Kesko's Annual Report 2009

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82 Kesko financial statements 2009 Group performance indicators by quarter 1–3/ 2008 4–6/ 2008 7–9/ 2008 10–12/ 2008 Net sales, € million 2,277 2,547 2,435 2,333 2,018 2,143 2,133 2,153 Change in net sales, % 6.8 6.1 3.0 -2.4 -11.4 -15.9 -12.4 -7.7 Operating profit, € million 150.1 84.8 43.8 6.9 23.2 42.7 48.3 118.1 Operating margin, % 6.6 3.3 1.8 0.3 1.1 2.0 2.3 5.5 Operating profit excl. non-recurring items, € million 36.6 81.1 72.0 27.3 3.4 36.4 47.5 68.0 Operating margin excl. non-recurring items, % 1.6 3.2 3.0 1.2 0.2 1.7 2.2 3.2 Financial income/expenses, € million -1.4 -0.2 1.8 0.8 -5.1 -4.4 -4.7 -1.8 Profit before tax, € million 148.6 84.3 48.0 7.7 18.2 38.2 43.8 116.3 Profit before tax, % 6.5 3.3 2.0 0.3 0.9 1.8 2.1 5.4 Return on capital employed, % 30.1 22.2 8.2 1.4 4.2 8.0 9.4 22.9 Return on capital employed excl. non-recurring items, % 7.3 15.6 13.6 4.9 0.6 6.8 9.2 13.2 Return on equity, % 25.1 19.1 4.2 0.6 2.4 4.6 5.2 14.7 Return on equity excl. non-recurring items, % 5.6 12.3 10.4 4.3 -0.6 3.7 5.0 7.7 Equity ratio, % 46.3 49.0 50.2 52.4 49.8 51.0 52.3 54.1 Investments, € million* 60.3 83.0 89.9 105.2 51.5 55.8 49.2 41.5 Earnings per share, diluted, €* 1.11 0.58 0.17 -0.05 0.12 0.19 0.24 0.73 Equity per share, € 19.13 20.17 20.29 20.09 19.16 19.36 19.60 20.39 * Continuing operations Net sales by segment, continuing operations € million 1–3/ 2008 4–6/ 2008 7–9/ 2008 10–12/ 2008 Food trade 853 939 933 982 888 974 966 970 Home and speciality goods trade 364 355 396 490 346 331 381 500 Building and home improvement trade 695 870 795 617 529 643 614 525 Car and machinery trade 402 426 357 295 296 233 213 205 Common operations and eliminations -37 -44 -46 -51 -41 -39 -41 -47 Group total 2,277 2,547 2,435 2,333 2,018 2,143 2,133 2,153 1–3/ 2009 1–3/ 2009 4–6/ 2009 4–6/ 2009 7–9/ 2009 7–9/ 2009 10–12/ 2009 10–12/ 2009 Segments’ operating profits, continuing operations 1–3/ 4–6/ 7–9/ 10–12/ 1–3/ 4–6/ 7–9/ 10–12/ € million 2008 2008 2008 2008 2009 2009 2009 2009 Food trade 81.3 31.5 45.3 27.4 42.3 33.8 35.8 58.7 Home and speciality goods trade 40.1 3.7 9.2 10.6 -3.3 -3.6 7.0 66.5 Building and home improvement trade 7.3 34.6 -16.1 -6.5 -5.2 14.8 8.5 1.6 Car and machinery trade 15.8 21.3 10.4 -17.0 -6.0 1.9 1.7 -2.7 Common operations and eliminations 5.6 -6.3 -4.9 -7.6 -4.6 -4.3 -4.5 -5.9 Group total 150.1 84.8 43.8 6.9 23.2 42.7 48.3 118.1 Segments’ operating profits excl. non-recurring items, continuing operations 1–3/ 4–6/ 7–9/ 10–12/ 1–3/ 4–6/ 7–9/ 10–12/ € million 2008 2008 2008 2008 2009 2009 2009 2009 Food trade 25.0 31.5 34.4 31.6 33.8 30.1 35.5 33.7 Home and speciality goods trade -6.8 3.5 6.8 27.7 -10.7 -6.0 6.5 39.7 Building and home improvement trade 7.3 31.0 25.5 -7.5 -9.1 14.8 8.4 -2.1 Car and machinery trade 15.8 21.3 10.4 -17.1 -6.0 1.9 1.7 2.7 Common operations and eliminations -4.8 -6.2 -5.1 -7.5 -4.6 -4.4 -4.5 -6.0 Group total 36.6 81.1 72.0 27.3 3.4 36.4 47.5 68.0
Calculation of performance indicators Profitability Return on equity, % = Return on equity excl. non-recurring items, % = Return on capital employed, % = Return on capital employed excluding non-recurring items, % = (Profit / loss before tax – income tax) Shareholders' equity Kesko financial statements 2009 83 x 100 (Profit/loss adjusted for non-recurring items before tax – income tax adjusted for the tax effect of non-recurring items) x 100 Shareholders' equity Operating profit (Non-current assets + inventories + receivables + other current assets – non-interest-bearing liabilities) for a 12 month average Operating profit excluding non-recurring items (Non-current assets + inventories + receivables + other current assets – non-interest-bearing liabilities) for a 12 month average EBITDA = Operating profit + depreciation + impairments Funding and financial position Equity ratio, % = Gearing, % = Interest-bearing net debt/EBITDA = Share performance indicators Earnings/share, diluted Earnings/share, basic = Earnings/share excl. non-recurring items, basic Equity/share = Payout ratio, % = Price/earnings ratio, (P/E) = Effective dividend yield, % = Shareholders' equity (Balance sheet total – prepayments received) Interest-bearing net debt Shareholders' equity Interest-bearing net debt EBITDA = Profit/loss – minority interest Average number of shares adjusted for the dilutive effect of options = Profit/loss – minority interest Average number of shares Profit/loss adjusted for non-recurring items – minority interest Average number of shares Equity attributable to equity holders of the parent Basic number of shares at balance sheet date (Dividend/share) Earnings/share Share price at balance sheet date (Earnings/share) (Dividend/share) Share price at balance sheet date Market capitalisation = Share price at balance sheet date × number of shares Cash flow from operating activities/share = Cash flow from operating activities Average number of shares Yields of A share and B share = Change in share price + annual dividend yield x 100 x 100 x 100 x 100 x 100 x 100
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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
Page 34 and 35: 32 Kesko’s year 2009 Responsibili
Page 37 and 38: VV-Auto and Konekesko make up the c
Page 39 and 40: market for agricultural machinery i
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: Net sales by segment, continuing op
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 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,
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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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