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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
|
Milj.€ |
2020 |
2019 |
2018* |
|---|---|---|---|
|
Revenue |
3,069 |
3,392 |
3,201 |
|
Adjusted operating profit |
85 |
165 |
132 |
|
Operating cash flow after investments |
336 |
51 |
n/a |
|
Net interest-bearing debt |
628 |
862 |
563 |
|
Equity ratio, % |
33 |
34 |
38 |
|
Gearing ratio, % |
68 |
81 |
54** |
|
Return on capital employed, % |
5 |
10 |
6** |
|
Order book |
3,528 |
4,130 |
4,286 |
* Pro forma.
** Excluding IFRS 16 impact.
Check out the updated key figures also by quarter. Excel file available in English.
Financial targets
Return on capital employed
(ROCE-%)
>12
* Pro forma, excluding IFRS 16.
Gearing
(%)
<50
** Excluding IFRS 16.
Dividend per share
(€)
annually growing
*** Extra dividend
YIT’s Board of Directors confirmed in September 2019 the company’s long-term financial targets for 2020–2022. The adoption of the IFRS 16 standard did not have an effect on the company’s long-term financial targets.
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 |
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.
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.
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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
Guidance for 2021
In Housing Finland and CEE, housing completions in 2021 are expected to decrease compared to 2020 and volatility between the quarters is expected to be high. In the third quarter, the number of completions is estimated to decrease to approx. 300 units compared to 874 units in the third quarter of 2020, which is expected to have an approx. EUR 15 million impact on the segment’s adjusted operating profit year-on-year. On the other hand, the fourth-quarter completions are expected to be at a high level.
For the full year, Housing Russia’s solid underlying performance is estimated to continue. In Business premises, the stabilising development is expected to continue. The infrastructure segment is expected to be impacted by certain low performing projects during the second half of the year. In Partnership properties, portfolio development is expected to continue.
YIT expects its full-year 2021 adjusted operating profit to be higher than in 2020 (EUR 85 million).
The result is dependent on certain project completions and contract closings towards the end of the year. Temporary shutdowns or slower progress on construction sites and delayed completions due to the COVID-19 pandemic could lead to the postponement of revenue and profit from one quarter or year to another. Changes in market yields or estimated future cash flows may have impacts on the fair value of the investments.
Supported by the strong balance sheet, YIT has answered to market demand by significantly increasing its apartment start-ups. This is expected to tie up capital as the year progresses.
Published on 30 July 2021
Analysts following YIT
Kepler Cheuvreux
Albin Sandberg
+46 8 723 51 75
asandberg(at)keplercheuvreux.com
OP Financial Group
Markku Moilanen
+358 50 373 5441
markku.moilanen(at)op.fi
Danske Bank C&I Capital Markets, Equities
Matias Rautionmaa
+358 440 474 339
matias.rautionmaa(at)danskebank.com
Nordea Markets
Svante Krokfors
+358 400 436 665
svante.krokfors(at)nordea.com
Inderes Oy
Olli Koponen
+358 44 274 9560
olli.koponen(at)inderes.fi
SEB Enskilda
Anssi Kiviniemi
+358 9 616 28516
anssi.kiviniemi(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, financial and event risks.
- Strategic risks relate to market, countries of operation, legislation, good corporate governance, reputation and climate change.
- Operational risks, on the other hand, to projects, contract and agreement disputes, resources and personnel, procurement, occupational safety, human rights and the environment.
- Financial risks relate to financing, reporting and capital efficiency.
- Event risks include issues related to information security and pandemics.
Updated 30.07.2021
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