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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

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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.


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.

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