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Kesko´S Year 2011

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Kesko´S Year 2011 KESKO’S YEAR 2011 KESKO GROUP 1 Kesko in brief 2 The year in fi gures 4 Events in 2011 6 Review by the President and CEO 8 Vision and values 9 Strategic objectives DIVISIONS 14 Food trade 18 Home and speciality goods trade 22 Building and home improvement trade 26 Car and machinery trade COMMON OPERATIONS 32 Responsibility 36 K-Plussa 38 Human resources 40 K-retailer career 42 Real estate operations CORPORATE GOVERNANCE 46 Kesko’s Corporate Governance 56 Board of Directors 58 Corporate Management Board FINANCIAL STATEMENTS 62 Financial Statements, contents 63 Report by the Board of Directors 69 Group’s performance indicators 76 Consolidated fi nancial statements (IFRS) 80 Notes to the consolidated fi nancial statements 123 Parent company’s fi nancial statements (FAS) 134 Shares and shareholders 140 Shareholder information 141 Information about Kesko as an investment 142 Contact information 144 Glossary DIVISIONS DIVISIONSHARE OF SHARE OF KESKO GROUP’S KESKO GROUP’S NET OPERATING PROFIT SALES excl. non-recurring items FOOD TRADE 43% 60% HOME AND SPECIALITY GOODS TRADE 16% 13% BUILDING AND HOME IMPROVE- 28% 9% MENT TRADE CAR AND MACHINERY TRADE 12% 18% DIVISION’S DIVISION’S OPERATING DIVISION’S NET SALES PROFIT BRANDS excl. non-recurring items €4,182m €172m +7% +€12m €1,564m €37m 0% -€29m €2,716m €27m +8% +€3m €1,174m €52m +23% +€19m KESKO GROUP KESKO IN BRIEF Kesko is a highly valued listed trading sector company. It manages retail store chains that are valued by customers, and effi ciently produces services for retail store chains' purchasing, logistics, network development and data management. Kesko's operations include the food, home and speciality goods, building and home improvement, and car and machinery trades. Its division parent companies and chains act in close cooperation with retailer entrepreneurs and other partners. Kesko has about 2,000 stores engaged in chain operations in Finland, Sweden, Norway, Estonia, Latvia, Lithuania, Russia and Belarus. Kesko and K-retailers form the K-Group, whose retail sales totalled €12 billion (VAT 0%) in 2011. The K-Group employs around 45,000 people. OUR CORE COMPETENCE AREAS KESKO GROUP'S NET SALES ■ Development and management of ■ International retail expertise store concepts and brands €9,460m +7.8% ■ Combining retailer entrepreneurship ■ Development, ownership and and chain operations effi ciently management of the store network KESKO GROUP'S OPERATING ■ Leveraging centralised resources PROFIT EXCL. NON-RECURRING ■ Effi cient purchasing and logistics and economies of scale ITEMS €279m +€10.8m KESKO OPERATES IN EIGHT COUNTRIES ■ Finland: all divisions Number of stores: 1,643 ■ Sweden and Norway: building and home improvement trade Number of stores: 131 ■ Baltic countries: building and home improvement trade, Sweden Finland machinery trade, furniture trade and distance sales Number of stores: 43 Norway St. Petersburg area ■ Russia, St Petersburg and Estonia Moscow areas: building and home improvement trade, sports Latvia trade, machinery trade Lithuania Moscow area Number of stores: 50 Belarus ■ Belarus: building and home improvement trade Number of stores: 6 Kesko's year 2011 1 KESKO GROUP THE YEAR IN FIGURES NET SALES AND OPERATING ment trade. Operating profi t excluding non- ■ The Kesko Group's net sales totalled PROFIT EXCLUDING NON- recurring items of the building and home €9,460 million, up 7.8% in January- RECURRING ITEMS INCREASED improvement trade was €26.6 million (€24.0 December. In 2011, net sales continued to grow in the million). Profi t performance was aff ected ■ Operating profi t excluding non- food trade, the building and home improve- by the sales growth mainly deriving from recurring items was €278.9 million ment trade and the car and machinery trade. basic building materials with low margins, (€268.1 million), 2.9% of net sales (3.1%). In Finland, net sales increased by 7.3% and the expansion of the store network and by ■ Earnings per share excluding non- in other countries by 10.1%. International the costs related to the introduction and recurring items were €1.84 (€1.78). operations accounted for 17.1% (16.7%) of development of the international enterprise the net sales. resource planning system. ■ The Board of Directors proposes a dividend of €1.20 per share, which is 65% Profi tability improved in the car and Net sales of the car and machinery trade of the earnings per share excluding non- machinery trade, the food trade and the were €1,174 million, up 23.0%. Operating recurring items. building and home improvement trade. profi t excluding non-recurring items of the In the food trade, net sales were €4,182 car and machinery trade was €51.8 million million, up 7.3% in 2011. The sales growth (€33.1 million). The strong profi t was attrib- of Pirkka products to K-food stores was utable to excellent sales performance. excellent: 32%. Good sales performance was The K-Group's (Kesko's and K-retailers') achieved especially by K-citymarkets and retail and B2B sales (VAT 0%) totalled €11,767 K-supermarkets. Operating profi t excluding million and increased by 7.2% from the pre- non-recurring items of the food trade was vious year. €172.2 million (€160.1 million). In the home and speciality goods trade, CAPITAL EXPENDITURE IN STORE net sales were €1,564 million, at the level of SITES the previous year. K-citymarket's home and In 2011, the Kesko Group's capital expendi- speciality goods as well as Asko and Sotka ture totalled €425.4 million (€325.3 million), increased their sales. The sales of Anttila or 4.5% (3.7%) of net sales. Capital expendi- decreased. The operating profi t excluding ture in store sites was €361.8 million (€209.2 non-recurring items was €36.6 million million). Capital expenditure in foreign (€66.0 million). In addition to the decrease operations represented 31.7% (13.1%) of the in Anttila's sales, profi tability of the home total capital expenditure. and speciality goods trade was adversely Store openings in 2011 included six new aff ected by the launch of Anttila's new logis- K-citymarkets, 17 K-supermarkets, one tics centre, the reform of K-citymarket's and Kodin Ykkönen department store and four Anttila's purchasing operations, and the new K-rauta stores. expansion of the store network. In the building and home improvement trade, net sales were €2,716 million, up 7.8%. Sales performance and structure varied READ MORE between countries and customer groups. Kesko's fi nancial performance is pre- Foreign operations contributed 54.6% to the sented in the fi nancial statements, start- net sales of the building and home improve- ing on page 62. Kesko had a year of profi table growth ■ In the food trade, market share and profi t im- proved. ■ In the home and speciality goods trade, Asko's and Sotka's sales and profi ts were excellent. ■ In the building and home improvement trade, sales increased markedly, profi t performance remained slow. ■ Volkswagen and Audi achieved record level profi ts and market shares. 2 Kesko's year 2011 KESKO GROUP PERFORMANCE INDICATORS FOR 2011 KEY FIGURES 2011 2010 Change Net sales € million 9,460 8,777 7.8% Operating profit € million 280.6 306.7 -€26.1million Operating profit excl. non-recurring items € million 278.9 268.1 €10.8million Profit before tax € million 282.1 312.4 -€30.3million Return on capital employed % 13.2 16.0 -2.8 pp Return on equity % 8.9 10.1 -1.2 pp Cash flow from operating activities € million 216 438 -50.8% Capital expenditure € million 425.4 325.3 30.8% Equity ratio % 53.9 53.5 0.4 pp Gearing % 1.5 -16.8 18.2 pp Dividend per share € 1.20* 1.30 -7.7% Earnings per share, diluted € 1.84 2.06 -11.1% Equity per share € 22.20 21.81 1.8% Personnel, average 18,960 18,215 4.1 % *proposal to the AGM NET SALES IN 2011, OPERATING PROFIT EXCL. NON-RECURRING ITEMS BREAKDOWN IN 2011, BREAKDOWN Food trade 43% Food trade 60% Home and speciality goods Home and speciality goods trade 16% trade 13% Building and home €279m Building and home €9,460m improvement trade 28% improvement trade 9% Car and machinery trade 12% Car and machinery trade 18% GROUP'S NET SALES* GROUP'S OPERATING PROFIT* EARNINGS PER SHARE AND € million excl. non-recurring items, € million DIVIDEND PER SHARE, € 10,000 350 3.0 9,000 300 8,000 2.5 250 7,000 2.0 6,000 200 5,000 1.5 4,000 150 1.0 3,000 100 2,000 ** 50 0.5 1,000 0 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Finland Earnings per share excl. non-recurring items, Other countries *continuing operations basic **proposal to the AGM Earnings per share, non-recurring items Dividend Kesko's year 2011 3 KESKO GROUP EVENTS IN 2011 JANUARY-JUNE 1 February 25 May Kesko was included for the seventh time on THE TERM THE GLOBAL OF PRESI- 100 MOST DENT AND SUSTAINABLE CEO WAS CORPORA- EXTENDED. The term of Matti Halmesmäki TIONS was extended until the end of May list. 2015, when he will be 63. Accord- In the SAM (Sustainable Asset ing to the previous agreement, Management) assessment, Kesko's Halmesmäki's term would have responsibility work qualifi ed in the 4 April 8 May expired in May 2012. silver class in the food & drug re- tailers sector. Kesko's Annual General Meeting Kesko celebrated Mother's Day 27 May to 6 June was held. In his review, President at the 'Expectation' sculpture in In September, Kesko was included Kesko was the main partner in the and CEO Matti Halmesmäki said Kaivopuisto Park in Helsinki.
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