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YIT Interim Report Q1 2019

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TRIPLA PROJECT HELSINKI, FINLAND Half-year Report January-June 2019 Kari Kauniskangas, President and CEO Contents 1 Key strategic steps in Q2/2019 2 Group development in Q2/2019 3 Segment reviews 4 Discontinued operations 5 Financial position and key ratios 6 Outlook and guidance 7 Appendices All 2018 figures are restated pro forma and Q1/2019 figures are restated reported. Please see slide 35 for additional information. Figures in brackets refer to restated pro forma figures of the comparison period unless otherwise stated. REDING TOWER 2 2 Half-year Report January-June 2019 BRATISLAVA, SLOVAKIA 1 Key strategic steps in Q2/2019 3 Half-year Report January-June 2019 Nordic paving and mineral aggregates YIT to sell Nordic paving and mineral aggregates businesses to Peab SCOPE OF THE TRANSACTION FINANCIAL IMPACT NOT INCLUDED IN THE TRANSACTION Paving and mineral aggregates Closing of the deal Jan 1, 2020 Paving in Russia businesses in Finland, Sweden, (est.). Strategic options to divest or close the Norway and Denmark. Transaction price EUR 280 million. business are under evaluation. Respective assets and Capital gain EUR 40 million. Road maintenance in Finland personnel working with the Cash flow impact approx. EUR 240 Will be reported under Infrastructure divisions. million. projects segment within YIT. Paving in the Baltic countries Continues in Infrastructure projects segment as today. 4 Half-year Report January-June 2019 Nordic paving and mineral aggregates Deal rationale ACCELERATE STRATEGY • Capital allocation to urban development projects 1 EXECUTION and other non-cyclical businesses, like services SHARPEN CUSTOMER AND • Unified business portfolio with common core 2 OPERATIONAL FOCUS • Reduced operating model complexity • Positive impact to the group financial position and FINANCIALLY SOLID reduced earnings volatility during the year 3 TRANSACTION • Several years’ paving’s expected cash flow in one go RESPONSIBLE INDUSTRIAL • Paving business is in the core of Peab’s business 4 BUYER portfolio 5 Half-year Report January-June 2019 Russia Significant steps to reduce capital and enhance profitability EVROPEISKI RESIDENTIAL COMPLEX YEGORIEVSK, RUSSIA SCOPE OF THE ACTIONS FINANCIAL IMPACT FOCUS IN THE FUTURE, NOT INCLUDED IN THE ACTIONS Discontinue residential construction in Expected positive net cash flow impact EUR ~50 million 2019–2021. Moscow, the Moscow region and Rostov- Residential construction business in St. on-Don. Petersburg, Kazan, Yekaterinburg and Tyumen. One-time write-off EUR 35 million on Closing contracting unit. balance sheet values and provision of Living services. EUR 9 million. Exit the paving business either by closing down or by selling the Expected release of capital employed operations. EUR ~100 million 2019-2021. 6 Half-year Report January-June 2019 YIT Strategy 2019-2021 - Performance through cycles Profitable and financially stable YIT STRATEGIC PRIORITIESSTRATEGIC PRIORITIES CORNERSTONESCORNERSTONES OF OF SUCCESSSUCCESS TOP PERFORMANCE • Synergies EUR 46-50 million URBAN DEVELOPMENT • Focus on productivity improvement Focus in self-developed, longer Sustainable CAPITAL EFFICIENCY urban value chain and negotiation based development projects • Leaner operating model in Russia • Annual free cashflow EUR +150 million NON-CYCLICAL BUSINESSES SUCCESS WITH CUSTOMERS AND PARTNERS PARTNERSHIP PAVING • Improving customer experience and NPS PROPERTIES • Deeper partnerships, higher value, more speed Annual EBIT EUR >100 million from NON-CYCLICAL OFFERING: non-cyclical businesses from 2019 on SERVICES, RENOVATION, PAVING, OWNERSHIP Unchanged. The share of paving HAPPY PEOPLE business is estimated to be replaced with other businesses within 3 years. • Common culture, open and involving way to lead • Most preferred employer in the field 7 Half-year Report January-June 2019 2 Group development in Q2/2019 8 Half-year Report January-June 2019 KONEPAJA AREA DEVELOPMENT PROJECT HELSINKI, FINLAND Recent structural changes and changes in reporting Continuing operations Discontinued operations Housing Business Infrastructure Partnership Discontinued Housing Russia Other FI&CEE premises projects properties operations Original structure of Original structure of Original structure of Residential Original structure of Infrastructure Partnership Original structure of Paving in Finland Housing FI&CEE construction in St. Business premises projects properties Other items segment Petersburg, Kazan, segment segment segment Yekaterinburg and Paving in Sweden Tyumen Road maintenance Living services in Finland Paving in Norway Excluded from adjusted Paving in Denmark operating profit. Residential construction in Paving in Russia Moscow, Moscow Mineral aggregates region and Rostov- on-Don Contracting in Russia Former Paving segment 9 Half-year Report January-June 2019 Q2 in brief Good Strong institutional Strategic profitability investor and steps in Strong order in Housing stable Paving1 and backlog Finland and consumer Russia CEE sales in Finland ~300 4.7 10.2% 1,481 EUR million positive cash EUR billion order backlog Adjusted EBIT Sold apartments in flow impact 2019-2021 on June 30 margin Finland (Jun 30, 2018: 4.8) (Jun 30, 2018: 9.6%) (Q2/2018: 1,018) 1 Occured after the review period, on July 4, 2019 10 Half-year Report January-June 2019 Improved operating profit and strong order backlog ADJUSTED OPERATING PROFIT, EUR million, % REVENUE PER SEGMENT, EUR million ORDER BACKLOG PER SEGMENT, EUR million 99.3 4,806 4,773 4,652* 1,128 4,400 4,286 4,302 8.8% 759 757 734 675 31.4 28.5 579 20.3 4.3% 2.7% 3.8% -3.3% -9.7 -1.4% Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 -19.0 Housing FIN & CEE Housing Russia Housing FIN & CEE Housing Russia Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Business premises Infra projects Business premises Infra projects Adjusted operating profit Partnership properties Partnership properties Adjusted operating profit % *Order backlog of discontinued operations excluded. Q2/19 discontinued operations order backlog EUR 300 million (296). 11 Half-year Report January-June 2019 Performance by segment in Q2 REVENUE PER SEGMENT, EUR million ADJUSTED OPERATING PROFIT PER SEGMENT, EUR million, % 50.0 10.2% 40.0 (9.6) Q2/2018 Q2/2019 Q2/2018 Q2/2019 330 317 30.4 29.1 Adjusted operating profit% 30.0 286 in Q2/19 (Q2/18) 280 20.0 2.1% 247 (2.5) 230 212 10.0 5.3 5.2 193 2.8 176 0.0 180 -0.2 -2.7 -0.8 -0.6 -10.0 -7.3 1.5% 130 (-0.5) -7.8% -20.0 (-13.7) 80 53 -30.0 35 30 -40.0 -20 Housing FIN & Housing Russia Business Infrastructure Partnership -50.0 CEE premises projects properties Housing FIN & Housing Russia Business Infrastructure Partnership CEE premises projects properties 12 Half-year Report January-June 2019 Synergies and integration costs CUMULATIVE SYNERGIES INTEGRATION COSTS 2 Measures done EBIT impact MAIN SOURCES OF SYNERGIES Cumulative integration costs 60 60 External Automati 1 services sation 46-50 46-50 46 Harmoni Overlaps 45 sation 40 40 40 40 34 15 25 IT 25 22 23 19 6 20 20 19 19 19 Premises 0 0 Actual (2018) Actual Actual Target (2020) Actual (2018) Actual Actual Estimate (Q1/2019) (Q2/2019) (Q1/2019) (Q2/2019) (2020) Additional synergy benefits expected from refinancing 1 According to the original target, full EBIT improvement potential per annum by the end of 2020, original target was set in June 2017. The target was raised in connection with Interim Report January–March 2018. 2 Integration costs for 2017, EUR 4 million included in the cumulative figure 13 Half-year Report January-June 2019 Market outlook for the next 12 months Housing Finland Business Infrastructure Partnership and CEE Housing Russia premises projects properties Finland Russia The CEE countries The Baltic countries The Czech Republic, Slovakia, Poland Scandinavia Sweden Norway Weakened outlook compared to the past Unchanged outlook compared to the past Improved outlook compared to the past 12 months’ development 12 months’ development 12 months’ development 14 Half-year Report January-June 2019 4 1 FOR 5 Sustainability targets set for 2019 2 6 3 STAKEHOLDERS SIGNIFICANCE SIGNIFICANCE OF IMPACTS • YIT’s sustainability targets for 2019 based on the materiality matrix to guide YIT’S SUSTAINABILITY TOPICS AND TARGETS YIT’s sustainability work. 1. 2. • Targets approved by Group Management • Circular economy potential • Responsible business principles • Sustainable urban development KPI’s • Fighting corruption and transparent Team and published as part of actions Sustainability Review 2018 in May. • Full list of YIT’s sustainability targets in YIT Sustainability Review 2018. 3. 4. • Preventive occupational safety targets • Positive work athmosphere • Reactive occupational safety targets • Supervisory work • Human rights 5. 6. • Audits and harmonising procurement • Energy and material efficiency processes • Carbon calculations • Increasing transparency • Recycling and reuse of materials 15 Half-year Report January-June 2019 3 Segment reviews 16 Half-year Report January-June 2019 HENRIKSDAL WASTE WATER TREATMENT PLANT STOCKHOLM, SWEDEN Housing Finland and CEE Healthy profitability • Profitability on healthy level 10.2% (9.6%) COMPLETED APARTMENTS, units • Strong institutional sales of 993 apartments. • Consumer demand stable in Finland and good in CEE: 2,000 1,938 300% 643 • Finland, sold apartments 488. 1,800 1,702 250% • CEE, sold apartments in total 343 (incl. 107 fund sales). 1,600 307 1,415 1,450 • Number of unsold completed units at the end of the period 1,400 123 499 1,395 200% was in Finland 447 (03/19: 216) and 64 in CEE countries 1,327 1,200 1,134 1,295 (03/19: 73). 162 1,000 1,080 150% 972 EUR million Q2/2019 Q2/2018 800 916 reported pro forma, 92% 88% 87% 81% 100% restated 600 75% 79% Revenue 286 317 400 50% Adjusted operating profit 29.1 30.4 200 (10.2%) (9.6%) 0 0% Order backlog 1,649 1,774* Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 1 Capital employed 709 518* Finland CEE countries of which for consumers * Reported 1 Includes projects in the CEE sold to YCE housing I fund that is reported in the Partnership properties segment 17 Half-year Report January-June 2019 Housing Russia Significant steps to reduce capital and enhance profitability • Focus in the future on residential construction in St.
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    SOFIA BJÖRKLÖF Helsingin yliopisto Uusia1 lainaetymologioita viron koillisrannikon rantamurteen länsiryhmässä Abstrakti Viron koillisrannikkomurteiden sanasto heijastaa virolaisten ja suomalaisten välisiä historiallisia kontakteja yli Suomenlahden. Tämän artikkelin keskiössä ovat viron koillis- rannikkomurteiden rantamurteen länsiryhmän uudet lainaetymo- logiat. Artikkeli pohjautuu viron murresanakirjaa varten koottuun materiaaliin. Tutkittu sana-aineisto koostuu 225 sanasta, jotka esiintyvät rantamurteen länsiryhmän kaikissa kolmessa pitäjän- murteessa tai niistä kahdessa (Jõelähtme, Kuusalu, Haljala). Puolet sanoista on Suomenlahden ympäristön naapurikielistä uudella ajalla aina 1900-luvun alkuvuosikymmeniin asti saatuja lainasanoja. Huomattava määrä, noin 38 % tutkituista sanoista, on suomalaista alkuperää. Tutkitussa murteessa esiintyy kieli- kontaktien tuloksena sananalkuisia konsonanttiyhtymiä, jotka ovat itämerensuomalaisille kielille epätyypillinen piirre, ja joita- kin uusia suffkseja. Tässä artikkelissa esitetään aineiston kaikki uudet etymologiat: yhteensä 40 täysin uutta etymologiaa ja 19 parannettua etymologiaa. Lähes kaikki suomalaiset lainaoriginaa- lit ovat tunnettuja Kaakkois-Suomen Kymenlaaksossa ja Karjalan kannaksella; neljännes niistä on esiintynyt suomen murteissa vain molemmilla näistä alueista tai toisella niistä. Jotkin ruotsalaisis- ta lainaoriginaaleista ovat esiintyneet vain Suomessa Itä-Uuden- maan murteissa Kymenlaakson alueella. Tulokset osoittavat, että virolaisten kontaktit ovat suuntautuneet enimmäkseen