Kesko's Annual Report 2009

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36 Kesko’s year 2009 Leading brands and comprehensive services VV-Auto’s market In 2009, 90,574 passenger cars, 8,677 vans and 3,173 trucks were registered in Finland. The passenger car market decreased by 35.2% from the previous year. Registrations of new vans fell short of the previous year by 44.1% and those of trucks by 39.1%. The market position of the brands imported by VV-Auto strengthened. Volkswagen increased its market share and was in second place in the registration statistics of both passenger cars and vans. Audi maintained its position as the number one premium brand. Seat’s market share decreased slightly over the previous year. The car taxation that is based on carbon dioxide emissions increased the share of passenger cars with lower emissions and the popularity of TSI, TFSI and TDI motors which place less of a burden on the environment. The Volkswagen range continued to expand. Launches included the revised Golf Plus, the new Polo and Golf Variant. The range of EcoFuel natural gas vehicles was complemented with the Passat Variant, Touran and Caddy Maxi. The revised Transporter range was introduced in late 2009. The Audi range was complemented with the new Audi A5 Sportback and Cabriolet. Seat arrivals of the year were the Seat Exeo and Exeo ST and the revised Altea, Altea XL, Leon and Ibiza SC. In 2009, the market share of Volkswagen passenger cars in Finland was 12.6% and the Volkswagen Golf was the bestselling passenger car in the country. The market share of Volkswagen vans was 20.9%. Audi had a market share of 4.7% and Seat’s share was 1.0%. Seat’s market share in Estonia was 1.0% and in Latvia 0.5%. Konekesko’s market in Finland, the Baltic countries and Russia Konekesko’s sales of recreational machinery are based on close and long-term cooperation with Yamaha Motor Co. Quality-minded customers are served by the comprehensive Yamaha dealer network. The Finnish market for recreational machinery totalled some €300 million in 2009. In addition to farmers, Konekesko’s most important customer groups in heavy machinery include construction, materials handling, transportation and service sector companies, and towns and municipalities. Construction and environmental machinery is marketed in Finland, the Baltic countries and St. Petersburg through Konekesko’s own dealer network. The construction market declined considerably in 2009, amounting to about €200 million in Finland, about €50 million in the Baltic countries and about €50 million in St. Petersburg, Russia. Konekesko sells tractors, combines and their spare parts to farmers in Finland and the Baltic countries. In the latter, Konekesko also sells agricultural implements. The best-known product brands represented by Konekesko include Massey Ferguson tractors and Claas combines. The
market for agricultural machinery in Finland is some €400 million and in the Baltic countries some €200 million. In Finland, Konekesko sells MAN trucks, and MAN and Neoplan buses through its own dealer network. The market for trucks (weight class of over 6 tons) is approximately €300 million. 146 MAN trucks and 14 buses were registered in 2009. Strengths At the beginning of 2009, VV-Auto and Konekesko were combined and reorganised to form the car and machinery trade division. The new division structure aims at synergy benefits and the development of sales and maintenance services. VV-Auto and Konekesko represent the leading brands in their market area and are responsible for the marketing and sales of these brands. They also offer diversified after-sales services to their customers either through their own or a contract service network. Strengths also include the wide product selection, high-quality products and services, a comprehensive network in several countries, efficient operating methods, skilled and service-oriented staff, and its own chain of retail outlets in the car trade. Year 2009 In 2009, the net sales of the segment were €947 million, a decrease of 36.0%. The operating loss excluding non-recurring items was €0.3 million, €30.1 million less than in the previous year. VV-Auto’s net sales were €598 million, a decrease of 32.3% from the previous year. The net sales performance was affected by a decline in the car market, coupled with the car tax reform effective since April, as a result of which the car tax levied on cars after 1 April 2009 is excluded from the net sales. Taking the impact of the tax change into account, comparable net sales fell by 24.3%. In terms of vehicle numbers, VV-Auto’s own outlets in the Greater Helsinki area and Turku accounted for about one third of all new Volkswagen, Audi and Seat retail sales. VV-Auto’s retail sales network consists of 40 dealer shops selling Volkswagens and 59 service workshops, and 41 dealer shops and 58 service workshops for Volkswagen commercial vehicles. The corresponding figures for Audis are 17 and 39. Seats are sold by 23 dealers and maintained and repaired by 40 workshops in Finland and three in the Baltic countries. A centralised customer relationship management system was adopted at all VV-Auto’s own outlets. The construction of VV-Auto’s new office building started in Veromies, Vantaa. The building will also include a new Audi outlet with a service workshop, maintenance and warehousing premises. The Volkswagen outlet and workshop located on the adjacent site will also be renovated and expanded during the process. Konekesko’s net sales were €350 million, down by 41.3% from the previous Kesko’s year 2009 37 BlueMotion The Volkswagen cars with the best fuel economy in their size category can be identified by their BlueMotion badge. The Polo BlueMotion is the most economical five-seater in the world: combined consumption 3.3 l per 100 km and CO 2 emissions 87 g per km.
Page 1: Kesko’s year
Page 4 and 5: 2 Kesko’s year 2009 Kesko in brie
Page 6 and 7: 4 Kesko’s year 2009 Review by the
Page 8 and 9: 6 Kesko’s year 2009 Year 2009 in
Page 11 and 12: Kesko is a highly valued listed tra
Page 13 and 14: uct and service benefits to custome
Page 15: the Pirkka magazine continued to in
Page 18 and 19: 16 Kesko’s year 2009 K-food store
Page 20 and 21: 18 Kesko’s year 2009 High-quality
Page 23 and 24: Kesko’s home and speciality goods
Page 25 and 26: Year 2009 In 2009, the net sales of
Page 27: Market shares and competitors Hyper
Page 30 and 31: 28 Kesko’s year 2009 Products and
Page 32 and 33: 30 Kesko’s year 2009 Through its
Page 34 and 35: 32 Kesko’s year 2009 Responsibili
Page 37: VV-Auto and Konekesko make up the c
Page 41 and 42: Market shares VV-Auto Finland: Volk
Page 43: Real estate operations indicators f
Page 46 and 47: 44 Kesko’s year 2009 Kesko is a g
Page 48 and 49: 46 Kesko’s year 2009 The widest v
Page 51 and 52: Principles and indicators of respon
Page 53 and 54: effective stakeholder interaction w
Page 55 and 56: compare the responsibility practice
Page 57 and 58: member and expiring at the close of
Page 59 and 60: Decision-making, activities and mee
Page 61 and 62: A written managing director’s ser
Page 63 and 64: made by the Remuneration Committee
Page 65 and 66: programmes, for their competitive t
Page 67 and 68: the Audit Committee, and reports on
Page 69 and 70: Mikko Kosonen b. 1957, D.Sc. (Econ.
Page 71 and 72: Notice period and severance pay: 6
Page 73 and 74: Report by the Board of Directors Ja
Page 75 and 76: 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
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NOTE 1 Accounting policies for the
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Foreign currency items The consolid
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Other intangible assets The cost of
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exceed 10 percent of the higher rat
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cating resources, has been identifi
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Segment information 2008 Income sta
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Net assets of discontinued operatio
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Exchange differences recognised in
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Goodwill and intangible rights by s
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Property, plant and equipment inclu
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NOTE 18 Finance lease receivables K
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NOTE 20 Kesko financial statements
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A total amount of €12.6 million (
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Kesko financial statements 2009 Rev
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NOTE 29 Finance lease liabilities K
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Group as the lessor Minimum lease p
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Movements in quantities and exercis
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NOTE 41 Financial risk management W
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Liquidity risk and sensitivity anal
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Kesko financial statements 2009 Bre
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Fair values of derivative financial
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with regard to business operations,
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In addition, the other operating ex
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Owned by other Group companies Domi
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Parent's balance sheet (FAS) € 31
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Kesko financial statements 2009 Not
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€ million 2009 2008 Accumulated d
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Increase in share capital During th
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Signatures Signatures Helsinki, 4 F
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the record date, and whose custodia
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Share performance indicators Tradin
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Prices and trading of Kesko A and B
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Share capital and shares Kesko fina
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Information about Kesko for investo
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Kenkäkesko Ltd Kutojantie 4, FI-02
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Operations control system (ERP Ente
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www.kesko.fi Business ID 0109862-8
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Kesko's Annual Report 2009

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