Incap Corporation        Stock exchange release           24 February 202 at 9:30 a.m. (EET)
Financial statements release 2021

Incap Group’s financial statements release for January–December 2021 (unaudited): Strong growth and profitability continued

This release is a summary of Incap’s financial statements release for January–December 2021. The complete report is attached to this release as a pdf file and available on the company’s website at

October–December 2021 highlights

  •  Revenue for the fourth quarter 2021 amounted to EUR 51.4 million (10–12/2020: EUR 31.5 million), showing an increase of 63%. 
  •  Adjusted operating profit (EBIT) increased by 54%, amounting to EUR 8.6 million (EUR 5.6 million) or 16.8% of revenue (17.7%).
  •  Acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.1 million (EUR 0.4 million) and non-recurring costs were EUR 0.1 million (EUR 0.0 million). 
  •  Operating profit (EBIT) increased by 64%, amounting to EUR 8.4 million (EUR 5.1 million) or 16.3% of revenue (16.2%).
  •  Net profit for the period was EUR 6.9 million (EUR 4.2 million).

January–December 2021 highlights

  •  Revenue increased 59% and amounted to EUR 169.8 million (1–12/2020: EUR 106.5 million). 
  •  Adjusted operating profit (EBIT) increased by 84%, amounting to EUR 26.8 million (EUR 14.6 million) or 15.8% of revenue (13.7%).
  •  Acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.5 million (EUR 1.9 million) and non-recurring costs were EUR 0.3 million (EUR 0.1 million). 
  •  Operating profit (EBIT) increased by 106%, amounting to EUR 26.0 million (EUR 12.6 million) or 15.3% of revenue (11.8%).
  •  Net profit for the period was EUR 21.1 million (EUR 9.2 million).
  •  Earnings per share were EUR 3.60 (EUR 2.02) 
  •  Dividend proposal: To secure funds for the execution of the growth strategy of Incap and due to uncertainties in the global economy and political situation, the Board of Directors of Incap Corporation proposes that the Annual General Meeting authorises the Board of Directors to decide on a distribution of dividend of a maximum of EUR 0.80 per share from the profits in accordance with the adopted financial statements of the financial year 1 January 2021 to 31 December 2021, to be distributed in one or several instalments at a later stage based on the Board of Director’s assessment. The authorisation shall be valid until the commencement of the next Annual General Meeting. If the Board of Directors decides to exercise the authorisation, the company will publish the possible decision on the amount of the dividend to be distributed separately, and at the same time confirm the pertinent record and payment dates of the dividend payment.

Unless otherwise stated, the comparison figures refer to the corresponding period in 2020. This financial statements release is unaudited.

Key figures 

EUR million 10–12/21 10–12/20 Change 1–12/21 1–12/20 Change
Revenue 51.4 31.5 63% 169.8 106.5 59%
Non-recurring items 0.1 0.0 386% 0.3 0.1 351%
Operating profit (EBIT) 8.4 5.1 64% 26.0 12.6 106%
EBIT, % of revenue 16.3% 16.2%   15.3% 11.8%  
Adjusted operating profit (EBIT)* 8.6 5.6 54% 26.8 14.6 84%
Adjusted EBIT*, % of revenue 16.8% 17.7%    15.8% 13.7%  
Net profit for the period 6.9 4.2 67% 21.1 9.2 128%

*Adjusted operating profit (EBIT) is an alternative performance measure. Adjusted EBIT excludes non-recurring items and purchase price allocation amortisation. Adjusted EBIT provides comparable information between different financial years on operating profit adjusted for acquisition-related expenses.

Outlook for 2022

Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2022 will be higher than in 2021. 

The estimates are given provided that there are no major negative changes in the geopolitical or coronavirus pandemic situation, currency exchange rates or in component availability. The estimates are based both on Incap’s customers' forecasts and the company's own assessments of the business development.

Otto Pukk, President and CEO of Incap Corporation:

“2021 was a strong year under difficult circumstances. Worsening component availability and factory close-downs in India required a lot more planning than usual, but our team showed their commitment and stepped up to the challenge. I would like to extend my warmest thanks to all Incap employees.

The last quarter of 2021 was once again a great one with revenue reaching an all-time high, EUR 51.4 million, even with some material availability issues. Our full year revenue amounted to EUR 169.8 million which is 59% more than in 2020. 

High market demand and the capacity expansions at our Indian factories contributed to the growth. We are continuing to increase the capacity in India and estimate now that the third factory under construction will be fully finalised by the end of this year.

In line with revenue development, our full-year EBIT grew 106% and amounted to EUR 26.0 million. Increased relative profitability is partly due to synergy effects in common functions, but above all due to a favourable product mix. The share of services in the mix has grown as customers increased the outsourcing of their operations.

Activity in the market continued on a high level in 2021. The growing need for electronics manufacturing services is driven by, for instance, the growth of sustainable energy solutions, the proliferation of electric vehicles and the related government investments in green energy and vehicle charging infrastructure.

In 2021, our corporate responsibility actions concentrated on our key social, environmental, and economic themes. We pay special attention to the energy efficiency of our factories, and in India, also water management is in focus. One of the key themes is the wellbeing of our employees and in 2021, we put a lot of effort in protecting our employees from the coronavirus by for instance offering vaccinations. To strengthen our commitment for sustainable development, we also joined the UN Global Compact initiative in 2021. 

Looking forward, the component availability situation is still difficult, which makes planning increasingly challenging and requires a lot of extra effort. Tight component availability is forcing us to keep our inventory levels high, which may impact our working capital needs.

Having said that, we estimate that we can continue on our growth path in 2022. Our order book is at an all-time high level, and we are increasing our capacity to meet the growing demand. We also continue to evaluate M&A opportunities, concentrating in companies with a strong cultural fit and good profitability.

In addition to our employees, I want to warmly thank our customers, partners, and shareholders for their trust in Incap.”

Financial reporting in 2022 

In 2022 Incap will publish the following financial reports:

  •  Business review for January–March 27 April 2022
  •  Half-year report for January–June 28 July 2022
  •  Business review for January–September 27 October 2022

In Helsinki, 24 February 2022

Board of Directors

For additional information, please contact:
Otto Pukk, President and CEO, tel. +372 508 0798

Nasdaq Helsinki Ltd.
Principal media  

Incap Corporation is a trusted partner and full service provider in Electronics Manufacturing Services. As a global EMS company Incap supports customers ranging from large multinationals and mid-sized companies to small start-ups in their complete manufacturing value chain. Incap offers state-of-the-art technology backed up by an entrepreneurial culture and highly qualified personnel. The company has operations in Finland, Estonia, India, Slovakia, the UK and Hong Kong and employs approximately 2,500 people. Incap’s share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.

Incap’s financial statements release January-December 2021