EFORE PLC INTERIM REPORT NOVEMBER 1, 2007 - JANUARY 31, 2008 (3 months) First quarter in brief (November 1, 2007 — January 31, 2008) - Net sales totaled EUR 20.7 million (EUR 16.2 million) - The operating profit was EUR 0.3 million (EUR -3.3 million) - The profit before taxes was EUR 0.2 million (EUR -3.0 million) - The net profit for the period were EUR 0.2 million (EUR -3.2 million) NET SALES AND FINANCIAL PERFORMANCE FOR THE FIRST QUARTER Net sales for the first quarter totaled EUR 20.7 million (EUR 16.2 million). The growth compared with the corresponding period in the previous fiscal year was 28.0 %. Sales by customer group were as follows: telecommunications 66.7 % (59,3 %), industrial electronics 27.5 % (29.6 %) and health-care electronics 5.8 % (11.1 %). Geographically sales were as follows: EMEA EUR 13.1 million (EUR 11.3 million), the Americas EUR 2.5 million (EUR 1.6 million) and APAC EUR 5.1 million (EUR 3.3 million). The operating profit for the first quarter was EUR 0.3 million (EUR -3.3 million). The profit before taxes for the first quarter was EUR 0.2 million (EUR -3.0 million) and the net profit was EUR 0.2 million (EUR -3.2 million). BUSINESS OPERATIONS Investment on product development during the first quarter was 9.4 % of net sales, whereas investment in product development during the previous fiscal year amounted to 7.5 % respectively. Product development activity was focused mainly on new base station families that will be used in the future and other equipment for telecommunications networks. Increasing energy efficiency has been the main design parameter in Efore's new power supply solutions. The company's cost structure has further improved. 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 continue also during the present fiscal year. The purpose of these projects and product development investments is to bring continuous improvement to the competitiveness of the company on the global market. INVESTMENT Group investment in fixed assets amounted to EUR 0.3 million (EUR 0.8 million). Product development costs have not been capitalized during the period under review. FINANCIAL POSITION The Group's financial position during the period under review was good. The Group's solvency ratio was 56.3 % (63.3 %) and the gearing was -14.0 % (-20.4 %). The consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 3.5 million (EUR 5.5 million). The consolidated net financial expenses were EUR -0.1 million (EUR 0.2 million). The cash flow from business operations was EUR -3.0 million (EUR -4.1 million decrease). The cash flow after investment was EUR -3.1 million (EUR -4.9 million). Liquid assets excluding undrawn credit facilities totaled EUR 4.6 million (EUR 6.6 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 44.9 million (EUR 42.8 million). PERSONNEL The number of the Group's own personnel averaged 680(816) during the period under review and at the end of the period under review it was 666(802). The number of personnel fell by 40 during the period under review. In addition to its own personnel, the Group's contract staff numbered 153(165) at the end of the period under review. The number of contract staff fell by 14 during the period under review. The geographical distribution of the personnel including contract staff at the end of the period under review was as follows: Europe 384 (488), the Americas 34 (70) and Asia 401 (409). SHARES, SHARE CAPITAL AND SHAREHOLDERS The total number of Efore Plc shares at the end of the period under review was 40 529 648 and the registered share capital was EUR 34,450,200.80. The highest share price during the period under review was EUR 1.25 and the lowest price was EUR 0.90. The average price during the period under review was EUR 1.08 and the closing price was EUR 1.09. The market capitalization calculated at the final trading price during the period under review was EUR 44.2 million. The total number of Efore shares traded on the Helsinki Stock Exchange during the period under the review was 4.2 million and their turnover value was EUR 4.5 million. This accounted for 10.4% of the total number of shares at the end of the period under review. The number of shareholders totaled 3 282 at the end of the period under review. At the end of the period under review the company did not hold any of its own shares. DECISIONS OF THE ANNUAL GENERAL MEETING OF EFORE PLC AND THE INAUGURAL MEETING OF THE BOARD OF DIRECTORS Efore Plc Annual General Meeting for the financial year November 1, 2006 - October 31, 2007 was held on January 31, 2008 in Helsinki. Juhani Mäkinen, Attorney-at-law acted as the Chairman of the Annual General Meeting. The Annual General Meeting adopted the financial statement of Efore Group and Efore Plc for the financial year and discharged the Board of Directors and the CEO from their liabilities from the financial year. BOARD OF DIRECTORS AND THE COMMITTEES The Annual General Meeting elected to the Board of Directors six members based on the proposal of the Nomination Committee. The following members were elected: Isto Hantila, Timo Syrjälä, Matti Tammivuori, Jukka Harju, Esa Korvenmaa and Marko Luoma. In the Inaugural Meeting of the Board of Directors held after the Annual General Meeting Isto Hantila was elected as the Chairman and Jukka Harju as the Vice Chairman of the Board of Directors. In the Inaugural Meeting the Audit Committee was elected. Timo Syrjälä was elected as the Chairman and Isto Hantila and Matti Tammivuori as members of the Audit Committee. Decision on the Nomination Comittee will be made later. It was decided to finish the function of the Compensation Comittee. AUDITOR Authorized Accounting Firm KPMG Oy was elected as the Company's auditor, with Authorized Public Accountant Lasse Holopainen as the principal auditor. DIVIDEND The Annual General Meeting approved the proposal of the Board of Directors to distribute a dividend of EUR 0.05 per share, or in total EUR 2,026,482.40, for the financial year ended on October 31, 2007. AUTHORIZING THE BOARD OF DIRECTORS TO RESOLVE ON THE ISSUING OF SHARES, OPTION RIGHTS AND OTHER SPECIAL RIGHTS ENTITLING TO THE SHARES The Board of Directors was authorised in accordance with its proposal to resolve on the issuance, in one or several instalments, of shares, option rights and special rights pursuant to chapter 10, section 1 of the Finnish Companies Act, so that the aggregate maximum number of shares granted on the basis of the authorisation, including option rights or shares entitled on the basis of special rights, will be 13,000,000 shares. The authorisation includes the right for direct issue of shares, option rights or special rights, in deviation from the shareholders' pre-emptive subscription right. The authorisation is in force until the next Annual General Meeting. AUTHORIZING THE BOARD OF DIRECTORS TO RESOLVE ON THE ACQUISITION OF THE COMPANY'S OWN SHARES The Board of Directors was authorised in accordance with its proposal to resolve on the acquisition of the company's own shares, in one or several instalments. A maximum of 4,000,000 own shares, or a lower amount that in addition to the shares already owned by the company is less than 10 per cent of all shares, may be acquired on the basis of the authorisation. The authorisation includes the right to acquire own shares otherwise than in proportion to the holdings of the shareholders. The authorisation is in force until the next Annual General Meeting. AUTHORIZING THE BOARD OF DIRECTORS TO RESOLVE ON THE DISTRIBUTION OF DIVIDEND The Board of Directors was authorised in accordance with its proposal to resolve on the distribution of dividend. On the basis of the authorisation, the Board of Directors may decide on the distribution of dividend so that the amount of dividend on the basis of the authorisation in total does not exceed EUR 0.05 per share, or in total EUR 2,026,482.40. Dividend may be distributed one or several times. The authorisation is in force until the next Annual General Meeting. 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. A more comprehensive report on risk management is presented in the company's annual report. OUTLOOK According to the information received from companies in the business growth in the overall telecommunications market will be slow, but mobile networks market is predicted to represent no growth. There are growing geographical markets in the field such as Asia, the Middle East and Africa. 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 will be a major focal point. 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 during the fiscal year 2008. The purpose of these projects is to bring continuous improvement to the competitiveness of the company on the global market. With ongoing development projects result for the fiscal year 2008 is expected to show an improvement compared to the previous fiscal year. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Nov./07- | Nov./06- | Nov.06- | -------------------------------------------------------------------------------- | | Jan./08 | Jan./07 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 20,7 | 16,2 | 80,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in inventories of | | | | -------------------------------------------------------------------------------- | finished goods and work in | 0,0 | 0,8 | -0,2 | | progress | | | | -------------------------------------------------------------------------------- | Other operating income | 0,3 | 0,1 | 1,7 | -------------------------------------------------------------------------------- | Materials and services | -13,9 | -12,3 | -54,4 | -------------------------------------------------------------------------------- | Employee benefits expenses | -3,8 | -4,0 | -16,1 | -------------------------------------------------------------------------------- | Depreciation | -1,0 | -0,6 | -3,7 | -------------------------------------------------------------------------------- | Impairments | 0,0 | -1,6 | -2,2 | -------------------------------------------------------------------------------- | Other operating expenses | -2,1 | -1,8 | -7,3 | -------------------------------------------------------------------------------- | OPERATING PROFIT (-LOSS) | 0,3 | -3,3 | -2,1 | -------------------------------------------------------------------------------- | % net sales | 1,3 | -20,3 | -2,6 | -------------------------------------------------------------------------------- | Financing income | 0,3 | 0,4 | 1,1 | -------------------------------------------------------------------------------- | Financing expenses | -0,4 | -0,3 | -2,0 | -------------------------------------------------------------------------------- | Share of profit of associated | | | | -------------------------------------------------------------------------------- | companies | 0,1 | 0,1 | 0,1 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) BEFORE TAX | 0,2 | -3,0 | -2,9 | -------------------------------------------------------------------------------- | % net sales | 1,1 | -18,7 | -3,6 | -------------------------------------------------------------------------------- | Tax on income from operations | -0,1 | -0,2 | -0,5 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR THE PERIOD | 0,2 | -3,2 | -3,4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS ATTRIBUTABLE | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | 0,2 | -3,2 | -3,4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE CALCULATED | | | | | ON PROFIT ATTRIBUTABLE TO | | | | | EQUITY HOLDERS OF THE PARENT: | | | | -------------------------------------------------------------------------------- | Earnings per share,eur | 0,00 | -0,08 | -0,08 | -------------------------------------------------------------------------------- | Earnings per share, diluted, | 0,00 | -0,08 | -0,08 | | eur | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY SECONDARY | Nov./07- | Nov./06- | Nov.06- | | SEGMENTS, | | | | -------------------------------------------------------------------------------- | EUR million | Jan./08 | Jan./07 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 2,5 | 1,6 | 7,4 | -------------------------------------------------------------------------------- | EMEA | 13,1 | 11,4 | 55,6 | -------------------------------------------------------------------------------- | APAC | 5,1 | 3,3 | 17,2 | -------------------------------------------------------------------------------- | TOTAL | 20,7 | 16,2 | 80,2 | -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE | | | | | | | SHEET | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Jan. 31, | Jan. 31, | change | Oct.31, | | -------------------------------------------------------------------------------- | | 2008 | 2007 | % | 2007 | | -------------------------------------------------------------------------------- | ASSETS | | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | | -------------------------------------------------------------------------------- | Intangible assets | 2,2 | 3,3 | | 2,6 | | -------------------------------------------------------------------------------- | Tangible assets | 8,0 | 8,4 | | 8,4 | | -------------------------------------------------------------------------------- | Investments in | 0,5 | 0,4 | | 0,4 | | | associates | | | | | | -------------------------------------------------------------------------------- | Other long-term | 0,0 | 0,0 | | 0,0 | | | investments | | | | | | -------------------------------------------------------------------------------- | Deferred tax assets | 0,0 | 0,1 | | 0,1 | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 10,6 | 12,2 | -12,9 | 11,4 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | | -------------------------------------------------------------------------------- | Inventories | 12,7 | 14,3 | | 12,6 | | -------------------------------------------------------------------------------- | Trade receivables and | 16,9 | 9,6 | | 14,8 | | | other receivables | | | | | | -------------------------------------------------------------------------------- | Tax receivable, income | 0,1 | 0,0 | | 0,1 | | | tax | | | | | | -------------------------------------------------------------------------------- | Financial assets at | 0,0 | 2,9 | | 0,0 | | | fair value through | | | | | | | profit or loss | | | | | | -------------------------------------------------------------------------------- | Cash and cash | 4,6 | 3,8 | | 7,7 | | | equivalents | | | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | 34,3 | 30,6 | 12,1 | 35,3 | | -------------------------------------------------------------------------------- | ASSETS | 44,9 | 42,8 | 5,0 | 46,7 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | | | | | | -------------------------------------------------------------------------------- | Share capital | 34,5 | 34,5 | | 34,5 | | -------------------------------------------------------------------------------- | Share premium account | 0,0 | 0,0 | | 0,0 | | -------------------------------------------------------------------------------- | Other reserves | 1,5 | 1,4 | | 1,4 | | -------------------------------------------------------------------------------- | Translation differences | -0,1 | 0,2 | | -0,1 | | -------------------------------------------------------------------------------- | Retained earnigs | -10,6 | -8,9 | | -8,8 | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 25,3 | 27,1 | -6,7 | 27,0 | | -------------------------------------------------------------------------------- | Equity attributable to | 25,3 | 27,1 | | 27,0 | | | equity holders of the | | | | | | | parent | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 0,0 | 0,1 | | 0,0 | | -------------------------------------------------------------------------------- | Interest-bearing | 0,2 | 0,2 | | 0,2 | | | liabilities | | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 0,2 | 0,3 | -13,8 | 0,3 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 0,8 | 0,9 | | 0,8 | | | liabilities | | | | | | -------------------------------------------------------------------------------- | Trade payables and | 17,5 | 14,0 | | 17,3 | | | other liabilities | | | | | | -------------------------------------------------------------------------------- | Provisions | 1,1 | 0,5 | | 1,2 | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 19,4 | 15,4 | | 19,4 | | -------------------------------------------------------------------------------- | LIABILITIES | 19,6 | 15,7 | | 19,7 | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 44,9 | 42,8 | 5,0 | 46,7 | | | LIABILITIES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, EUR million | Nov./07- | Nov./06- | Nov.06- | -------------------------------------------------------------------------------- | | Jan./08 | Jan./07 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share,eur | 0,00 | -0,08 | -0,08 | -------------------------------------------------------------------------------- | Earnings per share, diluted, eur | 0,00 | -0,08 | -0,08 | -------------------------------------------------------------------------------- | Shareholders' equity per share, eur | 0,62 | 0,67 | 0,67 | -------------------------------------------------------------------------------- | Solvency ratio,% | 56,3 | 63,3 | 57,9 | -------------------------------------------------------------------------------- | Return on equity-%(ROE) | 2,6 | -44,8 | -11,8 | -------------------------------------------------------------------------------- | Return on investment-%(ROI) | 5,1 | -39,8 | -8,1 | -------------------------------------------------------------------------------- | Gearing, % | -14 | -20,4 | -24,6 | -------------------------------------------------------------------------------- | Net interest-bearing liabilities, | -3,5 | -5,5 | -6,6 | | EUR million | | | | -------------------------------------------------------------------------------- | Investments (intangible and | 0,3 | 0,8 | 4,0 | | tangible assets), Me | | | | -------------------------------------------------------------------------------- | as percentage of net sales | 1,2 | 5,0 | 4,9 | -------------------------------------------------------------------------------- | Average personnel | 680 | 816 | 766 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | Nov./07- | Nov./06- | change | Oct. 31 | | STATEMENT | | | | | -------------------------------------------------------------------------------- | EUR million | Jan./08 | Jan./07 | % | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 19,3 | 16,2 | | 76,2 | -------------------------------------------------------------------------------- | Cash receipts from other | 0,0 | 0,0 | | 0,0 | | operating income | | | | | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -22,3 | -20,6 | | -75,5 | | employees | | | | | -------------------------------------------------------------------------------- | Cash generated from operations | -3,0 | -4,3 | | 0,7 | -------------------------------------------------------------------------------- | Interest paid | -0,1 | -0,2 | | -0,4 | -------------------------------------------------------------------------------- | Dividends received | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Interest received | 0,0 | 0,4 | | 0,0 | -------------------------------------------------------------------------------- | Income taxes paid | 0,1 | 0,0 | | -0,5 | -------------------------------------------------------------------------------- | Net cash from operating | -3,0 | -4,1 | -27,9 | -0,1 | | activities (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of tangible and | -0,2 | -0,8 | | -3,9 | | intangible assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of tangible | 0,1 | 0,0 | | 0,2 | | and intangible assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of | 0,0 | 0,0 | | 0,0 | | investments | | | | | -------------------------------------------------------------------------------- | Net cash used in investing | -0,1 | -0,8 | -83,0 | -3,7 | | activities (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Proceeds from short-term | 0,0 | 0,0 | | 0,0 | | borrowings | | | | | -------------------------------------------------------------------------------- | Repayment of long-term | 0,0 | 0,0 | | -0,1 | | borrowings | | | | | -------------------------------------------------------------------------------- | Net cash used in financing | 0,0 | 0,0 | 0,0 | -0,1 | | activities (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash | | | | | | and cash | | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | -3,2 | -4,9 | -36,2 | -3,9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | Jan. 31, | Jan. 31, | | Oct.31, | -------------------------------------------------------------------------------- | EUR million | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Security and contingent | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | | | | | -------------------------------------------------------------------------------- | Pledges | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For others | | | | | -------------------------------------------------------------------------------- | Other contingent liabilities | 0,1 | 0,2 | | 0,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating lease commitments | | | | | -------------------------------------------------------------------------------- | Group as lessee | | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum | | | | | | operating lease | | | | | -------------------------------------------------------------------------------- | payments: | | | | | -------------------------------------------------------------------------------- | Less than 1 year | 1,9 | 2,6 | | 1,9 | -------------------------------------------------------------------------------- | 1-5 years | 3,6 | 5,5 | | 3,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate | | | | | | financial instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, not | | | | | | hedge | | | | | -------------------------------------------------------------------------------- | Forward currency contracts | | | | | -------------------------------------------------------------------------------- | Nominal amount | 0,7 | 0,8 | | 0,7 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Option contract | | | | | -------------------------------------------------------------------------------- | Nominal amount | 14,2 | 0,0 | | 7,2 | -------------------------------------------------------------------------------- | Positive fair value | 0,1 | 0,0 | | 0,2 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS | Jan. 31, | Jan. 31, | | Oct.31, | | WERE | | | | | -------------------------------------------------------------------------------- | CARRIED OUT WITH RELATED | 2008 | 2007 | | 2007 | | PARTIES: | | | | | -------------------------------------------------------------------------------- | EUR million | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associated companies | | | | | -------------------------------------------------------------------------------- | Sales | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Purchases | 0,0 | 0,1 | | 0,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Receivables | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Liabilities | 0,0 | 0,1 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Equity attributable to equity holders of the | | | | parent | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Other | Translation | Retained | Total | | | capit | reserves | differences | earnings | | | | al | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | 34,5 | 1,4 | -0,1 | -8,8 | 27,0 | -------------------------------------------------------------------------------- | Nov.1, 2007 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | | translation | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | -------------------------------------------------------------------------------- | The costs of options | 0,0 | 0,1 | 0,0 | 0,0 | 0,1 | -------------------------------------------------------------------------------- | rights | | | | | | -------------------------------------------------------------------------------- | Profit/loss for the | 0,0 | 0,0 | 0,0 | 0,2 | 0,2 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | | | | -2,0 | -2,0 | | distribution | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | 34,5 | 1,5 | -0,1 | -10,6 | 25,3 | -------------------------------------------------------------------------------- | Jan. 31, 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Other | Translation | Retained | Total | | | capit | reserves | differences | earnings | | | | al | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | 34,5 | 1,3 | 0,2 | -5,7 | 30,2 | -------------------------------------------------------------------------------- | Nov.1, 2006 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | 0,0 | 0,1 | 0,0 | | translation | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | -------------------------------------------------------------------------------- | The costs of options | 0,0 | 0,1 | 0,0 | 0,0 | 0,1 | -------------------------------------------------------------------------------- | rights | | | | | | -------------------------------------------------------------------------------- | Profit/loss for the | 0,0 | 0,0 | 0,0 | -3,2 | -3,2 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | 34,5 | 1,4 | 0,2 | -8,9 | 27,1 | -------------------------------------------------------------------------------- | Jan. 31, 2007 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | | | FIGURES AND RATIOS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment | = | Profit before taxes+interest and other | x 100 | | (ROI), % | | financing expenses /(Shareholders' | | | | | equity + interest-bearing liabilities, | | | | | average ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on Equity | = | Profit/loss for the period / | x 100 | | (ROE), % | | Shareholders' equity (average ) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current ratio | = | Current assets / Current liabilities | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Solvency ratio, % | = | Shareholders' equity | x 100 | | | | / (Total assets - advance 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 | | | | Shareholders' equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | = | Profit/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 share | x 100 | | ratio, % | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Effective dividend | = | Dividend per share / | x 100 | | yield, % | | Adjusted share price at balance sheet | | | | | date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | = | Shareholders' equity - own shares / | | | per share | | 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 | | | capitalization = | | date x actual 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. | | -------------------------------------------------------------------------------- | Shareholders' equity is the equity owned by the holders of the | | | parent company's shares. | | -------------------------------------------------------------------------------- | Profit for the period is the fiscal period profit attributable to | | | equity holders of the parent. | | -------------------------------------------------------------------------------- The interim report has been drawn up in accordance with IAS 34 Standard on Interim Financial Reporting and the Group's accounting principles presented in the 2007 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 February 28, 2008 at 9 - 11 a.m. or at 3 - 4 p.m., tel. +358 9 4784 6312 Efore Plc will hold a news conference regarding the interim report for analysts and media on February 28, 2008 at 11 a.m. in Helsinki World Trade Center, address Aleksanterinkatu 17. DISTRIBUTION Helsinki Stock Exchange Principal media The 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, 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, Estonia and the USA. In the fiscal year ending in October 2007, consolidated net sales totaled EUR 80,2 million and the Group's personnel averaged 766. The shares of the parent company Efore Plc are listed at the Helsinki Stock Exchange. www.efore.com