EVOX RIFA GROUP INTERIM REPORT JANUARY 1, 2001 — MARCH 31, 2001

• Net sales of the first quarter of 2001 increased by almost 18% to 22,5 million euros (19,1 million euros in the first quarter of 2000)

• Operating profit was 1,1 million euros (0,7 million euros)

• Profit before extraordinary items was 0,6 million euros (0,3 million euros)

• Earnings per share was 0,004 euros (0,002 euros)

• Order backlog on March 31, 2001 was 28,0 million euros (22,8 million euros)

ECONOMIC DEVELOPMENT

Net Sales

The financial information presented in this bulletin are given as pro forma figures for the periods of comparison of the previous year. The net sales of the group increased during the three first months of 2001 by nearly 18% to 22,5 million euros compared to the corresponding period in the previous year (19,1 euros).

The relative growth of the Group’s net sales continued in spite of the general global economic development which began at the beginning of the year. The growth was strongest in the Nordic Countries, nearly 30%, and it also continued on Asian markets at a speed of 12% compared to the situation at the end of the year 2000.

The relative growth was strongest in the sales of electrolytic and paper capacitors compared to the situation at the end of the previous year. Film capacitors remained as the company’s largest product group. The share of film capacitors was about 40% of the net sales of the first quarter.

Among Evox Rifa’s customer groups, industrial electronics increased most its relative share of the net sales of the company - the share was nearly 23%.

Profit

The group’s profitability during the first quarter of 2001 improved compared to the corresponding period of the previous year. Operating profit increased to 1,1 million euros (0,7 million euros) and profit before extraordinary items was 0,6 million euros (0,3 million euros).

Earnings per share was 0,004 euros (0,002 euros)and shareholders’ equity per share was 0,361 euros (0,348 euros).

Order backlog

The order backlog of Evox Rifa Group Oyj was 28,0 million euros at the end of the first quarter of 2001 (22,8 million euros at the end of the first quarter of 2000).

FINANCIAL STATUS AND CAPITAL EXPENDITURE

The financial status of Evox Rifa Group Oyj was satisfactory and operative cash flow was slightly positive. After capital expenditure and loan repayment the Group’s liquid assets were 6.3 million euros and the Group’s equity ratio was 48.1%.

Gross capital expenditure into fixed assets amounted to 1,0 million euros. The investments were used to renew production machinery and to improve the efficiency of production.

SHARES AND SHARE CAPITAL

The nominal value of the shares of Evox Rifa Group Oyj is 0.05 euro, the number of shares was 86 685 509 on March 31, 2001 and the share capital was EUR 4 334 275.45.

The following major changes in shareholdings took place during the first quarter: the aggregate holding held by Mr. Pertti Laine and Veikko Laine Oy, the entity controlled by Mr.Laine, exceeded the proportion of one tenth of the shares and votes; and Fennogens Investments S.A.’s holding increased to 33,79% of all Evox Rifa Group Oyj’s shares and votes.

THE ANNUAL SHAREHOLDERS’ MEETING

The Annual Shareholders’ Meeting held on April 11, 2001 decided not to distribute dividend according to the proposal of the Company’s Board of Directors.

Mikko J. Aro, Georg Ehrnrooth, Jerker Molander, Jarmo Niemi and Anders Oldenburg were elected members of the Board of Directors.

The Shareholders’ Meeting resolved to authorize the Board of Directors to decide to increase the share capital by one or several new issues and/or to take one or several convertible loans, so that in a new issue of shares and/or in convertible loans the share capital may be increased by an aggregate maximum amount of EUR 866,855 or a smaller amount corresponding to a maximum of one-fifth of the registered share capital and the aggregate number of votes attaching to the shares at the time of the authorisation decision of the Shareholders’ Meeting and the decision of the Board of Directors to increase the share capital. The authorisation is in force for one year from the date of the Annual Shareholders’ Meeting.

Authorized Public Accounting Firm SVH PriceWaterhouse Coopers Oy was appointed auditor of the company.

PERSONNEL

The average number of personnel of Evox Rifa Group Oyj during the first quarter of the year 2001 was 1479 (1281 during the corresponding period in 2000).

SIGNIFICANT EVENTS AFTER MARCH 31.3.2001

The company has sold its 30% holding in Schaffner EMC Pte.Ltd. in Singapore to Schaffner’s Swiss parent company. This transaction does not have any significant impact on Group’s profitability.

OUTLOOK FOR THE YEAR 2001

Estimating the market development for the rest of the year is difficult due to the general economic uncertainty and lack of estimates from customers. Our customers are forced to lower their sales estimates and reschedule their orders due to too large stocks. For the time being there are no signs of quick recovery.

Demand and order backlog for Evox Rifa’s electrolytic capacitors are on a good level a long way to the autumn of 2001. In other product groups our order backlog has clearly decreased and it follows now the general downward trend in the market. In this market situation Evox Rifa’s market share has remained stable.

Evox Rifa exploits temporary lay-offs and other personnel cost saving actions in its manufacturing sites to minimize the financial effects of the current decreasing demand. In addition, a tight cost saving program is now followed everywhere in Evox Rifa Group. With the help of these actions we believe to be able to control the effects of current economic recession on the whole year result.

DERIVATIVE CONTRACTS

The company uses forward contracts and currency options to hedge foreign currency denominated balance sheet items against exchange rate fluctuations. The maturity of forward contracts and currency options vary from 1 to 3 months.

The market values of off-balance sheet derivative contracts made to hedge the exchange rates fluctuations (1000 EUR):

In Espoo on May 3, 2001

EVOX RIFA GROUP OYJ

Harri Launonen
President

For further information please contact:
Evox Rifa Group Oyj,
Harri Launonen
President

tel. +358 9 5406 5001
harri.launonen@evoxrifa.fi

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