Review by the CEO Jorma Wiitakorpi. Annual General Meeting

Transcription

1 Review by the CEO Jorma Wiitakorpi Annual General Meeting

2 EFORE Overview

3 Efore The Trusted Power Partner KEY FACTS Net Sales 69,.9 M (2017) 432 employees (average 2017) Established in 1975 About 4000 shareholders Quoted on Nasdaq Helsinki Efore Plc is an international group specialised in design, development and production of demanding power products. Efore designs and manufactures cutting edge power conversion products; that offer superior energy efficiency, reliability, more intelligent designs, flexibility and creativity for the telecommunications including networks and broadcasting, industrial, medical, LED lighting and transportation markets. Efore competences and know-how are embodied in the solutions we provide to our customers: high efficiency and high reliability.

4 Efore Worldwide Stockholm, Sweden Tampere, Finland Espoo, Finland Stroudsburg, USA Tunis, Tunisia Osimo, Italy Hong Kong, China Suzhou/Wuxi, China Headquarters Technology and Development Production Sales office Efore Plc is headquartered in Espoo, Finland, with major offices in Italy, China and Sweden, production unit in Tunisia, and Sales and Marketing organizations in Europe, North America and Asia.

5 We re Proud of Our Worldwide Customers Industry leading customers globally recognize Efore Group as a reliable and trusted partner for their power supply applications. DEFENCE INDUSTRIAL DC SYSTEM DIGITAL POWER TELECOM LIGHTING MEDICAL HOUSEHOLD APPLIANCES

6 Awarded Supplier SUPPLIER OF THE YEAR ABB Substation Automation Products SUPPLIER OF THE YEAR Ericsson SUPPLIER OF THE YEAR & BEST IN CLASS SUPPLIER National Instruments BEST IN CLASS SUPPLIER National Instruments BEST IN CLASS SUPPLIER QUALITY AWARD & TOP TIER 1 SUPPLIER National Instruments

7 Financial Statements

8 Financial Year 2017 in Brief Despite the decline in the net sales, the operating result remained slightly negative but improved clearly compared to the previous year. Annual fixed costs decreased significantly and active measures to streamline the consolidated balance sheet yielded results. The outsourcing of manufacturing in China was finalised, and the functions related to manufacturing, procurement, R&D and sales at Suzhou facility were relocated on the site of the manufacturing partner in Wuxi. In the industrial sector, the Digital Power product portfolio was expanded and a new standard power platform was commercialized. Development projects concerning system level solutions for the telecom market were continued. A review process to evaluate different structural alternatives for securing the long-term profitability of the telecom business was initiated.

9 Key Indicators Key indicators, EUR million Net Sales ,4 -Telecommunication sector 31,7 34,2 -Industrial sector 38,2 41,2 Adjusted operating result -0,2-4,8 Operating result -0,2-9,7 Result before taxes -1,0-10,4 Net result -0,6-11,4 Earnings per share, EUR -0,01-0,22 Solvency ratio, % 17,9 15,7 Gearing, % 115,6 99,5 Cash flow from business operations 4,6-1,1

10 Net Sales and Adjusted Operating Result ,5 85,3 89,9 75,4 69, MEUR -1,6-4,8-4,3 0,1-0, Net Sales Adjusted operating result

11 Net Sales Development ,7 1 0, ,1 21,5 19,7 19,9-0,9 18,3 0-0,5-1 -1,5 Industrial Telecom Adjusted Operating Result , ,4 16,2-2,2-2,3 12,2-2,6 H2/2015 H1/2016 H2/2016 H1/2017 H2/ ,5-3

12 Balance Sheet: Assets m 15,8 17,3 11,3 8,7 14,8 8,8 6,4 4,5 Dec. 31, 2016 Dec. 31, 2017 Non current assets Inventories Trade & other receivables Cash and cash equivalents

13 Balance Sheet: Equity and Liabilities , ,0 7,0 2,7 Equity Non-current liabilities ,7 29,6 Current liabilities 0 m De. 31, 2016 Dec. 31, 2017

14 Detailed information on Annual Accounts can be found in Annual Report Group level from page 13 - Parent company from page 53 - Auditor s report from page 67

15 Financial Estimate 2018 Due to the financial situation of the Group and especially uncertainty related to the development of the telecommunications sector giving earnings guidance is exceptionally challenging. Due to this reason the company does not give earnings guidance for Efore investigates different structural alternatives to secure the long-term profitability of the telecom business

16 Thank You