Incap Corporation
Stock Exchange Release   19 March 2013 at 8.30 a.m.


Incap Corporation's annual report including the consolidated financial statements for 2012, has been published in Finnish and in English. The report is available in PDF form on the company's website at report. The annual report has been published only in electronic format, but prints of it can be ordered using e-mail

The annual report includes among others the report of the Board of Directors, consolidated financial statements and the auditor's report.

Future outlook
According to the new Securities Market Act, a company is obliged to present its future outlook in the report of the Board of Directors. Incap Corporation's Board of Directors will continue the company's previous practice and present its estimate on future outlook both in the report of the Board of Directors and in interim reports.

Incap Corporation's Board of Directors repeats its future outlook as published on 26 February 2013 in the financial statements release for 2012 as follows:

Incap's estimates for future business development are based both on its customers' forecasts and on the company's own assessments. In the energy efficiency sector, demand is expected to grow from the 2012 level both in Europe and in India. Revenue from well-being technology products is estimated to decrease from last year due to the discontinuation of manufacturing of certain volume products. 

The closure of the Helsinki plant in 2012 was the last phase of the company's strategic change to production structure, creating the prerequisites for profitable growth. Reduction of the number of plants and other efficiency improvements in production, together with the streamlining of the Group services, will improve the company's profitability in 2013.

Incap estimates that the Group's revenue in 2013 will be the same or somewhat lower than the EUR 64.1 million achieved in 2012. The company estimates that its full-year operating result (EBIT) will be clearly positive. In 2012 the operating result was negative EUR -0.7 million.

Auditor's report
In its report the auditor wants, without qualifying its opinion, to draw attention to the issues described in the report of the Board of Directors and in paragraph 26 of the notes to the financial statements about the company's financing and sufficiency of working capital. According to the cash flow forecast, the company's working capital does not correspond with the company's needs for the next 12 months. According to the company's estimate the additional working capital requirement is about EUR 4-6 million. The matters in the report of the Board of Directors and in the notes to the financial statements indicate the existence of significant uncertainty which may cast a significant doubt about the company's ability to continue as a going concern.

In addition, without qualifying its opinion, the auditor wants to draw attention to the valuation of the subsidiary shares and related significant uncertainty, which is described in section 11 in notes to the financial statements of the parent company.

The auditor further gives its notification in accordance with Securities Market Act 7:8§. Without qualifying its opinion, the auditor wants to draw attention to the section "Information related to the liquidity risk and continuity of operations in the interim report for January-June" in the report of the Board of Directors. The company's Interim Report for January-June has not complied with all the requirements of IAS 34 standard. The company has later provided the missing information in a prospectus and a separate stock exchange release on 14.9.2012.

Corporate governance statement
Incap has published the corporate governance statement as a separate document, which is available on the company's website at Governance.


Sami Mykkänen
President and CEO

Further information:
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
Principal media

Annual report and financial statements including the report of the Board of Directors and Auditor's report
Corporate governance statement

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 2014 amounted to approx. EUR 64.1 million and the company currently employs approx. 610 people. Incap's share is listed on the NASDAQ OMX Helsinki. Additional information:


Incap_Report on corporate governance 2012
Incap_Annual Report_2012

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Source: Incap Oyj via Thomson Reuters ONE