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August 15, 2018 | IncapEstimated reading time: 10 minutes
Investments in the report period totalled EUR 0.5 million (EUR 0.7 million), and they were connected with the increase of efficiency and flexibility of production lines.
Balance Sheet, financing and Cash Flow
The balance sheet total on 30 June 2018 stood at EUR 27.7 million (EUR 25.8 million) and the Group's equity was EUR 12.0 million (EUR 9.8 million). The equity ratio improved from the comparison period and was 43.4% (37.9 %).
Liabilities decreased on the comparison period to EUR 15.6 million (EUR 16.0 million), out of which EUR 5.6 million (EUR 7.4 million) were interest-bearing. Net debt decreased to EUR 2.0 million (EUR 3.4 million). Net gearing improved and was 27% (39%).
The covenants of the company's loans include among others equity ratio and the Group's interest-bearing debt in relation to EBITDA, and their status is reviewed every six months. In the review on 30 June 2018 the target level of interest-bearing debt in relation to EBITDA was below 2.5 and the target for equity ratio 25.0%. The company met these covenants as the actual interest-bearing debt/EBITDA on the review date was 1.0 and the equity ratio 43.4%.
The Group's non-current interest-bearing liabilities amounted to EUR 1.0 million (EUR 3.3 million) while the current interest-bearing liabilities were EUR 4.6 million (EUR 4.2 million). Approximately EUR 2.0 million of liabilities concern the Indian subsidiary (EUR 2.1 million). Other liabilities include EUR 1.7 million of bank loans and limits granted by the company's Finnish bank and EUR 2.0 million of factoring financing used in Estonia.
As to the loans granted by the Indian bank the company has committed to follow ordinary covenants and the bank's general loan conditions.
The Group's cash position during the report period was good. The Group's quick ratio was 0.9 (1.0), and the current ratio was 1.6 (1.6).
Cash flow from operations was EUR 1.5 million (EUR 2.5 million). On 30 June 2018, the Group's cash and cash equivalents totalled EUR 2.3 million (EUR 3.7 million). The change in cash and cash equivalents showed a decrease of EUR 0.6 million (decrease of EUR 1.5 million).
Aspects related to the Group's financing and liquidity are also described in the section "Short-term risks and factors of uncertainty concerning operations".
Personnel and Management
At the end of report period, Incap Group had a payroll of 667 employees (517). 89% (83%) of the personnel worked in India, 10% (16%) in Estonia and 0.4% (0.6%) in Finland. The average number of personnel during the report period was 628 (513).
The Group's CEO was changed on 25 June 2018 when Vesa Mäkelä left his duty and Otto Pukk was appointed as the interim CEO. Otto Pukk took the position along with his duties as the managing director for Incap's subsidiary in Estonia. The company has started the search process for the new CEO and aims at filling the position as soon as possible.
Board of Directors and Auditor
In the Annual General Meeting held on 17 April 2018 Carl-Gustaf von Troil was re-elected and Päivi Jokinen and Ville Vuori were elected as new members to the Board of Directors. From among its members, the Board elected Carl-Gustaf von Troil to the Chairman of the Board.
The firm of independent accountants Ernst & Young Oy was re-elected as the company's auditor, with Bengt Nyholm, Authorised Public Accountant, acting as the principal auditor.
Shares and Shareholders
Incap Corporation has one series of shares, and the number of shares at the end of the period was 4,365,168 (30 June 2017: 4,365,168).
During the report period, the share price varied between EUR 5.70 and 6.80 (EUR 5.25 and 6.10). The closing price for the period was EUR 5.78 (EUR 5.81). The trading volume during the report period was 2,062,106 shares (1,329,377 shares). The market capitalisation on 30 June 2018 was EUR 25.2 million (EUR 25.4 million). At the end of report period, the company had 2,615 shareholders (2,711). Nominee-registered or foreign owners held 3.5% (36.6%) of all shares. The company does not hold any of its own shares.
The company announced on 20 February 2018 the following changes in holdings:
- The holding of Oy Etra Invest Ab out of Incap Corporation's shares and votes has exceeded the flagging limit and it holds as from 19 February 2018 838,000 shares and 19.2% of all shares and voting rights of Incap.
- The holding of Joensuun Kauppa ja Kone Oy/K22 Finance Oy out of Incap Corporation's shares and votes has exceeded the flagging limit and it holds as from 19 February 2018 504,100 shares and 11.55% of all shares and voting rights of Incap.
- The holding of IFF Konsult Ab out of Incap Corporation's shares and votes has decreased below the flagging limit and it holds as from 19 February 2018 no shares of Incap.
- The holding of FBM Consulting Ab out of Incap Corporation's shares and votes has decreased below the flagging limit and it holds as from 19 February 2018 no shares of Incap.
- The holding of Nordea Life Insurance Suomi Oy out of Incap Corporation's shares and votes has exceeded the flagging limit and it holds as from 19 February 2018 614,099 shares and 14.07% of all shares and voting rights of Incap.
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