Satisfactory quarter driven by good housing results. Group adjusted operating profit at EUR 30 million (5).
Housing Finland and CEE, adjusted operating profit at EUR 41 million (19).
- Strong apartment sales continued.
- Margins improved.
- Number of completed apartments at a high level.
Housing Russia, adjusted operating profit at EUR 6 million (2).
- Margins improved.
- Good apartment sales continued.
Business premises, adjusted operating profit at EUR 1 million (-14).
- Performance stabilized but result burdened by finalising of some old projects.
- The comparison period negatively impacted by financial settlements.
Infrastructure, adjusted operating profit at EUR -12 million (4).
- Margin reductions in some projects.
Partnership properties, adjusted operating profit at EUR 3 million (1).
Adjusted operating profit from other items at EUR -8 million (-7).
Solid operating cash flow after investments of EUR 109 million (247).
- Lower capital employed.
- The corresponding period included cash flow of EUR 283 million from the sale of the Nordic paving and mineral aggregates businesses.
Net interest-bearing debt decreased to EUR 353 million (715).
- Strong operating cash flow after investments during the last 12 months.
- The hybrid bond issuance at the end of Q1.
Gearing continued to improve reaching 35% (73).
YIT signed a committed EUR 300 million revolving credit facility linked to sustainability targets.
Housing start-ups in Finland and CEE increased substantially to 1,878 (889).
Number of unsold completed apartments at a low level in all regions, 416 apartments in total (1,152).
Measures to improve performance progressed at a fast pace. Focus on project management, operating model and Infrastructure business.
Guidance for 2021 remained unchanged. YIT expects its full-year 2021 adjusted operating profit to be higher than in 2020 (EUR 85 million).
News conference on 30 July 2021 at 10 a.m.
A news conference will be arranged on Friday, 30 July 2021 at 10.00 a.m. Finnish time (EET, at 8.00 a.m. GMT). The results will be presented by Markku Moilanen, President and CEO of YIT Corporation, and CFO Ilkka Salonen. The news conference will be held as a live webcast that can be followed on the company’s web site at www.yitgroup.com/webcast. A recording of the webcast will be available at the same address later that day.
If you have any questions, please don’t hesitate to contact us. We are happy to help!
YIT Investor Relations team
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