YIT announces new strategy and financial targets for 2025-2029, introduces a new segment structure
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- Stock Exchange Release
- 24.03.2011 08:00 CET
YIT'S COMPARABLE FIGURES FOR 2010 IN ACCORDANCE WITH THE NEW BUSINESS SEGMENT STRUCTURE
STOCK EXCHANGE RELEASE MAR 24, 2011 AT 9:00 A.M.
YIT'S COMPARABLE FIGURES FOR 2010 IN ACCORDANCE WITH THE NEW BUSINESS SEGMENT STRUCTURE
YIT Group's business segment structure was revised as of the beginning of March 2010 with Building and Industrial Services Business segment being divided into two segments; Building Services Northern Europe and Building Services Central Europe. As of March 1, 2011, YIT’s four business segments are Building Services Northern Europe, Building Services Central Europe, Construction Services Finland and International Construction Services.
YIT is changed its business segment structure due to the growth of building service business operations in Central Europe, their increased share of the Group’s revenue and the significant business development and profitability potential that these operations offer to YIT. YIT's aims to be the leading provider of technical system maintenance and a forerunner in energy-saving services in the Nordic countries and Central Europe. YIT seeks growth by strengthening its local market position and through geographical expansion to new countries. The Group’s potential new market areas in the area of building services are the United Kingdom, the Netherlands and Belgium.
Below is presented a summary of YIT's comparable figures for 2010 accordingly to the new business segment structure.
| Revenue, EUR million | 1-3/10 | 1-6/10 | 1-9/10 | 1-12/10 | 1-3/10 | 4-6/10 | 7-9/10 | 10-12/10 | |
| Building Services Northern Europe | 406.8 | 867.6 | 1 284.4 | 1 803.6 | 406.8 | 460.8 | 416.8 | 519.2 | |
| Building Services Central Europe | 70.4 | 157.2 | 291.5 | 550.2 | 70.4 | 86.9 | 134.2 | 258.7 | |
| Construction Services Finland | 252.9 | 528.1 | 807.8 | 1 102.0 | 252.9 | 275.2 | 279.7 | 294.2 | |
| International Construction Services | 106.9 | 219.0 | 330.9 | 470.6 | 106.9 | 112.1 | 111.9 | 139.7 | |
| Other items | -16.2 | -36.8 | -55.2 | -79.4 | -16.2 | -20.7 | -18.4 | -24.2 | |
| YIT's segments total | 820.8 | 1,735.1 | 2,659.4 | 3,847.0 | 820.8 | 914.3 | 924.2 | 1,187.6 | |
| IFRIC 15 adjustment | -55.5 | -115.1 | -209.8 | -59.4 | -55.5 | -59.6 | -94.6 | 150.4 | |
| YIT Group, total | 765.3 | 1,620.0 | 2,449.6 | 3,787.6 | 765.3 | 854.7 | 829.6 | 1,338.0 |
| Operating profit, EUR million | 1-3/10 | 1-6/10 | 1-9/10 | 1-12/10 | 1-3/10 | 4-6/10 | 7-9/10 | 10-12/10 | |
| Building Services Northern Europe | 19.9 | 44.9 | 65.2 | 88.7 | 19.9 | 25.1 | 20.2 | 23.5 | |
| Building Services Central Europe | 1.7 | 4.9 | 7.5 | 16.4 | 1.7 | 3.1 | 2.7 | 8.9 | |
| Construction Services Finland | 23.1 | 49.5 | 78.7 | 108.1 | 23.1 | 26.4 | 29.3 | 29.4 | |
| International Construction Services | 4.6 | 12.2 | 21.3 | 34.7 | 4.6 | 7.6 | 9.2 | 13.4 | |
| Other items | -4.8 | -9.9 | -13.3 | -18.8 | -4.8 | -5.1 | -3.4 | -5.5 | |
| YIT's segments total | 44.5 | 101.6 | 159.4 | 229.1 | 44.5 | 57.1 | 57.9 | 69.7 | |
| IFRIC 15 adjustment | -10.6 | -31.8 | -55.7 | -9.0 | -10.6 | -21.2 | -24.0 | 46.7 | |
| YIT Group, total | 33.9 | 69.8 | 103.7 | 220.1 | 33.9 | 35.9 | 33.9 | 116.4 |
| Operating profit margin, % | 1-3/10 | 1-6/10 | 1-9/10 | 1-12/10 | 1-3/10 | 4-6/10 | 7-9/10 | 10-12/10 | |
| Building Services Northern Europe | 4.9 | 5.2 | 5.1 | 4.9 | 4.9 | 5.4 | 4.8 | 4.5 | |
| Building Services Central Europe | 2.4 | 3.1 | 2.6 | 3.0 | 2.4 | 3.6 | 2.0 | 3.4 | |
| Construction Services Finland | 9.1 | 9.4 | 9.7 | 9.8 | 9.1 | 9.6 | 10.5 | 10.0 | |
| International Construction Services | 4.3 | 5.6 | 6.4 | 7.4 | 4.3 | 6.8 | 8.2 | 9.6 | |
| YIT's segments total | 5.4 | 5.9 | 6.0 | 6.0 | 5.4 | 6.2 | 6.3 | 5.9 | |
| YIT Group, total | 4.4 | 4.3 | 4.2 | 5.8 | 4.4 | 4.2 | 4.1 | 8.7 |
The operating profit of Building Services was burdened by non-recurring expenses amounting to EUR 6.3 million associated with acquisitions. Of the non-recurring items, EUR 1.4 million was booked in the third quarter of the year in Building Services Northern Europe and EUR 1.9 million in Building Services Central Europe. EUR 3.0 million of non-recurring expenses were booked in Building Services Central Europe in the fourth quarter.
| Order backlog, EUR million | 3/10 | 6/10 | 9/10 | 12/10 |
| Building Services Northern Europe | 697.9 | 748.5 | 743.0 | 757.4 |
| Building Services Central Europe | 266.3 | 276.8 | 589.1 | 507.0 |
| Construction Services Finland | 905.4 | 1,154.7 | 1,205.2 | 1,173.2 |
| International Construction Services | 1,013.2 | 946.8 | 884.8 | 870.8 |
| Other items | -45.8 | -59.4 | -55.2 | -58.3 |
| YIT's segments total | 2,837.0 | 3,067.4 | 3,366.9 | 3,250.1 |
| IFRIC 15 adjustment | 315.5 | 261.8 | 360.6 | 285.7 |
| YIT Group, total | 3,152.5 | 3,329.2 | 3,727.5 | 3,535.7 |
| Personnel, at the end of the period | 3/10 | 6/10 | 9/10 | 12/10 |
| Building Services Northern Europe | 15,310 | 15,527 | 15,845 | 15,844 |
| Building Services Central Europe | 2,045 | 1,994 | 3,849 | 3,767 |
| Construction Services Finland | 3,014 | 3,403 | 3,221 | 3,209 |
| International Construction Services | 2,498 | 2,591 | 2,681 | 2,656 |
| Corporate Services | 344 | 362 | 347 | 356 |
| YIT Group, total | 23,211 | 23,877 | 25,943 | 25,832 |
| Assets and liabilities, EUR million | Assets total 12/10 | Liabilities total 12/10 |
| Building Services Northern Europe | 1,053.7 | 576.1 |
| Building Services Central Europe | 426.8 | 400.9 |
| Construction Services Finland | 883.8 | 471.0 |
| International Construction Services | 831.8 | 855.0 |
| Other items | -292.4 | -372.2 |
| YIT Group, total | 2,903.7 | 1,930.9 |
| Invested capital, EUR million | 12/10 |
| Building Services Northern Europe | 421.8 |
| Building Services Central Europe | 50.6 |
| Construction Services Finland | 328.9 |
| International Construction Services | 677.3 |
| YIT Group (IFRIC 15) | 1,672.0 |
| Return on investment, %1) | 1-12/10 |
| Building Services Northern Europe | 21.7 |
| Building Services Central Europe | 44.7 |
| Construction Services Finland | 34.3 |
| International Construction Services | 5.2 |
| YIT Group (IFRIC 15) | 14.3 |
1) The Group's invested capital is the balance sheet total less non-interest bearing liabilities. In the Segments’ invested capital, interest-bearing financial items have been netted.
YIT has applied the IFRIC 15 Agreements for the Construction of Real Estate IFRS interpretation from the start of the financial period that begun on January 1, 2010. Due to the application of the interpretation, Group-level reporting and segment-level reporting differ. The difference between the accounting policies is reported as an IFRIC 15 adjustment.
For additional information, please contact:
Hanna-Maria Heikkinen, Vice President, Investor Relations, +358 40 826 2172, hanna-maria.heikkinen@yit.fi
YIT Corporation
Hanna-Maria Heikkinen
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a successful European service company in building systems, construction services and services for industry. We build, develop and maintain quality living environments in Nordic countries, Central Europe, Russia and Baltic countries. In 2010, YIT's revenue amounted to EUR 3.8 billion. The Group employs nearly 26,000 people. YIT's share is listed on NASDAQ OMX Helsinki. www.yitgroup.com