Review by the President and CEO and share-based incentive scheme discussed at the Annual General Meeting of YIT Corporation on March 16, 2017
YIT Corporation Investor News March 16, 2017, at 9:00 a.m.
YIT Corporation will organise its Annual General Meeting in Helsinki, Finland today, March 16, 2017 at 10:00 a.m. Kari Kauniskangas, President and CEO, will present a review to the Annual General Meeting of YIT’s Financial Statements for 2016 and the outlook for the current year. In addition, CEO Kauniskangas will briefly comment on the first quarter’s development.
“We have experienced several successes during the first months of the year. We have launched several self-developed residential projects and won both business premises and infrastructure contracts, which support our strong order backlog. Moreover, we have strengthened our plot portfolio in growth areas in accordance with our strategy.
In Finland, sales of new residential projects to consumers has been at a good level, which can partially be attributed to the brisk demand for Smartti projects. Housing sales have also continued at a good level in the CEE countries. In Russia, housing sales have been clearly lower compared to the first quarter of 2016 due to the end of the state’s mortgage interest subsidy programme and continued consumer cautiousness. We already stated in our guidance for 2017 that we expect our adjusted operating profit to be the lowest in the first quarter,” says Kari Kauniskangas, President and CEO.
The estimate of consumer sales during the first quarter is over 450 apartments in Finland (Q1/2016: 314), around 500 apartments in Russia (Q1/2016: 892) and around 250 apartments in the CEE (Q1/2016: 201).
Furthermore, Matti Vuoria, Chairman of the Board of Directors, will present the new share-based incentive scheme being prepared by the Board of Directors, the earnings periods of which are the years 2017, 2018 and 2019, to the Annual General Meeting. The planned incentive scheme would cover approximately 250 key employees annually. The share earnings would be based on the company’s financial performance (ROI) and in 2017 customer feedback (NPS); success in terms of these indicators is evaluated according to the targets annually set by the Board of Directors.
The notice of the Annual General Meeting and the Board of Directors’ proposals to the Annual General Meeting were published in a stock exchange release on February 3, 2017. The General Meeting documents and the presentation material of the review of the President and CEO Kari Kauniskangas are available on the company website at http://www.yitgroup.com/agm2017
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT creates better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, visionary urban development, passionate execution and inspiring leadership. Our growth engine is urban development involving partners. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com