Yit Oyj Unsp/Adr

Good morning and welcome to YIT's full year 2022 results webcast. My name is Samu Heikkilä and I'm YIT's investor relations manager. The results and highlights of YIT's 2022 will be presented by our CEO, Heikki Vuoremaa, and our CFO, Tuomas Mäkibäsk. After the presentation, we will be taking questions from the conference call line. At this point, I would like to hand over to our CEO, Eikki. Please go ahead.

Thank you, Samu.

During the 2022, our execution of strategy progressed on multiple fronts. We sold our businesses in Russia, improved our profitability and productivity as well as emphasize sustainability in all our operations. By introducing, for example, new construction material innovations to our production and setting ambitious goal for us to become a carbon neutral construction company. If we take a look for the year 2022 to the numbers, Our revenue declined by nine percentage points year on year, driven by the lower number of apartment completions and lower sales in housing. On a business premises and infrastructure, our revenue remains stable, but decreased in the property development where the comparative period was supported by the less wind farm sale. Our increased profitability, both in adjusted EBIT and EBIT margin reflects the stabilized underlying performance in a business premises and infrastructure side, the productivity gains and enhanced project management. During the 22, we took those decisive steps on our strategy execution. As I mentioned before, one of the key events of the year was the sale of the YID business in Russia. The strategic review of the Russian business was originally initiated already in November 2021, and then accelerated after Russia's invasion of Ukraine in early 2022. The sale was finalized under challenging conditions, which led to a weaker financial outcome than originally anticipated. However, after the sale, we were able to fully focus on our strategy and go businesses. In our strategy, we also outlined the plans to achieve annual cost savings, 15 to 20 million euros by 2023 in our continuing operations. By the end of 2022, the annual cost savings amounted to over 20 million euros, exceeding the goal outlined in that strategy. We also achieved additional efficiencies from enhanced project management. At the end of 22, we set ambitious goals to carbon neutral construction by updating our climate targets and created a carbon roadmap to reduce emissions. We are aiming to be a carbon neutral on our own operations by 2030, and we are committed to cut at least 30% of our value chain emissions by the same year. We have already reduced the emissions from our own operations by over 55% compared to the reference year 2019. We have also taken an important step in reducing our value chain emissions, like mentioned earlier.