Kesko's Annual Report 2009

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144 Kesko financial statements 2009 € million 2009 2008 19. Current creditors Debt to Group companies Trade creditors 0.1 0.6 Other creditors 237.1 349.8 Accruals and deferred income 1.8 1.7 Total 239.0 352.1 Amounts owed to participating interests Other creditors 38.4 37.2 Total 38.4 37.2 Accruals and deferred income Staff expenses 2.5 2.6 Taxes 12.1 0.0 Others 11.3 12.1 Total 25.9 14.7 20. Interest-free debt Current creditors 32.0 21.3 Total 32.0 21.3 Other notes € million 2009 2008 21. Guarantees and contingent liabilities Real estate mortgages For own debt 7 6 For Group companies 10 10 Pledged shares 39 14 Guarantees For own debt 3 1 For Group companies 36 58 For others 0 1 Other contingent liabilities For own debt 15 10 Rent liabilities on machinery and fixtures Falling due within a year 0 1 Falling due later 0 0 Rent liabilities on real estate Falling due within a year 81 82 Falling due later 463 422 € million 2009 Liabilities arising from derivative instruments Value of underlying instruments at 31 Dec. Fair value 2008 Fair value Interest rate derivatives Forward and future contracts 12 -0.1 - Interest rate swaps 201 0.7 201 9.9 Currency derivatives Forward and future contracts Outside the Group 437 -6.6 333 6.6 Inside the Group Option agreements 9 0.1 20 1 Bought - - - - Written 5 0 5 -0.1 Currency swaps 100 -17.2 100 -14.2 Commodity derivatives Electricity derivatives Outside the Group 40 -5.0 46 -10.8 Inside the Group 40 5.0 46 10.8 Grain derivatives 0 0.0 1 0.0
Signatures Signatures Helsinki, 4 February 2010 Heikki Takamäki Seppo Paatelainen Esa Kiiskinen Ilpo Kokkila Mikko Kosonen Maarit Näkyvä Rauno Törrönen Matti Halmesmäki Managing Director To the Annual General Meeting of Kesko Corporation We have audited the accounting records, the financial statements, the report of the Board of Directors and the administration of Kesko Corporation for the year ended on 31 December, 2009. The financial statements comprise the consolidated statement of financial position, income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows and notes to the consolidated financial statements, as well as the parent company's statement of financial position, income statement, statement of cash flows and notes to the financial statements. Responsibility of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the financial statements and the report of the Board of Directors and for the fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, as well as for the fair presentation of the financial statements and the report of the Board of Directors in accordance with laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland. The Board of Directors is responsible for the appropriate arrangement of the control of the company’s accounts and finances, and the Managing Director shall see to it that the accounts of the company are in compliance with the law and that its financial affairs have been arranged in a reliable manner. Auditor’s Responsibility Our responsibility is to perform an audit in accordance with good auditing practice in Finland, and to express an opinion on the parent company’s financial statements, on the consolidated The Auditor's Note Kesko financial statements 2009 Our auditors' report has been issued today. Helsinki, 9 February 2010 PricewaterhouseCoopers Oy Authorised Public Accountants Johan Kronberg APA Auditor’s Report (Translation from the Finnish Original) 145 financial statements and on the report of the Board of Directors based on our audit. Good auditing practice requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements and the report of the Board of Directors are free from material misstatement and whether the members of the Board of Directors of the parent company and the Managing Director have complied with the Limited Liability Companies Act. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and the report of the Board of Directors. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements and of the report of the Board of Directors, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements and the report of the Board of Directors in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and the report of the Board of Directors. The audit was performed in accordance with good auditing practice in Finland. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion on the Consolidated Financial Statements In our opinion, the consolidated financial statements give a true and fair view of the financial posi-tion, financial performance and cash flows of the group in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.
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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
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The retail sales of the K-rauta and
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Significant risks and uncertainties
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Group performance indicators Kesko
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Net sales by segment, continuing op
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Calculation of performance indicato
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Consolidated Financial Statements C
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Consolidated statement of cash flow
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NOTE 1 Accounting policies for the
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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 and 128: Liquidity risk and sensitivity anal
Page 129 and 130: Kesko financial statements 2009 Bre
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: Increase in share capital During th
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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