Metro International S.A. ("Metro International"), the international
newspaper group, today announced that the Swedish Administrative
Court of Appeal (Swedish: "Kammarrätten") has in a ruling dismissed
Metro International's appeal against a former ruling from the County
Administrative Court (Swedish: "Länsrätten"). The case concerns
additional advertising tax which has been levied on Metro
International's publishing entity in Sweden, Tidnings AB Metro,
following a decision by the Swedish Tax Authorities in 2007. The
additional advertising tax amounts to approximately SEK 90 million
including interest. This amount has already been fully provided for
in Metro International's accounts for 2007. Metro International will
appeal against the judgement to the Supreme Administrative Court
(Swedish: "Regeringsrätten") and will also apply for a respite of the
payment.
Earlier this year Metro International made a re-funding through a
combination of debentures and warrants of SEK 550 million. In the
event Metro International will be forced to repay the Swedish Tax
Authorities regardless of the appeal, this funding provides
sufficient cash in order to meet any obligations that have arisen as
a result of this ruling by the Administrative Court of Appeal.
For further information please contact:
Anders Kronborg, CFO
tel: +44 (0)79 1254 0800
***
ABOUT METRO INTERNATIONAL AND METRO
Metro is the largest international newspaper in the world. Metro is
published in over 100 major cities in 19 countries across Europe,
North & South America and Asia. Metro has a unique global reach -
attracting a young, active, well-educated Metropolitan audience of 17
million daily readers.
Metro International S.A. shares are listed on Nasdaq OMX Stockholm
through Swedish Depository Receipts of series A and series B under
the symbols MTROA and MTROB
The Court of Appeal in Sweden dismisses Metro International's appeal regarding advertising tax
| Source: Metro International S.A.
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