Clarification on YIT Corporation’s reporting practices
YIT Corporation Stock exchange release April 26, 2018 at 11:15 a.m.
On February 1, 2018, YIT announced changes in the company’s reporting practices. Going forward, YIT will apply IFRS principles both in its Group reporting and its segment reporting. Certain figures for the Housing Finland and CEE segment and the Housing Russia segment will also be reported under the percentage of completion (POC) principle in addition to IFRS reporting.
As a modification of YIT’s previous reporting practices, and as specified in the report published on February 1, 2018, the company will change the applying method of the IAS 34 Interim Financial Reporting standard in its January-March and January-September interim reports. The interim reports for January-March and January-September 2018 will be prepared according to IFRS recognition and measurement principles, but not all of the IAS 34 Interim Financial Reporting standard requirements will be applied in the preparation of the interim reports. The change influences in particular the information presented in the table section. In other respects, the interim reports are mainly consistent in their scope with the previous interim reports.
All of the IAS 34 Interim Financial Reporting standard requirements are applied in preparation of the half-year reports and the financial statements.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, email@example.com
Ilkka Salonen, CFO, YIT Corporation, tel. +358 45 359 4434, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: NASDAQ Helsinki, major media,www.yitgroup.com
YIT is the biggest construction company in Finland and a major player in Northern Europe. We construct and develop apartments, business premises and entire residential areas. Furthermore, we are specialists in infrastructure construction and paving. Together with our customers, our 10,000 professionals create increasingly functional, appealing and sustainable cities and living environments. We have operations in 11 countries: Finland, Russia, Scandinavian and Baltic countries, the Czech Republic, Slovakia and Poland. The new YIT was created by the merger of YIT Corporation and Lemminkäinen Corporation, both over 100 years old, on February 1, 2018. In 2017, our pro forma revenue amounted to over EUR 3.8 billion. YIT Corporation’s share is listed on Nasdaq Helsinki. www.yitgroup.com