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