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Incap Oyj: Incap Corporation changes the estimate in regards of the sufficiency of working capital for next 12 months

Incap Corporation

Stock Exchange Release 10 April 2014 at 10.00 am


Incap Corporation has reached a new financing agreement with its Finnish bank
regarding the loan installment plan and the covenants related to financing.

Based on the re-negotiated loan installment plan and covenants, as well as the
actual and the estimated financial development of the company, Incap changes
its estimate in regards of the sufficiency of working capital for the next 12
months as given on 25 February 2014.

Today, Incap estimates that it has sufficient working capital for the next 12
months. The re-negotiated schedule decreased the loan instalments to a half
of the previous plan during the second half of the year 2014. The financial
covenants were mitigated and include only the EBITDA of the last 6 months.
The targeted EBITDA level on 30 June 2014 is 66,000€ and on 31 December 2014

According to the estimate prepared on 10 April 2014 Incap is tracking plan on
the revenue, profitability and working capital and therefore the company
estimates that the covenants are met in the next testing date on 30 June 2014

Incap keeps its guidance for revenue and profitability for the year 2014
unchanged. As stated earlier in stock exchange release on 25 February 2014,
the company estimates that the Group's revenue in 2014 will be significantly
smaller than in 2013 when the revenue amounted to EUR 36.8 million. The
company estimates that the full-year operating result (EBIT) is positive. In
2013, the result was negative amounting to EUR -5.9 million.

Incap's CEO Fredrik Berghel: "Based on our improved operational results caused
by the completed Turnaround project, the negotiation process with our bank
reached a successful result and gave us room to develop our operations
further. We are able to focus on the core of our business, delivering the
best-in-class products to our customers. The recruitment of the new permanent
CEO is also progressing rapidly and will also support us to reach our targets
for coming years. I am confident that our latest developments and this new,
positive news will give us a good opportunity to reach our goals."


Fredrik Berghel
President and CEO

Further information:

Fredrik Berghel, President and CEO, tel. +46 73 202 2210
Kirsti Parvi, CFO, tel. +358 50 517 4569


NASDAQ OMX Helsinki Ltd
Principal media


Incap Corporation is an international contract manufacturer whose
comprehensive services cover the entire life-cycle of electromechanical
products from design and sourcing to actual manufacture and further to
maintenance services. Incap's customers are leading suppliers of
high-technology equipment in their own business segments, and Incap increases
their competitiveness as a strategic partner. Incap has operations in
Finland, Estonia, India and China. The Group's revenue in 2013 amounted to
approximately EUR 36.8 million, and the company currently employs
approximately 470 people. Incap's share has been listed on the NASDAQ OMX
Helsinki Ltd since 1997. Additional information:


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Incap Oyj via Globenewswire


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