1. YIT Group Financial Statements 2002 Reino Hanhinen
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2. YIT’s Group Structure 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
Capital Investment
Services for Industry Industrial Maintenance
Building Systems
Scandinavia
Property Networks
Mobile Networks
Fixed Networks
Net sales MEUR 1 112
Personnel , 850
Net sales MEUR Personnel ,900
Net sales 6-12/ MEUR 96 Personnel ,600
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3. Events in 2002
YIT was recategorized on Helsinki Exchanges from the Construction Business Sector to the Other Services Business Sector.
Net sales growth 9 %, amount EUR million.
Return on investment at a good level of 17.8 %.
YIT’s service chain was extended by the acquisition of Primatel on 24th April giving the option to future growth in the field of infrastructure.
The share of net sales accounted for by service and maintenance was 24 %.
The share of net sales accounted for by international activities was 22 %.
Backlog of orders growth 28 %.
Plot reserves considerably strengthened in the greater Helsinki region.
Housing development started in St. Petersburg and the Baltic countries.
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4. Corporate Governance
YIT won the price of best Investor Relations among Finnish small cap companies in the IR Magazine Nordic 2002 awards.
YIT was ranked number one in the ability to meet market expectations on an earnings per share basis among 34 of the most covered Finnish companies. The results give credit to YIT:s consistent and reliable investor relations communications policy.
YIT was ranked number three in shareholder accountability and number five in the corporate board index in the Finnish Corporate Board Evaluation study in November 2002.
YIT ranked number four by students in the research of the most popular future employers among companies within the technical sector following NOKIA, VTT and UPM-Kymmene .
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5. YIT Share and HEX Portfolio Index, Relative Development
Source: Kauppalehti Online, 7 Feb. 2003
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6. Strategy of International Expansion
YIT Installation
Stronger market position for
YIT Construction and
YIT Primatel in the Baltic countries and Russia
The Baltic countries - AS FKSM, Tallinn
- AS Makroflex, Tallinn
- AB Kausta, Kaunas
- YIT Latvija SIA, Riga
Russia
- ZAO Lentek, St. Petersburg
- ZAO YIT Genstroi, Moscow
- net sales EUR 170 mill.
- personnel 1 300
Stronger market position for YIT Installation in the Nordic countries
Finland - net sales EUR 410 mill.
- personnel 4 100
- local offices 58
Other Nordic countries
(Calor)
- net sales EUR 200 mill.
- personnel 1 600
- local offices:
in Sweden 75 and
in Norway 2
YIT Construction
YIT Primatel
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7. YIT’s Service Chain Spanning the Entire Life Cycle
The life cycle strategy seeks to achieve better service capability,
growth in the business operations and a steadier stream of
profits.
Industrial maintenance
YIT Service (1996)
Maintenance and service for technical building systems
YIT Huber (1996), Calor (2001)
Property maintenance
YIT Rapido (1999)
Road and street maintenance
Finnish Road Administration, Oulunsalo (2001)
Telecom network maintenance
YIT Primatel (2002)
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8. YIT’s Plot Reserves for Housing Production (owned + preliminary agreement)
Helsinki + surround m2
Hämeenlinna m2
Lahti m2
Turku + surroundings m2
Tampere + surround m2
Jyväskylä m2
Kuopio m2
Oulu m2
Total about m2
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9. Number of Start-ups in YIT´s Housing Production
3 278
3 169
2 943
2 944
2 791
2 634
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10. Consolidated Income Statement
EUR million
2002
2001
Change
Net sales
1,763.0
1,623.1
9 %
of which share of intl. operations
386.9
330.5
17 %
Operating income and expenses
-1,643.5
-1,497.2
10 %
Depreciation and write-downs
-16.9
-16.8
1 %
Goodwill depreciation
-12.8
-9.4
36 %
Operating profit
89.8
99.7
-10 %
% of net sales
5.1 %
6.1 %
Financial income and expenses (net)
-12.2
-10.9
12 %
Profit before extraordinary items
77.6
88.8
-13 %
Extraordinary income
Extraordinary expenses
Profit before taxes
Profit for the period
43.0
61.6
-30 %
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11. Consolidated Balance Sheet
EUR million
2002
2001
Change
ASSETS
Intangible assets
9.7
7.7
26 %
Goodwill
71.8
46.9
53 %
Tangible assets
61.9
69.7
-11 %
Investments
Own shares
7.2
6.5
11 %
Other investments
7.1
6.3
13 %
Inventories
338.1
259.3
30 %
Receivables
503.5
483.0
4 %
Marketable securities
10.7
18.6
-42 %
Cash and cash equivalents
28.2
18.4
Assets total
1,038.2
916.4
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12. Consolidated Balance Sheet
EUR million
2002
2001
Change
LIABILITIES
Share capital
59.5
58.8
1 %
Other shareholders’ equity
313.7
291.6
8 %
Minority interests
2.9
3.2
-9 %
Provisions for liabilities and charges
14.2
10.1
41 %
Non-current liabilities
138.2
141.2
-2 %
Current liabilities
509.7
411.5
24 %
Liabilities total
1,038.2
9,164
13 %
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13. *) Proposal of Board of Directors
Key Figures
2002
2001
Change
Return on investment
17.8 %
21.6 %
Return on equity
12.2 %
19.1 %
Equity ratio
38.2 %
40.3 %
Net interest-bearing debt, EUR mill.
104.1
110.7
-6 %
Gearing ratio
28.%
31.9 %
Earnings/share, EUR
1.49
2.14
-30 %
Earnings/share excl. residual tax
1.86
Equity/share, EUR
12.54
11.92
5 %
Dividend/share, EUR
0.90*)
0.85
6 %
Dividend/earnings
60.4 %*)
39.7 %
Dividend/earnings excl. residual tax
48.4 %*)
P/E-multiple
11.3
6.3
Backlog of orders, EUR million
9388
735.8
28 %
Personnel, average
11,990
10,118
19 %
*) Proposal of Board of Directors
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14. Net Sales by Division in 2002
Building Construction
EUR 619 million (35%)
YIT Primatel *)
EUR 96 mill. (5 %)
Property Services
EUR 207 mill. (11%)
*) 6 – 12/ 2002
Scandinavia
EUR 201 mill. (11 %)
Infraservices
EUR 119 mill. (7%)
Industrial Maintenance
EUR 104 mill. (5 %)
International Operations
EUR 168 mill. (9%)
Industrial Investments EUR 163 mill. (9 %)
Technical Building Services EUR 146 mill. (8%)
Total EUR 1, 763 million
share of international business EUR 387 million
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15. Net Sales by Area in 2002 Total EUR 1,763 million Others
Russia
EUR 41 mill. (2%)
Finland
EUR mill. (78 %)
The Baltic countries
EUR 97 mill. (6 %)
Other Nordic Countries
EUR 228 mill. (13 %)
Total EUR 1,763 million
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16. *) On June 1, 2002 into the YIT Group
Operating Profit by Division in 2002
Building Construction EUR 49.3 million (49 %)
YIT Primatel *)
EUR 6.0 mill. (6 %)
YIT Installation EUR 21.1 million (22 %)
Property Services
EUR 13.1 million (13 %)
International Operations
EUR 6.2 million (6 %)
Infraservices
EUR 4.1 million (4 %)
*) On June 1, 2002 into the YIT Group
Total EUR 89,8 million
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17. *) On June 1, 2002 into the YIT Group
Operating Profit
EUR million
2002
2001
YIT CONSTRUCTION
70.3
79.4
YIT INSTALLATION
21.1
24.9
YIT PRIMATEL*)
6.0
YIT-CORPORATION
89.8
99.7
*) On June 1, 2002 into the YIT Group
| YIT-YHTYMÄ OYJ

18. Backlog of Orders by Quarter EUR million at the end of the period
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19. Target Levels for Financial Indicators
Average annual growth in net sales 10 – 15%
Return on investment 18%
Equity ratio 40%
Dividend payout 30 – 50% of the net profit for the year after taxes and minority interests
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20. Net Sales and Operating Profit 1998 - 2002
Net sales (EUR million)
Operating profit (EUR million)
Target level: Annual growth %
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21. Return on Investment and Equity Ratio 1998 – 2002
Target level: 18%
Target level: 40%
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22. *) On June 1, 2002 into the YIT Group
Return on Investment by Division
2002
2001
Building Construction
22.0 %
23.4 %
Property Services
13.3 %
23.7 %
Infraservices
22.6 %
21.4 %
International Operations
12.5 %
22.4 %
YIT Construction
19.6 %
23.3 %
YIT Installation
25.0 %
32.1 %
YIT Primatel *)
22.8 %
YIT Group
17.8 %
21.6 %
*) On June 1, 2002 into the YIT Group
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23. Net Interest-bearing Debt and
Gearing Ratio 1998 – 2002
Net interest-bearing debt
(EUR million)
Gearing ratio, %
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24. Free Cash Flow 2002 2001 Cash flow from operating activities 119 964
EUR 1 000
2002
2001
Cash flow from operating activities
Change in working capital
7 015
Net capital expenditure
Pre-tax operating cash flow
78 354
62 774
Net financial income/expenses
-8 903
Dividends received 88
237
Taxes paid
Cash flow from financing activities
-5 587
Liquid assets at January 1
37 016
12 692
Liquid assets at December 31
38 938
Change in liquid assets
1 922
24 324
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25. Earnings per Share and Equity per Share 1998 – 2002 Equity/share, EUR
Earnings/share, EUR
Equity/share, EUR *
*excl. residual tax
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26. Dividend Payout 1998 - 2002 Dividend payout % of annual profit
Dividend/share
EUR
Dividend payout
% of annual profit *) *) **
*) Proposal of Board of Directors
YIT´s dividend policy:
30 – 50% of the annual profit after taxes and
minority interests
** excl. residual tax
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27. Total number of shareholders 3,263, nominal value of share EUR 2.
Principal Shareholders Dec. 31, 2002
No %
1. Suomi Group 2,937,
2. Tapiola Group 2,922,
3. Sampo Life Insurance Company Ltd 2,667,
4. Varma-Sampo Mutual Pension Ins.Co 2,161,
5. Pohjola Group 1,631,
6. Ilmarinen Mutual Pension Ins.Co 1,180,
7. Kaleva Mutual Insurance Company ,
8. Local Government Pensions Inst ,
9. YIT Corporation ,
10. LEL Employment Pension Fund ,
Nominee-registered 6,574,
Other shareholders 7,284,
Total ,746,
Total number of shareholders 3,263, nominal value of share EUR 2.
Share capital EUR 59,492,670.
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28. Nominee-registered Shareholders at End of
Month 1997 – Dec/2002, Percentage of Equity
+ Other Foreign Ownership June/2000 – Dec/2002
1997
1998
1999
2000
2001
2002
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29. Corporate Governance Shareholder accountability Corporate board index*1 2 3 4 5 6 7 8 9 10
Nokia
UPM-Kymmene
YIT-Yhtymä
Nokian Renkaat
Amer Group
Uponor
CapMan
Stora Enso
Instrumentarium
Finnlines
Nokia
UPM-Kymmene
Vaisala
Nokian Renkaat
YIT-Yhtymä
Tietoenator
Stora Enso
Amer Group
Instrumentarium
KCI Konecranes
*The corporate board index includes board independence,
accountability to shareholders and board quality.
YIT was ranked number three in shareholder accountability and number five in the corporate
board index by analysts and asset managers in the Finnish Corporate Board Evaluation
study in November The study included 43 of the largest companies listed on HEX.
Source: LTT Research Ltd, November 2002
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30. Earnings per share predictability
Finnish companies
Average company score
Building materials
YIT was ranked number one in the ability to meet market expectations on an earnings
per share basis. The results give credit to YIT:s consistent and reliable investor relations
communications policy. The research included 34 of the most covered Finnish companies
and was conducted by the independent research institution AQ Publications in 2002.
Source: AQ Nordic Region Report 2002
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31. YIT Construction Net Sales by Business Unit 2002 (2001)
Building Construction
56 % (58 %)
- Residential Construction 46 % (45%)
International Operations
15 % (12 %)
- Other buildings
10 % (13%)
Infraservices
11 % (11 %)
Property Services 18 % (19 %)
Net sales EUR 1,111.8 million (1,013.8)
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32. Maintenance of production processes and equipment
YIT INSTALLATION LTD
Building
systems
Capital investment
services
Industrial
maintenance
apartments
office
industry
BUILDINGS
HEPACE and automation contracting, service and maintenance. Fire fighting, access controll and security systems
energy
process
marine
forest
food
INDUSTRY Piping systems, cisterns and pressure vessels contracting
Maintenance of production processes and equipment
Scandinavia
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33. Net sales EUR 581.7 million (627.8)
YIT Installation
Net Sales by Sector 2002 (2001)
Building systems,
investments
18 % (18 %)
Industry,
investments
19 % (29 %)
Building systems,
maintenance
27 % (28 %)
Industry,
maintenance
36 % (25 %)
Net sales EUR million (627.8)
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34. Net sales EUR 95.8 million (on June 1, 2002 into YIT Group)
YIT Primatel
Net sales 2002
International
Operations 1 %
Maintenance
Repairs
Subscriber deliveries
59 %
Project
Production
40 %
Net sales EUR 95.8 million (on June 1, 2002 into YIT Group)
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35. Number of ADSL-interfaces in Finland
YIT Primatel’s Market Situation
Domestic
Construction of UMTS starting intensively in 2005.
Further consolidation expected in the operator field as well as outsourcing of field operations.
The number of xDSL (Digital Subscriber Lines) increasing in the near future by 110,000 –140,000 per year.
Technical Services of IT networks (FESS) and WLAN are a new growth area.
The property networks market will grow by network reconstructions, security services, remote control of real estates and automation.
International market potential in surrounding regions
Fixed network monopolized but opening up for competition
Outsourcing of field services also in other Nordic countries and the Baltic countries.
Number of ADSL-interfaces in Finland
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36. YIT’s start-ups 813 flats in 2002
Start-ups of Housing Units in Russia and the Baltic Countries
YIT’s start-ups 813 flats in 2002
20000
16000
2800
1900
750
870
800
150
| YIT-YHTYMÄ OYJ

37. Migration between Municipalities
in Finland
persons
2002:
276,978
persons
Source: Statistics Finland, Jan. 2003
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38. 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
Oma talous
Finland´s economic
situation
Suomen talous
Source: Statistics Finland´s Consumer Survey, Jan. 2003
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39. Withdrawals of Housing Loans and the Average Interest Rate of New LoansMe %
Source: Bank of Finland, Jan. /2003
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40. Vol. index 1985 = 100, season adjusted
Total Output by Main Branches
Vol. index 1985 = 100, season adjusted
Industry
Services
GDP
Construction
Source: Statistics Finland/TT, December 2002
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41. Industrial Investments in Finland 1980 - 2003
EUR billion, current prices
TT´s investment survey
Tangible investments/Statistics Finland
Sources: Statistics Finland and TT, Jan. 2003
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42. Major Projects St. Petersburg waste water treatment plant
Japan’s embassy in Moscow
Large future projects
Fifth nuclear power plant
Vuosaari port
Helsinki - Turku highway
Agreement on the development of the Espoo mansion area with landowners
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43. YIT’s Main Strategy and Outlook
YIT´s main strategy is profitable growth.
Stable development of net sales and profit expected for YIT during 2003.
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44. www.yit.fi More information on our site at
Esko Mäkelä Executive Vice President tel fax
Petra Thorén Manager, Investor Relations tel gsm fax
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