Key events
in 2013              

The highlights of the year included the establishment of the new company at the end of June and the listing of our share at Helsinki Stock Exchange in early July.

 


February

  • February 4: YIT’s Board of Directors decides to start the demerger preparations of YIT Group into two separate independent groups. Building Services and Industrial Services are to form a new independent listed company, Caverion Corporation.
  • February 21: YIT’s Board of Directors approves the demerger plan.

March

  • We announce the delivery of heating and cooling systems, sanitation and fire extinguishing technology and electrical engineering to Franz-Josef Strauss Airport in Munich, Germany. The value of the contract is over EUR 35 million.

    Case gallery

May

  • May 3: YIT Corporation’s Board of Directors conditionally appoints President and CEO and Management Board for Caverion Corporation.

    Governance

June

  • June 5: The registration document (prospectus) of Caverion Corporation is published, containing key information about the new Caverion Group: carve-out financial information for 2010–2012 and pro forma information for the first quarters of 2012 and 2013, the Group’s strategic goals for 2014–2016 and guidance for the second half of 2013.
  • June 17: YIT’s Extraordinary General Meeting decides on the demerger and the composition of Caverion’s Board of Directors.
  • June 30: Caverion is established and its share is separated from YIT share. YIT’s shareholders receive as demerger consideration one Caverion share for each YIT share owned.

July

  • July 1: Caverion’s share is listed and trading begins at Helsinki Stock Exchange (NASDAQ QMX Helsinki).The starting price of Caverion’s share is EUR 3.00 and the closing price on the first day is EUR 4.50.
  • In July–August we celebrate the start of the new company by arranging local Caverion Days in each of the 13 countries in which we operate. We wished our employees welcome to build the new company and shared the company’s values, operating principles and common goals.
  •  July 26: Caverion’s interim report for January−June 2013 is published.

August

  • Caverion announces a EUR 16 million life cycle project to be delivered to the Lintuvaara school and day care centre in Espoo, Finland. The contract includes the delivery of building systems and a 25-year service and maintenance agreement.

    Case gallery

September

  • Caverion announces that it will deliver Kalmar municipality one of the largest energy saving projects in Sweden. Caverion guarantees savings of EUR 21 million for the customer during the guarantee period of 20 years.

October

  • Caverion announces a EUR 30 million delivery to Jena University Hospital in Germany. The Design & Build project covers the total delivery of all building systems.

    Case gallery

November

  • November 1: Caverion publishes its first interim report as an independent company.
  • We publish our updated financial targets. The target for operating cash flow after investments is replaced with a target for working capital.
    The targets for revenue and EBITDA remain unchanged and are: average annual growth of revenue more than 10% and EBITDA over 6% of revenue.

    Financial targets
  • Caverion arranges its first Capital Markets Day in Frankfurt.

December

  • Kemijoki Oy announces the outsourcing of the operations and maintenance of 16 hydropower plants to Caverion. Under the agreement, approximately 80 employees will transfer to Caverion in March 2014.
  • Caverion’s first half-year as an independent company ends. The closing price of Caverion share at the NASDAQ OMX Helsinki on December 30, 2013 is EUR 8.90.

    Shares and shareholders