90 YIT Corporation Interim Report January-March

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Presentation transcript:

90 YIT Corporation Interim Report January-March 2002 2002 1912 YIT INSTALLAATIOT OY YIT CORPORATION 12/2001

Consolidated income statement EUR mill. Jan-Mar/ 2002 2001 change Jan-Dec/ Net sales 386.4 355.4 9% 1,623.1 Share of international operations 89.1 66.4 34% 330.5 Operating income and expenses -365.3 -329.8 11% -1,497.2 Depreciation and write-downs -3.9 -4.0 -3% -16.8 Amortization of goodwill on consolidation -2.4 -2.1 14% -9.4 Operating profit 14.8 19.5 -24% 99.7 % of net sales 3.8% 5.5% .. 6.1% Financial income and expenses, net -2.6 -10.9 Profit before extraordinary items 12.2 16.9 -28% 88.8 Extraordinary income Extraordinary expenses Profit before taxes Profit/loss for the report period -3,1*) 11.6 61.6 90 2002 1912 *) Taking into account the residual tax of EUR 10.9 million.

Consolidated balance sheet EUR mill. Mar/2002 Mar/2001 change Dec/2001 ASSETS Intangible assets 7.9 8.5 -7% 7.7 Goodwill on consolidation 44.6 51.2 -13% 46.9 Tangible assets 68.6 61.9 11% 69.7 Investments Own shares 7.2 1.2 500% 6.5 Other investments 6.2 5.6 6.3 Inventories 251.4 261.8 -4% 259.3 Receivables 482.6 437.6 10% 483.0 Marketable securities 11.8 2.0 490% 18.6 Cash and cash equivalents 9.8 17.8 -45% 18.4 Total assets 890.1 847.6 5% 916.4 90 2002 1912

Consolidated balance sheet EUR mill. Mar/2002 Mar/2001 change Dec/2001 SHAREHOLDERS’ EQUITY AND LIABILITIES Share capital 58.8 .. Other shareholders’ equity 264.2 241.5 9% 291.6 Minority interest 3.3 1.4 136% 3.2 Provisions for liabilities and charges 9.0 9.4 -4% 10.1 Long-term liabilities 140.5 100.9 39% 141.2 Current liabilities 414.3 435.6 -5% 411.5 Total shareholders’ equity and liabilities 890.1 847.6 5% 916.4 90 2002 1912

*) Without residual tax of EUR 10.9 mill. Key figures Mar/2002 Mar/2001 change Dec/2001 Earnings/share, EUR -0.11 0.40 .. 2.14 Earnings/share, EUR *) 0.27 Equity/share, EUR 10.96 10.21 7% 11.92 Average share price, EUR 15.39 13.06 18% 12.66 Share price at end of period, EUR 16.50 12.00 38% 13.50 Net interest-bearing debt, EUR mill. 123.6 154.6 -20% 110.7 Return on investment (*Q2/01-Q1/02) 20.4%* 21.6% Equity ratio 38.5% 37.4% 40.3% Gearing ratio 38.7% 51.4% 31.9% Gross capital expenditures, EUR mill. 4.2 49.3 -91% 75.1 Backlog of orders, EUR mill. 763.5 698.8 9% 735.8 Average personnel 10,554 9,950 6% 10,118 *) Without residual tax of EUR 10.9 mill. 90 2002 1912

90 2002 1912 Net sales by division Building Construction 154.4 134.4 EUR mill. Jan-Mar/ 2002 2001 change Apr/2001- Mar/2002 Jan-Dec/ Building Construction 154.4 134.4 15% 612.1 592.1 Property Services 41.5 30.0 38% 198.7 187.2 Infraservices 17.6 26.6 -34% 106.5 115.5 International Operations 36.3 17.9 103% 138.7 120.3 YIT Construction Subgroup 249.8 208.9 20% 1,056.0 1,015.1 YIT Installation Subgroup 144.9 150.0 -3% 622.7 627.8 Other items -8.3 -3.5 137% -24.6 -19. 8 YIT Group, total 386.4 355.4 9% 1,654.1 1,623.1 90 2002 1912

90 2002 1912 Net sales by division January – March 2002 YIT Installation Subgroup EUR 145 mill. (37%) Building Construction EUR 154 mill. (39%) YIT Construction Subgroup EUR 250 mill. (63%) Scandinavia EUR 48 mill. (11%) Property Services EUR 42 mill. (11%) Capital Investment Services for Industry EUR 43 mill. (10%) Infraservices EUR 18 mill. (4%) International Operations EUR 36 mill. (9%) Industrial Maintenance EUR 24 mill. (6%) Technical Building Services EUR 38 mill. (10%) YIT Group, total EUR 386 mill. share of international operations EUR 89 mill. 90 2002 1912

Operating profit by division EUR mill. Jan-Mar/ 2002 2001 change Apr/2001- Mar/2002 Jan-Dec/ Building Construction 12.1 12.2 -1% 49.0 49.1 Property Services 1.5 4.7 -68% 19.5 22.7 Infraservices 0.1 0.5 -80% 3.9 4.3 International Operations 1.0 100% 7.6 7.1 Other items -2.1 -1.8 17% -4.1 -3.8 YIT Construction Subgroup 12.6 16.1 -22% 75.9 79.4 YIT Installation Subgroup 4.2 3.2 31% 25.9 24.9 -2.0 0.2 .. -6.8 -4.6 YIT Group, total 14.8 -24% 95.0 99.7 90 2002 1912

Order backlog by division EUR mill. Mar/ 2002 2001 change Dec/ Building Construction 256.2 209.4 22% 240.6 Property Services 141.0 143.6 -2% 138.9 Infraservices 71.2 57.9 23% 51.3 International Operations 78.7 47.7 65% 79.0 YIT Construction Subgroup 547.1 458.6 19% 509.8 YIT Installation Subgroup 216.4 240.2 -10% 226.0 YIT Group, total 763.5 698.8 9% 735.8 90 2002 1912

EUR million at end of period Order backlog by quarter EUR million at end of period 90 2002 1912

Target levels for financial indicators Average annual growth in net sales 10 – 15% Return on investment 18% Equity ratio 45% Dividend payout 30 – 50% of the net profit for the year after taxes and minority interests

Net sales and operating profit 1997 – January – March 2002 Net sales (EUR mill.) Operating profit (EUR mill.) 1-3 1-3 1-3 1-3 Target level: Annual growth 10 - 15% 90 2002 1912

90 2002 1912 Net sales by quarter 1999 – QI/2002 EUR mill. The figures for 1999 and 2000 are pro forma. 90 2002 1912

Operating profit by quarter 1999 – QI/2002 EUR mill. 90 2002 1912

Return on investment and equity ratio 1997 – March 2002 Return on investment, % Equity ratio, % Q2/01- Q1/02 3/01 3/02 Target level: 18% Target level: 45% 90 2002 1912

Net interest-bearing debt and gearing ratio 1997 – March 2002 Net interest-bearing debt (EUR mill.) Gearing ratio, % 3/01 3/02 3/01 3/02 90 2002 1912

Principal Shareholders April 30, 2002 No. % 1. Tapiola Group 3,728,145 12.69 2. Suomi Group 2,937,370 9.99 3. Sampo Group 2,767,780 9.42 4. Varma-Sampo Mutual Pension Ins.Co 2,136,752 7.27 5. Pohjola Group 1,633,500 5.56 6. Ilmarinen Mutual Pension Ins.Co 1,175,800 4.00 7. Kaleva Mutual Insurance Company 666,000 2.27 8. Local Government Pensions Inst. 600,000 2.04 9. YIT Corporation 567,300 1.93 10. LEL Employment Pension Fund 343,700 1.17 Nominee-registered 5,822,011 19.81 Other shareholders 7,005,327 23.85 Total 29,383,685 100.00 Total number of shareholders 2,979. Nominal value of the share 2 euros. Share capital EUR 58,767,370. 90 2002 1912

90 2002 1912 Nominee-registered shareholders at end of month 1997 – 2002, percentage of equity + Other foreign ownership June/2000 - 2002 1997 1998 1999 2000 2001 2002 90 2002 1912

YIT share and HEX portfolio index, relative development Source: Kauppalehti Online, April 26, 2002

90 2002 1912 Dividend payout 1997 - 2001 Dividend/share EUR % of annual profit YIT’s dividend policy: 30 – 50% of the annual profit after taxes and minority interests 90 2002 1912

Total output by main branches Vol.index 1985 = 100, season adjusted Industry GDP Services Construction Source: Statistics Finland, March 2002 90 2002 1912

Migration between municipalities in Finland persons Source: Statistics Finland, Dec./2001 90 2002 1912

Number of completed housing units 1970 - 2002 number E Source: RT, March 2002 90 2002 1912

90 2002 1912 Withdrawals of housing loans and average interest rate of new loans EUR mill. % Source: Bank of Finland, April 2002 90 2002 1912

90 2002 1912 Consumers’ estimate of their own households’ and Finland’s economic situation in 12 months’ time Saldo (%-share of positive answers - %-share of negative answers) Own economy Finland’s economy Source: Statistics Finland’s Consumer Survey, April 2002 90 2002 1912

Vacancy rate in the Greater Helsinki Area 1990 – March 2002 Source: Catella Property Consultants, March 2002 90 2002 1912

TT’s Investment Survey Tangible investments/Statistics Finland Industry’s investments in Finland 1980 - 2002 EUR billion current prices TT’s Investment Survey Tangible investments/Statistics Finland Source: Statistics Finland and TT, Jan./2002 90 2002 1912

Number of start-ups in YIT’s housing production number 3,169 3,100 2,943 2,944 2,791 2,634 *) budgeted 90 2002 1912

for the acquisition of Primatel YIT’s strategic basis for the acquisition of Primatel Seeking growth by entering a future growth area. Telecommunications networks represent the infrastructure of the future. Supplementing YIT’s service chain with telecomms expertise. More extensive service offering to its customers. Total service for telecommunications customers from planning to construction and maintenance. Increasing the share of maintenance operations in YIT’s net sales. Opportunity to increase international operations in neigbouring markets Mobile networks in Eastern and Northern Europe Projects and maintenance are part of YIT’s core business. 90 2002 1912

Primatel in brief Finland’s leading provider of construction and maintenance services in the field of data transfer solutions. The company went into business on July 1, 1999, when Sonera’s construction and maintenance division was transferred under it. Net sales in 2001: EUR 154 million (2000: EUR 166 million) Share of Sonera works: 77% Operating profit in 2001: about EUR 8 million (2000: EUR 15 million) Operating profit margin: 5% (2000: 9%) Payroll: 1,753 people on Dec. 31, 2001 A network of business locations in over 100 localities, providing Finland-wide coverage. 90 2002 1912

90 2002 1912 YIT’s Group Structure after the acquisition of Primatel YIT CORPORATION Reino Hanhinen Group Administration Corporate Services YIT CONSTRUCTION LTD Ilpo Jalasjoki YIT INSTALLATION LTD Juhani Pitkäkoski YIT PRIMATEL LTD Hannu Leinonen Residential Construction Building Construction Property Services Infraservices International Operations Technical Building Services Industrial Maintenance Capital Investment Services for Industry Scandinavia Fixed Networks Mobile Networks Property Networks Other Business Operations Net sales in 2001 EUR 1,015 mill. EUR 628 mill. EUR 154 mill. Personnel Mar/2002 4,400 6,100 1,750 90 2002 1912

90 YIT’s strategic path 2002 1912 Service provider Maintainer content of life-cycle service chain Developer Telecommunications contractor Contractor HEPACE contractor Building contractor Earthworks contractor scope of the range of services 90 2002 1912

Servicing and maintenance Strong growth in maintenance services Properties, infrastructure and industry Measures Facility Management Rapido, Optum 1999 Maintenance of infrastructure public road maintenance opened to competition 2001 Industrial maintenance Scandinavian Mill Service several acquisitions Calor 2001 Primatel 2002 Servicing and maintenance business %of net sales EUR mill. 90 2002 1912

International operations Opportunities YIT’s present network of business locations Russia/Baltic countries need for mobile networks on the rise mobile phone density still modest going abroad with customers equipment manufacturer partnerships going local by means of acquisitions Nordic countries next-generation mobile networks and their maintenance expanding the range of services to the existing network “Telepaatti” marine cabling other applications will be examined 90 2002 1912

YIT Primatel’s growth opportunities Technology and the markets are continuing to evolve and grow vigorously. Constant stream of new technologies: 3G, wlan, ADSL, “4G”. Constant growth in volume of transferred data. Market field in flux. New operators without installation resources on the market. Old operators are also outsourcing their functions. Equipment manufacturers are outsourcing their installation operations. Networking with them provides new opportunities. As an independent player, YIT Primatel is well poised to expand its customer base and volume. 90 2002 1912

Framework agreement between Sonera and YIT Primatel The framework agreement concerns the business between Sonera and YIT Primatel until the end of 2005, as regards maintenance operations until the end of 2003, as regards construction services The purpose is to secure the companies’ business operations develop the services provided by the companies 90 2002 1912

A new high-quality residential area to Espoonkartano, Espoo Size of the area: 570 hectares 24 kilometres from the centre of Helsinki Motorway to Turku Ring III 90 2002 1912

Esbogård Ab / YIT Cooperation Agreement on the development and realization of a 570-hectare area Cooperation with the City of Espoo A joint working group offers the city the necessary zoning resources High-quality single-family and terraced houses 5,000-8,000 residents The aim is to start construction in 2005 Possibly linked to the Espoo housing fair in 2006 90 2002 1912

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