LEMMINKÄINEN CORPORATION STOCK EXCHANGE BULLETIN 29.9.2009, 9.10
DECISION OF THE SUPREME ADMINISTRATIVE COURT ON INFRINGEMENT OF COMPETITION
LAWS BY ASPHALT COMPANIES: LEMMINKÄINEN TO PAY A FINE OF EUR 68 MILLION. THE
GROUP'S FINANCIAL RESULT OF 2009 WILL BE CLEARLY NEGATIVE.
By its decision issued today, the Supreme Administrative Court has ordered a
number of asphalt industry companies to pay a total of 82.55 million in
competition infringement fines for circumventing competition laws. The
infringement fine imposed on Lemminkäinen is EUR 68 million. This amount
corresponds to the amount originally proposed by the Finnish Competition
Authority. The infringement fine was imposed in accordance with the proposal
although the Supreme Administrative Court states in its announcement that the
evidence presented by the Finnish Competition Authority does not cover
geographically or temporally all the incidents of the asphalt markets.
The decision of the Supreme Administrative Court is several hundred pages long.
Lemminkäinen will now examine the decision and announce its position on the
contents and significance of the decision to the company in a separate bulletin
to be released later today.
Lemminkäinen has released a bulletin announcing the decision of the Market
Court on the same issue on 19 December 2007. The fine of 14 MEUR based on the
decision of the Market Court was reserved as expense in December 2007. On the
basis of the decision of the Supreme Administrative Court, 54 MEUR will be
accrued as expense for the current year's third quarter.
Lemminkäinen renews its earlier guidance according to which the group's
turnover of 2009 will be clearly lower than the level of 2008. As consequence
of the infringement fine imposed by the Supreme Administrative Court, the
company's financial result will be clearly negative.
President & CEO
President & CEO Timo Kohtamäki
Tel. +358 2071 53263
NASDAQ OMX Helsinki Ltd
Lemminkäinen Group operates in all areas of the construction sector. The
Group's business sectors are building construction, infrastructure
construction, technical building services, and building products. Net sales in
2008 were approx. EUR 2.5 billion, of which international operations accounted
for over a quarter. The Group employs about 9,800 people. Lemminkäinen
Corporation's share is quoted on NASDAQ OMX Helsinki Ltd. www.lemminkainen.com