Lassila & Tikanoja - Company Announcement

Lassila & Tikanoja plc converts EUR 2.0 million of its sale price receivable into Ecostream Oy shares and records an impairment of EUR 5.1 million in its holdings in Ecostream Oy

Helsinki, Finland, 2013-04-09 07:00 CEST (GLOBE NEWSWIRE) -- 
Lassila & Tikanoja plc Stock exchange release 9 April 2013 8.00 am

As part of Ecostream Oy's capital arrangements, Lassila & Tikanoja plc
subscribed for Ecostream Oy shares for a total of EUR 2.0 million on 8 April
2013. The subscription price was EUR 3.00 per share. This subscription was
financed through a conversion of Lassila & Tikanoja's remaining sale price
receivable from the L&T Recoil Oy divestment, EUR 2.0 million, into Ecostream
Oy shares. Consequently, the arrangement had no direct impact on cash flow.
Following this arrangement and Ecostream Oy's other capital arrangements,
Lassila & Tikanoja's ownership in Ecostream Oy fell to approximately 16.4 per
cent. 

In connection with the arrangement, Lassila & Tikanoja's Board of Directors
decided on a write-down of all shares held by Lassila & Tikanoja plc to EUR
3.00 per share. As a result of this write-down, the company will record an
impairment of EUR 5.1 million on Ecostream Oy's shares for the second quarter. 

After the write-down, the balance sheet value of the Ecostream shares held by
L&T will be approximately EUR 3.6 million. 

The impairment will be treated as a non-recurring cost item, with no impact on
cash flow. 


LASSILA & TIKANOJA PLC


Pekka Ojanpää
President and CEO


For additional information, please contact Timo Leinonen, CFO, tel. +358 400
793 073 


Lassila & Tikanoja is a service company that is transforming the consumer
society into an efficient recycling society. In co-operation with our
customers, we are reducing waste volumes, extending the useful lives of
properties, recovering materials and decreasing the use of raw materials and
energy. We help our customers to focus on their core business and to save the
environment. Together, we create well-being and jobs. With operations in
Finland, Sweden, Latvia and Russia, L&T employs 9,000 persons. Net sales in
2012 amounted to EUR 674.0 million. L&T is listed on NASDAQ OMX Helsinki. 

Distribution:
NASDAQ OMX Helsinki
Major media
www.lassila-tikanoja.com