Eastern European Markets
March, 3. 2006

IKEA announced termination of St. Petersburg shopping centre contract

IKEA has announced the termination of its contract with Lemminkäinen’s subsidiary Lemcon Ltd concerning the construction of the MEGA shopping centre in St. Petersburg. The value of the contract was EUR 92 million. The project had reached about the half-way point and was scheduled for completion by the end of the year.

In Lemcon’s view there are no legal grounds for the contract termination, and it is likely that the matter will proceed to the court of arbitration.

Termination of the contract is not expected to have any essential bearing on Lemminkäinen´s result. The company’s order book is good and there is reason to expect net sales growth and an improved result this year.

For further information:
Juhani Sormaala
Managing Director
Helsinki Exchanges, key media

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