2013-08-20 19:30:56 CEST
2013-08-20 19:31:22 CEST
REGULATED INFORMATION
Incap - Company Announcement
Incap Oyj: PRELIMINARY PRO FORMA FINANCIALS ON CONSOLIDATED INCAP-INISSION
Incap Corporation
Stock Exchange Release 20 August 2013 at 8.30 p.m.
PRELIMINARY PRO FORMA FINANCIALS ON CONSOLIDATED INCAP-INISSION
The Extraordinary General Meeting of Incap Corporation will on 21 August 2013
decide among others on the provisional transaction between Incap Corporation and
Inission AB. For this purpose, Incap has prepared preliminary pro forma
calculations on the consolidated Incap-Inission. The figures are unaudited and
when combining them, eventual adjustments required by the IFRS standard have not
been considered. Specific pro forma figures in accordance with IFRS will be
disclosed in the prospect, which Incap will publish to get the new shares traded
at the stock exchange approximately in September 2013.
PRO FORMA INCOME STATEMENT
EUR'000, 2012 FY 2012² Jan-Jun 2013 Jan-Jun 2013
unaudited
Inission Incap Consolidated Inission Incap Consolidated
--------------------------------------------------------------------------------
External sales 29 748,22 64 141,00 93 889,22 14 292,30 20 537,00 34 829,30
Change in
inventories of -33,87 -643,00 -676,87 -762,32 -357,00 -1 119,32
finished goods
and WiP
Other
operating 42,40 404,00 446,40 0,00 39,00 39,00
income
Raw materials
and 16 417,46 44 315,00 60 732,46 6 426,55 12 729,00 19 155,55
consumables
used
Personnel 7 826,88 11 087,00 18 913,88 4 042,30 4 955,00 8 997,30
expenses
EBITDA 2 300,02 779,00 3 079,02 1 562,25 -993,00 569,25
Depreciation,
amortisation 184,63 1 459,00 1 643,63 73,83 855,00 928,83
and impairment
losses
Other
operating 3 212,39 7 721,00 10 933,39 1 498,88 3 528,00 5 026,88
expenses
EBIT 2 115,39 -680,00 1 435,39 1 488,42 -1 848,00 -359,58
Financial
income 37,98 -752,00 -714,02 -20,24 -1 034,00 -1 054,24
and expenses,
net
Income before
taxes and 2 153,37 -1 432,00 721,37 1 468,18 -2 882,00 -1 413,82
XO items
Non-recurring
items
Extraordinary 175,22 175,22 14,95 14,95
items
Haircuts on
loans,
interest
and payables 2 505,07 2 505,07
related to
the re-
financing of
Incap
Transaction -350,00 -350,00
commissions
Income before
appropriations 2 328,58 723,07 3 051,66 1 483,13 -2 882,00 -1 398,87
and taxes
Balance sheet -65,57 -65,57 0,00
allocations
Profit before 2 263,01 723,07 2 986,08 1 483,13 -2 882,00 -1 398,87
taxes
Income tax 113,03 -3 497,00 -3 383,97 -54,12 -176,00 -230,12
expense³
Result for the 2 376,04 -2 773,93 -397,89 1 429,01 -3 058,00 -1 628,99
period(4)
Pro forma income statements are conducted based on the assumption that the
transaction took place on 1 January 2012. Hence, the transaction commissions as
well as the haircuts in loans, interests and payables are added as non-recurring
items in the income statement for 2012.
The pro forma balance sheet is conducted based on the assumption that the
transaction took place by 30 June 2013. Hence, the directed share issue, the
debt conversions and the reductions in accounts payables are included in the
company balance as of January-June 2013.
Jan-Jun 2013
Key Financials FY 2012²
Inission Incap Consolidated Inission Incap Consolidated
--------------------------------------------------------------------------------
Other operating 0,1 % 0,6 % 0,5 % 0,0 % 0,2 % 0,1 %
income, % of sales
Materials and 55,2 % 69,1 % 64,7 % 45,0 % 62,0 % 55,0 %
supplies, % of sales
Total cost of 55,3 % 70,1 % 65,4 % 50,3 % 63,7 % 58,2 %
material, % of sales
Employee benefits 26,3 % 17,3 % 20,1 % 28,3 % 24,1 % 25,8 %
expense, % of sales
Other operating 10,8 % 12,0 % 11,6 % 10,5 % 17,2 % 14,4 %
expenses, % of sales
EBITDA margin, % 7,7 % 1,2 % 3,3 % 10,9 % -4,8 % 1,6 %
EBIT margin, % 7,1 % -1,1 % 1,5 % 10,4 % -9,0 % -1,0 %
EBAT margin, % 7,8 % 1,1 % 3,3 % 10,4 % -14,0 % -4,0 %
EBT margin, % 7,6 % 1,1 % 3,2 % 10,4 % -14,0 % -4,0 %
Profit margin, % 8,0 % -4,3 % -0,4 % 10,0 % -14,9 % -4,7 %
PRO FORMA BALANCE SHEET¹
EUR'000, Inission Incap Option to Consolidated
unaudited 30 June 2013 30 June 2013 combine Eliminations 30 June 2013
operations
Goodwill 0,00 905,00 4 720,72 5 625,72
Other intangible 2,18 64,00 66,18
assets
Property, plant 436,42 2 093,00 2 529,42
and equipment
Other financial 13,57 471,00 484,57
assets
Shares in 8 072,92 -8 072,92 0,00
subsidiaries
Deferred tax 432,28 356,00 788,28
assets
Inventories 5 709,54 6 695,00 12 404,54
Lending to 0,00 0,00
Inission AB
Trade and other 5 155,59 9 705,00 14 860,59
receivables
Accrued income, 122,24 0,00 122,24
prepaid expenses
Cash and cash 351,78 6 592,20 6 943,98
equivalents
Total assets 12 223,602 26 881,20 8 072,92 -3 352,19 43 825,52
Share capital 412,84 25 008,20 8 072,92 -412,84 33 081,12
Restricted 2 491,32 44,00 -2 491,32 44,00
reserves
Unrestricted -5 090,96 5 182,00 5 090,96 5 182,00
reserves
Exchange 0,00 -1 111,00 0,00 -1 111,00
differences
Retained earnings 4 109,92 -25 283,93 -4 109,92 -25 283,93
Result for the 1 429,08 -3 058,00 -1 429,08 -3 058,00
period
Debt conversions 4 985,62 0,00 4 985,62
Total equity 3 352,19 5 766,89 8 072,92 -3 352,19 13 839,81
Provisions
Deferred tax 438,72 0,00 438,72
liabilities
IB debt 3 678,33 12 093,57 15 771,90
Borrowing from 924,12 924,12
Inission AB
Trade and other 2 227,40 9 019,73 11 247,13
payables
Prepaid income, 1 602,73 0,00 1 602,73
accrued charges
Total liabilities 8 871,29 21 113,31 29 984,60
Total equity and 12 223,49 26 880,20 8 072,92 -3 352,19 43 824,41
liabilities
Minority interest 0,00 0,00 0,00
Key Financials Inission Incap Consolidated
30 June 2013 30 June2013 30 June 2013
-----------------------------------------------------------
Net working capital 7 157,25 7 380,27 14 537,51
Interest-bearing debt 5 041,17 12 093,57 17 134,74
Net debt 4 257,11 5 145,37 9 402,49
Equity ratio 27,42 % 21,45 % 31,58 %
Gearing 126,99 % 89,22 % 67,94 %
Notes:
1) In the pro forma statements Inission's and Incap's financial statements are
consolidated assuming that 100% of Incap is consolidated with Inission's
subsidiaries. Hence, parent company Inission AB is excluded
2) Fiscal year 2012 for Inission is based on a MM + Inission calendar year pro
forma approach, were MM is assumed to have been owned the whole year. The P&L
accounting entries for Inission vary between FY 2012 and Jan-Jun 2013, and the
fiscal years may hence not be fully comparable.
3) Inission has reported no income tax expense for Jan-Jun 2013. The tax
attributable to the subsidiaries stems from a difference in Munkfors' profit in
P&L and BS.
4) Profit before translation differences for Incap
5) An average rate of SEK/EUR of 8,7041 is used for currency conversion in pro
forma income statement as of 31.12.2012. The SEK/EUR rate at 1.7.2013 of 8,6958
is used for currency conversion in pro forma income statement and pro forma
balance sheet as of 30.6.2012.
6) Incaps financials are calculated according to IFRS and Inission's according
to "Årsredovisningslagen och Bokföringsnämndens allmänna råd"
INCAP CORPORATION
Further information:
Sami Mykkänen, President and CEO, tel. +358 40 559 9047 or +372 555 379 05
Kirsti Parvi, CFO, tel. +358 50 517 4569 or +372 555 620 35
Hannele Pöllä, Director, Communications and IR, tel. +358 40 504 8296
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.incap.fi
INCAP IN BRIEF
Incap Corporation is an internationally operating contract manufacturer whose
comprehensive services cover the entire life-cycle of electromechanical productsfrom 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 2012
amounted to EUR 64.1 million and the company currently employs approximately
600 people. Incap's share is listed on the NASDAQ OMX Helsinki since 1997.
Additional information: www.incap.fi.
[HUG#1723995]
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