Kesko's year 2007

108 Kesko's year 2007
Deferred revenue and other accruals mainly include amortisation of
marketing revenue, rebates and staff cost.
The fair value of short-term trade and loan receivables is assumed to
nearly equal the carrying amounts based on their short maturities.
Note 21
Short-term interest-bearing receivables
€ million 2007 2006
Interest-bearing loan and other
receivables 8.9 85.0
Finance lease receivables
Total short-term interest-bearing
7.4 6.6
receivables 16.3 91.6
The fair value of short-term trade and loan receivables is assumed to
nearly equal the carrying amounts based on their short maturities. In
2006, interest-bearing loans and other receivables included K-Rahoitus
Oy's customer receivables which in 2007 are presented in available-forsale
assets.
Note 22
Financial assets at fair value through profit or loss
€ million 2007 2006
Financial assets at fair value through
profit or loss 105.5 140.7
Total 105.5 140.7
Financial assets at fair value through profit or loss include interest and
special investment fund investments and other investments with over
3-month maturities.
Note 23
Available-for-sale financial assets
€ million 2007 2006
Carrying amount at 1 January 200.4 38.3
Changes -44.8 162.1
Changes in fair value - -
Carrying amount at 31 December 155.6 200.4
Available-for-sale short-term financial assets include commercial papers,
certificates of bank deposits and other money market investments.
Note 24
Cash and cash equivalents
€ million 2007 2006
Cash on hand and balances with banks 89.7 56.5
Total 89.7 56.5
Note 25
Assets classified as held-for-sale and related liabilities
Assets held for sale
€ million 2007 2006
Land 5.9 3.2
Buildings and real estate shares 1.9 19.0
Long-term receivables 95.0 -
Short-term receivables 134.1 -
Total 236.9 22.2
In December 2007, Kesko Corporation signed an agreement by which it
sells the share capital of K-Rahoitus Oy during the first part of 2008. The
assets relating to K-Rahoitus Oy are presented in available-for-sale
assets. In addition to available-for-sale assets, the disposal entity
includes current assets eliminated in the Kesko Group in the amount of
€2.4 million and current liabilities in the amount of €211.3 million.
In 2006, in connection with the disposal of Rimi Baltic AB shares by
Kesko Food Ltd, it was agreed that Rimi Baltic would acquire the properties
leased by it from an Estonian subsidiary of Kesko. The transaction
was concluded in January 2007. The €20.7 million balance sheet value of
the properties was included in assets held for sale in 2006. In addition,
some retail store properties used for the Group’s operating activities
have become vacant because they are no longer needed for the purpose
they were acquired for. Buyers for such properties are being actively
sought. Assets classified as held-for-sale include vacant retail store properties
and real estate shares totalling €7.7 million (€1.6 million).
Liabilities included in held-for-sale disposal group
€ million 2007 2006
Current non-interest-bearing liabilities 2.1 -
Non-current non-interest-bearing
liabilities 1.2 -
Total 3.3 -
In December 2007, Kesko Corporation signed an agreement by which it
sells the share capital of K-Rahoitus Oy during the first part of 2008. Liabilities
relating to K-Rahoitus's asset items are presented as liabilities
linked to assets held for sale.