YIT’s Annual General Meeting on March 12, 2020: Kari Kauniskangas, President and CEO: “Our positive development continued in 2019”
YIT Corporation Investor news March 12, 2020, at 9:00 a.m.
YIT Corporation holds its Annual General Meeting in Helsinki today, March 12, 2020, at 10:00 a.m. In his review to the General Meeting, President and CEO Kari Kauniskangas will present YIT’s financial statements for 2019 and the outlook for 2020. As published earlier in the 2019 financial statements bulletin, YIT expects its full-year adjusted operating profit to be in the range of EUR 150–190 million.
“Our positive development continued in 2019. The greatest milestone of the year was the opening of the Mall of Tripla in October. The first months of the mall have been extremely successful, and the number of customers has already exceeded 12 million.
According to our strategy update, urban development, the Partnership properties segment and services are our main sources for growth and profitability. We have rigorously been developing business and competitive advantages in these areas. Strategy execution is supported by the decision to the sell Nordic paving and mineral aggregates businesses to Peab, which will significantly strengthen our balance sheet and clarify our business structure. The transaction is expected to be closed in the first or second quarter. We have also progressed well with the actions in Russia to focus on four cities and maintenance business and close down six units.
We have started this year in a strong position, supported by the positive development in 2019. Lately, the Corona virus and changes in the oil price have been causing uncertainty in the market, which could have an impact on YIT through, for instance, personnel falling ill, availability of materials, postponed completion of projects and changes in the general market demand. So far, we have not seen any changes in our business, but we have started precautionary and anticipatory measures.
We have a strong market position in all businesses, our customer satisfaction is at a high level and our order book is strong. This creates a good ground for continued positive development also in 2020.”
The documents of the Annual General Meeting and President and CEO Kari Kauniskangas’ presentation are available on the company website at www.yitgroup.com/agm2020.
For further information, please contact:
Vice President, Investor Relations
Distribution: NASDAQ Helsinki, key media, www.yitgroup.com
YIT is the largest Finnish and significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic countries, Czech Republic, Slovakia and Poland. Our revenue in 2019 was approximately EUR 3.4 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com