YIT CORPORATION STOCK EXCHANGE RELEASE, JUNE 1, 2004, 14:30
THE ADMINISTRATIVE COURTS RULING ON YITS RESIDUAL TAXES FOR 1997
In its ruling on May 27, 2004, the Helsinki Administrative Court brought into force the residual taxes that were levied from YIT Corporation for 1997. The court ruled that the EUR 10.9 million in residual taxes levied from the company in March 2002 are to be paid, along with the consequences for delay. YIT will seek a leave to appeal the decision from the Supreme Administrative Court.
In the residual taxes levied by the Tax Office for Major Corporations in March 2002, EUR 25 million was added to the companys taxable income for 1997 because the tax authorities did not approve for YIT Corporation the confirmed tax losses of its merged subsidiary. YIT paid the EUR 10.9 million in residual taxes and recorded them in their entirety in its result for the first quarter of 2002.
The Tax Correction Board of the Tax Office for Major Corporations approved YIT Corporations appeal on December 18, 2002, and the Tax Office for Major Corporations repaid EUR 11.0 million to YIT as a tax refund at the beginning of 2003. This tax refund has not been recorded in YIT Corporations financial results for 2002 or 2003 due to an appeal made by the tax authorities.
Stock exchange bulletins on this matter have been previously released on March 14, 2002, December 31, 2002, and March 3, 2003.
Veikko Myllyperkiö Vice President, Corporate Communications
For additional information, contact: Executive Vice President Esko Mäkelä, tel. +358 20 433 2258, firstname.lastname@example.org Accounting Director Leila Vanhanen, tel. +358 20 433 32291, email@example.com
Distribution: Helsinki Exchanges, principal media, Financial Supervision, www.yit.fi
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