Helsinki, Finland, 2015-09-24 08:00 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION STOCK EXCHANGE RELEASE SEPTEMBER 24, 2015 AT 9:00 A.M.
YIT’s President and CEO Kari Kauniskangas in Capital Markets Day 2015: Progress in increasing financial operating space, focus towards improving profitability and growth
YIT is organising a Capital Markets Day for investors and analysts today in Helsinki to present the company’s strategic focus areas published on September 16, 2015. YIT will also comment on the recent development of its business operations.
President and CEO Kari Kauniskangas:
We have achieved good results in our strategic focus areas that were set in connection to the demerger and further specified last year. Our financial operating space has increased and we will now set our sight on improving profitability and growth initiatives. Work to improve capital efficiency continues enabling in its part financing of the growth. However, the economic situation in Russia and the capital release program will continue to burden our profitability in the short term.
In housing, our operating environment has remained twofold. In Finland, consumers are still cautious, and the operating environment in Russia has weakened further. On the other hand, positive development has continued in the residential markets in CEE. We estimate our consumer sales to be nearly 300 apartments in Finland (Q3/2014: 344), approximately 200 apartments in the CEE countries (Q3/2014: 158) and over 600 apartments in Russia (Q3/2014: 936) in the third quarter.
In the Business Premises and Infrastructure segment, there have been no significant changes in the outlook since June. The secured major projects provide good visibility for the coming years.
Guidance for 2015 unchanged (segment reporting, POC)
The Group revenue growth is estimated to be in the range of -5 – 5% at comparable exchange rates.
The operating profit margin excluding non-recurring items is estimated to be below the level of 2014.
Capital Markets Day
The Capital Markets Day’s programme starts today, September 24, 2015, at 12:00 noon local time (EEST). The presentations can be followed live on YIT’s website at www.yitgroup.com/webcast/cmd2015. During the President and CEO’s presentation, a teleconference is also available for investors and analysts on the phone number +44 20 319 405 52.
Further information about the Capital Markets Day and YIT’s strategy is available on YIT’s website at www.yitgroup.com/investors.
For additional information, please contact:
Sanna Kaje, Vice President, Investor Relations and M&A, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Timo Lehtinen, Chief Financial Officer, YIT Corporation, tel. +358 45 670 0626, timo.lehtinen@yit.fi
YIT CORPORATION
Sanna Kaje
Vice President, Investor Relations and M&A
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, Slovakia and Poland. Over 100 years of experience have secured 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 taking care of our customers, partners and personnel. We have nearly 6,000 employees in eight countries. In 2014, our revenue amounted to around EUR 1.8 billion. Our share is listed on NASDAQ OMX Helsinki. www.yitgroup.com