Investor Relations |
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EFORE GROUP'S FINANCIAL STATEMENTS NOVEMBER 1, 2005 - OCTOBER 31, 2006 (12 months) Fiscal period in brief (November 1, 2005 - October 31, 2006) - Net sales EUR 90.5 million (EUR 81.6 million), an increase of 10.8% on the same period in the previous fiscal year - Operating profit EUR -5.8 million (EUR -0.8 million) - Profit before taxes EUR -5.5 million (EUR -0.4 million) - Earnings for the period EUR -8.2 million (EUR -1.5 million) - Earnings per share EUR -0.20 (EUR -0.04) - Return on investment (ROI) -14.3% (-0.3%) - Return on equity (ROE) -23.9% (-3.6%) - Solvency ratio 62.3% (63.7%) - Cash flow from business operations EUR -4.7 million (EUR 8.6 million) - Gearing -34.6% (-52.2%). Interest-bearing cash reserves exceed interest-bearing liabilities by EUR 10.5 million - Expenditure of about EUR 5.7 million is included in the earnings for the fiscal year. In the view of Efore's management, this is a non-recurring item resulting from the extensive restructuring of the company, certain other non-recurring expenses and write-offs of tax assets entered as income in the previous years. Fourth quarter in brief (August 1, 2006 - October 31, 2006) - Net sales EUR 18.9 million (EUR 26.0 million), a decrease of 27.5% on the same quarter in the previous fiscal year - Operating profit EUR -2.9 million (EUR 1.3 million) - Profit before taxes EUR -2.3 million (EUR 1.3 million) - Earnings for the period EUR -2.4 million (EUR 0.8 million) - The operating profit was negatively affected by low net sales, a result of a temporary slowdown in the demand for certain important Efore products, its associated expenditure, and write- offs of certain previously capitalized product development projects. NET SALES AND FINANCIAL PERFORMANCE Net sales for the period under review came to EUR 90.5 million (EUR 81.6 million) i.e. 10.8% more than in the same period in the previous fiscal year. Most of the growth resulted from increased deliveries of power supply solutions for mobile phone networks, fixed telecommunications systems and industrial electronics. Sales were divided by customer segment as follows: telecommunications 68.8% (70.4%), industrial electronics 24.8% (24.3%) and health care electronics 6.4% (5.3%). Geographically, sales were split up as follows: EMEA EUR 57.9 million (EUR 50.5 million), the Americas EUR 21.2 million (EUR 24.8 million) and APAC EUR 11.4 million (EUR 6.3 million). The operating profit for the fiscal year was EUR -5.8 million (EUR -0.8 million). In addition to lower-than-expected sales in the last quarter, the operating profit for the fiscal year was adversely affected by restructuring costs resulting from transferring the focus of production from Finland and the USA to plants in China and Estonia. Costs were caused by losses at the Saarijärvi plant, the closure of production operations there, and the closure of one of the two US plants. The operating profit was also affected by management redundancy costs, advisory expenses in connection with acquisition negotiations, and large write-offs made on obsolete materials. There were also non-recurring write-offs on previously capitalized product development projects. The operating profit was also negatively affected by the simultaneous production and production rundown of lead-containing products, non-recurring expenses resulting from the startup of lead-free versions of the same products in conformance with the RoHS directive and also the somewhat high prices of RoHS components. Productivity growth at the company's plants in China and Estonia fell short of expectations during the early months of the year, and there were changes in production management at both plants during the second half of the year. The Group has also increased the provision for product liabilities. At the end of the fiscal year, it amounted to EUR 0.5 million (EUR 0.3 million). Tax assets of EUR 1.9 million that had a positive impact on the profit during previous fiscal periods were recorded as a non- recurring expense during the second quarter against the earnings for the fiscal period. It is uncertain whether this amount can be used in the future. The profit for the fiscal year before taxes was EUR -5.5 million (EUR -0.4 million), while the earnings for the period after taxes came to EUR -8.2 million (EUR -1.5 million). FOURTH QUARTER NET SALES AND FINANCIAL PERFORMANCE Net sales in the fourth quarter went down to EUR 18.9 million (EUR 26.0 million), a drop of 27.5% on the corresponding quarter in the previous fiscal year. Sales were divided by customer segment as follows: telecommunications 56.2% (71.1%), industrial electronics 31.3% (24.4%) and health care electronics 12.5% (4.5%). Geographically, sales were split up as follows: EMEA EUR 13.9 million (EUR 14.4 million), the Americas EUR 2.6 million (EUR 9.2 million) and APAC EUR 2.4 million (EUR 2.4 million). Profit before taxes for the fourth quarter was EUR -2.3 million (EUR 1.3 million). The earnings for the period came to EUR -2.4 million (EUR 0.8 million). Deviating from normal seasonal change, there was weaker demand for Efore's main products resulted in lower net sales during the last quarter. In the company's view, this is a temporary phenomenon resulting from a shift in demand to a later period. Further construction of the 'Triple Play' fixed network application came to a halt in Europe as disagreements arose between regulators and operators concerning the opening of the subscriber line to competition. Sales were also affected by the company's decision to end the production of certain loss-making items at the end of the third quarter. BUSINESS OPERATIONS A record number of product development projects has been in progress during the fiscal year. Product development has focused mainly on custom-designed power supplies and most of the products are connected with future 2, 5G and 3G base station product families and other equipment for wireless and fixed broadband telecommunications networks which form the basis for the new, fast- growing Triple Play, Quadruple Play and WiMax networks. Product development teams also worked on DC power systems for telecommunications facilities and industrial process control. There were also a number of custom-designed product development projects going on in the field of health care equipment. A total of EUR 5.1 million (EUR 4.6 million) was spent on the development of new products and technology solutions during the fiscal year, and at the end of the period 101 (105) persons were working in product development and ancillary tasks. Product development has been completely reorganized so that it can be put on a more productive basis. Efore is also continuously examining the possibility of increasing its product development resources in both Europe and Asia so that it can respond to growing demand. The process of transferring production from the Saarijärvi plant to plants in Estonia and China continued throughout the fiscal year. The new 7,200 m2 production facility in Estonia was inaugurated in the first quarter of the fiscal year, and the growth in volumes also resulted in substantial personnel increases at the Estonian plant. It was decided to increase the production capacity at the Chinese plant during the last quarter, and the operations at Suzhou will be transferred to substantially larger premises (about 10,700 m2) in the beginning of the year 2007. At the end of the fiscal year, after completion of the restructuring and following the closure of the production facilities at Saarijärvi, Efore had 81.5% (52.6%) of its production in low-cost countries. One of the two plants in the USA was closed down during the third quarter and there have also been further measures aimed at adjusting operations to changing demand. Write-offs of EUR 3.7 million have been entered against Efore Plc's receivables from the US subsidiary. These write-offs have no impact in the consolidated financial statements. Efore will make further strenuous efforts to improve the cost- effectiveness of its production. A number of projects aimed at making the production more efficient and putting the inventory management on a better footing were launched during the third quarter. INVESTMENT As before, investment in fixed assets was at a high level during the fiscal year, amounting to EUR 4.8 million (EUR 5.6 million). Capitalization of product development accounted for EUR 1.6 million (EUR 1.9 million) of this total. Investment in equipment relating to an increase in Efore's own production, particularly in China and Estonia, contributed to the investment figure. As before, the aim in the next few years is to ensure that investment does not exceed planned depreciation. FINANCIAL POSITION The Group's financial position during the fiscal year was good. The Group's solvency ratio at the end of the fiscal year was 62.3% (63.7%) and gearing -34.6% (-52.2%). Consolidated net interest- bearing liabilities were EUR 10.5 million positive (EUR 19.9 million positive), which means that consolidated interest-bearing cash reserves exceed consolidated interest-bearing liabilities by EUR 10.5 million. Consolidated net financial income came to EUR 0.2 million (EUR 0.4 million). The cash flow from business operations totaled EUR -4.7 million (EUR 8.6 million) and the change in cash flow showed a decrease of EUR 10.1 million (decrease of EUR 2.5 million). The cash flow after investment amounted to EUR -9.6 million (EUR 2.8 million). Liquid assets excluding undrawn credit facilities totaled EUR 11.6 million at the end of the fiscal year (EUR 21.8 million). The Group also has access to substantial credit facilities. The consolidated balance sheet total was EUR 48.5 million (EUR 59.9 million). The consolidated working capital in relation to net sales during the past 12-month period was 11,2 % ( 7,6 %). Lower sales during the last quarter also meant larger inventories as the Group had prepared for a substantially higher demand. TAXATION A deferred tax asset of EUR 1.3 million recorded earlier was adjusted in the second quarter of the fiscal year and entered as taxes. The entry was in connection with the tax assets which had a positive impact on the performance of Efore (USA) Inc in previous years and which had arisen from unused tax losses, but which, according to a new assessment by the management, may not be usable in the future. An avoir fiscal credit (EUR 0.6 million) that had a positive impact on the profit during previous fiscal years has also been entered under taxes for the fiscal year. These entries, totaling EUR 1.9 million, do not have any impact on the cash flow. The change in other deferred tax assets and liabilities (EUR 0,2 million) has also been entered as an expense under income taxes in the consolidated profit and loss account. In other respects, the taxes corresponding to the profits of the group companies during the fiscal year have been taken into account. Tax assets arising from loss-making operations that must be considered as potentially substantial have not been capitalized as assets in the consolidated balance sheet. PERSONNEL The number of the Group's own personnel averaged 792 (668) during the fiscal year, and totaled 812 (751) at the end of the period. The number of personnel increased by 61 during the fiscal year, most of the growth occurring in China and Estonia. In addition to its own personnel, the Group had 173 contract staff at the end of the fiscal year. Their number decreased by 45 during the period. Geographical distribution of the personnel (incl.contract staff) at the end of the period under review was as follows: Europe 489 (448), of whom 214 (313) were in Finland and 275 (132) in Estonia, the Americas 70 (178) and Asia 426 (343). At the end of the fiscal year, the Saarijärvi plant had a total of 113 persons on its payroll. BOARD OF DIRECTORS AND PRESIDENT AND CEO The Annual General Meeting of Efore held on January 25, 2006 elected, on the proposal of the Nomination Committee, the following seven members to the company's Board of Directors: Johan Ek, Isto Hantila, Reijo Mäihäniemi, Outi Raitasuo, Olli Riikkala, Timo Syrjälä and Matti Tammivuori. All the members were re- elected. Timo Syrjälä has acted as chairman of the Board. Markku Hangasjärvi resigned from the post of Efore President and CEO on June 7, 2006, and the Board of Directors appointed Reijo Mäihäniemi as the new President and CEO as of June 8, 2006 and as of the same day Reijo Mäihäniemi resigned from the Board of Directors and the Committees under the Board of Directors. The tasks and responsibilities of the Executive Management Team were totally revamped during the fiscal year. Global functions are Product Development, Technology, Operations and Sourcing, Finance and Administration and Human Resources. In its inaugural meeting on January 25, 2006, the Board of Directors elected the members for the Audit Committee and the Compensation Committee from amongst its members. Memberships were reviewed twice during the fiscal year. The Board of Directors decided on the appointment of the Nomination Committee after the end of the fiscal year, on November 1, 2006. In addition to two Board members, it also includes two major shareholders from outside the Board. AUDITORS The Annual General Meeting held on January 25, 2006 appointed Authorized Accounting Firm Ernst & Young as Efore's auditors, with Authorized Public Accountant Juha Nenonen as principal auditor. IAS/IFRS REPORTING Efore adopted IFRS (International Financial Reporting Standards) reporting from the start of the fiscal year 2006. The IFRS figures for 2005 have been used as reference data for this report (the figures were made public on February 27, 2006). Efore will make use of IFRS-compatible valuation and distribution principles in its financial statements. GROUP STRUCTURE The Group comprises the parent company Efore Plc and wholly owned subsidiaries Efore (UK) Ltd, Efore (USA) Inc., Efore (Suzhou) Electronics Co. Ltd., Efore (SIP) Technologies Co. Ltd., Efore Ltda, Efore AS and FI-Systems Oy. Efore Plc also has a 25% holding in Power Innovation, a German power electronics company, and in summer 2006 it opened a branch in Sweden. Efore Ltda has closed down its Brazilian operations during the fiscal year. BOARD OF DIRECTORS AUTHORIZATIONS Under a decision by the Annual General Meeting on January 25, 2006, the Board of Directors is authorized to increase the company's share capital by a maximum of EUR 6,890,039.65, which corresponds to 8,105,929 new shares, each with an equivalent book value of EUR 0.85. The authorization will remain valid until the next Annual General Meeting but not more than one year from the decision of the Annual General Meeting. It also includes the right to disapply the shareholders' pre-emptive right if there are pressing financial reasons for the company to do so. The authorization was not exercised by the end of October 31, 2006. SHARES, SHARE CAPITAL AND SHAREHOLDERS At the end of the period under review the total number of Efore Plc shares was 40 529 648 and the registered share capital amounted to EUR 34,450,200.80. The highest share price during the fiscal year was EUR 2.06 and the lowest EUR 1.21. The average price during the period was EUR 1.77 and the closing price EUR 1.41. The market capitalization, calculated with the final trading price of the shares in the period under review, was EUR 57.1 million. The total number of Efore Plc shares traded on the Helsinki Stock Exchange during the fiscal year was 30.1 million and the turnover value was EUR 52.3 million, 74.2% of the total number of shares at the end of the fiscal year. The number of shareholders at the end of the fiscal year totaled 4,126. In accordance with a decision of the Annual General Meeting and the permit granted by the National Board of Patents and Registration (registered on June 2, 2006), the premium fund was decreased by EUR 3,971,543.60 by transferring the amount to non- restricted equity. OPTION RIGHTS PROGRAM 2005 On the basis of the authorization granted by the Annual General Meeting in December 2004, the company's Board of Directors decided in March 2005 to introduce an option rights program aimed at reinforcing the long-term commitment of the company's key personnel. The option rights are connected with a shareholding program under which key personnel are obliged to purchase Efore shares using 20% of the net income obtained from the option rights and then to hold the shares for at least one year. A total of 2,250.000 option rights were issued on the basis of the option rights program, and each of these can be used to subscribe one Efore Plc share. The option rights are diveded into three categories, 2005A, 2005B and 2005C, compring 950,000, 650,000 and 650,000 option rights, respectively. The subcription price of the shares in the 2005A option rights program is EUR 3.07; in the 200B option rifhts program it is the average tradeweighted price on the Helsinki Stock Exchange in the period January 1 to March 15, 2006 i.e. EUR 1.87; and in the 2005C option rights program it is the average trade-weighted price on the Helsinki Stock Exchange in the period January 1 to March 15, 2007. Each year, the dividend distributed is deducted from the subscription price. The share subscription period for the 2005A option rights is November 1, 2007 to April 30, 2010; for the 200B option rights it is April 1, 2008 to April 30, 2011; and for the 2005C option rights it is April 1, 2009 to April 30, 2012. DISCLOSURE OF CHANGES IN OWNERSHIP DURING THE FISCAL YEAR Osuuspankkikeskus Osk, its subsidiaries and the investment funds managed by its subsidiaries announced on December 27, 2005 that their combined holding and share of votes in Efore Plc had exceeded 5% and stood at 5.53%. Osuuspankkikeskus Osk, its subsidiaries and the investment funds managed by its subsidiaries announced on March 31, 2006 that their combined holding and share of votes in Efore Plc had decreased below 5% and stood at 4.96%. Timo Syrjälä and the companies under his control announced on August 18, 2006 that their combined holding and share of votes in Efore Plc had exceeded 5% and stood at 6.17%. Rausanne Oy announced on August 21, 2006 that, as a result of forward trading, its holding and share of votes in Efore Plc had exceeded 5% and stood at 5.66%. OUTLOOK The moderate euro-denominated growth in the market for telecommunication networks is expected to continue during 2007 (IMS Research: The Worldwide Market for Power Supplies 2006). Growth will continue in both wireless and fixed broadband networks, particularly in Asia and North America. Emerging markets in areas such as India, the Middle East and Africa are expected to record the fastest growth in telecommunications networks. According to company's understanding the decision on the Chinese 3G matter is expected to come during 2007. Because of the reasonable market outlook, Efore's net sales are expected to continue clear organic growth compared with the fiscal year 2006 and compared with average market growth. Most of the growth in the fiscal year 2007 is expected to occur at the end of the period because weaker demand that begun in the end of the previous fiscal year will have an effect on company's sales still during the first quarter. The company has high expectations of growth in the telecommunications sector, which in proportional terms is already the biggest segment of the Group's net sales. Efore's main aim is to continue investment in the development of demanding and innovative power supply solutions in cooperation with leading customers in their own fields. The focus will be on energy-saving and space-saving solutions. The Group is working on a number of operational development projects. The aim is to improve productivity and decrease inventories and to make production and product development projects more efficient. The Group restructuring was largely completed during the fiscal year 2006 and substantial part of cost savings is expected to be realized from the start the fiscal year 2007. The aim is to further increase the focus of operations to low-cost countries and it has also been decided to look into the scope for gaining a foothold in new growth markets where Efore does not yet have any local operations. The aim of the restructuring is to make Efore more competitive on the global market and to achieve profitable growth. With new customers and new products and the restructuring carried out in 2006, profitability is expected to improve substantially during the fiscal year 2007 (12 months) and results are also expected to be clearly positive. BOARD OF DIRECTORS' PROPOSAL FOR THE DISTRIBUTION OF RETAINED EARNINGS According to financial statements at October 31,2006 the parent company's distributable shareholders' equity stood at EUR -6,404,977.84. The Board of Directors will propose at the Annual General Meeting on February 5, 2007 that no dividend be distributed for the fiscal year November 1, 2005 - October 31, 2006. Auditors' report on the financial accounts has not yet been given. CONSOLIDATED PROFIT AND LOSS STATEMENT EUR million Aug./06- Aug./05- Nov./05- Nov./04- Oct./06 Oct./05 Oct./06 Oct./05 3 months 3 months 12 months 12 months Net sales 18,9 26,0 90,5 81,6 Changes in inventories of finished goods and work in 1,2 0,2 1,2 -0,1 progress Other operating income 0,1 0,0 0,5 0,2 Other operating expenses -21,7 -24,0 -94,0 -79,4 Depreciation -0,9 -0,8 -3,5 -2,8 Impairments -0,4 -0,1 -0,5 -0,4 OPERATING PROFIT (-LOSS) -2,9 1,3 -5,8 -0,8 % net sales -15,2 5,1 -6,4 -1,0 Financing income and 0,3 0,0 0,2 0,4 expenses Share of profit of associated companies 0,2 0,0 0,2 0,0 PROFIT (-LOSS) BEFORE TAX -2,3 1,3 -5,5 -0,4 % net sales -12,4 5,0 -6,1 -0,5 Tax on income from 0,0 -0,5 -2,7 -1,0 operations PROFIT (-LOSS) FOR THE -2,4 0,8 -8,2 -1,5 PERIOD Earnings per share,eur -0,06 0,02 -0,20 -0,04 Earnings per share, -0,06 0,02 -0,20 -0,04 diluted, eur NET SALES BY SECONDARY Aug./06- Aug./05- Nov./05- Nov./04- SEGMENTS, EUR million Oct./06 Oct./05 Oct./06 Oct./05 3 months 3 months 12 months 12 months Americas 2,6 9,2 21,2 24,8 EMEA 13,9 14,4 57,9 50,5 APAC 2,4 2,4 11,4 6,3 TOTAL 18,9 26 90,5 81,6 CONSOLIDATED BALANCE SHEET EUR million Oct. 31, Oct 31, change 2006 2005 % ASSETS NON-CURRENT ASSETS Intangible assets 4,6 4,4 5,3 Tangible assets 8,6 8,6 0,6 Investments in associates 0,2 0,0 n.a. Long-term receivables and 0,3 1,8 -81,2 investments NON-CURRENT ASSETS 13,8 14,8 -6,4 CURRENT ASSETS Inventories 14,3 13,2 8,3 Trade receivables and other 8,8 10,2 -13,7 receivables Cash equivalents 3,4 11,5 -70,3 Cash in hand and at banks 8,2 10,3 -20,3 CURRENT ASSETS 34,7 45,2 -23,2 ASSETS 48,5 59,9 -19,1 EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY Share capital 34,5 34,5 0,0 Share premium account and other 1,3 4,7 -72,9 reserves Transferred from share premium 4,0 0,0 n.a. account Retairned earnigs -9,5 -1,0 871,2 SHAREHOLDERS' EQUITY 30,2 38,2 -20,9 LIABILITIES Long-term liabilities 0,4 0,8 -50,0 Current liabilities 17,9 20,9 -14,4 LIABILITIES 18,3 21,7 -15,7 TOTAL EQUITY AND LIABILITIES 48,5 59,9 -19,0 GROUP KEY FIGURES, EUR Aug./06- Aug./05- Nov./05- Nov./04- million Oct./06 Oct./05 Oct./06 Oct./05 3 months 3 months 12 months 12 months Earnings per share,eur -0,06 0,02 -0,20 -0,04 Earnings per share, -0,06 0,02 -0,20 -0,04 diluted, eur Shareholders' equity per 0,75 0,94 0,75 0,94 share, eur Solvency ratio,% 62,3 63,7 62,3 63,7 Return on equity-%(ROE) -30,3 8,7 -23,9 -3,6 Return on investment-%(ROI) -27,8 14,7 -14,3 -0,3 Gearing, % -34,6 -52,2 -34,6 -52,2 Net interest-bearing debt, -10,5 -19,9 -10,5 -19,9 EUR million Gross investments, Me 0,9 1,6 4,8 5,6 as percentage of net sales 4,5 6,3 5,3 6,9 Average personnel 810 730 792 668 CASH FLOW STATEMENT Nov./05- Nov./04- change EUR million Oct./06 Oct./05 % Cash flow from business operations before financing items and taxes -4,2 8,1 Financing items and taxes -0,5 0,5 Cash flow from business operations -4,7 8,6 -154,4 (A) Investments -4,9 -5,9 Cash flow from investments (B) -4,9 -5,9 -15,9 Directed share issue and 0,0 1,0 subscription of shares with warrants Change in liabilities -0,5 -0,3 Dividends paid 0,0 -6,0 Cash flow from financing (C) -0,5 -5,3 -90,2 Change in cash flow (A+B+C), increase (+), decrease (-) -10,1 -2,5 305,6 GROUP CONTINGENT LIABILITIES Oct. 31, Oct. 31, change Contingent liabilities, EUR 2006 2005 % million On own behalf - Pledges given 0,0 0,1 -77,5 - Other contingent liabilities 0,2 0,2 0,0 - Other rental commitments 9,2 7,3 25,8 Derivative contracts -Forward currency contracts Market value 0,8 1,9 -58,8 Value of underlying Instruments 0,8 1,9 -58,3 -Other derivative hedges for financial risks Market value 2,0 0,0 Value of underlying Instruments 2,0 0,0 Percentage changes calculated on basis of exact figures. GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY EUR million Share- Share Other Trans- Retained holders' premium reser-lation earnings equity account ves diffe- and Total rences transfer- red from share premium acc. Shareholders' 34,5 4,0 0,7 0,2 -1,2 38,2 equity Nov.1, 2005 Change in 0,0 0,0 0,0 0,0 -0,2 -0,3 translation defference Reclassifications between items -0,2 -4,2 0,3 0,0 3,9 -0,2 Other changes 0,2 0,2 0,2 0,0 0,0 0,7 Loss for the 0,0 0,0 0,0 0,0 -8,2 -8,2 period Shareholders' 34,5 0,0 1,3 0,2 -5,7 30,2 equity Oct. 31, 2006 EUR million Share- Share Other Trans- Retained holders' premium reser-lation earnings equity account ves diffe- Total ences Shareholders' 17,1 20,1 0,3 0,0 5,9 43,4 equity Nov.1, 2004 Change in 0,0 0,0 0,0 0,2 0,5 0,7 translation defference Reclassifications between items 0,0 0,0 0,3 0,0 -0,1 0,2 Other changes 0,0 0,0 0,1 0,0 -0,1 0,1 Annulment of -0,2 0,2 0,0 0,0 0,0 0,0 shares Profit for the 0,0 0,0 0,0 0,0 -1,5 -1,5 period Dividend 0,0 0,0 0,0 0,0 -6,0 -6,0 Bonus issue 17,0 -17,0 0,0 0,0 0,0 0,0 Exercised options 0,6 0,7 0,0 0,0 0,0 1,2 Shareholders' 34,5 4,0 0,7 0,2 -1,2 38,2 equity Oct. 31, 2005 EFORE PLC Board of Directors For more information, please contact Reijo Mäihäniemi, President and CEO, on December 13, 2006, between 9 and 11 am and 3 and 5 pm, tel. +358 9 4784 6312. Efore Plc will hold a briefing on the financial statements for analysts and the media on December 13, 2006 at 11 am in the Restaurant Bank (Wall Street), Unioninkatu 22, Helsinki. DISTRIBUTION Helsinki Stock Exchange Principal media Efore Group 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, DC power systems, and ancillary repair and maintenance services. Efore has its head office in Espoo, Finland and it has product development and marketing units in Finland, China, the USA, Germany and Sweden. Its production facilities are located in China, Estonia and the USA. In the fiscal year ending in October 2006, Efore's consolidated net sales amounted to EUR 90.5 million and it had a personnel of 812. The shares of the parent company Efore Plc are listed at the Helsinki Stock Exchange. |