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26
February
2009

Incap increase revenue in 2008, result remained negative

Incap's full-year revenue increased by approximatly 13% on previous year and amounted to EUR 93.9 million (2007: EUR 83.0 million).
Operating profit (EBIT) was EUR 3.6 million negative (EUR 2.8 million negative without a capital gain recorded on the sales of property). Operating profit from operations without non-recurring costs was EUR 1.8 million negative (EUR 2.3 million negative). Net result for the year was EUR 5.4 million negative (EUR 4.2 million negative without a capital gain recorded on the sales of property). Revenue increase originated from energy efficiency and well-being technologies, i.e. the focus areas of the new strategy. Profitability was burdened by increased production and financing costs and also by non-recurring items for organisational development and personnel arrangements

Revenue during the last quarter was EUR 25.8 million (10-12/2007: EUR 26.3 million) or 2% less than during the comparable period in 2007. The operating profit was EUR 1.2 million negative (EUR 2.0 million) and as a percentage of revenue it was 4.8% negative (7.7%). The operating profit includes a total of EUR 0.8 million of non-recurring expenses based on restructuring of the company's production. The comparable operating profit in 2007 includes a total of EUR 3.2 million of capital gain on the sales of property.

The Group's operating result over the entire year stood at EUR -3.6 million, including the non-recurring expense reserve of about EUR 0.8 million registered for the final quarter of the year regarding reorganisation of the production structure. During the year, non-recurring costs amounted to EUR 1.8 million.

Because of tight competition on the contract manufacturing market, great pressure was directed at sales margins. However, the price level of certain products could be increased through price adjustments agreed upon with the customers.
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