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EFORE PLC INTERIM REPORT NOVEMBER 1, 2007 - July 31, 2008 (9 months) November - July in brief (November 1, 2007 - July 31, 2008) - Net sales totaled EUR 59,9 million (EUR 56,0 million) - The operating profit was EUR 0,9 million (EUR -4,5 million) - The profit before taxes was EUR 0,9 million (EUR -4,7 million) - The net profit was EUR 0,5 million (EUR -5,1 million) May - July in brief (May 1, 2008 - July 31, 2008) - Net sales totaled EUR 19,1 million (EUR 21,6 million) - The operating profit was EUR 0,3 million (EUR 1,1 million) - The profit before taxes was EUR 0,4 million (EUR 0,9 million) - The net profit was EUR 0,2 million (EUR 0,8 million) NET SALES AND FINANCIAL PERFORMANCE NOVEMBER - JULY Net sales for November - July totaled EUR 59,9 million (EUR 56,0 million). The growth compared with the corresponding period in the previous fiscal year was 7,1 %. Sales by customer group were as follows: telecommunications 68,5 % (64,2 %), industrial electronics 25,0 % (27,9 %) and health-care electronics 6,5 % (7,9 %). Geographically sales were as follows: EMEA EUR 37,8 million (EUR 39,0 million), the Americas EUR 5,6 million (EUR 4,7 million) and APAC EUR 16,5 million (EUR 12,3 million). The operating profit for November - July was EUR 0,9 million (EUR -4,5 million). Write-offs of inventories were made during the period under review. Write-offs of inventories amounted to EUR 0,6 million (EUR 0,1 million). The profit before taxes for November - July was EUR 0,9 million (EUR -4,7 million) and the net profit was EUR 0,5 million (EUR -5,1 million). NET SALES AND FINANCIAL PERFORMANCE MAY - JULY Net sales for May - July totaled EUR 19,1 million (EUR 21,6 million). The fall compared with the corresponding period in the previous fiscal year was 11,5 %. Sales by customer group were as follows: telecommunications 69,9 % (67,5 %), industrial electronics 23,4 % (26,9 %) and health-care electronics 6,7% (5,6 %). Geographically sales were as follows: EMEA EUR 11,3 million (EUR 14,0 million), the Americas EUR 1,1 million (EUR 1,8 million) and APAC EUR 6,7 million (EUR 5,8 million). The operating profit for May -July was EUR 0,3 million (EUR 1,1 million). The profit before taxes for May - July was EUR 0,4 million (EUR 0,9 million) and the net profit was EUR 0,2 million (EUR 0,8 million). BUSINESS OPERATIONS Investment on product development during the period under review was 8,7 % of net sales, whereas investment in product development during the previous fiscal year amounted to 7,5 % respectively. Product development activity was focused mainly on power supply of new base stations as well as equipment rooms of other electronic systems where in addition to the grid supply, alternative energy sources can be used. The company's cost structure has further improved. INVESTMENT Group investment in fixed assets amounted to EUR 0,9 million (EUR 3,2 million) of which capitalized product development costs were EUR 0,3 million (EUR 0,7 million). At the end of the period under review capitalized product development costs amounted to EUR 1.1 million (EUR 2.3 million). FINANCIAL POSITION The Group's financial position during the period under review was good. The Group's solvency ratio was 61,9% (59,4 %) and the gearing was -15,0% (-16,7%). The consolidated interest-bearing cash reserves exceed interest-bearing liabilities by EUR 3,9 million (EUR 4,2 million). The consolidated net financial expenses were EUR 0,2 million (EUR 0,3 million). The cash flow from business operations was EUR 0,0 million (EUR -3,1 million decrease). The cash flow after investment was EUR -0,8 million (EUR -6,1 million). Liquid assets excluding undrawn credit facilities totaled EUR 4,8 million (EUR 5,2 million) at the end of the period under review. The Group also had access to substantial credit facilities at its disposal. The balance sheet total was EUR 41,9 million (EUR 42,6 million). Group companies had remarkable amount of tax losses at he end of the previous fiscal year of which deferred tax assets were not recognized out. Those deferred tax assets of EUR 7,1 million are allocated to Finland and EUR 2,2 million to the USA. PERSONNEL The number of the Group's own personnel averaged 688(784) during the period under review and at the end of the period under review it was 608(747). The number of personnel fell by 98 during the period under review. In addition to its own personnel, the Group's contract staff numbered 215(152) at the end of the period under review. The number of contract staff increased by 48 during the period under review. The geographical distribution of the personnel including contract staff at the end of the period under review was as follows: Europe 367 (450), the Americas 19 (46) and Asia 437 (403). SHARES, SHARE CAPITAL AND SHAREHOLDERS The total number of Efore Plc shares at the end of the period under review was 40 529 648 and the registered share capital was EUR 34.450.200,80. The highest share price during the period under review was EUR 1,25 and the lowest price was EUR 0,85. The average price during the period under review was EUR 1,04 and the closing price was EUR 0,90. The market capitalization calculated at the final trading price during the period under review was EUR 36,5 million. The total number of Efore shares traded on the Helsinki Stock Exchange during the period under the review was 7,7 million and their turnover value was EUR 7,9 million. This accounted for 19,0 % of the total number of shares at the end of the period under review. The number of shareholders totaled 3233 at the end of the period under review. At the end of the period under review the company did not hold any of its own shares. SEGMENT INFORMATION Efore Group uses business segments for its primary segment reporting, and geographical segments for its secondary segment reporting. Efore's primary segment comprises the entire Group, therefore the figures reported in the primary segment are the same as those for the whole Group. SHORT-TERM RISKS AND FACTORS OF UNCERTAINTY Rapid changes in demand are typical in Efore's field of operation, and even short-term predictions about the future development of the business are challenging to make. By developing operational processes Efore is improving its internal flexibility and ability to react in order to be able to adapt its operations to meet changing demand at short notice, if necessary. During the period under review, there were no material changes in the risks and uncertainty factors faced by Efore in the near future. A more comprehensive report on risk management is presented in the company's annual report. OUTLOOK According to the information received from companies in the business growth in the overall telecommunications market will be slow and mobile networks market is predicted to represent no growth. There are however growing geographical markets in the field such as Asia, the Middle East and Africa. The company continues to focus on new technologies as well as the development of demanding and innovative power supply solutions. Developing energy saving solutions that will take up less space and use renewable energy sources will be a focal point for product development. Projects to develop operations together with long term programs in order to improve productivity and reduce cost structure, lower inventories and make the production and product development processes more efficient will continue. The purpose of these projects is to bring continuous improvement to the competitiveness of the company on the global market. With ongoing development projects result for the fiscal year 2008 is expected to show an improvement compared to the previous fiscal year. TABLES -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | May/08- | May/07- | Nov./07- | Nov./06- | Nov.06- | -------------------------------------------------------------------------------- | | July/08 | July/07 | July/08 | July/07 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 19,1 | 21,6 | 59,9 | 56,0 | 80,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | | | | | | | inventories of | | | | | | -------------------------------------------------------------------------------- | finished goods and | 0,2 | -0,1 | -0,7 | -0,1 | -0,2 | | work in progress | | | | | | -------------------------------------------------------------------------------- | Other operating | 0,0 | 0,1 | 0,2 | 0,2 | 1,7 | | income | | | | | | -------------------------------------------------------------------------------- | Materials and | -13,0 | -13,9 | -39,3 | -38,5 | -54,4 | | services | | | | | | -------------------------------------------------------------------------------- | Employee benefits | -3,1 | -3,9 | -10,6 | -12,3 | -16,1 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation | -1,1 | -0,9 | -3,0 | -2,6 | -3,7 | -------------------------------------------------------------------------------- | Impairments | 0,0 | 0,0 | 0,0 | -1,7 | -2,2 | -------------------------------------------------------------------------------- | Other operating | -1,8 | -1,8 | -5,6 | -5,5 | -7,3 | | expenses | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 0,3 | 1,1 | 0,9 | -4,5 | -2,1 | | (-LOSS) | | | | | | -------------------------------------------------------------------------------- | % net sales | 1,8 | 5,1 | 1,5 | -8,1 | -2,6 | -------------------------------------------------------------------------------- | Financing income | 0,1 | 0,2 | 0,9 | 0,8 | 1,1 | -------------------------------------------------------------------------------- | Financing expenses | -0,2 | -0,3 | -1,1 | -1,1 | -2,0 | -------------------------------------------------------------------------------- | Share of profit of | | | | | | | associated | | | | | | -------------------------------------------------------------------------------- | companies | 0,1 | 0,0 | 0,2 | 0,1 | 0,1 | -------------------------------------------------------------------------------- | PROFIT (-LOSS) | 0,4 | 0,9 | 0,9 | -4,7 | -2,9 | | BEFORE TAX | | | | | | -------------------------------------------------------------------------------- | % net sales | 2,1 | 4,4 | 1,5 | -8,3 | -3,6 | -------------------------------------------------------------------------------- | Tax on income from | -0,2 | -0,1 | -0,4 | -0,4 | -0,5 | | operations | | | | | | -------------------------------------------------------------------------------- | PROFIT (-LOSS) FOR | 0,2 | 0,8 | 0,5 | -5,1 | -3,4 | | THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS | | | | | | | ATTRIBUTABLE | | | | | | -------------------------------------------------------------------------------- | To equity holders of | 0,2 | 0,8 | 0,5 | -5,1 | -3,4 | | the parent | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | | CALCULATED ON PROFIT | | | | | | | ATTRIBUTABLE TO | | | | | | | EQUITY HOLDERS OF | | | | | | | THE PARENT: | | | | | | -------------------------------------------------------------------------------- | Earnings per | 0,01 | 0,02 | 0,01 | -0,13 | -0,08 | | share,eur | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0,01 | 0,02 | 0,01 | -0,13 | -0,08 | | diluted, eur | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY | May/08- | May/07- | Nov./07- | Nov./06- | Nov.06- | | SECONDARY SEGMENTS, | | | | | | -------------------------------------------------------------------------------- | EUR million | July/08 | July/07 | July/08 | July/07 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Americas | 1,1 | 1,8 | 5,6 | 4,7 | 7,4 | -------------------------------------------------------------------------------- | Emea | 11,3 | 14,0 | 37,8 | 39,0 | 55,6 | -------------------------------------------------------------------------------- | Apac | 6,7 | 5,8 | 16,5 | 12,3 | 17,2 | -------------------------------------------------------------------------------- | Total | 19,1 | 21,6 | 59,9 | 56,0 | 80,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | July 31, | July 31, | change | Oct.31, | -------------------------------------------------------------------------------- | | 2008 | 2007 | % | 2007 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Intangible assets | 1,8 | 3,0 | | 2,6 | -------------------------------------------------------------------------------- | Tangible assets | 7,2 | 9,0 | | 8,4 | -------------------------------------------------------------------------------- | Investments in associates | 0,5 | 0,4 | | 0,4 | -------------------------------------------------------------------------------- | Other long-term investments | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Deferred tax assets | 0,0 | 0,1 | | 0,1 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 9,6 | 12,4 | -23,0 | 11,4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 10,3 | 12,5 | | 12,6 | -------------------------------------------------------------------------------- | Trade receivables and other | 17,2 | 12,5 | | 14,8 | | receivables | | | | | -------------------------------------------------------------------------------- | Tax receivable, income tax | 0,0 | 0,0 | | 0,1 | -------------------------------------------------------------------------------- | Financial assets at fair | 0,0 | 1,5 | | 0,0 | | value through profit or loss | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 4,8 | 3,7 | | 7,7 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 32,3 | 30,2 | 6,9 | 35,3 | -------------------------------------------------------------------------------- | ASSETS | 41,9 | 42,6 | -1,8 | 46,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | 34,5 | 34,5 | | 34,5 | -------------------------------------------------------------------------------- | Share premium account | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Other reserves | 0,8 | 1,3 | | 1,4 | -------------------------------------------------------------------------------- | Translation differences | -0,1 | 0,0 | | -0,1 | -------------------------------------------------------------------------------- | Retained earnigs | -9,2 | -10,5 | | -8,8 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 25,9 | 25,3 | 2,4 | 27,0 | -------------------------------------------------------------------------------- | Equity attributable to equity | 25,9 | 25,3 | | 27,0 | | holders of the parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,2 | 0,2 | | 0,2 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 0,2 | 0,2 | -9,5 | 0,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0,8 | 0,8 | | 0,8 | -------------------------------------------------------------------------------- | Trade payables and other | 13,9 | 15,7 | | 17,3 | | liabilities | | | | | -------------------------------------------------------------------------------- | Income tax liability | 0,1 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Provisions | 1,0 | 0,5 | | 1,2 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 15,8 | 17,1 | | 19,4 | -------------------------------------------------------------------------------- | LIABILITIES | 15,9 | 17,3 | | 19,7 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 41,9 | 42,6 | -1,8 | 46,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES, | May/07- | May/06- | Nov./07- | Nov./06- | Nov.06- | | EUR million | | | | | | -------------------------------------------------------------------------------- | | July/08 | July/07 | July/08 | July/07 | Oct./07 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0,01 | 0,02 | 0,01 | -0,13 | -0,08 | | share,eur | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0,01 | 0,02 | 0,01 | -0,13 | -0,08 | | diluted, eur | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 0,64 | 0,62 | 0,64 | 0,62 | 0,67 | | equity per share, | | | | | | | eur | | | | | | -------------------------------------------------------------------------------- | Solvency ratio,% | 61,9 | 59,4 | 61,9 | 59,4 | 57,9 | -------------------------------------------------------------------------------- | Return on | 3,2 | 12,9 | 2,3 | -24,5 | -11,8 | | equity-%(ROE) | | | | | | -------------------------------------------------------------------------------- | Return on | 6,5 | 16,5 | 5,1 | -20,1 | -8,1 | | investment-%(ROI) | | | | | | -------------------------------------------------------------------------------- | Gearing, % | -15,0 | -16,7 | -15,0 | -16,7 | -24,6 | -------------------------------------------------------------------------------- | Net | -3,9 | -4,2 | -3,9 | -4,2 | -6,6 | | interest-bearing | | | | | | | liabilities, EUR | | | | | | | million | | | | | | -------------------------------------------------------------------------------- | Investments | 0,3 | 1,4 | 0,9 | 3,2 | 4,0 | | (intangible and | | | | | | | tangible assets), | | | | | | | Me | | | | | | -------------------------------------------------------------------------------- | as percentage of | 1,4 | 6,3 | 1,5 | 5,7 | 4,9 | | net sales | | | | | | -------------------------------------------------------------------------------- | Average personnel | 621 | 754 | 688 | 784 | 766 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | Nov./07- | Nov./06- | change | Oct. 31 | | STATEMENT | | | | | -------------------------------------------------------------------------------- | EUR million | July/08 | July/07 | % | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 56,3 | 52,3 | | 76,2 | -------------------------------------------------------------------------------- | Cash receipts from other | 0,0 | 0,2 | | 0,0 | | operating income | | | | | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -56,4 | -55,6 | | -75,5 | | employees | | | | | -------------------------------------------------------------------------------- | Cash generated from operations | -0,1 | -3,1 | | 0,7 | -------------------------------------------------------------------------------- | Interest paid | -0,1 | -0,5 | | -0,4 | -------------------------------------------------------------------------------- | Dividends received | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Interest received | 0,0 | 0,8 | | 0,0 | -------------------------------------------------------------------------------- | Other financial items | 0,3 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Income taxes paid | -0,1 | -0,3 | | -0,5 | -------------------------------------------------------------------------------- | Net cash from operating | 0,0 | -3,1 | -100,9 | -0,1 | | activities (A) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of tangible and | -0,9 | -3,2 | | -3,9 | | intangible assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of tangible | 0,1 | 0,2 | | 0,2 | | and intangible assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of | 0,0 | 0,0 | | 0,0 | | investments | | | | | -------------------------------------------------------------------------------- | Net cash used in investing | -0,8 | -3,0 | -73,9 | -3,7 | | activities (B) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Proceeds from short-term | 0,0 | 0,0 | | 0,0 | | borrowings | | | | | -------------------------------------------------------------------------------- | Repayment of long-term | 0,0 | -0,1 | | -0,1 | | borrowings | | | | | -------------------------------------------------------------------------------- | Repayment of leasing debts | -0,1 | | | 0,0 | -------------------------------------------------------------------------------- | Dividends paid | -2,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Net cash used in financing | -2,1 | -0,1 | | -0,1 | | activities (C) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash | | | | | | and cash | | | | | -------------------------------------------------------------------------------- | equivalents (A+B+C) | -2,9 | -6,2 | -53,5 | -3,9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP CONTINGENT LIABILITIES | July 31, | July 31, | | Oct.31, | -------------------------------------------------------------------------------- | EUR million | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Security and contingent | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | | | | | -------------------------------------------------------------------------------- | Pledges | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For others | | | | | -------------------------------------------------------------------------------- | Other contingent liabilities | 0,1 | 0,2 | | 0,1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating lease commitments | | | | | -------------------------------------------------------------------------------- | Group as lessee | | | | | -------------------------------------------------------------------------------- | Non-cancellable minimum | | | | | | operating lease | | | | | -------------------------------------------------------------------------------- | payments: | | | | | -------------------------------------------------------------------------------- | Less than 1 year | 1,9 | 1,9 | | 1,9 | -------------------------------------------------------------------------------- | 1-5 years | 3,0 | 3,2 | | 3,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivate | | | | | | financial instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives, not | | | | | | hedge | | | | | -------------------------------------------------------------------------------- | Forward currency contracts | | | | | -------------------------------------------------------------------------------- | Nominal amount | 0,0 | 1,2 | | 0,7 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Option contract | | | | | -------------------------------------------------------------------------------- | Nominal amount | 13,3 | 7,2 | | 7,2 | -------------------------------------------------------------------------------- | Positive fair value | 0,0 | 0,0 | | 0,2 | -------------------------------------------------------------------------------- | Negative fair value | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | THE FOLLOWING TRANSACTIONS | July 31, | July 31, | | Oct.31, | | WERE | | | | | -------------------------------------------------------------------------------- | CARRIED OUT WITH RELATED | 2008 | 2007 | | 2007 | | PARTIES: | | | | | -------------------------------------------------------------------------------- | EUR million | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associated companies | | | | | -------------------------------------------------------------------------------- | Sales | 0,0 | 0,1 | | 0,0 | -------------------------------------------------------------------------------- | Purchases | 0,0 | 0,2 | | 0,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Receivables | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- | Liabilities | 0,0 | 0,0 | | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Equity attributable to equity holders of the | | | | parent | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Other | Translation | Retained | Total | | | capita | reserves | differences | earnings | | | | l | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 1,3 | 0,2 | -5,7 | 30,2 | | equity | | | | | | -------------------------------------------------------------------------------- | Nov.1, 2006 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | 0,0 | -0,2 | 0,2 | 0,0 | | translation | | | | | | -------------------------------------------------------------------------------- | difference | | | | | | -------------------------------------------------------------------------------- | The costs of | 0,0 | 0,2 | 0,0 | 0,0 | 0,2 | | options | | | | | | -------------------------------------------------------------------------------- | rights | | | | | | -------------------------------------------------------------------------------- | Other changes | 0,0 | -0,2 | 0,0 | 0,2 | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss for | 0,0 | 0,0 | 0,0 | -5,1 | -5,1 | | the period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | | distribution | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 1,3 | 0,0 | -10,5 | 25,2 | | equity | | | | | | -------------------------------------------------------------------------------- | July 31, 2007 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Share | Other | Translation | Retained | Total | | | capita | reserves | differences | earnings | | | | l | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 34,5 | 1,4 | -0,1 | -8,8 | 27,0 | | equity | | | | | | -------------------------------------------------------------------------------- | Nov.1, 2007 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in | 0,0 | &nb |