Good profitability progress continued in the third quarter. Group third quarter adjusted operating profit improved to EUR 18 million and more than doubled to EUR 69 million during January-September.
Housing Finland and CEE, adjusted operating profit at EUR 17 million (16).
- Margins improved.
- Better sales mix than during the comparison period.
- Strong apartment sales continued.
Housing Russia, adjusted operating profit at EUR 6 million (7).
- Margins improved.
- Operational efficiency and restructuring measures paying off.
- Lower sales than during the comparison period.
Business premises, adjusted operating profit at EUR 2 million (-19).
- Stabilisation of the business continued according to plans.
- The comparison period included an EUR 18 million margin reduction in revenue and cost estimates of the Tripla project and an inventory write-down of EUR 7 million related to a business premise.
Infrastructure, adjusted operating profit at EUR 3 million (10).
- Margin reductions in certain projects as part of the stabilisation of the business.
Partnership properties, adjusted operating profit at EUR 1 million (5).
- Development costs of several ongoing development projects weighed on the result.
Adjusted operating profit from other items at EUR -10 million (-3).
Net interest-bearing debt at EUR 411 million (740).
- Strong operating cash flow after investments during the last 12 months.
- The hybrid bond issuance at the end of Q1.
Gearing remained below strategic target level at 40% (84).
Plot reserve stood at EUR 787 million (852) at the end of the quarter.
Housing start-ups in Finland and CEE continued to increase to 2,025 (1,634).
Number of unsold completed apartments at a low level in all regions, 296 apartments in total (941).
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 29 October 2021 at 10 a.m.
A news conference will be arranged on Friday, 29 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
You can find all our IR Newsletters on our website.