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Guidance for 2020

Published on February 7, 2020 in connection with the Financial statements bulletin 2019

The Group revenue of continuing operations for 2020 is estimated to be in the range of EUR 2,900‒3,300 million (2019: EUR 3,391.5 million).
The full-year Group adjusted operating profit from continuing operations is estimated to be in the range of EUR 150‒190 million (2019: EUR 165.5 million).

Guidance rationale

The result guidance is based, for instance, on the estimated completion of residential projects under construction, closing of sales of business premises projects and the company’s solid order backlog. At the end of 2019, 69% of the order backlog was sold.

Significant fluctuation is expected to take place between the quarters due to typical seasonality in infrastructure projects, closing of sales of business premises projects and the completion of residential projects. The last quarter of the year is expected to be clearly the strongest. The company estimates that the adjusted operating profit for the first quarter of 2020 will be on the level of, or above, the comparison period (continuing operations 1‒3/2019: EUR -9.7 million).

Factors affecting the guidance

The most significant factors with which YIT can meet the market demand are sales and pricing, project and project risk management, product development and product offering, measures to reduce production costs, cost management and measures affecting capital efficiency.

Factors outside of YIT’s sphere of influence are mainly related to global economic development, functionality of financing markets and interest rate, political environment, economic development in areas of operation, changes in demand for apartments and business premises, availability of resources such as key persons, functionality of labour markets, changes in public and private sector investments, changes in legislation, permit and authorisation processes and the duration thereof, as well as development of foreign exchange rates.

Due to the long-term nature of construction and urban development projects, changes in demand may be quicker than the company's ability to adapt its offering.