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Annual Report 2017

YIT’s Annual Report consists of the annual review, the report of the Board of Directors and the Financial Statements for 2017.

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Merger of YIT and Lemminkäinen

The most significant strategic step in 2017 was the announcement of the merge between YIT ja Lemminkäinen. As a merged company, our goal is to become a leading player in urban development in Northern Europe. The aim is to create a financially strong company with urban development as the engine for growth and profitability. 

go to the strategy in the pdf


The year 2017 was a success for YIT in many ways. All of the Group's business segments achieved positive development, and earnings per share more than tripled compared to the previous year. The year will also be remembered for the merger of YIT and Lemminkäinen, President and CEO Kari Kauniskangas writes in his review. 


Go to the review in the pdf

A living city is built together

In recent years, and during the past year in particular, we have strengthened our competitiveness through partnerships and learned a lot about partnerships. Particularly important is the organisation's learning process becoming faster through repeated partnerships. In accordance with our strategy, we will continue these efforts in the coming years.


Go to the theme section in the pdf

”Urban design is like gardening. You sow the seeds and create favourable conditions for the plants to grow. Then you just hope for the best.”

Kim Dovey

Read the point of view in the pdf


YIT's Sustainable Urban Environments Indicators

Highlights of the year

  • west harbour

    Helsinki West Harbour, which opened at the beginning of 2017, was completed about a month ahead of schedule and under budget, costing about five percent less than estimated. Helsinki West Harbour’s West Terminal also received the Steel Structure of the Year 2017 award.

  • Successful Naantali multi-fuel power plant (CHP) inaugurated

    The Naantali multi-fuel power plant built by an alliance consisting of YIT, Turun Seudun Energiatuotanto Oy, A-Insinöörit Suunnittelu Oy and Insinööritoimisto AX-LVI Oy was inaugurated in December. The project, which previously won the Construction Site of the Year award, was Finland´s first industrial project implemented using the alliance model.

  • K3 Logistics – a large logistics area in Vantaa, between ring iii and runway 3 of Helsinki airport

    Develop by YIT, the K3 Logistics business area is located in Vantaa, between Ring lll and Runway 3 of Helsinki Airport. With approximately 140,000 square metres in building rights, the logistics area will provide versatile premises for users of all sizes.

  • Building smooth public transport

    YIT was chosen to build the Jokeri Light Rail project in partnership with VR Track. A fast light railway connection enbles more compact regional development. YIT's other major publis transport project, the Tampere light rail project, has already gotten off to a good start.

  • The unique Kasarmikatu 21 office property was created by co-operation

    In late December, we sold the Kasarmikatu 21 office property to an international investor. This unique new building in central Helsinki was developed as a joint venture between YIT, Ahlström Capital and HGR Property Partners, dividing the risk and capital commitments between the venture partners.

  • Schools in Espoo renovated using the life-cycle model

    The Viherlaakso, Kirsti and Päivänkehrä schools in Espoo will be renovated using the life-cycle model. The provides a predictable and reliable solution for ensuring that the old school buildings, which are important for the local community, meet current requirements. For the municipality, the life-cycle model is a safe alternative. A single agreement covers the renovations as well the responsibility for the maintenance period.


  • Käärmetalo is a renovation showpiece

    Käärmetalo (English: Serpentine House) is a great example of the kind of expertise required in renovation projects.

  • Buyers given a preview of their homes in the construction phase

    In Russia, YIT is known for its high-quality Finnish construction. Customers can experience this for themselves, first hand. YIT organises homebuyer events in the Moscow region to invite buyers to get a preview of their future homes in the late stages of the process. 

  • Congratulations to 100-year-old Finland – more life in yards

    In Finland's centenary year, we wanted to bring more life into sustainable cities and turn yards into environments where everyone enjoys themselves. 

Sections in the Annual Report

The Annual Report is comprised of seven sections: Year 2017, Business Operations, A Living City Is Built Together, Sustainability, Corporate Governance, Financial Statements and Investors. You can go directly to any section in the PDF by choosing it below.

Elävä kaupunki rakennetaan yhdessä

Corporate responsibility

  Scroll previous Annual Reports


  • Annual Report 2016

    The theme of the Annual Report was More life in sustainable cities. Urbanisation is progressing throughout the world, and increasing attention is being paid to the quality of the urban environment and urban life. This means a shift to the development of mixed-use environments. The dominance of private cars is crumbling. Residents and visitors are taking back the urban space, bringing diverse life back into cities. 


  • Annual Report 2015

    The theme of the Annual Report was More City. With this theme, we wanted to focus on how people’s diverse needs and changing life circumstances challenge us to create better and more sustainable living environments. This means more flexible premises, functional infrastructure and services, shops and jobs close to the home. Our goal is to develop and build sustainable urban environments that retain their value, where services are located close to residents, and where public transport makes everyday life easier and helps reduce emissions.

    Read annual report

  • Annual report 2014

    In spite of the turbulence in the markets, there were numerous successes in 2014. In Housing, we achieved record-high residential sales in Russia as well as in the Baltic countries and Central Eastern Europe. In Finland, active investor sales compensated for weak consumer demand. In Business Premises and Infrastructure, our order backlog grew and our competitiveness improved due to reorganization among other things. We also completed significant road projects ahead of schedule.

    Read annual report 

  • Annual report 2013

    The past year was exceptional for YIT. A demerger in the summer formed two independent listed companies, YIT and Caverion. However, the demerger was only the first impulse for a change in the way we think and operate. In the summer, we refined the new YIT’s corporate culture, values, vision, targets and strategy. We also achieved moderate success in our business despite the fairly weak development of our market environment during the year. We achieved great successes in our land acquisitions and project development efforts, which are important building blocks for the future.

    Annual review    Financial review

  • Annual report 2012

    The year 2012 was an eventful one for YIT. The uncertainty of the real economy was reflected in the operations of Building Services in the form of projects being postponed, yet we can be satisfied with the favourable developments in Construction Services. Our operating profit increased by three percent to EUR 249 million, which is largely due to the excellent performance of International Construction Services. The Group’s revenue was on a par with the previous year, at EUR 4,676 million. The order backlog was also strong, driven by construction activity in Russia.

    Annual review   Financial review 

  • Annual Report 2011

    During 2011, we invested in securing future growth opportunities through plot investments and increasing the number of residential start-ups. In Building Services, we commenced a programme to improve profitability and strengthened our market position through acquisitions particularly in Northern Europe. Additionally, we strengthened our financial position in order to be prepared for uncertain market situation.

    Annual review    Financial review