Lassila & Tikanoja - Company Announcement

Lassila & Tikanoja recognises impairment loss of EUR 17.8 million for the Renewable Energy Sources division

Helsinki, Finland, 2011-12-15 07:15 CET (GLOBE NEWSWIRE) -- Lassila & Tikanoja
plc   Stock exchange release   15 December 2011 8.15 am 

Lassila & Tikanoja will recognise an impairment loss of EUR 17.8 million for
the goodwill of business operations and other assets of the Renewable Energy
Sources division in the final quarter. 

The impairment loss is due to the weakening competitiveness of wood-based fuels
in the long term and a remarkable decline in government subsidies for promoting
the use of forest energy. 

After the recognition of the impairment loss, the goodwill book value and the
intangible rights related to business acquisitions in the balance sheet amount
to approximately EUR 134 million. 

The impairment loss is treated as a non-recurring expense and it does not have
cash flow effect. The guidance for the full-year net sales and operating profit
excluding non-recurring items remains unchanged. 


LASSILA & TIKANOJA PLC


Pekka Ojanpää
President and CEO


For additional information please contact CFO Ville Rantala, tel. +358 50 385
1442 or Head of Treasury & IR Keijo Keränen, tel. +358 50 385 6957. 

Lassila & Tikanoja specialises in environmental management and property and
plant support services and is a leading supplier of wood-based biofuels,
recovered fuels and recycled raw materials. With operations in Finland, Sweden,
Latvia and Russia, L&T employs 10,000 persons. Net sales in 2010 amounted to
EUR 598 million. L&T is listed on NASDAQ OMX Helsinki. 

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