EFORE PLC Interim Report May 27, 2010 9.00 a.m.
November - April in brief (November 1, 2009 — April 30, 2010)
- Net sales totaled EUR 29.6 million (EUR 34.8 million)
- The result of operating activities was EUR -1.4 million (EUR -0.4 million)
- The result before taxes was EUR -1.1 million (EUR -0.8 million)
- The net result was EUR -1.0 million (EUR -1.0 million)
- Earnings per share was EUR -0.02 (EUR -0,02)
- The cash flow from business operations was EUR 3.0 million (EUR 2.4 million)
February - April in brief (February 1, 2010 — April 30, 2010)
- Net sales totaled EUR 15.7 million (EUR 20.5 million)
- The result of operating activities was EUR -0.9 million (EUR 0.8 million)
- The result before taxes was EUR -0.8 million (EUR 0.5 million)
- The net result was EUR -0.7 million (EUR 0.3 million)
- Earnings per share was EUR -0.02 (EUR 0.01)
NOVEMBER - APRIL NET SALES AND FINANCIAL DEVELOPMENT
Net sales for the period under review totaled EUR 29.6 million (EUR 34.8
million). The decrease compared with the corresponding period in the previous
fiscal year was -15,0 %. Net sales by customer group were as follows: ICT 72.0 %
(65.8 %) and industrial electronics 28.0 % (34.2 %). Geographically net sales
were as follows: EMEA EUR 15.0 million (EUR 17.1 million), APAC EUR 13.9 million
(EUR 14.5 million) and the Americas EUR 0.7 million (EUR 3.2 million).
The result before taxes was EUR -1.1 million (EUR -0.8 million). The net result
was EUR -1.0 million (EUR -1.0 million). Net cash from operating activities was
EUR 3.0 million positive (EUR 2.4 million).
FEBRUARY - APRIL NET SALES AND FINANCIAL DEVELOPMENT
Net sales for the second quarter totaled EUR 15.7 million (EUR 20.5 million).
The increase compared with the previous quarter was EUR 1,8 million (12,7 %).
Net sales by customer group were as follows: ICT 73.9 % (68.0 %) and industrial
electronics 26.1 % (32.0 %). Geographically net sales were as follows: EMEA EUR
8.2 million (EUR 10.0 million), APAC EUR 7.1 million (EUR 8.7 million) and the
Americas EUR 0.4 million (EUR 1.8 million).
The result of operating activities was EUR -0.9 million (EUR 0.8 million).
General market situation seems to have recovered and the product demand is
growing. The company could not respond to the demand as per customers'
expectations due to the exceptionally poor availability of the components and
the extended delivery times. The company costs were adversely affected by the
poor availability of the components, which decreased the sales and the result.
According to the company's estimation the result was adversely affected by the
component shortage which weakened the result by EUR 0.8 million during the
second quarter.
BUSINESS DEVELOPMENT
Investment on product development during the period under review was EUR 4.0
million (EUR 3.4 million) representing 13.5 % (9.8 %) of net sales.
Focal point of Efore business has been increasingly moved to Asia. The company's
plan is to maintain the level of investment in product development. The company
has opened another product development center in Shenzhen, in Southern part of
China after the period under review, in May 2010. The company's another product
development center in China is located in Suzhou in connection with the
company's manufacturing plant.
In custom-designed power supply solutions the focus was on developing new
technologies and products for new applications e.g. for the coming
fourth-generation broadband wireless networks, electric vehicles and electric
vehicles chargers as well as other energy efficient solutions.
INVESTMENTS
Group investments in fixed assets during the period under the review amounted to
EUR 0.8 million (EUR 0.9 million) of which capitalized product development costs
were EUR 0.2 million (EUR 0.4 million).
At the end of the period under review capitalized product development costs
amounted to EUR 1.3 million (EUR 1.1 million).
FINANCIAL POSITION
The Group's financial position during the period under the review was good.
The consolidated interest-bearing cash reserves exceed interest-bearing
liabilities by EUR 7.3 million (EUR 3.2 million). The consolidated net financial
income were EUR 0.4 million (EUR -0.5 million). The cash flow from business
operations was EUR 3.0 million (EUR 2.4 million). The cash flow after
investment was EUR 2.2 million (EUR 1.7 million).
The Group's solvency ratio was 50.9 % (56.2%) and the gearing was -38.4 % (-14.7
%).
Liquid assets excluding undrawn credit facilities totaled EUR 7.7 million (EUR
4.3 million) at the end of the period under the review. The balance sheet total
was EUR 37.6 million (EUR 38.9 million).
PERSONNEL
The number of the Group's own personnel averaged 500 (584) during the period
under the review and at the end of the period under the review it was 497(554)
In addition to its own personnel, the Group's temporary personnel numbered 310
(309) at the end of the period under the review.
The geographical distribution of the personnel including temporary personnel at
the end of the period under the review was as follows: Europe 242 (314), Asia
562 (530) and the Americas 3(19).
CHANGES IN GROUP MANAGEMENT
Vesa Vähämöttönen (Tech.Lic), has been appointed President and CEO of Efore Plc.
Mr Vesa Vähämöttönen will take on the duties of President and CEO on June 1,
2010.
Reijo Mäihäniemi, Efore's present President and CEO will leave his position on
May 31, 2010. He will continue to serve the company as Senior Adviser to Board
of Directors and the CEO in corporate development issues during a period of
transition whereupon he will retire.
SHARES, SHARE CAPITAL AND SHAREHOLDERS
The total number of Efore Plc shares at the end of the period under the review
was 40 529 648 and the registered share capital was EUR 34.450.200,80.
At the end of the period under the review the number of the Group's own shares
was 922.149.
The highest share price during the period under the review was EUR 0.96 and the
lowest price was EUR 0.76. The average price during the period under the review
was EUR 0.87 and the closing price was EUR 0.88. The market capitalization
calculated at the final trading price during the period under the review was EUR
34.9 million.
The total number of Efore shares traded on the Nasdaq OMX Helsinki during the
period under the review was 4.1 million and their turnover value was EUR 3.6
million. This accounted for 10.1 % of the total number of shares at the end of
the period under the review. The number of shareholders totaled 3241 at the end
of the period under the review.
ACCOUNTING POLICIES
As of November 1, 2009 Efore-group has applied the following new or modified
standards: IAS 1, IFRS 8, IAS 23, IRFS 3 and IAS 27. In this interim
report, a Consolidated Statement of Comprehensive Income according to IAS 1 is
presented.
Efore's operating segment comprises the entire Group, therefore the figures
reported in the operating segment are the same as those for the whole Group. For
this reason applying IFRS 8 will not have any effect on the segment reporting
presented in this interim report. Other modified standards have not had any
effect on the information presented in this interim report.
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 2009 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.
SHORT-TERM RISKS AND FACTORS OF UNCERTAINTY
Predictability about the future development is difficult. A total demand has
been started to grow globally but the growth is divided unevenly by the areas
and by the customers.
The most significant business risks are connected with the success of key
customers at the market and the company's capability to serve its key customers.
During the latter part of the current fiscal year the company's net sales and
result development can be adversely affected by the poor availability and price
changes of the components.
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.
A more comprehensive report on risk management is presented on the company's
web-sites.
OUTLOOK
According to the estimations received from the companies in the business, the
overall telecommunications market is recovering and especially investments in
new broadband technologies have been started. Service business is estimated to
grow faster than product business.
Group's projects to develop operations together with long term programs in order
to improve productivity and reduce cost structure, lower inventories and make
the production and product development processes more efficient will continue.
The purpose of these projects is to maintain continuous improvement in the
competitiveness of the company on the global market.
The company continues to focus on new technologies as well as the development of
demanding and innovative power supply solutions. Developing energy saving
solutions that will take up less space and use renewable energy sources will be
a focal point for product development.
Efore sees new business opportunities in utilizing its expertise in ecological,
energy efficient solutions e.g. in server applications, electric vehicles,
telecom infrastructure and industrial process applications.
Resulting from the market recovery and due to the costs adjustment actions made,
the company estimates that both net sales and result of operating activities of
the current fiscal year will gradually show an improvement compared to the
previous fiscal year.
TABLES
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| CONSOLIDATED STATMENT OF COMPREHENSIVE | | | |
| INCOME | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million | Feb./10- | Feb./09- | Nov./09- | Nov./08- | Nov./08- |
--------------------------------------------------------------------------------
| | Apr./10 | Apr./09 | Apr./10 | Apr./09 | Oct./09 |
--------------------------------------------------------------------------------
| | 3 months | 3 months | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 15,7 | 20,5 | 29,6 | 34,8 | 64,1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in | | | | | |
| inventories of | | | | | |
--------------------------------------------------------------------------------
| finished goods and | 0,0 | -0,6 | 0,5 | -0,2 | -1,2 |
| work in progress | | | | | |
--------------------------------------------------------------------------------
| Other operating | 0,2 | 0,3 | 0,6 | 0,5 | 1,2 |
| income | | | | | |
--------------------------------------------------------------------------------
| Materials and | -10,8 | -13,0 | -20,7 | -23,3 | -42,1 |
| services | | | | | |
--------------------------------------------------------------------------------
| Employee benefits | -3,3 | -3,6 | -6,2 | -6,9 | -12,5 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciation | -0,8 | -0,8 | -1,6 | -1,7 | -3,3 |
--------------------------------------------------------------------------------
| Impairments | 0,0 | -0,1 | 0,0 | -0,1 | -0,1 |
--------------------------------------------------------------------------------
| Other operating | -1,9 | -1,7 | -3,5 | -3,5 | -7,4 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING PROFIT | -0,9 | 0,8 | -1,4 | -0,4 | -1,3 |
| (-LOSS) | | | | | |
--------------------------------------------------------------------------------
| % net sales | -5,7 | 4,0 | -4,8 | -1,2 | -2,1 |
--------------------------------------------------------------------------------
| Financing income | 0,2 | 0,2 | 0,5 | 0,6 | 0,8 |
--------------------------------------------------------------------------------
| Financing expenses | 0,0 | -0,6 | -0,1 | -1,1 | -1,8 |
--------------------------------------------------------------------------------
| Share of profit of | | | | | |
| associated | | | | | |
--------------------------------------------------------------------------------
| companies | 0,0 | 0,1 | 0,0 | 0,1 | 0,2 |
--------------------------------------------------------------------------------
| PROFIT (-LOSS) | -0,8 | 0,5 | -1,1 | -0,8 | -2,1 |
| BEFORE TAX | | | | | |
--------------------------------------------------------------------------------
| % net sales | -5,0 | 2,5 | -3,6 | -2,2 | -3,3 |
--------------------------------------------------------------------------------
| Tax on income from | 0,1 | -0,2 | 0,1 | -0,2 | -0,5 |
| operations | | | | | |
--------------------------------------------------------------------------------
| PROFIT (-LOSS) FOR | -0,7 | 0,3 | -1,0 | -1,0 | -2,6 |
| THE PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OTHER | | | | | |
| COMPREHENSIVE | | | | | |
| INCOME: | | | | | |
--------------------------------------------------------------------------------
| Translation | 0,3 | 0,0 | 0,6 | -0,0 | -0,7 |
| differences | | | | | |
--------------------------------------------------------------------------------
| Total | -0,5 | 0,3 | -0,4 | -1,0 | -3,3 |
| comprehensive | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET PROFIT/LOSS | | | | | |
| ATTRIBUTABLE | | | | | |
--------------------------------------------------------------------------------
| To equity holders | -0,7 | 0,3 | -1,0 | -1,0 | -2,6 |
| of the parent | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL | | | | | |
| COMPREHENSIVE | | | | | |
| INCOME | | | | | |
--------------------------------------------------------------------------------
| ATTRIBUTABLE TO: | | | | | |
--------------------------------------------------------------------------------
| To equity holders | -0,5 | 0,3 | -0,4 | -1,0 | -3,3 |
| of the parent | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EARNINGS PER SHARE | | | | | |
| CALCULATED ON | | | | | |
| PROFIT | | | | | |
| ATTRIBUTABLE TO | | | | | |
| EQUITY HOLDERS OF | | | | | |
| THE PARENT: | | | | | |
--------------------------------------------------------------------------------
| Earnings per | -0,02 | 0,01 | -0,02 | -0,02 | -0,07 |
| share, basic,eur | | | | | |
--------------------------------------------------------------------------------
| Earnings per | -0,02 | 0,01 | -0,02 | -0,02 | -0,07 |
| share, diluted, | | | | | |
| eur | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INFORMATION ABOUT | Feb./10- | Feb./09- | Nov./09- | Nov./08- | Nov./08- |
| GEOGRAPHICAL | | | | | |
--------------------------------------------------------------------------------
| AREAS, EUR million | Apr./10 | Apr./09 | Apr./10 | Apr./09 | Oct./09 |
--------------------------------------------------------------------------------
| | 3 months | 3 months | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Americas | 0,4 | 1,8 | 0,7 | 3,2 | 4,2 |
--------------------------------------------------------------------------------
| EMEA | 8,2 | 10,0 | 15,0 | 17,1 | 30,0 |
--------------------------------------------------------------------------------
| APAC | 7,1 | 8,7 | 13,9 | 14,5 | 29,8 |
--------------------------------------------------------------------------------
| Total | 15,7 | 20,5 | 29,6 | 34,8 | 64,1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF | | | | |
| FINANCIAL POSITION | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million | Apr. 30, | Apr. 30, | change | Oct. 31, |
--------------------------------------------------------------------------------
| | 2010 | 2009 | % | 2009 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 1,8 | 1,7 | | 2,1 |
--------------------------------------------------------------------------------
| Tangible assets | 5,2 | 6,7 | | 5,3 |
--------------------------------------------------------------------------------
| Investments in associates | 0,6 | 0,6 | | 0,6 |
--------------------------------------------------------------------------------
| Other long-term investments | 0,0 | 0,0 | | 0,0 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | 7,6 | 9,0 | -15,4 | 8,0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | | |
--------------------------------------------------------------------------------
| Inventories | 9,6 | 10,1 | | 7,8 |
--------------------------------------------------------------------------------
| Trade receivables and other | 12,6 | 15,5 | | 11,5 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Tax receivable, income tax | 0,1 | 0,0 | | 0,1 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 7,7 | 4,3 | | 5,4 |
--------------------------------------------------------------------------------
| CURRENT ASSETS | 30,0 | 29,9 | 0,3 | 24,7 |
--------------------------------------------------------------------------------
| ASSETS | 37,6 | 38,9 | -3,3 | 32,7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Share capital | 34,5 | 34,5 | | 34,5 |
--------------------------------------------------------------------------------
| Treasury shares | -0,6 | -0,6 | | -0,6 |
--------------------------------------------------------------------------------
| Other reserves | 1,0 | 1,0 | | 1,0 |
--------------------------------------------------------------------------------
| Translation differences | 0,4 | 0,5 | | -0,2 |
--------------------------------------------------------------------------------
| Retained earnigs | -16,1 | -13,4 | | -15,2 |
--------------------------------------------------------------------------------
| EQUITY | 19,1 | 21,8 | -12,4 | 19,5 |
--------------------------------------------------------------------------------
| Equity attributable to equity | 19,1 | 21,8 | | 19,5 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 0,1 | 0,2 | | 0,2 |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | 0,1 | 0,2 | -47,8 | 0,2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 0,2 | 0,9 | | 0,3 |
--------------------------------------------------------------------------------
| Trade payables and other | 17,6 | 15,0 | | 12,3 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Tax liabilities | 0,0 | 0,2 | | 0,0 |
--------------------------------------------------------------------------------
| Provisions | 0,5 | 0,8 | | 0,5 |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | 18,4 | 16,9 | | 13,0 |
--------------------------------------------------------------------------------
| LIABILITIES | 18,5 | 17,0 | | 13,2 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 37,6 | 38,9 | -3,3 | 32,7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP KEY FIGURES, | Feb./10- | Feb./09- | Nov./09- | Nov./08- | Nov./08- |
| EUR million | | | | | |
--------------------------------------------------------------------------------
| | Apr./10 | Apr./09 | Apr./10 | Apr./09 | Oct./09 |
--------------------------------------------------------------------------------
| | 3 months | 3 months | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, | -0,02 | 0,01 | -0,02 | -0,02 | -0,07 |
| basic,eur | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | -0,02 | 0,01 | -0,02 | -0,02 | -0,07 |
| diluted, eur | | | | | |
--------------------------------------------------------------------------------
| Equity per share, | 0,48 | 0,55 | 0,48 | 0,55 | 0,49 |
| eur | | | | | |
--------------------------------------------------------------------------------
| Solvency ratio,% | 50,9 | 56,2 | 50,9 | 56,2 | 59,6 |
--------------------------------------------------------------------------------
| Return on | -15,1 | 5,7 | -10,0 | -8,3 | -11,8 |
| equity-%(ROE) | | | | | |
--------------------------------------------------------------------------------
| Return on | -15,7 | 9,5 | -10,7 | -5,9 | -8,4 |
| investment-%(ROI) | | | | | |
--------------------------------------------------------------------------------
| Gearing, % | -38,4 | -14,7 | -38,4 | -14,7 | -25,3 |
--------------------------------------------------------------------------------
| Net | -7,3 | -3,2 | -7,3 | -3,2 | -4,9 |
| interest-bearing | | | | | |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| Investments | 0,5 | 0,5 | 0,8 | 0,9 | 1,8 |
| (intangible and | | | | | |
| tangible assets) | | | | | |
--------------------------------------------------------------------------------
| as percentage of | 3,1 | 2,7 | 2,8 | 2,5 | 2,7 |
| net sales | | | | | |
--------------------------------------------------------------------------------
| Average personnel | 499 | 554 | 500 | 584 | 565 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF | Nov./09- | Nov./08- | change | Nov./08- |
| CASH FLOWS | | | | |
--------------------------------------------------------------------------------
| EUR million | Apr./10 | Apr./09 | % | Oct./09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from operating | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Cash receipts from customers | 30,3 | 35,3 | | 67,9 |
--------------------------------------------------------------------------------
| Cash paid to suppliers and | -27,4 | -32,4 | | -61,7 |
| employees | | | | |
--------------------------------------------------------------------------------
| Cash generated from | 2,9 | 2,9 | | 6,2 |
| operations | | | | |
--------------------------------------------------------------------------------
| Interest paid | 0,0 | 0,0 | | -0,1 |
--------------------------------------------------------------------------------
| Interest received | 0,0 | 0,0 | | 0,0 |
--------------------------------------------------------------------------------
| Other financial items | 0,2 | -0,4 | | -0,3 |
--------------------------------------------------------------------------------
| Income taxes paid | 0,0 | -0,1 | | -0,7 |
--------------------------------------------------------------------------------
| Net cash from operating | 3,0 | 2,4 | 30,2 | 5,1 |
| activities (A) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from investing | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Purchase of tangible and | -0,8 | -0,9 | | -1,5 |
| intangible assets | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | 0,0 | 0,0 | | 0,1 |
| tangible and intangible | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| Proceeds from repayments of | 0,0 | 0,0 | | 0,0 |
| loans | | | | |
--------------------------------------------------------------------------------
| Proceeds from sales of | 0,0 | 0,0 | | 0,0 |
| investments | | | | |
--------------------------------------------------------------------------------
| Dividend received | 0,0 | 0,2 | | 0,2 |
--------------------------------------------------------------------------------
| Net cash used in investing | -0,8 | -0,7 | 21,3 | -1,3 |
| activities (B) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Purchase of treasury shares | 0,0 | -0,6 | | -0,6 |
--------------------------------------------------------------------------------
| Repayment of short-term | 0,0 | 0,0 | | -0,7 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Repayment of long-term | -0,1 | -0,1 | | -0,2 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Dividends paid | 0,0 | -1,8 | | -1,8 |
--------------------------------------------------------------------------------
| Net cash used in financing | -0,1 | -2,5 | | -3,4 |
| activities (C) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net increase/decrease in cash | | | | |
| and cash | | | | |
--------------------------------------------------------------------------------
| equivalents (A+B+C) | 2,1 | -0,8 | | 0,5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP CONTINGENT LIABILITIES | Apr. 30, | Apr. 30, | | Oct. 31, |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 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 | 1,4 | 1,6 | | 1,4 |
--------------------------------------------------------------------------------
| 1-5 years | 2,2 | 3,0 | | 2,5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair values of derivate | | | | |
| financial instruments | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency derivatives, not | | | | |
| hedge | | | | |
--------------------------------------------------------------------------------
| Option contract | | | | |
--------------------------------------------------------------------------------
| Nominal amount | 3,0 | 11,2 | | 8,8 |
--------------------------------------------------------------------------------
| Positive fair value | 0,0 | 0,0 | | 0,0 |
--------------------------------------------------------------------------------
| Negative fair value | 0,0 | 0,0 | | 0,0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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| THE FOLLOWING TRANSACTIONS | Apr. 30, | Apr. 30, | | Oct. 31, |
| WERE | | | | |
--------------------------------------------------------------------------------
| CARRIED OUT WITH RELATED | 2010 | 2009 | | 2009 |
| PARTIES: | | | | |
--------------------------------------------------------------------------------
| EUR million | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Associated companies | | | | |
--------------------------------------------------------------------------------
| Purchases | 0,0 | 0,0 | | 0,1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities | 0,0 | 0,0 | | 0,0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million | Share | Trea- | Other | Trans-la | Retained | Total |
| | capital | sury | reser- | tion | earnings | |
| | | shares | ves | diffe-re | | |
| | | | | nces | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 34,5 | 0,0 | 1,0 | 0,5 | -11,0 | 25,0 |
--------------------------------------------------------------------------------
| Nov.1, 2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive | 0,0 | 0,0 | 0,0 | 0,0 | -1,0 | -1,0 |
| income | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The costs of | 0,0 | 0,0 | 0,0 | 0,0 | 0,1 | 0,1 |
| options | | | | | | |
--------------------------------------------------------------------------------
| rights | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 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 | 0,5 | -13,4 | 21,8 |
--------------------------------------------------------------------------------
| Apr. 30, 2009 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million | Share | Trea- | Other | Trans-la | Retained | Total |
| | capital | sury | reser- | tion | earnings | |
| | | shares | ves | diffe-re | | |
| | | | | nces | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 34,5 | -0,6 | 1,0 | -0,2 | -15,2 | 19,5 |
--------------------------------------------------------------------------------
| Nov.1, 2009 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive | 0,0 | 0,0 | 0,0 | 0,6 | -1,0 | -0,4 |
| income | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 34,5 | -0,6 | 1,0 | 0,4 | -16,1 | 19,1 |
--------------------------------------------------------------------------------
| Apr. 30, 2010 | | | | | | |
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| | | 30.4.2010 | |
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| 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 | |
--------------------------------------------------------------------------------
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| Effective dividend | = | Dividend per share /Adjusted share | x 100 |
| yield, % | | price at balance sheet date | |
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| Equity per share | = | Equity - own shares* /Number of | |
| | | shares at balance sheet date | |
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| P/E-ratio | = | Adjusted share price at balance | |
| | | sheet date / Earnings per share | |
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| Market | = | Adjusted share price at balance | |
| capitalization = | | sheet date x outstanding number of | |
| | | shares at balance sheet date | |
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| Average personnel | = | The average number of employees at | |
| | | the end of each calendar month | |
| | | during the accounting period | |
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| All share-specific figures are based on the issue-adjusted | |
| number of shares. | |
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| Equity is the equity owned by the holders of the parent | |
| company's shares. | |
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| Profit for the period is the fiscal period profit attributable | |
| to equity holders of the parent. | |
| * There were own shares held | |
| by company April 30, 2010. | |
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EFORE PLC
Board of Directors
For further information please contact Mr. Reijo Mäihäniemi, President and CEO,
on May 27, 2010 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 May 27, 2010 at 11 a.m. in Helsinki World Trade Center, address
Aleksanterinkatu 17. Mr Vesa Vähämöttönen, Efore's new President and CEO will
participate in the event. Vesa Vähämöttönen will take on the duties of
President and CEO on June 1, 2010.
DISTRIBUTION Nasdaq OMX Helsinki Oy
Principal media
Efore Group
Efore Group is an international company providing services for ICT and
industrial electronics. Its operations comprise energy saving custom-designed
power supplies, power systems, manufacturing of demanding electronics, and
related service and maintenance.
Efore's head office is in Espoo, Finland. Besides Finland, the company's product
development and marketing units are located in China, the USA and Sweden. Its
production units are located in China and Estonia. In the fiscal year ending in
October 2009, consolidated net sales totaled EUR 64.1 million and the Group's
personnel averaged 565. The company's share is quoted on the Nasdaq OMX Helsinki
Ltd.
www.efore.com