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Demerger took place according to plans on 30 June, 2013

The implementation of the demerger was registered with the Finnish Trade Register on 30 June, 2013 and, therefore, all of the assets and liabilities related to YIT's Building Systems business were transferred to a company established in the demerger named Caverion Corporation (“Caverion”).



YIT's Construction Services business remained with YIT in the demerger. YIT’s strategy was well-managed, profitable growth, targeted focusing on its own development projects, in all business operations (housing, business premises, infra) and within all of its current geographic regions (Finland, Russia, Baltic countries and Central Eastern Europe). In particular, growth was pursued in emerging markets and residential construction. The focus was on improved resistance to economic cycles and widening financial operating space, as well as accelerated reform.

YIT’s strategy and financial targets were presented in more detail at the YIT CMD in Moscow in 2013.

Following the implementation of the demerger, Caverion Corporation is an independent public limited company, separate from YIT Corporation. Before 30 June 2013, in YIT’s financial reporting, Caverion’s business was disclosed as a separate line item under discontinued operations with the exception of the balance sheet. The balance sheet was not adjusted in the official comparative information compliant with IFRS; rather, it also included the items associated with the Building Services business, thus corresponding to the previously reported balance sheet of YIT Corporation. Due to this, the balance sheet disclosed as comparative information does not, in this respect, illustrate the financial position of the continuing operations.


Key dates

Feb 4, 2013
The Board of Directors of YIT decided to start preparations for partial demerger

Feb 21, 2013
The Board of Directors of YIT approved a demerger plan; 
publication of demerger plan

Jun 5, 2013 
Publication of demerger prospectus

Jun 17, 2013
EGM decided upon partial demerger

Jun 30, 2013
Registration of partial demerger implementation

US Form 8937

Report of Organisational Actions Affecting Basis of Securities in the USA is attached. 

US Form 8937

Stock exchange releases

July 1, 2013

Caverion Corporation supplements its prospectus
YIT Corporation’s demerger registered with the Finnish Trade Register

June 26, 2013
YIT Corporation supplements Caverion Corporation’s registration document and the securities note and summary relating to YIT Corporation’s partial demerger

June 25, 2013
YIT reduces its guidance for the year 2013 regarding operating profit

June 18, 2013
Caverion Corporation's listing application approved
YIT publishes ifrs comparative information for continuing operations

June 17, 2013
Caverion Corporation's listing application submitted to NASDAQ OMX Helsinki
Caverion Corporation's financial reporting in 2013
The Board of Directors of Caverion Corporation has decided the composition of its committees
The board committees of YIT Corporation
Resolutions passed at the extraordinary general meeting of YIT Corporation
Presentation materials for YIT Corporation’s Extraordinary General Meeting published

June 6, 2013
Creditors do not oppose YIT’s partial demerger

June 4, 2013
YIT to issue a guidance, strategy and financial targets for continuing operations

YIT Corporation publishes outlook and guidance for the second half of 2013, strategy, financial targets as well as certain financial information regarding Caverion Corporation, a company to be formed in the partial demerger of YIT


May 21, 2013
YIT publishes additional information (non-ifrs) for continuing operations for 2012 and first quarter of 2013

YIT Corporation convenes noteholders’ meetings for its fixed rate notes

YIT Corporation commences a voluntary invitation to tender of the floating rate bonds issued by the company


May 3, 2013

Management and Management Boards of Caverion Corporation and YIT Corporation – Conditional decision by YIT’s Board of Directors


May 3, 2013

Notice of the Extraordinary General Meeting of YIT Corporation


Feb 21, 2013

The Board of Directors of YIT Corporation has approved a demerger plan concerning a partial demerger

Feb 5, 2013

YIT proceeds into a new strategic phase and has begun demerger preparations of the company


June 17, 2013
Extraordinary General Meeting
Presentation material

June 5, 2013
Registration Document and Demerger Note and Summary relating to the partial demerger
Registration document
Demerger Note and Summary
Supplement to Demerger Circular (Jun 27)
Supplement to Demerger Circular (Jul 1)

June 5, 2013
Marketing brochure relating to the partial demerger
Marketing brochure

May 21, 2013
Offer memoranda relating to the floating rate bond tender offer
Offer Memoranda

Feb 21, 2013
Demerger plan
Attachment to the Stock Exchange Release on 21 Feb, 2013

Feb 5, 2013
Partial Demerger Presentation
Presentation material

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