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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 |
2023 |
2022 |
2021 |
2020 |
|---|---|---|---|---|
|
Revenue |
2,163 | 2,403 |
2,652 |
3,069 |
|
Adjusted operating profit |
41 | 110 |
85 |
85 |
|
Operating cash flow after investments |
-137 | -285 |
288 |
336 |
|
Net interest-bearing debt |
795 | 615 |
303 |
628 |
|
Equity ratio, % |
33 | 35 |
40 |
33 |
|
Gearing ratio, % |
94 |
70 |
30 |
68 |
|
Return on capital employed, % |
2,5 |
8.4 |
6.8 |
5.2 |
|
Order book |
3,157 |
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.
YIT has supplemented agreements in the scope of IFRS 16 leases and adjusted the 2022 comparative balance sheet and the income statement and balance sheet of the three first quarters of 2023. More information is disclosed in the notes.
Check out the updated key figures also by quarter.
Financial targets
YIT will assess the success of its strategy with the following group financial targets to be reached by the end of 2029.
Adjusted operating profit margin
> 7%
Return on capital employed
> 15%
Annual net sales growth
> 5%
CAGR to baseline year 2024
In addition, YIT has introduced a financial framework and non-financial targets for the strategy period.
Financial framework:
- Dividend payout ratio at least 50%, subject to fulfillment of certain conditions in current financial agreements
- Net debt to equity in the range of 30-70% over the cycle
Non-financial targets:
- Maintain high customer NPS level of over 50 across the operations
- Employee NPS at least 50
- Combined Lost Time Injury Frequency (cLTIF) below 5 in all operations
- SBTi commitment implemented by 2030 (scope 1 & 2 CO2 -90% and scope 3 -30%)
The targets set for the strategy period include an assumption of the Finnish residential market recovering to a historical average level during the period. YIT’s view of 2010-2020 average self-developed multi-family residential starts in Finland is approximately 16,000 apartments per year.
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.
Bonds
| Type | Maturity | Initial amount |
Issue date | Annual coupon rate | ISIN |
|
Senior secured 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 |
| Senior unsecured convertible notes** | 19 Mar 2029 | 36 M€ | 19 Mar 2024 | 8.000% | FI4000570262 |
| Senior secured green notes | 18 Jun 2027 | 100 M€ | 18 Jun 2024 | 3m Euribor + 7.500% | FI4000571278 |
*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.
**The initial conversion price of the convertible notes is set at EUR 2.25 per share.
On 25 March 2021, YIT announced (stock exchange release) the issuance of senior unsecured green notes of EUR 100 million with maturity date in March 2024 and senior unsecured green notes of EUR 100 million with maturity date in 2026, and EUR 100 million green capital securities.
In addition, on 18 June 2024 YIT announced (stock exchange release), that the amendments to the terms and conditions of the 2026 senior green notes (ISIN: FI4000496302) that were approved in the written procedure have become effective on 18 June 2024.
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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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.
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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.
AMENDED TERMS AND CONDITIONS FOR THE 2026 SENIOR GREEN NOTES THAT HAVE BECOME EFFECTIVE ON 18 JUNE 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 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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On 12 March 2024, YIT announced (stock exchange release) as part of the substantial financing arrangement the issuance of senior unsecured convertible notes of EUR 36 million with maturity date on 19 March 2029.
PHYSICAL SETTLEMENT NOTICE TO HOLDERS OF CONVERTIBLE NOTES
On 11 June 2024, YIT announced (stock exchange release), the issuance of senior secured green notes of EUR 100 million with maturity date in June 2027.
LISTING PROSPECTUS – SENIOR SECURED GREEN NOTES 2027
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.
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 2024
YIT expects its Group adjusted operating profit for continuing operations to be EUR 20–60 million in 2024. The operating cash flow after investments is expected to be positive.
The housing market recovery in the Baltic countries and Central Eastern Europe is expected to continue. In Finland, the housing market is not expected to materially improve during 2024. In Business Premises and Infrastructure, the underlying operational performance is expected to improve.
YIT’s performance will be supported by the increased efficiencies from the transformation program launched on 10 February 2023.
Changes in the macroeconomic environment, especially in interest rates, may impact the housing market demand and the fair value of investments. Delayed apartment completions could lead to the postponement of revenue and profit from one quarter or year to another. Actions to release capital may have an impact on the company’s profit.
Published on 31 October 2024
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
Joona Harjama
+358 44 305 0793
joona.harjama(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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Risks and risk management
The purpose of YIT’s risk management is to promote the achievement of the objectives set for YIT’s operations and ensure the continuity of operations.
Risk management at YIT is governed by a risk management policy approved by the Board of Directors. The risk management policy describes YIT’s main risk management principles, the risk management model and key risk management processes. The Board of Directors guides and supervises the planning and execution of risk management and approves the company’s risk-taking capacity and risk appetite. The Group’s President and CEO carries the overall responsibility for risk management. The President and CEO is responsible for the organisation, monitoring and implementation of risk management, as well as the development of the risk management strategy. The business and support functions are responsible for risk management practices in their areas of responsibility.
Risk management is incorporated into all of the Group’s significant operating, reporting and management processes. Risk management planning, risk exposure assessment and risk analyses of the operating environment are part of the annual strategy and planning process. In addition, material changes in risks and risk exposure are reported and monitored on a monthly and quarterly basis in accordance with the Group’s governance and reporting practices.
YIT has categorised the risks that are significant to its operations into strategic, operational, project-related, financial and event risks.
YIT’s business is project-based, meaning that uncertainty related to project portfolios and individual projects is essential for risk management. The management of project portfolio risks is implemented in connection with annual planning, project selection and business reviews, for example. A gate model is utilised in the risk management of individual projects; the processing of each gate includes a risk assessment. Furthermore, risks at the implementation and maintenance phases are managed with the aid of standardised project risk management principles and tools.
Updated 30.04.2024
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