Incap Corporation Stock Exchange Release 24 February 2010 at 8.30 a.m.
* full-year revenue decreased by approx. 26% on previous year and amounted to
69.8 million (2008: EUR 93.9 million)
* revenue decrease was due to expected cut down deliveries to
telecommunications customers
* operating profit (EBIT) was EUR 5.0 million negative (EUR 3.6 million
negative)
* result includes approx. EUR 2.5 million of non-recurring expenses due to
eventual close down of Vuokatti factory
* thanks to reorganisation programme, personnel expenses and other operational
expenses decreased from the previous year by approx. EUR 3.8 million
These audited financial statements for 2009 have been prepared in compliance
with the recognition and measurement principles of the IFRS standards. Unless
mentioned otherwise, the comparison figures used are the figures for the
comparable period in 2008.
Sami Mykkänen, President and CEO of Incap Group: "The market situation in 2009
was challenging and the economic recession affected the overall demand for
Incap's services especially towards the end of the year. The contraction of
revenue of about twenty-five per cent was mainly a result of the controlled
ramp-down of high-volume manufacture of telecommunications products in
accordance with the strategy.
Profitability developed positively during the first three quarters of the year,
but the loss for the fourth quarter and the non-recurring provision recognised
to the result made the full-year result weaker than in 2008. We enhanced the
operational efficiency in line with the reorganisation programme and gained
remarkable savings in costs. However, the cost structure could not be completely
adjusted to the reduced revenue.
We proceeded in the implementation of the strategy and enhanced operations and
services in the selected key industries energy efficiency and well-being
technology. The structural change in production capacity was continued and the
concentration of electronics manufacturing in one plant in Europe proceeded. The
new facilities in India were inaugurated and the product design services were
concentrated in India, where we will increase the competence further. Asia will
gain more importance for Incap in future both as to the manufacture and the
sales."
Revenue and earnings in October-December 2009
Revenue during the last quarter was EUR 17.7 million (10-12/2008: EUR 25.8
million) or 31.2% less than during the comparable period in 2008. The revenue
was affected especially by decreased deliveries of electrotechnical components.
The operating profit was EUR 3.7 million negative (1.2 million negative) and as
a percentage of revenue it was 20.7% negative (4.8% negative). The quarterly
result includesEUR 2.5 million of non-recurring expenses due to eventual close
down of Vuokatti factory. Revenue of comparable period in 2008 includes
non-recurring expenses of EUR 0.8 million related to production reorganisation.
Quarterly comparison 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/
(EUR thousands) 2009 2009 2009 2009 2008 2008 2008
Revenue 17 746 16 613 16 928 18 479 25 789 21395 26 412
-600
Operating profit/loss -3 666 -314 -472 -518 -1 241 -442
Net profit/loss -3 926 -810 -1 035 -949 -1 915 -800 -1 005
Earnings per share, EUR -0,32 -0,07 -0,08 -0,08 -0,16 -0,07 -0,08
Revenue and earnings in 2009
The revenue of the Incap Group for 2009 totalled EUR 69.8 million, showing a
fall of 26% year-on-year (2008: EUR 93.9 million). The Group's revenue fell
mainly due to a controlled ramp-down of high-volume manufacture of
telecommunications products during the first quarter of the year. The share of
telecommunications products from the annual revenue was EUR 6.7 million,
compared to EUR 24.1 million in 2008.
Overall demand for Incap's services was affected by the economic recession.
Order volumes among well-being technology customers steadily increased after the
slow start to the year. Demand in the energy efficiency sector developed as
expected during the first half of the year in Europe but deliveries decreased
during the second half of the year. Demand in Asia remained stable, although the
products of new customers progressed to high-volume production more slowly than
expected.
Operating loss for the period amounted to EUR -5.0 million (EUR -3.6 million),
or -7.1% of revenue (-3.9 %). The operating loss includes a non-recurring
provision of approximately EUR 2.5 million, which was recognised in the profit
for Q4/2009 for the eventual close down of the Vuokatti plant.
The Indian unit's revenue increased slightly from 2008 to EUR 7.9 million (EUR
7.5 million). Revenue adjusted for the impacts of exchange rate differences
amounted to EUR 8.3 million. The unit's profitability improved from 2008 but
operating result still remained negative.
The reorganisation programme aimed at improving profitability continued, and
cost savings were achieved in, for example, personnel expenses and other
operating expenses which were approximately EUR 3.8 million lower than in 2008.
Net financial expenses stood at EUR 1.8 million (EUR 1.8 million) and
depreciation and amortisation expenses at EUR 2.9 million (EUR 2.8 million).
Losses before tax amounted to EUR 6.8 million (EUR 5.4 million). Loss for the
period was EUR 6.7 million (5.4 million).
Return on investment (ROI) was -16% (-9%) and return on equity (ROE) -69%
(-33%). Earnings per share were EUR -0.55 (EUR -0.44).
Developing operations and implementing structural change
The most important objective for 2009 was boosting profitability, and most of
the planned reorganisation programme measures were successfully implemented.
Material sourcing and procurement were developed and the volume of direct raw
material purchases from Asia was increased. Operating expenses were clearly
reduced from 2008 but the cost structure could not be completely adjusted to the
reduced level of revenue.
The value of inventories fell, as planned, from EUR 16.2 million to EUR 11.4
million at the end of December. The positive development reflected both the
decrease in telecommunications component stocks and the higher efficiency in
materials management.
Improving the efficiency of production capacity was part of the company's
reorganisation programme. The manufacture of some products was transferred from
Finland to Estonia. A larger step was taken after the end of the financial
period, in February 2010, when planning for transferring the total production of
the Vuokatti plant to Estonia was started.
A new manufacturing plant was inaugurated in India, involving some investments
to modernise the equipment. The new plant clearly improves Incap's competitive
edge because customers doing global business require from their partners local
and modern service close to their key market areas.
Incap's product design functions were centralised in India, from where the
services are provided also to customers in other market areas.
Production-related design for manufacture is developed at all Incap plants in
order to reduce product manufacturing costs.
The acquisition of new customers was expanded to China, where cooperation with a
local partner was launched. The goal is to find new customers in Asia, mainly
for the Indian plant. Furthermore, the partner surveys the local market
situation in general and Incap's business opportunities in China.
Balance sheet
The balance sheet total fell by EUR 9.2 million from the end of 2008 to EUR
39.7 million. The Group's equity at the close of the financial period was EUR
6.4 million (EUR 13.2 million). Debt totalled EUR 33.3 million (EUR 35.7
million), of which interest-bearing debt amounted to EUR 21.3 million (EUR 19.9
million). Of the total debt, EUR 22.2million (EUR 22.7 million), were current
liabilities. Total equity of the parent company decreased to EUR 12.6 million or
to 61% of share capital.
The Group's equity ratio was 16.2% (27.0%). Interest-bearing net liabilities
totalled EUR 20.6 million (EUR 19.3 million) and the gearing ratio was 319.8%
(146.1%).
Financing and cash flow
The Group's quick ratio was 0.5 (0.7) and the current ratio 1.1 (1.4). Cash flow
from operations was EUR 0.5 million (EUR 1.4 million) and the change in cash and
cash equivalents showed an increase of EUR 0.04 million (a decrease of EUR 0.3
million). Finnfund executed a share capital investment of EUR 1.9 million in
Incap's Indian subsidiary. Due to the terms and conditions of the loan, the
investment is regarded as a long-term loan in the Group's IFRS financial
statement.
Working capital fell by EUR 2.9 million enabling the positive cash flow of
operations. The improvement in working capital was mainly due to a fall of EUR
4.8 million in inventories.
Research and development
Incap's R&D expenses are connected to the development of the company's own
processes, and they amounted to EUR 0.1 million (EUR 0.5 million).
Capital expenditures
Cash flow from investment activities amounted to EUR 1.1 million in 2009 (EUR
1.8 million).Investments were mainly related to the reform of the machine base
at the Vaasa plant and the Indian plant, while in other units there were mainly
replacement investments. EUR 0.7 million of these investments were implemented
using financial leasing (EUR 0.5 million).
Environmental issues
Incap's environmental management is controlled by the Group Environmental
Policy. All the plants implement environmental and quality systems certified by
Lloyd's or TÜV Rheinland, and these systems are used as tools for continuous
improvement. The environmental system complies with ISO 14001:2004 and the
quality system with ISO 9001:2008. The Helsinki, Kuressaare and Vuokatti plants
have certifications in accordance with the ISO13485: 2003 quality standard for
the manufacture of medical devices. The Indian plant has a TS 16949 quality
certificate required by the automotive industry.
Personnel
At the beginning of year, the Incap Group had a payroll of 727 employees, and at
the end of the year it had 783 employees. The average number of personnel was
751 (735). The number of personnel increased from 2008 by approximately 8%. The
most growth was experienced in India where the number of personnel increased by
90 people. At the end of the year, approximately 40% of personnel worked in
Finland, 23% in Estonia and 37% in India.
At the end of the year, 488 of Incap's employees were women and 295 men; 659
were permanently employed staff and 124 were fixed-term employees. There were
five part-time employment contracts at the end of the year. The average age of
the personnel was 36 years.
Company management and organisation
The company's President and CEO during the financial period was Sami Mykkänen,
B.Sc. (Eng.). In addition to the CEO, the Group management team included Kimmo
Akiander (Well-being), Jari Koppelo (Energy Efficiency Europe), Jarmo
Kolehmainen (Energy Efficiency Asia), Mikko Hirvinen (production), Eeva
Vaajoensuu (finance and administration) and Hannele Pöllä (communications and
HR).
Events after the end of the financial period
Since the study and negotiations on the eventual sale of the business activities
in Vuokatti were unsuccessful, the company started statutory cooperation
negotiations at the plant on 4 February 2010. The plan is to transfer the
production activities to Estonia by the end of 2010. Transferring the
manufacture from Vuokatti to Kuressaare will improve the operational efficiency
and aims at reaching cost savings of approximately EUR 3 million in 2011
compared to 2009.
Incap recognised a non-recurring expense provision of approximately EUR 2.5
million in the result for Q4/2009 due to the eventual close down of the Vuokatti
plant. Taking into account the provisions in 2008, a total of EUR 3.1 million
has been reserved for reorganising the production structure.
The company also noted that in order to improve its financial position, the
Board is planning a special issue which will be implemented or decided by the
Annual General Meeting on 13 April 2010 at the latest. The Board has an
authorisation granted by the Annual General Meeting of 2009 on increasing the
share capital by a maximum of 1,200,000 shares.
Annual General Meeting 2009
Incap Corporation's Annual General Meeting was held in Helsinki on 3 April
2009. The Annual General Meeting approved the Group's 2008 financial statements
and discharged from liability the persons held accountable. No dividend was paid
for 2008.
The Annual General Meeting authorised the Board to decide upon an increase in
share capital by one or more new issues within one year from the Annual General
Meeting so that the aggregate number of shares subscribed on the basis of the
authorisation will be no more than 1,200,000 shares.The Board did not exercise
the authorisation during the financial period.
Board of Directors and auditor
The Annual General Meeting re-elected Kalevi Laurila, Susanna Miekk-oja, Jukka
Harju and Kari Häyrinen as members of the Board of Directors. Lassi Noponen was
elected to the Board as a new member. The Board elected from among its members
Kalevi Laurila as Chairman and Susanna Miekk-oja as Deputy Chairman. The
secretary of the Board was Jari Pirinen LL.M.
The Board convened seventeen times in 2009, and the average attendance rate of
the Board members was 98%.
The auditor was auditing firm Ernst & Young Oy with Jari Karppinen, Authorised
Public Accountant, as the principal auditor.
Report on corporate governance
Incap releases a report on the company's corporate governance in compliance with
the Securities Market Act as a separate document in connection with the
publication of the report of the Board of Directors and the Annual Report.
Shares and shareholders
Incap Corporation has one series of shares and the number of shares is
12,180,880. During the financial period, the share price varied between EUR
0.43 and EUR 0.99 (EUR 0.49 and 1.60), and the closing price for the period was
EUR 0.67 (EUR 0.55). During the financial period, the trading volume was 25% of
outstanding shares (14%).
At the end of the financial period, the company had 1,089 shareholders (1,003).
Nominee-registered owners held 2.8% (3.7%) of all shares. The company's market
capitalisation on 31 December 2009 was EUR 8.2 million (EUR 6.7 million). The
company does not own any of its own shares.
The standard industrial classification of Incap shares changed due to the
structural change in revenue. As of February 2009, the shares are classified
under "Industrial products and services" and the sector code is 20104010
(Electrical components and equipment).
Share-based incentive systems
At the end of the financial period, Incap Group had two valid share-based
incentive systems. An option scheme implemented in 2004 includes a total of
51,100 distributed stock options entitling their holders to subscribe for an
equal number of shares. The subscriptions may increase Incap's share capital by
a maximum of approximately EUR 85,848. At the end of the year, three employees
were included within the scope of this option scheme.
The option scheme for 2009 includes a total of 600,000 stock options entitling
their holders to subscribe for an equal number of shares. In February 2009, the
CEO received 100,000 stock options. Furthermore, the CEO will receive a maximum
of 100,000 stock options in 2010, provided that the objectives set by the Board
on company earnings and return on working capital for 2009 are met. A maximum of
400,000 stock options will be provided to the company's key employees in two
batches, provided that the objectives set by the Board on company earnings and
return on working capital for 2009 are met and each employee reaches his or her
own set objectives.
Announcements in accordance with Chapter 2, Section 9, of the Securities Market
Act on changes in holdings
Incap did not experience any changes in holdings in accordance with Chapter 2,
Section 9, of the Securities Market Act during the financial period.
Short-term risks and factors of uncertainty concerning operations
The Risk Management Policy approved by the Incap Board classifies risks as risks
connected to the operating environment, operational risks, and damage and
funding risks. Incap's risk management is mainly focused on risks that threaten
the company's business objectives and continuity of operations. In order to
improve its business opportunities, Incap is willing to take on managed risks
within the scope of the Group's risk management capabilities.
Incap's demand and financial position are affected by international economic
trends and economic trends among its customer industries.Incap's sales are
spread over several customer sectors, which balances out the impact of the
economic trends of different industrial sectors. The Group aims at expanding its
customer base further so that the loss of a single customer or several customers
in the same sector will not expose the company to a significant financial risk.
Incap's sector, contract manufacturing, is a highly competitive sector and there
are major pressures on cost level management. Incap manages this risk through
continuous monitoring and management of operational efficiency and cost levels.
Flexibility of the cost structure has been improved by distributing production
activities into several countries, and by managing manufacturing operations
between Finland and other countries.
Incap continuously assesses the organisation of different activities as well as
the sufficiency and level of human resources to ensure that the organisation is
efficient, the correct competencies are available and the company is able to
provide its customers with the high-quality services they require without
interruptions and take care of its commitments to other stakeholders. An
essential issue for the company's competitive edge is the development of
personnel expenses in the Incap countries.
Quality, manufacturing and distribution difficulties of material suppliers as
well as changes in material market prices influence the delivery ability and
costs of Incap. Most material prices are connected to customer agreements to
reduce material price risks.
General development of the financing market affects the financing of Incap. The
acquisition of a new business unit in India in 2007 has increased the Group's
external financing and financing risks. The financing base of the operations in
India was enforced through the share capital investment of Finnfund in Incap's
Indian subsidiary. The Group's interest and foreign exchange risks are managed
by means of a selected financing structure based on both fixed and floating rate
financial instruments in selected currencies. The parent company's equity
decreased to EUR 12.6 million or to 61% of share capital. In order to strengthen
the company's financing position the Board of Directors is planning a rights
issue.
Incap regularly reviews its insurance policies as part of its risk management
system.
Objectives for 2010
Incap expects the business environment to remain challenging also in 2010. The
company aims at profitable growth in revenue. The goal is to expand business
through a systematic acquisition of new customers and by providing current
customers with new services and an extended scope of deliveries.
The main emphasis in the improvement of efficiency will be on developing
materials management, completing the change in production structure and
streamlining the processes. Marketing efforts will be enhanced and services will
be developed among others by increasing design competence in India.
Outlook for 2010
Incap's estimates for future business development are based on its customers'
forecasts and the company's own assessments.Due to the still uncertain general
economic situation, customers' views on the development of the market are still
cautious.
Incap estimates that its revenue in 2010 will increase from EUR 70 million
reached in 2009.The Group's full-year operating result (EBIT) in 2010 is
expected to be clearly higher than in 2009 when it was EUR 5.0 million negative.
Board of Directors' proposal for the distribution of profit
The parent company's loss for the financial period totalled EUR 3,825,364.79.
The Board will propose to the Annual General Meeting to convene on 13 April
2010 that no dividend be paid and the loss for the financial period be left in
equity.
Annual General Meeting 2010
Incap Corporation's Annual General Meeting will take place on Tuesday 13 April
2010 starting at 3:00 p.m. at the G.W. Sundmans conference facilities at
Eteläranta 16, Helsinki.
Helsinki, 23 February 2010
INCAP CORPORATION
Board of Directors
Further information:
Sami Mykkänen, President and CEO, Tel. +358 40 559 9047
Eeva Vaajoensuu, CFO, Tel. +358 40 763 6570
Hannele Pöllä, Director, Communications and HR, Tel.+358 40 504 8296
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.incap.fi <http://www.incap.fi/>
PRESS CONFERENCE
Incap will arrange a conference for the press and financial analysts on 24
February 2009 at 10.00 a.m. at the World Trade Center Helsinki, in Meeting Room
4 on the 2nd floor at Aleksanterinkatu 17, 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
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 and India. The Group's revenue in 2009 amounted
to EUR 70 million and the company currently employs approximately 780 people.
Incap's share is listed on the NASDAQ OMX Helsinki. Additional
information:www.incap.fi <http://www.incap.fi/>.
ANNEX 1
CONSOLIDATED INCOME STATEMENT (IFRS)
(EUR thousands, audited) 1-12/2009 1-12/2008 Change %
REVENUE 69 767 93 925 -26
Work performed by the enterprise and capitalised
Change in inventories of finished goods and
work in progress -1 499 791 -290
Other operating income 342 53 539
Raw materials and consumables used 45 654 66 672 -32
Personnel expenses 16 132 18 722 -14
Depreciation and amortisation 2 869 2 823 2
Other operating expenses 8 924 10 165 -12
-------------------------------------------------------------------------------
OPERATING PROFIT/LOSS - 4 970 -3 612 38
Financing income and expenses -1 780 -1 810 -2
-------------------------------------------------------------------------------
PROFIT/LOSS BEFORE TAX -6 750 -5 422 24
Income tax expense 29 21 38
-------------------------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD -6 721 -5 401 24
Earnings per share -0,55 -0,44 25
Options have no dilutive effect
in accounting periods 2008 and 2009
OTHER COMPREHENSIVE INCOME 1-12/2009 1-12/2008 Change %
PROFIT/LOSS FOR THE PERIOD -6 721 -5 401 24
OTHER COMPREHENSIVE INCOME:
Translation differences from foreign units 19 -262 -107
-------------------------------------------------------------------------
Other comprehensive income, net 19 -262 -107
TOTAL COMPREHESIVE INCOME -6 702 -5 663 18
Attributable to:
Shareholders of the parent company -6 702 -5 663 18
Minority interest 0 0
ANNEX 2
CONSOLIDATED BALANCE SHEET (IFRS)
(EUR thousands, audited) 31.12.2009 31.12.2008 Change %
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 10 247 11 250 -9
Goodwill 977 969 1
Other intangible assets 1 008 1 311 -23
Other financial assets 14 16 -11
Deferred tax assets 4 156 4 148 0
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 16 402 17 693 -7
CURRENT ASSETS
Inventories 11 381 16 153 -30
Trade and other receivables 11 261 14 444 -22
Cash and cash equivalents 661 641 3
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 23 303 31 239 -25
TOTAL ASSETS 39 706 48 932 -19
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT
COMPANY
Share capital 20 487 20 487 0
Share premium account 44 44 1
Exchange differences -459 -478 -4
Retained earnings -13 629 -6 864 99
--------------------------------------------------------------------------------
TOTAL EQUITY 6 443 13 190 -51
NON-CURRENT LIABILITIES
Deferred tax liabilities 70 99 -29
Interest-bearing loans and borrowings 10 999 12 977 -15
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES 11 069 13 077 -15
CURRENT LIABILITIES
Trade and other payables 11 925 15 731 -24
Current interest-bearing loans and borrowings 10 269 6 935 48
--------------------------------------------------------------------------------
CURRENT LIABILITIES 22 194 22 666 24
TOTAL EQUITY AND LIABILITIES 39 706 48 932 -19
ANNEX 3
CONSOLIDATED CASH FLOW STATEMENT 1-12/2009 1-12/2008
(EUR thousands, audited)
Cash flow from operating activities
Net income -4 970 -3 612
Adjustments to operating profit 4 342 2 760
Change in working capital 2 929 3 702
Interest paid -1 812 -1 640
Interest received 40 143
-----------------------------------------------------------------------
Cash flow from operating activities 529 1 353
Cash flow from investing activities
Capital expenditure on tangible and
intangible assets -1 064 -1 699
Proceeds from sale of tangible
and intangible assets 17 160
Acquisition of subsidiary
Loans granted -9
Sold shares of subsidiary 50
Repayments of loan assets 2 1
-----------------------------------------------------------------------
Cash flow from investing activities -1054 -1 488
Cash flow from financing activities
Drawdown of loans 5 683 1 753
Repayments of borrowings -3 868 -838
Repayments of obligations under finance leases -1 255 -1 063
-----------------------------------------------------------------------
Cash flow from financing activities 560 -148
Change in cash and cash equivalents 35 -283
Cash and cash equivalents at beginning of period 641 944
Effect of changes in exchange rates -17 -20
Changes in fair value (cash and cash equivalents) 2
Cash and cash equivalents at end of period 661 641
ANNEX 4
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY (IFRS)
(EUR thousands, audited)
Share
premium Exchange Retained
Share capital account differences earnings Total
Equity at 1
January 2008 20 487 44 -216 - 1 188 19 127
Change in exchange
differences -262 -262
Options and
share-based
compensation -275 -275
--------------------------------------------------------------------------------
Net income and
losses recognised -262 -275 -537
directly in equity
Net profit/loss -5 401 -5 401
--------------------------------------------------------------------------------
Total income and
losses -262 -5 676 -5 938
Equity at 31
December 2008 20 487 44 -478 -6 864 13 190
Equity at 1
January 2009 20 487 44 -478 -6 864 13 190
Change in exchange
differences 19 19
Options and
share-based
compensation -10 -10
Other changes -35 -35
--------------------------------------------------------------------------------
Net income and
losses recognised
directly in equity 19 -45 -26
Net profit/loss -6 721 -6 721
--------------------------------------------------------------------------------
Total income and
losses 19 -6 765 -6 747
Equity at 31
December 2009 20 487 44 -459 -13 629 6 443
ANNEX 5
GROUP KEY FIGURES AND CONTINGENT LIABILITIES (IFRS) 31.12.2009 31.12.2008
Revenue, EUR millions 69,8 93,9
Operating profit, EUR millions -5,0 -3,6
% of revenue -7,1 -3,9
Profit before taxes, EUR millions -6,7 -5,4
% of revenue -9,7 -5,8
Return on investment (ROI), % -15,9 -8,6
Return on equity (ROE), % -68,5 -33,4
Equity ratio, % 16,2 27,0
Gearing, % 319,8 146,1
Net debt, EUR millions 21,3 20,7
Net interest-bearing debt, EUR millions 20,6 19,3
Average number of shares during the report
period, adjusted for share issues 12 180 880 12 180 880
Earnings per share (EPS), euro -0,55 -0,44
Equity per share, euro 0,53 1,08
Investments, EUR millions 1,1 1,8
% of revenue 1,5 1,9
Average number of employees 751 735
CONTINGENT LIABILITIES, EUR millions
FOR OWN LIABILITIES
Mortgages 12,0 12,0
Other liabilities 4,6 8,8
ANNEX 6
QUARTERLY KEY FIGURES (IFRS)
10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2009 2009 2009 2009 2008 2008 2008 2008
Revenue, EUR millions 17,7 16,6 16,9 18,5 25,8 21,4 26,4 20,3
Operating profit, EUR
millions -3,7 -0,3 -0,5 -0,5 -1,2 -0,4 -0,6 -1,3
% of revenue -20,7 -1,9 -2,8 -2,8 -4,8 -2,1 -2,3 -6,5
Profit before taxes,
EUR millions -4 -0,8 -1,0 -0,9 -1,9 -0,8 -1,0 -1,7
% of revenue -22,3 -4,9 -6,1 -5,1 -7,5 -3,7 -3,8 -8,3
Return on investment
(ROI), % -47,3 -4 -2,1 -4,9 -11,1 -4,1 -4,9 -13,4
Return on equity
(ROE), % -160 -27,5 -33,9 -29,8 -47,4 -18,7 -22,9 -37,0
Equity ratio, % 16,2 24,6 26,4 27,4 27 29,43 31,2 33,3
Gearing, % 319,8 173,8 164,9 151,1 146,1 132,6 120,4 106,5
Net debt, EUR millions 21,3 20,6 19,7 19,6 20,7 21,7 18,0 19,9
Net interest-bearing
debt, EUR
millions 20,6 18,1 18,6 18,6 19,3 20,1 19,2 18,3
Average number of
shares during the
report
period, adjusted for 12 180 12 180 12 180 12 180 12 180 12 180 12 180 12 180
share issues 880 880 880 880 880 880 880 880
Earnings per share
(EPS), euro -0,32 -0,07 -0,08 -0,08 -0,16 -0,07 -0,08 -0,14
Equity per share, euro 0,53 0,86 0,92 1,01 1,08 1,24 1,31 1,41
Investments, EUR
millions 0,1 0,4 0,5 0,1 0,3 0,3 0,4 0,8
% of revenue 0,6 2,2 2,9 0,6 1,3 1,2 1,6 4,1
Average number of
employees 776 770 732 728 743 739 724 733
[HUG#1387789]
INCAP GROUP'S FINANCIAL STATEMENTS FOR 2009: REVENUE DECREASED AS EXPECTED, RESULT STILL NEGATIVE
| Source: Incap Oyj
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