YIT Group Interim Report JanuaryMarch2003 Reino Hanhinen Together
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YIT Group Interim Report January-March/2003 Reino Hanhinen Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Group Interim Report January-March/2003 I. YIT Group II. Financials III. Strategy and financial targets IV. YIT share V. Future outlook Appendices Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Group Interim Report January-March/2003 I. YIT Group Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Interim Report Jan-Mar/2003 Major events • Net sales growth 12 % amounting to EUR 431. 5 million (1 -3/2002: EUR 386. 4 million). • Backlog of orders at all time high level EUR 1, 008. 3 million (EUR 763. 5 million). • • • Order backlog qrowth 32%. • Return on investment at good 17. 0% level (20. 4%). The share of net sales accounted for by service and maintenance operations was 25% (23%). Foreign order backlog growth 51% rising to EUR 257. 9 million (EUR 170. 8 million). Together we can do it. May 6. 2003 | YIT CORPORATION
Group structure as of May 2003 YIT CORPORATION Reino Hanhinen Group Administration Corporate Services YIT CONSTRUCTION LTD YIT INSTALLATION LTD YIT PRIMATEL LTD Ilpo Jalasjoki Juhani Pitkäkoski Hannu Leinonen Residential Construction Building Construction Property Services Infraservices International Operations Capital Investment Services for Industry Industrial Maintenance Building Systems Scandinavia Property Networks Mobile Networks Fixed Networks Net sales 1 -3/2003 Personnel 3/2003 MEUR 281 4, 800 Net sales 1 -3/2003 Personnel 3/2003 MEUR 129 5, 850 Net sales 1 -3/2003 MEUR 26 Personnel 3/2003 1, 600 Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Construction Net sales by division Jan-Mar/2003 (year 2002) Building Construction 67% (56%) - Residential construction 57% (46%) International Operations 12% (15%) Infraservices 8% (11%) Property Services 13% (18%) - Other building construction 10% (10%) Net sales MEUR 280. 6 (1, 111. 8) Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Installation Net sales by business sectors Jan-Mar/2003 (year 2002) Investment services for building systems 17% (18%) Investment services for industry 17% (19%) Maintenance services for building systems 30% (27%) Maintenance services for industry 36% (36%) Net sales MEUR 129. 2 (581. 7) Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Primatel Net sales Jan-Mar/2003 (Jun-Dec/2002) International operations (1%) Maintenance, repairs, subscriber deliveries 60% (59%) Project production 40% (40%) Net sales MEUR 25. 5 (95. 8) Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Group Interim Report January-March/2003 II. Financials Together we can do it. May 6. 2003 | YIT CORPORATION
Consolidated income statement MEUR Jan-Mar/ 2003 Jan-Mar/ 2002 change Jan-Dec/ 2002 431. 5 386. 4 12% 1, 763. 0 84. 5 89. 1 -5% 386. 9 -417. 7 -365. 3 14% -1, 643. 5 Depreciation and write-downs -4. 1 -3. 9 5% -16. 9 Amortization of goodwill -2. 8 -2. 4 17% -12. 8 6. 9 14. 8 -53% 89. 8 1. 6% 3. 8% . . 5. 1% Financial income and expenses, net -3. 6 -2. 6 38% -12. 2 Profit before extraordinary items 3. 3 12. 2 -73% 77. 6 Extraordinary income 0 0 . . 0 Extraordinary expenses 0 0 . . 0 Profit before taxes 3. 3 12. 2 -73% 77. 6 Profit/loss for the report period 1. 6 -3. 1*) . . 43. 0*) Net sales • share of international activities Operating income and expenses Operating profit • % of net sales *) The result was burdened by residual tax of MEUR 10. 9. May 6. 2003 | YIT CORPORATION Together we can do it.
Consolidated balance sheet MEUR Mar/2003 Mar/2002 change Dec/2002 9. 7 7. 9 23% 9. 7 Goodwill on consolidation 69. 1 44. 6 55% 71. 8 Tangible assets 61. 0 68. 6 -11% 61. 9 • Own shares 7. 2 0% 7. 2 • Other investments 7. 1 6. 2 15% 7. 1 Inventories 337. 8 251. 4 34% 338. 1 Receivables 543. 3 482. 6 13% 503. 5 Marketable securities 15. 1 11. 8 28% 10. 7 Cash and cash equivalents 17. 4 9. 8 78% 28. 2 1, 067. 7 890. 1 20% 1, 038. 2 ASSETS Intangible assets Investments Total assets Together we can do it. May 6. 2003 | YIT CORPORATION
Consolidated balance sheet MEUR Mar/2003 Mar/2002 change Dec/2002 59. 5 58. 8 1% 59. 5 288. 9 264. 2 9% 313. 7 Minority interests 2. 8 3. 3 -15% 2. 9 Provisions for liabilities and charges 9. 6 9. 0 7% 14. 2 Non-current liabilities 118. 2 140. 5 -16% 138. 2 Current liabilities 588. 7 414. 3 42% 509. 7 1, 067. 7 890. 1 20% 1, 038. 2 LIABILITIES Share capital Other shareholders’ equity Total shareholders’ equity and liabilities Together we can do it. May 6. 2003 | YIT CORPORATION
Key figures Mar/2003 Return on investment Equity ratio Net interest-bearing debt, MEUR Gearing ratio Earnings/share, EUR Mar/2002 change Dec/2002 17. 0%*) 20. 4%**) . . 17. 8% 34. 7% 38. 5% . . 38. 2% 122. 4 123. 6 -1% 104. 1 35. 6% 38. 7% . . 28. 2% 0. 06 -0. 11 . . 1. 49 0. 27 . . 1. 86 Earnings/share, EUR, excl. residual tax Equity/share, EUR 11. 70 10. 96 7% 12. 54 Average share price, EUR 15. 95 15. 39 4% 16. 40 Share price at end of period, EUR 14. 69 16. 50 -11% 16. 79 5. 1 4. 2 21% 60. 6 Order backlog, MEUR 1, 008. 3 763. 5 32% 938. 8 Average personnel 12, 478 10, 554 18% 11, 990 Gross capital expenditures, MEUR *) April 1, 2002 - March 31, 2003 **) April 1, 2001 - March 31, 2002 Together we can do it. May 6. 2003 | YIT CORPORATION
Net sales by division MEUR Jan-Mar/ 2003 Jan-Mar/ 2002 change Apr/2002 Mar/2003 Jan-Dec/ 2002 187. 2 154. 4 21% 652. 2 619. 4 Property Services 37. 5 41. 5 -10% 202. 8 206. 8 Infraservices 21. 7 17. 6 23% 122. 9 118. 8 International Operations 34. 4 36. 3 -5% 166. 5 168. 4 Other items (YIT Construction) -0. 2 -0. 4 -50% -1. 4 -1. 6 YIT CONSTRUCTION 280. 6 249. 4 13% 1, 143. 0 1, 111. 8 YIT INSTALLATION 129. 2 144. 9 -11% 566. 0 581. 7 121. 3 95. 8 Building Construction YIT PRIMATEL *) 25. 5 Other items (Group) -3. 8 -7. 9 -52% -22. 2 -26. 3 431. 5 386. 4 12% 1, 808. 1 1, 763. 0 YIT GROUP *) On June 1, 2002, into the YIT Group. Together we can do it. May 6. 2003 | YIT CORPORATION
Operating profit by division MEUR Jan-Mar/ 2003 Jan-Mar/ 2002 change Apr/2002 Mar/2003 Jan-Dec/ 2002 Building Construction 13. 7 12. 1 13% 50. 9 49. 3 Property Services -2. 1 1. 5 . . 9. 5 13. 1 0. 0 0. 1 . . 4. 0 4. 1 International Operations -0. 5 1. 0 . . 4. 7 6. 2 Other items (YIT Construction) -1. 6 -2, 1 -24% -1. 9 -2. 4 YIT CONSTRUCTION 9. 5 12, 6 -25% 67. 2 70. 3 YIT INSTALLATION 1. 8 4, 2 -57% 18. 7 21. 1 4. 3 6. 0 Infraservices YIT PRIMATEL *) -1. 7 Other items (Group) -2. 7 -2, 0 35% -8. 3 -7. 6 6. 9 14, 8 -53% 81. 9 89. 8 YIT GROUP *) On June 1, 2002, into the YIT Group. Together we can do it. May 6. 2003 | YIT CORPORATION
Operative cash flow before taxes MEUR Operative cash flow before taxes = Cash flow from operating activities + Change in net working capital + Cash flow from investing activities Together we can do it. May 6. 2003 | YIT CORPORATION
Gross capital expenditures MEUR %of net sales Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Group Interim Report January-March/2003 III. Strategy and financial targets Together we can do it. May 6. 2003 | YIT CORPORATION
Strategy of international expansion Stronger market position for YIT Construction and YIT Primatel in the Baltic countries and Russia Stronger market position for YIT Installation in the Nordic countries • Finland • The Baltic countries - net sales in 2002 MEUR 410 - personnel 4, 100 - local offices 58 - AS FKSM, Tallinn - AS Makroflex, Tallinn - AB Kausta, Kaunas - YIT Latvija SIA, Riga • Other Nordic countries (Calor) - net sales in 2002 MEUR 200 - personnel 1, 600 - local offices: in Sweden 75 and in Norway 2 • Russia - ZAO Lentek, St. Petersburg - ZAO YIT Genstroi, Moscow YIT Installation YIT Construction YIT Primatel - net sales in 2002 MEUR 170 - personnel 1, 300 Together we can do it. May 6. 2003 | YIT CORPORATION
YIT’s life cycle service chain and major acquisitions Maintenance of telecom networks YIT Primatel (2002) Maintenance of roads and streets Finnish Road Administration, Oulunsalo (2001) Maintenance of building systems YIT Huber (1995), Calor (2001) Maintenance of properties YIT Rapido (1999) Industrial maintenance YIT Service (1996) The life-cycle strategy seeks to achieve better service capability, growth in our business operations and a steadier stream of profits. Together we can do it. May 6. 2003 | YIT CORPORATION
Financial target levels = Average annual growth in net sales 10– 15% = Return on investment 18% = Equity ratio 40% = Dividend payout 30– 50% of net profit for the year after taxes and minority interests Together we can do it. May 6. 2003 | YIT CORPORATION
Net sales and operating profit 1998 – Q 1/2003 Net sales, MEUR Operating profit, MEUR Q 1/02 Q 1/03 Target level: annual growth 10 -15% Together we can do it. May 6. 2003 | YIT CORPORATION Q 1/03
Return on investment and equity ratio 1998 – Q 1/2003 Equity ratio % Return on investment, % Q 1/02 Q 1/03 Target level: 18% Target level: 40% Together we can do it. May 6. 2003 | YIT CORPORATION
Earnings per share and equity per share 1998 – Q 1/2003 Equity per share, EUR Earnings per share, EUR *) *) Q 1/02 Q 1/03 Q 1/02 * Excl. residual tax of MEUR 10. 9 Together we can do it. May 6. 2003 | YIT CORPORATION Q 1/03
Dividend payout 1998 - 2002 Dividend per share, EUR Dividend payout % of annual profit *) YIT´s dividend policy: 30– 50% of annual profit after taxes and minority interests *) Excl. residual tax of MEUR 10. 9 Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Group Interim Report January-March/2003 IV. YIT share Together we can do it. May 6. 2003 | YIT CORPORATION
YIT share and HEX portfolio index, relative development 1 point = 1 day YIT HEX Source: Kauppalehti Online, May 2, 2003 Together we can do it. May 6. 2003 | YIT CORPORATION
YIT’s market capitalization MEUR Q 1/02 Q 1/03 Together we can do it. May 6. 2003 | YIT CORPORATION
Dividend yield* % * Dividend yield calculated at year-end closing rates. Together we can do it. May 6. 2003 | YIT CORPORATION
Principal Shareholders April 30, 2003 No. 1. Suomi Group 2, 937, 370 2. Sampo Life Insurance Company Ltd 2, 667, 780 3. Tapiola Group 2, 273, 345 4. Varma-Sampo Mutual Pension Ins. Co 2, 113, 352 5. Pohjola Group 1, 633, 500 6. Ilmarinen Mutual Pension Ins. Co 1, 194, 600 7. Kaleva Mutual Insurance Company 766, 000 8. Local Government Pensions Inst. 664, 500 9. YIT Corporation 567, 500 10. LEL Employment Pension Fund 418, 700 Nominee-registered 6, 270, 895 Other shareholders 8, 238, 793 Total 29, 746, 335 % 9. 87 8. 97 7. 64 7. 10 5. 49 4. 02 2. 58 2. 23 1. 91 1. 41 21. 08 27. 70 100. 00 Total number of shareholders 3, 511. Nominal value of share 2 euros. Share capital EUR 59, 492, 670. Together we can do it. May 6. 2003 | YIT CORPORATION
Nominee-registered shareholders + other foreign ownership as a percentage of equity 1999 2000 2001 2002 2003 Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Group Interim Report January-March/2003 V. Future outlook Together we can do it. May 6. 2003 | YIT CORPORATION
Order backlog by quarter MEUR at end of period 1, 008. 3 Together we can do it. May 6. 2003 | YIT CORPORATION
Migration between municipalities in Finland persons Q 1/2003: 52, 206 Q 1/2002: 54, 746 Source: Statistics Finland, April 23, 2003 Together we can do it. May 6. 2003 | YIT CORPORATION
Withdrawals of housing loans and average interest rate of new loans % MEUR Source: Bank of Finland, May 2, 2003 Together we can do it. May 6. 2003 | YIT CORPORATION
Number of start-ups in YIT’s housing production Number 3, 169 2, 791 3, 278 2, 944 2, 634 579 Together we can do it. May 6. 2003 | YIT CORPORATION 547
Infra projects and possibilities to profitable growth = Major infra projects • Vuosaari harbour • E 18 Lohja – Muurla motorway • Finland’s fifth nuclear power plant and disposal site of nuclear waste • Several road projects • Botniabana • Lahti branch line = Infrastructure maintenance = Tunnels and rock caverns (to be started in Finland 2003 - 2006) = YIT’s own infra projects and infra products • Parking hall in Hakaniemi, Helsinki • Multi-store car park in Katajanokka, Helsinki • Sports facilities in Leppävaara, Espoo • Sports halls, surfacing works, stabilization works and environmental construction Together we can do it. May 6. 2003 | YIT CORPORATION
International Operations Development of housing market (Average annual growth) MEUR (6%) (17%) (21%) (11%) (84%) Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Primatel Developer of the installation and maintenance market Customers & partners MOBILE NETWOKS FIXED TELENETWORKS + Developing market Operators, Hardware producers Service providers (YIT) IT-systemintegrators PRIMATEL FESS NEAR DISTANCE SUPPORT SERVICESCompany network service companies Growth and services provided closer to the user Operators Together we can do it. May 6. 2003 | YIT CORPORATION Groups, Public sector, Smalland medium sized companies, Consumers YIT PRIMATEL LTD design & installation & delivery & maintenance Market as of today Companies, Public sector, Real estate developers Groups, Small- and medium sized companies, Consumers Near distance-, region-, security-, and protection networks and technics
YIT’s main strategy and future outlook • YIT´s main strategy is profitable growth. • Due to YIT´s strong backlog of orders, stable development of net sales and profit is expected for YIT during 2003. Together we can do it. May 6. 2003 | YIT CORPORATION
More information on our site at www. yit. fi Esko Mäkelä Executive Vice President tel. +358 20 433 2258 fax +358 20 433 3725 e-mail esko. makela@yit. fi Petra Thorén Manager, Investor Relations tel. +358 20 433 2635 gsm +358 40 764 5462 fax +358 20 433 3725 e-mail petra. thoren@yit. fi Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Group Interim Report January-March/2003 Appendices Together we can do it. May 6. 2003 | YIT CORPORATION
MEUR Net sales by quarter, 2000–Q 1/2003 Together we can do it. May 6. 2003 | YIT CORPORATION
Operating profit by quarter, 2000–Q 1/2003 MEUR Together we can do it. May 6. 2003 | YIT CORPORATION
Net sales by division Jan-Mar/2003 Building Construction MEUR 187. 2 (43%) YIT Primatel MEUR 25. 5 (5%) Scandinavia MEUR 47. 9 (11%) Property Services MEUR 37. 5 (9%) Industrial Infraservices Maintenance MEUR 21. 7 (5%) MEUR 23. 4 (5%) International Operations Capital Investment Building Systems MEUR 34. 4 (8%) Services for MEUR 31. 6 (7%) Industry MEUR 31. 8 (7%) Total MEUR 431. 5 • share of international activities MEUR 84. 5 Together we can do it. May 6. 2003 | YIT CORPORATION
YIT Installation Net sales by division Q 1/2003 (year 2002) Building Systems 23% (24%) Investment Services for Industry 24% (27%) Industrial Maintenance 17% (17%) Scandinavia 36% (32%) Net sales MEUR 129. 2 (581. 7) Together we can do it. May 6. 2003 | YIT CORPORATION
Order backlog by division MEUR Mar/2003 Mar/2002 change Dec/2002 Building Construction 329. 1 256. 2 28% 292. 6 Property Services 138. 4 141. 0 -2% 117. 6 56. 8 71. 2 -20% 50. 5 International Operations 175. 0 78. 7 122% 158. 6 YIT CONSTRUCTION 699. 3 547. 1 28% 619. 3 YIT INSTALLATION 214. 5 216. 4 -1% 225. 5 . . 94. 0 32% 938. 8 Infraservices YIT PRIMATEL *) YIT GROUP 94. 5 1, 008. 3 763. 5 *) June 1, 2002, into the YIT Group. Together we can do it. May 6. 2003 | YIT CORPORATION
Average personnel 1998 – Q 1/2003 11, 990 12, 478 10, 118 8, 721 7, 340 8, 189 Together we can do it. May 6. 2003 | YIT CORPORATION
Consumers’ confidence in their own household’s and Finland’s economy within next 12 months Saldo (%-share of positive answers – %-share of negative answers) Own economy Finland’s economic situation Source: Statistics Finland´s Consumer Survey, April 30, 2003 Together we can do it. May 6. 2003 | YIT CORPORATION
% Housing loans/GDP, 2001 Source: OKObank, May 5, 2003 Together we can do it. May 6. 2003 | YIT CORPORATION
Management expenses of a housing loan/ net salary during the first loan year Apartment, 60 m 2, proportion of own financing 30% Greater Helsinki area Whole Finland Other Finland Source: OKObank, May 5, 2003 Together we can do it. May 6. 2003 | YIT CORPORATION
17, 500 2, 200 4, 800 3, 400 1, 500 2, 500 5, 500 2, 900 24, 000 67, 000 87, 000 62, 000 Plot reserves for high-rises; in YIT’s ownership (215, 000 m 2 of floor Together we can do it. area) and preliminary agreement (62, 000 m 2) May 6. 2003 | YIT CORPORATION
9, 000 2, 400 4, 000 5, 000 14, 500 8, 000 8, 500 22, 000 20, 000 57, 000 45, 000 200, 000 2, 000 12, 500 20, 000 1, 550 5, 000 13, 000 Plot reserves for small houses; in YIT’s ownership (227, 000 m 2 of Together we can do it. floor area ) and preliminary agreement (25, 000 m 2) + Espoonkartano (about 200, 000 m 2) May 6. 2003 | YIT CORPORATION
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