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