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 Russia. As a result, YIT has restated financial information for 2021. The attached tables present the restated consolidated income statement, comprehensive income, and segment financial information as well as certain key ratios on an unaudited basis for all quarters of 2021 and full year 2021.
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 Property Development. YIT will publish its first quarter report based on the updated segment structure on 29 April 2022.
Operating model change
On 22 November 2021, YIT announced a new focused strategy to deliver predictable, market-leading results. As a part of the new strategy, YIT streamlined its operating model to build a customer-centric organisation and to improve cost competitiveness. Certain operations and functions were also transferred between reportable segments having an impact on reported financial figures.
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 1 April 2022, YIT announced having signed an agreement with Etalon Group PLC for the sale of YIT´s operations in Russia. YIT has classified the Russian operations as assets held for sale and reports them as discontinued operations according to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. The former Housing Russia segment is no longer reported.
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. 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: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2021 was EUR 2.7 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com