Q4 2023 YIT Oyj Earnings Call Transcript
Good morning, everyone, and welcome to YIT's fourth-quarter 2023 results webcast. My name is Essi Nikitin, and I'm the Head of Investor Relations at YIT. Together with me here are our CEO, Heikki Vuorenmaa; and CFO, Tuomas Mäkipeska.
At this point, I will hand over to Heikki. Please go ahead.
Thank you, Essi. Good morning, everyone, and welcome to fourth-quarter and full-year '23 results webcast.
Since first quarter of the year, we experienced a notable positive trend in housing sales, especially in Central Eastern European countries, showcasing impact of our own actions and market resilience. Group operating cash flow continued to improve towards the end of the year, and our debt level declined during the last quarter. Both of our contracting segments continued to improve underlying performance, even though the fair valuation of assets impacted our fourth-quarter results.
Throughout the year, our diligent cost management initiatives have been implemented
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