Incap - Annual report/ annual accounts

Incap's annual report 2011, auditor's report and corporate governance statement published

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


INCAP'S ANNUAL REPORT 2011, AUDITOR'S REPORT AND CORPORATE GOVERNANCE STATEMENT
PUBLISHED

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 www.incap.fi/Media/Annual
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 www.incap.fi/Investors/Corporate
Governance.

INCAP CORPORATION

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



DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.incap.fi

APPENDIX
Annual report and financial statements including 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 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: www.incap.fi.

[HUG#1595838]

Attachments:

Incap s annual report 2011.pdf

Incap s financial statements 2011.pdf

Corporate governance statement.pdf