 million). The fall compared with
the corresponding period in the previous fiscal year was 32.5 %.
- The operating profit was EUR -2.3 million (EUR 1.3 million)
- The profit before taxes was EUR -2.6 million (EUR 1.7 million).
- The earnings for the period were EUR -2.7 million (EUR -0.5 million).
NET SALES AND FINANCIAL PERFORMANCE NOVEMBER - APRIL
Net sales for November -April fell to EUR 34.4 million (EUR 49.1 million). The
fall compared with the corresponding period in the previous fiscal year was 29.9
%. Sales by customer segment were as follows: telecommunications 62.1 % (70.9
%), industrial electronics 28.5 % (24.5 %) and health-care electronics 9.3 %
(4.6 %). Geographically sales were as follows: EMEA EUR 25.0 million (EUR 29.8
million), the Americas EUR 2.9 million (EUR 14.0 million) and APAC EUR 6.5
million (EUR 5.3 million).
The operating profit for November - April was EUR -5.6 million (EUR 0.4
million).
The financial performance for November - April was affected by
lower-than-expected sales.
Launching new products onto the market has been brought forward and estimated
life-cycles of products have been reduced. Return expectations of certain
capitalized product development projects which have been made during previous
fiscal years have been lowered. Impairments of product development projects were
made during the period under review. Impairments amounted to EUR 1.6 million and
most of them were Systems-products.
Write-offs of inventories were made during the period under review. Write-offs
of inventories amounted to EUR 0.4 (EUR 0.0).
The profit before taxes for November - April was EUR -5.6 million (EUR 0.9
million) and the net profit was EUR -5.9 million (EUR -1.5 million).
NET SALES AND FINANCIAL PERFORMANCE FEBRUARY-APRIL
Net sales for February -April fell to EUR 18.2 million (EUR 27.0 million). The
fall compared with the corresponding period in the previous fiscal year was 32.5
%. Sales by customer segment were as follows: telecommunications 64.6 % (73.9
%), industrial electronics 27.6 % (21.4 %) and health-care electronics 7.8 %
(4.7 %). Geographically sales were as follows: EMEA EUR 13.7 million (EUR 18.7
million), the Americas EUR 1.3 million (EUR 5.6 million) and APAC EUR 3.2
million (EUR 2.7 million).
The operating profit for February - April was EUR -2.3 million (EUR 1.3
million). The operating profit was negatively affected by low net sales, a
result of a temporary slowdown in the demand for certain main products.
The profit before taxes for February - April was EUR -2.6 million (EUR 1.7
million) and the net profit was EUR -2.7 million (EUR -0.5 million).
BUSINESS OPERATIONS
Product development activity was focused mainly on new base station families
that will be used in the future and other equipment for telecommunications
networks. Attempts have been and will be made to strengthen the volume of
product development resources further in both Europe and Asia during the present
fiscal year.
In order to increase production the plant in China was transferred to new
premises of about 10,700 m2 during the period under review. Module manufacturing
has been transferred from the USA to China plant. As a result of restructuring,
about 87.4 % (70.6 %) of Efore's production was in countries with lower costs at
the end of the period under review.
Major logistical challenges to the demand for Efore products have been caused by
dependence on certain main customers. Predicting which way demand will go in the
telecom sector is generally difficult. Visibility is not expected to improve
significantly, which means that controlled operational flexibility and rapid
responses will continue to be important in future operations.
INVESTMENT
Group investment in fixed assets amounted to EUR 1.9 million (EUR 2.4 million),
of which investment in machinery and equipment accounted for EUR 1.3 million and
product development costs EUR 0.6 million. At the end of the period under review
capitalized product development costs amounted to EUR 2.6 million (previous year
EUR 3.8 million).
Disposals on tangible fixed assets were EUR 0.1 million (EUR 0.1 million) in the
review period.
FINANCIAL POSITION
The Group's financial position during the period under review was good. The
Group's solvency ratio was 63.2 % (64.1 %) and the gearing was -17.8 % (-29.7%).
Consolidated net interest-bearing liabilities amounted to a positive figure of
EUR -4.3 million (EUR -10.9 million positive), i.e. the consolidated
interest-bearing cash reserves exceed interest-bearing liabilities by EUR 4.3
million. The consolidated net financial expenses were EUR -0.1 million (EUR 0.4
million). The cash flow from business operations was EUR -4.3 million (EUR -6.6
million) and the change in cash flow showed a decrease of EUR 6.1 million (EUR
9.1 million decrease). The cash flow after investment was EUR -6.1 million (EUR
-9.0 million).
Liquid assets excluding undrawn credit facilities totaled EUR 5.4 million (EUR
12.7 million) at the end of the period under review. The Group also had access
to substantial credit facilities at its disposal. The balance sheet total was
EUR 38.6 million (EUR 57.2 million).
During the second quarter the inventories were reduced by EUR 2.4 million.
PERSONNEL
The number of the Group's own personnel averaged 799 (776) during the period
under review and at the end of the period it was 763 (821). The number of
personnel fell by 51 during the period. In addition to its own personnel, the
Group's contract staff numbered 166 (268) at the end of the period. The number
of contract staff increased by 1 during the period under review.
The geographical distribution of the personnel including contract staff at the
end of the period was as follows: Europe 486 (535), of which 169 (285) were in
Finland and 317 (250) in Estonia, the Americas 50 (104) and Asia 393 (450).
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 was EUR 1.55 and the lowest price was
EUR 1.01. The average price during the period was EUR 1.29 and the closing price
was EUR 1.08. The market capitalization calculated at the final trading price in
the period under review was EUR 43.8 million.
The total number of Efore shares traded on the Helsinki Stock Exchange during
the period was 11.3 million and their turnover value was EUR 14.6 million. This
accounted for 27.9 % of the total number of shares at the end of the period. The
number of shareholders totaled 3,701 at the end of the period.
At the end of the period the company did not hold any of its own shares.
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 Efore's field of operation, 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.
OUTLOOK
Telecommunications markets are expected to continue their moderate
euro-denominated growth during 2007. The biggest growth is expected on emerging
markets e.g. India, the Middle East and Africa. As a result of moderate market
prospects, Efore's net sales in strategically important product groups are
forecast to show growth. Net Sales of the fiscal year will tend to concentrate
on the second half of the year, a trend confirmed by the numbers of deliveries
scheduled for the beginning of the third quarter.
The business operations will still be affected by changes to customers'
logistics control. The company's main aim is to continue focusing on the
development of demanding and innovative power-supply solutions with the world's
leading companies in their own fields. Developing energy-saving solutions that
will take up less space will be a major focal point.
Projects to develop operations in order to improve productivity and cost
structure, lower inventories and make the production and product development
processes more efficient will continue during this fiscal year. The purpose of
these projects is to bring further improvement to the profitability of the
company's operations.
The Group intends further focusing of operations on low-cost countries,
particularly China. The Group has also decided to examine the scope for becoming
established on new, expanding markets, where the company does not yet operate
locally.
With the restructuring that has been carried out, result for the fiscal year (12
months) is expected to show an improvement compared with the last fiscal year.
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| CONSOLIDATED INCOME | | | | | |
| STATEMENT | | | | | |
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| EUR million | Feb./07 | Feb./0 | Nov.06- | Nov.05- | Nov./05- |
| | - | 6- | | | |
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| | Apr./07 | Apr./0 | Apr./07 | Apr./06 | Oct./06 |
| | | 6 | | | |
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| | 3 | 3 | 6 | 6 | 12 |
| | months | months | months | months | months |
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| Net sales | 18,2 | 27,0 | 34,4 | 49,1 | 90,5 |
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| Change in inventories of | | | | | |
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| finished goods and work in | -0,8 | -0,5 | 0,0 | -0,5 | 1,2 |
| progress | | | | | |
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| Other operating income | 0,0 | 0,1 | 0,1 | 0,2 | 0,5 |
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| Materials and services | -12,4 | -17,7 | -24,7 | -32,6 | -65,9 |
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| Employee benefits expenses | -4,3 | -4,6 | -8,4 | -9,3 | -18,8 |
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| Depreciation | -1,1 | -0,9 | -1,7 | -1,7 | -3,5 |
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| Impairments | -0,1 | 0,0 | -1,6 | 0,0 | -0,5 |
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| Other operating expenses | -2,0 | -2,3 | -3,8 | -4,8 | -9,4 |
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| OPERATING PROFIT (-LOSS) | -2,3 | 1,3 | -5,6 | 0,4 | -5,8 |
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| % net sales | -12,8 | 4,8 | -16,3 | 0,9 | -6,4 |
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| Financing income | 0,2 | 0,4 | 0,6 | 0,9 | 1,0 |
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| Financing expenses | -0,5 | -0,1 | -0,7 | -0,5 | -0,8 |
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| Share of profit of | | | | | |
| associated | | | | | |
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| companies | 0,0 | 0,1 | 0,1 | 0,1 | 0,2 |
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| PROFIT (-LOSS) BEFORE TAX | -2,6 | 1,7 | -5,6 | 0,9 | -5,5 |
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| % net sales | -14,1 | 6,2 | -16,3 | 1,8 | -6,1 |
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| Tax on income from | -0,1 | -2,2 | -0,3 | -2,4 | -2,7 |
| operations | | | | | |
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| PROFIT (-LOSS) FOR THE | -2,7 | -0,5 | -5,9 | -1,5 | -8,2 |
| PERIOD | | | | | |
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| NET PROFIT/LOSS | | | | | |
| ATTRIBUTABLE | | | | | |
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| To equity holders of the | -2,7 | -0,5 | -5,9 | -1,5 | -8,2 |
| parent | | | | | |
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| EARNINGS PER SHARE | | | | | |
| CALCULATED ON PROFIT | | | | | |
| ATTRIBUTABLE TO EQUITY | | | | | |
| HOLDERS OF THE PARENT: | | | | | |
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| Earnings per share,eur | -0,07 | -0,01 | -0,15 | -0,04 | -0,20 |
--------------------------------------------------------------------------------
| Earnings per share, | -0,07 | -0,01 | -0,15 | -0,04 | -0,20 |
| diluted, eur | | | | | |
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| NET SALES BY SECONDARY | Feb./07 | Feb./0 | Nov.06- | Nov.05- | Nov./05- |
| SEGMENTS, | - | 6- | | | |
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| EUR million | Apr./07 | Apr./0 | Apr./07 | Apr./06 | Oct./06 |
| | | 6 | | | |
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| | 3 | 3 | 6 | 6 | 12 |
| | months | months | months | months | months |
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| Americas | 1,3 | 5,6 | 2,9 | 14,0 | 21,2 |
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| EMEA | 13,7 | 18,7 | 25,0 | 29,8 | 57,9 |
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| APAC | 3,2 | 2,7 | 6,5 | 5,3 | 11,4 |
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| TOTAL | 18,2 | 27,0 | 34,4 | 49,1 | 90,5 |
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| CONSOLIDATED BALANCE | | | | |
| SHEET | | | | |
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| EUR million | Apr. 30, | Apr. 30, | change | Oct. 31, |
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| | 2007 | 2006 | % | 2006 |
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| ASSETS | | | | |
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| NON-CURRENT ASSETS | | | | |
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| Intangible assets | 3,3 | 4,6 | | 4,6 |
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| Tangible assets | 8,3 | 9,1 | | 8,6 |
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| Investments in | 0,4 | 0,2 | | 0,2 |
| associates | | | | |
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| Long-term | 0,0 | 0,0 | | 0,0 |
| receivables and | | | | |
| other receivables | | | | |
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| Other long-term | 0,0 | 0,0 | | 0,0 |
| investments | | | | |
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| Deferred tax assets | 0,1 | 0,4 | | 0,3 |
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| NON-CURRENT ASSETS | 12,0 | 14,4 | -16,5 | 13,8 |
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| CURRENT ASSETS | | | | |
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| Inventories | 12,0 | 13,2 | | 14,3 |
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| Trade receivables | 9,2 | 17,0 | | 8,8 |
| and other | | | | |
| receivables | | | | |
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| Financial assets | 1,7 | 8,6 | | 3,4 |
| held for trading | | | | |
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| Cash and cash | 3,7 | 4,1 | | 8,2 |
| equivalents | | | | |
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| CURRENT ASSETS | 26,6 | 42,9 | -38,0 | 34,7 |
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| ASSETS | 38,6 | 57,2 | -32,6 | 48,5 |
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| EQUITY AND | | | | |
| LIABILITIES | | | | |
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| SHAREHOLDERS' EQUITY | | | | |
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| Share capital | 34,5 | 34,5 | | 34,5 |
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| Share premium | 0,0 | 4,0 | | 0,0 |
| account | | | | |
--------------------------------------------------------------------------------
| Fair value reserve | 1,2 | 0,8 | | 1,3 |
| and other reserves | | | | |
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| Translation | 0,0 | 0,2 | | 0,2 |
| differences | | | | |
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| Retained earnigs | -11,3 | -2,8 | | -5,7 |
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| SHAREHOLDERS' EQUITY | 24,4 | 36,7 | -33,6 | 30,2 |
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| Equity attributable | 24,4 | 36,7 | | 30,2 |
| to equity holders of | | | | |
| the parent | | | | |
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| LIABILITIES | | | | |
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| NON-CURRENT | | | | |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 0,0 | 0,1 | | 0,1 |
| liability | | | | |
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| Interest-bearing | 0,2 | 0,3 | | 0,3 |
| liabilities | | | | |
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| NON-CURRENT | 0,2 | 0,5 | -47,4 | 0,4 |
| LIABILITIES | | | | |
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| CURRENT LIABILITIES | | | | |
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| Interest-bearing | 0,9 | 1,5 | | 0,9 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Trade payables and | 12,6 | 18,3 | | 16,5 |
| other liabilities | | | | |
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| Current provisions | 0,5 | 0,4 | | 0,5 |
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| CURRENT LIABILITIES | 14,0 | 20,1 | | 17,9 |
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| LIABILITIES | 14,2 | 20,6 | | 18,3 |
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| TOTAL EQUITY AND | 38,6 | 57,2 | -32,6 | 48,5 |
| LIABILITIES | | | | |
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| GROUP KEY FIGURES, EUR | Feb./07 | Feb./06 | Nov.06- | Nov.05- | Nov./05- |
| million | - | - | | | |
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| | Apr./07 | Apr./06 | Apr./07 | Apr./06 | Oct./06 |
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| | 3 | 3 | 6 | 6 | 12 |
| | months | months | months | months | months |
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| Earnings per share,eur | -0,07 | -0,01 | -0,15 | -0,04 | -0,20 |
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| Earnings per share, | -0,07 | -0,01 | -0,15 | -0,04 | -0,20 |
| diluted, eur | | | | | |
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| Shareholders' equity per | 0,60 | 0,91 | 0,60 | 0,91 | 0,75 |
| share, eur | | | | | |
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| Solvency ratio,% | 63,2 | 64,1 | 63,2 | 64,1 | 62,3 |
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| Return on equity-%(ROE) | -41,8 | -5,7 | -43,2 | -7,9 | -23,9 |
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| Return on | -36,6 | 18,3 | -38,1 | 5,7 | -14,3 |
| investment-%(ROI) | | | | | |
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| Gearing, % | -17,8 | -29,7 | -17,8 | -29,7 | -34,6 |
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| Net interest-bearing | -4,3 | -10,9 | -4,3 | -10,9 | -10,5 |
| liabilities, EUR million | | | | | |
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| Gross investments, Me | 1,0 | 1,1 | 1,9 | 2,4 | 4,8 |
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| as percentage of net | 5,7 | 3,8 | 5,4 | 4,8 | 5,3 |
| sales | | | | | |
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| Average personnel | 782 | 800 | 799 | 776 | 792 |
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| CONSOLIDATED CASH FLOW | Nov./06- | Nov./05- | change | Nov./05- |
| STATEMENT | | | | |
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| EUR million | Apr./07 | Apr./06 | % | Oct./06 |
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| Cash flows from operating | | | | |
| activities | | | | |
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| Cash receipts from customers | 34,2 | 42,5 | | 90,8 |
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| Cash receipts from other | 0,1 | 0,1 | | 0,4 |
| operating income | | | | |
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| Cash paid to suppliers and | -38,8 | -49,2 | | -95,4 |
| employees | | | | |
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| Cash generated from operations | -4,5 | -6,6 | | -4,2 |
--------------------------------------------------------------------------------
| Interest paid | -0,3 | -0,2 | | -0,8 |
--------------------------------------------------------------------------------
| Dividends received | 0,0 | 0,0 | | 0,1 |
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| Interest received | 0,6 | 0,5 | | 0,8 |
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| Income taxes paid | -0,1 | -0,2 | | -0,6 |
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| Net cash from operating | -4,3 | -6,6 | -34,5 | -4,7 |
| activities (A) | | | | |
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| Cash flows from investing | | | | |
| activities | | | | |
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| Purchase of tangible and | -1,9 | -2,5 | | -5,0 |
| intangible assets | | | | |
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| Proceeds from sale of tangible | 0,1 | 0,0 | | 0,0 |
| and intangible assets | | | | |
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| Purchase of investments | 0,0 | 0,0 | | 0,0 |
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| Net cash used in investing | -1,8 | -2,5 | -29,0 | -4,9 |
| activities (B) | | | | |
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| Cash flows from financing | | | | |
| activities | | | | |
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| Proceeds from short-term | 0,0 | 0,0 | | 0,2 |
| borrowings | | | | |
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| Repayment of long-term | 0,0 | 0,0 | | -0,7 |
| borrowings | | | | |
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| Net cash used in financing | 0,0 | 0,0 | -100,0 | -0,5 |
| activities (C) | | | | |
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| Net increase/decrease in cash | | | | |
| and cash | | | | |
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| equivalents (A+B+C) | -6,1 | -9,1 | -33,3 | -10,1 |
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| GROUP CONTINGENT LIABILITIES | Apr. 30, | Apr. 30, | | Oct. 31, |
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| EUR million | 2007 | 2006 | | 2006 |
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| Security and contingent | | | | |
| liabilities | | | | |
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| On own behalf | | | | |
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| Pledges | 0,0 | 0,0 | | 0,0 |
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| For others | | | | |
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| Other contingent liabilities | 0,2 | 0,2 | | 0,2 |
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| Operating lease commitments | | | | |
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| Group as lessee | | | | |
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| Non-cancellable minimum | | | | |
| operating lease | | | | |
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| payments: | | | | |
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| Less than 1 year | 2,1 | 2,0 | | 1,9 |
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| 1-5 years | 3,9 | 4,7 | | 7,3 |
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| Fair values of derivate | | | | |
| financial instruments | | | | |
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| Currency derivatives | | | | |
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| Forward currency contracts | | | | |
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| Nominal amount | 0,6 | 0,5 | | 0,8 |
--------------------------------------------------------------------------------
| Positive fair value | 0,0 | 0,0 | | 0,0 |
--------------------------------------------------------------------------------
| Negative fair value | 0,0 | 0,0 | | 0,0 |
--------------------------------------------------------------------------------
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| Stock derivatives | | | | |
--------------------------------------------------------------------------------
| Futures | | | | |
--------------------------------------------------------------------------------
| Nominal amount | 0,0 | 0,0 | | 2,0 |
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| Negative fair value | 0,0 | 0,0 | | 0,0 |
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| THE FOLLOWING TRANSACTIONS | Apr. 30, | Apr. 30, | | Oct. 31, |
| WERE | | | | |
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| CARRIED OUT WITH RELATED | 2007 | 2006 | | 2006 |
| PARTIES: | | | | |
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| EUR million | | | | |
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| Associated companies | | | | |
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| Sales | 0,1 | 3,5 | | 4,2 |
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| Purchases | 0,2 | 0,3 | | 0,5 |
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| Receivables | 0,0 | 3,4 | | 0,1 |
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| Liabilities | 0,0 | 0,1 | | 0,0 |
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| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | |
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| | | Equity attributable to equity holders of the | |
| | | parent | |
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| EUR million | Share | Share | Other | Translation | Retained | Total |
| | capita | premiu | reserv | differences | earnings | |
| | l | m | es | | | |
| | | accoun | | | | |
| | | t | | | | |
--------------------------------------------------------------------------------
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| Shareholder | 34,5 | 0,0 | 1,3 | 0,2 | -5,7 | 30,2 |
| s' equity | | | | | | |
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| Nov.1, 2006 | | | | | | |
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| Change in | 0,0 | 0,0 | 0,0 | -0,2 | 0,1 | -0,1 |
| translation | | | | | | |
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| difference | | | | | | |
--------------------------------------------------------------------------------
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| The costs | 0,0 | 0,0 | 0,1 | 0,0 | 0,0 | 0,1 |
| of options | | | | | | |
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| rights | | | | | | |
--------------------------------------------------------------------------------
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| Other | 0,0 | 0,0 | -0,2 | 0,0 | 0,2 | 0,0 |
| changes | | | | | | |
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| Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | -5,9 | -5,9 |
| for the | | | | | | |
| period | | | | | | |
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| Shareholder | 34,5 | 0,0 | 1,2 | 0,0 | -11,3 | 24,4 |
| s' equity | | | | | | |
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| Apr. 30, | | | | | | |
| 2007 | | | | | | |
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| EUR million | Share | Share | Other | Translation | Retained | Total |
| | capita | premiu | reserv | differences | earnings | |
| | l | m | es | | | |
| | | accoun | | | | |
| | | t | | | | |
--------------------------------------------------------------------------------
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| Shareholder | 34,5 | 4,0 | 0,7 | 0,2 | -1,2 | 38,2 |
| s' equity | | | | | | |
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| Nov.1, 2005 | | | | | | |
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| Change in | 0,0 | 0,0 | 0,0 | 0,0 | -0,1 | -0,1 |
| translation | | | | | | |
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| difference | | | | | | |
--------------------------------------------------------------------------------
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| The costs | 0,0 | 0,0 | 0,1 | 0,0 | 0,0 | 0,1 |
| of options | | | | | | |
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| rights | | | | | | |
--------------------------------------------------------------------------------
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| Other | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| changes | | | | | | |
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| Profit/loss | 0,0 | 0,0 | 0,0 | 0,0 | -1,5 | -1,5 |
| for the | | | | | | |
| period | | | | | | |
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| Shareholder | 34,5 | 4,0 | 0,8 | 0,2 | -2,8 | 36,7 |
| s' equity | | | | | | |
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| Apr. 30, | | | | | | |
| 2006 | | | | | | |
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Percentage changes calculated on basis of exact figures.
The interim report has been drawn up in accordance with IAS34 Standard on
Interim Reports and the Group's accounting principles presented in the 2006
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 June 7, 2007 at 9 - 11 a.m. or at 4 - 5 p.m., tel. +358 9 4784 6312
Efore Plc will hold a news conference regarding the interim report for analysts
and media on June 7, 2007 at 11 a.m. in Helsinki World Trade Center, address
Aleksanterinkatu 17.
DISTRIBUTION Helsinki Stock Exchange
Principal media
Efore GroupThe Efore Electronics Group is an international company providing
services for the telecommunications, industrial automation and health care
industries. Its operations comprise custom-designed power supplies, DC power
systems, electronics design, and ancillary maintenance and repair services.
Efore's head office is in Espoo, Finland. Besides Finland, the company's product
development and marketing units are located in China, the USA, Germany and
Sweden. Its production units are located in China, Estonia and the USA. In the
fiscal year ending in October 2006, consolidated net sales totaled approximately
EUR 90.5 million and the Group's personnel numbered 812. The shares of the
parent company Efore Plc are listed at the Helsinki Stock Exchange.
www.efore.com
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