YIT increases its result guidance for 2021 due to Lestijärvi wind farm sale and actions based on YIT’s new strategy: Group adjusted operating profit expected to be in the range of EUR 105-125 million
YIT increases its result guidance for 2021 due to the realisation of Lestijärvi wind farm sale and actions based on YIT’s new strategy. YIT expects its Group adjusted operating profit to be in the range of EUR 105-125 million in 2021. Earlier YIT expected its full-year 2021 adjusted operating profit to be higher than in 2020 (2020: EUR 85 million).
The new guidance includes a positive impact of approximately EUR 45 million from Lestijärvi wind farm sale. As part of this transaction, YIT sold the building rights of the project when OX2 signed an agreement with a consortium of Finnish energy companies to construct the largest wind farm in Finland to Lestijärvi, Finland. YIT will recognise profit from the sales contract in its fourth quarter 2021 results.
In addition, the new guidance includes expected margin reductions of approximately EUR 50 million from certain legacy projects, as well as a number of projects that are no more in the core of YIT’s new strategy published yesterday.
For further information:
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 40 576 0288, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and a significant North European development and construction company with a strong customer focus and clear mission to create better living environments. We develop and build functional homes for sustainable living, future-proof public and commercial buildings and infrastructure for smoother flow of people, businesses and society. We employ 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com