YIT CORPORATION STOCK EXCHANGE RELEASE SEPTEMBER 24, 2009 at 8 a.m.
PRESENTATION OF YIT'S PRESIDENT AND CEO ON CAPITAL MARKET DAY: VOLUMES IN
RESIDENTIAL SALES HAVE REMAINED STABLE
YIT holds a Capital Market Day for investors and analysts today,
September 24,
2009, to present the Group's strategy. At the same time YIT
publishes its
residential sales figures for July-August, 2009.
Juhani Pitkäkoski, President and CEO:
- The Group' s growth target for the strategy
period 2010-2012 was raised to an
average of 5-10 per cent per year, while
our previous aim was positive revenue
growth. In addition to growth, the
focus areas in the Group's strategy are
capital efficiency,
profitability and cash flow.
- Our growth
focus areas are service and maintenance operations for building
systems
and industry and residential and infrastructure construction. In
geographical terms we are aiming at the fastest growth in the Nordic
countries
as well as in Central Europe. Growth is sought both organically
and through
acquisitions. In Russia, our primary aim is to improve
profitability and to have
controlled growth.
- We will improve our capital efficiency
especially in the International
Construction Services segment in
Russia and the Baltic countries. The extensive
action programme we have
launched covers all stages of housing production from
land acquisition and
development to the implementation of construction projects
and the management
of the number of completed but unsold apartments. In
Construction
Services in Finland, we will improve the land plot turnover. The
capital
invested in Building and Industrial Services is smaller than in the
other
segments and improvement actions are related to net operating working
capital.
- We will improve profitability by developing our internal efficiency and
by
emphasising services that enable higher profits in each segment. The
key actions
for improving cash flow are the stepping up of residential sales,
effective
invoicing and collecting sales receivables, as well as
developing the cost
structure and procurement.
- We have proceeded according to the strategy we
confirmed in August and
strengthened our residential sales. Volumes in
residential sales have remained
stable. In Finland we sold a total of 712
residential units in July-August. Of
these, 224 were owner-occupied
residential units sold directly to consumers and
488 rental housing
constructed for investors. In Russia, we sold a total of 473
residential
units in July-August. In Russia, we have made a co-operation
agreement
with Sberbank so that our customers are able to get a mortgage with
specific terms when they buy an apartment from YIT. We have managed to reduce
our residential housing inventory in the Baltic countries by selling 42
residential units in July-August.
Webcast and conference call
President and CEO Juhani Pitkäkoski's presentation can be viewed
as a real-time
webcast at http://www.yitgroup.com/webcast. The presentation
will start at 9:00
(EEST). A recording will be available at the same address
approximately at 12:00
(noon). All YIT Capital Markets Day materials will be
available on the
company's Internet site at
www.yitgroup.com/investors.
Investors and analysts
can also participate in the event through a conference
call. Conference
call participants are requested to call a minimum of five
minutes prior
to the start of the event in +44 (0)20 7162 0077 or +49 (0)695
8999 0507.
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Time zone | President and CEO | Recorded webcast
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| | Juhani Pitkäkoski's | available
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| | presentation |
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EEST (Helsinki) | 09:00 a.m. | 12:00 a.m.
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CEST (Paris, Stockholm) | 08:00 a.m. | 11:00 a.m.
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BST (London) | 07:00 a.m. | 10:00 a.m.
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US EDT (New York) | 02:00 a.m. | 05:00 a.m.
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YIT
published a stock exchange release on the confirmation the Group's strategy
on August 20, 2009.
For further information, please contact:
Juhani Pitkäkoski, President and CEO, +358 20 433 3301,
juhani.pitkakoski@yit.fi
Petra Thorén, Senior Vice President, Investor
Relations, +358 40 764 5462,
petra.thoren@yit.fi
YIT CORPORATION
Virva Salmivaara
Senior Vice President,
Corporate Communications
Distribution:
NASDAQ OMX, principal media, www.yitgroup.com
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