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EFORE PLC NET SALES UP BY 13.9 % AND PROFIT BEFORE EXTRAORDINARY ITEMS AND SHARE-ISSUE EXPENSES UP BY 30.1% EFORE GROUP FINANCIAL STATEMENTS, NOVEMBER 1, 2003 - OCTOBER 31, 2004 (12 MONTHS) The fiscal year in brief: - Net sales and operating profit reached new records - Market share increased due to new products and customers - Record number of new product development projects begun - Cost-effective in-house production expanded in China and Estonia - Shares quoted on the Helsinki Stock Exchange Main List - Shareholders' equity grew by EUR 23.0 million in the spring share issues - Proposed dividend of EUR 0.30 per share Key figures for fiscal year November 1, 2003 - October 31, 2004, in brief: - Net sales totaled EUR 73.2 million (EUR 64.3 million), up by 13.9% on the previous fiscal year. - Operating profit was EUR 8.0 million (EUR 6.9 million), up by 15.5% on the previous fiscal year. - Profit before extraordinary items was EUR 7.8 million (EUR 6.8 million). - Net profit was EUR 7.5 million (EUR 7.8 million). - Cash flow from business operations was EUR 3.6 million (EUR 8.0 million). - Return on investment (ROI) was 23.2% (37.1%). - Return on equity (ROE) was 22.6% (47.8%). - The solvency ratio was 75.1% (49.5%). - Gearing was - 49.6% (-18.2%). - Interest-bearing cash reserves exceeded the Group's interest-bearing liabilities by EUR 22.3 million (EUR 3.2 million). - Earnings per share totaled EUR 0.39 (EUR 0.41). Outlook: - Efore has significantly strengthened its market position as a supplier for the leading mobile phone network producers during the fiscal year. - The Group has also signed various other new customer agreements and contracts for high-volume products. - With new products and customers, net sales growth in the current fiscal year is expected to accelerate to a level significantly higher than in the past fiscal year. - Profit performance is expected to remain good, thanks to sales growth and cost- effective operations, and so operating profit and earnings per share for the current fiscal year are forecast to be up on the figures for the past fiscal year. NET SALES AND FINANCIAL PERFORMANCE Net sales for the fiscal year totaled EUR 73.2 million (EUR 64.3 million), representing a year-on-year increase of 13.9%. Net sales growth has been strong. Quarterly year-on-year net sales growth has been consistently positive for the past two fiscal years. The reasons for this include the recovery in the telecommunications network market and the signing of new customer agreements for custom-designed power supplies, DC power systems, and electronics design and manufacturing services (EDMS). The distribution of fiscal year net sales by market area was as follows: Europe 63.5% (68.4%), North and South America 29.4% (28.5%), and Asia 7.1% (3.0%). Net sales distribution by customer sector was as follows: telecommunications 74.2% (77.2%), industrial automation 8.4% (9.7%), healthcare 3.3% (3.5%), and engineering 14.1% (9.5%). Net sales distribution by product category was as follows: custom-designed power supplies 80.0% (85.5%), DC power systems 6.3% (6.7%), and EDMS 13.7% (7.8%). Operating profit for the fiscal year totaled EUR 8.0 million (EUR 6.9 million), which was in line with the target. Operating profit was affected slightly by the one-time costs incurred in the start-up of the new Estonian factory and the doubling of capacity at the Chinese factory. The impact of these costs was felt especially during the third quarter. Operating profit was then boosted in the final quarter by the changeover to a new inventory valuation principle, whereby the acquisition cost of inventories now includes the fixed costs of procurement and manufacture. This change in the valuation principle improved the operating profit for the fiscal year by a one-time figure of EUR 0.6 million. Profit before extraordinary items was EUR 7.8 million (EUR 6.8 million). A total of EUR 1.0 million was entered as financial expenses for combining the share series, transferring to the Helsinki Stock Exchange Main List, and conducting the share issues, which were all carried out during the fiscal year. Without this entry, the consolidated profit before extraordinary items would have been EUR 8.8 million (EUR 6.8 million). The net profit for the fiscal year was EUR 7.5 million (EUR 7.8 million). This included tax receivables totaling EUR 0.7 million (EUR 1.5 million) of which EUR 0,5 million (EUR 1.4 million) is entered under extraordinary income. The consolidated return on investment was 23.2% (37.1%) and the return on equity 22.6% (47.8%). These two percentages were affected significantly by the share issues made during the fiscal year, which resulted in new capital totaling EUR 23.0 million. FOURTH-QUARTER NET SALES AND FINANCIAL PERFORMANCE Net sales in the fourth quarter (August 1 - October 31, 2004) of the fiscal year amounted to EUR 21.7 million (EUR 21.2 million), representing a quarter-on- quarter increase of 30.3%. This increase was especially due to the positive developments in the telecommunications network market, the start of some new volume-product deliveries, and the signing of other new customer agreements for custom-designed power supplies and EDMS. Fourth-quarter net sales would have been even higher if the merger process of certain telecommunications operators on the American market had not been followed by a temporary drop in demand. In addition, the weakening of the US dollar during the fourth quarter reduced the growth in euro-denominated net sales to a certain extent. The distribution of fourth-quarter net sales by market area was as follows: Europe 76.0% (66.3%), North and South America 18.7% (31.5%), and Asia 5.3% (2.2%). The fourth-quarter net sales distribution by customer sector was as follows: telecommunications 72.9% (80.6%), industrial automation 7.3% (7.6%), healthcare 3.6% (2.7%), and engineering 16.2% (9.1%). By product category, the net sales distribution was as follows: custom-designed power supplies 75.2% (88.7%), DC power systems 6.9% (4.5%), and EDMS 17.9% (6.9%). Fourth-quarter operating profit totaled EUR 2.8 million (EUR 3.3 million). Fourth- quarter operating profit was boosted by the above-mentioned changeover to a new inventory valuation principle, raising the operating profit by a one-time figure of EUR 0.6 million. The fourth-quarter profit before extraordinary items was EUR 3.2 million (EUR 3.3 million), and the net profit was EUR 3.5 million (EUR 4.7 million). The latter included tax receivables totaling EUR 0.7 million (EUR 1.5 million) of which EUR 0,5 million (EUR 1.4 million) is entered under extraordinary income. BUSINESS OPERATIONS Sales and marketing The growth in the market led to sales growth in custom-designed power supplies, DC power systems, and EDMS, and in all customer sectors. Negotiations were conducted and contracts signed for a number of new products during the fiscal year, with both existing and new customers. Efore's market position as a supplier for the leading mobile phone network producers strengthened significantly. In the engineering sector, cooperation was expanded in China, the United States, and Europe, with Kone Corporation in particular. Deliveries of a new, high-volume power electronics product used in elevators began during the second half of the 2004 fiscal year. In the industrial automation sector, cooperation was expanded with, for example, the ABB Group. The most important new customer agreements in the healthcare sector were signed with the Finnish company Planmeca and the American companies Abbott Laboratories and Thermo Corporation. The healthcare customer sector is expected to account for a higher proportion of net sales in the 2005 fiscal year. In DC power systems, new customer agreements included those with the Greek broadband operator Teledome S.A. and the Hungarian company Pannon GSM (via a distributor). To further the drive for new customers, Efore opened a sales office in central Germany in August 2004, which will be responsible for sales and marketing throughout the German-speaking regions of Central Europe. Additional sales personnel were also recruited in China, the United States, and Finland. The distributor and representative networks for DC power systems sold under Efore's own brand name were also expanded, particularly in Asia and the Middle East. Product development A record number of new product development projects were launched during the fiscal year. The new products are expected to have a major impact on net sales growth in the current and subsequent fiscal years. A considerable number of these new products are concerned with the new 2.5G and 3G base station products and the fast-growing broadband solutions. Various products are also being planned for the healthcare, industrial automation, and engineering sectors. Product development resources were increased, particularly in Finland and China. As recognition of the expansion of product development operations in China, Efore (Suzhou) Electronics Co., Ltd was granted the status of High Technology Company in Jiangsu Province. Product development in Finland, the United States, and China focused not only on creating new custom-designed power supplies but also, for example, developing new power supply technology platforms and lead-free and other products under the RoHS (Restriction of Hazardous Substances) Directive, as well as materials selection for these products. Investment in product development was also targeted at the design of the new EPOS Compact DC power system products. The first of these EPOS Compact products were released on the market in May 2004. Efore sells these products under its own brand name directly to telecommunications operators and other customers, which is a departure from the Group's other sales operations. A total of EUR 4.3 million (EUR 3.8 million) was spent on developing new products and technology solutions during the fiscal year. At year's end there were 54 employees engaged in product development work and an additional 35 engaged in work directly assisting product development. In the past five fiscal years the Group has invested an average of 7% of net sales in product development. Improving cost-effectiveness In the work to continuously enhance competitiveness, the main emphasis was on the cost-effectiveness of production, the transfer of production to countries with low production costs, materials procurement, control of working capital, and personnel development. The doubling of production capacity at Suzhou in China was achieved as planned. A new production line based on automatic surface-mounting technology suitable for large series was introduced in August 2004, along with production testing equipment. The production floorspace was also doubled. This expansion of production in China is based on the growth in demand for Efore's products and services, the good availability of electronics components, and the advantageous cost structure. In terms of the total number of production personnel at year's end, China accounted for 34.3% (7.9%) of the Group's production. Efore's competitiveness was also improved in Europe with the opening of a new factory at Pärnu in Estonia. The factory's first deliveries to customers were made in May 2004. In common with Efore's other production plants, the Pärnu plant is able to produce any of Efore's products. With the expansion of production in China and volume production in Estonia, it is estimated that in the first six months of the 2005 fiscal year over half of Efore's products will already be manufactured in countries with low production costs. Alongside Efore's in-house production, cooperation will also be developed with manufacturing partners located in countries with low production costs, including China, Russia, Estonia and Brazil. Efore's production strategy is based on operating its own production units while also making considerable use of manufacturing partners. INVESTMENT There was a marked increase in investment in fixed assets during the fiscal year, totaling EUR 5.0 million (EUR 2.7 million), of which EUR 1.3 million (EUR 1.0 million) consisted of capitalization of product development costs. The increased level of investment was primarily due to the equipment needed and the modification of production facilities for the expansion of Efore's own production in China, Estonia, and the United States, and the new testing equipment at Efore's Saarijärvi plant in Finland. Investment was also made in the modifications required at Efore's new head office, principally concerning the product development laboratory. In the 2005 fiscal year, Efore has decided to look at the scope for further expanding production capacity in Estonia and China. This will involve examining the options for obtaining additional facilities at Pärnu and at Suzhou and the investment required for the necessary new production and testing equipment. The Group's aim of keeping investment at or below the level of planned depreciation will remain unchanged in the next few years. FINANCIAL POSITION The Group's financial position during the fiscal year was good. Consolidated net financial expenses totaled EUR -0.2 million (EUR -0.1 million). A total of EUR 1.0 million was entered as financial expenses for the costs of combining the share series, the transfer to the Main List, and the share issues made. The Group's solvency ratio at the end of the fiscal year was 75.1% (49.5%) and its gearing was -49.6% (-18.2%). Consolidated net interest-bearing liabilities totaled EUR -22.3 million (EUR -3.2 million), indicating that the Group's interest-bearing cash reserves exceeded its interest-bearing liabilities by EUR 22.3 million. Cash flow from business operations was EUR 3.6 million (EUR 8.0 million), and the change in cash flow amounted to an increase of EUR 17.4 million (EUR 3.3 million increase). Cash flow after investment amounted to EUR -1.7 million (EUR 6.1 million). Cash flow from financing activities, totaling EUR 19.1 million, consisted of EUR 23.0 million from the February and April share issues which raised the Group's shareholders' equity, share subscriptions with warrants totally EUR 0.5 million less EUR 3.0 million in dividend payments and EUR 1.5 million in non-current loan installments. Liquid funds excluding undrawn credit facilities at year's end totaled EUR 24.4 million (EUR 7.2 million). The balance sheet total was EUR 60.3 million (EUR 35.5 million). The financial indicators for the fiscal year were greatly affected by the share issues of February and April 2004. Consolidated working capital in the fiscal year amounted to 14.8% (9.6%) of net sales. The Group's aim is to ensure that this percentage remains below 10% in the near future. TAXATION Consolidated taxes include the taxes payable on each separate company's taxable income for the fiscal year. Deferred tax receivables totaling EUR 0.7 million have been entered in the financial statements, of which EUR 0.5 million is entered under extraordinary items. The Group's tax rate for the current and coming fiscal years is expected to remain significantly below the Finnish tax rate, particularly because of the low tax rates for the Chinese and Estonian subsidiaries. PERSONNEL The number of Group personnel averaged 512(411) during the fiscal year and totaled 567(458) at the end of the year. The number of personnel increased by 109 during the fiscal year. In addition to its own employees, the Group's contract personnel numbered 121 at the end of the fiscal year, an increase of 55 during the year. The geographical distribution of Efore's personnel at year's end was as follows: Europe 381 (317), North and South America 102 (154), and Asia 205 (52). These figures include contract personnel. GROUP STRUCTURE AND ORGANIZATION Efore Group consists of the parent company, Efore Plc, and its wholly owned subsidiaries Efore (UK) Ltd, Efore (USA), Inc., Efore (Suzhou) Electronics Co. Ltd, Efore Ltda, Efore AS, and FI-Systems Oy. In addition, Efore Plc has a 25% holding in the German power electronics company Power Innovation GmbH. At the end of the 2003 fiscal year the decision was taken to concentrate the Group's Finnish operations under the parent company and, as a consequence, it was decided to dissolve Efore Power Design Oy, a wholly owned subsidiary of Efore Plc. This process was completed during the 2004 fiscal year. The reorganization of the Group took effect in August 2004. The aim is to ensure more effective implementation of Group's strategy and to improve decision-making, as well as improving financial performance monitoring and the level of cooperation between the Group's different functions and geographical regions. Efore has a matrix organizational structure in which its operations are divided into three geographical regions (Europe, North and South America, and Asia) and five customer-specific business units. The operations of the geographical regions and the business units are supported by a range of Group functions. These global functions common to all parts of the Group are supply management and sourcing, manufacturing operations, technology development, financing, information management, human resources, process development, and quality issues. BOARD OF DIRECTORS AND PRESIDENT AND CEO The Efore Plc Annual General Meeting, held on February 3, 2004, elected five members and one deputy member to the company's Board of Directors: Hannes Fabritius, Timo Syrjälä, Matti Tammivuori, Veijo Komulainen, and Heikki Marttinen as members, and Pirkko Fabritius as deputy member. These persons all held the same positions on the Board in the previous fiscal year. At its inaugural meeting following the AGM, the Board of Directors elected Hannes Fabritius as its chairman and Heikki Marttinen as deputy chairman. The Board convened 24 times during the fiscal year. Markku Hangasjärvi continued as Efore's President and CEO during the 2004 fiscal year. AUDITORS The AGM appointed Authorized Accounting Firm Ernst & Young Oy as Efore's auditors, with Authorized Public Accountant Juha Nenonen as principal auditor. SHARES AND SHAREHOLDERS The total number of Efore Plc shares at the end of the fiscal year, on October 31, 2004, was 20,149,024. On the same day, Efore's registered share capital was EUR 17,126,670.40. In the first two quarters of the fiscal year, the company combined its share series and conducted a stock split and two targeted share issues. The Efore Plc Articles of Association were amended accordingly. In addition, the share capital was increased by EUR 92,820 (corresponding to 108,600 shares) during the fiscal year, on the basis of subscriptions under option rights. The highest split-adjusted share price during the fiscal year was EUR 8.35 and the lowest price was EUR 3.37. The average price during the year was EUR 5.91 and the closing price was EUR 6.3. The market capitalization calculated at the final trading price of the shares was EUR 125.4 million. The total number of Efore Plc shares traded on the Helsinki Stock Exchange during the fiscal year was 14.9 million and their turnover value was EUR 115.9 million. This amounted to 73.9% of the total number of shares at the end of the fiscal year. The number of shareholders grew significantly, totaling 3329 (1340) at the close of the fiscal year. Efore Plc share quotation was transferred to Helsinki Stock Exchange Main List since March 1, 2004. EFORE SHARES HELD BY THE COMPANY In previous fiscal years the company has purchased Efore shares in public trading, with the authorization of the Annual General Meeting. At the close of the fiscal year, the company held 238,400 Efore shares, with an accounting counter value of EUR 202,640 and a market value of EUR 1,501,920 calculated at the closing price for the period. A total of EUR 481,237.83 was paid for the shares. The Efore shares held by the company accounted for 1.2% of the share capital and votes at the end of the fiscal year. VALID AUTHORIZATIONS OF THE BOARD OF DIRECTORS Following the share issue of April 2004, the company's Board of Directors is still authorized under the terms of an authorization decision made by the AGM of February 3, 2004 to increase the share capital through a new issue and/or to surrender Efore shares held by the company, where the combined total of new shares subscribed and/or shares surrendered does not exceed 14,041 and their accounting counter value does not exceed a total of EUR 11,934.85. The Board of Directors has no valid authorization to purchase Efore shares. ADOPTION OF IFRS STANDARDS Efore Plc's first financial statements based on the IFRS standards will be for the fiscal year beginning November 1, 2005. The reference year used will be the fiscal year beginning November 1, 2004. A preliminary study of the effects of the changes in accounting principles was made in 2002-2003, under the direction of an outside expert. The IFRS project itself was begun during the 2004 fiscal year. As the project progresses, the differences between the current accounting principles and the accounting principles for financial statements under the IFRS standards will be analyzed and new IFRS accounting principles determined for the consolidated financial statements. The project also includes analysis of the effects of the changes in accounting practice on the reference year opening balance sheet at November 1, 2004, and on the key figures and ratios. The project work is divided among different working groups, which have been given specific matters and standards to examine. To support the changeover process the company has also acquired a new information management system, which was introduced in autumn 2004. The preliminary study concluded that the most important changes in adopting the IFRS standards in comparison with Efore's current reporting will be related primarily to the treatment of unrealized exchange rate differences on non-current loan receivables and financial leasing agreements, and to segment reporting. EVENTS FOLLOWING THE CLOSE OF THE FISCAL YEAR At its meeting of November 25, 2004, the Board of Directors approved the share subscriptions that had been made for the company under option rights in October 2004 and which were still unapproved. The increase in Efore's share capital is EUR 39,100, corresponding to 46,000 shares, and this is scheduled for entry in the Trade Register on December 2, 2004. The shares subscribed give entitlement to any dividend paid on the 2004 fiscal year. OUTLOOK Growth in the power supplies market is forecast to be 5-10% annually over at least the next five years. The demand for power supplies in the telecommunications sector, which is Efore's most important customer sector, is expected to grow even faster, at about 5-15% per annum. One of the reasons for this is that the new third-generation WCDMA network technology requires more power and therefore more power supplies. Other reasons include the construction and expansion of GSM and EDGE networks in, for example, China, India, Thailand, Russia, and South America. Investment in the fixed network and especially in broadband networks will also increase. In the healthcare sector the power supplies market is forecast to grow at an annual rate of over 10%, while in the industrial automation and engineering sectors, growth in the demand for power supplies is expected to average about 5%. Efore aims to grow at a rate significantly higher than that of the power supplies market in general. According to the most recent estimates, the overall value of the global power supplies market was about USD 11.7 billion in 2003, indicating that there is ample scope for growth. Growth above the market average will be based on successful acquisition of new customers and an increase in market shares. The short-term growth prospects for the EDMS market are also good, as customers continue to outsource their activities. The sector is forecast to grow overall by an annual 20-30% in the next few years. Efore's aim in the EDMS market is to achieve a growth rate, which is at least equal to the market average. With new products and new customers, net sales growth in the current fiscal year is forecast to accelerate to a level significantly above that of the previous year. This growth expectation is due especially to deliveries of new volume products to the telecommunications sector, and to the growth levels expected for various existing and new customers. Sales growth and cost-effective operations should also mean an improvement in profitability. With this in mind, the fiscal year operating profit and earnings per share are forecast to be up on the figures for the 2004 fiscal year. In addition to expanding its existing business, Efore is investigating the possibility to participate in the consolidation process within the power supplies sector. BOARD OF DIRECTORS' PROPOSAL FOR THE DISTRIBUTION OF RETAINED EARNINGS At the Annual General Meeting of December 16, 2004, the Board of Directors will propose that the Annual General Meeting approves a dividend of EUR 0.30 per share for the fiscal year November 1, 2003 - October 31, 2004 totally EUR 5.986.987,20. Provided that the Annual General Meeting decides on the divident according to the Board of Directors proposal the record date will be December 21, 2004 and the payment will be made on December 29, 2004. CONSOLIDATED PROFIT AND LOSS STATEMENT, CONSOLIDATED BALANCE SHEET, AND CASH FLOW STATEMENT CONSOLIDATED PROFIT AND Nov./03-Oc Nov./02-Oc change LOSS STATEMENT t./04 t./03 EUR million 12 months 12 months % Net sales 73,2 64,3 13,9 Change in stocks of 1,2 0,5 135,8 finished and unfinished goods Other operating income 0,3 0,4 -23,0 Other operating expenses -64,2 -56,1 14,5 Depreciation and reductions -2,5 -2,2 16,2 in value Share of loss of associated 0,0 0,0 -136,3 companies OPERATING PROFIT 8,0 6,9 15,5 % net sales 10,9 10,8 Financial income and -0,2 -0,1 65,8 expenses (net) PROFIT BEFORE EXTRAORDINARY 7,8 6,8 14,7 ITEMS Extraordinary income 0,5 1,4 -66,4 PROFIT BEFORE 8,3 8,2 0,7 APPROPRIATIONS AND TAXES % net sales 11,3 12,8 0,0 Income taxes -0,8 -0,4 79,6 PROFIT FOR THE PERIOD 7,5 7,8 -3,8 CONSOLIDATED BALANCE SHEET Oct.. 31, Oct. 31, change 2004 2003 EUR million % ASSETS NON-CURRENT ASSETS Intangible assets 3,0 2,1 41,3 Group goodwill 0,0 0,1 -29,3 Tangible assets 6,7 5,4 21,3 Financial assets 0,2 0,2 2,4 CURRENT ASSETS Stocks 11,0 8,8 24,5 Non-current receivables 2,0 1,5 34,7 Current receivables 13,0 10,2 27,6 Investments 1,5 1,0 43,8 Cash in hand and at banks 22,9 6,2 272,4 TOTAL ASSETS 60,3 35,5 69,6 LIABILITIES Shareholders' equity 45,4 17,8 154,6 CREDITORS Non-current creditors 0,9 2,2 -58,8 Current creditors 14,0 15,5 -9,9 TOTAL LIABILITIES 60,3 35,5 69,6 CASH FLOW STATEMENT EUR million Nov./03-Oc Nov./02-Oc Change t./04 t./03 % Cash flow from business operations before financing items ans 6,2 8,5 taxes Financing items and taxes -2,6 -0,5 Cash flow from business 3,6 8,0 -54,9 operations (A) Investments -5,3 -3,1 Income from sale of 0,0 1,2 investments Cash flow from investments -5,3 -1,9 181,1 (B) Directed share issue and 23,5 0,0 subscription of shares with warrants Change in liabilities -1,5 -2,8 Dividends paid -3,0 0,0 Cash flow from financing 19,1 -2,8 578,6 (C) Change in cash flow (A+B+C), increase (+), decrease (-) 17,4 3,3 434,4 EFORE GROUP KEY FIGURES Nov./03-Oc Nov./02-Oc Change t./04 t./03 Earnings per share, E 0,39 0,41 -4,9 Shareholders' equity per 2,26 1,11 103,6 share, E Solvency ratio, % 75,10 49,5 51,7 Gross investments, ME 5,00 2,7 85,2 as percentage of net sales 6,8 4,2 Average personnel 512 411 24,6 Return on equity-% (ROE) 22,6 47,8 -52,7 Return on investment-% 23,2 37,1 -37,5 (ROI) Gearing, % -49,6 -18,2 172,5 Net interest-bearing debt -22,3 -3,2 596,9 GROUP CONTINGENT LIABILITIES Contingent liabilities, EUR million On own behalf - Corporate mortgages 6,7 6,7 0,0 - Pledges given 0,1 0,0 563,6 -Other contingent 0,1 0,1 2,1 liabilities - Rent and leasing 4,8 2,2 113,1 commitments Derivative contracts -Forward currency contracts Market value 1,6 2,3 -32,4 Value of underlying 1,6 2,4 -32,5 Instruments Percentage changes calculated on basis of exact figures. EFORE PLC Board of Directors Further information can be obtained from Markku Hangasjärvi, President and CEO, tel. +358 (0)40 731 0114. DISTRIBUTION Helsinki Stock Exchange Principal media Efore Group The electronics group Efore is an international company serving customers in the telecommunications, industrial automation, healthcare, and engineering industries. Its business comprises custom-designed power supplies, DC power systems, and electronics design and manufacturing services (EDMS). Efore is domiciled in Espoo, Finland. The Group also has other operations in Finland, at Saarijärvi and Tampere. Efore's other product development and production units are located in the United States and China. The Group also has production facilities in Estonia and Brazil, and an affiliate company in Germany. The Group's net sales for the fiscal year ending October 2004 totaled approximately EUR 73.2 million, and it employed about 567 people. The share of the Group's parent company, Efore Plc, is listed on the Helsinki Stock Exchange Main List. Efore Plc, is listed on the Helsinki Stock Exchange Main List. |