INCAP CORPORATION Stock Exchange Release 4 March 2008 at 8.30 a.m.
* revenue amounted to EUR 83.0 million, which was about 7%
lower than the previous year (EUR 89.3 million in 2006)
* the revised operating profit totalled EUR 0.3 million (EUR
2.8 million), or 0.4% of revenue (3.2%)
* net profit for the financial year was EUR -1.1 million (EUR
3.2 million)
* earnings per share amounted to EUR -0.09 (EUR 0.26)
* business operations in India were started after a business
acquisition, which was financed by convertible promissory notes
amounting to EUR 6.75 million
* a capital gain of EUR 3.1 million was recorded on the sale
of the premises of Helsinki factory
Juhani Hanninen, President and CEO of the Incap Group: "The expansion
of our operations into the growing Asian markets marked a significant
step in the implementation of our strategy focused on international
expansion and growth. The structure of the company's revenue
underwent a remarkable change due to a sharp decline in demand for
telecommunications network products. Our revenue grew after the first
quarter in each quarter during the year, but it was not sufficient to
compensate for the slide early in the year.""The start-up of manufacturing operations in India significantly
improved our competitive position as a partner to international
customers and will provide new opportunities for growing our
operations. The central objective for 2008 is to improve the
company's profitability, and we will also continue the programme
started last year for boosting operational efficiency."
Revenue and earnings in October-December 2007
Fourth-quarter revenue totalled EUR 26.3 million (EUR 24.0 million),
or 9.5% more than in the same period in 2006. Operating profit
amounted to EUR 2.0 million (EUR -0.3 million), representing 7.7% of
revenue (-1.4%). Operating profit was affected by a capital gain of
EUR 3.1 million recorded for the period. The actual operational
result during the period amounted to EUR -1.1 million.
Quarterly 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
comparison 2007 2007 2007 2007 2006 2006 2006 2006
(EUR
thousands)
Revenue 26 304 20 593 19 130 16 982 24 014 21 810 22 486 21 038
Operating 2 025 -578 44 -1 188 -331 599 1 163 1 396
profit
Net profit 1 450 -1 071 -139 -1 342 -376 728 1 320 1 553
for the
financial
year
Earnings per 0.12 -0.09 -0.01 -0.11 -0.03 0.06 0.11 0.13
share, EUR
Revenue and financial performance in 2007
The Incap Group's revenue amounted to about EUR 83.0 million (EUR
89.3 million in 2006). The decrease in revenue was mainly a result of
a sharp decline in the delivery volumes of telecommunications
products during the first quarter of the year. Incap's revenue with
the customers from the telecommunications sector was about EUR 15
million lower than in 2006. Sales to other customer sectors had a
favourable trend and Incap received a large number of new products
for manufacturing. After the first quarter, the revenue grew every
quarter. In particular, deliveries to the equipment manufacturers in
energy technology as well as security and healthcare sectors grew.
Consolidated operating profit totalled EUR 0.3 million (EUR 2.8
million), or 0.4% of revenue (3.2%). Operating profit was improved by
a capital gain of EUR 3.1 million recorded on the sale of the shares
of the property company owning the Helsinki factory. The result of
actual operations, less the above-mentioned capital gain, amounted to
EUR -2.8 million, or about -3.4% of revenue. The result was weakened
by non-recurring expenses of about EUR 0.6 million related to the
development of operations and the implementation of Incap's growth
strategy.
Net loss for the financial year was EUR 1.1 million (net profit of
EUR 3.2 million). The result included a deduction of EUR 0.05 million
in deferred tax assets. The profitability was weakened by the decrese
in revenue and the measures related to the internationalisation
process and the operations development.
Earnings per share were EUR -0.09 (EUR 0.26) and equity per share was
EUR 1.57 (EUR 1.67).
Financial year comparison 2007 2006 Change, %
(EUR thousands)
Revenue 83 010 89 347 -7
Operating profit 303 2 828 -89
Net profit for the financial year -1 102 3 225 -134
Earnings per share, EUR -0,09 0,26 -135
Development of operations in 2007
In accordance with its strategy, which was defined more clearly in
the spring of 2007, Incap is aiming at strong, profitable growth and
a more international profile in its operations. At the end of the
year, over half of the company's personnel worked outside Finland.
Incap acquired the electronics contract manufacturing business of TVS
Electronics Limited in India on 31 May 2007, whereby the factory
manufacturing electronics and integrated products and a related
design unit were transferred to Incap Contract Manufacturing Services
Pvt. Ltd., a subsidiary of Incap operating in Bangalore. The total
acquisition cost of the business amounted to about EUR 8.3 million,
which includes the additional land required for expanding the
operations in India and immediate expenses connected with the
acquisition. The revenue generated by the operations in India during
June-December totalled EUR 4.9 million.
The start-up of manufacturing operations in Asia improves Incap's
market position and enables it to offer competitive services to
customers with global operations. There was a positive trend in
interest towards Incap's services, and the acquisition of new
customers in India took off well.
Tendering activities were brisk and, in the end of the year, there
were higher number of new products in the prototype and preseries
production stage than before. Project management competence was
increased at the end of the year in order to speed up the transfer of
these products into production and the take-over of customers'
production.
Incap's customer mix continued to become more balanced. The share of
revenue generated by the company's largest customer sector,
telecommunications, fell from the previous year's 48% to about 34%.
Measures initiated for the boosting of profitability began to have an
effect on the company's result at the end of the year. Focal areas
included the reduction of materials costs and fixed expenses and the
improvement of productivity and the turnover of working capital.
Financing and cash flow
The Group's equity ratio was 35.3% (44.7%). Interest-bearing net
liabilities totalled EUR 19.7 million (EUR 8.9 million) and the ratio
of net liabilities to equity (gearing) was 103.2% (43.9%). Net
financial expenses amounted to EUR 1.4 million (EUR 0.5 million) and
depreciation to EUR 2.8 million (EUR 2.3 million).
The Group's equity totalled EUR 19.1 million (EUR 20.3 million) at
the close of the financial year. Liabilities amounted to EUR 35.1
million (EUR 25.2 million), of which interest-bearing liabilities
amounted to EUR 20.7 million (EUR 9.4 million).
The Group's liquidity was satisfactory: the quick ratio was 0.8 (0.8)
and the current ratio 1.4 (1.6). Cash flow from operations totalled
EUR -4.0 million (EUR 3.0 million) and the change in cash and cash
equivalents was an increase of EUR 0.5 million (a decrease of EUR 1.7
million). The change in cash and cash equivalents was influenced in
particular by non-recurring items and an increase in working capital.
The Group issued convertible promissory notes in May for the
financing of the acquisition in India and future investments. The
total amount of the convertible bonds was 6,750,000 euros and it
includes the right to convert the bonds into a total of 2,500,000
pieces of Incap's shares. The convertible promissory notes were
subscribed in full by the deadline.
Research and development
Incap's research and development expenses totalled EUR 0.3 million
(EUR 0.5 million).
Capital expenditures
The Group's capital expenditures in the financial year, without the
business acquisition in India, totalled EUR 1.5 million (EUR 7.1
million), or about 1.8% of revenue (8.0%). Incap implemented the most
extensive measures for the modernisation of production capacity at
the Kuressaare factory, while at other units it mostly made
replacement investments. Finance leases accounted for EUR 0.2 million
(EUR 5.6 million) of the investments.
Environmental issues
All of Incap's factories employ environmental and quality assurance
systems certified by Lloyd's, and these are used as tools for
continuous improvement. The environmental system complies with the
ISO 14001:2004 standard, while the quality assurance system complies
with the ISO 9001:2000 standard.
The Helsinki, Kuressaare and Vuokatti factories have been granted
certificates of compliance with the ISO 13485:2003 standard, which is
widely applied to the manufacture of medical devices.
Personnel
At the beginning of the year, the Incap Group employed 541 people
and, at the end of the year, 810. On average, there were 678 (521)
people on the payroll in 2007. The number of personnel grew by about
33% compared with the previous year. The majority of the increase
came from the acquisition in India, as a result of which 228 people
were transferred to Incap's payroll. At the close of the year, about
45% of all personnel worked in Finland, 27% in Estonia and 28% in
India.
At the end of the year, 326 of Incap's personnel were women and 484
were men. Permanently employed staff numbered 614 and fixed-term
employees 196. There were 12 part-time employment contracts at the
end of the year. The average age of the personnel is 37 years.
As a result of the codetermination negotiations held at the Vuokatti
unit, the company terminated the employment contracts of 53 people at
the unit. The factory's personnel strength was reduced by a total of
48 employees during the year.
Group Management
The company's president and CEO during the financial year was Juhani
Hanninen, M.Sc. (Engineering). In addition to him, the members of the
Group Management Team included Liam Kenny (Materials and Logistics),
Sami Mykkänen (Manufacturing Services), Hannele Pöllä (Communications
and Investor Relations), Niklas Skogster (Business Development), Anne
Sointu (Finance and Administration), Jukka Turtola (Global Sales and
Marketing) and Tuula Ylimäki (Ultraprint Oy).
Anja Rouhiainen (Manufacturing Services, until 28 February) and Petri
Saari (Sales and Marketing, until 30 September) also served with the
Group Management Team for a part of the year.
The management at the Helsinki, Kuressaare and Vuokatti factories was
reorganised. Jarmo Kolehmainen was appointed Managing Director of the
Indian subsidiary Incap Contract Manufacturing Services Pvt. Ltd. as
from 1 January 2008.
Events after the close of the financial year
The structure of the Group's organisation was revamped in February to
better correspond to the company's current operational model. The new
organisation is based on customer-orientated focus and includes three
business units: Europe, India and New Business.
Resolutions of the Annual General Meeting
The Annual General Meeting of Incap Corporation was held on 3 April
2007 in Oulu. The Annual General Meeting adopted the consolidated and
parent company financial statements for 2006 and granted release from
liability to the responsible officers. No dividend was paid for the
2006 financial year.
The Annual General Meeting authorised the Board of Directors to
decide on increasing the share capital through one or more rights
issues and on granting stock options so that the total number of new
shares to be subscribed for on the basis of the authorisation is a
maximum of 2,500,000 shares. The Board of Directors exercised the
authorisation in full on 21 May 2007, when it issued convertible
promissory notes for the financing of the acquisition in India and
future investments.
Board of Directors and Auditors
The Annual General Meeting re-elected Juha-Pekka Kallunki, Kalevi
Laurila and Sakari Nikkanen to seats on the Board of Directors.
Susanna Miekk-oja and Jukka Harju were elected as new members of the
Board. From amongst its number, the Board of Directors elected Kalevi
Laurila as Chairman and Susanna Miekk-oja as Vice Chairman. Jari
Pirinen, (LL.M.), served as secretary to the Board of Directors.
The Board of Directors met 20 times in 2007 and the average
attendance of the directors at the meetings was 99 per cent.
The firm of independent accountants Ernst & Young Oy were the
company's auditors, with Rauno Sipilä, Authorised Public Accountant,
acting as principal auditor.
Shares and shareholders
Incap Corporation has one series of shares, and the number of shares
in issue is 12,180,880. The price of the Incap Corporation share
varied in the range of EUR 1.25 to EUR 2.67 during the financial
year, and the share price at the close of the year was EUR 1.34. The
trade volume was 54% of the shares outstanding.
At the end of the report year, the company had 1,004 shareholders.
Nominee-registered owners held 6.1% of all shares. The company's
market capitalisation at 31 December 2007 was EUR 16.3 million. The
company does not hold any of its own shares.
Announcements in accordance with chapter 2, section 9 of the
Securities Market Act
Ingman Finance Oy Ab announced on 26 January that its holdings had
exceeded 10% of the share capital and votes of Incap Corporation. OKO
Bank plc announced on 31 January that its holdings of the share
capital of Incap Corporation had decreased below 5%.
Ilmarinen Mutual Pension Insurance Company announced on 24 May that
if it exercises its subscription right to Incap's convertible
promissory notes in its entirety, its holdings of the share capital
of Incap Corporation will exceed 5%. OP Bank Group Central
Cooperative announced on 28 May that if the investment funds managed
by its subsidiary OP Fund Management Company Ltd exercise their
subscription right to Incap's convertible promissory notes in its
entirety, the OP Bank Group Central Cooperative's holdings of the
share capital and votes of Incap Corporation will exceed 5%.
Etra Invest Oy announced on 10 October that its holdings of the share
capital of Incap Corporation first exceeded 15%, then 25%. Irish Life
International announced on 16 October that its holdings of the share
capital and votes of Incap Corporation have decreased under 5%.
Share options
The Incap Group currently runs a share option scheme that was
introduced in 2004 and that commits key employees to long-term share
ownership. There are a total of 630,000 option rights, entitling
their holders to subscribe for an equal number of shares. On the
basis of the subscriptions, Incap's share capital can be increased by
a maximum of about EUR 1,058,400. At the close of the year, the
option scheme covered 9 key employees.
Short-term risks and factors of uncertainty concerning operations
Risks are grouped in Incap's risk management policy into risks
related to the operating environment, operational risks and liability
and financing risks. Incap's risk management focuses primarily on
risks that threaten the objectives and continuity of business
operations. In order to utilise business opportunities, Incap is
prepared to take risks that can be managed within the limits of the
Group's risk management resources.
Cyclical fluctuations in the global economy and customer sectors
affect Incap's demand and financial position. Incap's sales come from
several customer sectors, which evens out the effect of industry
sectors' cyclical fluctuations. The customer sector mix is further
balanced so that dependence on a single customer or several customers
operating in the same sector does not expose the company to a
substantial financial risk.
Incap's sector, contract manufacturing, is highly competitive and
places great pressures on the management of cost levels. The company
strives to manage risks by constantly monitoring and controlling
operational efficiency and cost levels. Incap has enhanced the
flexibility of its cost structure by spreading its production to
different countries and coordinating manufacturing operations between
Finland and other countries where it has operations.
Incap constantly assesses the organisation of different functions and
the adequacy and quality of human resources. This is done to ensure
that the organisation functions efficiently and competence is at an
adequate level, and that the company can offer its customers the
services they need and attend to its responsibilities towards other
stakeholders without interruptions, while maintaining high quality.
The availability of labour and the trend in labour costs in the
countries where Incap has operations are of material importance to
the company's competitiveness.
The quality, manufacturing and distribution problems of materials
suppliers and changes in the world market prices of materials affect
the availability and prices of materials used by Incap. A large
number of materials procurements are linked to customer contracts,
which further minimises risks concerning the prices of materials.
The company makes efforts to eliminate as much as possible the
adverse effects of changes in financing markets on the Group's
performance and cash flow. The acquisition of a new business unit in
India has increased the Group's exposure to financing risks. The
Group's interest and currency rate risks are managed with a special
financing structure, based on financing instruments with fixed and
variable interest rates and denominated in selected currencies.
The company regularly checks its insurance cover as a part of risk
management.
The operating environment is expected to remain challenging during
the current financial year. The profitability improvement program
which is currently in progress is aimed at improving the company's
cost structure and increasing flexibility.
Objectives for 2008
Incap's objective is to grow its operations and improve its
profitability. The company will focus on organic growth as a means
for achieving its growth target for 2008. Incap aims to increase the
scope of deliveries to current customers and seeks to take over the
outsourcing of the entire production of its customers.
The focus in European operations is on boosting the efficiency of
operations and improving productivity. In India, the main objective
will be to increase revenue by acquiring new customer relationships.
Outlook for 2008
Incap's customers have produced positive estimates of the trend in
their own demand. New customer relationships acquired in 2007 will
proceed to the serial production stage during 2008, so the basis for
growth in revenue is good. However, order backlog and market
visibility is very short, which is typical for the business.
Incap estimates that the Group's revenue will grow in 2008 compared
with last year (2007: EUR 83.0 million) and that its profit from
actual operations will improve (2007: EUR -2.8 million without the
capital gain in the sale of property).
Board of Directors' proposal for the disposal of profits
The parent company's net loss for the financial year amounts to EUR
717,875.93. The Board of Directors will propose to the Annual General
Meeting to be held on 10 April 2008 that no dividend be distributed
and that the result of the financial year be transferred to retained
earnings.
Annual General Meeting in 2008
The Annual General Meeting of Incap Corporation will be held at 2.00
p.m. on Thursday 10 April 2008, at Sokos Hotel Arina in Oulu, at the
address Isokatu 24, 3rd floor, 90100 Oulu.
Helsinki, 4 March 2008
INCAP CORPORATION
Board of Directors
For additional information, please contact:Juhani Hanninen, President & CEO, tel. +358 50 556 7199
Anne Sointu, CFO, tel. +358 40 347 2059
Hannele Pöllä, Director, Communications and Investor Relations, tel.
+358 40 504 8296
DISTRIBUTION
OMX Nordic Exchange Helsinki
Principal media
NEWS CONFERENCE
Incap organises a news conference to financial analysts and media
representatives today at 10 a.m. in the World Trade Center Helsinki
(Room 1, 2nd floor) at Aleksanterinkatu 17, 00100 Helsinki.
INCAP IN BRIEF
Incap Corporation is a fast-growing electronics contract manufacturer
whose comprehensive service covers the entire product life cycle from
design and manufacture to repair and maintenance services. The
company's main customers are leading equipment suppliers in
telecommunications, electrical power technology, the automation and
process industries as well as measurement technology, safety
electronics and health care. The Incap Group's revenue in 2007
amounted to approx. EUR 83 million and the company currently employs
approx. 810 persons. Incap's share is listed on the OMX Nordic
Exchange Helsinki. For additional information, please visit
www.incap.fi
ANNEXES
1 Consolidated Income Statement
2 Consolidated Balance Sheet
3 Consolidated Cash Flow Statement
4 Consolidated Statement of Changes in Equity
5 Notes to the Financial Statement
6 Group Key Figures and Contingent Liabilities
Annex 1
CONSOLIDATED INCOME STATEMENT
(IFRS)
(EUR thousands, audited) Jan.-Dec./2007 Jan.-Dec./2006 Change %
REVENUE 83 010 89 347 -7
Manufacture for own use 99
Changes in inventories of
finished goods and work in
progress -999 1 409 -171
Other operating income 3 166 383 727
Raw materials and consumables
used 56 896 61 634 -8
Personnel expenses 15 979 16 245 -2
Depreciation, amortisation and
impairment losses 2 753 2 284 21
Other operating expenses 9 343 8 149 15
PROFIT/LOSS 303 2 828 -89
Financial income and expenses -1 356 -505 169
PROFIT/LOSS BEFORE TAXES -1 053 2 323 -145
Income taxes -49 902 -105
PROFIT/LOSS FOR THE REPORT
PERIOD -1 102 3 225 -134
Earnings per share -0.09 0.26 -135
Share options did not have a
dilutive effect in the 2007
and 2006 financial years.
Annex 2
CONSOLIDATED BALANCE SHEET
(IFRS)
(EUR thousands, audited) Jan.-Dec./2007 Jan.-Dec./2006 Change %
ASSETS
NON-CURRENT ASSETS
Tangible assets 12 883 11 571 11
Goodwill 1 326 164 709
Other intangible assets 1 575 331 376
Other financial assets 21 15 40
Deferred tax assets 4 223 4 310 -2
TOTAL NON-CURRENT ASSETS 20 028 16 391 22
CURRENT ASSETS
Inventories 14 882 14 626 2
Trade and other receivables 18 367 13 994 31
Cash and cash equivalents 944 500 89
TOTAL CURRENT ASSETS 34 192 29 120 17
TOTAL ASSETS 54 220 45 511 19
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT
Share capital 20 487 20 487 0
Share premium account 44 44 0
Exchange differences -216 0
Retained earnings -1 188 -206 477
TOTAL EQUITY 19 127 20 325 -6
NON-CURRENT LIABILITIES
Deferred tax liabilities 121 147 -18
Interest-bearing loans and
borrowings 11 188 6 806 64
NON-CURRENT LIABILITIES 11 309 6 953 63
CURRENT LIABILITIES
Trade and other payables 14 294 15 620 -8
Interest-bearing loans and
borrowings 9 490 2 613 263
CURRENT LIABILITIES 23 784 18 233 30
TOTAL EQUITY AND LIABILITIES 54 220 45 511 19
Annex 3
CONSOLIDATED CASH FLOW STATEMENT (IFRS) Jan.-Dec./2007 Jan.-Dec./2006
(EUR thousands, audited)
Cash flow from operating activities
Operating profit 303 2 828
Adjustments to operating profit -372 1 996
Change in working capital -3 070 -1 420
Interest and other payments made -977 -411
Interest received 142 22
Cash flow from operating activities -3 974 3 015
Cash flow from investing activities
Investments in tangible and intangible
assets -1 974 -1 547
Gains on the sale of tangible and
intangible assets 3 118 15
Acquisition of subsidiary -8 261 0
Cash flow from investing activities -7 117 -1 532
Cash flow from financing activities
Drawdowns of loans 14 316 0
Repayments of borrowings -1 116 -1 235
Repayments of obligations under finance
leases -1 643 -1 961
Cash flow from financing activities 11 557 -3 196
Change in net cash 466 -1 713
Cash and cash equivalents at beginning
of period 500 2 213
Effects of changes in exchange rates -22 0
Cash and cash equivalents at end of
period 944 500
Annex 4
CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY (IFRS)
(EUR thousands, audited)
Share Share Exchange Retained Total
capital premium differences earnings equity
account
Equity at 1 January 2006 20 487 44 0 -3 566 16 965
Option and share-based
compensation 0 0 0 135 135
Net income (loss)
recognised directly in
equity 0 0 0 135 135
Result for the financial
year 0 0 0 3 225 3 225
Total income and expense
for the report period 0 0 0 3 360 3 360
Equity at 31 December
2006 20 487 44 0 -206 20 325
Equity at 1 January 2007 20 487 44 0 -206 20 325
Change in exchange
differences 0 0 -216 0 -216
Option and share-based
compensation 0 0 0 120 120
Net income (loss)
recognised directly in
equity
Result for the financial
year 0 0 -216 120 -95
Total income and expense
for the report period 0 0 0 -1 102 -1 102
Option and share-based
compensation 0 0 -216 -982 -1 197
Equity at 31 December
2007 20 487 44 -216 -1 188 19 127
Annex 5
NOTES TO THE FINANCIAL STATEMENTS
Acquired operations
Incap Corporation's subsidiary Incap Contract Manufacturing Services
Pvt. Ltd., established in India in April 2007, acquired a business
unit manufacturing electronics and box-build products from TVS
Electronics Limited on 31 May 2007. The number of personnel
transferred in the business acquisition was approx. 230, and the
revenue for seven months, EUR 4.9 million is included in the 2007
income statement.
The total acquisition cost was EUR 8.3 million, paid in cash. In
addition to the cash consideration, a total of EUR 0.5 million in
consultancy fees and other costs immediately associated with the
acquisition are included in the acquisition cost. Part of the
acquisition cost exceeding the balance sheet value, EUR 1.2 million,
was allocated to intangible rights by calculating fair values for the
acquired customer base. The remaining goodwill of 1.2 million euros
is based on Incap's improved position in the Asian contract
manufacturing markets. Goodwill in the financial statements 2007
includes 0.2 million euros of revaluation of inventories based on the
contract of business transfer.
The following assets and liabilities were recognised for the acquired
object:
million euros Fair value Balance sheet
value
Property, plant and equipment 1.8 1.8
Advance payment for building 1.0 1.0
Customer contracts and associated
customer relationships (incl. in other
intangible assets) 1.2 0
Inventories 1.9 1.9
Trade and other receivables 2.6 2.6
Total assets 8.6 7.3
Trade and other payables -1.5 -1.5
Net assets 7.1 5.9
Acquisition cost 8.3
Goodwill 1.2
There are no temporary tax differences to be recognised
on the allocated intangible rights.
Acquisition cost paid in cash 8.3
Cash and cash equivalents of acquired
subsidiary 0
Effect on cash flow 8.3
Annex 6
GROUP KEY FIGURES AND CONTINGENT
LIABILITIES (IFRS) Jan.-Dec./2007 Jan.-Dec./2006
Revenue, EUR millions 83.0 89.3
Operating profit, EUR millions 0.3 2.8
% of revenue 0.4 3.2
Profit before taxes, EUR millions -1.1 2.3
% of revenue -1.3 2.6
Return on investment (ROI), % 1.3 10.5
Return on equity (ROE), % -5.6 17.3
Equity ratio, % 35.3 44.7
Gearing, % 103.2 43.9
Net debt, EUR millions 15.8 10.7
Interest-bearing net debt, EUR millions 19.7 8.9
Average number of share
issue-adjusted shares during the
financial year 12180880 12180880
Earnings per share (EPS), euros -0.09 0.26
Equity per share, euros 1.57 1.67
Investments, EUR millions 1.5 7.1
% of revenue 1.9 8.0
Average number of employees 678 521
CONTINGENT LIABILITIES (EUR millions)
FOR OWN LIABILITIES
Mortgages 12.3 6.0
Other liabilities 7.4 10.2
INCAP GROUP'S FINANCIAL STATEMENTS FOR 2007: BUSINESS OPERATIONS ESTABLISHED IN INDIA, DEMAND FOR TELECOMMUNICATIONS NETWORK PRODUCTS DECREASED
| Source: Incap Oyj
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