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Electronics Production | August 29, 2011

Efore increase net sales for 3Q YoY

Net sales for Finland-based EMS-provider Efore - for the third quarter - totaled EUR 24.0 million (EUR 19.2 million).
November – July net sales & financial development

Net sales for the period under the review totaled EUR 66.7 million (EUR 49.3 million). Net sales by customer group was as follows: Telecommunication 79.9 % (74.7 %) and industrial electronics 20.1 % (25,3 %). Geographically Efore’s deliveries were to the following areas: EMEA EUR 33.3 million (EUR 24.0 million), APAC EUR 31.5 million (EUR 24.1 million) and the Americas EUR 2.0 million (EUR 1.3 million) which totaled EUR 66.7 million (EUR 49.3 million). Final geographical distribution of Efore’s products deviates from the before mentioned as Efore’s customers distribute further the products from the logistics centers to other markets.

The results from operating activities was EUR 3.5 million (EUR –1.2 million).

Period under the review in brief (November 1, 2010 — July 31, 2011)

- Net sales totaled EUR 66.7 million (EUR 49.3 million)
- Results from operating activities was EUR 3.5 million (EUR –1.2 million)
- Profit before taxes was EUR 4.0 million (EUR –0.9 million)
- Profit for the period was EUR 3.0 million (EUR -0.8 million)
- Earnings per share was EUR 0.08 (EUR -0.02)

Net sales & financial development for 3Q

Net sales for the third quarter totaled EUR 24.0 million (EUR 19.2 million). Net sales by customer group was as follows: Telecommunication 81.3 % (78.5 %) and industrial electronics 18.7 % (21.5 %). Geographically Efore’s deliveries were to the following areas: EMEA EUR 13.3 million (EUR 8.5 million), APAC EUR 10.1 million (EUR 10.2 million) and the Americas EUR 0.7 million (EUR 0.6 million) which totaled EUR 24.0 million (EUR 19.2 million).

The results from operating activities was EUR 1.6 million (EUR 0.2 million).

Efore sold its 25% holding in Power Innovation Stromversorgungstechnik GmbH (PI) in May 2011. This arrangement has no effect on the result of operating activities but it improved Efore Group’s third quarter net result by EUR 0,8 million.

Third quarter in brief (May 1, 2011 — July 31, 2011)

- Net sales totaled EUR 24.0 million (EUR 19.2 million)
- Results from operating activities was EUR 1.6 million (EUR 0.2 million)
- Profit before taxes was EUR 2.3 million (EUR 0.2 million)
- Profit for the period was EUR 2.0 million (EUR 0.2 million)
- Earnings per share was EUR 0.05 (EUR 0.0)

Vesa Vähämöttönen, Efore’s President and CEO:

“Net sales in third quarter increased 25% year-over-year which reflected positively on the results from operating activities. The growth was driven by the strong demand of telecom products and the deliveries for the Finnish Defence Forces, which started at the end of the quarter.

First half of the capacity increase investment in Suzhou factory has been carried out. The rest will be completed by the end of 2011 according to the original plan.

Fiscal year end demand is expected to continue according to the previous market guidance.”


Personnel

The number of the Group’s own personnel including temporary personnel averaged 948 (796) during the period under review and at the end of the period under review it was 1039 (863). At the end of July 2011 more than 92% of the personnel worked outside of Finland.

Outlook

Strong demand for Efore’s main market, telecom power products is expected to continue over whole fiscal year. WCDMA/HSPA (3G) continues as the main technology but LTE (4G) deliveries will increase. Efore’s main telecom sector products are used in these configurations.

Financial estimate for the fiscal year 2011

According to the previous guidance the company estimates at least 20% year-over-year net sales growth and result of operating activities to grow to at least 4%.
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December 12 2018 10:05 pm V11.10.12-1