YIT Corporation to change its segment structure and the composition of the Group Management Board

YIT CORPORATION TO CHANGE ITS SEGMENT STRUCTURE AND THE COMPOSITION OF THE GROUP MANAGEMENT BOARD                 

YIT Corporation will change its segment structure and the composition of the Group Management Board as of the beginning of 2014.

YIT’s current geographical segment structure will be replaced to better match the company’s new management structure and business areas. As of January 1, 2014, YIT’s two reporting segments will be “Housing” and “Business Premises and Infrastructure”. Under the Housing segment, key financial figures such as revenue, operating profit and invested capital will also be reported for two geographical regions: 1) Finland, the Baltic countries and Central Eastern Europe, and 2) Russia. The Business Premises and Infrastructure segment comprises business premises construction in Finland, the Baltic countries and Central Eastern Europe, as well as infra services in Finland. Reporting under the new segment structure will begin from the January–March 2014 interim report, which will be published on April 25, 2014. The 2013 comparison figures for the new segment structure will be published in March 2014.                                

The composition of YIT’s Group Management Board will be condensed to match the new management structure. Going forward, the Group Management Board will consist of YIT Corporation’s President and CEO and Head of the Housing segment Kari Kauniskangas, YIT Corporation’s Executive Vice President and Head of the Business Premises and Infrastructure segment Tero Kiviniemi, Head of business area Russia Teemu Helppolainen, Chief Financial Officer Timo Lehtinen, Senior Vice President, Human Resources Pii Raulo and Senior Vice President, Business Development Juhani Nummi. The Extended Group Management Board will include the Heads of business divisions Yuri Belomestnov, Jouni Forsman, Harri Isoviita, Matti Koskela, Timo Lehmus, Tom Sandvik and Mikhail Voziyanov, in addition to the members of the Group Management Board.

The objective of the new management structure is to strengthen the development of YIT’s strategic focus areas and support growth in the company’s own-developed projects, particularly in emerging markets. The changes are aimed at facilitating the effective implementation of the company’s strategy as well as an increasingly customer-focused operating model.

For additional information, please contact:

Kari Kauniskangas, CEO, YIT Corporation, +358 40 570 1313, kari.kauniskangas@yit.fi

Sanna Kaje, Vice President, Investor Relations, YIT Corporation, +358 50 390 6750, sanna.kaje@yit.fi
 

YIT CORPORATION

Sanna Kaje
Vice President, Investor Relations

Distribution: NASDAQ OMX, principal media, www.yitgroup.com

YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia.  Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2012, our revenue amounted to approximately EUR 2 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com