Incap Oyj : Incap Oyj : Incap's future outlook, annual report, auditor's
report and corporate governance statement published
Stock Exchange Release 19 March 2013 at 8.30 a.m.
INCAP'S FUTURE OUTLOOK, ANNUAL REPORT, AUDITOR'S REPORT AND CORPORATE
GOVERNANCE STATEMENT PUBLISHED
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 www.incap.fi/Media/Annual
report. The annual report has been published only in electronic format, but
prints of it can be ordered using e-mail email@example.com.
The annual report includes among others the report of the Board of Directors,
consolidated financial statements and the auditor's report.
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.
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
President and CEO
Sami Mykkänen, President and CEO, tel. +358405599047
Kirsti Parvi, CFO, tel. +358 50517 4569
Hannele Pöllä, Director, Communications and IR, tel. +358405048296
NASDAQ OMX Helsinki Ltd
Annual report and financial statements including the report of the Board of
Directors and Auditor's report
Corporate governance statement
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 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: www.incap.fi.
Incap_Report on corporate governance 2012
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applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Incap Oyj via Thomson Reuters ONE
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