Glaston recognizes impairment loss of goodwill

Date: 20 January 2010
Source: Glaston Corporation
Glaston reorganized its business in spring 2009 and defined the reportable segments to reflect the new business model. The reportable segments were redefined during the autumn.

Goodwill has been allocated to the new reportable segments accordingly.

Glaston performed the annual impairment testing of goodwill during the last quarter of 2009. As a result of the testing, Glaston's Board of Directors decided in its meeting on 11 January, 2010, to recognize an impairment loss of goodwill totaling EUR 6.4 million in the Machines segment. 

In addition, the Board of Directors decided to recognize an impairment loss of goodwill totaling EUR 1.4 million, because the goodwill arising from the acquisition of the glass processing business was considered to be impaired in its entirety. This goodwill was allocated to the Services segment when Glaston reportable segments were redefined, thus the impairment loss affects the Services Segment.

The impairment loss of goodwill has no cash flow effect, and it is recognized in the profit or loss statement in the reporting period of 2009 as a non-recurring item.

For additional information, please call: Kimmo Lautanen, CFO, +358 10 500 6419 Sender: Glaston Corporation Agneta Selroos IR and Communications Manager Tel. +358 10 500 6105

600450 Glaston recognizes impairment loss of goodwill glassonweb.com

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