EVOX RIFA GROUP OYJ STOCK EXCHANGE RELEASE March 8, 2001 at 10:30 a.m.

EVOX RIFA GROUP FINANCIAL PERFORMANCE 1.1.—31.12.2000

• Net sales increased almost 28 % to 84.2 million Euros (65.8 million Euros in 1999)
• Operating profit of 4.1 million Euros (-2.5 million Euros)
• Profit before extraordinary items was 2.5 million Euros (-3.2 million Euros)
• Earnings per share was 0.014 Euros (-0.036 Euros)
• The Board of Directors proposes that no dividend be distributed from the fiscal period

STRUCTURAL REORGANISATION OF THE GROUP

After Finvest Oyj divided into four companies, Evox Rifa Group Oyj, Finvest Oyj, eQ Online Oyj and Vestcap Oyj, on October 31, 2000, Evox Rifa Group Oyj was registered in the trade register maintained by the National Board of Patents and Registration and, on November 1, 2000, went public on the main list of Helsinki Stock Exchange. As regards the registration date, Evox Rifa Group Oyj owns all of the share capital of Evox Rifa Oy. The other group companies are Evox Rifa AB, Sweden; Evox Rifa Pte. Ltd, Singapore; Seoryong Singapore Pte. Ltd, Singapore; P.T. Evox S.R., Indonesia; Evox Rifa GmbH, Germany; Evox Rifa (U.K.) Ltd, United Kingdom; Evox Rifa Inc, the United States; and the affiliated company Schaffner EMC Pte. Ltd., Singapore.

ECONOMIC DEVELOPMENT

The financial information presented in this stock release are given as pro forma figures for the entire year 2000 and the year of comparison. The principles used in drawing up the pro forma figures are defined in the annual report of the company in connection with other principles used in preparing the financial statements. The figures are based on the financial statements of the Evox Rifa Oy sub-group. The opening balance of the parent company Evox Rifa Group Oyj used corresponds to the balance sheet in the Finvest Oyj demerger plan. The consolidated financial statements of Evox Rifa Group Oyj for the period November 1 to December 31, 2000, which comply with the Accounting Act and other legislation, are available at the Head Office of the company.

Order backlog

The order backlog of Evox Rifa Group Oyj grew due to the favourable market situation, reaching 35.6 million Euros at the end of the year 2000 (17.3 million Euros at the end of 1999).

Net sales

The net sales of the group increased during the fiscal year by almost 28 %, to 84.2 million Euros (65.8 million Euros in 1999).

The strongest increase in net sales compared to the previous year was in Asia, 43 %, and a significant increase also took place in Europe and North America due to the introduction of new products and distribution channels.

The net sales from paper capacitors increased the most, by almost 68 %, of all the product groups. There was also significant growth in the other main product groups compared to the previous years, i.e. film and electrolytic capacitors as well as inductive components.

Profit

The group’s profitability improved considerably compared to the previous years. Operating profit increased to 4.1 million Euros (-2.5 million Euros in 1999). Profit before extraordinary items was 2.5 million Euros (-3.2 million Euros in 1999).

Earnings per share was 0.014 Euros (-0.036 Euros) and shareholders’ equity per share 0.356 Euros (0.341 Euros).

FINANCIAL STATUS AND CAPITAL EXPENDITURE

The financial status of Evox Rifa Group Oyj developed well and was satisfactory due to the improved operative cash flow and liquid assets received in connection with the division of Finvest Oyj.

Gross capital expenditure into fixed assets amounted to 4.1 million Euros. The said investments were used to renew production machinery and improve the efficiency and capacity of production in order to respond to the market demand.

The loan repayments amounted to 6.0 million Euros in 2000. At the end of the year, the group’s liquid assets were 6.9 million Euros and the company’s net debt was approximately 9.4 million Euros. The group’s equity ratio was 48.7 % (46.1 % in 1999).

SHARES AND SHARE CAPITAL

The nominal value of the shares of Evox Rifa Group Oyj is EUR 0.05. On December 31, 2000 the number of shares was 86 685 509 and the share capital was EUR 4 334 275.45.

On November 14, 2000, the Shareholders’ Meeting of Evox Rifa Group Oyj resolved to authorise 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 extraordinary Shareholders’ Meeting.

The Shareholders’ Meeting also resolved to issue 7,500,000 stock options that entitle the holders to subscribe for 7,500,000 Evox Rifa Group Oyj shares. The stock options are offered for subscription to later named key personnel of the Evox Rifa Group Oyj, to the management of the Evox Rifa Group Oyj as well as to a subsidiary of the Group.

The stock options are allocated as follows: 2,000,000 will be marked with the letter A, 2,500,000 with the letter B and 3,000,000 with the letter C. The subscription period of the A-shares is 31 December 2001 — 31 December 2006 and the subscription price is the average trading price of the Company’s share weighted with trading volumes 30 days after listing + 10%. The subscription period of the B-shares is 31 December 2003 — 31 December 2006 and the subscription price is the average trading price of the Company’s shares weighted with trading volumes 30 days after 31 December 2001 + 15%. The subscription period of the C-shares is 31 December 2004 — 31 December 2006 and the subscription price is the average trading price of the Company’s shares weighted with trading volumes 30 days after 31 December 2002 + 15%. From the share subscription price shall be deducted the amount of dividends resolved upon and distributed before the subscription of shares. The subscription price may not, however, be less than the nominal value of the share. Pursuant to the share subscription the share capital can be increased by a maximum of EUR 375,000. The shares must be paid when subscribed for.

PERSONNEL

The number of personnel of Evox Rifa Group Oyj at the end of the fiscal year was 1504 (1243 in 1999), of which 1256 (1018) were workers and 248 (225) office staff. There was an average of 1406 (1241) employees during the fiscal year, of which 1164 (1015) were workers and 242 (226) office staff.

The increase in the number of employees was due to the need for increased capacity caused by high demand and order backlog.

THE BOARD’S PROPOSAL FOR DIVIDEND DISTRIBUTION

The Board of Directors propose to the Annual Shareholders’ Meeting to be held on 11.4.2001, that no dividend be distributed from the ending, short fiscal period.

OUTLOOK FOR THE YEAR 2001

The instability of the markets has continued since the beginning of 2001 and there are no signs of an end to that. Cuts on too large inventories which started in the United States and revisions of given forecasts as well as re-scheduling of orders affect also the capacitor market

We expect that the growth of our company will follow the market growth at the minimum. Our expectations are based on current market forecasts and the good reception of our new products.

PRO FORMA INCOME STATEMENT OF THE GROUP (1000 EUR)

Unaudited

PRO FORMA BALANCE SHEET OF THE GROUP (1000 EUR)

Unaudited

PRO FORMA KEY FIGURES OF THE GROUP

Unaudited

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):

Currency options

Bought options

Value at the time of contract 7 718

Market value 31.12. 181

Sold options

Value at the time of contract 80 59

Market value 31.12 -16

Forward contracts

Value at the time of contract 3 932

Market value 31.12 51

ANNUAL SHAREHOLDERS’ MEETING

The Annual Shareholders’ Meeting of Evox Rifa Group Oyj will be held on Wednesday 11.4.2001 at 9:00 a.m., at the Auditorio Corona, Lars Sonckin kaari 16, 02600 Espoo. The balancing date of the meeting is 30.3.2001.

ANNUAL REPORT 2000

Evox Rifa Group Oyj’s annual report will be published during week 13, 2001.

In Helsinki, March 8, 2001
Evox Rifa Group Oyj’s Board of Directors

Evox Rifa Group Oyj

Harri Launonen
President

Further information:
Evox Rifa Group Oyj,
Harri Launonen,
President,
tel.+358 9 5406 5001
Harri.launonen@evoxrifa.fi

DISTRIBUTION:
Helsinki Exchanges
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