Espoo, Finland, 2012-05-25 08:00 CEST (GLOBE NEWSWIRE) --
EFORE PLC Interim Report May 25, 2012 9 a.m.
Period under the review in brief (November 1, 2011 — April 30, 2012)
- Net sales totaled EUR 34,1 million (EUR 42.4 million)
- Results from operating activities amounted to EUR -2.2 million (EUR 1.5 million)
- Profit before taxes was EUR -2.7 million (EUR 1.7 million)
- Profit for the period was EUR -2.4 million (EUR 1.0 million)
- Earnings per share was EUR -0.6 (EUR 0.03)
Second quarter in brief (February 1, 2012 — April 30, 2012)
- Net sales totaled EUR 19.3 million (EUR 20.6 million)
- Results from operating activities amounted to EUR -1.3 million (EUR 0.4 million)
- Profit before taxes was EUR -1,5 million (EUR 0.7 million)
- Profit for the period was EUR -1.3 million (EUR 0.5 million)
- Earnings per share was EUR -0.03 (EUR 0.01)
Vesa Vähämöttönen, Efore’s President and CEO:
“As expected our net sales increased 30% from the first quarter as a result of balanced inventory levels. Unfortunately results from operating activities did not meet the expectation. However, second half is estimated to be clearly stronger.”
NOVEMBER – APRIL NET SALES AND FINANCIAL DEVELOPMENT
Net sales for the period under the review totaled EUR 34.1 million (EUR 42.4 million). Net sales by customer group was as follows: Telecommunication 77,5 % (79.1 %) and industrial electronics 22.5 % (20.9 %). Geographically Efore’s deliveries were to the following areas: EMEA EUR 17.0 million (EUR 14.4 million), APAC EUR 12.1 million (EUR 21.2 million), Finland EUR 4.4 million (EUR 5.6 million) and the Americas EUR 0.6 million (EUR 1.3 million) which totaled EUR 34.1 million (EUR 42.4 million). Final geographical distribution of Efore’s products deviates from the before mentioned as Efore’s customers distribute further the products from the logistics centres to other markets.
The results from operating activities amounted to EUR -2.2 million (EUR 1.5 million).
Low demand caused by balancing of inventory levels at main customers and unfavorable product mix weakened the results from operating activities.
Results from operating activities include one-time items of approximately EUR 0.1 million related to discontinued operations of Estonia factory. Efore estimates the total one-time costs related to Estonia factory closure to be approximately EUR 1.8 million and these will be reported mainly for the fourth quarter when final costs can be reliably estimated.
NET SALES AND FINANCIAL DEVELOPMENT FOR THE SECOND QUARTER
Net sales for the second quarter totaled EUR 19.3 million (EUR 20.6 million). Net sales by customer group was as follows: Telecommunication 80.9 % (79.3 %) and industrial electronics 19.1 % (20.7 %). Geographically Efore’s deliveries were to the following areas: EMEA EUR 10.5 million (EUR 7.5 million), APAC EUR 6.6 million (EUR 9.8 million), Finland EUR 2.0 million (EUR 2.9 million) and the Americas EUR 0.3 million (EUR 0.4 million) which totaled EUR 19.3 million (EUR 20.6 million). Final geographical distribution of Efore’s products deviates from the before mentioned as Efore’s customers distribute further the products from the logistics centres to other markets.
The results from operating activities amounted to EUR -1.3 million (EUR 0.4 million).
Unfavorable product mix as well as exceptionally high export sales from China in Euros together with weakened Euro had negative impact to the results from operating activities.
BUSINESS DEVELOPMENT
Investment in product and technology development during the period under review was EUR 3.9 million (EUR 3.5 million) representing 11.3 % (8.2 %) of net sales.
Demand for Efore’s telecom products developed favorably during the second quarter. Growth was expected as a result from balancing of inventory levels at main customers.
Demand of Efore’s industrial electronics continued stable. Power supply system cabinets ordered by the Finnish Defense Forces have been delivered according to the first phase of the agreement.
Efore negotiates with Chinese companies in electric vehicles (EV) industry about cooperation models to reach the access to the market. Development of EV power electronics product family is progressing as planned. During the period under review investments in EV business were EUR 0.3 million and personnel costs were EUR 0.4 million.
The closure of Estonia factory and related production transfer to China are proceeding as planned.
INVESTMENTS
Group investments in fixed assets during the period under review amounted to EUR 1.2 million (EUR 1.5 million) of which product development costs were EUR 0.4 million.
At the end of the period under review capitalized product development costs amounted to EUR 0.9 million (EUR 0.8 million).
FINANCIAL POSITION
The Group’s financial position during the period under review was good.
The consolidated interest-bearing cash reserves exceeded interest-bearing liabilities by EUR 0.8 million (EUR 4.0 million). The consolidated net financial expenses were EUR 0.5 million (EUR -0.1 million). The cash flow from business operations was EUR 0.2 million (EUR 2.9 million). The cash flow after investments was EUR -0.9 million (EUR 1.4 million).
The Group’s solvency ratio was 44.5 % (46.4 %) and the gearing was –3.9 % (-19.4 %).
Liquid assets excluding undrawn credit facilities totaled EUR 7.6 million (EUR 6.9 million) at the end of the period under review. The balance sheet total was EUR 46.3 million (EUR 44.4 million).
PERSONNEL
The number of the Group’s own personnel including temporary personnel averaged 870 (912) during the period under review and at the end of the period under review it was 939 (954). At the end of April 2012 more than 92% of the personnel worked outside of Finland.
SHARES, SHARE CAPITAL AND SHAREHOLDERS
The total number of Efore Plc shares at the end of the period under review was 42.529.648 and the registered share capital was EUR 15.000.000.
The Board of Directors of Efore Plc decided on April 2, 2012 to acquire in one or several tranches an aggregate maximum of 1,000,000 of the company’s own shares in accordance with the authorization given to it at the Annual General Meeting on 9 February 2012. The acquisition of the company’s own shares started on April 10, 2012 and is still continuing.
At the end of the period under review the number of the Group's own shares was 760.191. In addition to this Efore Management Oy, a company belonging to Efore group owned 2.358.242 pcs of Efore shares.
The highest share price during the period under review was EUR 0.94 and the lowest price was EUR 0.68. The average price during the period under review was EUR 0.78 and the closing price was EUR 0.76. The market capitalization calculated at the final trading price during the period under review was EUR 30.0 million.
The total number of Efore shares traded on the Nasdaq OMX Helsinki during the period under review was 6.1 million and their turnover value was EUR 4.7 million. This accounted for 15.4 % of the total number of shares. The number of shareholders totaled 3332 (3269) at the end of the period under review.
ACCOUNTING POLICIES
The report has been drawn up in accordance with IAS 34 Standard on Interim Financial Reporting and the Group's accounting principles presented in the 2011 annual report. The information in this release is unaudited.
Exchange rate differences have been reported in financial items. The figures for the previous year have been adjusted in accordance with the new practice.
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 market typical fluctuation in demand can 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 delivery capability for the 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.
OUTLOOK
The fundamentals for long-term positive development of wireless network equipment industry are expected to remain unchanged and therefore telecommunications network market is estimated to grow compared to previous year.
Efore estimates its position in its main market area, power products for telecommunication, to remain strong.
FINANCIAL ESTIMATE FOR THE FISCAL YEAR 2012
Efore lowered its financial estimate for fiscal year 2012 on May 16, 2012.
New full 2012 fiscal year estimate: The company estimates net sales for fiscal year 2012 to stay below the fiscal year 2011 level and result of operating activities without one-time costs to be slightly negative.
Efore’s previous estimate, published on March 8, 2012 was:
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.
TABLES
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
| EUR million | Feb./12- | Feb./11- | Nov./11- | Nov./10- | Nov./10- |
| Apr./12 | Apr./ 11 | Apr./ 12 | Apr./ 11 | Oct./11 | |
| 3 months | 3 months | 6 months | 6 months | 12 months | |
| Net sales | 19,3 | 20,6 | 34,1 | 42,4 | 88,0 |
| Change in inventories of | |||||
| finished goods and work in progress | 0,7 | 1,0 | 1,3 | 2,8 | 2,5 |
| Other operating income | 0,1 | 0,0 | 0,5 | 0,1 | 0,2 |
| Materials and services | -14,7 | -15,2 | -25,2 | -31,8 | -62,0 |
| Employee benefits expenses | -4,0 | -3,7 | -7,5 | -7,2 | -15,1 |
| Depreciation | -0,8 | -0,6 | -1,7 | -1,3 | -2,6 |
| Other operating expenses | -2,0 | -1,8 | -3,8 | -3,5 | -6,9 |
| RESULTS FROM OPERATING ACTIVITIES | -1,3 | 0,4 | -2,2 | 1,5 | 4,1 |
| % net sales | -7,0 | 1,7 | -6,4 | 3,5 | 4,6 |
| Financing income | 0,1 | 0,3 | 0,5 | 0,4 | 1,3 |
| Financing expenses | -0,3 | -0,1 | -1,0 | -0,2 | -1,0 |
| Share of profit of associated | |||||
| companies | 0,0 | 0,1 | 0,0 | 0,1 | 0,1 |
| RESULT BEFORE TAX | -1,5 | 0,7 | -2,7 | 1,7 | 4,5 |
| % net sales | -7,6 | 3,4 | -7,9 | 4,0 | 5,1 |
| Tax on income from operations | 0,1 | -0,2 | 0,3 | -0,7 | -1,0 |
| RESULT FOR THE PERIOD | -1,3 | 0,5 | -2,4 | 1,0 | 3,4 |
| OTHER COMPREHENSIVE INCOME: | |||||
| Translation differences | 0,0 | -0,8 | 1,0 | -0,6 | 0,4 |
| Total comprehensive income | -1,3 | -0,3 | -1,3 | 0,4 | 3,9 |
| NET PROFITT/lOSS ATTRIBUTABLE | |||||
| To equity holders of the parent | -1,3 | 0,5 | -2,3 | 1,0 | 3,5 |
| To non-controlling interest | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| TOTAL COMPREHENSIVE INCOME | |||||
| ATTRIBUTABLE TO: | |||||
| Equity holders of the parent | -1,3 | -0,3 | -1,3 | 0,4 | 3,9 |
| Non-controlling interest | 0,0 | 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 | -0,03 | 0,01 | -0,06 | 0,03 | 0,09 |
| Earnings per share, diluted, eur | -0,03 | 0,01 | -0,06 | 0,03 | 0,09 |
| INFORMATION ABOUT GEOGRAPHICAL | Feb./12- | Feb./11- | Nov./11- | Nov./10- | Nov./10- |
| AREAS, EUR million | Apr./12 | Apr./ 11 | Apr./ 12 | Apr./ 11 | Oct./11 |
| 3 months | 3 months | 6 months | 6 months | 12 months | |
| Americas | 0,3 | 0,4 | 0,6 | 1,3 | 2,8 |
| EMEA | 10,5 | 7,5 | 17,0 | 14,4 | 32,9 |
| FINLAND | 2,0 | 2,9 | 4,4 | 5,6 | 11,7 |
| APAC | 6,6 | 9,8 | 12,1 | 21,2 | 40,7 |
| Total | 19,3 | 20,6 | 34,1 | 42,4 | 88,0 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||
| EUR million | Apr. 30, | Apr. 30, | change | Oct. 31, |
| 2012 | 2011 | % | 2011 | |
| ASSETS | ||||
| NON-CURRENT ASSETS | ||||
| Intangible assets | 1,3 | 1,3 | 1,4 | |
| Tangible assets | 6,8 | 4,8 | 6,8 | |
| Investments in associates | 0,0 | 0,7 | 0,0 | |
| Other long-term investments | 0,0 | 0,0 | 0,0 | |
| NON-CURRENT ASSETS | 8,1 | 6,9 | 18,0 | 8,2 |
| CURRENT ASSETS | ||||
| Inventories | 14,4 | 13,4 | 13,0 | |
| Trade receivables and other receivables | 15,6 | 16,9 | 17,3 | |
| Tax receivable, income tax | 0,6 | 0,3 | 0,1 | |
| Cash and cash equivalents | 7,6 | 6,9 | 11,2 | |
| CURRENT ASSETS | 38,2 | 37,6 | 1,6 | 41,7 |
| ASSETS | 46,3 | 44,4 | 4,1 | 49,9 |
| EQUITY AND LIABILITIES | ||||
| EQUITY | ||||
| Share capital | 15,0 | 15,0 | 15,0 | |
| Treasury shares | -2,2 | -2,1 | -2,1 | |
| Other reserves | 19,8 | 21,9 | 21,9 | |
| Translation differences | 1,6 | -0,4 | 0,6 | |
| Retained earnings | -13,9 | -14,0 | -11,6 | |
| Equity attributable to equity holders of the parent | 20,3 | 20,3 | 23,8 | |
| Equity attributable to non-controlling interests | 0,3 | 0,3 | 0,3 | |
| EQUITY | 20,6 | 20,6 | -0,1 | 24,1 |
| NON-CURRENT LIABILITIES | ||||
| Deferred tax liabilities | 0,0 | 0,0 | 0,0 | |
| Interest-bearing liabilities | 1,8 | 2,3 | 3,3 | |
| NON-CURRENT LIABILITIES | 1,8 | 2,3 | -19,8 | 3,3 |
| CURRENT LIABILITIES | ||||
| Interest-bearing liabilities | 5,0 | 0,6 | 4,1 | |
| Trade payables and other liabilities | 18,4 | 20,2 | 17,9 | |
| Tax liabilities | 0,0 | 0,4 | 0,3 | |
| Provisions | 0,4 | 0,4 | 0,3 | |
| CURRENT LIABILITIES | 23,8 | 21,5 | 22,5 | |
| LIABILITIES | 25,7 | 23,8 | 25,8 | |
| TOTAL EQUITY AND LIABILITIES | 46,3 | 44,4 | 4,1 | 49,9 |
| GROUP KEY FIGURES, EUR million | Feb./12- | Feb./11- | Nov./11- | Nov./10- | Nov./10- |
| Apr./12 | Apr./ 11 | Apr./ 12 | Apr./ 11 | Oct./11 | |
| 3 months | 3 months | 6 months | 6 months | 12 months | |
| Earnings per share, basic,eur | -0,03 | 0,01 | -0,06 | 0,03 | 0,09 |
| Earnings per share, diluted, eur | -0,03 | 0,01 | -0,06 | 0,03 | 0,09 |
| Equity per share, eur | 0,52 | 0,51 | 0,52 | 0,51 | 0,60 |
| Solvency ratio,% | 44,5 | 46,4 | 44,5 | 46,4 | 48,3 |
| Return on equity-%(ROE) | -23,5 | 8,9 | -21,2 | 9,7 | 15,5 |
| Return on investment-%(ROI) | -18,8 | 12,8 | -16,8 | 15,6 | 17,5 |
| Gearing, % | -3,9 | -19,4 | -3,9 | -19,4 | -16,3 |
| Net interest-bearing liabilities | -0,8 | -4,0 | -0,8 | -4,0 | -3,9 |
| Investments (intangible and tangible assets) | 0,5 | 0,5 | 1,2 | 1,5 | 4,4 |
| as percentage of net sales | 2,8 | 2,5 | 3,6 | 3,6 | 5,0 |
| Average personnel | 931 | 936 | 870 | 912 | 960 |
| CONSOLIDATED STATEMENT OF CASH FLOWS | Nov./11- | Nov./10- | change | Nov./10- |
| EUR million | Apr. /12 | Apr./11 | % | Oct./11 |
| Cash flows from operating activities | ||||
| Cash receipts from customers | 39,0 | 45,6 | 91,9 | |
| Cash paid to suppliers and employees | -38,2 | -42,0 | -86,4 | |
| Cash generated from operations | 0,9 | 3,6 | 5,5 | |
| Interest paid | 0,0 | 0,0 | -0,1 | |
| Interest received | 0,0 | 0,0 | 0,1 | |
| Other financial items | -0,5 | -0,1 | -0,5 | |
| Income taxes paid | -0,1 | -0,5 | -0,6 | |
| Net cash from operating activities (A) | 0,2 | 2,9 | -92,3 | 4,3 |
| Cash flows from investing activities | ||||
| Purchase of tangible and intangible assets | -1,2 | -1,6 | -4,3 | |
| Proceeds from sale of tangible and intangible assets | 0,1 | 0,0 | 0,1 | |
| Disposal of associated companies | 0,0 | 0,0 | 0,5 | |
| Dividend received and repayment of capital | 0,0 | 0,0 | 1,0 | |
| Net cash used in investing activities (B) | -1,1 | -1,5 | -25,8 | -2,8 |
| Cash flows from financing activities | ||||
| Capital invest by the minority | 0,0 | 0,0 | 0,0 | |
| Repurchase of own shares | -0,1 | 0,0 | 0,0 | |
| Proceedings from short-term borrowings | 0,6 | 0,0 | 3,3 | |
| Repayment of short-term borrowings | -1,1 | 0,0 | 0,0 | |
| Proceeds from long-term borrowings | 0,0 | 0,0 | 1,1 | |
| Repayment of long-term borrowings | -0,3 | -0,3 | -0,5 | |
| Financial leasing repayment | -0,1 | -0,1 | -0,2 | |
| Repayment of capital to shareholders | -2,1 | 0,0 | 0,0 | |
| Net cash used in financing activities (C) | -3,0 | -0,3 | 3,7 | |
| Net increase/decrease in cash and cash | ||||
| equivalents (A+B+C) | -3,9 | 1,0 | 5,3 | |
| Cash and cash equivalents at beginning of period on Nov.1 | 11,2 | 5,9 | 5,9 | |
| Net increase/decrease in cash and cash equivalents | -3,9 | 1,0 | 5,3 | |
| Effects of exchange rate fluctuations on cash held | 0,3 | -0,1 | 0,1 | |
| Cash and cash equivalents at end of period on Jan. 31 | 7,6 | 6,9 | 11,2 | |
| GROUP CONTINGENT LIABILITIES | Apr. 30, | Apr. 30, | Oct. 31, | |
| EUR million | 2012 | 2011 | 2011 | |
| 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 | 1,3 | 1,5 | 1,1 | |
| 1-5 years | 0,7 | 1,2 | 0,8 | |
| Fair values of derivate financial instruments | ||||
| Currency derivatives, not hedge | ||||
| Option contract | ||||
| Nominal amount | 5,4 | 1,4 | 5,2 | |
| Negative fair value | 0,0 | 0,0 | 0,0 | |
| THE FOLLOWING TRANSACTIONS WERE | Apr. 30, | Apr. 30, | Oct. 31, | |
| CARRIED OUT WITH RELATED PARTIES: | 2012 | 2011 | 2011 | |
| EUR million | ||||
| Associated companies | ||||
| Purchases | 0,0 | 0,0 | 0,0 | |
| 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 | 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 | -0,6 | 1,0 | 0,4 | 0,0 | 0,4 |
| Equity | 15,0 | -2,1 | 20,9 | 1,0 | -0,4 | -14,0 | 20,3 | 0,3 | 20,6 |
| April 30, 2011 | |||||||||
| EUR million | A | B | C | D | E | F | G | H | I |
| Equity | 15,0 | -2,1 | 20,9 | 1,0 | 0,6 | -11,6 | 23,8 | 0,3 | 24,1 |
| Nov.1, 2011 | |||||||||
| Comprehensive income | 0,0 | 0,0 | 0,0 | 0,0 | 1,0 | -2,3 | -1,3 | 0,0 | -1,3 |
| Repayment of capital to shareholders | 0,0 | 0,0 | -2,1 | 0,0 | 0,0 | 0,0 | -2,1 | 0,0 | -2,1 |
| Capital invest by the minority | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Repurchase of own shares | 0,0 | -0,1 | 0,0 | 0,0 | 0,0 | 0,0 | -0,1 | 0,0 | -0,1 |
| Equity | 15,0 | -2,2 | 18,8 | 1,0 | 1,6 | -13,9 | 20,3 | 0,3 | 20,6 |
| April 30, 2012 |
| 30.4.2012 | ||||
|
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. | ||||
|
When calculating per share performance measures equity is the equity attributable to the shareholders of the parent company, when calculating other performance measures equity includes equity attributable to the shareholders of the parent company and non-controlling interests. * There were own shares held by company April 30, 2012. |
||||
EFORE PLC
Board of Directors
For further information please contact Mr.Vesa Vähämöttönen, President and CEO, on May 25, 2012 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 May 25, 2012 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 88,0 million and the Group’s personnel averaged 960. The company's share is quoted on the Nasdaq OMX Helsinki Ltd.
www.efore.com
Vesa Vähämöttönen, President and CEO, tel. +358 9 4784 6312