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Financial information and outlook
Financial information about YIT
Find our key financial figures and targets, information about financing and risk management. You can also find analysts following YIT and their consensus estimates.
Key figures
|
EUR million |
2022 |
2021 |
2020 |
|---|---|---|---|
|
Revenue |
2,403 |
2,652 |
3,069 |
|
Adjusted operating profit |
110 |
85 |
85 |
|
Operating cash flow after investments |
-281 |
288 |
336 |
|
Net interest-bearing debt |
569 |
303 |
628 |
|
Equity ratio, % |
36 |
40 |
33 |
|
Gearing ratio, % |
64 |
30 |
68 |
|
Return on capital employed, % |
8.4 |
6.8 |
5.2 |
|
Order book |
3,702 |
3,847 |
3,528 |
YIT restated financial information for comparative period 2021 reflecting the reporting of sold Russian businesses as discontinued operations. Balance sheet and cash flow statement for comparative periods were not restated.
Check out the updated key figures also by quarter.
Financial targets
Operating profit margin
(%)
>6
Gearing
(%)
<50
Dividend per share
(€)
stable growth
YIT’s Board of Directors confirmed on 22 November 2021 the company’s strategy for 2022–2025 and updated its financial targets.
Read more about the strategy.
The previous financial targets were ROCE-% >12%, gearing <50% and annually growing dividend per share.
Debt investors
Treasury policy
One of the key objectives of YIT's treasury policy is to ensure sufficient financing for its operations and the actions required to reach its strategic targets. The aim is to provide access to financing on competitive terms while minimising the net financing expenses, to execute financial risk management and to ensure sufficient diversification of funding sources.
Read more about YIT's financial risk management
Debt structure
Green Finance Framework
YIT has established a Green Finance Framework to support investments promoting the transition towards a low-carbon circular economy. The Green Finance Framework will enable YIT to issue green bonds and other green financial instruments to finance projects with environmental benefits. The Framework will be one of the tools to support YIT to reach its climate and sustainability targets.
 |
|
|
| Green Finance Framework | Second party opinion - CICERO | |
|
|
|
| Impact Report 2022 | Independent practitioner´s limited assurance report 2022 - PwC |
Bonds
| Type | Maturity | Initial amount |
Issue date | Annual coupon rate | ISIN |
| Senior unsecured green notes | 31 Mar 2024 | 100 M€ | 31 Mar 2021 | 3M Euribor + 3.100% | FI4000496294 |
|
Senior unsecured green notes |
15 Jan 2026 |
100 M€ | 31 Mar 2021 | 3.250% | FI4000496302 |
| Green capital securities | No maturity date (Reset Date 31 Mar 2026) | 100 M€ | 31 Mar 2021 | 5.750% until Reset Date* | FI4000496310 |
*Capital securities bear a fixed coupon interest of 5.750 per cent per annum until 31 Mar 2026 (the Reset Date) and, from the Reset Date, a floating interest rate as defined in the terms and conditions of the capital securities.
On 25 March 2021, YIT announced (stock exchange release) the issuance of senior unsecured green notes of EUR 100 million with maturity date in 2024 and senior unsecured green notes of EUR 100 million with maturity date in 2026, and EUR 100 million green capital securities.
- The 2024 notes mature on 31 March 2024, bear a floating coupon interest of EURIBOR 3 months plus a margin of 3.100 per cent per annum, payable quarterly and have an issue price of 100 per cent.
- The 2026 notes mature on 15 January 2026, bear a fixed coupon interest of 3.250 per cent per annum, payable annually and have an issue price of 100 per cent.
- The EUR 100 million capital securities bear a fixed coupon interest of 5.750 per cent per annum until 31 March 2026 (the Reset Date), payable annually, and, from the Reset Date, a floating interest rate as defined in the terms and conditions of the capital securities.
Agency agreement for both senior unsecured green notes
Separate securities notes with summaries and the related registration document
REGISTRATION DOCUMENT
Limitation of liability
Legislation in certain countries may restrict the distribution of the content of the following website. The information contained on the following website is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
Nothing in the information and documents on this website constitutes an offer of securities for sale in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered, sold, pledged or otherwise transferred, directly or indirectly, within the United States or to, or for the account or benefit of, any U.S. person (as such terms are defined in Regulation S under the Securities Act) except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
The information and documents on this website do not constitute an offer of Notes to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the Notes. Consequently, the information and documents on this website are addressed to and directed only at only at persons in the United Kingdom in circumstances where provisions of section 21(1) of the Financial Services and Markets Act 2000 as amended, do not apply and are solely directed at persons in the United Kingdom who (a) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) persons falling within Article 49(2)(a) to (d) of the Order, or other persons to whom they may be lawfully communicated (all such persons together being referred to as “relevant persons”).Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on such information and documents or any of their contents.
I confirm that I have read, understood and agree to comply with the limitations presented above. I confirm and declare that my domicile is not, nor am I currently in, the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or any other region in which the distribution or publication of the aforementioned information would constitute a breach of local legislation, and that I am not a U.S. person.
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Click "OK" to see information relating to the listing of the Notes.
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SECURITIES NOTE - SENIOR UNSECURED GREEN NOTES 2024
Limitation of liability
Legislation in certain countries may restrict the distribution of the content of the following website. The information contained on the following website or other information relating to the listing of the Notes is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
Nothing in the information and documents on this website constitutes an offer of securities for sale. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Notes may not be offered, sold, pledged or otherwise transferred, directly or indirectly, to the United States of America, nor to U.S. persons (as determined in the Securities Act, Regulation S), nor on behalf of such persons, with the exception of individuals who are not U.S. persons (as determined in the Securities Act, Regulation S) in transactions outside of the U.S. pursuant to Regulation S.
The information and documents on this website do not constitute an offer of Notes to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the Notes. Consequently, the information and documents on this website are only being distributed to and are only directed at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (iii) high net worth entities falling within Article 49(2) of the Order and (iv) other persons to whom it may lawfully be communicated (all such persons together being referred to as “relevant persons”). In addition, the information and documents on this website are in any event only directed at persons who are “qualified investors” pursuant to the Prospectus Directive (2003/71/EC, as amended). Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on such information and documents or any of their contents.
I confirm that I have read, understood and agree to comply with the limitations presented above. I confirm and declare that my domicile is not, nor am I currently in, the United States of America, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or any other region in which the distribution or publication of the aforementioned information would constitute a breach of local legislation, and that I am not a U.S. person.
By clicking “OK”, the user is deemed to have read, accepted and understood the aforementioned limitation of liability statement.
Click "OK" to see information relating to the listing of the Notes.
Click "Close" to return to the front page.
SECURITIES NOTE - SENIOR UNSECURED GREEN NOTES 2026
Limitation of liability
Legislation in certain countries may restrict the distribution of the content of the following website. The information contained on the following website or other information relating to the listing of the Notes is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
Nothing in the information and documents on this website constitutes an offer of securities for sale. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Notes may not be offered, sold, pledged or otherwise transferred, directly or indirectly, to the United States of America, nor to U.S. persons (as determined in the Securities Act, Regulation S), nor on behalf of such persons, with the exception of individuals who are not U.S. persons (as determined in the Securities Act, Regulation S) in transactions outside of the U.S. pursuant to Regulation S.
The information and documents on this website do not constitute an offer of Notes to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the Notes. Consequently, the information and documents on this website are only being distributed to and are only directed at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (iii) high net worth entities falling within Article 49(2) of the Order and (iv) other persons to whom it may lawfully be communicated (all such persons together being referred to as “relevant persons”). In addition, the information and documents on this website are in any event only directed at persons who are “qualified investors” pursuant to the Prospectus Directive (2003/71/EC, as amended). Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on such information and documents or any of their contents.
I confirm that I have read, understood and agree to comply with the limitations presented above. I confirm and declare that my domicile is not, nor am I currently in, the United States of America, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or any other region in which the distribution or publication of the aforementioned information would constitute a breach of local legislation, and that I am not a U.S. person.
By clicking “OK”, the user is deemed to have read, accepted and understood the aforementioned limitation of liability statement.
Click "Close" to return to the front page.
SECURITIES NOTE - GREEN CAPITAL SECURITIES 2026
Limitation of liability
Legislation in certain countries may restrict the distribution of the content of the following website. The information contained on the following website or other information relating to the listing of the Notes is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
Nothing in the information and documents on this website constitutes an offer of securities for sale. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Notes may not be offered, sold, pledged or otherwise transferred, directly or indirectly, to the United States of America, nor to U.S. persons (as determined in the Securities Act, Regulation S), nor on behalf of such persons, with the exception of individuals who are not U.S. persons (as determined in the Securities Act, Regulation S) in transactions outside of the U.S. pursuant to Regulation S.
The information and documents on this website do not constitute an offer of Notes to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the Notes. Consequently, the information and documents on this website are only being distributed to and are only directed at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (iii) high net worth entities falling within Article 49(2) of the Order and (iv) other persons to whom it may lawfully be communicated (all such persons together being referred to as “relevant persons”). In addition, the information and documents on this website are in any event only directed at persons who are “qualified investors” pursuant to the Prospectus Directive (2003/71/EC, as amended). Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on such information and documents or any of their contents.
I confirm that I have read, understood and agree to comply with the limitations presented above. I confirm and declare that my domicile is not, nor am I currently in, the United States of America, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or any other region in which the distribution or publication of the aforementioned information would constitute a breach of local legislation, and that I am not a U.S. person.
By clicking “OK”, the user is deemed to have read, accepted and understood the aforementioned limitation of liability statement.
Click "Close" to return to the front page.
Commercial paper programme
YIT Corporation has a domestic EUR 400 million commercial paper programme. Dealers: Aktia, Danske Bank, Nordea, Pohjola, SEB, Svenska Handelsbanken and Swedbank.
Releases
Stock exchange releases concerning financial transactions and agreements can be found in the Media section.
Guidance and outlook
Guidance and outlook for 2023
YIT expects its Group adjusted operating profit for continuing operations to be lower than in 2022, but at least EUR 50 million (2022: EUR 110 million).
In Housing, the demand outlook is expected to gradually recover in the second half of the year. The gradual housing market recovery in Central Eastern Europe is expected to continue into the second half of the year, while the recovery in Finland is expected to become more pronounced only towards the end of the year.
In Business Premises and Infrastructure, the underlying operational performance is expected to improve, but certain low-margin legacy projects will still affect Infrastructure’s performance.
YIT’s performance will be supported by the increased efficiencies from the transformation program launched on 10 February 2023.
Developments in housing markets may have an impact on the outlook. Rising interest rates may have a negative impact on the fair value of investments.
Published on 1 August 2023
Analysts following YIT
Inderes Oy
Olli Koponen
+358 44 274 9560
olli.koponen(at)inderes.fi
Kepler Cheuvreux
Albin Sandberg
+46 8 723 51 75
asandberg(at)keplercheuvreux.com
Nordea Markets
Svante Krokfors
+358 400 436 665
svante.krokfors(at)nordea.com
OP
Juho Saarinen
+358 44 535 0595
juho.s.saarinen(at)op.fi
SEB
Anssi Raussi
+358 45 126 1670
anssi.raussi(at)seb.fi
Consensus estimates
Consensus estimates provided by Vara Research GmbH
The information provided by Vara Research GmbH is based on estimates and forecasts of analysts monitoring YIT, independently from YIT. The information provided by Vara Research GmbH does not represent the opinions, forecasts or predictions of YIT or its management.
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By clicking the "I agree" button below, you will be transferred to web pages which are maintained by Vara Research GmbH. YIT has no control over the content, quality, nature or reliability of the web pages. Any liability of YIT as to the content, accuracy or completeness of the information received through the web pages is hereby excluded. The link is provided for informational purposes only and does not imply any endorsement, investigation or verification by YIT of the contents of the web pages. The information is not intended to provide investment advice.
Risks and risk management
The purpose of YIT’s risk management is to identify the most significant risks to the company’s operations and manage them in a balanced way. Risk management aims to ensure the continuity of YIT’s operations and the achievement of targets. YIT has a risk management policy that guides the management of the company’s overall risk position. Risk management is included in all of the Group’s significant operating, reporting and management processes.
YIT has categorised the risks that are significant to its operations into strategic, operational, project-related, financial and event risks.
- Strategic risks relate to market, countries of operation, legislation, good corporate governance, reputation and climate change.
- Operational risks relate to contract and agreement disputes, resources and personnel, procurement, occupational safety, human rights and the environment.
- Project-related risks include issues to changes in the operating environment, project portfolio, project and property, customer and end user risks and risks related to project implementation and liability period.
- Financial risks relate to financing, reporting and capital efficiency.
- Event risks include issues related to information security and pandemics.
Updated 03.05.2023
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