1. YIT Group Financial Statements 2004
Group CEO Reino Hanhinen
Event for analysts and investors 15 February 2005
15 February |
YIT CORPORATION

2. Contents I. YIT Group Financial Statements 2004 II. Strategic Targets
III. YIT Share
IV. Future Outlook
Appendices
IAS/IFRS
Financial Statements 2004
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YIT CORPORATION

3. YIT Group Financial Statements 2004
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YIT CORPORATION

4. YIT’s corporate structure
YIT Corporation
Reino Hanhinen
Corporate Management, Corporate Services, Corporate Communications
Construction Services
Ilpo Jalasjoki
Services for Industry
Raimo Poutiainen
Building Systems
Juhani Pitkäkoski
Data Network Services
Hannu Leinonen
Building Systems
Automation and security
Facility Management
Housing
Business environments
Infrastructure
Piping and tanks
Maintenance
Fixed networks
Mobile networks
Net sales 2004 MEUR 1,332 Personnel Dec/ ,194
Net sales 2004 MEUR 1,427 Personnel Dec/ ,102
Net sales 2004 MEUR 195 Personnel Dec/ ,760
Net sales MEUR 127 Personnel Dec/ ,328
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YIT CORPORATION

5. Key events in 2004
YIT´s net sales, profit before taxes and order backlog on all time high levels.
YIT´s operating profit on all time high levels each quarter in YIT´s history.
Building Systems has completed a successful integration process and has moved into running business operations on a normal level. The EBITA for the segment at the fourth quarter was 4,0% of net sales.
Residential construction in Russia, Estonia, Latvia and Lithuania saw rapid growth. In Finland residential construction stabilised on a good level at the end of the year and the profit of Construction Services was on a good level.
The order backlog of Services for Industry doubled.
Data Network Services´cost efficiency and strong growth in broadband connections resulted in good profits.
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YIT CORPORATION

6. Financial statements 2004 key figures
Net sales growth was 27% amounting to EUR 3,033.4 million (2,389.7).
The share of net sales accounted for by the Group’s international activities was 40% (28%).
The share of net sales accounted for by maintenance and service business increased to EUR 1,010.2 million (643.5), representing 33% (27%) of total net sales.
EBITA amounted to EUR million (118.7). Profit before taxes growth was 40% and amounted to EUR million (84.4).
Return on investment was 19.6% (16.8%).
Order backlog growth was 8% and amounted to EUR 1,604.9 million (1,490.1).
Earnings per share growth was 67% and was EUR 1.37 (0.82).
The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.70 (0.60) be paid per share, representing 51.1 per cent of earnings per share. YIT is increasing its dividend for the tenth year in a row.
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7. Net sales by quarter MEUR1)
1) The figure for the fourth quarter 2003 includes the net sales of the acquired Building Systems operations over a four-month period (from August 29 to December 31, 2003).
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8. Operating profit (EBIT) by quarter
MEUR 2) 3) 1)
Operating profit was reduced by the sum of EUR 5.7 million recorded as a loss by YIT on the basis of a ruling by the Helsinki District Court. YIT has appealed the decision.
Includes about EUR 30 million in capital gains from the sale of Makroflex.
Operating profit of Building Systems business segment is burdened by EUR 5.8 million integration costs and EUR 11.5 million downscaling expenses of the acquired Building Systems operations in Sweden.
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9. Consolidated income statement
MEUR
2004
2003
Change
Net sales
3,033.4
2,389.7
27%
Net sales outside Finland
1,212.7
672.5
80%
Sale of shares in own production
203.1
243.1
-16%
Operating income and expenses
-2,850.6
-2,253.3
Depreciation and value adjustments
-17.1
-17.7
-3%
EBITA
165.7
118.7
40%
as percentage of net sales
5.5%
5.0%
Amortization of goodwill and goodwill on consolidation
-30.6
-20.1
52%
Operating profit (EBIT)
135.1
98.6
37%
4.5%
4.1%
Financial income and expenses, net
-16.8
-14.2
18%
Profit before extraordinary items
118.2
84.4
Extraordinary income
Extraordinary expenses
Profit before taxes
Profit for the report period
84.0
48.4
74%
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10. Consolidated Balance Sheet
MEUR
Dec/2004
Dec/2003
Change
ASSETS
Intangible assets
Goodwill
152.1
168.9
-10%
Other intangible assets
12.3
11.8 4%
Goodwill on consolidation
72.1
78.0
-8%
Tangible assets
68.4
66.8 2%
Investments
6.8
7.9
-14%
Inventories
421.6
380.8
11%
Receivables
822.1
781.0 5%
Marketable securities
0.7
11.9
-94%
Cash and cash equivalents
34.2
48.4
-29%
Total assets
1,590.3
1,555.5
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11. Consolidated Balance Sheet
MEUR
Dec/2004
Dec/2003
Change
LIABILITIES
Share capital
61.3
61.0 -
Other shareholders’ equity
395.9
347.3
14%
Minority interests
3.6
3.4 6%
Provisions
26.0
27.3
-5%
Interest-bearing debt
261.5
264.7
-1%
Non interest-bearing debt
842.0
851.8
Total liabilities
1,590.3
1,555.5 2%
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12. Net sales by business segment
MEUR
2004
2003
Change
Building Systems
1,331.5
681.01)
96%
Construction Services
1,427.3
1,398.5 2%
Services for Industry
195.1
209.71)
-7%
Data Network Services
127.0
130.0
-2%
Other items
-47.5
-29.5
61%
YIT Group total
3,033.4
2,389.7
27%
The figures for 2003 are pro forma calculations. The acquired Building Systems business operations had net sales of EUR million during the period from August 29 to December 31, 2003.
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13. of which net sales outside Finland 1,212.7 MEUR
Net sales by country 2004
Finland 60.0%
1,820.7 MEUR
Other countries 1.2%
35.9 MEUR
Russia 3.3%
101.3 MEUR
Baltic countries 5.5%
166.6 MEUR
Other Nordic countries 30.0%
908.9 MEUR
Total 3,033.4 MEUR,
of which net sales outside Finland 1,212.7 MEUR
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14. EBITA and EBIT by business segment 2004
MEUR
Building
Systems
Construction
Services
Services for
Industry
Data Network
Services
Other items
EBITA total MEUR 165.7
EBIT total MEUR 135.1
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15. Operating profit before amortization of goodwill and goodwill on consolidation (EBITA) by business segment
MEUR
2004
2003
Change
Building Systems
33.6
-7.1 -
Construction Services
111.6
111.1
Services for Industry
6.8
9.7
-30%
Data Network Services
19.7
14.0
41%
Other items
-6.0
-9.0
-33%
YIT Group total
165.7
118.7
40% 1) 2) 1)
The figures for 2003 are pro forma calculations. Operating profit of Building Systems business segment is burdened by EUR 5.8 million integration costs and EUR 11.5 million downscaling expenses of the acquired Building Systems operations in Sweden.
Operating profit includes EUR 24.3 million non-recurring items. Operating profit of International Operations includes about EUR 30 million in capital gains from the sale of Makroflex. Operating profit of YIT Business Premises was reduced by the sum of EUR 5.7 million recorded as a loss by YIT on the basis of a ruling by the Helsinki District Court. YIT has appealed the decision.
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YIT CORPORATION

16. Strategic target level: 20%
Return on investment
by business segment 2004 % 1)
Building
Systems
Construction
Services
Services for
Industry
Data Network
Services
YIT Group
Strategic target level: 20%
1) Pro forma.
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17. Gearing ratio and cash flow
Gearing ratio,%
Operating cash flow before taxes *, MEUR 1) 2)
1) Cash flow before EUR million transaction price of Building Systems acquisition paid on August 29, 2003 and EUR 30 million capital gains from the sale of Makroflex.
*Operating cash flow before taxes = Cash flow from operations before financial items and taxes + cash flow from investing activities
2) YIT paid EUR 22 million as additional transaction price of Building Systems acquisition in January 2004.
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18. Order backlog by business segment
MEUR
2004
2003
Change
Building Systems
557.8
502.31)
11%
Construction Services
847.9
817.7 4%
Services for Industry
116.5
67.21)
73%
Data Network Services
82.7
102.9
-20%
YIT Group total
1,604.9
1,490.1 8%
The figures for 2003 are pro forma calculations.
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19. Order backlog at end of period
MEUR
1,604.9
1,490.1
938.8
735.8
574.7
477.5
479.1
411.7
332.8
346.1
319.7
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20. Earnings/share and dividend/share 1995–2004
Earnings/share, EUR
Dividend/share*, EUR 1)
* The doubling of the number of shares, which came into effect on March 26, 2004, has been taken into account.
1) Board of Directors’ proposal.
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21. Strategic targets
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22. YIT’s strategic operational objectives
Nordic market leader in Building Systems services
The company growing most rapidly in the residential construction market in Russia and the Baltic countries
International supplier of Data Network Services
Profit-gearing operator of big industrial projects
Innovative developer of public sector services and domestic market leader
Stable growth in service and maintenance business
The most famous brand within the construction and maintenance of technical infrastructure in the Nordic countries
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23. Expanding maintenance services
Net sales of maintenance and upkeep services and
their share of the entire Group’s net sales
MEUR
33%
27%
24%
24%
22%
20%
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YIT CORPORATION

24. Maintenance and upkeep services
Share of maintenance and upkeep services by business segment 2004
Building Systems
748.2 MEUR
Data Network Services
92.1 MEUR
Services for Industry
135.4 MEUR
Construction Services
70.5 MEUR
Maintenance and upkeep services
YIT Group total 1,010.2 MEUR
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25. YIT’s strategic target levels
Average annual growth in net sales 5–10%
Return on investment 20%
Equity ratio 35%
Dividend payout 30–50% of net profit for the year after taxes and minority interests
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26. Strategic target level: growth 5–10% per year
Net sales 1994–2004
MEUR
Average annual growth
: 18.7%
Strategic target level: growth 5–10% per year
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27. Strategic target level: 20%
Return on investment %
Strategic target level: 20%
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28. Strategic target level: 35%
Equity ratio %
Strategic target level: 35%
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29. Dividend payout 1995-2004 Dividend/share*, EUR Dividend/earnings, %1) 1)
* The doubling of the number of shares, which came into effect March 26, 2004, has been taken into account.
1) Board of Directors’ proposal.
YIT´s dividend policy:
30–50% of the annual profit after taxes and
minority interests
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30. YIT share
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YIT CORPORATION

31. Principal shareholders Jan. 31, 2005
No %
1. Sampo Life Insurance Company Ltd 5,654,
2. Suomi Mutual Life Assur. Company 4,285,
3. Varma Mutual Pension Ins. Company 3,906,
4. Ilmarinen Mutual Pension Ins.Co 2,043,
5. Tapiola Insurance Group 1,865,
6. Security Trading Ltd ,359,
7. Pohjola Insurance Group ,
8. Etera Mutual Pension Ins. Company ,
9. Kaleva Mutual Insurance Company ,
10. State Pension Fund ,
Nominee-registered ,099,
Other shareholders ,789,
Total ,292,
Total number of shareholders 7,588. Nominal value of the share EUR 1.00 (registered on March 26, 2004, whereby the number of shares was doubled). Share capital EUR 61,292,854.
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32. Nominee-registered shareholders + other international ownership as percentage of equity
1999
2000
2001
2002
2003
2004
2005
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33. Number of shareholders at end of period
1/2005
YIT Corporation was formed on September 2, YIT’s share has been quoted on Helsinki Exchanges since September 4, 1995.
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34. Future Outlook
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35. Building Systems
Following a successful integration process all countries have moved into running business operations on a normal level and the profit development has been positive.
The market developed positively as a result of the good demand in residential construction and maintenance as well as the industry starting to invest.
In order to improve profitability efficiency measures were taken and project management and co-operation was developed further. Fixed expenses were reviewed in each country and necessary cost cutting measures and personnel adjustment measures were taken locally.
The largest individual action was taken in Sweden in the beginning of 2004 when payroll was cut by a total of 320 people. In addition, the two operating companies in Sweden were merged on 1 October 2004.
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36. EBITA excluding non-recurring items total 37.6 MEUR (2.8%)
Building Systems EBITA 2004
MEUR
(4.0%)
(3.4%)
(2.3%)
(1.5%)
Q1/2004
Q2/2004
Q3/2004
Q4/2004
EBITA total 33.6 MEUR (2.5%)
EBITA excluding non-recurring items total 37.6 MEUR (2.8%)
Does not include a loss provision of EUR 4 million due to an electrification project on two ships for the Royal Danish Navy.
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37. Construction Services
Number of start-ups in YIT’s housing production in Finland
No.
3,169
3,278
3,108
2,944
2,634
2,717
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38. Migration between municipalities in Finland
persons
1-12/2004:
282,406
1-12/2003:
275,157
Source: Statistics Finland, Jan. 20, 2005
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39. Interest rates and expectations
26 May 2018
Interest rates and expectations % -1 1 2 3 4 5 6
2002
2003
2004
2005
2006
2007
3 month euro interest rate, USA
3 month euro interest rate, Great Britain
3 month stibor (Sweden’s market interest rate)
3 month euro interest rate, Japan
3 month euribor interest rate (actual days/360)
Source: Bloomberg
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YIT CORPORATION

40. Russia: 144.2 million inhabitants (2003)
Construction Services
Russia and Baltic Countries
Russia: million inhabitants (2003)
17,078,000 km2
TALLINN
PÄRNU
KAUNAS
ST. PETERSBURG (4.7)
RIGA
VILNIUS
MOSCOW (10.1)
NIZHNI-NOVGOROD (1.3)
MOS.OBLAST (6.5)
KAZAN (1.1)
JEKATERINBURG (1.3)
SAMARA (1.2)
Current business locations
Potential expansion
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41. Construction Services
YIT’s housing production in Russia and Baltic countries
No.
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42. Services for Industry
The reduction in net sales was mainly due to the reduction in investments. Mainly maintenance investments and modernizations were made.
During the year a clear turnaround took place and investments were started.
The strong growth in the order backlog was due to orders received from the Fortumin Diesel-project. Considerable investments for YIT are as well the fifth nuclear power plant and large investments started by the pulp- and paper industry in the Nordic countries.
The market development continued favourably for industrial maintenance. The low investment level resulted in maintenance of the old machine park. To facilitate maintenance many standstills in production within the pulp- and paper industry and power plants took place during the year. Stable demand continued in outsourcing of services.
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YIT CORPORATION

43. Data Network Services
Profit development was stronger than last year as a result of a more vivid market situation as well as development and efficiency measures taken by the segment´s own organisation.
Net sales increased mainly as a result of new operator customerships, growth in broadband connections and related installations. Good demand in broadband connections increased the order backlog.
The share of maintenance increased as a result of the decrease in mobile network projects and the change in demand into smaller maintenance service projects.
In 2004 the focus was on developing new services within technical IT services and actions to support the opening of this installation market as well as the telecom networks market.
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44. 26 May 2018
Market Outlook
Economic research institutions estimate that the Nordic economies will develop in a stable manner in 2005 and 2006 with 2-3 % growth, ie. about one percentage point above the growth level in EU.
Russia and Norway will benefit from the high oil price. The growth rate of Russia, Estonia, Latvia and Lithuania is about two-fold compared to that of the Nordic countries.
Indicators estimating the level of interest rates imply that the interest rates in Euroland will according to current information stay relatively stable for some year, which supports investments and demand for housing.
The growth in exports and industrial investments will increase the need for industrial investments and maintenance.
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YIT CORPORATION

45. 26 May 2018
Outlook for 2005
Profit before taxes in 2005 is estimated to improve compared to 2004.
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YIT CORPORATION
YIT CORPORATION

46. Corporate Communications
More information
on our site at
Veikko Myllyperkiö
Vice President,
Corporate Communications
tel
mobile
fax
Esko Mäkelä Executive Vice President
tel fax
Petra Thorén Manager, Investor Relations tel mobile fax
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47. Appendices
IAS/IFRS
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48. Effects of the changes in the accounting principles on Jan. 1, 2004
IAS/IFRS
Effects of the changes in the accounting principles on Jan. 1, 2004
Developer contracting
Net sales from the sale of shares in own production (double net sales) will be eliminated, with operating profit remaining unchanged (Jan. 1 - Dec. 31, 2004: about EUR 203 million.
Developer contracting will be recognized on the basis of the percentage of completion (degree of the completion of construction multiplied by the degree of sale). This will slow down earnings accrual compared to the present practice, in which the project margin has been recorded as revenue in the income statement on the basis of the degree of completion or the degree of sale, whichever is lower. This accounting change will reduce shareholders’ equity in the balance sheet by about EUR 15 million at the time of transition.
In IFRS, 10-year construction commitments are recorded as provisions having an effect on earnings, whereas they are presently recorded as expenses on the basis of their realization. This accounting change will reduce shareholders’ equity in the balance sheet and increase provisions by about EUR 18 million.
The changes in the treatment of developer contracting will also affect the elimination of internal items in the balance sheet and sold contract receivables. These accounting changes will increase current interest-bearing liabilities in the opening balance sheet by about EUR 140 million.
On the whole, the changes will reduce the balance sheet total by about EUR 100 million.
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49. Effects of the changes in the accounting principles on Jan. 1, 2004
IAS/IFRS
Effects of the changes in the accounting principles on Jan. 1, 2004
Occupational disability portion of statutory entitlement pensions (TEL)
The occupational disability portion of statutory entitlement pensions will be treated as a payment-based system in IFRS financial statements. The occupational disability portion of statutory entitlement pensions, including the deferred taxes thereon, has neither been booked to reduce shareholders’ equity or to increase pension liabilities and deferred tax assets. The total effect would reduce shareholders’ equity in the balance sheet by about EUR 37 million.
Financial leasing agreements
Leasing agreements in which the Group has a substantial share of the risks or benefits of ownership have been classified as financial leasing agreements and recorded as fixed assets and interest-bearing liabilities. The effect of the leasing agreements is to increase the balance sheet by about EUR 40 million. 
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50. Effects of the changes in the accounting principles on Jan. 1, 2004
IAS/IFRS
Effects of the changes in the accounting principles on Jan. 1, 2004
Goodwill and goodwill on consolidation
The amortization of goodwill and goodwill on consolidation according to plan will be discontinued after the 2003 financial year and replaced with value impairment tests. Goodwill and goodwill on consolidation have been tested in the opening balance sheet. On the basis of the tests, there were no grounds for recognizing impairment. In 2004, the amortization of goodwill and goodwill on consolidation amounted to EUR 30.6 million.
Tax effects
Deferred tax assets and liabilities have been calculated from the permanent differences between the IFRS financial statements and taxation. Their net effect is to increase the balance sheet and shareholders’ equity in the balance sheet by about EUR 13 million.
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51. Appendices Financial Statements 2004
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52. Key figures 2004 2003 Change Return on investment 19.6%) 16.8%
Equity ratio
31.1%
28.3%
Net interest-bearing debt, MEUR
226.3
204.4
11%
Gearing ratio
49.2%
49.6%
Earnings/share, EUR
1.37
0.821)
67%
Equity/share, EUR
7.46
6.691)
12%
Average share price, EUR
15.92
10.351)
54%
Share price at end of period, EUR
18.36
13.451)
37%
Gross capital expenditures, MEUR
31.0
232.9
-87%
Order backlog, MEUR
1,604.9
1,490.1 8%
Average personnel
21,884
16,212
35%
The number of YIT’s shares was doubled on March 26, 2004 when the nominal value of the share was changed from two euros to one euro (split). The figures for the comparison periods have been converted to correspond with the doubled number of shares.
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53. of which net sales outside Finland 1,212.7 MEUR
Net sales by business segment 2004
Building Systems 44%
1,331.5 MEUR
Data Network Services 4%
127.0 MEUR
Services for Industry 6%
195.1 MEUR
Construction Services 47%
1,427.3 MEUR
Total 3,033.4 MEUR,
of which net sales outside Finland 1,212.7 MEUR
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54. 1) Includes the Russian and Baltic operations.
Building Systems
Breakdown of net sales 2004
YIT Sverige AB
Sweden 38%
506.5 MEUR
YIT A/S
Denmark 9%
116.6 MEUR
YIT Building Systems AS
Norway 21%
281.2 MEUR
YIT Kiinteistötekniikka Oy Finland 1) 32%
429.3 MEUR
Total net sales 1,331.5 MEUR
1) Includes the Russian and Baltic operations.
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55. Construction Services
Breakdown of net sales 2004
International operations 18%
266.8 MEUR
Operations in Finland 82%
1,160.5 MEUR
Total net sales 1,427.3 MEUR
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56. Services for Industry Breakdown of net sales 2004
Investments 31%
59.7 MEUR
Maintenance and upkeep services 69%
MEUR
Total net sales MEUR
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57. Data Network Services Breakdown of net sales 2004
Maintenance, repairs and subscriber deliveries 70%
88.9 MEUR
Project operations 30%
38.1 MEUR
Total net sales MEUR
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58. Net sales
1995–2004
MEUR
3,033.4
2,389.7
1,763.0
1,623.1
1,222.1
1,235.4
1,167.7
941.4
876.3
660.0
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59. Net sales (EBIT) by business segment
MEUR
2004
2003
Change
Building Systems
9.0 ) -
Construction Services
109.4 ) 1%
Services for Industry
6.3
8.8 1)
-28%
Data Network Services
16.4
10.7
53%
Other items
-6.0
-9.0
-33%
YIT Group total
135.1
98.6
37%
The figures for 2003 are pro forma calculations. Operating profit of Building Systems business segment is burdened by EUR 5.8 million integration costs and EUR 11.5 million downscaling expenses of the acquired Building Systems operations in Sweden.
Operating profit includes EUR 24.3 million non-recurring items. Operating profit of International Operations includes about EUR 30 million in capital gains from the sale of Makroflex. Operating profit of YIT Business Premises was reduced by the sum of EUR 5.7 million recorded as a loss by YIT on the basis of a ruling by the Helsinki District Court. YIT has appealed the decision.
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60. Operating profit (EBIT) 1995–2004
MEUR
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61. Order backlog by business segment
December 31, 2004
Building Systems 35%
557.8 MEUR
Data Network Services 5%
82.7 MEUR
Services for Industry 7%
116.5 MEUR
Construction Services 53%
847.9 MEUR
Total order backlog 1,604.9 MEUR,
of which order backlog outside Finland MEUR
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62. Order backlog by quarter 2000–2004, MEUR at the end of period
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63. Gross capital expenditures
MEUR
% of net sales
Major acquisitions: YIT Calor (2001), YIT Primatel (2002) and YIT Building Systems (2003).
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64. Personnel at end of year
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65. Personnel by business segment
December 31, 2004
Building Systems 56%
12,194
Corporate services 1%
296
Data Network Services 6%
1,328
Services for Industry 13%
2,760
Construction Services 24%
5,102
Total 21,680
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66. Personnel by country December 31, 2004 Total 21,680 Finland 53% 11,540
Russia 5% 1,110
Baltic countries 5% 1,151
Denmark 5%
1,136
Norway 12%
2,507
Sweden 20%
4,236
Total 21,680
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YIT CORPORATION