Yit Oyj · OMXHEX:YIT
Yit Oyj — Non-Deal Roadshow (December 2014)
90 slides from Yit Oyj's roadshow presentation, Dec 5, 2014
Slide 1: YIT - Solid foundation for future growth
Tripla Helsinki, Finland YIT - Solid foundation for future growth Roadshow Edinburgh December 5, 2014 Timo Lehtinen, CFO Iida Lähdemäki, IR Specialist
Slide 2: Contents
Contents 1 Demerger and new YIT 3 2 Strategy and business model 11 3 Key financials 20 4 Housing 29 5 Business Premises and Infrastructure 49 6 Looking ahead and conclusions 58 7 Appendices 63 YIT | 2 | Investor presentation, December 2014
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 geographical area 2013 infrastructure • Focus on self-developed projects Russia, 27% • Operations in 7 countries • Revenue EUR 1.9 billion in 2013 Finland, 66% • Operating profit EUR 153 million in 2013 The Baltic countri
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 2013 Number of apartments sold in 2013 Number of apartments*** 11,858 Russia* 10,415 5,478 4,480 Finland Russia
Slide 8: YIT a significant player on European level in housing
YIT a significant player on European level in housing Housing sales (units) in 2013 EBIT-% in Housing business in 2013 13,663 11,858 11,814 11,528 10,415 20.4% 19.8% 16.7% 7,780 16.0% 13.6% 13.9% 11.8% 5,487 9.7% 4,876 6.7% 3,391 3,265 6.2% 2,034 4.3% Barratt LSR Taylor W Persimmon Pik YIT Etalon Nc
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: Group structure and composition of the Group Management Board
Group structure and composition of the Group Management Board Group structure as of January 1, 2014 Group Management Board Kari Kauniskangas Tero Kiviniemi, EVP, YIT Group President and CEO, Head of Business Head of Housing Premises and (share ownership: 17,624) Infrastructure Housing (share ownersh
Slide 11: Strategy and business model
2 Strategy and business model Forest residential area Yekaterinburg, Russia
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 2013 • In the short term, the focus will be on Revenue 5 - 10% annually improving capital and cost efficiency -5.1% growth on average rather than growth Return on 20% 10.3% investment • The setting of the short-term targets Operating cash flow after Cash
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
Tripla Helsinki, Finland 3 Key financials
Slide 21: Key figures
Key figures EUR million 7-9/2014 7-9/2013 Change 1-9/2014 1-9/2013 Change Revenue 485.7 454.7 7% 1,340.2 1,337.6 0% Operating profit 33.5 37.4 -10% 95.1 111.6 -10% Operating profit margin 6.9% 8.2% 7.1% 8.3% Order backlog 2,736.0 2,813.4 -3% 2,736.0 2,813.4 -3% Profit before taxes 22.6 29.9 -24% 66.
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 CAGR Construction Services Finland +7% 1,929 1,
Slide 23: Cash flow after investments and dividends targeted to be positive in 2014
Cash flow after investments and dividends targeted to be positive in 2014 Cash flow, EUR million Invested capital and ROI 1-9/2014: EUR 2013: EUR -88 million Short term target by the end of 2016: ROI 15% 12 million 1,593 1,604 1,559 1,554 1,563 1,493 1,443 88 59 76 15.0% 41 13.9% -5 -12 -16 12.3% -7
Slide 24: Maturity profile of long-term debt has improved
Maturity profile of long-term debt has improved Interest-bearing debt (EUR million), IFRS • Strong liquidity buffer as a back-up for operational activities 910 920 936 909 814 52 858 80 75 • Overdraft facilities EUR 60 million 91 742 64 50 76 • New EUR 300 million syndicated long-term revolving cred
Slide 25: Gearing has decreased slightly
Gearing has decreased slightly Gearing (%) Equity ratio (%) Net debt/EBITDA (Multiple, x) 132.1%130.4% 9.1 123.7% 127.2% 40.7% 112.0% 38.5% 109.8% 37.0% 37.8% 7.5 35.0% 36.4% 35.8% 6.9 94.0% 108.4% 37.3% 5.8 101.1% 103.2%101.5% 34.9% 33.6% 34.3% 91.2% 91.3% 31.6% 32.2% 31.9% 4.8 76.4% 3.6 5.1 5.0 3.
Slide 26: Financial flexibility is good
Financial flexibility is good • Good ability to manage cash flow Housing start-ups 2000-2013 (pcs) • Start-ups adjusted according to demand 8,873 • Opportunity to adjust plot investments; existing 8,239 8,305 7,590 7,406 7,257 plot reserve provides a good base for the coming 6,590 6,695 years 5,164
Slide 27: Good progress in capital release
Good progress in capital release • The Ukrainian crisis has increased cautiousness of Western players in Russia which has slowed down the sales of slow-moving assets Target for capital release Actions in Q3/2014 Cumulative progress since 9/2013 Reducing the inventory of unsold • Active sales to inve
Slide 28: A solid dividend payout
A solid dividend payout Payout ratio (%) Dividend / share (EUR) Note: Historical figures are YIT Group pre demerger Note: Historical figures are YIT Group pre demerger 75 73 0.80 0.75 0.70 60 0.65 0.65 56 56 55 51 48 48 0.55 44 45 0.50 43 43 40 40 38 0.40 0.38 0.35 29 27 0.30 0.22 0.23 0.19 0.15 0.1
Slide 29: Housing
4 Housing Tähystäjä Espoo, Finland Uus Kalamaja area Tallinn, Estonia
Slide 30: Housing
Housing Market leader in residential development Business areas Russia • Finland, the Baltic countries and CEE • Focus on self-developed projects, Finland selectively contracting Tyumen St. Petersburg Yekaterinburg Estonia • Russia Kazan Latvia • Only self-developed projects Lithuania Moscow & Mosco
Slide 31: 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 32: 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 33: Housing: Operating environment in Finland in Q3/2014
Housing: Operating environment in Finland in Q3/2014 • Consumers continued to be • Polarisation of residential • Mortgage interest rates cautious, but investors prices between the capital stayed on a low level and remained active region and other parts of margins continued to Finland continued decre
Slide 34: Housing: Operating environment in the Baltic countries and CEE in Q3/2014
Housing: Operating environment in the Baltic countries and Central Eastern Europe (CEE) in Q3/2014 • Geopolitical tensions • Positive development in • Interest rates of have weakened the the macro economy has mortgages have consumer confidence supported the residential remained on a low level market
Slide 35: Housing Finland, the Baltic countries and CEE: Revenue has continued to grow
Housing Finland, the Baltic countries and CEE: Revenue has continued to grow • Good progress in investor deals in Finland and in consumer sales in the Baltic countries and CEE Revenue (EUR million) Order backlog (EUR million) 27% -2% 953 930 189 196 187 173 177 132 140 Q1 Q2 Q3 Q4 Q1 Q2 Q3 6/2014 9/
Slide 36: Housing Finland, the Baltic countries and CEE: Profitability impacted by cash flow focus
Housing Finland, the Baltic countries and CEE: Profitability impacted by cash flow focus • Profitability has been negatively impacted by changes in the sales mix and actions to ensure strong cash flow • Profitability has continued to improve in the Baltic countries and CEE Operating profit and profi
Slide 37: 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 1-9/2014 • 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 devel
Slide 38: 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 1-9/2014: Total of 2,439 • Activity in investor sales has compensated soft consumer 824 851 868 833 872 demand 757 734 (48% of sold units 1-9/2014)
Slide 39: More small and affordable apartments in the sales portfolio
Housing Finland, the Baltic countries and CEE: More small and affordable apartments in the sales portfolio • The share of the Baltic Apartment inventory (units) countries and CEE of the sales portfolio (units) increased to 5,816 5,784 5,593 5,441 5,415 37% (28% in 9/2013) 5,252 660 5,266 700 633 686
Slide 40: Housing: Operating environment in Russia in Q3/2014
Housing: Operating environment in Russia in Q3/2014 • The ruble weakened • Residential prices • The mortgage stock has again sharply remained stable on continued to grow average • Mortgage interest rates have increased slightly Prices of new apartments, Mortgage stock and average interest rate, EUR/
Slide 41: Housing Russia: Revenue has grown at comparable exchange rates
Housing Russia: Revenue has grown at comparable exchange rates • Revenue has grown by 15% at comparable exchange rates in 1-9/2014 • Weakening of the ruble decreased the order backlog by EUR 81 million in Q3/2014 Revenue (EUR million) Order backlog (EUR million) -9% -9% 152 1,219 1,104 130 116 117 1
Slide 42: Housing Russia: Room for improvement in profitability
Housing Russia: Room for improvement in profitability • Operating profit has decreased due to lower revenue and weaker profitability • Profitability impacted by modest price development and higher share of lower-margin projects Operating profit and profitability (EUR million, %) Return on operative
Slide 43: Housing Russia, longer term development
Housing Russia, longer term development 2008 2009 2010 2011 2012 2013 1-9/2014 • 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
Slide 44: Housing Russia: Consumer sales stable y-o-y
Housing Russia: Consumer sales stable y-o-y Sold apartments (units) and share of sales financed with a mortgage (%) • Consumer sales on 2013: Total of 4,480 (44%) 1-9/2014: Total of 3,176 (44%*) previous year’s level, 1,392 but with different 1,037 1,162 1,132 1,061 seasonal pattern 889 983 130 47 9
Slide 45: Housing Russia: Solid sales portfolio
Housing Russia: Solid sales portfolio • Completed unsold Apartment inventory (units) 12,195 11,966 apartments still on a 11,196 10,808 257 9,986 10,135 10,459 354 416 low level 696 617 562 346 10,780 10,462 11,938 9,897 11,612 9,290 9,518 36% 38% 37% 39% 40% 39% 34% • Permit process has lengthened i
Slide 46: 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 47: Construction business is not a politically sensitive sector in Russia
Construction business is not a politically sensitive sector in Russia Militarily and economically Militarily sensitive industries sensitive Defense/weapon industry Strategic metals Oil & Gas Television, radio, internet Transportation infrastructure Telecom Significance to military operators Electric
Slide 48: 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 463 460 413 3
Slide 49: Business Premises and Infrastructure
5 Business Premises and Infrastructure Commercial centre Dixi Vantaa, Finland
Slide 50: 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 51: 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 52: Business Premises and Infrastructure: Operating environment in Q3/2014
Business Premises and Infrastructure: Operating environment in Q3/2014 • Office and commercial markets • End-users cautious in the office • Positive macro outlook remained weak, opportunities in and retail sectors continues to support the care and industrial sectors • Investor interest on a good lev
Slide 53: Business Premises and Infrastructure: Revenue grew in Q3
Business Premises and Infrastructure: Revenue grew in Q3 • Revenue negatively impacted by weak business premises market • Sale of several self-developed business premises projects in Q3/2014 • The order backlog decreased due to the sales of business premises projects Revenue (EUR million) Order back
Slide 54: Business Premises and Infrastructure: Volatility in operating profit in 2014
Business Premises and Infrastructure: Volatility in operating profit in 2014 • The segment’s low volume has had a negative impact on profitability • Higher sales volume strengthened profitability in Q3/2014 • Stable development in Infra Services Operating profit and profitability (EUR million, %) Re
Slide 55: Business Premises and Infrastructure, longer term development
Business Premises and Infrastructure, longer term development 2008 2009 2010 2011 2012 2013 1-9/2014 • 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 prem
Slide 56: Business Premises: Success in selling self-developed projects and winning new contracts
Business Premises: Success in selling self-developed projects and winning new contracts • Sale of self-developed projects The largest ongoing self-developed business premises projects worth over EUR 100 million in Q3 Value, Leasable • The shopping centre of Tikkurila Project, location EUR Project ty
Slide 57: Infrastructure: New projects using the alliance model
Infrastructure: New projects using the alliance model • Success in winning new projects (e.g. Naantali CHP and Ring Road III junction) • Progress in wind power projects • Market share has increased in road maintenance • E18 opened for traffic ahead of schedule The largest ongoing business premises a
Slide 58: Looking ahead and conclusions
6 Looking ahead and conclusions Pushkin St. Petersburg, Russia
Slide 59: Market outlook 2014, Housing
Market outlook 2014, Housing Finland Housing starts* • Housing start-ups expected to decrease. Forecasted start-ups 25,000 units in Finland in 2014 (RT Confederation of Finnish Construction Industries, October 2014) while the Housing prices estimated long-term annual need is 24,000-29,000 units (VTT
Slide 60: Market outlook 2014, Business Premises and Infrastructure
Market outlook 2014, Business Premises and Infrastructure Business premises in Finland Market* • Demand for business premises expected to remain weak • Commercial construction is expected to remain stable and office Commercial construction* construction to remain weak as vacancy rates remain high (R
Slide 61: Margin guidance for 2014 lowered in October
Margin guidance for 2014 lowered in October The Group revenue based on segment reporting is estimated to grow by 0–5% at comparable exchange rates. The operating profit margin based on segment reporting is estimated to be in the range of 6.5-7.3% excluding non-recurring items. Increased uncertainty
Slide 62: Concluding remarks
Concluding remarks Growth from self-developed and co-operation projects Solid track record in profitability and execution through economic cycles Strong market position and long experience from Finland and Russia Opportunities for growth through unique market position Current focus on cash flow and
Slide 63: Appendices
7 Appendices Tripla Konepaja residential area Pasila, Helsinki, Finland Helsinki, Finland
Slide 64: 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 | 64 | Investor presentation, December 2014
Slide 65: I Additional Financial information
I Additional Financial information
Slide 66: Balanced debt portfolio
Balanced debt portfolio Debt portfolio 9/2014, EUR 909 million Maturity structure Maturity profile (excluding construction stage financing) (EUR million), 9/2014 Bonds, 23% 700 Commercial papers, 15% 600 Commercial Papers Construction stage financing, 30% 500 Pension loans Insurance companies, 14% 4
Slide 67: Weakening of the ruble has weighed on the results
Weakening of the ruble has weighed on the results Revenue split 1-9/2014 • The Russian ruble was 15% weaker in 1-9/2014 on average compared to the comparison period RUB 26% Principles of managing currency risks • Sales and costs typically in same currency, all foreign currency items hedged Other n
Slide 68: Consolidated balance sheet
Consolidated balance sheet as of September 30, 2014 (EUR million) Revenue* Assets - Inventories, WIP in particular, account for a major share Equity and liabilities 2,568 2,568 127 Non-current assets 256 107 Equity 643 (12%) (5%) 1,747 588 673 (28%) Non-current borrowings 296 (33%) 2,032 2,036 Inven
Slide 69: YIT's cost base in 2013
YIT’s cost base in 2013 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 1,608 million 10-15% Margin on EBIT-level <10% Fixed costs and marketing 16 208 287 1,
Slide 70: Capital invested in plot reserves, 9/2014
Capital invested in plot reserves, 9/2014: EUR 589 million Housing Finland, the Baltic countries and CEE Housing Russia* Business Premises and Infrastructure 2013 use of plot reserves 2013 use of plot reserves 2013 use of plot reserves 75 74 14 (EUR million) (EUR million) (EUR million) Finland 63 Th
Slide 71: 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 72: II General economic indicators
II General economic indicators
Slide 73: Macro environment: Finland and Russia
Macro environment: Finland and Russia Finland Russia (GDP growth, %) GDP growth, % Exports growt, % Private consumption Russia St. Petersburg Moscow Region growt, % 2.1 4.9 5.0 5.0 4.8 0.9 1.2 3.4 0.5 3.2 3.5 3.5 0.1 0.2 2.5 1.3 0.2 0.5 -0.2 -0.2 -0.7 -1.2 -1.7 12 13 14E 15E 12 13 14E 15E 12 13 14E
Slide 74: Macro environment: The Baltic countries and CEE
Macro environment: The Baltic countries and CEE The Baltic countries, GDP growth, % Central Eastern Europe, GDP growth, % Estonia Latvia Lithuania The Czech Republic Slovakia 5.2 2.7 4.7 2.4 4.1 3.7 3.3 3.3 3.0 2.5 2.5 1.8 3.2 2.5 2.7 1.6 0.9 1.2 12 13 14E 15E 12 13 14E 15E 12 13 14E 15E 12 13 14E 1
Slide 75: III Housing indicators
III Housing indicators
Slide 76: Market fundamentals in YIT's operating countries
Market fundamentals in YIT´s operating countries House price index in different countries House prices in relation to income and rents in Finland, index (100=1981) 200 250 180 200 160 150 140 120 100 100 50 80 60 0 1981 1986 1991 1996 2001 2006 2011 House prices in relation to wage and salary earnin
Slide 77: Finland – Housing start-ups expected to decrease in 2014
Finland – Housing start-ups expected to decrease in 2014 Residential start-ups, units Unsold completed units (residential development projects) 33,946 33,503 32,833 30,175 31,091 28,334 27,271 12,104 25,000 24,500 16,411 15,671 22,903 22,415 11,032 14,466 9,237 7,953 6,500 6,500 11,255 8,915 20,729
Slide 78: 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 Own economy 20 10 0 -10 Finland’s economy -20 -30 Construction cost index (2005=100) Construction confidence 130 40 125 20 120
Slide 79: 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 2,300 2,500 2,500 2,200 2,900 2,800 1,900 2,000 2,700 2,100 1,900 2006 2007 2008 2009 2010 20
Slide 80: The Czech Republic and Slovakia – Start-ups forecasted to remain relatively low
The Czech Republic and Slovakia – Start-ups forecasted to remain relatively low Residential start-ups in the Czech Republic , units Housing 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 22,100 21,000 21,000 45,
Slide 81: Russia – Housing indicators
Russia – Housing indicators House prices in primary markets, thousand RUB (1/2009-9/2014) New residential construction, EUR billion 100 200 80 90 180 75 80 160 70 140 70 60 120 50 100 65 40 80 60 30 60 20 40 55 50 Yekaterinburg Rostov-on-Don Kazan 2010 2011 2012 2013 2014E 2015E 2016E St. Petersburg
Slide 82: IV Business premises and infrastructure construction indicators
IV Business premises and infrastructure construction indicators
Slide 83: 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 140 2,500 120 2,000 100 1,500 80 1,000 60 500 40 0 2009 2010 2011 2012 2013 2014E 2015E 2005 2006 2007 2008 2009 2010 2011 2012 2013 20
Slide 84: Finland – Yields have increased slightly
Finland – Yields have increased slightly Prime yields in Helsinki Metropolitan Area, % Vacancy rates in Helsinki Metropolitan Area Office yields in Helsinki Metropolitan Area, % Rental levels of office space in Helsinki Metropolitan Area, EUR / sq. m. / year Sources: Catella Property Market Trends F
Slide 85: 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 86: Infrastructure construction – Market expected to decrease slightly in 2014
Infrastructure construction – Market expected to decrease slightly in 2014 Infrastructure market in Finland, EUR million Infrastructure sectors in Finland (2013) 7,000 Other 11% 6,000 5,000 Roads 36% 4,000 Energy & water works 24% 3,000 2,000 1,000 Telecom- Railways 0 munications 14% 2005 2006 2007
Slide 87: VI Ownership
VI Ownership
Slide 88: YIT's major shareholders
YIT’s major shareholders October 31, 2014 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. Mandatum Life Insurance Company Ltd. 4,286,675 3.37 4. Herlin Antti 4,274,180 3.36 5. LähiTapiola Mutual Insurance Company 3,
Slide 89: 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 90: Together we can do it.
Together we can do it.