Incap Releases 2022 Financial Statements: Year of strong growth

Incap Corporation corrects the financial statements release for January–December 2022 (unaudited) published 22 February 2023 at 9:00 a.m. EET. In the English version, the key figures table had wrong column titles and an extra column.

This release is a summary of Incap’s financial statements release for January–December 2022. The complete report is available on the company’s website at

October–December 2022 highlights

  • Revenue for the fourth quarter 2022 amounted to EUR 78.7 million (10–12/2021: EUR 51.4 million), showing an increase of 52.9%.
  • Adjusted operating profit (EBIT) increased 49.6%, amounting to EUR 12.9 million (EUR 8.6 million) or 16.4% of revenue (16.8%).
  • Acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.1 million (EUR 0.1 million) and non-recurring costs were EUR 0.1 million (EUR 0.1 million).
  • Operating profit (EBIT) increased 50.5%, amounting to EUR 12.7 million (EUR 8.4 million) or 16.1% of revenue (16.3%).
  • Net profit for the period was EUR 8.7 million (EUR 6.9 million).

January–December 2022 highlights

  • Revenue increased 55.3% and amounted to EUR 263.8 million (1–12/2021: EUR 169.8 million).
  • Adjusted operating profit (EBIT) increased 49.2%, amounting to EUR 40.0 million (EUR 26.8 million) or 15.1% of revenue (15.8%).
  • Acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.4 million (EUR 0.5 million) and non-recurring costs were EUR 0.6 million (EUR 0.3 million).
  • Operating profit (EBIT) increased 49.9%, amounting to EUR 38.9 million (EUR 26.0 million) or 14.8% of revenue (15.3%).
  • Net profit for the period was EUR 27.6 million (EUR 21.1 million).
  • Earnings per share were EUR 0.94 (EUR 0.72)
  • Due to the growth strategy of Incap, the Board of Directors of Incap Corporation proposes to the Annual General Meeting that no dividend will be paid for the financial year 2022.

Unless otherwise stated, the comparison figures refer to the corresponding period in 2021. This financial statements release is unaudited.

Key figures

EUR million 10–12/22 10–12/21 Change 1–12/22 1–12/21 Change
Revenue 78.7 51.4 52.9% 263.8 169.8 55.3%
Non-recurring items 0.1 0.1 33.8% 0.6 0.3 75.2%
Operating profit (EBIT) 12.7 8.4 50.5% 38.9 26.0 49.9%
EBIT, % of revenue 16.1% 16.3% 14.8% 15.3%
Adjusted operating profit (EBIT)* 12.9 8.6 49.6% 40.0 26.8 49.2%
Adjusted EBIT*, % of revenue 16.4% 16.8% 15.1% 15.8%
Net profit for the period 8.7 6.9 24.8% 27.6 21.1 31.0%

*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.

Outlook for 2023

Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2023 will be higher than in 2022.

The estimates are given provided that unexpected events impacting Incap’s business environment do not occur, for example, in the availability of components.

Otto Pukk, President and CEO of Incap Corporation:

“I want to extend my warmest thanks to our customers, partners, and shareholders for their trust in Incap. Incap achieved in year 2022 all-time high revenue and profitability. Considering that the material availability remained difficult throughout the year, team Incap’s performance was particularly strong, and I want to thank our fantastic employees for their hard work.

We ended 2022 with another strong quarter with revenue of EUR 78.7 million, and our full year 2022 revenue reached EUR 263.8 million, which was 55% more than in 2021. Our profitability remained on a good level with a full year EBIT of 14.8 per cent of revenue.

Our strong growth was driven by the demand for electronics from existing and new customers, all-time-high orderbook and supported with our earlier investments in capacity in our factories. In particular, we saw growth in industrial electronics, green energy and green mobility. Relative profitability remained on a good level thanks to our efficient and cost-effective operational model and favourable product mix.

How companies operate has become increasingly important and we would like to see more and more companies aiming at sustainable operations. Therefore, we see the increasing ESG reporting requirements as positive developments and for our part, we are committed to continue developing our own operations in a sustainable way. In 2022, we further developed our corporate responsibility and reporting. Our goal is to start reporting the CO2 emissions of our business.

In November, we held our first Capital Markets Day. It was great to meet so many current and potential future shareholders in person. We will continue developing our investor relations by means of open and versatile communications.

The construction of our third factory in India is being finalised and the production ramp-up will begin at the end of the first quarter 2023 as planned.

There is still some uncertainty in the market when entering 2023. As component availability and lead times keep improving, we expect that visibility will come down to more normal levels as customers don’t need to place orders so much in advance. With components available equally for all on the market, we expect competition to increase in many segments.

The long-term perspective for EMS business remains positive. We expect our organic growth to continue in 2023 but with a more modest pace, improving our cashflow and giving us possibility to reduce our inventory levels.

Our financial position remains solid. We remain committed to actively invest in our operations and develop them. In line with our growth strategy, we focus even more on pursuing M&A.

Our estimate is that our revenue, operating profit and adjusted operating profit in 2023 will be higher than in 2022. We are convinced that our decentralised operational model and our com

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