2013-08-20 08:00:01 CEST
2013-08-20 08:00:04 CEST
REGULATED INFORMATION
Efore - Interim report (Q1 and Q3)
EFORE GROUP INTERIM REPORT NOVEMBER 1, 2012 – JULY 31, 2013 (9 MONTHS) – SIGNIFICANT STEP TAKEN IN INDUSTRIAL SECTOR AS A RESULT OF ACQUISITION
Espoo, Finland, 2013-08-20 08:00 CEST (GLOBE NEWSWIRE) -- EFORE PLC Interim
Report August 20, 2013 9.00 a.m.
Period under the review in brief (November 1, 2011 — July 31, 2012)
- Net sales totaled EUR 45.3 million (EUR 55.4 million)
- Results from operating activities amounted to EUR -5.1 million (EUR -1.9
million)
- Results from operating activities without one-time items were EUR -3.7
million (EUR 0.0 million)
- Result before taxes was EUR -5.2 million (EUR -2.5 million)
- Result for the period was EUR -5.0 million (EUR -2.2 million)
- Earnings per share were EUR -0.13 (EUR -0.5)
- Roal Group has been consolidated to Efore Group from July 1, 2013
Third quarter in brief (May 1, 2012 — July 31, 2012)
- Net sales totaled EUR 16.7 million (EUR 21.2 million)
- Results from operating activities amounted to EUR -1.7 million (EUR 0.3
million)
- Results from operating activities without one-time items were EUR -0.9
million (EUR 0.0 million)
- Result before taxes was EUR -1.7 million (EUR 0.2 million)
- Result for the period was EUR -1.6 million (EUR 0.2 million)
- Earnings per share were EUR -0.04 (EUR 0.00)
Vesa Vähämöttönen, Efore's President and CEO:
“We took one of the most important steps in Efore history by acquiring the
entire share capital of Roal Electronics S.p.A. (Roal). Roal acquisition is a
key part of Efore's strategy to grow industrial sector and balance its
businesses.
Last spring started Efore's profitability and efficiency improvement is
progressing as planned during the current fiscal year. As a result of the
implemented actions Efore (without Roal) estimates to reach a positive result
with at least EUR 15 million quarterly net sales during the last quarter of the
current calendar year.
Expanding in industrial sector and materializing synergy benefits from the
acquisition will play a substantial role also in improving competitiveness of
telecom sector.”
NOVEMBER - JULY NET SALES AND FINANCIAL DEVELOPMENT
Net sales for the period under the review totaled EUR 45.3 million (EUR 55.4
million). Net sales by customer group were as follows: Telecommunication 65.4 %
(79.0 %) and industrial 34.6 % (21.0 %). Geographically Efore's deliveries were
to the following areas: EMEA EUR 24.5 million (EUR 29.7 million), APAC EUR 11.8
million (EUR 18.1 million), Finland EUR 7.2 million (EUR 6.8 million) and the
Americas EUR 1.8 million (EUR 0.9 million) which totaled EUR 45.3 million (EUR
55.4 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.
Roal Group has been consolidated to Efore Group from July 1, 2013. Roal
contributed EUR 3.3 million sale to the Group. Roal acquisition also increased
the relative share of the industrial sector.
The results from operating activities amounted to EUR -5.1 million (EUR -1.9
million).
Results from operating activities include one-time items of approximately EUR
0.4 million related to the profitability and efficiency improvement program as
well as costs of the acquisition EUR 1.0 million.
NET SALES AND FINANCIAL DEVELOPMENT FOR THE THIRD QUARTER
Net sales for the third quarter totaled EUR 16.7 million (EUR 21.2 million).
Net sales by customer group were as follows: Telecommunication 56.4 % (81.3 %)
and industrial 43.6 % (18.7 %). Geographically Efore's deliveries were to the
following areas: EMEA EUR 8.7 million (EUR 12.6 million), APAC EUR 4.3 million
(EUR 6.0 million), Finland EUR 2.3 million (EUR 2.4 million) and the Americas
EUR 1.5 million (EUR 0.2 million) which totaled EUR 16.7 million (EUR 21.2
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 -1.7 million (EUR 0.3
million).
Results from operating activities include one-time items of EUR 0.8 million
related to acquisition.
BUSINESS DEVELOPMENT
Investment in product and technology development during the period under review
was EUR 5,0 million (EUR 5.6 million) representing 10,9 % (10.7 %) of net
sales.
Demand of telecom sector continued at modest level during the third quarter due
to the operators' cautiousness to invest in uncertain world economic situation.
Efore's strategy implementation progressed significantly when Roal acquisition
was completed in July 2013.
Efore's profitability and efficiency improvement program started in March 2013
is progressing as planned and had a slight effect on the third quarter's
result. Efore is targeting to annual cost base reduction of total EUR 1.8
million by the end of the year. As a result of the implemented actions Efore
(without Roal) estimates to reach a positive result with EUR 15 million
quarterly net sales during the last quarter of the current calendar year.
BUSINESS ACQUISITIONS
Efore Group acquired the entire share capital of Roal Electronics S.p.A. in
July 2013. Roal is established in 1985 and it employs approximately 350 people.
Roal Group's headquarters and R&D are based in Italy and the production unit in
Tunisia. Sales and marketing operations are located in Europe, United States
and China. The Roal Group's net sales amounted to EUR 39.5 million in 2012.
Roal acquisition matches well to Efore's strategic goals as Roal designs and
manufactures similar products with Efore but for different customers and
segments. Roal has a strong expertise and close customer relationships in LED
drivers which is the fastest growing power products market. Other segments are
power products for instrumentation devices, medical equipment and household
appliances.
Similarity of products and operation models enables to reach synergy benefits.
Production capacities, production locations and supply chains can be optimized.
In addition, the transaction generates synergy benefits in procurement,
logistics, IT and in other support functions. Annual estimated synergy benefits
from material purchases are EUR 1.5 million and can be materialized after 12
months. No significant integration costs are expected.
The purchase price amounted to EUR 9.7 million. 60 per cent of the purchase
price was paid in cash and 40 per cent in Efore shares. Shares were valued at
EUR 0.74 per share. Purchase price paid in Efore shares was equivalent to 5 243
243 Efore shares. Efore board decided to use the AGM authorization to assign
the shares to the sellers.
The deal was financed with long and short term loans and cash reserves.
Other details concerning the acquisition are shown in table section.
INVESTMENTS
Group investments without Roal acquisition in fixed assets during the period
under review amounted to EUR 1.5 million (EUR 1.3 million) of which product
development costs were EUR 0,3 million.
At the end of the period under review capitalized product development costs
amounted to EUR 2.6 million (EUR 0.7 million).
FINANCIAL POSITION
Interest-bearing liabilities exceeded the consolidated interest-bearing cash
reserves by EUR 11.0 million (EUR -1.8 million) at the end of the period under
review. The consolidated net financial expenses were EUR 0.1 million (EUR 0.6
million). The cash flow from business operations was EUR -3.0 million (EUR 1.8
million). The cash flow after investments was EUR -8.0 million (EUR 0.5
million).
The Group's solvency ratio was 33.8 % (45.1 %) and the gearing was 56.7 %
(-8.5%).
Liquid assets excluding undrawn credit facilities totaled EUR 3.9 million (EUR
7.5 million) at the end of the period under review. The balance sheet total
was EUR 57.7 million (EUR 47.4 million).
PERSONNEL
The number of the Group's own personnel including temporary personnel averaged
775 (895) during the period under review and at the end of the period under
review it was 917 (949). Roal acquisition increased the number of the Group's
personnel by 311 persons.
SHARES, SHARE CAPITAL AND SHAREHOLDERS
Efore Plc's new 5,243,243 issued shares have been registered in the Trade
Register on July 12, 2013. The total number of Efore Plc shares at the end of
the period under review was 47.772.891 and the registered share capital was EUR
15.000.000.
Based on the decision of the Annual General Meeting on February 7, 2013, Efore
Plc transferred 74,791 shares to the members of the Board of Directors as part
of the payment of the annual remuneration. At the end of the period under
review the number of the Group's own shares was 1.143.753. 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 period under review was EUR 0.80 and the
lowest price was EUR 0.66. The average price during the period under review was
EUR 0.72 and the closing price was EUR 0.73. The market capitalization
calculated at the final trading price during the period under review was EUR
28.5 million.
The total number of Efore shares traded on the Nasdaq OMX Helsinki during the
period under review was 8.0 million and their turnover value was EUR 5.7
million. This accounted for 18.8 % of the total number of shares. The number
of shareholders totaled 3010 (3313) at the end of the period under review.
FLAGGING NOTIFICATIONS
Following the directed share issue as announced in July 10, 2013, the following
changes in holdings exceeding the notification limit have taken effect.
Rausanne Group's share of the total number of shares and voting rights,
including the companies under its authority (Rausanne Oy, Auratum Oy and
Adafor Oy), in Efore Plc went below 10 % on July 12, 2013.
Sievi Capital Oyj's share of the total number of shares and voting rights in
Efore Plc went below 15% on July 12, 2013.
Efore Management Oy's share of the total number of shares and voting rights in
Efore Plc went below 5 per cent on July 12, 2013.
The holdings of Timo Syrjälä, including the companies under his authority, of
the share capital and voting rights in Efore Plc went below 5 per cent on July
12, 2013.
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 2012
annual report. The information in this release is unaudited.
All the figures in the report have been rounded up/down, for which reason the
total of the individual figures when added together may be different from the
total shown. In addition, Before Plc. has adopted new and or amended
IFRS-standards that have been presented in the previous Financial Statements.
These changes have no any major effect on the Interim Report.
SHORT-TERM RISKS AND FACTORS OF UNCERTAINTY
The market typical fluctuation in demand can cause rapid changes in Efore's
business. 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 Efore's product development projects depends on the customers' own
project schedules and the establishment of the whole market.
Expanding the company's product range to standard products in industrial sector
means growth of product liability risk. Progress of the EV business depends on
the development of the whole market.
It has been recognized that global economic development may have an effect on
Efore's business environment
A more comprehensive report on risk management is presented on the company's
web-sites.
OUTLOOK
Long-term demand of wireless network equipment is expected to grow depending
however on global economic development. Industrial sector offers several growth
areas for Efore. Roal acquisition is a key part of Efore's strategy to grow
industrial business sector and balance its businesses.
In the near future, Efore is concentrating to materialize synergy benefits
after the acquisition and to complete the profitability and efficiency
improvement program.
FINANCIAL ESTIMATE FOR THE FISCAL YEAR 2013
Efore improved its financial estimate for fiscal year 2013 on July 10, 2013 as
follows: Net sales of new Efore Group for fiscal year 2013 is estimated to be
at least EUR 80 million.
EVENTS AFTER THE PERIOD UNDER REVIEW
Notice to Extraordinary General Meeting on August 26, 2013 was published on
August 5, 2013. In the acquisition release Efore published a plan to strengthen
its capital structure in order to continue its strategic change. Efore is
planning to increase equity and/or launch equity related loan instruments
equivalent to 10 million shares at most. The matter will be on the agenda of
the before mentioned extraordinary general meeting.
TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million May/13- May/12- Nov./12- Nov./11- Nov./11-
July/13 July/ 12 July/ 13 July/ 12 Oct./12
3 months 3 months 9 months 9 months 12 months
Net sales 16,7 21,2 45,3 55,4 78,1
Change in inventories of
finished goods and work in 0,4 0,8 1,1 2,1 2,3
progress
Work performed for own
purposes and
capitalised 0,1 0,0 0,1 0,0 0,0
Other operating income 0,3 0,1 0,4 0,6 0,6
Materials and services -12,5 -15,2 -33,6 -40,5 -55,9
Employee benefits expenses -3,4 -4,0 -10,6 -11,5 -15,9
Depreciation -0,6 -0,6 -1,7 -2,2 -3,0
Other operating expenses -2,6 -2,1 -6,2 -5,9 -8,8
RESULTS FROM OPERATING -1,7 0,3 -5,1 -1,9 -2,6
ACTIVITIES
% net sales -10,2 1,2 -11,4 -3,5 -3,3
Financing income 0,4 0,4 1,1 1,0 1,7
Financing expenses -0,5 -0,5 -1,2 -1,6 -2,1
RESULT BEFORE TAX -1,7 0,2 -5,2 -2,5 -3,0
% net sales -10,3 0,7 -11,6 -4,6 -3,9
Tax on income from operations 0,1 0,0 0,2 0,3 0,7
RESULT FOR THE PERIOD -1,6 0,2 -5,0 -2,2 -2,3
OTHER COMPREHENSIVE INCOME:
Items that may be reclassified subsequently to
profit or loss
Translation differences -0,1 0,9 -0,1 1,9 1,4
Total comprehensive income -1,8 1,1 -5,1 -0,3 -0,9
NET PROFITT/lOSS ATTRIBUTABLE
To equity holders of the -1,6 0,2 -5,0 -2,2 -2,3
parent
To non-controlling interest 0,0 0,0 0,0 0,0 -0,1
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
Equity holders of the parent -1,8 1,1 -5,1 -0,3 -0,9
Non-controlling interest 0,0 0,0 0,0 0,0 -0,1
EARNINGS PER SHARE CALCULATED
ON PROFIT ATTRIBUTABLE TO
EQUITY HOLDERS OF THE
PARENT:
Earnings per share, basic,eur -0,04 0,00 -0,13 -0,05 -0,06
Earnings per share, diluted, -0,04 0,00 -0,13 -0,05 -0,06
eur
INFORMATION ABOUT May/13- May/12- Nov./12- Nov./11- Nov./11-
GEOGRAPHICAL
AREAS, EUR million July/13 July/ 12 July/ 13 July/ 12 Oct./12
3 months 3 months 9 months 9 months 12 months
Americas 1,5 0,2 1,8 0,9 1,3
EMEA 8,7 12,6 24,5 29,7 42,0
FINLAND 2,3 2,4 7,2 6,8 11,1
APAC 4,3 6,0 11,8 18,1 23,8
Total 16,7 21,2 45,3 55,4 78,1
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million July July change Oct.
31, 31, 31,
2013 2012 % 2012
ASSETS
NON-CURRENT ASSETS
Intangible assets 5,8 1,1 0,9
Goodwill 1,1 0,0 0,0
Tangible assets 8,6 6,9 6,1
Avaiable-for-sale-investments 0,0 0,0 0,0
Trade receivables and other receivables, 0,2 0,0 0,3
non-current
Other long-term investments 0,0 0,0 0,0
Deferred tax asset 2,5 0,0 0,9
NON-CURRENT ASSETS 18,2 8,0 127,8 8,3
CURRENT ASSETS
Inventories 18,1 15,4 14,2
Trade receivables and other receivables 16,5 15,9 16,4
Tax receivable, income tax 0,9 0,7 0,0
Cash and cash equivalents 3,9 7,5 4,5
CURRENT ASSETS 39,4 39,4 0,2 35,0
ASSETS 57,7 47,4 21,7 43,3
EQUITY AND LIABILITIES
EQUITY
Share capital 15,0 15,0 15,0
Treasury shares -2,4 -2,5 -2,5
Other reserves 23,7 19,8 19,8
Translation differences 1,8 2,5 2,0
Retained earnings -18,8 -13,7 -13,9
Equity attributable to equity holders of the 19,3 21,1 20,4
parent
Equity attributable to non-controlling 0,2 0,3 0,2
interests
EQUITY 19,5 21,4 -8,8 20,7
NON-CURRENT LIABILITIES
Deferred tax liabilities 1,0 0,0 0,0
Interest-bearing liabilities 4,5 1,8 1,5
Interest-free liabilities 0,0 0,0 0,0
Provisions 1,9 0,0 0,0
NON-CURRENT LIABILITIES 7,5 1,8 310,8 1,5
CURRENT LIABILITIES
Interest-bearing liabilities 10,5 3,8 0,6
Trade payables and other liabilities 19,8 20,2 19,7
Tax liabilities 0,3 0,0 0,0
Provisions 0,1 0,2 0,8
CURRENT LIABILITIES 30,7 24,2 21,1
LIABILITIES 38,2 26,0 22,6
TOTAL EQUITY AND LIABILITIES 57,7 47,4 21,7 43,3
GROUP KEY FIGURES, EUR May/13- May/12- Nov./12- Nov./11- Nov./11-
million
July/13 July/ 12 July/ 13 July/ 12 Oct./12
3 months 3 months 9 months 9 months 12 months
Earnings per share, basic,eur -0,04 0,00 -0,13 -0,05 -0,06
Earnings per share, diluted, -0,04 0,00 -0,13 -0,05 -0,06
eur
Equity per share, eur 0,44 0,54 0,44 0,54 0,52
Solvency ratio,% 33,8 45,1 33,8 45,1 47,7
Return on equity-%(ROE) -35,3 3,2 -33,2 -12,9 -10,5
Return on investment-%(ROI) -20,4 3,7 -22,1 -10,1 -9,9
Gearing, % 56,7 -8,5 56,7 -8,5 -11,3
Net interest-bearing 11,0 -1,8 11,0 -1,8 -2,3
liabilities
Investments (intangible and 0,9 0,1 1,5 1,3 1,8
tangible assets)
as percentage of net sales 5,5 0,5 3,4 2,3 2,4
Average personnel 746 947 775 895 888
CONSOLIDATED STATEMENT OF CASH FLOWS Nov./12 Nov./11 change Nov./11
- - -
EUR million July/13 July/12 % Oct./12
Cash flows from operating activities
Cash receipts from customers 58,8 61,0 83,9
Cash paid to suppliers and employees -61,5 -58,8 -81,3
Cash generated from operations -2,7 2,3 2,7
Interest paid -0,2 0,0 -0,3
Interest received 0,0 0,0 0,0
Other financial items 0,1 -0,5 0,5
Income taxes paid -0,2 0,0 -0,2
Net cash from operating activities (A) -3,0 1,7 -275,1 2,6
Cash flows from investing activities
Purchase of tangible and intangible assets -1,0 -1,3 -1,7
Proceeds from sale of tangible and intangible 0,2 0,1 0,2
assets
Acquisition of subsidiaries, net of cash -4,1 0,0
acguired
Loans granted 0,0 0,0
Income taxes paid 0,0 0,0
Net cash used in investing activities (B) -5,0 -1,2 309,8 -1,6
Cash flows from financing activities
Capital invest by the minority 0,0 0,0 0,0
Repurchase of own shares 0,0 -0,5 -0,5
Sales of own shares 0,0 0,1 0,0
Proceedings from short-term borrowings 8,0 1,8 1,8
Repayment of short-term borrowings -1,2 -2,4 -5,5
Proceeds from long-term borrowings 1,6 0,0 0,0
Repayment of long-term borrowings -0,7 -1,5 -1,7
Financial leasing repayment -0,1 -0,1 -0,2
Repayment of capital to shareholders 0,0 -2,1 -2,1
Net cash used in financing activities (C) 7,6 -4,7 -8,1
Net increase/decrease in cash and cash
equivalents (A+B+C) -0,4 -4,2 -7,1
Cash and cash equivalents at beginning of 4,5 11,2 11,2
period on Nov.1
Net increase/decrease in cash and cash -0,4 -4,2 -7,1
equivalents
Effects of exchange rate fluctuations on cash -0,2 0,4 0,4
held
Cash and cash equivalents at end of period on 3,9 7,5 4,5
July. 31
GROUP CONTINGENT LIABILITIES July July Oct.
31, 31, 31,
EUR million 2013 2012 2012
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 1,5 1,4 0,7
1-5 years 0,6 0,7 0,5
Fair values of derivate financial instruments
Currency derivatives, not hedge
Option contract
Nominal amount 0,0 3,3 0,8
Negative fair value 0,0 0,0 0,0
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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
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 1,9 -2,2 -0,2 0,0 -0,3
Repayment of capital to 0,0 0,0 -2,1 0,0 0,0 0,0 -2,1 0,0 -2,1
shareholders
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 -0,4 0,0 0,0 0,0 0,0 -0,4 0,0 -0,4
Equity 15,0 -2,5 18,8 1,0 2,5 -13,7 21,1 0,3 21,4
July 31, 2012
EUR million A B C D E F G H I
Equity 15,0 -2,5 18,8 1,0 2,0 -13,9 20,4 0,2 20,7
Nov.1, 2012
Comprehensive income 0,0 0,0 0,0 0,0 -0,1 -5,0 -5,1 0,0 -5,1
Share-based incentive 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0
programme
Disposal of own shares 0,0 0,1 0,0 0,0 0,0 0,0 0,1 0,0 0,1
Directed share issue 0,0 0,0 3,9 0,0 0,0 0,0 3,9 0,0 3,9
Equity 15,0 -2,4 22,6 1,0 1,8 -18,8 19,3 0,2 19,5
July 31, 2013
BUSINESS ACQUISITIONS
The purchase price amounted to EUR 9.7 million. 60 per cent of the purchase
price was paid in cash and 40 per cent in Efore shares. Shares were valued at
EUR 0.74 per share. Purchase price paid in Efore shares was equivalent to
5 243 243 Efore shares. Efore board decided to use the AGM authorization to
assign the shares to the sellers.
Roal acquisition is a key part of Efore's strategy to grow industrial business
sector and balance its businesses.
Intangible assets arising from business combinations have been recognized
separately from goodwill at fair value at the time of acquisition. The Group
has allocated EUR 2.0 million to intangible assets mainly related to customer
base and product rights. Estimated fair value of the real estate in Italy is
EUR 0.9 million lower than the book value was in the acquired company. The
goodwill of EUR 1.1 million arose from the acquisition based on the
anticipatory synergy benefits.
The Group has recognized EUR 1.0 million advisory fees related to the
transaction. Fees are included in other operating costs.
Roal's assets and liabilities used in a provisional purchase calculation are
based on the situation on June 30, 2013 and on preliminary valuations. The
final goodwill can deviate from the goodwill value shown in the provisional
purchase calculation. It is supposed that there are no remarkable deviations
between the final and provisional purchase calculations.
If Roal Group had been consolidated to Group financial statements as from
November 1, 2012, net sales of the Group would have been 70 EUR million and the
earlier consolidation as from November 1, 2012 would not have had any major
effect on Efore Group's result.
Consideration transferred EUR million
Cash 5,8
Fair value of shares issued 3,9
Total acquisition costs 9,7
Acquired assets and liabilities Fair values used in consolidation, EUR
million
Intangible assets 4,5
Tangible assets 3,1
Deferred tax assets 1,6
Inventories 7,3
Trade receivables and other 7,7
receivables
Cash and cash equivalents 1,7
ASSETS TOTAL 25,9
Deferred tax liability 1,1
Pension obligations 1,6
Interest-bearing liabilities 4,7
Trade payables and other liabilities 9,9
LIABILITIES TOTAL 17,3
Total identifiable net assets 8,6
Goodwill 1,1
Total 9,7
31.7.2013
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
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.
When calculating per share performance measures equity is the equity
attributable to the shareholders of the parent company, when
calculating other performance measures equity includes equity
attributable to the shareholders of the parent company and
non-controlling interests.
* There were own shares held by company July 31, 2013.
EFORE PLC
Board of Directors
For further information please contact Mr.Vesa Vähämöttönen, President and CEO,
on August 20, 2013 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 August 20, 2013 at 11 a.m. at Hotel Scandic Simonkenttä, Simonkatu 9,
Helsinki.
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
units are located in China and Tunis. Sales and marketing operations are
located in Europe, United States and China. 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
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