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Year <strong>2007</strong><br />
Divisions The Group Financial statements Further information 23<br />
Objectives and outlook<br />
It is forecast that the car tax solution will<br />
have a significant part to play in the growth of<br />
the passenger car market in 2008, while the<br />
total market for vans is anticipated to slightly<br />
decrease compared with <strong>2007</strong>. The change in<br />
car taxation is expected to contribute to consumers<br />
choosing lower-emission models.<br />
Consumers will continue to value safety, comfort<br />
and the high level of accessories. The<br />
number of diesel cars is expected to grow considerably<br />
in 2008.<br />
The annual vehicle tax will be based on<br />
carbon dioxide emissions as of 2010, which is<br />
also expected to contribute positively to the<br />
sales of new, low-consumption cars.<br />
K-Group’s car stores (Finland)<br />
VV-Auto helsinki and<br />
VV-Auto aims to increase the market share<br />
of the brands it represents during 2008 and<br />
to continue to enhance its network of retail<br />
outlets. The focus will be on expanding the<br />
range of services, strengthening the concept<br />
for trade-in cars, and expanding the centralised<br />
customer relationship management<br />
system.<br />
In 2008, VV-Auto’s net sales and the operating<br />
profit excluding non-recurring items<br />
are expected to markedly exceed the previous<br />
<strong>year</strong>’s level.<br />
Number Number Sales*, € million Sales*, € million<br />
<strong>2007</strong> 2006 <strong>2007</strong> 2006<br />
Turun VV-Auto 5 5 426 396<br />
* (incl. VAT)<br />
Financial highlights, continuing operations<br />
<strong>2007</strong> 2006<br />
Net sales € million 805 789<br />
Operating profit € million 26.1 29.4<br />
Operating profit as % of net sales % 3.2 3.7<br />
Operating profit excl. non-recurring items € million 26.1 29.5<br />
Operating profit as % of net sales excl.<br />
non-recurring items % 3.2 3.7<br />
Depreciation € million 5.7 7.7<br />
Investments<br />
Return on net assets excl. non-recurring<br />
€ million 6.3 34.2<br />
items* % 22.0 22.9<br />
Personnel average<br />
* cumulative average<br />
737 621<br />
Net sales <strong>2007</strong>, continuing operations<br />
€ million change, %<br />
VV-Auto Group 805 2.0<br />
Net assets at 31 December, € million<br />
<strong>2007</strong> 2006<br />
Non-current assets 44 59<br />
Inventories 130 104<br />
Short-term receivables 31 31<br />
./. Non-interest-bearing debt -44 -44<br />
./. Provisions -11 -11<br />
Net assets* 151 139<br />
* Net assets at the end of month
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