2009-04-28 08:00:00 CEST
2009-04-28 08:03:31 CEST
REGULATED INFORMATION
Kesko Oyj - Interim report (Q1 and Q3)
Interim financial report for the period 1 Jan.-31 Mar. 2009
KESKO CORPORATION STOCK EXCHANGE RELEASE 28.4.2009 AT 09.00 1(24)
In January-March 2009, the Group's net sales from continuing
operations were €2,018 million, which is 11.4% down on the
corresponding period of the previous year (€2,277 million). In
January-March 2009, the operating profit excluding non-recurring
items was €3.4 million (€36.6 million). The profit before tax was
€18.2 million (€148.6 million). The whole Group's profit for the
reporting period was €11.5 million (€120.0 million). The whole
Group's earnings per share were €0.12 (€1.22).
Continuing operations 1-3/2009 1-3/2008
Net sales, € million 2,018 2,277
Operating profit, € million 23.2 150.1
Operating profit excluding non-recurring items, €
million 3.4 36.6
Profit before tax, € million 18.2 148.6
Earnings/share, €, diluted 0.12 1.11
Investments, € million 51.5 60.3
Whole Group
Earnings/share, diluted, € 0.12 1.22
Earnings/share excl. non-recurring items, basic, € -0.03 0.25
Equity ratio, % 49.8 46.3
Return on equity, % 2.4 25.1
Return on capital employed, % 4.2 30.1
Cash flow from operating activities, € million 6.8 -35.5
Cash flow from investing activities, € million -4.4 52.6
Equity/share, € 19.16 19.13
JANUARY-MARCH 2009
CONTINUING OPERATIONS
Net sales and profit
The Group's net sales in January-March 2009 were €2,018 million,
which is 11.4% down on the corresponding period of the previous year
(€2,277 million). Net sales decreased by 6.4% in Finland and by 31.3%
abroad. Exports and foreign operations accounted for 15.6% (20.1%) of
the net sales. The Group's net sales performance was affected by a
decline in the construction markets, especially in the Nordic and the
Baltic countries, and by a decrease in the sales of the car and
machinery trade. A steady growth continued in the grocery trade.
In January-March, the K-Group's (i.e. Kesko's and the chain stores')
retail and B-to-B sales (incl. VAT) totalled €2,866 million, a
decrease of 8.7% on the corresponding period of the previous year.
The Group's profit before tax for January-March was €18.2 million
(€148.6 million). The operating profit was €23.2 million (€150.1
million). The operating profit excluding non-recurring items was €3.4
million (€36.6 million), representing 0.2% (1.6%) of the net sales.
The non-recurring income includes a €19.7 million gain on a property
transaction between Kesko and the Kesko Pension Fund. The most
significant non-recurring income items of the comparative period
include a €103.2 million gain on property lease and sale arrangements
between Kesko and Nordisk Renting Oy, and a €10.3 million gain on the
disposal of K-Rahoitus Oy.
The smaller year-on-year operating profit excluding non-recurring
items is due to a substantial decrease in the demand in the building
and home improvement trade and the car and machinery trade. As a
result of the weakening of the Baltic agricultural market, and the
downsizing of the agricultural business, write-downs and expense
provisions in a total amount of €9 million were recognised on
Konekesko's Baltic operations.
The Group's earnings per share from continuing operations were €0.12
(€1.11). The Group's equity per share was €19.16 (€19.13).
Investments
In January-March, the Group's investments totalled €51.5 million
(€60.3 million), which is 2.6% (2.6%) of the net sales. Investments
in store sites were €42.3 million (€50.0 million) and other
investments €9.1 million (€10.3 million). Investments in foreign
operations represented 28.9% of total investments.
Finance
In January-March, the cash flow from operating activities was €6.8
million (€-35.5 million) and the cash flow from investing activities
was €-4.4 million (€52.6 million). The cash flow from investing
activities included €63.2 million (€117.2 million) of proceeds from
the disposal of fixed assets.
At the end of the period, liquid assets totalled €458 million (€568
million). The amount was increased by €47 million in proceeds on
loans based on the Employees' Pensions Act (TyEL), and a property and
lease arrangement between Kesko and the Kesko Pension Fund
contributing €50 million to the cash flow. At the end of the
reporting period, the interest-bearing net debt was €43 million (€-35
million). The equity ratio was 49.8% (46.3%) and gearing 2.2% (-1.8%)
at the end of the period.
In January-March, the Group's net financial expenses were €5.1
million (€1.4 million). They were increased by the €6.4 million cost
for hedging Russian and Baltic foreign currency positions as a result
of an increasing interest rate spread between the currencies.
Taxes
In January-March, the Group's taxes were €6.6 million (€37.5
million). The effective tax rate was 36.0% (24.7%), affected by the
loss-making performances of foreign companies. Income tax has been
calculated on the profit for the reporting period as a proportion of
the estimated tax for the whole financial year.
Personnel
In January-March, the average number of personnel in the Kesko Group
was 19,628 (21,150) converted into full-time employees. In Finland,
the average decrease was 426 people, while outside Finland it was
1,096.
At the end of March 2009, the total number of personnel was 23,326
(24,836), of whom 12,889 (13,254) worked in Finland and 10,437
(11,582) outside Finland. Compared with the end of March 2008, there
was a decrease of 365 employees in Finland and 1,145 employees
outside Finland.
Due to the decline in consumer demand, measures aimed at staff cost
adjustment were continued in various operating activities of the
Group. During the reporting period, the Group's staff cost decreased
by €9 million (6.3%) compared with the first quarter of the
comparative year.
Market review
According to Statistics Finland, in January-February, the value of
the Finnish retail trade sales decreased by 2.2% compared with the
previous year, and in February by 5.8% compared with February 2008.
The consumer price inflation, calculated by Statistics Finland, stood
at an average of 1.6% in January-March.
According to Statistics Finland's consumer survey of March 2009,
consumers' confidence in the economy has recovered slightly but still
remains weak. Own economic situation and saving possibilities were
considered good, but the threat of becoming unemployed was felt more
widely than before. Expectations of the Finnish economy remained
gloomy.
Seasonal nature of operations
The Group's operating activities are affected by seasonal
fluctuations. The net sales and operating profits of the reportable
segments are not earned evenly throughout the year. Instead they vary
by quarter depending on the characteristics of each segment.
Segment performance in January-March
The Kesko Group's reportable segments are the same as its business
divisions which, effective 1 January 2009, are the food trade, the
home and speciality goods trade, the building and home improvement
trade, and the car and machinery trade (stock exchange release on 12
December 2008). Comparative information on the new basis of
segmentation was announced in a stock exchange release on 26 March
2009.
Food trade segment
The food trade segment in Finland comprises the food business based
on the K-retailer business model and Kespro Ltd's grocery
wholesaling.
In the food trade, the net sales in January-March were €888 million
(€853 million), up 4.0%. The retail sales of K-food stores in
January-March totalled €1,142 million (incl. VAT), representing a
growth of 4.9%. The K-food stores' grocery sales increased by 5.3%.
The sales performance of K-food stores' own Pirkka products was
particularly good. At the end of March, there was a total of 1,026
K-food stores (not all mobile stores are included).
In January-March, the operating profit excluding non-recurring items
from the food trade was €33.8 million (3.8% of the net sales), which
is €8.9 million, or 0.9 percentage points, higher than in the
previous year. The operating profit from the food trade was €42.3
million (€81.3 million). The non-recurring gains on real estate sales
were €8.5 million in January-March. The comparative year's operating
profit was increased by a €56.4 million non-recurring gain on a
property and lease arrangement.
In January-March, investments in the food trade were €20.7 million
(€24.0 million), of which investments in store sites were €17.4
million (€21.5 million).
Kesko Food continued to develop the K-food store network. In
January-March, one new K-market was opened and one K-supermarket was
expanded. In addition, several renovations were implemented in
K-supermarkets and K-markets. In April, a K-citymarket was opened in
Turku and Ylöjärvi and a K-supermarket in Kempele.
The most important store sites being built are the K-citymarkets in
Kirkkonummi, in Linnainmaa, Tampere, in Koivukylä, Vantaa, the
expansion of K-citymarket Mikkeli, and the new K-supermarkets being
built in Porvoo, Järvenpää and Eurajoki.
Home and speciality goods trade segment
The home and speciality goods trade segment comprises Anttila,
K-citymarket's home and speciality goods trade, Intersport Finland,
Indoor Group, Musta Pörssi and Kenkäkesko.
In the home and speciality goods trade, the net sales in
January-March were €346 million (€364 million), down 5.0%. Owing to a
general deterioration of the economic situation, consumer demand
declined especially in the home electronics and interior decoration
trade. Sales increased in the sports and clothing trade.
The operating loss of the home and speciality goods trade excluding
non recurring items in January-March was €10.7 million (-3.1% of the
net sales), a €3.9 million year-on-year increase due to the fall in
sales. In January-March, the operating loss was €3.3 million
(operating profit €40.1 million). Non-recurring gains on property
sales were €7.4 million in January-March and €46.8 million in the
comparative period.
Investments in the home and speciality goods trade in January-March
were €9.8 million (€10.6 million).
Anttila's net sales in January-March were €114 million (€127
million), down 10.1%. Especially the sales of interior decoration and
home electronics decreased.
The net sales of K-citymarket's home and speciality goods trade in
January-March were €123 million (€116 million), up 6.1%. The net
sales performance was affected by store site network expansions and
intensified marketing actions.
Intersport Finland's net sales in January-March were €41 million (€37
million), an increase of 12.0%, mainly attributable to the sales
growth of winter sports equipment.
Indoor's net sales in January-March were €37 million (€45 million),
down 16.9%. In Finland, the net sales decreased by 9.0% and in
foreign operations by 56%, partly attributable to the discontinuation
of Indoor's operating activities in Sweden during the first quarter
of 2008.
Musta Pörssi Ltd's net sales in January-March were €22 million (€32
million), down 31.2%.
Kenkäkesko Ltd's net sales in January-March were €8 million (€8
million), up 5.0%.
Building and home improvement trade segment
The building and home improvement trade segment comprises Rautakesko
and the agricultural trade in Finland.
In the building and home improvement trade, the net sales in
January-March were €529 million (€695 million), down 23.9%.
In January-March, net sales in Finland were €262 million, a decrease
of 20.4%. The building and home improvement trade contributed €175
million to the net sales in Finland, a decrease of 24.5%. The
agricultural trade contributed €88 million to the net sales in
Finland, down 10.5%. The net sales from foreign operations in the
building and home improvement trade were €267 million (€366 million),
a decrease of 27.1%. In addition to a decline in demand, the sales
performance of foreign operations was affected by the weakening of
the Swedish krona, the Norwegian krone and the Russian ruble. The net
sales from foreign operations dropped by 19.4% in terms of the local
currencies. Foreign operations contributed 50.4% to the net sales of
the building and home improvement trade.
In Sweden, the net sales of K-rauta AB decreased by 3.4% to €37
million in January-March. In terms of the local currency, K-rauta
AB's net sales grew by 12.4%. In Norway, Byggmakker's net sales
decreased by 26.7% and were €95 million. In terms of the local
currency, Byggmakker's net sales dropped by 17.6%. In Estonia,
Rautakesko's net sales were down by 28.9% to €12 million. In Latvia,
Rautakesko's net sales decreased by 43.6% to €10 million. In
Lithuania, Senukai's net sales decreased by 38.9% to €60 million. In
Russia, Stroymaster's net sales decreased by 6.4% to €38 million. In
terms of the local currency, Stroymaster's net sales increased by
14.5%. The net sales of the Belarusian OMA were down by 11.9% to €11
million. In terms of the local currency, OMA's net sales decreased by
1.1%.
In January-March, the operating loss excluding non-recurring items
from the building and home improvement trade was €9.1 million (-1.7%
of the net sales), which is €16.5 million lower than in the
corresponding period of the previous year (operating profit excluding
non-recurring items €7.3 million). The profit performance was
affected by a substantial decline in the Nordic and Baltic
construction markets. In the Nordic countries, the building and home
improvement trade markets declined in January-March by some 20%, and
in the Baltic countries by 30-40%. The operating loss of the building
and home improvement trade was €5.2 million (operating profit €7.3
million) in January-March. The operating loss includes a €3.9 million
non-recurring gain on a property sale.
In January-March, investments in the building and home improvement
trade were €19.5 million (€22.7 million), of which 74.3% (73.2%) was
abroad.
The retail sales of the K-rauta and Rautia chains in January-March
decreased by 11.8% to €192 million (incl. VAT) in Finland. The sales
of the Rautakesko B-to-B Service decreased by 35.3%. The retail sales
of the K-maatalous chain were €105 million (incl. VAT), down 9.1%.
In January-March, six new stores were opened. In Finland, a K-rauta
store was opened in Seinäjoki, a Rautia-K-Maatalous store in Kauhava
and a K-maatalous store in Lohtaja. In Sweden, a K-rauta store was
opened in Halmstad and in Eskilstuna. In Russia, a new K-rauta store
was opened in Jaroslavl at the end of March.
Car and machinery trade segment
The car and machinery trade segment comprises VV-Auto and Konekesko.
Konekesko includes, in addition to the machinery trade, the tractor
and combine harvester trade in Finland and the agricultural and
machinery trade companies in the Baltic countries.
In January-March, the net sales of the car and machinery trade were
€296 million (€402 million), down 26.3%.
VV-Auto's net sales in January-March were €210 million (€261
million), a decrease of 19.3%. The net sales performance was affected
by a decline in the consumer demand in the car trade. The combined
market share of passenger cars and vans imported by VV-Auto was 19.0%
(16.4%) during the first quarter of the year.
Konekesko's net sales in January-March were €86 million (€141
million), down 39.3% on the previous year as a result of the weakened
machinery market. The net sales in Finland were €50 million, a
decrease of 32.2%. The net sales from Konekesko's foreign operations
were €36 million, down 47.1%.
In January-March, the operating loss excluding non-recurring items in
the car and machinery trade was €6.0 million (-2.0% of the net
sales), which is €21.8 million, or 6.0 percentage points, lower than
in the corresponding period of the previous year (operating profit
excluding non-recurring items €15.8 million). In addition to the
substantial sales decrease in the car and machinery trade, the profit
performance was affected by the weakening of the Baltic agricultural
market and the downsizing of the agricultural business, which
resulted in write-downs and expense provisions in a total amount of
€9 million recognised on Konekesko's Baltic operating activities.
Investments in the car and machinery trade were €1.8 million (€3.0
million) in January-March.
Changes in the Group composition
Effective 1 January 2009, the Kesko Group's segments are the food
trade, the home and speciality goods trade, the building and home
improvement trade, and the car and machinery trade (stock exchange
release on 12 December 2008).
Resolutions of the Annual General Meeting 2009 and decisions of the
Board's organisational meeting
Kesko Corporation's Annual General Meeting held on 30 March 2009
adopted the financial statements for 2008 and discharged the Board of
Directors' members and the Managing Director from liability. The
Annual General Meeting also resolved to distribute a dividend of
€1.00 per share, or a total amount of €97,851,050, as proposed by the
Board. The dividend pay date was 9 April 2009. The Annual General
Meeting elected PricewaterhouseCoopers Oy as the company's auditor,
with APA Johan Kronberg as the auditor with principal responsibility,
and approved the Board's proposal to amend the article of the
Articles of Association providing for the convocation period so that
the notice of the General Meeting shall be given at the latest 21
days before the General Meeting, and the Board's proposal to
authorise the Board to decide on the issuance of a maximum of
20,000,000 new B shares.
The Annual General Meeting resolved to leave the number of members of
the Board of Directors unchanged at seven, and elected Heikki
Takamäki, Seppo Paatelainen, Maarit Näkyvä, Ilpo Kokkila, Esa
Kiiskinen (new member), Mikko Kosonen (new member) and Rauno Törrönen
(new member) as members of the company's Board of Directors for a
three-year term defined in the Articles of Association, which will
expire at the close of the 2012 Annual General Meeting.
The resolutions of the Annual General Meeting were announced in more
detail in a stock exchange release on 30 March 2009.
The organisational meeting of Kesko Corporation's Board of Directors,
held after the Annual General Meeting on 30 March 2009, elected
Heikki Takamäki as its Chair and Seppo Paatelainen as its Deputy
Chair. Maarit Näkyvä (Ch.), Seppo Paatelainen and Mikko Kosonen were
appointed to the Board of Directors' Audit Committee. Heikki Takamäki
(Ch.), Seppo Paatelainen and Ilpo Kokkila were appointed to the Board
of Directors' Remuneration Committee. The terms of the Committees
expire at the close of the Annual General Meeting. The decisions of
the Board's organisational meeting were announced in a stock exchange
release on 30 March 2009.
Shares, securities market and Board authorisations
At the end of the reporting period, Kesko Corporation's share capital
totalled €195,702,100. Of all shares 31,737,007, or 32.4% were A
shares and 66,114,043, or 67.6% were B shares. The aggregate number
of shares was 97,851,050. Each A share entitles to ten (10) votes and
each B share to one (1) vote. During the reporting period, the share
capital was increased once by share subscriptions with the stock
options of the year 2003 option scheme. The increase was made on 11
February 2009 (€52,392) and announced in a stock exchange
notification on the same day. The subscribed shares were included on
the main list of the Helsinki stock exchange for public trading with
the old B shares on 12 February 2009.
The price of a Kesko A share was €22.00 at the end of 2008, and
€21.60 at the end of the reporting period, representing a decrease of
1.8%. The price of a B share was €17.80 at the end of 2008, and
€15.63 at the end of the reporting period, representing a decrease of
12.2%. During the reporting period, the highest A share quotation was
€24.90 and the lowest was €18.75. For B shares, they were €19.47 and
€14.99 respectively. During the reporting period, the Helsinki stock
exchange All Share index (OMX Helsinki) fell by 14.9%, the weighted
OMX Helsinki CAP index by 16.1%, while the Consumer Staples Index
dropped by 11.0% during the same period.
At the end of the reporting period, the market capitalisation of A
shares was €686 million, while that of B shares was €1,033 million.
Their combined market capitalisation was €1,719 million, a decrease
of €156 million compared with the end of 2008. During the first
quarter of 2009, 406,797 A shares were traded on the Helsinki stock
exchange at a total value of €9.1 million, while 28.1 million B
shares were traded at a total value of €481.2 million.
The 2003E and 2003F stock options of the year 2003 option scheme were
available for trading and a total of some 99,000 options were traded
at a total value of €770,000 during the reporting period.
As reported above, the Board of Directors was authorised by the
Annual General Meeting of 30 March 2009 to issue a maximum of
20,000,000 new B shares. The authorisation has not been used. In
addition to the stock option scheme referred to above, the company
operates the 2007 stock option scheme with the stock options 2007A,
2007B and 2007C. Their exercise period has not started and for the
present they have not been listed. Further information on the Board's
authorisations is available at www.kesko.fi.
At the end of the reporting period, the number of shareholders was
39,414. In 2008 it increased by 9,155 shareholders and during the
reporting period by 1,334 shareholders. At the end of March 2009, the
foreign ownership interest was 20%.
Flagging notifications
Kesko Corporation did not receive flagging notifications during the
reporting period.
Main events during the reporting period
Kesko Corporation's Board of Directors approved the Group's revised
financial objectives. The objective for return on investment has been
replaced by the objective for return on capital employed. The new
objective for return on equity has been set at 12% (previously 14%)
and the objective for return on capital employed has been set at 14%.
The objective range of the equity ratio has been broadened to 40-50%
(previously 40-45%). The Board of Directors also revised Kesko's
dividend policy, published on 6 April 2005. In accordance with the
new dividend policy, Kesko Corporation distributes at least 50% of
its earnings per share excluding non-recurring items as dividends,
taking however the company's financial position and operating
strategy into account (stock exchange release on 5 February 2009).
On 31 March 2009, Kesko sold four store properties to the Kesko
Pension Fund. The debt-free selling price was about €50 million. The
Kesko Group's gain on the sale was €19.7 million, which was treated
as a non-recurring item in the operating profit for the first quarter
(stock exchange release on 31 March 2009).
The Annual General Meeting was held on 30 March 2009 (stock exchange
releases on 30 March 2009).
Risk management
The Kesko Group has established a risk management process in which
the divisions regularly assess the risks and their management and
report on them to the Group's management. Kesko's risk management and
risks relating to the operating activities have been described in
more detail in Kesko's 2008 Annual Report and financial statements.
The main risks for Kesko's operating activities are related to the
general economic development in Kesko's operating area. During the
past quarter, the consumer demand continued to weaken in the building
materials, cars and machinery, and the home and speciality goods
trade. Because of the possibility that the recession continues and
deepens, the uncertainties affecting the Group's sales and profit
performance have grown. The increased possibility of financial
difficulties for customers, principals and suppliers will also
increase credit loss risks and risks relating to the availability of
merchandise. The prevailing market situation emphasizes cost
adaptation, efficient management of inventories, customer receivables
and investment assets, as well as risk management responses to the
prevention of malpractice.
Risks and uncertainties relating to profit performance are described
in the Group's future outlook.
Future outlook
Estimates of the future outlook for the Kesko Group's net sales and
operating profit excluding non-recurring items are given for the 12
months following the reporting period (4/2009-3/2010) in comparison
with the 12 months preceding the reporting period (4/2008-3/2009).
The development of the Group's operating activities is affected by
the economic outlook in its different market areas and especially by
the growth rate of private consumption. As a result of the problems
in the financial market and the contraction of the real economy, the
outlook for the near future remains dim. During the next twelve
months, the overall consumer demand is expected to remain clearly
below the normal level owing to increasing unemployment and problems
relating to the availability of business and consumer finance.
The steady development of the grocery trade is expected to continue.
The market situation is expected to remain difficult in the building
sector, in the car and machinery trade, and in the home and
speciality goods trade.
Uncertainty about the economic outlook continues to make any
statement about the Group's future outlook significantly more
difficult. In consequence of the weakening economic development, the
Kesko Group's net sales and operating profit excluding non-recurring
items from continuing operations in the next twelve months are
expected to remain at a lower level compared with the net sales and
operating profit excluding non-recurring items of the comparative
period. The Group's liquidity and solvency are expected to remain
good.
Helsinki, 27 April 2009
Kesko Corporation
Board of Directors
The figures of this interim financial report are unaudited.
Further information is available from Arja Talma, Senior Vice
President, CFO, telephone +358 1053 22113, and Jukka Erlund, Vice
President, Corporate Controller, telephone +358 1053 22338. A
Finnish-language webcast from the media and analyst briefing on the
interim financial report can be accessed at www.kesko.fi at 11.00. An
English-language web conference on the interim financial report will
be held today at 14.30 (Finnish time). The web conference login is
available at www.kesko.fi.
KESKO CORPORATION
Paavo Moilanen
Senior Vice President, Corporate Communications and Responsibility
ATTACHMENTS:
Accounting policies
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated cash flow statement
Group financial indicators
Net sales by segment
Operating profit by segment
Segments' operating profits excl. non-recurring items
Segment's operating margins excl. non-recurring items
Capital employed by segment
Return on capital employed by segment
Investments by segment
Segment information by quarter
Personnel average and at 31 March
Group contingent liabilities
Calculation of financial indicators
K-Group's retail and B-to-B sales
Kesko Corporation's interim financial report for the period
January-June will be published on 24 July 2009. In addition, the
Kesko Group sales figures will be published each month. News releases
and other company information are available on Kesko's website at
www.kesko.fi.
DISTRIBUTION
NASDAQ OMX Helsinki
Main news media
www.kesko.fi
********
ATTACHMENTS:
Accounting policies
This interim financial report has been prepared in accordance with
the IAS 34 standard. The same accounting policies have been applied
to the preparation of the interim financial report as to the
preparation of the 2008 financial statements, with the exception of
the following changes due to the adoption of new and amended IFRS
standards and IFRIC interpretations.
IFRS 8 Operating segments
The Kesko Group's reportable segments are the same as its business
divisions, which, effective 1 January 2009, are the food trade, the
home and speciality goods trade, the building and home improvement
trade, and the car and machinery trade (stock exchange release on 12
December 2008). The segment information for the 2008 financial period
has been restated accordingly (stock exchange release on 26 March
2009). The adoption of the IFRS 8 has not changed the Group's
reportable segments, because the Group's prior segment information
was already based on the management's internal reporting, with the
measurement principles of assets and liabilities complying with the
IFRS regulations.
The food trade in Finland comprises the food business based on the
K-retailer business model and Kespro Ltd's grocery wholesaling. The
home and speciality goods trade comprises Anttila's department store
business, K-citymarket's home and speciality goods business,
Intersport Finland's sports business, Indoor Group's furniture and
interior decoration business, Musta Pörssi's home technology
business, and Kenkäkesko's shoe business. The building and home
improvement trade includes, in addition to the previously reported
Rautakesko, the K-maatalous chain and the agricultural business in
Finland. The car and machinery trade comprises the previously
reported VV-Auto and Konekesko. Konekesko includes, in addition to
the previously reported machinery business, the tractor and combine
harvester business in Finland and the agricultural and machinery
business entities in the Baltic countries.
Segment assets and liabilities comprise items used by a segment in
its business activities or items that can be allocated to segments.
Unallocated items consist of the Group's common items.
IAS 1 Presentation of financial statements
At the beginning of 2009, the Kesko Group adopted the amended IAS 1
standard. Consequently, the interim financial report presents a
statement of comprehensive income specifying non-owner changes in
equity. At the same time, the statement of changes in equity has been
modified to comply with the requirements of the amended standard.
IFRIC 13 Customer Loyalty Programmes
At the beginning of 2009, the Kesko Group adopted a new IFRIC
interpretation, IFRIC 13 Customer Loyalty Programmes. According to
the interpretation, the loyalty award credits relating to the
K-Plussa customer loyalty programme are recognised in sales
adjustment items. In consequence, the net sales figures for 2008 of
certain retail companies of the Group have been restated to comply
with the new interpretation. The adoption of the interpretation does
not impact the Group's operating profit.
IAS 23, Borrowing Costs, capitalisation of borrowing costs
attributable to a qualifying asset
The amended standard removes the option of immediately expensing
borrowing costs attributable to the acquisition, construction or
production of a qualifying asset as part of the cost of that asset.
These borrowing costs are eligible for capitalisation as part of the
cost of the asset. The Group previously expensed borrowing costs in
the accounting period in which they incurred. The amendment has not
impacted the profit for the reporting period.
In addition, the Group has adopted the following revised or amended
IFRS standards and new IFRIC interpretations endorsed by the EU as
from 1 January 2009:
- IAS 32 Financial Instruments: presentation, and IAS 1 Presentation
of Financial Statements - Puttable financial instruments and
obligations arising on liquidation (amendment).
- IFRS 1 First-time adoption of IFRS, and IAS 27 Consolidated and
Separate Financial Statements - Cost of an investment in a
Subsidiary, Jointly controlled Entity or Associate (amendment)
- IFRS 2 Share-based Payments - Vesting conditions and cancellations
(amendment)
- Annual amendments to the IFRSs (Annual Improvements 2007)
The following standards became effective on 1 January 2009, but have
not yet been endorsed by the EU:
- IFRS 7 Financial Instruments: Disclosures (amendment)
- IFRIC 9 Reassessment of Embedded Derivatives (amendment) and IAS 39
Financial Instruments: Recognition and Measurement (amendment)
- IFRIC 15 Agreements for the Construction of Real Estate
- IFRIC 16 Hedges of a Net Investment in a Foreign Operation.
The above amendments to standards and interpretations have not had a
material impact on the reported income statement, statement of
financial position or notes.
Other changes
The credit entry corresponding to granted share options in compliance
with IFRS 2 is presented in retained earnings instead of share
premium. The change has been made retrospectively and does not impact
the Group's equity.
Consolidated income statement (€
million)
1-3/2009 1-3/2008 Change,% 1-12/2008
Net sales 2,018 2,277 -11.4 9,591
Cost of sales -1,754 -1,973 -11.1 -8,293
Gross profit 263 305 -13.5 1,299
Other operating income 161 248 -35.1 730
Staff cost -136 -145 -6.3 -578
Depreciation and impairment
charges -28 -29 -4.2 -178
Other operating expenses -237 -228 4.1 -987
Operating profit 23 150 -84.6 286
Interest income 8 8 -9.0 35
Interest expenses -6 -8 -31.1 -30
Exchange differences and other
financial items* -7 -2 (..) -4
Income from associates* 0 0 (..) 2
Profit before tax 18 149 -87.7 289
Income tax -7 -37 -82.1 -89
Profit for the period from
continuing operations 12 112 -89.6 199
Profit for the period from
discontinued operations* - 10 (..) 42
Net profit for the period 12 122 -90.5 241
Attributable to
Owners of the parent 11 120 -90.4 220
Non-controlling interests 0 2 -92.6 21
Earnings per share (€) for
profit attributable to equity
holders of the parent
Continuing operations
Basic 0.12 1.12 -89.5 1.82
Diluted 0.12 1.11 -89.5 1.81
Whole Group
Basic 0.12 1.23 -90.4 2.25
Diluted 0.12 1.22 -90.4 2.24
Consolidated statement of
comprehensive income (€ million) 1-3/2009 1-3/2008 Change,% 1-12/2008
Net profit for the period 12 122 -90.5 241
Other comprehensive income
Exchange differences on
translating foreign operations -2 -2 -11.3 -6
Cash flow hedge revaluation* -9 -3 (..) -13
Revaluation of
available-for-sale financial
assets* -1 0 (..) 2
Tax relating to other
comprehensive income* 2 1 (..) 3
Total other comprehensive income
for the period, net of tax -9 -5 99.3 -14
Total comprehensive income for
the period 2 118 -97.9 226
Attributable to
Owners of the parent 5 116 -95.3 205
Non-controlling interests* -3 1 (..) 21
* (..) Change over 100%
Consolidated statement of
financial position (€
million), condensed
31.3.2009 31.3.2008 Change,% 31.12.2008
ASSETS
Non-current assets
Intangible assets 173 227 -23.7 170
Tangible assets 1,180 1,097 7.5 1,210
Non-current financial assets 34 31 12.2 34
Loans and receivables 68 59 13.7 76
Pension assets 305 265 15.2 300
Total 1,760 1,680 4.8 1,789
Current assets
Inventories 829 907 -8.6 871
Trade receivables 722 794 -9.1 633
Other receivables 131 150 -12.4 152
Financial assets at fair
value through profit or loss 41 197 -79.2 94
Available-for-sale financial
assets 374 320 16.9 291
Cash and cash equivalents 43 51 -14.9 58
Total 2,141 2,419 -11.5 2,100
Non-current assets held for
sale 1 98 -98.9 3
Total assets 3,902 4,196 -7.0 3,892
31.3.2009 31.3.2008 Change,% 31.12.2008
EQUITY AND LIABILITIES
Equity 1,875 1,870 0.3 1,966
Non-controlling interests 58 57 2.2 61
Total equity 1,933 1,927 0.3 2,026
Non-current liabilities
Pension obligations 2 4 -53.9 2
Interest-bearing liabilities 244 223 9.3 197
Non-interest-bearing
liabilities* 13 5 (..) 12
Deferred tax 126 130 -3.2 132
Provisions 19 18 4.8 20
Total 404 380 6.1 363
Current liabilities
Interest-bearing liabilities 258 310 -16.8 294
Trade payables 819 915 -10.5 756
Other non-interest-bearing
liabilities 467 610 -23.6 430
Provisions 22 12 82.6 24
Total 1,565 1,847 -15.3 1,503
Liabilities relating to
available-for-sale assets* - 42 (..) -
Total equity and liabilities 3,902 4,196 -7.0 3,892
* (..) Change over 100%
Consolidated statement of changes in equity (€ million)
Share Issue Share Other Currency Reval Retain Non- Total
capital of prem reserve trans- u ed contro
share ium s lation ation earnin lling
capit differences surplu gs intere
al s sts
Balance
at
1.1.2008 196 0 190 247 -3 10 1,270 55 1,964
Shares
subscribed
for with
options 0 0 0 0
Option
cost 1 1
Subsidiary
disposals -4 4 0
Dividends -156 -156
Total
comprehe
nsive
income
for the
period -1 -2 120 1 118
Balance
at
31.3.2008 196 0 190 243 -5 7 1,239 57 1,927
Balance
at
1.1.2009 196 0 191 243 -15 2 1,350 61 2,026
Share
subscribed
for with
options 0 0 0 0
Option
cost 2 2
Dividends -98 -98
Total
compre-
hensive
income for
the period 7 -7 5 -3 2
Balance
at
31.3.2009 196 0 191 243 -8 -5 1,258 58 1,933
Consolidated cash flow statement
(€ million),
condensed
1-3/2009 1-3/2008 Change,% 1-12/2008
Cash flow from operating
activities
Profit before tax 18 160 -88.6 331
Planned depreciation 28 30 -6.9 118
Financial income and expenses* 5 1 (..) -1
Other adjustments -21 -134 -84.0 -130
Working capital
Current non-interest-bearing
trade and other receivables,
increase (-)/ decrease (+) -76 -144 -47.2 -10
Inventories
increase (-)/ decrease (+)* 39 -14 (..) 2
Current non-interest-bearing
liabilities,
increase (+)/decrease (-) 20 80 -74.7 -78
Financial items and tax -6 -15 -60.2 -97
Net cash from operating
activities* 7 -35 (..) 134
Cash flow from investing
activities
Investments -69 -60 14.5 -320
Disposals of fixed assets 63 117 -46.0 281
Increase of long-term
receivables* 0 -4 (..) -7
Decrease of long-term
receivables* 2 0 (..) 0
Net cash used in investing
activities* -4 53 (..) -46
Cash flow from financing
activities
Debt increase* 48 3 (..) 0
Debt decrease* -37 -16 (..) -53
Increase (-)/decrease (+) in
short-term interest-bearing
receivables* -1 216 (..) 216
Dividends paid* 0 0 (..) -172
Equity increase* 0 0 (..) 0
Short-term money market
investments* 55 -91 (..) -17
Other items* 3 0 (..) 9
Net cash used in financing
activities 68 111 -38.6 -17
Change in cash and cash
equivalents 71 128 -44.8 71
Cash and cash equivalents and
current portion of
available-for-sale financial
assets
at 1 Jan. 319 245 30.1 245
Exchange difference and
revaluation* -3 0 (..) 1
Cash and cash equivalents
relating to available-for-sale
assets* 0 3 (..) -2
Cash and cash equivalents and
current portion of
available-for-sale financial
assets at 31 Mar. 387 371 4.4 319
* (..) Change over 100%
Group financial indicators
Change,
1-3/2009 1-3/2008 pp
Return on capital employed, % 4.2 30.1 -25.8
Return on capital employed, %, rolling 12
months 8.8 19.6 -10.7
Return on capital employed excl.
non-recurring items, % 0.6 7.3 -6.7
Return on capital employed excl.
non-recurring items, %, rolling 12 months 8.6 13.8 -5.3
Return on equity, % 2.4 25.1 -22.8
Return on equity, %, rolling 12 months 6.7 17.6 -10.8
Return on equity excl. non-recurring
items, % -0.6 5.6 -6.2
Return on equity excl. non-recurring
items, %, rolling 12 months 6.8 10.2 -3.4
Equity ratio, % 49.8 46.3 3.5
Gearing, % 2.2 -1.8 4.1
Change,%
Investments, € million* 51.5 60.3 -14.6
Investments, % of net sales* 2.6 2.6 -3.6
Earnings per share, basic, €* 0.12 1.12 -89.5
Earnings per share, diluted, €* 0.12 1.11 -89.5
Earnings per share, basic, €** 0.12 1.23 -90.4
Earnings per share, diluted, €** 0.12 1.22 -90.4
Earnings per share excl. non-recurring
items, basic, €** -0.03 0.25 (..)
Cash flow from operating activities, €
million** 6.8 -35.5 (..)
Cash flow from investing activities, €
million** -4.4 52.6 (..)
Equity per share, € 19.16 19.13 0.2
Personnel, average* 19,628 21,150 -7.2
* Continuing operations
** Whole Group
Group financial indicators 1-3/ 4-6/ 7-9/ 10-12/ 1-3/
by quarter 2008 2008 2008 2008 2009
Net sales, € million 2,277 2,547 2,435 2,333 2,018
Change in net sales, % 6.8 6.1 3.0 -2.4 -11.4
Operating profit, € million 150.1 84.8 43.8 6.9 23.2
Operating margin, % 6.6 3.3 1.8 0.3 1.1
Operating profit excl. non-recurring
items, € million 36.6 81.1 72.0 27.3 3.4
Operating profit excl. non-recurring
items, % 1.6 3.2 3.0 1.2 0.2
Financial income/expenses,
€ million -1.4 -0.2 1.8 0.8 -5.1
Profit before tax, € million 148.6 84.3 48.0 7.7 18.2
Profit before tax, % 6.5 3.3 2.0 0.3 0.9
Return on capital employed, % 30.1 22.2 8.2 1.4 4.2
Return on capital employed
excl. non-recurring items, % 7.3 15.6 13.6 4.9 0.6
Return on equity, % 25.1 19.1 4.2 0.6 2.4
Return on equity excl. non-
recurring items, % 5.6 12.3 10.4 4.3 -0.6
Equity ratio, % 46.3 49.0 50.2 52.4 49.8
Investments, € million* 60.3 83.0 89.9 105.2 51.5
Earnings per share, diluted, €* 1.11 0.58 0.17 -0.05 0.12
Equity per share, € 19.13 20.17 20.29 20.09 19.16
* Continuing operations
Segment information
Net sales by segment,
continuing operations (€ million)
1-3/2009 1-3/2008 Change,%
Food trade, Finland 886 850 4.2
Food trade, other countries* 2 4 -45.6
Food trade total 888 853 4.0
- of which intersegment trade 41 48 -14.1
Home and speciality goods
trade, Finland 338 349 -3.2
Home and speciality goods
trade, other countries* 8 15 -46.8
Home and speciality goods
trade total 346 364 -5.0
- of which intersegment trade 2 3 -38.6
Building and home
improvement trade, Finland 262 329 -20.4
Building and home
improvement trade, other
countries* 267 366 -27.1
Building and home
improvement trade total 529 695 -23.9
- of which intersegment trade 0 1 -30.1
Car and machinery trade,
Finland 258 329 -21.3
Car and machinery trade,
other countries* 38 73 -48.6
Car and machinery trade
total 296 402 -26.3
- of which intersegment trade 0 0 -84.9
Common operations and
eliminations -41 -37 9.7
Finland total 1,703 1,819 -6.4
Other countries total* 315 458 -31.3
Group total 2,018 2,277 -11.4
* Exports and net sales in countries other than Finland
Operating profit by
segment, continuing 1-3/2009 1-3/2008 Change
operations (€ million)
Food trade 42.3 81.3 -39.1
Home and speciality goods trade -3.3 40.1 -43.4
Building and home
improvement trade -5.2 7.3 -12.5
Car and machinery trade -6.0 15.8 -21.8
Common operations and
eliminations -4.6 5.6 -10.2
Group's operating profit 23.2 150.1 -126.9
Segments' operating
profits, excl. non-recurring
items, continuing 1-3/2009 1-3/2008 Change
operations (€ million)
Food trade 33.8 25.0 8.9
Home and speciality goods
trade -10.7 -6.8 -3.9
Building and home
improvement trade -9.1 7.3 -16.5
Car and machinery trade -6.0 15.8 -21.8
Common operations and
eliminations -4.6 -4.8 0.2
Total 3.4 36.6 -33.2
Segments' operating 1-3/2009 1-3/2008 Change,
margins excl. non-recurring
items, continuing % of net sales % of net sales pp
operations
Food trade 3.8 2.9 0.9
Home and speciality goods
trade -3.1 -1.9 -1.2
Building and home
improvement trade -1.7 1.1 -2.8
Car and machinery trade -2.0 3.9 -6.0
Total 0.2 1.6 -1.4
Capital employed by
segment, cumulative 31.3.2009 31.3.2008 Change
average (€ million)
Food trade 646 623 22
Home and speciality goods
trade 519 485 34
Building and home
improvement trade 651 611 40
Car and machinery trade 285 278 7
Common operations and
eliminations 81 147 -65
Group total 2,182 2,144 38
Return on capital employed
by segment excl. non- 1-3/2009 1-3/2008 Change, Rolling 12 mo
recurring items, % pp 3/2009
Food trade 20.9 16.0 4.9 20.6
Home and speciality goods
trade -8.3 -5.6 -2.7 5.3
Building and home
improvement trade -5.6 4.8 -10.4 6.3
Car and machinery trade -8.4 22.7 -31.1 3.1
Group total 0.6 7.3 -6.7 8.6
Investments by segment,
continuing operations (€ million) 1-3/2009 1-3/2008 Change
Food trade 21 24 -3
Home and speciality goods trade 10 11 -1
Building and home
improvement trade 20 23 -3
Car and machinery trade 2 3 -1
Group total 51 60 -9
Segment information by quarter
Net sales by segment, 1-3/ 4-6/ 7-9/ 10-12/ 1-3/
continuing operations 2008 2008 2008 2008 2009
(€ million)
Food trade 853 939 933 982 888
Home and speciality goods trade 364 355 396 490 346
Building and home
improvement trade 695 870 795 617 529
Car and machinery trade 402 426 357 295 296
Common operations and
eliminations -37 -44 -46 -51 -41
Group total 2,277 2,547 2,435 2,333 2,018
Segments' operating 1-3/ 4-6/ 7-9/ 10-12/ 1-3/
profits, continuing 2008 2008 2008 2008 2009
operations (€ million)
Food trade 81.3 31.5 45.3 27.4 42.3
Home and speciality goods trade 40.1 3.7 9.2 10.6 -3.3
Building and home
improvement trade 7.3 34.6 -16.1 -6.5 -5.2
Car and machinery trade 15.8 21.3 10.4 -17.0 -6.0
Common operations and eliminations 5.6 -6.3 -4.9 -7.6 -4.6
Group total 150.1 84.8 43.8 6.9 23.2
Segments' operating profits
excl. non-recurring items, 1-3/ 4-6/ 7-9/ 10-12/ 1-3/
continuing operations (€ million) 2008 2008 2008 2008 2009
Food trade 25.0 31.5 34.4 31.6 33.8
Home and speciality goods trade -6.8 3.5 6.8 27.7 -10.7
Building and home
improvement trade 7.3 31.0 25.5 -7.5 -9.1
Car and machinery trade 15.8 21.3 10.4 -17.1 -6.0
Common operations -4.8 -6.2 -5.1 -7.5 -4.6
Group total 36.6 81.1 72.0 27.3 3.4
Personnel, average by 1-3/2009 1-3/2008 Change
segment, continuing
operations
Food trade 3,033 3,450 -417
Home and speciality goods trade 5,574 5,675 -101
Building and home
improvement trade 9,209 10,330 -1,121
Car and machinery trade 1,407 1,453 -46
Common operations 405 242 163
Group total 19,628 21,150 -1,522
Personnel at 31.3.* by 2009 2008 Change
segment, continuing
operations
Food trade 3,498 4,034 -536
Home and speciality goods trade 7,645 7,616 29
Building and home
improvement trade 10,298 11,430 -1,132
Car and machinery trade 1,441 1,508 -67
Common operations 444 248 196
Group total 23,326 24,836 -1,510
* Total number incl. part-time employees
Group contingent liabilities (€
million)
31.3.2009 31.3.2008 Change,%
For own commitments 206 231 -11.1
For associates - - -
For shareholders 0 0 0.0
For others 8 7 18.3
Lease liabilities 24 15 63.4
Liabilities arising from
derivative financial instruments
Fair value
Values of underlying instruments at 31.3.2009 31.3.2008 31.3.2009
31.3.
Interest rate derivatives
Forward and future contracts 19 - 0.1
Interest rate swap contracts 205 203 6.2
Currency derivatives
Forward and future contracts 439 329 -2.3
Option contracts 1 0
Currency swap contracts 100 100 -10.2
Commodity derivatives
Electricity derivatives 39 42 -15.3
Grain derivatives - 1 -
Calculation of financial indicators
+-------------------------------------------------------------------+
| Return on capital employed, % | Operating profit x 100 / |
| | (Non-current assets + |
| | Inventories + |
| | Receivables + Other current |
| | assets - Non-interest-bearing |
| | liabilities) on average for the |
| | reporting period |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| Return on capital employed, %, | Operating profit for the prior |
| rolling 12 months | 12 months x 100 / (Non-current |
| | assets + Inventories + |
| | Receivables + Other current |
| | assets - |
| | Non-interest-bearing |
| | liabilities) on average for 12 |
| | months |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| | Operating profit excl. |
| | non-recurring items x 100 / |
| | (Non-current |
| | assets + Inventories + |
| | Receivables + Other current |
| | assets - |
| | Non-interest-bearing |
| Return on capital employed, | liabilities) on average for the |
| excluding non-recurring items, | reporting |
| % | period |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| | Operating profit excl. |
| | non-recurring items for the |
| | prior 12 months |
| | x 100 / (Non-current assets + |
| | Inventories + Receivables + |
| | Other |
| | current assets - |
| Return on capital employed, | Non-interest-bearing |
| excluding non-recurring items, | liabilities) on average for |
| %, rolling 12 months | 12 months |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| | (Profit/loss before tax - income |
| Return on equity, % | tax) x 100 / |
| | Shareholders' equity |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| Return on equity, %, rolling | (Profit/loss for the prior 12 |
| 12 months | months before tax - income tax |
| | for |
| | the prior 12 months) x 100 / |
| | Shareholders' equity |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| Return on equity excluding | (Profit/loss adjusted for |
| non-recurring items, % | non-recurring items before tax - |
| | income |
| | tax adjusted for the tax effect |
| | of non-recurring items) x 100 / |
| | Shareholders' equity |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| | (Profit/loss for the prior 12 |
| | months adjusted for |
| | non-recurring |
| | items before tax - income tax |
| | for the prior 12 months adjusted |
| Return on equity excluding | for the tax effect of |
| non-recurring items, %, | non-recurring items) x 100 / |
| rolling 12 months | Shareholders' equity |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| | Shareholders' equity x 100 / |
| Equity ratio, % | (Statement of financial position |
| | total - advances received) |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| | (Profit - non-controlling |
| | interests) / |
| Earnings/share, diluted | Average number of shares |
| | adjusted for the dilutive effect |
| | of |
| | options |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| | (Profit - non-controlling |
| Earnings/share, basic | interests) / |
| | Average number of shares |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| | (Profit adjusted for |
| Earnings/share excl. | non-recurring items - |
| non-recurring items, basic | non-controlling |
| | interests)/ |
| | Average number of shares |
|--------------------------------+----------------------------------|
| | Equity attributable to equity |
| Equity/share | holders of the parent / |
| | Basic number of shares at |
| | reporting date |
|--------------------------------+----------------------------------|
| | |
|--------------------------------+----------------------------------|
| Gearing, % | Interest-bearing net liabilities |
| | x 100 / |
| | Shareholders' equity |
+-------------------------------------------------------------------+
K-Group's retail and B-to-B sales in euros (incl. VAT) (preliminary
data):
K-Group's retail and B-to-B sales 1.1.-31.3.2009
€ million Change, %
K-Group's food stores and B-to-B sales
K-citymarket, grocery trade 325.7 14.0
K-supermarket 380.9 3.3
K-market 358.7 2.0
Other K-food stores and mobile stores 77.0 -7.2
K-food stores total 1,142.4 4.9
Kespro 186.5 -2,7
Food trade total 1,328.9 3.7
K-Group's home and speciality goods stores
Anttila department stores 82.1 -2.1
Kodin Ykkönen department stores for home goods
and interior decoration 34.3 -19.7
NetAnttila and Anttila Mail Order 20.4 -13.0
K-citymarket, home and speciality goods trade 146.1 4.8
Intersport and Budget Sport 73.9 11.4
Kesport 8.3 11.7
Asko 21.0 -3.6
Sotka 22.9 -14.5
Musta Pörssi and Konebox 34.5 -34.9
Andiamo and K-kenkä 9.0 -2.2
Kenkäexpertti 1.9 -22.4
Finland total 454.5 -4.6
Anttila Mail Order, other countries 3.1 -48.6
Furniture trade, other countries 4.0 -56.5
Other countries total 7.1 -53.3
Home and speciality goods trade total 461.6 -6.1
K-Group's building and home improvement
stores and B-to-B sales
K-rauta 104.5 -13.9
Rautia 87.1 -9.1
Rautakesko B-to-B Service 42.0 -35.3
K-maatalous 104.7 -9.1
Finland total 338.3 -14.8
K-rauta, Sweden 46.7 -3.5
Byggmakker, Norway 170.8 -25.0
K-rauta, Estonia 14.7 -28.9
K-rauta, Latvia 12.8 -39.8
Senukai, Lithuania 71.3 -38.8
OMA, Belarus 13.3 -12.1
Stroymaster, Russia 44.7 -5.9
Other countries total 374.3 -24.7
Building and home improvement trade total 712.6 -20.3
K-Group's car and machinery stores and B-to-B sales
Helsingin VV-Auto and Turun VV-Auto 115.3 -8.4
Car trade, import 145.1 -25.2
Konekesko, Finland 59.2 -30.8
Finland total 319.5 -21.2
Car and machinery trade, export sales 4.4 -76.2
Konekesko, Estonia 8.0 -57.5
Konekesko, Latvia 27.5 14.6
Konekesko, Lithuania 3.8 46.6
Other countries total 43.7 -36.1
Car and machinery trade total 363.2 -23.3
Finland total 2,441.1 -4.6
Other countries total 425.1 -26.8
Retail sales and B-to-B sales total 2,866.3 -8.7
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