1/27/2006 11:49 AM|
Stock Exchange Announcement, January 27, 2006 at 1:00 p.m.
The Finnish National Board of Taxes has determined the acquisition cost of Cargotec shares to be 35.5 percent of the initial acquisition cost of shares in demerged Kone Corporation.
According to the advance ruling in 2005 of the Finnish Central Board of Taxation, the acquisition cost of Cargotec and New KONE shares is primarily to be considered the part of the acquisition cost of Kone Corporation's shares that correspond to the proportion of the net assets of Kone Corporation transferred to Cargotec and New KONE. If, however, it is apparent that the proportion of the net assets of Cargotec and KONE substantially differs from the proportion of the current values of Cargotec and KONE shares, according to the advance ruling, the proportion of the current values is secondarily to be used as the basis for dividing the acquisition cost between the shares.
According to The Finnish National Board of Taxes, the difference of the proportion of the net assets of Kone Corporation transferred to Cargotec and New KONE, and the current values of the shares is to be considered substantial enough for the current values of the shares to be used as the basis for dividing the acquisition cost between the shares. According to The Finnish National Board of Taxes, the average weighted trading prices of the first five trading days were very close to the average weighted trading prices of the first trading day, and, hence, that the average weighted trading prices of the first trading day on 1 June, 2005 are to be used in determining the acquisition cost of the shares of Cargotec Corporation and KONE Corporation. The acquisition costs are therefore 35.5 percent (Cargotec Corporation) and 64.5 percent (KONE Corporation) of the initial acquisition cost of the shares, according to the guidelines of The Finnish National Board of Taxes.
Sender:
Cargotec Corporation
Kari Heinistö
Senior Executive Vice President and CFO
Eeva Mäkelä
SVP, Investor Relations and Communications
For further information, please contact:
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 (0)204 55 4281
Cargotec Corporation is the world's leading provider of cargo handling solutions, which are used in local transportation, terminals, ports, distribution centers, and ships. Cargotec's operations are divided into three strong, global business areas: Hiab, Kalmar, and MacGREGOR, each of which is the market leader in its own segment. In 2005 Cargotec's net sales exceeded EUR 2.3 billion. The company employs some 7,500 people and has activities in more than 160 countries. Cargotec's class B shares are listed on the Helsinki Stock Exchange.
www.cargotec.com