Insider information
Incap announced on 10 May 2021 that it had temporarily closed down its factories in Tumkur until 24 May 2021. The temporary closure was related to Karnataka State Government’s intensified measures against the coronavirus pandemic.
The State Government has extended the intensified measures and the lock-down until 7 June 2021. However, Incap has been granted a permission for partial operations to support the manufacturing of critical electronic equipment including applications for healthcare. Incap continues its close co-operation with the Karnataka State Government and follows the instructions announced. The company expects that the factory will be back to normal operations by 7 June 2021.
The closure and the partial operations of the factories in India do not have an impact on the company’s outlook for 2021 published on 21 April 2021. Incap’s previously announced outlook for 2021:
Incap Corporation: Incap Corporation invests in a third factory in India Insider information
Incap has made a decision to make an investment in a third factory in Tumkur, Karnataka. The construction project is planned to start in the third quarter of 2021, and the opening of the new factory is estimated to take place in the second quarter of 2022.
Incap is currently expanding its existing two factories in India to respond to the demand from existing and new customers. The current expansion is estimated to be completed in the fourth quarter of 2021. After the ongoing expansion has been completed, the total area of the factory will be close to 16,000 sqm. The planned third factory will add another 8,500 sqm to Incap s production capacity.
Incap Corporation: RESOLUTIONS OF INCAP CORPORATION S ANNUAL GENERAL MEETING AND THE CONSTITUTIVE MEETING OF THE BOARD OF DIRECTORS AGM resolutions
RESOLUTIONS OF INCAP CORPORATION S ANNUAL GENERAL MEETING AND THE CONSTITUTIVE MEETING OF THE BOARD OF DIRECTORS
Incap Corporation s Annual General Meeting was held on 27 April 2021 in Helsinki, Finland.
Adoption of the annual accounts, discharge from liability and payment of dividend
The Annual General Meeting adopted the annual accounts for the financial period ending on 31 December 2020 and resolved to discharge the members of the Board of Directors and the President and CEO from liability. The Annual General Meeting resolved in accordance with the Board s proposal that no dividend will be paid from the profits of the financial year 2020 and that the profit for the financial period be recognised in equity.
Incap Corporation: Incap increases its revenue and operating profit estimate for 2021 Inside information
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 and they are based both on Incap s customers forecasts and the company s own assessments of the business development.