YIT Corporation supplements Caverion Corporation’s registration document and the securities note and summary relating to YIT Corporation’s partial demerger
Helsinki, Finland, 2013-06-26 14:30 CEST (GLOBE NEWSWIRE) --
YIT CORPORATION SUPPLEMENTS CAVERION CORPORATION’S REGISTRATION DOCUMENT AND THE SECURITIES NOTE AND SUMMARY RELATING TO YIT CORPORATION’S PARTIAL DEMERGER
YIT CORPORATION STOCK EXCHANGE RELEASE 26 June 2013 at 3:30 pm.
YIT Corporation (”YIT”) has supplemented Caverion Corporation’s registration document and the securities note and summary relating to YIT’s partial demerger published on 4 June 2013 (together the “Prospectus”) with the information in a stock exchange release including a profit warning published by YIT on 25 June 2013, according to which YIT is reducing its guidance regarding operating profit for the year 2013. YIT now estimates that the revenue and operating profit based on segment reporting for 2013 will remain at the level of year 2012. In its guidance issued in connection with the financial statements bulletin for 2012 (February 5, 2013), YIT estimated that the Group revenue based on segment reporting will remain at the level of 2012 and the operating profit will grow in 2013.
The development of operating profit has in the Building Systems -operations, which will be transferred to Caverion Corporation in the partial demerger of YIT, been weaker than expected during the second quarter of the year due to lower than expected capacity utility rate particularly in service and maintenance. The guidance does not take into account non-recurring expenses related to the demerger.
Caverion repeats the estimate announced on 4 June 2013, according to which the Group’s revenue for the second half of 2013 is more than EUR 1.3 billion and EBITDA more than EUR 50 million. The guidance does not take into account the non-recurring expenses related to the demerger, nor the expenses related to any potential mergers or acquisitions.
The Finnish Financial Supervisory Authority has approved the supplement on 26 June 2013.
The supplement is available as of 27 June 2013 on YIT’s website at www.yit.fi/sijoittajat and Caverion’s website at www.caverion.fi/sijoittajat. The unofficial English translation of the supplement will be available as of 27 June 2013 on YIT’s website at www.yitgroup.com/investors and Caverion’s website at www.caverion.com/investors.
The registration document according to the Finnish Securities Markets Act, which includes information on Caverion and its business and financial position, as well as the securities note and summary (together with the registration document the “Prospectus”) related to the partial demerger disclosed by YIT on 5 February 2013 and the shares to be given as demerger consideration in connection with the partial demerger, have been available as of 5 June 2013 on YIT’s website at www.yit.fi/sijoittajat. The unofficial English translation of the Prospectus has been available as of 5 June 2013 on YIT’s website at www.yitgroup.com/investors.
Helsinki, 26 June 2013
Board of Directors
For further information, please contact:
Hanna-Maria Heikkinen, Vice President, Investor Relations, YIT Corporation, tel. +358 40 826 2172, email@example.com
Distribution: NASDAQ OMX Helsinki, major media, www.yitgroup.com
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This document is not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. YIT Corporation and Caverion Oyj have not registered, and do not intend to register, any offering of the Caverion shares in the United States. There will be no public offering of the Caverion shares in the United States.
This release includes forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this communication, including, without limitation, those regarding the demerger plan and its execution. By their nature, forward looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Such statements are based on numerous assumptions and may differ materially from (and be significantly more negative than) those made in, or suggested by, the forward-looking statements contained in this release.