Incap - Company Announcement

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 CHANGES THE ESTIMATE IN REGARDS OF THE SUFFICIENCY OF WORKING CAPITAL FOR
NEXT 12 MONTHS

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 613,000€.

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."



INCAP CORPORATION

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



DISTRIBUTION

NASDAQ OMX Helsinki Ltd
Principal media
www.incap.fi



INCAP IN BRIEF

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: www.incap.fi.




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