News

Evox Rifa Reports Fiscal-Year 2003 Results

February 16, 2004 by Jeff Shepard

Evox Rifa Group Oyj (Finland) announced financial results for its fiscal-year 2003. Net sales were EUR 78.9 million in the fiscal year 2003, compared to EUR 69.8 million in 2002. The group's operating loss decreased by half when compared with the year before. The operating loss was EUR 4.9 million, compared to a loss of EUR 8.9 million in 2002. Loss before extraordinary items was EUR 5.8 million, compared to EUR 9.7 million in 2002.

Earnings per share were EUR -0.034, compared to EUR -0.068, and shareholders’ equity per share was EUR 0.094, compared to EUR 0.125. The order backlog of Evox Rifa has been increasing during January, 2004, and the existing level of business is expected to prevail during the spring. However, the strong euro is a threat to the development of the European markets, and especially to the profitability of the European production units. Demand is expected to keep on growing in Asia and the United States.

The positive effects on the profit from the restructuring decisions made within the electrolytic capacitor production in 2003 are expected from the third-quarter 2004 onwards. Until then, the costs of these actions will burden the group’s profits. The second half of the year for the Electrolytic Business Area in 2004 is expected to be positive.