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The plunge of the oil price and ruble with their repercussions have increased the uncertainty of the operating environment in Russia. YIT decreased its apartment start-ups in Russia significantly during the last quarter of 2014 and at the same time, completed several large projects.

Due to the decrease in the production volume, YIT’s operations in Russia will be adjusted and the number of employees is estimated to decrease by approximately 300. The objective of the reorganisation is to increase flexibility and to ensure cost-efficiency and competitiveness in the new market environment. A EUR 3.1 million non-recurring cost will be recorded in the 2014 fourth quarter results related to the restructuring of the Russian operations.

As for new plot investments and apartment start-ups, the plan is to maintain a production volume that will enable profitable business and positive cash flow in all current operating cities. At the same time, the target is to retain good readiness to increase the production when the operating environment allows it.

YIT will publish financial information on the development of the Russian operations in its Financial Statements Bulletin on February 5, 2015. 

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