INCAP CORPORATION        STOCK EXCHANGE RELEASE         21 March 2012 at 8.30 a.m.


Incap Corporation's annual report, which includes the consolidated financial statements for 2011, 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.

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

In its report the auditor wants, without adjusting its statement, to draw attention to the issues described in the paragraph 26 of notes to financial statements and in the report of the Board of Directors concerning the company's liquidation and liabilities. The group's equity ratio is 3.3 %. The company estimates that the company's cash flow is sufficient to the needs of the following 12 months, provided that the company's additional negotiations on complementary financing are realised as planned. These factors, together with other issues mentioned in the report of the Board of Directors and the notes to the financial statements show material uncertainty, which may challenge the liquidity of the company.

In addition, without adjusting its statement, the auditor wants to draw attention to the deferred tax asset of EUR 4.1 million disclosed in notes to the financial statements and the report of the Board of Directors. The result development of the previous financial periods has significantly deviated from the prepared forecasts, and thus the utilisation of deferred tax asset shall be subject to uncertainty. If the companies' result development does not correspond to the development estimation of  the Board of Directors, the  write-down of the deferred tax asset would have a significant impact on equity ratio of both the Incap group and the parent company and, thereby, among other things, their shareholders' equity.

In addition, without adjusting its statement, the auditor wants to draw attention to the valuation of the subsidiary shares described in paragraph 11 of notes to financial statements of the parent company and the uncertainty relating to them.

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 or +91 990 204 2813
Hannele Pöllä, Director, Communications, tel. +358 40 504 8296

NASDAQ OMX Helsinki Ltd
Principal media

Annual report and financial statements including 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 2011 amounted to approx. EUR 68,9 million and the company currently employs approx. 730 people. Incap's share is listed on the NASDAQ OMX Helsinki. Additional information:

Corporate governance statement
Incap's annual report 2011
Incap's financial statements 2011

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Source: Incap Oyj via Thomson Reuters ONE