Incap Corporation: Incap Group’s Business Review for January–March 2021: A strong start for the year


Incap Corporation  Stock Exchange Release 27 April 2021 at 8.30 a.m. (EEST) 
Business Review Q1/2021

January–March 2021 highlights

  • Revenue for the first quarter 2021 amounted to EUR 37.7 million (1–3/2020: EUR 24.3 million), showing an increase of 55%.
  • Operating profit (EBIT) was EUR 5.5 million (EUR 2.2 million), an increase of 155%, corresponding to 14.6% of revenue (8.9%).
  • AWS Electronics Group acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.2 million (EUR 0.5 million) and non-recurring costs were EUR 0.1 million (EUR 0.1 million). Operating profit (EBIT) adjusted with non-recurring items and PPA amortisation was EUR 5.7 million (EUR 2.7 million), corresponding to 15.2% of revenue (11.1%).
  • Net profit for the period was EUR 4.6 million (EUR 1.6 million).

Unless otherwise stated, the comparison figures refer to the corresponding period in 2020. AWS Electronics Group´s figures have been included in Incap Group´s reporting as of 23 January 2020. The figures are unaudited.

Key figures

EUR million1–3/20211–3/2020Change1–12/2020
Revenue 37.7 24.3 55% 106.5
Non-recurring items 0.1 0.1 -7% 0.1
Operating profit (EBIT) 5.5 2.2 155% 12.6
EBIT, % of revenue 14.6% 8.9% 11.8%
Adjusted operating profit (EBIT)* 5.7 2.7 113% 14.6
Adjusted EBIT*, % of revenue 15.2% 11.1% 13.7%
Net profit for the period 4.6 1.6 194% 9.2

*Adjusted operating profit (EBIT) is an alternative performance measure. Adjusted EBIT excludes non-recurring items and purchase price allocation amortisation. Adjusted EBIT provides comparable information between different financial years on operating profit adjusted for acquisition-related expenses.

Outlook for 2021

Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2021 will be clearly higher than in 2020. The increase in revenue and operating profit estimate is driven by the strong development at the Indian factories and the ramp-up of the factory expansion, that has proceeded faster than expected. Furthermore, the visibility related to the customers’ forecasts and the company’s own assessments of the business development has improved.

The estimates are given provided that there are no major negative changes in the coronavirus pandemic situation, currency exchange rates or in component availability. The estimates are based both on forecasts by Incap’s customers and the company’s own assessments of the business development.

Otto Pukk, President and CEO of Incap Group:

“We begun the year 2021 with a strong order book and our business had indeed a strong start in the beginning of the year. In the first quarter of 2021, our net sales increased by 55 per cent and our EBIT margin was 14.6 per cent.

The strong revenue growth was mainly driven by the positive development at our Indian factories. As we have announced earlier, we are expanding our factories in India in order to respond to the demand from existing and new customers. The ramp-up of the expansion has proceeded faster than expected and hence we revised our 2021 revenue estimate upwards.

As a globally operating electronics manufacturing services company and a growing organisation, responsible operations are a must in achieving our goals. To ensure that we will continue to be the trusted partner in our industry and to meet the expectations of all our stakeholders also in the future, we established Incap's first corporate responsibility programme during 2020. With the programme, we will further mitigate risk on one hand, but we have also identified ways to become a more responsible employer, supplier, business partner and corporate citizen. I am very pleased that we have now crystallised and formalised our key themes and a reporting framework for the programme. They are outlined in our first ever corporate responsibility report, which was recently published.

We also continue to look at M&A cases that would represent a strong cultural fit and offer potential for geographical expansion. After the rights issue and subsequent loan repayment, our financial position is strong, which sets us up for our growth strategy and new investments in both organic and inorganic growth.

The coronavirus pandemic still poses some risks to our operations especially in India, where new restrictions have been implemented and may need to be continued and extended to limit the spread of the virus. Currently, our production units in India continue operations, despite the lock-down in the Karnataka state. The health and safety of our employees, suppliers and customers remains our first priority.

The EMS market demand has continued strong and the investments in component supply capacity are lagging behind the demand affecting the component availability globally. We have been able to manage the situation quite well in the first quarter and there were no delivery delays impacting our customers. Going forward, we continue to carefully monitor and manage the situation. Despite the risks related to the pandemic and the component supply, we have revised our 2021 revenue estimate upwards.”

Financial performance

In January–March 2021, revenue grew 55 per cent year on year and amounted to EUR 37.7 million (EUR 24.3 million). The growth was driven mainly by the positive development at our Indian factories.

First quarter operating profit (EBIT) grew 155% year on year and amounted to EUR 5.5 million (EUR 2.2 million). January–March adjusted operating profit (EBIT) was EUR 5.7 million (EUR 2.7 million). Year-on-year growth was 113%. Adjusted operating profit margin increased from 11.1 % to 15.2%. Net profit for the period increased significantly from the comparison period and totalled EUR 4.6 million (EUR 1.6 million).

The company’s financial position remained strong. At the end of March 2021, cash reserves were EUR 2.7 million (EUR 7.8 million) and the company had an unutilised bank facility and credit line amounting to EUR 6.0 million.  At the end of March 2021, the company’s equity ratio was at 53.1% (32.9%). The increase in the equity ratio was mainly due to a loan repayment in December 2020.

Financial reporting in 2021

In 2021, Incap will publish the half-year report for January-June on 28 July and the business review for January-September on 27 October.

In Helsinki, 27 April 2021

Board of Directors

For additional information, please contact:
Otto Pukk, President and CEO, tel. +372 508 0798

Nasdaq Helsinki Ltd.
Principal media
The company’s home page


Incap Corporation is a trusted partner and full service provider in Electronics Manufacturing Services. As a global EMS company Incap supports customers ranging from large multinationals and mid-sized companies to small start-ups in their complete manufacturing value chain. Incap offers state-of-the-art technology backed up by an entrepreneurial culture and highly qualified personnel. The company has operations in Finland, Estonia, India, the UK, Slovakia and Hong Kong and employs approximately 1,900 people. Incap’s share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.

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