Incap recognises non-recurring expenses in the result for 2011 on reorganisation of production
Incap Corporation Stock Exchange Release
17 February 2012 at 11.30 a.m.
INCAP RECOGNISES NON-RECURRING EXPENSES IN THE RESULT FOR 2011 ON REORGANISATION OF PRODUCTION
Positive development in the operations of Incap Group has continued and the Group's profitability has improved on previous year. According to preliminary estimate the operating result (EBIT) excluding non-recurring expenses is positive both in the fourth quarter and in the second half of the year.
Incap recognises in the Group's result for the year 2011 a total of approximately EUR 0.6 million of non-recurring expenses due to the closedown of its Helsinki factory. Incap decided in January on the factory's closedown and on the transfer of manufacturing operations to the company's other factories in Vaasa and Kuressaare.
Due to the recognition of non-recurring expenses the operating result (EBIT) for the fourth quarter of 2011 is estimated to amount to EUR -0.6 million, and therefore the operating result for the second half of the year is negative but better than for the first half of the year. The Group's full-year revenue and operating profit are in line with company's previous guidance. The Group's revenue in 2011 amounts to approx. EUR 68.9 million and the operating result is approx. EUR -1.6 million according to preliminary calculations.
Incap estimated in its interim report published on 2 November 2011 that the Group's full-year operating result (EBIT) for 2011 is expected to show a loss but, nonetheless, to be better than in 2010, when it stood at EUR -3.2 million. The company further expected the operating result for the second half of the year to be positive and better than it was for the first half (1-6/2011: EUR -1.0 million) and the corresponding period last year (7-12/2010: EUR -0.5 million). Incap expected also that its full-year revenue in 2011 to be clearly higher than in 2010, when it amounted to EUR 59.2 million.
Incap will publish its bulletin concerning the financial statements for 2011 on Wednesday, 22 February 2012.
President and CEO
Sami Mykkänen, President and CEO, tel. +358 40 559 9047
Kirsti Parvi, CFO, tel. +358 50 517 4569
Hannele Pöllä, Director, Communications and IR, tel. +358 40 504 8296
NASDAQ OMX Helsinki Ltd
INCAP IN BRIEF
Incap Corporation is an internationally operating contract manufacturer whose comprehensive services cover the entire life-cycle of electromechanical products from design and manufacture to maintenance services. Incap's customers include leading equipment suppliers in energy efficiency and well-being technologies, for which the company produces competitiveness as a strategic partner. Incap has operations in Finland, Estonia, India and China. The Group's revenue in 2010 amounted to EUR 59.2 million, and the company currently employs approximately 730 people. Incap's share is listed on the NASDAQ OMX Helsinki. Additional information: www.incap.fi.