Yit Oyj · OMXHEX:YIT
Yit Oyj — Non-Deal Roadshow (March 2015)
94 slides from Yit Oyj's roadshow presentation, Mar 3, 2015
Slide 1: YIT - Solid foundation for future growth
Tripla Helsinki, Finland YIT - Solid foundation for future growth Roadshow London, March 3, 2015 Kari Kauniskangas, President and CEO Sanna Kaje, VP, Investor Relations and M&A
Slide 2: Contents
Contents 1 Demerger and new YIT 3 2 Strategy and business model 11 3 Key financials 20 4 Housing Finland, the Baltic countries and CEE 30 5 Housing Russia 40 6 Business Premises and Infrastructure 52 7 Looking ahead and conclusions 61 8 Appendices 68 YIT | 2 | Investor presentation, March 2015
Slide 3: Demerger and new YIT
Staadioni residential area Tallinn, Estonia 1 Demerger and new YIT
Slide 4: Right time to move to the next development phase
Right time to move to the next development phase Over 100 years of experience in Finland, over 50 in Russia YIT expands into building system services in the Nordic countries and Central Europe. Allmänna Ingeniörsbyrån Ab (AIB) establishes an office in Residential and business premises Helsinki and b
Slide 5: Rationale for the partial demerger
Rationale for the partial demerger Building Services sales exceeding • Independent strategies and different EUR 50 million Construction Services sales Finland is the only country with business models exceeding EUR 50 million* both Building Services and • Capital intensive Construction Services Figur
Slide 6: YIT Group in brief
YIT Group in brief • Residential development, business premises and Revenue by business area 2014 infrastructure • Focus on self-developed projects Housing Finland, the 33% Baltic countries and CEE • Operations in 7 countries 40% • Revenue EUR 1.8 billion in 2014 Housing Russia • Operating profit ex
Slide 7: Strong market position in all markets in Housing
Strong market position in all markets in Housing Market leader in Finland, largest foreign residential developer in Russia Listed competitors in residential markets Residential markets in 2014E Number of apartments sold in 2014 Number of apartments*** Russia* 20,166 12,270 9,045 Finland Russia 4,817
Slide 8: YIT a significant player on European level in housing
YIT a significant player on European level in housing Housing sales (units) in 2014 EBIT-% in Housing business in 2014 20,166 14,838 19.8% 20.4% 13,509 17.7% 16.7% 16.0% 12,454 12,270 14.3% 13.0% 9,045 8,066 10.0% 9.1% 6,047 7.1% 5.1% 3,274 3,195 2,871 LSR Barratt Persimmon Taylor W Pik Etalon YIT N
Slide 9: Board of Directors
Board of Directors Versatile expertise on board work, finance, construction industry and Russia Reino Hanhinen Kim Gran Satu Huber Erkki Järvinen Juhani Pitkäkoski Teuvo Salminen Chairman Vice Chairman Board Member Board Member Board Member Board Member Born 1943 Born 1954 Born 1958 Born 1960 Born 1
Slide 10: New segment structure and composition of the Group Management Board
New segment structure and composition of the Group Management Board Group structure as of January 1, 2015 Group Management Board as of January 1, 2015 Kari Kauniskangas Tero Kiviniemi, EVP President and CEO Head of Business (share ownership: 17,624) Premises and Infrastructure YIT Group (share owner
Slide 11: Strategy and business model
2 Strategy and business model Konepaja residential area Helsinki, Finland
Slide 12: Strategic roadmap
Strategic roadmap Focus back on growth Focus on capital and cost efficiency, temporarily lower growth acceptable 2017 2016 Partial demerger More balanced End of geographical footprint 2013 Solid foundation for Higher share of future growth projects with high Foundation for value added new YIT laid
Slide 13: Strategy for 2015-2017: Solid foundation for future growth
Strategy for 2015-2017: Solid foundation for future growth Wider financial operating space • Releasing capital by normalizing inventory and improving capital turnover • Increasing utilization of partnerships Ensuring competitiveness and differentiation • Affordable and attractive product • Excellent
Slide 14: Financial targets
Financial targets Long term targets Status in 2014 • In the short term, the focus will be on Revenue 5 - 10% annually -3%, improving capital and cost efficiency 2% at comp. growth on average exchange rates rather than growth Return on 20% 7.7% investment • The setting of the short-term targets Opera
Slide 15: Capital release and the new competitiveness program support reaching the targets
Capital release and the new competitiveness program support reaching the targets ROI: 10%, ROI: 15% ROI: 20% Net debt: EUR 860 million Net debt: < EUR 600 million Fixed Market Lower cost normalisation Pricing variable control EBIT costs 6/2014 2016 Invested capital Off-balance Higher sheet capital p
Slide 16: Focused development to improve profitability and strengthen the forerunner position
Focused development to improve profitability and strengthen the forerunner position Group-wide development programs Centralized coordination, decentralized development Housing development • New housing concepts • Area development – ”creating better living environments” ”Best living • Best customer e
Slide 17: Value creation: Long value chain with key competences in-house
Value creation: Long value chain with key competences in-house Assets Outputs Project and Land bank risk management Skilled employees Market knowledge Excellent brand Plot Pricing skills Shareholder value management and sales Specialized equipment tactics Taxes and other contributions to society Own
Slide 18: Business model – Self-developed housing
Business model – Self-developed housing Finland Russia DD & market Plot • Zoning DD & market • Zoning analysis analysis development • Permitting • Permitting • Design • Social infra and management utilities planning • Design mgmt Construction • Duration 12-15 months • Duration 14-20 months • 1 phase
Slide 19: Business model – Business Premises and Infrastructure
Business model – Business Premises and Infrastructure, focus on high value added projects Business Premises Infrastructure • Contracting and co-operation • Contracting and co-operation projects projects • Schools, hospitals, offices etc. • E.g. route projects, rail and metro, • Very low capital empl
Slide 20: Key financials
3 Key financials Apila residential area Moscow region, Russia
Slide 21: Key figures
Key figures EUR million 10-12/2014 10-12/2013 Change 1-12/2014 1-12/2013 Change Revenue 461.1 521.3 -12% 1,801.2 1,858.8 -3% Operating profit 19.0 41.2 -54% 114.0 152.8 -25% Operating profit margin, % 4.1% 7.9% 6.3% 8.2% Operating profit, excluding non-recurring items 31.4 42.4 -26% 126.4 154.0 -18%
Slide 22: Revenue growth and healthy profitability through economic cycles
Revenue growth and healthy profitability through economic cycles Revenue development (EUR million) by business segment Business Premises and Infrastructure Housing Russia Housing Finland, the Baltic countries and CEE International Construction Services Construction Services Finland CAGR Construction
Slide 23: EBIT – bridge 2013 – 2014
EBIT – bridge 2013 – 2014 • Profitability burdened by actions to ensure strong cash flow in a demanding market environment EBIT, excluding non-recurring items (EUR million), change 2013 – 2014: -18% 7.1 -9.6 10.7 -13.3 154.0 -4.0 -6.6 -0.1 -11.8 126.4 YIT Group Volume Profitability Volume Profitabil
Slide 24: Cash flow after investments and dividend strong in 2014
Cash flow after investments and dividend strong in 2014 Cash flow, EUR million Invested capital and ROI 2013: EUR -88 million 2014: EUR 152 million Short term target by the end of 2016: ROI 15% 1,593 1,604 152 1,559 1,554 1,563 1,493 1,443 1,403 88 140 15.0% 13.9% 59 76 41 12.3% -5 -12 -16 10.3% 10.
Slide 25: Net debt decreased significantly due to strong cash flow in Q4/2014
Net debt decreased significantly due to strong cash flow in Q4/2014 Interest-bearing debt (EUR million), IFRS • Strong liquidity buffer at year end 910 920 936 909 895 • Cash and cash equivalents of 814 858 EUR 199.4 million 52 80 75 91 742 50 76 199 64 • Overdraft facilities of EUR 57.9 million • U
Slide 26: Weakening of the ruble impacted the other financial ratios
Weakening of the ruble impacted the other financial ratios • Due to the strong volatility of the ruble, YIT has agreed that the bank syndicate waive the gearing covenant of the EUR 300 million RCF until February 28, 2015 • A gearing covenant was added also to one bank loan in line with the original
Slide 27: Weakening of the ruble weighed on the 2014 results
Weakening of the ruble weighed on the 2014 results Revenue split 2014 • The Russian ruble was 17% weaker in 2014 on average compared to 2013 • Average EUR/RUB rate: 51.04 RUB • Year-end EUR/RUB rate: 72.34 26% Principles of managing currency risks Other • Sales and costs typically in same currency,
Slide 28: Financial flexibility is good
Financial flexibility is good • Good ability to manage cash flow Housing start-ups 2000-2014 (pcs) • Start-ups adjusted according to demand 8,873 • Opportunity to adjust plot investments; existing 8,239 8,305 7,5907,406 7,257 plot reserve provides a good base for the coming 6,5906,695 6,446 years 5,
Slide 29: Good progress in capital release
Good progress in capital release Target for capital release Actions in Q4/2014 Cumulative progress since 9/2013 Reducing the inventory of unsold • Active sales to investors covering a wide completed apartments in Finland • EUR 5 million variety of apartments >EUR 50 million Selling self-developed bu
Slide 30: Proposal to AGM: Dividend of EUR 0.18 per share
Proposal to AGM: Dividend of EUR 0.18 per share Dividend / share (EUR) Note: Historical figures prior to 2013 are YIT Group pre demerger 0.80 0.75 75% 0.70 73% 0.65 0.65 60% 0.55 0.50 56% 56% 55% 51% 48% 48% 44% 45% 0.40 43% 43% 0.38 40% 40% 40% 38% 0.35 0.30 29% 27% 0.22 0.23 0.19 0.18 0.15 0.11 0.
Slide 31: Housing Finland, the Baltic countries and CEE
4 Housing Finland the Baltic countries and CEE Tähystäjä Espoo, Finland Uus Kalamaja area Tallinn, Estonia
Slide 32: Housing Finland, the Baltic countries and CEE
Housing Finland, the Baltic countries and CEE Market leader in residential development Business areas • Focus on self-developed projects Finland • Selectively contracting Estonia Latvia Lithuania Competitive edges The Czech Republic Slovakia • Over 100 years’ experience in Finland • Strong, reliable
Slide 33: Market trends and drivers in Housing Finland, the Baltic countries and CEE
Market trends and drivers in Housing Finland, the Baltic countries and CEE Urbanisation Demographic changes Consumerism Share of 65y+ people in the population, Finland Finland 10-15 percentage points behind Sweden 12% 26% 1980 2030E Number of households, Finland Green thinking 1.8 m 2.6 m Demand for
Slide 34: Housing: Operating environment in Finland in Q4/2014
Housing: Operating environment in Finland in Q4/2014 • Consumers continued to be • Some price pressure in • Mortgage interest rates cautious, but investors large apartments stayed on a low level and remained active • Good demand for small, margins continued to • Volatility in consumers’ affordable a
Slide 35: Housing: Operating environment in the Baltic countries and CEE in Q4/2014
Housing: Operating environment in the Baltic countries and Central Eastern Europe in Q4/2014 • Consumer confidence • Positive development in the • Interest rates of mortgages improved, but geopolitical macro economy has supported have remained on a low level tensions impacted the sentiment the resid
Slide 36: Housing Finland, the Baltic countries and CEE: Revenue grew 11% 2014
Housing Finland, the Baltic countries and CEE: Revenue grew 11% 2014 • Capital release measures boosted revenue in Finland • Good progress in the Baltic countries and CEE • Order backlog decreased due to low start-ups, but several significant agreements and pre-agreements signed in Finland at the en
Slide 37: Housing Finland, the Baltic countries and CEE: Profitability weakened in 2014
Housing Finland, the Baltic countries and CEE: Profitability weakened in 2014 • Profitability weighed on by actions to ensure strong cash flow and the higher share of investor projects in production in Finland • Profitability continued to improve in the Baltic countries and CEE • Operative invested
Slide 38: Housing Finland, the Baltic countries and CEE, longer term development
Housing Finland, the Baltic countries and CEE, longer term development 2008 2009 2010 2011 2012 2013 2014 • Weakening • Focus on investor • Focus turned to • Focus on • Favourable • Soft consumer • Good market deals in Finland consumer sales in consumer sales in residential sales demand in developme
Slide 39: Housing: Sales volume satisfactory in Finland, growing in the Baltics and CEE
Housing: Sales volume satisfactory in Finland, growing housing sales in the Baltic countries and CEE Sold apartments (pcs) Finland 2013: Total of 3,300 2014: Total of 3,259 • Activity in investor sales has compensated soft consumer 824 851 868 833 872 810 demand 757 734 (48% of sold units in 2014) 1
Slide 40: Housing Finland, the Baltic countries and CEE: Fewer completed unsold apartments
Housing Finland, the Baltic countries and CEE: Fewer completed unsold apartments at the year-end • Number of unsold Apartment inventory (units) completed apartments decreased in Finland 5,816 5,784 5,441 5,593 5,252 5,266 5,415 660 700 686 4,975 • The sales rate 637 5,156 5,084 624 633 679 4,907 579
Slide 41: Housing Russia
5 Housing Russia Forest residential area Yekaterinburg, Russia
Slide 42: Housing Russia
Housing Russia Largest foreign residential developer Business areas Russia • Only self-developed projects Tyumen • After sales maintenance St. Petersburg Yekaterinburg Kazan Moscow & Moscow Oblast Competitive edges Rostov-on- Don • Over 50 years’ experience in Russia • Strong, reliable brand and sol
Slide 43: Market trends and drivers in Housing Russia
Market trends and drivers in Housing Russia Developing mortgage Larger middle class market Political support for Migration to growth centres residential development Growing number of households Low living space per person Number of households in Russia by household size, index Availability of housin
Slide 44: Housing: Operating environment in Russia in Q4/2014
Housing: Operating environment in Russia in Q4/2014 • The ruble weakened • Residential prices increased • The mortgage stock has continued to grow substantially due to a spike in demand and • Mortgage interest rates have increased inflation expectations increased, but less than the at the end of the
Slide 45: Housing Russia: Revenue grew by 15% at comparable exchange rates in 2014
Housing Russia: Revenue grew by 15% at comparable exchange rates in 2014 • Residential sales volume was boosted by the weakening of the ruble, especially in Q4/2014 • Weakening of the ruble decreased the order backlog by EUR 402 million y-o-y Revenue (EUR million) Order backlog (EUR million) 2013: 4
Slide 46: Housing Russia: Profitability weakened in 2014
Housing Russia: Profitability weakened in 2014 • Profitability was burdened by modest price development and higher share of lower-margin projects • Weakening of the ruble impacted operating profit negatively • Weakening of the ruble decreased operative invested capital by EUR 225 million y-o-y Opera
Slide 47: Housing Russia, longer term development
Housing Russia, longer term development 2008 2009 2010 2011 2012 2013 2014 • Prices declined • Housing prices • Slight increases • Prices increased • Prices increasing • Stable residential • Increased stabilising in H2 in residential (regional and good prices uncertainty and • Profitability hit pric
Slide 48: Housing Russia: Record high sales volume, only critical start-ups in Q4/2014
Housing Russia: Record high sales volume, only critical start-ups in Q4/2014 Sold apartments (units) and share of sales financed with a mortgage (%) 2013: Total of 4,480 (44%) 2014: Total of 4,817 (41%*) • Share of cash buyers 1,641 1,392 100% 90% high in Q4/2014 1,162 1,132 1,061 80% 1,037 983 70%
Slide 49: Housing Russia: Sales risk reduced in Q4/2014
Housing Russia: Sales risk reduced in Q4/2014 • A lot of project Apartment inventory (units) 12,195 11,966 completions combined 11,196 10,808 257 9,986 10,135 10,459 354 10,014 416 with low start-ups 696 617 562 10,780 346 10,462 11,938 11,612 403 9,290 9,518 9,897 9,611 decreased the production vol
Slide 50: Plans for alternate scenarios in Russia
Plans for alternate scenarios in Russia Normalized Continuing Escalation Large-scale situation uncertainty of crisis conflict Plot Increase plot acquisitions Continue strategic plot Only critical plot Stop plot acquisitions acquisitions acquisitions acquisitions Increase start-ups Continue strategic
Slide 51: YIT's cash flow profile has clearly improved in Russia after the financial crisis
YIT’s cash flow profile has clearly improved in Russia after the financial crisis Cash conversion cycle before Capital invested and Housing Russia revenue, EUR million Selling of apartments Plot acquisition Construction after the 577 545 558 541 547 completion 486 496 More than 5 years 460 463 474 4
Slide 52: Business Premises and Infrastructure
6 Business Premises and Infrastructure Tripla Helsinki, Finland
Slide 53: Business Premises and Infrastructure
Business Premises and Infrastructure Business areas • Business Premises: Offices, shopping centres, public premises, care facilities, renovation of existing premises Finland: Business Premises and Infrastructure • Infrastructure: Roads and railways, power plants, BS: 4,898 CS: 3,574 road maintenance
Slide 54: Opportunities for YIT
Opportunities for YIT • Need to adapt to the changing operating environment • Traditional segments suffering from weak macro in Finland, keep position in office, retail, logistics • More co-operation models (PPP’s and alliances) Growth opportunities Hybrids Care Energy and Renovation Road The Baltic
Slide 55: Business Premises and Infrastructure: Operating environment in Q4/2014
Business Premises and Infrastructure: Operating environment in Q4/2014 • Office and commercial markets • End-users cautious, especially • Positive macro outlook remained weak in the retail sector supported the business • Opportunities emerging in • Investor interest on a good level premises market i
Slide 56: Business Premises and Infrastructure: Low revenue 2014
Business Premises and Infrastructure: Low revenue 2014 • Revenue decreased due to the weak business premises market in Finland • Timing of the infrastructure projects decreased revenue in Q4/2014 • The order backlog increased by 5% y-o-y Revenue (EUR million) Order backlog (EUR million) 2013: 689 20
Slide 57: Business Premises and Infrastructure: Profitability hurt by low volume in 2014
Business Premises and Infrastructure: Profitability hurt by low volume in 2014 • Profitability was low due to the low volume • Operative invested capital decreased due to the closing of the Dixi shopping centre deal at the end of the year Operating profit and profitability, Return on operative inves
Slide 58: Business Premises and Infrastructure, longer term development
Business Premises and Infrastructure, longer term development 2008 2009 2010 2011 2012 2013 2014 • Good • Weakening • Signs of • Infra Services • Stable • Weak business • Weak business development in business improvement in weak in H1, development in premises market premises market Business premises
Slide 59: Business Premises: Progress in 2014
Business Premises: Progress in 2014 • Success in contracting in all operating countries • Several agreements on the construction of care facilities in Finland • Sale of several self-developed business premises projects • The Tripla-project proceeded as planned • A launch event for potential tenants
Slide 60: Infra Services: Progress in 2014
Infra Services: Progress in 2014 • The E18 project was completed The largest ongoing business premises and infrastructure contracts Value, Project Completion Estimated • Market share in road maintenance Project EUR million type rate completion increased • Good progress in the development ~190 Infra
Slide 61: Looking ahead and conclusions
7 Looking ahead and conclusions Pushkin St. Petersburg, Russia
Slide 62: Key priorities in 2015
Key priorities in 2015 1 Maintaining strong cash flow • Cash flow focus in sales • Capital release continues 2 Competitiveness program • • Excellent execution Cost efficiency in design and operations 3 Best customer experience • Development of concepts and affordable products continues • Improved pe
Slide 63: Operative plan for 2015
Operative plan for 2015 Growth opportunities • CEE • The Tripla-project • Wind parks • Investor deals in Finnish housing • Contracting and co-operation projects Start-up and investment plan for 2015, Housing Finland • Start-ups according to sales • Investor projects’ share of production volume to in
Slide 64: Market outlook, expectations for 2015
Market outlook, expectations for 2015 Finland • Consumers cautious and investors active in the residential market, demand to focus on small apartments in growth centres • Price polarisation, especially between small and large apartments • Availability of mortgages good • Modest demand for business p
Slide 65: Market outlook, expectations for 2015
Market outlook, expectations for 2015 Russia • Weak visibility • Consumers’ purchasing power to decrease • Construction costs to increase • Residential prices to increase • Residential demand to focus on small apartments that are completed or close to completion • Access to mortgages to tighten, mor
Slide 66: Guidance for 2015 (segment reporting, POC)
Guidance for 2015 (segment reporting, POC) The Group revenue growth is estimated to be in the range of -5 – 5% at comparable exchange rates The operating profit margin excluding non-recurring items is estimated to be below the level of 2014 The 2015 guidance is based on the following: • Demanding ma
Slide 67: Concluding remarks
Concluding remarks Growth from self-developed and co-operation projects, shifting towards a more balanced geographical foot print Solid track record in profitability and execution through economic cycles Strong market position and long experience from Finland and Russia Current focus on cash flow an
Slide 68: Appendices
8 Appendices Tripla Konepaja residential area Pasila, Helsinki, Finland Helsinki, Finland
Slide 69: Appendices
Appendices I. Additional financial information II. General economic indicators III. Housing indicators IV. Business premises and infrastructure construction indicators V. Ownership Wilhelm Helsinki, Finland YIT | 69 | Investor presentation, March 2015
Slide 70: I Additional Financial information
I Additional Financial information
Slide 71: Balanced debt portfolio
Balanced debt portfolio Debt portfolio 12/2014, EUR 895 million Maturity structure Maturity profile (excluding construction stage financing) (EUR million), 12/2014 Bonds, 24% 700 Commercial Papers Commercial papers, 17% 600 Pension loans Construction stage financing, 30% 500 Bank loans Bonds Insuran
Slide 72: Consolidated balance sheet
Consolidated balance sheet as of December 30, 2014 (EUR million) Revenue* Assets - Inventories, WIP in particular, account for a major share Equity and liabilities 2,238 2,238 123 Non-current assets 224 82 536 1,779 (13%) (5%) Equity 509 275 673 (30%) Non-current borrowings (33%) 1,689 2,036 (75%) I
Slide 73: YIT's cost base in 2014
YIT’s cost base in 2014 External services account for a major share of YIT’s costs IFRS, EUR million (% of cost base before EBITDA) Indicative cost structure of a Finnish residential project Total cost base of EUR 1,439 million 10-15% Margin on EBIT-level <10% Fixed costs and marketing 1,779 14 14 2
Slide 74: Solid plot portfolio, a basis for growth and financial flexibility
Solid plot portfolio, a basis for growth and financial flexibility Capital invested in plot reserves 12/2014, EUR 509 million Use of plot reserves in 2014, EUR 104 million Housing Finland, the Baltic countries and CEE 48 Finland 33 184 166 232 The Baltic countries and CEE 15 66 93 Housing Russia** 4
Slide 75: Construction stage financing
Construction stage financing Financing of construction in a typical residential During construction: development project in Finland: YIT Customers • YIT’s subsidiary YIT Construction sells the contract receivables from Housing corporations (also owned by YIT) to Customer financial institutions payme
Slide 76: II General economic indicators
II General economic indicators
Slide 77: Macro environment: Finland and Russia
Macro environment: Finland and Russia Finland Russia (GDP growth, %) GDP growth Private consumption Exports growth, % Russia St. Petersburg Moscow region growth, % 3.7 4.0 3.5 3.5 3.2 1.0 2.5 2.4 2.4 3.0 0.4 1.0 1.3 0.0 0.7 0.1 -0.5 -0.3 -0.4 -0.3 -1.2 -0.7 -1.7 -2.9 13 14E 15E 16E 13 14E 15E 16E 13
Slide 78: Macro environment: The Baltic countries and CEE
Macro environment: The Baltic countries and CEE The Baltic countries, GDP growth, % Central Eastern Europe, GDP growth, % Latvia Lithuania Estonia 2.8 The Czech Republic Slovakia 1.9 2.0 4.2 3.3 2.9 3.2 3.5 2.7 2.7 3.4 1.6 3.4 2.5 2.7 2.5 2.6 2.4 1.4 13 14E 15E 16E 13 14E 15E 16E 13 14E 15E 16E -0.7
Slide 79: III Housing indicators
III Housing indicators
Slide 80: Market fundamentals in YIT's operating countries
Market fundamentals in YIT´s operating countries House price index, 2010 = 100 House prices in relation to income and rents in Finland, index (100=1981) 150 250 140 200 130 150 120 100 110 50 100 90 0 2010 2011 2012 2013 2014 1981 1986 1991 1996 2001 2006 2011 House prices in relation to wage and sa
Slide 81: Finland – Start-ups of block of flats and terraced houses expected to increase in 2015
Finland – Start-ups of block of flats and terraced houses expected to increase in 2015 Residential start-ups, units Unsold completed units (residential development projects) 33,503 32,833 30,175 31,091 28,334 27,271 27,000 12,104 24,500 24,500 15,671 22,903 22,415 11,032 14,466 9,237 7,953 7,600 5,9
Slide 82: Housing indicators have weakened slightly in Finland
Housing indicators have weakened slightly in Finland Building permits, start-ups and completions, million m3 Consumer confidence - Views on economic situation in one year 30 20 Own economy 10 0 -10 -20 Finland’s economy -30 Construction cost index (2005=100) Construction confidence 130 40 125 20 120
Slide 83: The Baltic countries – Growth is expected in residential construction
The Baltic countries – Growth is expected in residential construction Residential completions in Estonia, units Residential completions in Latvia, units 9,400 7,100 8,100 5,100 5,300 5,900 4,200 3,000 3,100 2,500 2,600 2,700 2,300 1,900 2,000 2,700 2,600 2,900 2,900 1,900 2,100 2,200 2006 2007 2008
Slide 84: The Czech Republic and Slovakia – Start-ups forecasted to increase
The Czech Republic and Slovakia – Start-ups forecasted to increase Residential start-ups in the Czech Republic , units Residential prices in the Czech Republic and Prague CZK/ sq. m. 70,000 43,700 43,800 43,500 65,000 37,300 60,000 55,000 28,200 27,500 50,000 23,800 24,300 24,800 25,400 22,100 45,00
Slide 85: Russia – Housing indicators
Russia – Housing indicators House prices in primary markets, thousand RUB (1/2009-12/2014) New residential construction, EUR billion 110 200 80 100 180 90 75 160 80 140 70 70 120 60 100 65 50 40 80 60 30 60 20 40 55 50 Yekaterinburg Rostov-on-Don Kazan 2010 2011 2012 2013 2014E 2015E 2016E St. Peter
Slide 86: IV Business premises and infrastructure construction indicators
IV Business premises and infrastructure construction indicators
Slide 87: Non-residential construction forecasted to pick up slightly
Non-residential construction forecasted to pick up slightly New non-residential construction volumes, index New non-residential construction in Finland, EUR million 200 2,500 180 160 2,000 140 1,500 120 100 1,000 80 500 60 40 0 2010 2011 2012 2013 2014E 2015E 2016E 2005 2006 2007 2008 2009 2010 2011
Slide 88: Finland – Prime yields expected to decrease slightly
Finland – Prime yields expected to decrease slightly Prime yields in Helsinki Metropolitan Area, % Vacancy rates in Helsinki Metropolitan Area Office yields in Helsinki Metropolitan Area, % Prime office rent in Helsinki CBD, EUR / sq. m. / month Sources: Catella Property Market Trends Finland, Septe
Slide 89: The Baltic countries – Yields are expected to decrease
The Baltic countries – Yields are expected to decrease Prime office yields in the Baltic countries, % Prime office rents in the Baltic countries, % and EUR / sq. m. / year Prime retail yields in the Baltic countries, % Prime retail rents in the Baltic countries, % and EUR / sq. m. / year Source: New
Slide 90: Infrastructure construction – Market expected to decrease slightly in 2015
Infrastructure construction – Market expected to decrease slightly in 2015 Infrastructure market in Finland, EUR million Infrastructure sectors in Finland (2014E) 7,000 Other 11% 6,000 5,000 Roads 35% 4,000 Energy & water works 24% 3,000 2,000 1,000 0 Telecom- Railways munications Other transport 14
Slide 91: Ownership
VI Ownership
Slide 92: YIT's major shareholders
YIT’s major shareholders January 31, 2015 Shareholder Shares % of share capital 1. Structor S.A. 12,750,000 10.02 2. Varma Mutual Pension Insurance Company 11,492,100 9.03 3. Herlin Antti 4,590,180 3.61 4. Mandatum Life Insurance Company Ltd. 3,636,675 2.86 5. Elo Mutual Pension Insurance Company 3,
Slide 93: Disclaimer
Disclaimer This presentation has been prepared by, and the information contained herein (unless otherwise indicated) has been provided by YIT Corporation (the “Company”). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the fol
Slide 94: Together we can do it.
Together we can do it.