Kesko's Annual Report 2009

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126 Kesko financial statements 2009 equity, if the interest rate level had changed by +/-1 percentage point. At the balance sheet date, the counter value of undrawn committed long-term credit facilities was €227 million (€225 million). The committed credit limits mature at the end of 2010, 2011 and 2012. In addition, the Group's uncommitted credit lines available contain commercial paper programmes denominated in euros to a total counter value of €329 million (€449 million). The terms and conditions of the private placement credit facility and the committed limit include ordinary financial cov- Undiscounted cash flows from derivative instruments at 31 Dec. 2009 € million Payables 2010 2011 2012 2013 2014 2015- Foreign currency hedge forward contracts of net investment Foreign currency forward contracts outside hedge 141.8 accounting Net settlement of payables 296.4 Interest rate derivatives 0.3 0.2 0.1 0.0 0.0 Electricity derivatives Grain derivatives Derivatives relating to private placement bonds* 3.1 2.1 0.6 0.2 0.0 Foreign currency derivatives Receivables 1.1 1.1 1.1 1.1 9.4 10.0 Net investment hedging instruments Foreign currency forward contracts outside hedge 138.0 accounting Net settlement of receivables Interest rate derivatives 293.4 Electricity derivatives Grain derivatives Derivatives relating to private placement bonds* 0.2 0.4 0.3 0.0 0.0 Interest rate derivatives 0.9 0.9 0.9 0.9 0.7 1.2 Undiscounted cash flows from derivative instruments at 31 Dec. 2008 enants. The requirements of these covenants have been met. The loan terms included a financial covenant concerning the relation between the net debt and the amount of EBITDA, which remained well under the limit throughout the accounting period. The debt to K-retailers consist of two types of interest-bearing receivables payable by the Kesko Group companies to K-retailers: retailers' prepayments to Kesko and retailers' chain rebates. Chain rebates are subsequent discounts given to retailers and the terms vary from one chain to another. The private placement bonds include the fair value change of currency derivative instruments. € million Payables 2009 2010 2011 2012 2013 2014- Foreign currency hedge forward contracts of net investment Foreign currency forward contracts outside hedge 89.6 accounting Net settlement of payables Interest rate derivatives 239.8 Electricity derivatives 3.0 4.4 3.0 0.8 0.1 0.0 Grain derivatives Derivatives relating to private placement bonds* 0.0 Foreign currency derivatives Receivables 0.9 0.9 0.9 0.9 0.9 16.1 Net investment hedging instruments Foreign currency forward contracts outside hedge 91.3 accounting Net settlement of receivables 244.7 Interest rate derivatives 0.0 0.0 0.0 0.0 Electricity derivatives 0.0 Grain derivatives 0.0 Derivatives relating to private placement bonds* 0.0 Interest rate derivatives 0.9 0.9 0.9 0.9 0.9 1.9 * The cash flows of private placement bonds and related foreign currency and interest rate derivatives are settled on a net basis.
Kesko financial statements 2009 Breakdown of liability maturities 2009 € million 31 Dec 2009 Available Total 2010 2011 2012 2013 2014 and later Loans from financial institutions 55.3 55.3 8.2 1.2 17.8 0.9 27.3 Private placement bonds 100.0 100.0 100.0 Pension loans 46.4 46.4 2.9 5.8 5.8 31.8 Finance lease liabilities 85.7 85.7 17.3 23.4 10.8 10.5 23.8 Liabilities to K-retailers 109.7 109.7 109.7 Other interest-bearing liabilities 56.6 56.6 56.6 Trade payables 703.6 703.6 703.5 0.0 Accrued liabilities Other non-interest-bearing 254.1 254.1 254.1 liabilities 185.5 185.5 179.9 3.0 1.5 1.1 0.0 Binding credit limits * 225.0 227.0 76.0 0.9 150.0 Commercial papers 0.0 329.0 329.0 Guarantees 23.3 23.3 0.2 1.5 0.0 0.0 21.6 Total 1,620.3 554.0 2,176.2 1,405.5 33.0 185.9 18.3 204.6 * The amount withdrawn from binding credit limits is included in loans from financial institutions. The financial guarantees given do not include guarantees relating to an item presented as a liability in the consolidated statement of financial position, or as a lease liability in note 34. Breakdown of liability maturities 2008 € million 31 Dec 2008 Available Total 2009 2010 2011 2012 2013 and later Loans from financial institutions 47.1 47.1 20.2 0.8 1.0 0.8 24.3 Private placement bonds 100.0 100.0 100.0 Pension loans 0.0 0.0 Finance lease liabilities 92.7 92.7 22.7 11.8 23.4 10.8 24.0 Liabilities to K-retailers 114.1 114.1 114.1 Other interest-bearing liabilities 88.9 88.9 88.9 Trade payables 755.6 755.6 755.6 Accrued liabilities Other non-interest-bearing 245.5 245.5 245.5 liabilities 196.3 196.3 184.5 11.8 Binding credit limits * 246.5 247.7 75.0 21.5 150.0 Commercial papers 47.7 401.3 449.0 47.7 Total 1,687.9 647.8 2,336.9 723.6 99.4 45.9 161.6 148.3 * The amount withdrawn from binding credit limits is included in loans from financial institutions. Fair value measurement levels for financial assets and liabilities Fair value at 31 Dec. 2009 € million Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss Bank certificates of deposit and deposits 202.9 202.9 Bond funds 10.1 10.1 Total 10.1 202.9 213.1 Derivative instruments at fair value Derivative receivables 3.5 3.5 Derivative liabilities 31.9 31.9 Available-for-sale financial assets Commercial papers (maturing in less than 3 months) 214.1 214.1 Bank certificates of deposit and deposits (maturing in less than 3 months) 3.8 199.6 203.4 Bonds 10.2 10.2 Total 14.0 413.7 427.7 127
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Kesko’s year
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2 Kesko’s year 2009 Kesko in brie
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4 Kesko’s year 2009 Review by the
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6 Kesko’s year 2009 Year 2009 in
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Kesko is a highly valued listed tra
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uct and service benefits to custome
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the Pirkka magazine continued to in
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16 Kesko’s year 2009 K-food store
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18 Kesko’s year 2009 High-quality
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Kesko’s home and speciality goods
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Year 2009 In 2009, the net sales of
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Market shares and competitors Hyper
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28 Kesko’s year 2009 Products and
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30 Kesko’s year 2009 Through its
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32 Kesko’s year 2009 Responsibili
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VV-Auto and Konekesko make up the c
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market for agricultural machinery i
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Market shares VV-Auto Finland: Volk
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Real estate operations indicators f
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44 Kesko’s year 2009 Kesko is a g
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46 Kesko’s year 2009 The widest v
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Principles and indicators of respon
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effective stakeholder interaction w
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compare the responsibility practice
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member and expiring at the close of
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Decision-making, activities and mee
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A written managing director’s ser
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made by the Remuneration Committee
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programmes, for their competitive t
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the Audit Committee, and reports on
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Mikko Kosonen b. 1957, D.Sc. (Econ.
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Notice period and severance pay: 6
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Report by the Board of Directors Ja
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In January-December, two new K-raut
Page 77 and 78: The retail sales of the K-rauta and
Page 79 and 80: Significant risks and uncertainties
Page 81 and 82: Group performance indicators Kesko
Page 83 and 84: Net sales by segment, continuing op
Page 85 and 86: Calculation of performance indicato
Page 87 and 88: Consolidated Financial Statements C
Page 89 and 90: Consolidated statement of cash flow
Page 91 and 92: NOTE 1 Accounting policies for the
Page 93 and 94: Foreign currency items The consolid
Page 95 and 96: Other intangible assets The cost of
Page 97 and 98: exceed 10 percent of the higher rat
Page 99 and 100: cating resources, has been identifi
Page 101 and 102: Segment information 2008 Income sta
Page 103 and 104: Net assets of discontinued operatio
Page 105 and 106: Exchange differences recognised in
Page 107 and 108: Goodwill and intangible rights by s
Page 109 and 110: Property, plant and equipment inclu
Page 111 and 112: NOTE 18 Finance lease receivables K
Page 113 and 114: NOTE 20 Kesko financial statements
Page 115 and 116: A total amount of €12.6 million (
Page 117 and 118: Kesko financial statements 2009 Rev
Page 119 and 120: NOTE 29 Finance lease liabilities K
Page 121 and 122: Group as the lessor Minimum lease p
Page 123 and 124: Movements in quantities and exercis
Page 125 and 126: NOTE 41 Financial risk management W
Page 127: Liquidity risk and sensitivity anal
Page 131 and 132: Fair values of derivative financial
Page 133 and 134: with regard to business operations,
Page 135 and 136: In addition, the other operating ex
Page 137 and 138: Owned by other Group companies Domi
Page 139 and 140: Parent's balance sheet (FAS) € 31
Page 141 and 142: Kesko financial statements 2009 Not
Page 143 and 144: € million 2009 2008 Accumulated d
Page 145 and 146: Increase in share capital During th
Page 147 and 148: Signatures Signatures Helsinki, 4 F
Page 149 and 150: the record date, and whose custodia
Page 151 and 152: Share performance indicators Tradin
Page 153 and 154: Prices and trading of Kesko A and B
Page 155 and 156: Share capital and shares Kesko fina
Page 157 and 158: Information about Kesko for investo
Page 159 and 160: Kenkäkesko Ltd Kutojantie 4, FI-02
Page 161 and 162: Operations control system (ERP Ente
Page 163: www.kesko.fi Business ID 0109862-8
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Kesko's Annual Report 2009

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