SRV Yhtiot Oyj · OMXHEX:SRV1V
SRV Yhtiot Oyj — FY2009 Earnings Presentation
33 slides from SRV Yhtiot Oyj's earnings presentation, Feb 11, 2010
Slide 1: SRV – Constructively different
SRV – Constructively different Financial Report January – December 2009 Hannu Linnoinen 11 February 2010 CEO 1
Slide 2: January – December 2009 in brief
January – December 2009 in brief • Revenue EUR 385.0 million (EUR 537.0 million January-December 2008) • Operating profit EUR 9.9 million (EUR 32.9 million) • Profit before taxes EUR 5.8 million (EUR 23.7 million) • Order backlog EUR 480.6 million (EUR 455.3 million) • New agreements EUR 396.1 milli
Slide 3: Business Premises
Business Premises Business Premises Revenue Change 1-12 1-12 10-12 10-12 MEUR 120 1-12 09 vs 2009 2008 1-12 08 2009 2008 100 Revenue, MEUR 208.0 349.1 -141.1 66.9 77.9 80 60 104.8 Operating profit, MEUR 18.0 27.8 -9.8 4.3 6.0 92.2 77.9 74.3 40 66.9 54.8 46.1 40.2 Operating profit, % 8.6% 8.0% 6.5% 7
Slide 4: Housing
Housing Housing Revenue Change 1-12 1-12 10-12 10-12 MEUR 60 1-12 09 vs 2009 2008 1-12 08 2009 2008 50 Revenue, MEUR 154.1 127.9 +26.3 49.9 33.3 40 30 Operating profit, MEUR 4.9 0.7 +4.2 2.0 -1.2 49.9 40.5 37.9 37.1 20 33.3 31.4 3.2% 4.0% 26.0 Operating profit, % 0.6% -3.6% 25.8 10 Order backlog, ME
Slide 5: Recovery of housing market in Helsinki metropolitan area
Recovery of housing market in Helsinki metropolitan area • Revived housing sales can be seen in the growth of the sale of new production, at the same time the number of start-ups has increased • Demand for small apartments has shifted to larger units • Price development and demand are recovering Sou
Slide 6: Housing
Housing Residential production 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/ in Finland (units) 2009 2009 2009 2009 2008 2008 2008 2008 Start-ups 247 0 0 4 0 49 53 8 Sold 86 43 51 27 13 32 63 33 Completed 1) 64 37 93 58 0 31 104 125 Completed and unsold 1) 171 161 185 156 133 140 128 105 Under constru
Slide 7: International
International International Revenue Change 1-12 1-12 10-12 10-12 MEUR 25 1-12 09 vs 2009 2008 1-12 08 2009 2008 20 Revenue, MEUR 22.9 60.1 -37.2 3.4 10.2 15 21,0 Operating profit, MEUR -7.9 9.2 -17.1 -2.0 -2.7 10 15,7 13,1 10,2 5 Operating profit, % -34.4% 15.4% -58.4% -26.5% 7,6 6,2 5,8 3,4 0 Order
Slide 8: Russian real estate fund project
Russian real estate fund project • Joint venture of SRV, VTB Capital (an investment company of VTB, the second largest bank in Russia) and Deutsche Bank. Agreement was signed on 4 June 2009 • The fund will invest mainly in construction of office, retail and hotel projects as well as top end resident
Slide 9: SRV Group
SRV Group SRV Group Revenue Change 1-12 1-12 10-12 10-12 MEUR 1-12 09 vs 160 2009 2008 1-12 08 2009 2008 140 120 Revenue, MEUR 385.0 537.0 -152.0 120.1 121.4 100 Operating profit, MEUR 9.9 32.9 -23.0 2.8 0.7 80 146,4 142,4 126,7 121,4 120,1 60 94,2 2.6% 2.3% 86,4 Operating profit, % 6.1% 0.6% 84,3 4
Slide 10: Order backlog
Order backlog 521 500 43 481 455 455 454 458 465 451 25 31 26 34 40 36 32 400 187 201 International 154 170 186 EUR million 182 186 203 300 Housing 200 291 266 253 252 255 235 229 224 Business 100 0 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 10
Slide 11: Competitive edge: SRV Approach
Competitive edge Project development Project management implementation SRV Approach 11
Slide 12: Versatile business portfolio
Versatile business portfolio Business • Retail Premises • Offices and hotels Project Development • Logistics centres Housing • City apartments • Terraced houses • Retail Inter- national • Offices and hotels • Logistics centres 12
Slide 13: SRV's blueprints
SRV’s blueprints Logistics Offices and retail Others Kerca, Kerava Septem City, St Petersburg Heureka, Vantaa Karisto, Lahti Eurograd, St Petersburg King’s Gate, Porvoo Mytischi, Moscow Keilaniemi Towers, Espoo Port of Oulu Shopping centre, Vaasa WTC Airport, Hki-Vantaa Helsinki City Spa 13
Slide 14: Outlook for 2010
Outlook for 2010 • Revenue in 2010 is expected to exceed the previous year’s level and profit before taxes is expected to be clearly positive 14
Slide 15: SRV Financial Report January – December 2009 Appendices
SRV Financial Report January – December 2009 Appendices 15
Slide 16: Group key figures
Group key figures Group key figures IFRS IFRS IFRS IFRS 1-12/ 1-12/ change, change, 10-12/ 10-12/ (EUR million) 2009 2008 MEUR % 2009 2008 Revenue 385.0 537.0 -152.0 -28.3 120.1 121.4 Operating profit 9.9 32.9 -23.0 -69.8 2.8 0.7 Financial income and expenses, total -4.2 -9.2 5.0 -0.5 -3.3 Profit be
Slide 17: Key figures (1)
Key figures (1) IFRS IFRS IFRS IFRS 1-12/ 1-12/ 10-12/ 10-12/ 2009 2008 2009 2008 Revenue EUR million 385.0 537.0 120.1 121.4 Operating profit EUR million 9.9 32.9 2.8 0.7 Operating profit, % of revenue % 2.6 6.1 2.3 0.6 Profit before taxes EUR million 5.8 23.7 2.3 -2.6 Profit before taxes, % of rev
Slide 18: Key figures (2)
Key figures (2) IFRS IFRS IFRS IFRS 1-12/ 1-12/ 10-12/ 10-12/ 2009 2008 2009 2008 Earnings per share, share issue adjusted EUR 0.06 0.43 0.02 -0.06 Equity per share, share issue adjusted EUR 4.48 4.54 - - Dividend per share, share issue adjusted EUR 0.12 0.12 - - Dividend payout ratio % 200.0 27.9 -
Slide 19: Consolidated income statement
Consolidated income statement Consolidated income IFRS IFRS IFRS IFRS statement 1-12/ 1-12/ change, change, 10-12/ 10-12/ (EUR million) 2009 2008 MEUR % 2009 2008 Revenue 385.0 537.0 -152.0 -28.3 120.1 121.4 Other operating income 2.6 1.4 1.2 89.3 1.0 0.4 Change in inventories of finished goods and
Slide 20: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income IFRS IFRS IFRS IFRS Statement of comprehensive income 1-12/ 1-12/ 10-12/ 10-12/ (milj. eur) 2009 2008 2009 2008 Net profit for the period 2.3 15.3 1.0 -2.8 Items recognised directly in equity: Exchange differences on translating foreign operations 0.0 -
Slide 21: Consolidated balance sheet: Assets
Consolidated balance sheet: Assets Consolidated balance sheet IFRS IFRS change, (EUR million) 31.12.09 31.12.08 % ASSETS Non-current assets Property, plant and equipment 16.3 19.0 -14.3 Goodwill 1.7 1.7 0.0 Other intangible assets 0.5 0.5 -15.8 Other financial assets 4.8 4.3 12.5 Receivables 16.2 6.
Slide 22: Consolidated balance sheet: Equity and liabilities
Consolidated balance sheet: Equity and liabilities Consolidated balance sheet IFRS IFRS change, (EUR million) 31.12.09 31.12.08 % EQUITY AND LIABILITIES Equity attributable to equity holders of the parent company Share capital 3.1 3.1 0.0 Invested free equity fund 87.3 87.3 0.0 Translation differenc
Slide 23: Changes in Group equity 1-12/2009
Changes in Group equity 1-12/2009 Equity attributable to the equity holders of the parent company Invested Trans- Share Fair Retai- IFRS Share free lation Minority Total premium value ned Total (EUR million) capital equity differ- interest equity reserve reserve earnings fund ences Equity on 1.1.200
Slide 24: Inventories
Inventories Inventories IFRS IFRS change, (EUR million) 31.12.09 31.12.08 % Raw materials and consumables 0.0 0.0 209.3 Work in progress 34.4 100.8 -65.9 Land areas and plot-owning companies 153.0 142.1 7.7 Shares in completed housing corporations and real estate companies 86.5 34.0 154.2 Advance pa
Slide 25: Group and Segment information by quarter
Group and Segment information by quarter SRV Group IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS (EUR million) 10-12/09 7-9/09 4-6/09 1-3/09 10-12/08 7-9/08 4-6/08 1-3/08 Revenue 120.1 84.3 94.2 86.4 121.4 126.7 142.4 146.4 Operating profit 2.8 1.8 3.5 1.9 0.7 14.1 9.2 8.9 Financial income and expenses, t
Slide 26: Revenue and operating profit by quarter
Revenue and operating profit by quarter Revenue IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS (EUR million) 10-12/09 7-9/09 4-6/09 1-3/09 10-12/08 7-9/08 4-6/08 1-3/08 Business Premises 66.9 40.2 46.1 54.8 77.9 74.3 92.2 104.8 Housing 49.9 37.9 40.5 25.8 33.3 31.4 37.1 26.0 International 3.4 6.2 7.6 5.8 1
Slide 27: Order backlog, invested capital and residential production in Finland by quarter
Order backlog, invested capital and residential production in Finland by quarter Order backlog IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS (EUR million) 31.12.09 30.9.09 30.6.09 31.3.09 31.12.08 30.9.08 30.6.08 31.3.08 Business Premises 255.3 252.0 224.3 252.8 265.7 228.8 291.1 235.2 Housing 200.7 186.5
Slide 28: Segments: Assets, liabilities and invested capital
Segments: Assets, liabilities and invested capital Assets IFRS IFRS change, change, (EUR million) 31.12.09 31.12.08 MEUR % Business Premises 88.7 116.9 -28.2 -24.1 Housing 151.5 158.4 -6.9 -4.4 International 182.5 158.6 23.9 15.0 Other Operations 214.5 185.1 29.4 15.9 Eliminations -219.4 -195.2 -24.
Slide 29: Segments: Inventories
Segments: Inventories Inventories IFRS IFRS change, (MEUR) 31.12.09 31.12.08 MEUR Land areas and plot-owning companies 153.0 142.1 10.9 Business Premises 27.8 24.6 3.2 Housing 41.4 41.6 -0.1 International 83.6 76.0 7.6 Work in progress 34.4 100.8 -66.4 Business Premises 0.0 30.0 -30.0 Housing 20.4 5
Slide 30: Unbuilt land areas and land acquisition commitments
Unbuilt land areas and land acquisition commitments Land reserve Business International Housing Total 31.12.2009 Operations Operations Unbuilt land areas and land acquisition commitments Building rights*, m2 199 000 257 000 842 000 1 298 000 Capital invested incl. commitments, EUR million 36 56 98 1
Slide 31: Personnel
Personnel Share of Group Personnel by business area 31.12.2009 31.12.2008 personnel, 31.12.2009, % Business Premises 289 296 37.7 Housing 215 285 28.0 International 182 191 23.7 Other Operations 81 98 10.6 Group, total 767 870 100.0 Average number of personnel, 1-12/2009 Non-salaried 232 Salaried 30
Slide 32: Shareholders 31 December 2009
Shareholders 31 December 2009 Number of % of shares Shareholder shares and votes Kokkila Ilpo 13 552 000 36,9 % Kolpi Investments Oy 5 178 129 14,1 % Heliövaara Eero 1 909 483 5,2 % Keskinäinen Työeläkevakuutusyhtiö Varma 1 430 000 3,9 % SRV Yhtiöt Oyj 784 438 2,1 % Valtion Eläkerahasto 700 000 1,9
Slide 33: Calculation of key figures
Calculation of key figures Net interest-bearing debt Net gearing ratio, % = 100 x Total equity Profit before taxes - income taxes Return on equity, % = 100 x Total equity. average Profit before taxes + interest and other financial Return on investment, % = 100 x expenses Invested capital. average To