YIT Corporation Stock exchange release
YIT restates financial information for 2021 reflecting operating model change and the sale of Russian businesses
As previously communicated, YIT has changed its operating model, and signed an agreement for the sale of its businesses in
Following the sale of YIT´s Russian businesses, YIT has decided to rename its Housing Finland and CEE segment. From the first quarter of 2022 onwards, YIT has four reportable segments: Housing, Business Premises, Infrastructure and
Operating model change
On
The key impacts of the operating model change:
- Wind power development, previously reported under the Infrastructure segment, is now reported under the
Property Development segment. Wind power development included, among others, the Lestijärvi wind farm sale during 2021. -
Write down regarding Trigoni project´s planning costs during 2021, previously reported under the Housing Finland and CEE segment, is now reported under the
Property Development segment. - Infrastructure activities in the Baltic countries, previously reported under the Infrastructure segment, are now reported under the Business Premises segment.
- As a result of redefinition of group level cost allocation principle, certain group level costs previously reported under Other items, are now allocated to business segments.
Sale of Russian businesses
On
For further information:
YIT Corporation
Vice President, Investor Relations
Distribution: Nasdaq
YIT is the largest Finnish and a significant North European development and construction company. For 110 years, we have been creating better living environments for our customers: functional homes for sustainable living, future-proof public and commercial buildings and infrastructure for smoother flow of people, businesses and society. We employ 5,500 professionals in nine countries:
https://news.cision.com/yit-oyj/r/yit-restates-financial-information-for-2021-reflecting-operating-model-change-and-the-sale-of-russia,c3551853
https://mb.cision.com/Main/13643/3551853/1568129.pdf
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