The second building of YIT's sustainable project "Mārpagalmi" in Āgenskalns is commissioned.
YIT’s first quarter was largely in line with our expectations. Revenue increased by 5 % and adjusted operating profit improved to EUR 8 million. The second quarter outlook is blurred by significant market uncertainty because of the coronavirus pandemic.
- Apartment sales was strong in both housing segments.
- Business premises segment's result was burdened by progress in financial settlements of previously communicated and already completed three problematic projects, one of them being a EUR -7 million booking related to a final agreement on the Myllypuro Kampus project's financial closing. As part of the agreement, the client will pay an EUR 8 million withheld payment in April.
- Balance sheet to strengthen further followed by the closing of the sale of the Nordic paving and mineral aggregates businesses. The transaction was completed on April 1 and hence, not reflected in the first-quarter figures. Gearing to lower by approximately 34 percentage points in the second quarter.
- Coronavirus pandemic (COVID-19): anticipatory and mitigating measures taken since February.
January–March
- Revenue increased by 4.9% to EUR 708 million (675)
- Adjusted operating profit increased to EUR 8 million (-10), and it includes a EUR -7 million booking in the Business premises segment
- Adjusting items totalled to EUR 12 million including a goodwill impairment in the Housing Russia segment
- Operating loss decreased to EUR -3 million (-12)
- Operating cash flow after investments amounted to EUR -48 million (-3)
- Investments in plots increased to EUR 25 million (16)
- Net interest-bearing debt was EUR 942 million (869)
- Gearing was 105% (88)
- Order book amounted to EUR 3,848 million (4,302)
- Lost time injury frequency increased to 10.2 (8.5)
- Customer satisfaction rate (Net Promoter Score) was 56 (57)
This interim report concerns continuing operations, i.e. the five reported segments: Housing Finland and CEE, Housing Russia, Business premises, Infrastructure projects and Partnership properties. Nordic paving and mineral aggregates businesses sold on April 1, 2020, are reported as discontinued operations. Unless otherwise noted, the figures in brackets refer to the corresponding period in the previous year and are of the same unit.
Interim report, presentation and key figures in Investors page here: https://www.yitgroup.com/en/investors/reports-and-presentations/interim-reports
