YIT has agreed with banks on a temporary amendment of terms of the revolving credit facility

YIT has agreed with banks on a temporary amendment of terms of the revolving credit facility

The ruble exchange rate has been remarkably volatile during the last quarter of 2014. To secure the availability of the undrawn EUR 300 million revolving credit facility, YIT has agreed with the bank syndicate, that the banks waive the gearing covenant until February 28, 2015. The syndicated revolving credit facility has two financial covenants: equity ratio (IFRS) must be above 25.0% and gearing (IFRS) must be below 150.0%. Of these, the gearing covenant is more sensitive to the fluctuations in the ruble exchange rate.

YIT estimates that with current ruble exchange rate (EUR/RUB: around 70), the company’s gearing (IFRS) is below 150% and equity ratio (IFRS) above 25% in the end of 2014.

For additional information, please contact:

Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Timo Lehtinen, CFO, YIT Corporation, tel. +358 45 670 0626, timo.lehtinen@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 2013, our revenue amounted to nearly EUR 1.9 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com