efore annual report

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Efore annual report

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  • A N N U A L R E P O R T 2 0 0 9

  • The geographical focus of the world economy has shifted. We already have a firm foothold in the Asian market.

    Reijo Mihniemi, President and CEO

  • Efore as a company

    CONTENTS

    Information for shareholders .....................................................................................................................................4Fiscal year 2009 in brief ..............................................................................................................................................5Review by the President and CEO ...............................................................................................................................6Efores operational basis ............................................................................................................................................8Customer care and sales ............................................................................................................................................9Product development and technology ......................................................................................................................10Operations .................................................................................................................................................................12Personnel ..................................................................................................................................................................14Environment ..............................................................................................................................................................16

    Report of the Board of Directors ..............................................................................................................................19Consolidated income statement ...............................................................................................................................25Consolidated balance sheet .....................................................................................................................................26Consolidated cash flow statement ...........................................................................................................................27Consolidated statement of changes in equity ..........................................................................................................28Notes to the consolidated financial statements .......................................................................................................29Income statement for the parent company ..............................................................................................................52Balance sheet for the parent company ....................................................................................................................53Parent companys cash flow statement ...................................................................................................................55Accounting policies for the financial statements of parent company ......................................................................56Notes to the financial statements, parent company ................................................................................................57Group key figures ......................................................................................................................................................64Calculation of key figures and ratios ........................................................................................................................66Shares and shareholders .........................................................................................................................................67Signatures for the financial statements and the report by the Board of Directors .................................................72Auditors report .........................................................................................................................................................73

    Corporate Governance Statement ............................................................................................................................74Board of Directors .....................................................................................................................................................78Executive Management Team ...................................................................................................................................79

    Annual summary of the releases .............................................................................................................................80

    Contact details ..........................................................................................................................................................81

    Financial statements

    Corporate Governance

  • Efore Annual Report 2009

    Key share dataExchange listing:

    Nasdaq OMX Helsinki, The Nordic Exchange (Small Cap)

    Corporate identifier ......................................................................EFO1V

    Trading lot .....................................................................................1 share

    Shares .........................................................................40,529,648 shares

    Share capital ...............................................................34,450,200.80 eur

    Annual summary of the releasesThe summary of the stock exchange releases issued by Efore

    during the fiscal year November 1, 2008October 31, 2009 is

    available at www.efore.com/investors/stock exchange releases

    and on the page 81 of this report.

    Analysts monitoring EforeThe infomation about analysts monitoring Efore is available

    at www.efore.com/investors/analysts. Efore takes no respon-

    sibility for any evaluations or recommendations published by

    them.

    Investor relationsPresident and CEO of the Efore Group is responsible for In-

    vestor Relations.

    The objective of Efores investor relations is to provide pre-

    cise and up-to-date information on the Efore Groups busi-

    ness operations and financial development. Efore publishes

    all investor information on Efores website in Finnish and

    English.

    Efore observes a four-week silent period preceding the pub-

    lication of its results. During this time the companys repre-

    sentatives do not meet investors or analysts, or comment on

    the companys financial position.

    Investor contactsReijo Mihniemi, President and CEO, tel. +358 9 4784 6312

    Sari Jaulas, Communications and request for materials,

    tel. +358 9 4784 6343

    E-mail: [email protected]

    Efore Plcs registered office is in Espoo, Finland. Its business

    identity code is 0195681-3.

    Annual General MeetingThe Annual General Meeting of Efore Plc will be held on Feb-

    ruary 9, 2010 at 6 p.m. at hotel Radisson Blu Royal at the ad-

    dress, Runeberginkatu 2, FI-00100 Helsinki.

    Notice of Efore Plc Annual General Meeting including reg-

    istration instructions and possibility for advance voting are

    available at www.efore.com.

    Divident payment 2010The Board of Directors proposes to the Annual General meet-

    ing that no dividend for the fiscal year November 1, 2008

    October 31, 2009 will be paid.

    Board of Directors proposal concerning the annual general meetingThe Board of Directors will propose to the Annual General

    Meeting on February 9, 2010 that the Annual General Meeting

    shall authorise the Board of Directors to resolve on the distri-

    bution of assets a maximum of EUR 0.05 per share.

    Changes of addressThe shareholders are advised to inform about changes in their

    contact details to their book-entry securities account operator.

    Financial reports for the fiscal year November 1, 2009October 31, 2010 Efore publishes its annual report, the annual financial state-

    ments release and three interim reports in Finnish and English.

    The stock exchange releases are available at www.efore.com im-

    mediately after they are published. The annual report is pub-

    lished at www.efore.com in pdf-format only.

    Annual Report 2009 .......................Week beginning January 18, 2010

    Interim report (3 months) ..............................................March 4, 2010

    Interim report (6 months) ................................................May 27, 2010

    Interim report (9 months) .............................................August 6, 2010

    Information for shareholders

    4

  • Efore Annual Report 2009

    Fiscal year 2009 in briefZTE,DatangMobileandPutianchoseEforeastheirapprovedvendortodevelopanddeliverpowersupplyunits for their 3G network products in China. WelaunchedournewOPUSDCpowersystem.WedeepenedourclosecooperationwiththeHelsinkiUniversityofTechnology(TKK)wherewesetupEforeLablet.WeexpandedourdistributionnetworkofpowersystemsinEuropeandinRussia.Weinvested10,7%ofthenetsalesinproductdevelopmentandthemainfocusbeingondevelopingenergysaving solutions that will take up less space and use renewable energy sources.

    Net sales by market area 2009

    * Europe, Middle East and Africa ** Asia and Pacific *** Americas: North, Middle and South America

    Net salesby customer group 2009

    Efore Group key figures 2009 2008 Netsales EURmillion 64.1 78.3Operatingprofit EURmillion 1.3 1.4%ofnetsales % 2.1 1.8Profitbeforetaxes EURmillion 2.1 1.7Earningsfortheperiod EURmillion 2.6 1.2 Returnonequity(ROE)

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