Espoo, Finland, 2011-12-14 08:00 CET (GLOBE NEWSWIRE) -- EFORE PLC  Financial Statement Release  December 14, 2011   9.00 a.m. 


Fiscal year in brief (November 1, 2010 — October 31, 2011)
- Net sales totaled EUR 88.1 million (EUR 69.7 million)
- Results from operating activities totaled EUR 4.4 million (EUR 0.0 million)
- Profit before taxes was EUR 4.5 million (EUR 0.1 million)
- Profit for the period was EUR 3.4 million (EUR 0.1 million)
- Earnings per share was EUR 0.09 (EUR 0.00)

Fourth quarter in brief (August 1, 2011 — October 31, 2011)
- Net sales totaled EUR 21.4 million (EUR 20.4 million)
- Results from operating activities totaled EUR 1.0 million (EUR 1.1 million)
- Profit before taxes was EUR 0.5 million (EUR 1.0 million)
- Profit for the period was EUR 0.5 million (EUR 0.9 million)
- Earnings per share was EUR 0.01 (EUR 0.02)

Vesa Vähämöttönen, Efore’s President and CEO:
“We achieved a good result in 2011. Net sales increased by 26 % year-over-year and EBIT margin was 5 % of net sales. Positive result was driven by the strong demand of Efore’s telecom power products. Strategy clarification enabled resource allocation for growing markets. The project award from the Finnish Defense Forces strengthened Efore’s industrial business area.”

NET SALES AND FINANCIAL DEVELOPMENT FOR THE FISCAL YEAR

Net sales for the fiscal year totaled EUR 88.1 million (EUR 69.7 million). Net sales by customer group were as follows: Telecommunication 79.7 % (75.3 %) and industrial electronics 20.3 % (24.7 %). Geographically Efore’s deliveries were to the following areas: EMEA EUR 32.9 million (EUR 22.5 million), APAC EUR 40.6 million (EUR 35.1 million), Finland EUR 11.9 million (EUR 10.0 million) and the Americas EUR 2.8 million (EUR 2.2 million) which totaled EUR 88.1 million (EUR 69.7 million). Final geographical distribution of Efore’s products deviates from the before mentioned as Efore’s customers distribute further the products from the logistics centers to other markets.

The results from operating activities amounted to EUR 4.4 million (EUR 0.0 million).

Strong demand of Efore’s telecom power products enabled positive development of net sales and result of the fiscal year.

NET SALES AND FINANCIAL DEVELOPMENT FOR THE FOURTH QUARTER

Net sales for the fourth quarter totaled EUR 21.4 million (EUR 20.4 million). Net sales by customer group were as follows: Telecommunication 79.2 % (77.4 %) and industrial electronics 20.8 % (22.6 %). Geographically Efore’s deliveries were to the following areas: EMEA EUR 9.2 million (EUR 6.1 million), APAC EUR 8.7 million (EUR 11.0 million), Finland EUR 2.8 million (EUR 2.5 million) and the Americas EUR 0.7 million (EUR 0.9 million) which totaled EUR 21.4 million (EUR 20.4 million).

The results from operating activities for the fourth quarter was EUR 1.0 million(EUR 1.1 million).

BUSINESS DEVELOPMENT

Investment on technology and product development during the fiscal year was EUR 7.6 million (EUR 6.3 million) representing 8.6 % (9.0 %) of net sales.

Demand of Efore’s telecom power products was strong during the fiscal year even though it slowed down just at the end of the fiscal year. Increased mobile data traffic generated by the growing popularity of smartphones creates a need to improve network capacity.

Industrial electronics share from net sales remained on the same level with previous fiscal year. Power supply cabinets for the Finnish Defence Forces were delivered as planned.

Electric vehicle (EV) power products dedicated company was established in Suzhou, China in spring 2011 and EV related activities have been moved to new premises. Efore has been chosen as power electronics vendor for two electric vehicle models of a Chinese car manufacturer. The production of these models is estimated to start at earliest in 2013.

Efore executed an investment program worth EUR 1.7 million to increase Suzhou factory production capacity. 30% increase in capacity was achieved and the investment program was concluded in October 2011.

Efore focused further on its selected target markets and sold its 25% holding in Power Innovation Stromversorgungstechnik GmbH (PI) in May 2011. This arrangement had no effect on the results from operating activities but it improved Efore Group’s net result by EUR 0.8 million.


INVESTMENTS

Group investments in fixed assets during the fiscal year amounted to EUR 4.4 million (EUR 1.6 million) of which EUR 1.7 million were allocated on capacity increase in China factory.


At the end of the fiscal year capitalized product development costs amounted to EUR 0.7 million (EUR 1.0 million).

FINANCIAL POSITION

The Group’s financial position during the fiscal year was good.

The consolidated interest-bearing cash reserves exceeded interest-bearing liabilities by EUR 3.9 million (EUR 2.7 million) at the end of the fiscal year. The consolidated net financial income was EUR -0.1 million (EUR 0.1 million) including income from selling PI EUR 0.8 million.  The cash flow from business operations was EUR 4.3 million (EUR -1.0 million). The cash flow after investment was EUR 1.5 million (EUR -2.6 million).

The Group’s solvency ratio was 48.3 % (49.7 %) and the gearing was –16.3 % (-13.3 %).

Liquid assets excluding undrawn credit facilities totaled EUR 11.2 million (EUR 5.9 million) at the end of the fiscal year.  The balance sheet total was EUR 49.9 million (EUR 40.6 million).

GROUP STRUCTURE

Efore Group consists of the parent company Efore Plc and its directly or indirectly wholly owned subsidiaries Efore (USA) Inc. in the United States, Efore(Suzhou) Electronics Co. Ltd in China, Efore (Suzhou) Automotive Technology Co., Ltd in China, Efore AS in Estonia, Efore AB in Sweden, Efore (Hongkong) Co. Ltd in China and FI-Systems Oy in Finland.

Efore Management Oy,a company owned by the members of the Efore Group Executive Management Team has been consolidated in the group.

PERSONNEL

The number of the Group’s own personnel including temporary personnel averaged 960 (821) during the fiscal year and at the end of the fiscal year it was 907 (890). At the end of October 2011 more than 91% of the personnel worked outside of Finland.


BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT TEAM

In accordance with the proposal of the Board's Nomination Committee, the Annual General Meeting held on February 10, 2011 elected six regular members to the Board: Marko Luoma, Ari Siponmaa, Matti Vikkula, Olli Heikkilä, Richard Järvinen ja Tei-Hu Liu. The Board of Directors selected Matti Vikkula to continue as Chairman of the Board as Chairman of the Audit Committee with Olli Heikkilä and Ari Siponmaa as members.

The members of the executive management team and their global spheres of responsibility are as follows: President and CEO Vesa Vähämöttönen, Panu Kaila (Operations), Markku Kukkonen (Product Development), Olli Nermes (Finance and Administration), Alexander Luiga (Sales and Marketing) and Jukka Pietarinen (Industrial Business Area since December 13, 2011).

AUDITORS


The Annual General Meeting held on February 10, 2011 appointed KPMG Oy Ab as Efore's auditors, with Authorized Public Accountant Lasse Holopainen as principal auditor.

SHARES, SHARE CAPITAL AND SHAREHOLDERS

The total number of Efore Plc shares at the end of the fiscal year was 42.529.648 and the registered share capital was EUR 15.000.000.


At the end of the fiscal year the number of the Group's own shares was 861.535. In addition to this Efore Management Oy, a company belonging to Efore group owned 2.084.400 Efore shares.

The highest share price during the fiscal year was EUR 1.09 and the lowest price was EUR 0.69. The average price during the fiscal year was EUR 0.92 and the closing price was EUR 0.90. The market capitalization calculated at the final trading price of the fiscal year was EUR 35.6 million.

The total number of Efore shares traded on the Nasdaq OMX Helsinki during the fiscal year was 17.4 million and their turnover value was EUR 16.0 million. This accounted for 43.9 % of the total number of outstanding shares.  The number of shareholders totaled 3 315 (3 204) at the end of the fiscal year.

AUTHORIZATION OF THE BOARD OF DIRECTORS

The Annual General Meeting on February 10, 2011 decided, in accordance with the proposal of the Board of Directors, to authorize the Board of Directors to resolve at its discretion on a possible distribution of assets as dividend or assets from the reserve for invested unrestricted equity if the financial position of the company supports that. The maximum aggregate amount of the distribution of assets is EUR 0.05 per share. The authorization includes the right of the Board of Directors to resolve on all other terms and conditions relating to the distribution of assets. The authorization is valid until the next Annual General Meeting. The authorization had not been used by the end of fiscal year 2011.

The Annual General Meeting on February 10, 2011 decided, in accordance with the proposal of the Board of Directors, to authorize the Board of Directors to resolve on the acquisition of the company’s own shares, in one or several installments, on the following terms and conditions:

Based on the authorization an aggregate maximum of 4,000,000 own shares constituting approximately 9.4% of all the shares in the company may be acquired by using the company’s unrestricted equity. The shares may be acquired in public trading arranged by the NASDAQ OMX Helsinki Oy at the prevailing market price on the date of acquisition, or at the price otherwise formed on the market. The Board of Directors shall resolve on all other terms and conditions relating to the acquisition of the company’s own shares. The acquisition may be concluded using, inter alia, derivatives and the company’s own shares may be acquired otherwise than in proportion to the holdings of the shareholders (directed acquisition). The authorization is valid until the next Annual General Meeting. The authorization shall supersede the authorization given by the Annual General Meeting on 9 February 2010 to resolve on the acquisition of the company’s own shares. The authorization had not been used by the end of fiscal year 2011.

AUTHORIZING THE BOARD OF DIRECTORS TO RESOLVE ON THE ISSUE OF SHARES AS WELL AS THE ISSUE OF OPTIONS AND OTHER SPECIAL RIGHTS ENTITLING TO SHARES

The Annual General Meeting on February 10, 2011 decided, in accordance with the proposal of the Board of Directors, to authorize the Board of Directors to resolve on the issuance, in one or several installments, of shares as well as option rights and other special rights pursuant to chapter 10, section 1 of the Finnish Companies Act, so that the aggregate maximum number of new shares issued on the basis of the authorization, whether as an issue of shares or based on option rights and other special rights pursuant to chapter 10, section 1 of the Finnish Companies Act, does not exceed 13,000,000 new shares. In addition, a maximum number of 4,000,000 own shares held by the company may be transferred in connection with a share issue and/or received based on special rights entitling to shares. The authorization includes the right to resolve on a directed issue deviating from the shareholders' pre-emptive subscription right and the right to resolve on a directed share issue without payment. The authorization is in force until the 2013 Annual General Meeting. The earlier authorization is terminated with this authorization.


Based on the authorization to issue shares given by the Annual General Meeting, the Board of Directors of Efore Plc resolved to assign in aggregate 60 614 own shares held by the company as payment of the Board of Directors’ annual remuneration on March 25, 2011. The number of shares has in accordance with the resolution of the Annual General Meeting been determined based on the average of the closing prices of the Efore Plc share March 3 - 16, 2011. The assignment of the shares took place on May 20, 2011.

ACCOUNTING POLICIES

The financial statement has been drawn up in accordance with IAS 34 Standard on Interim Financial Reporting and the Group's accounting principles presented in the 2010 Financial Statements. 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


SHORT-TERM RISKS AND FACTORS OF UNCERTAINTY

The demand fluctuation typical for the market can still cause rapid changes in Efore’s business. The most significant business risks are related to the success of key customers in their markets and to Efore's capability serve its key customers.

Progress of the EV power electronics projects depends on the customers’ own project schedules and the establishment 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.


EVENTS AFTER THE CLOSE OF THE FISCAL YEAR

 Efore combined its resources targeting to increase sales in industrial business area. Jukka Pietarinen, M.Sc(Eng), has been appointed as Executive Vice President, Industrial Business Area and as the member of the Efore Executive Management Team from December 13, 2011. Jukka Pietarinen has been employed by Efore since 2009.

In order to improve Efore’s profitability and
competitiveness of its industrial business Efore plans to transfer its production from Estonia to China and discontinue production at Estonia factory during the fiscal year 2012. According to the plan the Group’s personnel would be reduced approximately by 120 persons. Efore estimates one-time costs to be approximately EUR 1.8 million and these would be reported for the current fiscal year. With this plan Efore aims to improve its annual profitability by EUR 1.6 million.

OUTLOOK

As announced in the Stock Exchange Release on November 22, 2011 Efore estimated that its customers have in short-term higher inventory levels than needed. Due to lowering the inventory levels Efore’s net sales will not reach the level of the previous year in the first months of the fiscal year 2012, and results from operating activities might be negative during these months. Efore estimates the inventory levels to balance during the first half of the fiscal year 2012.

Efore estimates its position in its main market area, power products for telecommunication, to remain good. The fundamentals for long-term positive development of wireless network equipment industry are expected to remain unchanged.

FINANCIAL ESTIMATE FOR THE FISCAL YEAR 2012

Slow first months of the fiscal year 2012 will effect to the whole year. Efore estimates to reach at least EUR 80 million net sales for full fiscal year 2012.

Fiscal year 2012 result from operating activities without one-time costs is expected to be positive but staying below the fiscal year 2011 level.

BOARD OF DIRECTORS’ PROPOSAL FOR THE ANNUAL GENERAL MEETING


The Board of Directors will propose to the Annual General Meeting on February 9, 2012 that no dividend will be distributed from fiscal year November 1, 2010 – October 31, 2011.

The Board of Directors will propose to the Annual General Meeting on February 9, 2012 that the company will distribute assets from the invested non-restricted equity fund to the shareholders 0,05 euros per share.

TABLES

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
         
EUR million Aug./11- Aug./10- Nov./10- Nov./09-
  Oct./11 Oct./ 10 Oct./11 Oct./10
  3 months 3 months 12 months 12 months
         
         
Net sales 21,4 20,4 88,1 69,7
         
Change in inventories of        
finished goods and work in progress -0,6 0,3 2,5 0,9
Other operating income 0,1 0,0 0,2 0,2
Materials and services -13,3 -13,8 -61,7 -48,1
Employee benefits expenses -4,2 -3,4 -15,1 -12,6
Depreciation -0,7 -0,8 -2,6 -3,1
Impairments 0,0 0,0 0,0 0,0
Other operating expenses -1,8 -1,7 -6,9 -6,9
RESULTS FROM OPERATING ACTIVITIES 1,0 1,1 4,4 0,0
%  net sales 4,5 5,6 5,0 0,0
Financing income 0,3 0,0 1,3 0,5
Financing expenses -0,7 -0,1 -1,3 -0,5
Share of profit of associated        
companies 0,0 0,0 0,1 0,0
PROFIT (-LOSS) BEFORE TAX 0,5 1,0 4,5 0,1
% net sales 2,3 4,9 5,1 0,1
Tax on income from operations 0,0 0,0 -1,0 0,1
PROFIT (-LOSS) FOR THE PERIOD 0,5 0,9 3,4 0,1
         
OTHER COMPREHENSIVE INCOME:        
Translation differences 0,4 -0,4 0,4 0,3
Total comprehensive income 0,9 0,5 3,9 0,5
         
NET PROFIT/LOSS ATTRIBUTABLE        
To equity holders of the parent 0,5 0,9 3,4 0,1
To non-controlling interest 0,0 0,0 0,0 0,0
         
TOTAL COMPREHENSIVE  INCOME        
ATTRIBUTABLE TO:        
Equity holders of the parent 0,9 0,5 3,9 0,5
Non-controlling interest 0,0 0,0 0,0 0,0
         
EARNINGS PER SHARE CALCULATED ON PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT:        
Earnings per share, basic,eur 0,01 0,02 0,09 0,00
Earnings per share, diluted, eur 0,01 0,02 0,09 0,00
         
INFORMATION ABOUT GEOGRAPHICAL Aug./11- Aug./10- Nov./10- Nov./09-
AREAS, EUR million Oct./11 Oct./ 10 Oct./11 Oct./10
  3 months 3 months 12 months 12 months
         
Americas 0,7 0,9 2,8 2,2
EMEA 9,2 6,1 32,9 22,5
FINLAND 2,8 2,5 11,9 10,0
APAC 8,7 11,0 40,6 35,1
Total 21,4 20,4 88,1 69,7

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION        
         
         
EUR million Oct. 31, Oct. 31, change Oct. 31,
  2011 2010 % 2010
ASSETS        
NON-CURRENT ASSETS        
Intangible assets 1,4 1,5   1,5
Tangible assets 6,8 4,6   4,6
Investments in associates 0,0 0,6   0,6
Other long-term investments 0,0 0,0   0,0
NON-CURRENT ASSETS 8,2 6,7 22,8 6,7
         
CURRENT ASSETS        
Inventories 13,0 10,5   10,5
Trade receivables and other receivables 17,3 17,5   17,5
Tax receivable, income tax 0,1 0,1   0,1
Cash and cash equivalents 11,2 5,9   5,9
CURRENT ASSETS 41,7 33,9 22,7 33,9
ASSETS 49,9 40,6 22,7 40,6
         
EQUITY AND LIABILITIES        
EQUITY        
Share capital 15,0 15,0   15,0
Treasury shares -2,1 -2,1   -2,1
Other reserves 21,9 21,9   21,9
Translation differences 0,6 0,1   0,1
Retained earnings -11,6 -15,0   -15,0
Equity attributable to equity holders of the parent 23,8 19,9   19,9
Equity attributable to non-controlling interests 0,3 0,3   0,3
EQUITY 24,1 20,2 19,4 20,2
         
NON-CURRENT LIABILITIES        
Deferred tax liabilities 0,0 0,0   0,0
Interest-bearing liabilities 3,3 2,6   2,6
NON-CURRENT LIABILITIES 3,3 2,6 27,1 2,6
         
CURRENT LIABILITIES        
Interest-bearing liabilities 4,1 0,6   0,6
Trade payables and other liabilities 17,9 16,7   16,7
Tax liabilities 0,3 0,2   0,2
Provisions 0,3 0,3   0,3
CURRENT LIABILITIES 22,5 17,9   17,9
LIABILITIES 25,8 20,5   20,5
TOTAL EQUITY AND LIABILITIES 49,9 40,6 22,7 40,6





GROUP KEY FIGURES, EUR million
Aug./11- Aug./10- Nov./10- Nov./09-
  Oct./11 Oct./ 10 Oct./11 Oct./10
  3 months 3 months 12 months 12 months
         
Earnings per share, basic,eur 0,01 0,02 0,09 0,00
Earnings per share, diluted, eur 0,01 0,02 0,09 0,00
Equity per share, eur 0,60 0,50 0,60 0,50
Solvency ratio,% 48,3 49,7 48,3 49,7
Return on equity-%(ROE) 7,7 18,4 15,5 0,6
Return on investment-%(ROI) 8,4 20,3 17,5 1,1
Gearing, % -16,3 -13,3 -16,3 -13,3
Net interest-bearing liabilities -3,9 -2,7 -3,9 -2,7
Investments (intangible and tangible assets) 1,9 0,0 4,4 1,6
as percentage of net sales 9,1 -0,7 5,0 2,3
Average personnel 987 894 960 821

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS Nov./10- Nov./09- change Nov./09-
EUR million Oct. /11 Oct./10 % Oct./10
         
Cash flows from operating activities        
Cash receipts from customers 91,9 64,0   64,0
Cash paid to suppliers and employees -86,4 -65,4   -65,4
Cash generated from operations 5,5 -1,4   -1,4
Interest paid -0,1 0,0   0,0
Interest received 0,1 0,0   0,0
Other financial  items -0,5 0,1   0,1
Income taxes paid -0,6 0,3   0,3
Net cash from operating activities (A) 4,3 -1,0 -515,4 -1,0
         
Cash flows from investing activities        
Purchase of tangible and intangible assets -4,3 -1,6   -1,6
Proceeds from sale of tangible and intangible assets 0,1 0,1   0,1
Disposal of associated companies 0,5 0,0   0,0
Dividend received and repayment of capital 1,0 0,0   0,0
Net cash used in investing activities (B) -2,8 -1,5 81,2 -1,5
         
Cash flows from financing activities        
Capital invest by the minority 0,0 0,3   0,3
Purchase of treasury shares 0,0 -0,1   -0,1
Proceedings from short-term borrowings 3,3 0,5   0,5
Proceeds from long-term borrowings 1,1 2,5   2,5
Repayment of long-term borrowings -0,5 0,0   0,0
Financial leasing repayment -0,2 -0,3   -0,3
Net cash used in financing activities (C) 3,7 3,0   3,0
         
Net increase/decrease in cash and cash        
equivalents (A+B+C) 5,3 0,4   0,4
         
         
GROUP CONTINGENT LIABILITIES Oct. 31, Oct. 31,   Oct. 31,
EUR million 2011 2010   2010
         
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 1,1 1,5   1,5
1-5 years 0,8 1,7   1,7
         
Fair values of derivate financial instruments        
         
Currency derivatives, not hedge        
Option contract        
Nominal amount 5,2 2,9   2,9
Negative fair value 0,0 0,0   0,0
         
         
         
THE FOLLOWING TRANSACTIONS WERE Oct. 31, Oct. 31,   Oct. 31,
CARRIED OUT WITH RELATED PARTIES: 2011 2010   2010
EUR million        
         
Associated companies        
Purchases 0,0 0,1   0,1
         
Liabilities 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 34,5 -0,6 0,0 1,0 -0,2 -15,2 19,5 0,0 19,5
Nov.1, 2009                  
                   
Comprehensive income 0,0 0,0 0,0 0,0 0,3 0,1 0,5 0,0 0,5
                   
Capital invest by the minority 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,3 0,3
                   
The costs of options 0,0 0,0 1,4 0,0 0,0 0,0 1,4 0,0 1,4
rights                  
                   
Reclassification between items -19,5 0,0 19,5 0,0 0,0 0,0 0,0 0,0 0,0
                   
Purchase of treasury shares 0,0 -1,5 0,0 0,0 0,0 0,0 -1,5 0,0 -1,5
                   
Equity 15,0 -2,1 20,9 1,0 0,1 -15,0 19,9 0,3 20,2
October 31, 2010                  
                   
                   
EUR million A B C D E F G H I
                   
                   
Equity 15,0 -2,1 20,9 1,0 0,1 -15,0 19,9 0,3 20,2
Nov.1, 2010                  
                   
Comprehensive income 0,0 0,0 0,0 0,0 0,4 3,5 3,9 0,0 3,9
                   
Assign of treasury shares 0,0 0,0 0,0 0,0 0,0 0,0 0,1 0,0 0,1
                   
Equity 15,0 -2,1 20,9 1,0 0,6 -11,6 23,8 0,3 24,1
October 31, 2011                  

 

    31.10.2011  
CALCULATION OF KEY
FIGURES AND RATIOS
     
       
Return on investment (ROI), % = Profit before taxes+interest and other financing expenses /
(Equity + interest-bearing liabilities, average )
x 100
       
Return on Equity (ROE), % = Profit/loss for the period / Equity (average ) x 100
       
Current ratio = Current assets / Current liabilities  
       
Solvency ratio, % = Equity / (Total assets - advance payments received - own shares*) x 100
       
Net interest-bearing liabilities = Interest-bearing liabilities - financial assets at fair value through profit or loss - cash and cash equivalents  
       
Gearing, % = Net interest-bearing liabilities / Equity x 100
       
Earnings per share = Profit or loss attributable to ordinary equity holders of the parent entity/ The weighted average number of ordinary shares outstanding  
       
Dividend per share = Dividend for the financial year / (Number of shares - own shares*)
       
Dividend payout ratio, % = Dividend per share / Earnings per share x 100
       
Effective dividend yield, % = Dividend per share /Adjusted share price at balance sheet date x 100
       
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 capitalization = = Adjusted share price at balance sheet date x outstanding number of shares at balance sheet date  
       
Average personnel = The average number of employees at the end of each calendar month during the accounting period  
       
All share-specific figures are based on the issue-adjusted number of shares.  
Equity is the equity owned by the holders of the parent company's shares.  
Profit for the period is the fiscal period profit attributable to equity holders of the parent.
* There were own shares held by company October 31, 2011.
 
         

EFORE PLC

Board of Directors

For further information please contact Mr.Vesa Vähämöttönen, President and CEO, on December 14, 2011 at 9 – 11 a.m., tel. +358 9 4784 6312

Efore Plc will hold a news conference regarding the financial statement report for analysts and media on December 14, 2011 at 11 a.m. in Helsinki World Trade Center, address Aleksanterinkatu 17.

DISTRIBUTION  
Nasdaq OMX Helsinki Oy

Principal media

 

Efore Group

Efore Group is an international company which develops and produces demanding power products. Efore’s head office is based in Finland and its production units are located in China and in Estonia. Efore is present also in Sweden. In the fiscal year ending in October 2011, consolidated net sales totaled EUR 88,1 million and the Group’s personnel averaged 960. The company's share is quoted on the Nasdaq OMX Helsinki Ltd. www.efore.com

         Mr.Vesa Vähämöttönen, President and CEO, tel. +358 9 4784 6312