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Housing Russia Housing Russia Danske Bank Markets – Russia Seminar Teemu Helppolainen | St. Petersburg March 12, 2014 YIT operations in 7 countries CEE = Baltic countries and Russia 92% Central Eastern Europe (Estonia, Latvia, Lithuania, (900,000) The Czech Republic, Slovakia) Finland 66% (1,215) Finland 57 % (3,515) Russia 27% Russia 32% (497) (1,968) CEE 5% (45,900) CEE 7% CEE 11% (689) (124) Finland 3% (26,200) Revenue (EUR million) Residential market size Personnel in 2013 in 2013 (commissioned) in 2013 YIT | 2 | Housing Russia YIT’s key figures EUR million 10–12/13 10–12/12 Change 1–12/13 1–12/12 Change • Revenue 521 555 -6% 1,859 1,959 -5% • Operating profit 41.2 68.0 -39% 152.8 201.1 -24% % of revenue 7.9 12.2 - 8.2 10.3 - • Operating profit, excluding non-recurring items* 42.4 68.0 -38% 154.0 194.1 -21% % of revenue, excluding non-recurring items* 8.1 12.2 - 8.3 9.9 - • Order backlog 2,714 2,765 -2% 2,714 2,765 -2% • Profit before taxes 32.5 59.1 -45% 122.8 169.6 -28% • Profit for the review period1) 24.3 43.8 -45% 93.9 130.7 -28% • Earnings per share, EUR 0.19 0.35 -46% 0.75 1.04 -28% • Operating cash flow after investments 76.3 8.0 - -87.9 49.9 - • Cash at the end of the period 76.3 74.9 2% 76.3 74.9 2% • Personnel at the end of the period 6,172 6,691 -8% 6,172 6,691 -8% • Dividend, EUR* 0.38 n/a 1) Attributable to equity holders of the parent company Note: A EUR 10.0 million cost provision covering costs related to the ammonia case in St. Petersburg was made in Q3/11. EUR 7.0 million of the provision was released in Q3/12. EUR 1.2 million non-recurring restructuring costs in Q4/13, of which EUR 1.0 million allocated to Construction Services Finland. | *Board proposal to AGM Note: As of January 1, 2013, borrowing costs are included in segments financing costs according to IAS 23. 2012 figures in 2013 reporting and this presentation have been adjusted accordingly. All figures based on segment reporting (POC= Percentage of completion) YIT | 3 | Housing Russia Presence in Russia St. Petersburg Yekaterinburg Moscow Kazan Tyumen Rostov- on-Don Moscow Region St. Petersburg Moscow City Yekaterinburg Rostov-on-Don Kazan Tyumen YIT | | 4 | CoHousing Russia Our services in Russia • Own-developed residential construction • Area development • Maintenance services Customers • Households • Property investors and owners • Business premises users Creating better living environments. YIT | Drivers of the Russian market and YIT’s actions • Internal migration • Big area Demographic • Increase in number of households due to degrease of family sizes development situation • Increasing share of middle class with improving purchasing power Need for new • Low living space per capita • Smaller and more apartments in • Poor quality of existing efficient flats to meet buildings the demand Russia • Cross-regional sales Energy • Specific development • Utilizing group-wide requirements up to 2020 efficiency knowhow in developing • Energy consumption and energy efficient houses issues efficiency requirements Macroeconomic • Political support for • Building relationships and political housing and mortgage with local authorities market development issues • Developing new, Technological • Life is going online • Sales moves from cost-efficient solutions development office to Internet • ”Safe-house”- concept • Home portal concept YIT | 6 | Housing Russia Apartment sales in 2013 Apartment start-ups in Russia (pcs) Sold apartments in Russia (pcs, %) 2011: Total of 2012: Total of 2013: Total of 2012: Total of 4,209 2013: Total of 4,480 4,492 5,487 5,099 (40%) (44%) 1,906 1,392 1,818 1,288 1,587 1,162 1,540 1,032 1,037 955 934 1,123 1,146 889 1,151 1,089 1,106 1,006 941 51 665 46 42 44 43 39 38 33 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 2013 2012 2013 Sold apartments Financed with mortgages, % YIT | 7 | Housing Russia Construction volume by area Apartments under Yekaterinburg, Kazan, Rostov-on-Don, construction by city Moscow city, Tyumen (pcs) Moscow Region St. Petersburg 10,780 9,518 9,897 8,995 9,290 8,313 8,670 8,662 3,204 3,369 2,413 2,924 3,223 2,364 2,180 2,329 4,309 4,259 3,796 4,305 3,882 4,016 4,198 4,317 3,267 2,686 2,102 2,290 2,323 2,168 1,978 2,223 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 2013 At the end of the period Strong growth in construction volumes YIT | Ramenskoye Moscow Region, Russia Sales portfolio Apartments in Completed, for sale Russia (pcs) Under construction, for sale Under construction, sold 11,196 10,459 9,986 10,135 416 9,537 9,550 562 9,146 696 617 8,680 542 476 888 367 6,761 6,092 5,419 6,142 6,089 5,511 5,432 5,642 3,576 3,805 4,019 2,881 3,159 3,020 3,148 3,429 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 2013 At the end of the period Growing sales volumes YIT | Zhukovsky Moscow Region, Russia Four segments’ shares of YIT housing volume 15‒20% > 60% 10‒15% < 5% Rifei, Yekaterinburg Parus, Rostov-on-Don Aksioma, Moscow Smolniy, St.Petersburg Economy+ Comfort Business Elite YIT | 10 | Housing Russia Apartment finishing levels in Russia 1. Unfinished 2. Semi-finished 3. Finished • The customer can • Walls and ceiling • Turnkey level – finish the apartment plastered and floors just move in according to his levelled • Finishing package own wishes • Ready for final also sold as finishing of surfaces • Mainly in business and customer’s final separate service and elite segments touch • Standard level of sold apartments YIT | 11 | Housing Russia Big area development (1/2) Success factors • Possibilities for area marketing and branding • Construction in phases • Saving in time and resources to approve next phases • Flexibility in design and volume management • Sustainable solutions • Easier human resource management on the project • Standardization and optimization of design solutions • Savings from repetition of solutions reduction in construction costs • Effective management of the building systems • Fast mobilization of the site • Total area – 115,000 sq. m. • Each phase consists of several phases Microdistrict • Number of apartments – 2,070 pcs. with availability of parking lots and social • Started in June 2011 infrastructure Rifei,Yekaterinburg • Estimated completion – December 2017 YIT | 12 | Housing Russia Big area development (2/2) Summary • Number of big area projects increases to 60% of the portfolio in 3 years • New funding sources are utilized • Effective utilization of partnerships in large area development • Efficiency in cash flow management • Production volume by unit more stable, projects more stable, smaller • Mixed-use and multifunctional developments • Permitting process will be influencing less • Total area – ~570,000 sq. m. • Construction in 7 blocks and several Novo-Orlovski, • Number of apartments – more than phases, special focus on social 10,000 pcs. infrastructure St. Petersburg • Started in December 2013 YIT | 13 | Housing Russia Geographical expansion R 350 km Perm Tyumen St. Petersburg Nizhny Perm Novgorod Yekaterinburg Yekaterinburg Kazan Tyumen Moscow Novosibirsk Ufa Samara Chelya- Omsk Krasnoyarsk binsk Barnaul Chelyabinsk Rostov- Volgograd on-Don Krasnodar Target areas are growing cities around current locations YIT | 14 | Housing Russia New Concepts Low-rise Mini- Safe Home development apartments Home Portal Short period from Functional apartments Including for example: Modern portal for living construction start up to for more than 15,000 hand over, 3-4 months Excellent space Reliable apartment owners in solutions and secure Russia. No expertise is needed building operation For young families and Offers important Cheaper construction elderly people Access control services for living cost per sq. m. systems online. Features of the Married, one child or portal are tailored by Flexibility in heating no children Safe playgrounds country and area. solutions Based on customer and market insight YIT | 15 | Housing Russia Energy Efficiency • High efficiency lighting in common areas • Good thermal resistance of external walls, minimal air leakages, reduced thermal bridges • Thermal resistance of windows is better than required In general YIT promotes an • Thermostatic radiator valves attitude of energy • Water conservation methods used savings • Architectural issues: Orientation N-S, fewer common spaces etc • We use group-wide knowhow in developing energy efficient houses • YIT energy class in Russia is B+ • Energy consumption more than 20% lower than in standard buildings in Russia YIT | 16 | Housing Russia Customer Customer’s profile • Level of income: average financing in • 8‒18% clients from other regions • Clients value YIT’s Finnish origins focus • Mortgages and other ways to help customer with financing • YIT is a trustworthy partner for banks and customers • Up to 50% is financed by mortgages etc. • IT Comfort YIT | Quality in work safety and handovers 0-tolerance Faultless (0) with accidents handover YIT | 18 | Housing Russia Additional slides Growing share of mortgages in YIT’s sales Share of mortgage financed YIT`s customers’ sales Mortgage interest rate 1/2008‒12/2013 in Russia 1/2012‒01/2014, % Weighted average floating offered rate 70% 15 60% 58% 14 49% 50% 48% 50% 49% 13 45% 45%44% 45% 46% 44% 40% 42% 43% 40%40% 37% 37% 40% 42% 40% 43% 12 36% 34% Foreing currency loans Ruble loans 30% 33% 32% 11 20% 10 10% 9 0% 8 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Loans and deposits to households from Russian banks Housing Loans / GDP % 18,000 16,000 Gross domestic Housing Loans product, RUB (including mortgage), Total Housing 14,000 Year million RUB million Loans / GDP % 12,000 Household deposits 2012 62,356,920 2,111,903 3.4% 10,000 Household loans 2011 54,585,622 1,426,145 2.6% 8,000 2010 44,939,000 1,295,006 2.9% 6,000 2009 39,064,000 1,180,761 3.0% 4,000 2008 41,445,000 1,270,186 3.1% 2,000 2007 33,258,000 757,530 2.3% 0 2006 26,903,000 350,174 1.3% YIT | 20 | Housing Russia Over 50 years in Russia 1961 1977 1997 2003 2005 2006 2007 2011 2014 Operations Lentek, • Kazan • YIT YIT Don, in Russia 1997 operations, Uralstroi, Rostov-on-Don, 2006 (Branch Yekaterin- 2007 (JV) began in St.
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