Incap Corporation         Stock Exchange Release          2 November 2011 at
8:30 a.m.

INCAP GROUP INTERIM REPORT JANUARY-SEPTEMBER 2011: REVENUE INCREASED AND
FINANCIAL RESULTS DEVELOPED FAVOURABLY - OPERATING RESULT FOR THIRD QUARTER
SHOWED A PROFIT
  * Revenue in January-September stood at EUR 52.0 million, up 21% in comparison
    to the corresponding period last year (1-9/2010: EUR 43.0 million)
  * Operating result (EBIT) was EUR -1.0 million (EUR -3.2 million) and the
    operating result for third quarter showed a profit amounting to EUR 0,04
    million
  * Earnings per share were EUR -0.15 (EUR -0.33)
  * Growth in revenue was strongest in the products for the energy efficiency
    sector
  * The company adjusts its previous guidance and estimates the operating
    results for the entire year to show a loss but be however better than
    previous year

This interim report has been prepared in accordance with international financial
reporting standards (IFRS) - IAS 34 Interim Financial Reporting standard. The
accounting principles of the interim report are the same as those used in the
preparation of the 2010 financial statements. Unless otherwise stated, the
comparison figures refer to the corresponding period in the previous year. This
interim report is unaudited.


Sami Mykkänen, President and CEO of Incap Group: "Demand for Incap's services
has improved in comparison to last year, and our revenue increased to customers
in both the energy efficiency and well-being sectors.

Profitability took a positive turn during the third quarter and we expect the
favourable development to continue for the rest of the year. Intensified
measures to decrease material costs are underway, and we also expect the
increased efficiency in production and other operations to improve the
development of results. Despite of these actions, the year-end operating results
will show a loss.

Although the general economic outlook seems gloomy, our customers have at least
not yet indicated a decline in their own demand. We are, when necessary, ready
for a rapid readjustment of our operations should the development of revenue
show signs of weakening.

In the strategy review that we conducted during the summer, we found the company
to be on the right path. We focus on the manufacturing of energy efficiency and
well-being equipment, which enjoy a positive growth outlook. We help our
customers to produce successful products by providing them with versatile,
flexible and comprehensive quality services. Our operations in Europe and Asia
put us in an excellent position to support our customers locally, in their
principal market areas. Our service development is particularly focused on
design services."

Revenue and earnings in July-September 2011
The third-quarter revenue amounted to EUR 18.3 million, representing an increase
of nearly 34% on the corresponding period last year. Demand for electric power
technology equipment was particularly strong. After a number of customers
informed us of a decline in their demand, the operations of the Helsinki plant
were adjusted in accordance with the Cooperation Act.

The third-quarter operating result of EUR 0.04 million was better than those of
previous quarters and the corresponding period last year, when it stood at EUR
-0.5 million. The availability of materials improved towards the end of the
period, but a lack of components caused disruptions to the flow of materials and
therefore, deliveries had to be secured by way of overtime. Fluctuations in the
exchange rates between the euro, the US dollar and the Indian rupee also
weakened the result.

Quarterly comparison      7-9/    4-6/   1-3/ 10-12/   7-9/   4-6/   1-3/
(EUR thousands)           2011    2011   2011   2010   2010   2010   2010
-------------------------------------------------------------------------

Revenue                 18,286  17,694 16,005 16,149 13,741 15,836 13,436


Operating profit/loss
(EBIT)                      35    -623   -423     14   -470 -1,097 -1,670



Net profit/loss           -576 - 1,182   -951   -427 -1,067 -1,490 -1,899


Earnings per share, EUR  -0.03   -0.06  -0.05  -0.03  -0.08  -0.12  -0.16


Revenue and earnings in January-September 2011
Demand for Incap's manufacturing services remained positive. Revenue increased
by 21% in comparison to the corresponding period in 2010 and stood at EUR 52.0
million (1-9/2010: EUR 43.0 million). The growth in revenue was strongest in the
manufacturing of products for the energy efficiency sector. Problems in the
availability of certain electronic components continued and slowed down the rate
of growth, particularly with regard to well-being technology products.

The profitability of Incap Group increased in comparison to the corresponding
period last year, but the operating result for the reporting period nevertheless
showed a loss. The operating result for January-September was EUR -1.0 million
(EUR -3.2 million), representing -1.9% of revenue (-7.5%).

Profitability improved, and this was particularly due to increased operational
efficiency and the centralisation of European electronics manufacturing in a
single plant. Performance development was weakened by the focus on material-
intensive products within the product mix. A global shortage of components
increased the prices of materials and transportation costs to some extent.
However, the availability of materials took a clear turn for the better towards
the end of the reporting period.

Net financial expenses increased to EUR 1.7 million (EUR 1.2 million).
Depreciation stood at EUR 1.6 million (EUR 2.2 million). The loss for the period
was EUR -2.7 million (-4.5 million).

Return on investment was -4.2% (-14.7%) and return on equity was -87.5% (-
94.6%). Earnings per share were EUR -0.15 (EUR -0.33).

Quarterly comparison         1-9/2011 1-9/2010 Change, % 1-12/2010
(EUR thousands)
------------------------------------------------------------------
Revenue                        51,985   43,013        21    59,162
------------------------------------------------------------------
Operating profit/loss (EBIT)   -1,010   -3,238       -69    -3,223
------------------------------------------------------------------
Net profit/loss                -2,709   -4,456       -39    -4,884
------------------------------------------------------------------
Earnings per share, EUR         -0.15    -0.33       -55     -0.33


Most important events during the reporting period
Incap renewed the lease agreement concerning its plant facilities located in
Kuressaare, and the renewed agreement also covers the upcoming extension to the
facilities. The property landlord will build an extension of approximately
3,400 square metres to the current building, after which the plant's facilities
will have a total floor area of well over 7,000 square metres. The extension is
expected to be ready for operations in June 2012.

The cooperation negotiations held at the Helsinki plant were concluded, and
resulted in the temporary lay-off of personnel for fixed periods of time of
varying lengths. The plant will be entirely closed for eight days, in addition
to which 11 people were laid off altogether. The rest of the personnel will do
shorter working weeks until the end of this year.

Incap established a sourcing office in Hong Kong, which enables the Group to
consolidate and increase the efficiency of its sourcing and purchasing
operations. The goal is to lower the prices of materials and components and to
enhance the company's competitiveness as a contract manufacturing partner. The
Hong Kong subsidiary has been included in the consolidated financial statements
as of 1 September 2011.

Balance sheet
The Group's balance sheet total was EUR 41.5 million (EUR 41.9 million).

Despite the increase in revenue, the value of inventories dropped slightly in
comparison to the corresponding period last year and at the turn of the year,
and stood at EUR 12.4 million (EUR 13.3 million).

The Group's equity at the close of the period was EUR 2.6 million (EUR 6.1
million). Liabilities totalled EUR 38.9 million (EUR 35.8 million), of which EUR
25.2 million (EUR 21.9 million) comprised interest-bearing liabilities. The
share of current liabilities rose to EUR 38.4 million (EUR 25.6 million) because
the company's convertible bond, which matures in April 2012, was moved under
current liabilities on the balance sheet. The parent company's equity totalled
EUR 13.7 million, representing 67% of the share capital (EUR 14.6 million, 71%).

The Group's equity ratio was 6.3% (14.6%). Interest-bearing net liabilities
totalled EUR 24.9 million (EUR 20.7 million) and the gearing ratio was 947%
(338%). The high gearing ratio is the result of earnings development and the
financing of the business operations in India acquired in 2007.

Financing and cash flow
The Group's quick ratio was 0.4 (0.5) and the current ratio 0.8 (1.0). Cash flow
from operations was EUR -3.6 million (EUR -3.9 million) and the change in cash
and cash equivalents showed a decrease of EUR 0.3 million (an increase of EUR
0.7 million).

In May, Incap concluded financing agreements totalling EUR 3.8 million. Of the
financing, EUR 1.5 million consists of a counter-cyclical guarantee granted by
Finnvera, EUR 2 million of long-term financing, EUR 1 million of a short-term
factoring credit agreement granted by a Finnish bank and some EUR 0.8 million of
a short-term credit agreement granted by an Indian bank.

Capital expenditure
Capital expenditure amounted to approximately EUR 0.2 million (EUR 0.3 million)
and involved equipment acquisitions for the plants in Vaasa and India.

Personnel and management
At the end of the reporting period, Incap Group employed 772 people (798). The
average number of personnel was 747 (784). At the end of the reporting period,
22% of the entire personnel worked in Finland (36%), 27% in Estonia (24%) and
51% in India (40%).

Shares and shareholders
Incap Corporation has one series of shares, and the number of shares at the end
of the period was 18,680,880 (14,180,880). During the period, the share price
varied between EUR 0.40 and EUR 0.64 (EUR 0.57 and 0.75). The closing price for
the period was EUR 0.47 (EUR 0.65). During the reporting period, the trading
volume was 606,719 shares, or some 3% of outstanding shares (36%).

At the end of the period, the company had 1,059 shareholders (1,129). Foreign or
nominee-registered owners held 0.6% (0.8%) of all shares. The company's market
capitalisation on 30 September 2011 was EUR 8.8 million (EUR 9.2 million). The
company does not own any of its own shares.

Short-term risks and uncertainties with an impact on business operations
The risks and uncertainties involving Incap's business operations are described
in more detail in the financial statements of 2010, available on the company's
website. The risks and uncertainties have remained largely unchanged throughout
the reporting period.

The most noteworthy short-term risks relate to the development of customer
demand and the realisation of plans concerning profitability, inventory and
financing.

Because Incap Group operates in the euro area and in Asia, the company's
operations involve a currency risk. The company aims to minimise the negative
effects of the risk in line with its exchange risk policy using currency options
and forward exchange agreements.

Incap has a financing agreement which is valid until 31 May 2012 and which
covers the loans related to the financing of the Indian subsidiary and Incap's
credit line and factoring credit line. This financing agreement includes the
following covenants:

                      Equity ratio net IBD/EBITDA Net capital expenditure

 31 December 2010             7.4%           20.6 EUR 1 million/12 months

 30 June 2011                11.6%            4.1 EUR 1 million/12 months

 31 December 2011 and
 thereafter                  10.9%            5.6 EUR 1 million/12 months


When calculating the covenants, the factoring credit line in use is not
included. On 30 September 2011, the equity ratio stood at 6.3% and net
IBD/EBITDA at 13.9%. The covenants will be tested again on 31 December 2011 and
every six months thereafter. According to the current forecast, it seems likely
that the covenants will not be met on 31 December 2011.

In order to assess liquidity, Incap has prepared a quarterly cash-flow forecast
which extends to the end of the third quarter of 2012. The cash-flow forecast is
based on the Group's operating profit estimate for 2011 and 2012, as well as on
the turnover rates of actualised sales receivables, accounts payable and
inventory. The company trusts that it can secure the future financing needs by
the financing agreements, which have already been signed or which are under
negotiation, and by the financing arrangements which are in preparation,
provided that the Group does not lag significantly behind the forecasted
turnover targets concerning consolidated results and inventories.

The single most significant factor in terms of the adequacy of financing is the
inventory turnover.
Inventory turnover remaining at the current level alone would not be enough to
generate a need for additional financing. The company's working capital will be
sufficient for the next 12 months, assuming that Incap's current financing
agreements remain in force despite the possible failure of the covenants.
Furthermore, the company's management continues its efforts to sell the Vuokatti
plant property, which commenced at the end of 2010. The property and the related
debts are entered in the financial statements as assets held for sale. The price
estimate in the appraisal prepared by an external appraiser on 15 February 2011
clearly exceeds the property's book value.

On 3 May 2011, Incap concluded financing agreements totalling approximately EUR
3.8 million. Finnvera granted the company a counter-cyclical guarantee to the
value of EUR 1.5 million, in addition to which a Finnish bank provided the
company with long-term financing of EUR 2 million and a short-term factoring
credit of EUR 1 million. Long-term financing is posted under short-term
liabilities, because the covenants are tested every six months. In addition, the
Indian subsidiary has signed a loan agreement with a local bank on a short-term
credit of some EUR 0.8 million. Half of the short-term credit granted by the
Indian bank was placed at the company's disposal immediately, while the other
half became available after the end of the report period in October.

Incap Group has a convertible bond which matures on 25 May 2012, with a capital
of EUR 6.7 million. The company's management has opened negotiations on the
rearrangements concerning the convertible bond.

The deferred tax assets recognised in the consolidated balance sheet (EUR 4.1
million) are based on the Board of Directors' assessment of future earnings
development at Incap Corporation and the Indian subsidiary. On 30 September
2011, confirmed tax losses for which no deferred tax asset was recognised
amounted to EUR 8.0 million. Should future development not correspond with the
Board's assessment, the ensuing write-down of deferred tax assets in the
consolidated balance sheet would have a considerable impact on Incap Group's
equity ratio and, consequently, on the Group's equity and the covenants of the
aforementioned financing agreements.

Outlook for the rest of 2011
Incap's estimates on future business development are based on its customers'
forecasts and the company's own assessments. While the anticipated downturn in
general economic trends has yet to be reflected in the demand of Incap's
customers, current market insights are tentative at best and forecasts
concerning the future involve considerable uncertainty.

The company continues measures aiming to secure the positive development of
profitability. Operations are developed and enhanced in relation to, for
instance, material management and the order/delivery process.

Incap adjusts its guidance for the full-year performance. 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 expects 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 expects its full-year revenue in 2011
to be clearly higher than in 2010, when it amounted to EUR 59.2 million.

In an earlier bulletin released on 20 September 2011, Incap expected the full-
year operating result (EBIT) to remain slightly in the red due to fluctuations
in exchange rates and the decline in some customers' demand. The company
expected the operating result for the second half of the year to be positive or,
in other words, clearly better than for the first half of the year (1-6/2011:
EUR -1.0 million) and the corresponding period last year (7-12/2010: EUR -0.5
million). In that bulletin, the company stated that it also estimated its full-
year revenue for 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.


INCAP CORPORATION
Board of Directors


Additional information:
Sami Mykkänen, President and CEO, tel. 040 559 9047
Kirsti Parvi, CFO, tel. 050 517 4569
Hannele Pöllä, Director, Communications and Investor Relations, tel.
040 504 8296

DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
The company's home pagewww.incap.fi

PRESS CONFERENCE
Incap will arrange a conference for the press and financial analysts on 2
November 2011 at 10:00 a.m. at the World Trade Center, Helsinki, in Meeting Room
4 on the 2nd floor at Aleksanterinkatu 17, FI-00100 Helsinki.

ANNEXES
1 Consolidated Income Statement
2 Consolidated Balance Sheet
3 Consolidated Cash Flow Statement
4 Consolidated Statement of Changes in Equity
5 Group Key Figures and Contingent Liabilities
6 Quarterly Key Figures
7 Calculation of Key Figures


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
760 people. Incap's share is listed on the NASDAQ OMX Helsinki. Additional
information:www.incap.fi


Annex 1
CONSOLIDATED INCOME
STATEMENT (IFRS)


(EUR thousand,            7-9/   4-6/   1-3/   7-9/   1-9/   1-9/ Change   1-12/
unaudited)                2011   2011   2011   2010   2011   2010      %    2010




REVENUE                 18,286 17,694 16,005 13,741 51,985 43,013     21  59,162

Work performed by the
enterprise and
capitalised                  0      0      0      0      0      0      0       0

Change in inventories
of finished goods and
work in progress           -42      4     34   -132     -5    472   -101     188

Other operating income      18     40     38    -11     96    296    -68     372

Raw materials and
consumables used        13,034 12,812 11,270  9,463 37,116 29,887     24  40,828

Personnel expenses       2,861  3,075  2,916  2,345  8,853  9,857    -10  12,437

Depreciation and
amortisation               494    542    552    654  1,588  2,177    -27   2,831

Other operating
expenses                 1,837  1,931  1,762  1,606  5,529  5,097      8   6,849
--------------------------------------------------------------------------------
OPERATING PROFIT/LOSS       35   -623   -423   -470 -1,010 -3,328    -69 - 3,223

Financing income and
expenses                  -611   -559   -528   -596 -1,699 -1,219     39 - 1,724
--------------------------------------------------------------------------------
PROFIT/LOSS BEFORE TAX    -576 -1,182   -951 -1,067 -2,709 -4,456    -39 - 4,947

Income tax expense           0      0      0      0      0      0             64
--------------------------------------------------------------------------------
PROFIT/LOSS FOR THE
PERIOD                    -576 -1,182   -951 -1,067 -2,709 -4,456    -39  -4,884



Earnings per share       -0,03  -0,06  -0,05  -0,08  -0,15  -0,33    -55   -0.33

Options have no
dilutive effect
in accounting periods
2010 and 2011


                           7-9/   4-6/   1-3/   7-9/   1-9/   1-9/ Change  1-12/
OTHER COMPREHENSIVE INCOME 2011   2011   2011   2010   2011   2010      %   2010



PROFIT/LOSS FOR THE PERIOD -576 -1,182   -951 -1,067 -2,709 -4,456    -39 -4,884



OTHER COMPREHENSIVE
INCOME:

Translation differences
from foreign units          -40    -57   -185     37   -282      8 -3 526    -24
--------------------------------------------------------------------------------
Other comprehensive
income, net                 -40    -57   -185     37   -282      8 -3 526    -24



TOTAL COMPREHENSIVE INCOME -616 -1,239 -1,136 -1,030 -2,991 -4,448    -33 -4,908



Attributable to:

Shareholders of the parent
company                    -616 -1,239 -1,136 -1,030 -2,991 -4,448    -33 -4,908


Non-controlling interest      0      0      0      0      0      0      0      0



Annex 2
CONSOLIDATED BALANCE SHEET
(IFRS)

(EUR thousand, unaudited)                30.9.2011 30.9.2010 Change % 31.12.2010



ASSETS



NON-CURRENT ASSETS

Property, plant and equipment                4,457     8,403      -47      6,026

Goodwill                                       981     1,029       -5      1,040

Other intangible assets                        420       785      -47        705

Other financial assets                         314       314        0        314

Deferred tax assets                          4,112     4,199       -2      4,209
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS                    10,284    14,731      -30     12,294



CURRENT ASSETS

Inventories                                 12,440    13,273       -6     13,062

Trade and other receivables                 16,574    12,645       31     14,823

Cash and cash equivalents                      310     1 227      -75        476
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS                        29,325    27,145        8     28,362



Non-current assets held for sale             1,936                         1,936



TOTAL ASSETS                                41,544    41,876       -1     42,592



EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF
THE PARENT

COMPANY

Share capital                               20,487    20,487        0     20,487

Share premium account                           44        44        0         44

Reserve for invested unrestricted equity     4,084     4,131       -1      4,084

Exchange differences                          -731      -451       62       -483

Retained earnings                          -21,252   -18,093       17    -18,510
--------------------------------------------------------------------------------
TOTAL EQUITY                                 2,633     6,119      -57      5,622



NON-CURRENT LIABILITIES

Deferred tax liabilities                         0        70     -100          0

Interest-bearing loans and borrowings          490    10,123      -95      9,403
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES                        490    10,193      -95      9,403



CURRENT LIABILITIES

Trade and other payables                    13,680    13,772       -1     14,961

Current interest-bearing loans and
borrowings                                  24,399    11,792      107     12,007
--------------------------------------------------------------------------------
CURRENT LIABILITIES                         38,079    25,565       49     26,969



Liabilities relating to non-current
assets held for sale                           342         0                 598



TOTAL EQUITY AND LIABILITIES                41,544    41,876       -1     42,592





Annex 3
CONSOLIDATED CASH FLOW STATEMENT                     1-9/2011 1-9/2010 1-12/2010

(EUR thousands, unaudited)



Cash flow from operating activities

Net income                                             -1,010   -3,238    -3,223

Adjustments to operating profit                         1,119      532        23

Change in working capital                              -2,442       93       644

Interest and other payments made                       -1,277   -1,279    -1,840

Interest received                                          27       12        27
--------------------------------------------------------------------------------
Cash flow from operating activities                    -3,583   -3,880    -4,369



Cash flow from investing activities

Capital expenditure on tangible and
intangible assets                                        -241     -275      -486

Proceeds from sale of tangible and
intangible assets                                         132      501       591

Other investments                                           0     -159      -159

Loans granted                                              -2       -7        -5

Sold shares of subsidiary                                   0        0         0

Repayments of loan assets                                  45        0         0
--------------------------------------------------------------------------------
Cash flow from investing activities                       -66       60       -59



Cash flow from financing activities

Proceeds from share issue                                   0    4,131     4,084

Drawdown of loans                                       4,692    1,811     5,825

Repayments of borrowings                                 -717     -547    -4,338

Repayments of obligations under finance
leases                                                   -661     -871    -1,064
--------------------------------------------------------------------------------
Cash flow from financing activities                     3,314    4,524     4,507



Change in cash and cash equivalents                      -335      704        79

Cash and cash equivalents at beginning
of period                                                 476      661       661

Effect of changes in exchange rates                       193     -117      -228

Changes in fair value (cash and cash
equivalents)                                              -24      -21       -36

Cash and cash equivalents at end of
period                                                    310    1,227       476





Annex 4
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
(EUR thousand, unaudited)



                                         Reserve for
                                  Share     invested
                          Share premium unrestricted    Exchange Retained
                        capital account       equity differences earnings  Total



Equity at 1.1.2010       20,487      44            0        -459  -13,629  6,443

Issue premium                 0       0        4,160           0        0  4,160

Transaction costs
for equity                    0       0          -29           0        0    -29

Change in exchange
differences                   0       0            0           8        0      8

Options and share-
based
compensation                  0       0            0           0       -7     -7

Other changes                 0       0            0           0        0      0
--------------------------------------------------------------------------------
Net income and
losses recognised
directly in equity            0       0        4,131           8       -7  4,132



Net profit/loss               0       0                        0   -4,456 -4,456
--------------------------------------------------------------------------------
Total income and
losses                        0       0        4,131           8   -4,464   -325



Equity at
30.9.2010                20,487      44        4,131        -451  -18,093  6,119



Equity at 1.1.2011       20,487      44        4,084        -483  -18,510  5,622

Share issue                                                                    0

Transaction costs
for equity                    0       0            0           0        0      0

Change in exchange
differences                   0       0            0        -248      -34   -282

Options and share-
based
compensation                  0       0            0           0        2      2

Other changes                 0       0            0           0        0      0
--------------------------------------------------------------------------------
Net income and
losses recognised
directly in equity            0       0            0        -248      -32   -280



Net profit/loss               0       0            0           0   -2,709 -2,709
--------------------------------------------------------------------------------
Total income and
losses                        0       0            0        -248   -2,741 -2,989



Equity at
30.9.2011                20,487      44        4,084        -731  -21,252  2,633



Annex 5
GROUP KEY FIGURES AND CONTINGENT LIABILITIES
(IFRS)                                           30.9.2011  30.9.2010 31.12.2010



Revenue, EUR million                                  52.0       43.0       59.2

Operating profit, EUR million                         -1.0       -3.2       -3.2

  % of revenue                                        -1.9       -7.5       -5.4

Profit before taxes, EUR million                      -2.7       -4.5       -4.9

  % of revenue                                        -5.2      -10.4       -8.4

Return on investment (ROI), %                         -4.2      -14.7      -10.6

Return on equity (ROE), %                            -87.5      -94.6      -81.0

Equity ratio, %                                        6.3       14.6       13.2

Gearing, %                                           946.5      338.1      383.0

Net debt, EUR million                                 22.0       21.9       21.7

Net interest-bearing debt, EUR million                24.9       20.7       21.5

Average number of shares during the report
period, adjusted for share issues               18,680,880 13,334,726 14,682,250

Earnings per share (EPS), EUR                        -0.15      -0.33      -0.33

Equity per share, EUR                                 0.14       0.33       0.30

Investments, EUR million                               0.2        0.3        0.5

  % of revenue                                         0.5        0.6        0.8

Average number of employees                            747        784        780



CONTINGENT LIABILITIES, EUR million

FOR OWN LIABILITIES

Mortgages                                             13.4       12.0       14.5

Other liabilities                                      1.8        2.6        2.4



Nominal value of currency options, EUR thousand          0      708.5      1,881

Fair values of currency options, EUR thousand            0      -40.5       -5.5



Annex 6
QUARTERLY KEY FIGURES (IFRS)


                         1-9/    4-6/    1-3/  10-12/    7-9/    4-6/    1-3/
                         2011    2011    2011    2010    2010    2010    2010



Revenue,
EUR million              18.3    17.7    16.0    16.1    13.7    15.8    13.4

Operating profit,
EUR million               0.0    -0.6    -0.4     0.0    -0.5    -1.1    -1.7

  % of revenue            0.2    -3.5    -2.6     0.1    -3.4    -6.9   -12.4

Profit before taxes,
EUR million              -0.6    -1.2    -1.0    -0.5    -1.1    -1.5    -1.9

  % of revenue           -3.2    -6.7    -5.9    -3.0    -7.8    -9.4   -14.1

Return on
investment
(ROI), %                  1.1    -9.4    -4.3     2.1    -6.7   -14.6   -21.5

Return on equity
(ROE), %                -55.8  -106.5   -75.2   -28.3   -68.0  -111.3  -138.3

Equity ratio, %           6.3     7.6    11.0    13.2    14.6    10.1    11.1

Gearing, %              946.5   739.3   486.6   383.0   338.1   523.1   477.3

Net debt, EUR million    22.0    22.9    21.7    21.7    21.9    24.7    24.4

Net interest-bearing
debt, EUR million        24.9    24.1    21.9    21.5    20.7    22.3    21.7

Average number
of share issue-
adjusted shares
during the            18,680, 18,680, 18,680, 14,682, 13,334, 12,854, 12,180,
financial period          880     880     880     250     726     913     880

Earnings per share
(EPS), EUR              -0.03   -0.06   -0.05   -0.03   -0.08   -0.12   -0.16

Equity per share, EUR    0.14    0.17    0.24    0.30    0.30    0.30    0.37

Investments,
EUR million               0.1     0.1     0.1     0.2     0.1     0.1     0.1

  % of revenue            0.7     0.7     0.3     1.3     1.1     0.4     0.4

Average number
of employees              770     745     727     767     787     791     734



Annex 7
CALCULATION OF KEY FIGURES


                                          --------------------------------------
                                           100 x (profit/loss for the period +
Return on investment, %                    financing costs)
                                          --------------------------------------
                                           equity + interest-bearing financing
                                           loans



Return on equity (ROE), %                  100 x profit/loss for the period
                                          --------------------------------------
                                           average equity during the accounting
                                           period



Equity ratio, %                            100 x equity
                                          --------------------------------------
                                           balance sheet total - advances
                                           received



                                           100 x interest-bearing net financing
Gearing, %                                 loans
                                          --------------------------------------
                                           equity



Net liabilities                            liabilities - current assets



Quick ratio                                current assets
                                          --------------------------------------
                                           short-term liabilities - short-term
                                           advances received



Current ratio                              current assets + inventories
                                          --------------------------------------
                                           short-term liabilities



Earnings per share                         net profit/loss for the period
                                          --------------------------------------
                                           average number of share-issue
                                           adjusted shares during the period



Equity per share                           equity
                                          --------------------------------------
                                           number of share-issue adjusted shares
                                           at the end of the period



                                           VAT-exclusive working capital
                                           acquisitions, without deduction of
                                           investment
Capital expenditure                        subsidies



                                           average of personnel numbers
Average number of employees                calculated at the end of each month



                                           closing price for the period x number
                                           of shares available for public
Market value of share capital              trading






Incap's Interim Report January-September 2011:
http://hugin.info/120192/R/1559945/482520pdf




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Source: Incap Oyj via Thomson Reuters ONE

[HUG#1559945]