Incap Oyj · OMXHEX:ICP1V
Incap Oyj — Shareholder Meeting (May 2024)
27 slides from Incap Oyj's shareholder meeting presentation, May 10, 2024
Slide 1: Annual General Meeting
INCAP ANNUAL GENERAL MEETING 10 MAY 2024 INCAPCORP.COM
Slide 2: CEO's Review: Quick reaction maintained profitability in 2023
CEO’s REVIEW Quick reaction maintained profitability in 2023 OTTO RICHARD PUKK President and CEO
Slide 3: Incap - A Trusted Partner in EMS
INCAP - A TRUSTED PARTNER IN EMS ● 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 a strong entrepreneurial culture and highly qualified personne
Slide 4: 2023: Highlights
2023: HIGLIGHTS ● Revenue decreased due to a decrease in the volume of the Indian factory ● Largest customer had to reduce their orders ● In other factories, production volumes increased ● Profitability affected by lower utilisation ratio of factory in India, but we quickly adjusted cost level, and
Slide 5: Pennatronics Acquisition
PENNATRONICS ACQUISITION ● Operations now extend to Asia and Europe as well as to North America ● Dependence on a single customer has decreased, and customer base is more diversified ● We are an even more interesting partner for both existing and new customers ● Cross-selling opportunities explored
Slide 6: Global operations – 7 factories
Global operations – 7 factories Helsinki, Finland HQ Kuressaare, Estonia California, PA., USA Namestóvo, SOUR- Hong Kong, CING Slovakia China Newcastle- under-Lyme, United Kingdom 3 factories, Tumkur, India 6
Slide 7: 2023: Maintained Profitability
2023: MAINTAINED PROFITABILITY ● Revenue EUR 221.6 million (263.8), -16% year on year 221.6 MEUR REVENUE ● Excluding sales to largest customer, revenue +35% year on year 12.7% ● Excluding impact of Pennatronics acquisition, +17% ● Operating profit (EBIT) EUR 28.2 million (38.9) ● 12.7% of revenue (1
Slide 8: Profitable Despite Revenue Decrease
PROFITABLE DESPITE REVENUE DECREASE REVENUE, EUR MILLION OPERATING PROFIT (EBIT), EUR MILLION 263,8 38,9 221,6 26,0 28,2 169,8 106,5 71,0 12,6 59,0 8,6 10,1 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023
Slide 9: Strong Balance Sheet and Modern Machinery
STRONG BALANCE SHEET AND MODERN MACHINERY EQUITY RATIO, % INVESTMENTS, EUR MILLION 60,0 60,6 51,9 53,6 19,4 49,1 50,5 9,5 5,2 5,5 2,2 1,1 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023
Slide 10: Personnel in Numbers and by Location
PERSONNEL IN NUMBERS AND BY LOCATION USA NUMBER OF PERSONNEL AT YEAR-END Finland including contract workers Estonia 6,1 % 0,1 % 7,6 % 2817 2523 UK 9,9 % India 57,8 % 1902 1733 Slovakia 768 834 18,5 % 2018 2019 2020 2021 2022 2023
Slide 11: Quality and Efficiency Based on Teamwork
QUALITY AND EFFICIENCY BASED ON TEAMWORK ● Our 2023 results achieved with a highly professional and entrepreneurial team ● Top quality and efficiency based on seamless teamwork throughout the whole production and delivery chain ● We invest in skills development, cooperation and well-being to keep th
Slide 12: Sustainability at Incap
SUSTAINABILITY AT INCAP ● We see standardised sustainability reporting requirements as positive development ● We are committed to continue developing our own operations in a sustainable way ● In 2023, we developed our sustainability work further ● In April 2024, we published our first combined Annua
Slide 13: Incap 2024
INCAP 2024 INCAP INCAP INCAP FINLAND INDIA ESTONIA INCAP INCAP INCAP INCAP SLOVAKIA UK US HONG KONG
Slide 14: Thank You!
THANK YOU! AT YOUR SERVICE OTTO RICHARD PUKK President and CEO at Incap Corporation otto.pukk@incapcorp.com
Slide 15: Financial statements 2023
Financial statements 2023 ANTTI PYNNÖNEN CFO
Slide 16: Revenue decreased, profitability maintained
Revenue decreased, profitability maintained Revenue, EUR million Operating profit (EBIT), Earnings per share 263,8 EUR million (EPS), EUR 0,94 38,9 221,6 0,72 169,8 28,2 0,68 26,0 106,5 0,40 59,0 71,0 12,6 0,27 0,29 8,6 10,1 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 2018 2019 2020
Slide 17: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income EUR 1,000 Note 1 Jan-31 Dec 2023 1 Jan-31 Dec 2022 Revenue 3 221,591 263,763 Other operating income 4 423 679 Changes in inventories of finished goods and work in progress -5,148 4,897 Raw materials and consumables used 5 148,029 -194,330 Personnel expe
Slide 18: Consolidated balance sheet
Consolidated balance sheet EUR 1,000 Note 31 Dec 2023 31 Dec 2022 ASSETS Non-current assets Property, plant and equipment 12 21,625 13,476 Right-of-use assets 12 8,089 6,893 Goodwill 13 8,237 7,178 Other intangible assets 13 5,503 4,026 Other financial assets 14 4 4 Deferred tax assets 15 1,012 362
Slide 19: Consolidated balance sheet
Consolidated balance sheet 1,000 euros Note 31 Dec 2023 31 Dec 2022 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent 19 Share capital 1,000 1,000 Exchange differences -7,831 -5,487 Unrestricted equity reserve 23,745 22,184 Retained earnings 89,846 69,728 Total equity 106,76
Slide 20: Consolidated cash flow statement
Consolidated cash flow statement EUR 1,000 Note 1 Jan-31 Dec 2023 1 Jan-31 Dec 2022 Cash flow from operations Operating profit, in total 28,216 38,942 Adjustmets to operating profit 26 5,107 4,539 Change in working capital Change in current receivables 17,928 -5,416 Change in inventories 25,911 -35,
Slide 21: Five-year key figures
Five-year key figures IFRS 2023 2022 2021 2020 2019 Revenue EUR million 221.6 263.8 169.8 106.5 71.0 Growth/change % -16 55 59 50 20 Operating profit/loss EUR million 28.2 38.9 26.0 12.6 10.1 Share of revenue % 12.7 14.8 15.3 11.8 14.2 Profit/loss before tax EUR million 26.4 36.6 25.7 11.5 9.7 Share
Slide 22: Thank You!
THANK YOU! ANTTI PYNNÖNEN CFO at Incap Corporation Antti.Pynnonen@incapcorp.com
Slide 23: Q1 2024: Highlights
Q1 2024: HIGHLIGHTS ● Excluding sales to our largest customer, our revenue grew 38% year 51.4 21.1% MEUR REVENUE GROWTH COMPARED on year. TO Q4/23 ● We will keep investing in our factories, focus on new customer 62.3% acquisition and increasing sales to existing customers. ● We will also continue pu
Slide 24: We entered 2024 with a new starting point
We entered 2024 with a new starting point ● We estimate our revenue will grow quarter to quarter and our results will improve over the year. ● We estimate that the volumes of all factories except India will increase from the 2023 level. ● Our dependence on a single customer has decreased, and our cu
Slide 25: Outlook
OUTLOOK ● For 2024, we estimate that our revenue and operating profit will be lower than in 2023. ● The destocking exercise with our largest customer will impact the revenue and profitability first half of the 2024. ● However, we estimate our revenue will grow quarter to quarter and our results will
Slide 26: Q&A
Slide 27: Incap Corporation – Thank You!
THANK YOU! INCAP CORPORATION MORE INFORMATION incapcorp.com