Helsinki, Finland, 2014-10-14 11:00 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION STOCK EXCHANGE RELEASE OCTOBER 14, 2014 AT 12:00
YIT lowers its guidance for 2014 regarding the operating profit margin
YIT lowers its guidance for 2014 regarding the operating profit margin. The sales volume in 2014 is estimated to fall below the previously projected level in business area Housing Russia. This will have a negative impact on YIT’s operating profit margin. In addition, actions that ensure strong cash flow for the remainder of the year weigh on the operating profit margin. In Q3, the operating cash flow after investments was EUR 41 million, and the net debt (IFRS) decreased to EUR 818 million.
NEW GUIDANCE: The Group revenue based on segment reporting is estimated to grow by 0-5% at comparable exchange rates. The operating profit margin based on segment reporting is estimated to be in the range of 6.5-7.3% excluding non-recurring items.
Increased uncertainty over the general marcoeconomic development impacts YIT’s business operations and customers.
PREVIOUS GUIDANCE (July 24, 2014): The Group revenue based on segment reporting is estimated to grow by 0-5% at comparable exchange rates. The operating profit margin based on segment reporting is estimated to be in the range of 7.5-8.0% excluding non-recurring items.
Continuing uncertainty over the general marcoeconomic development impacts YIT’s business operations and customers. Prolongation and escalation of the Ukranian crisis would probably have a negative effect on YIT’s business operations.
For further information, please contact:
Timo Lehtinen, Chief Financial Officer, YIT Corporation, tel. +358 45 670 0626, timo.lehtinen@yit.fi
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
YIT CORPORATION
Kari Kauniskangas
President and CEO
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2013, our revenue amounted to nearly EUR 1.9 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com