YIT

History

2022

Losses due to reduced activity in Russia calculated

The total losses of Finnish companies, whose shares are traded on the stock exchange in Helsinki, due to the reduction or closure of business in the Russian Federation against the background of the Russian special operation in Ukraine in 2022 amounted to about 4 billion euros. Fortum, YIT, Nokian Tyres and Finnair lost a lot of all the money. Such data in early March 2023 cited the newspaper Helsingin Sanomat. Read more here.

Etalon bought Russian YIT assets for 4.6 billion rubles

On April 1, 2022, the Etalon development group announced the purchase of Russian assets of the Finnish construction company YIT for about 4.6 billion rubles after the latter decided to leave the Russian Federation. According to Kommersant, the deal involves a large discount, given that the estimated cost of projects included in its perimeter is 8.4 billion rubles.

By the beginning of April 2022, YIT in Russia has 19 projects in five regions: Moscow Region, St. Petersburg, Sverdlovsk Region, Kazan and Tyumen. This is residential real estate at the design or construction stage. The area of ​ ​ unsold residential premises in all projects is 600 thousand square meters. m.

Etalon bought Russian YIT assets for 4.6 billion rubles

The deal will also include exclusive YIT rights to the Dispatcher 24 software and service, designed to manage apartment buildings and residential areas, design documentation and a library of standard projects for monolithic construction and buildings made of prefabricated panel structures, as well as service companies.

For YIT, selling such a large portfolio at a significant discount is an economically unreasonable transaction and is caused by political motives, believes Key Capital CEO Sergei Kamlyuk. In his opinion, this was necessary in order to quickly "enter the money" and leave the Russian market.

In early March 2022, the Finnish concern, which had been working in Russia since 1961, announced the suspension of investments in land plots and housing construction in the Russian Federation against the backdrop of a Russian special operation in Ukraine. The developer also stopped purchasing timber in the country.

It was noted that Russian business has a limited share in the total business and assets of YIT: in 2021, the Housing Construction, Russia segment accounted for 7% (204 million euros) of the total trade turnover of the concern.^[1]

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