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Kesko Corporation’S Board of Directors and Profit Divisions Was Redefined

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Kesko Corporation’S Board of Directors and Profit Divisions Was Redefined Kesko - News Stock Exchange Release 7 June 2000 at 11.00 hours KESKO’S INTERIM REPORT 1.1.-30.4.2000 Kesko Group’s net sales for the period from 1 January to 30 April 2000 totalled EUR 1,976 million, which was 0.9% more than during the corresponding period in 1999 (EUR 1,959 million). The Group’s profit before extraordinary items during the period was EUR 31.7 million (EUR 28.4 million), which is 1.6% of net sales (1.4%). Earnings per share were EUR 0.27 (EUR 0.23). Equity per share was EUR 14.56 (EUR 15.15). The figures are unaudited. Market review The trading sector developed better than expected during the first four months of the year. According to advance information from Statistics Finland, the volume of wholesale sales, adjusted for the annual number of trading days, increased by 2.3% during January-March from the previous year. The volume of retail sales increased by 4.5%. According to the inquiry of the Federation of Finnish Commerce and Trade, retail sales, car trade excluded, grew by 4.4% in January-March, while sales of consumer goods increased by 4.8% during the same period. The year 2000 is expected to be the seventh successive year of growth for the trading sector. The Research Institute of the Finnish Economy estimates that output in the wholesale trade will grow by 5%, in retail trade by 4% and in car trade by 7%. The same institute estimates that private consumption will grow by nearly 4% this year. Improving employment and rising income levels will contribute to the growth in disposable real income. The consumer price index is estimated to increase by 2.3%. The Research Institute of the Finnish Economy estimates that private investments will grow by 8%. Statistics Finland’s consumer survey of May 2000 shows that the confidence of Finnish consumers in favourable economic growth remains strong. However, the confidence has slightly dropped since January. Net sales Kesko Group’s net sales from 1 January to 30 April 2000 totalled EUR 1,976 million, which was 0.9% more than during the corresponding period in 1999 (EUR 1,959 million). The product groups recording the best sales development were hardware and builders’ supplies, groceries, home goods and interior decoration, whereas the trade in clothing, shoes and agricultural products decreased. At the end of the period, there were over 1.3 million households in the Plussa customer loyalty system and about 2.3 million Plussa cardholders. Net sales by profit division 1-4/2000 1-4/1999 Change EUR million EUR million % Foodstuffs Division 1,075 980 9.7 Home and Speciality Goods Division 221 264 -16.1 Builders’ and Agricultural Supplies Divion 440 413 6.4 Kaukomarkkinat 86 90 -4.5 VV-Auto 185 196 -5.2 Other units - eliminations -31 16 Group total 1,976 1,959 0.9 Kesko’s sales of groceries to Anttila department store grocers was transferred from the Home and Speciality Goods Division to the Foodstuffs Division at the turn of the year. Sales during the corresponding period in 1999 totalled EUR 40.1 million. Performance The Group’s profit before extraordinary items amounted to EUR 31.7 million (EUR 28.4 million), which was 1.6% of net sales (1.4%). The Group’s operating profit was EUR 23.9 million (EUR 24.8 million), which includes profits of EUR 0.6 million on the sale of shares or real estate (EUR 2.7 million). Pension and social security expenses decreased by EUR 10.6 million due to the income from investments by Kesko Pension Fund. The development of the operating profit was affected by the biggest investments of Kesko’s history and other input in the network of grocery and home and speciality goods stores both in Finland and in Estonia. The investment programme will strengthen the Group’s future competitiveness. The parent company’s operating profit was EUR 32.1 million (EUR 21.6 million). Citymarket Oy’s operating loss amounted to EUR 4.4 million (EUR 2.6 million). The heavy investment programme and renovation of existing outlets had a negative affect on the profit during the first part of the year. Anttila Group’s operating loss was EUR 12.0 million. The division of responsibilities between Anttila and Kesko was changed at the beginning of the year. Anttila is acting as a chain company in the speciality goods trade and the chains of the Foodstuffs Division are now responsible for the foodstuffs trade. Anttila opened three new department stores in late 1999 and started extensive on-line retailing. Organising costs in existing department stores, the initiation of new department stores and the launch of NetAnttila e-commerce affected the operating profit, which decreased from the comparable figure for the previous year by EUR 1.5 million. Due to the vigorous expansion of the chain, Kesko Svenska AB’s operations continued to be loss-making. Two new hardware department stores, in Örebro and in Haninge, were opened in Sweden. Kaukomarkkinat Group’s operating profit was EUR 0.5 million (EUR 3.5 million). The result was primarily affected by the trade of adidas products being transferred to the company held by Kaukomarkkinat and the principal with equal ownerships. VV-Auto’s operating profit was EUR 9.2 million (EUR 11.1 million). The Group’s net financial income was EUR 7.8 million (EUR 3.5 million). Dividend income increased by EUR 4.0 million. Earnings per share were EUR 0.27 (EUR 0.23). Equity per share was EUR 14.56 (EUR 15.15). Operating profit by profit division 1-4/2000 1-4/1999 EUR million EUR million* Foodstuffs Division 9.9 16.9 Home and Speciality Goods Division -8.2 -10.4 Builders’ and Agricultural Supplies Division 6.2 6.4 Kaukomarkkinat -0.6 2.2 VV-Auto 9.2 11.0 Common divisions 7.4 -1.3 Group’s operating profit 23.9 24.8 Net financial income 7.7 3.5 Associated companies 0.1 0.1 Profit before extraordinary items 31.7 28.4 The common divisions include the Resource Management Division and the Finance and Administration Division. Their results, including the profits and losses on the sale of shares and real estate, have not been allocated to the profit divisions engaged in commercial operations. Other expenses resulting from corporate administration have been allocated to the profit divisions in the table. *) Figures for 1999 have been converted to comparable ones. Investments The Group’s total investments amounted to EUR 116 million (EUR 55 million), which is 5.9% (2,8 %) of net sales. The investments in Kesko’s wholesale operations’ and subsidiaries’ real estate, information technology and fixtures totalled EUR 46 million, while investments in the buildings, fixtures and information technology of retail stores amounted to EUR 70 million. Of the total amount, EUR 62 million concern uncompleted targets. More detailed information on investment targets are given profit divisions’ reviews. Finance The cash flow from operating activities amounted to EUR 20 million and the total cash used in investing activities to EUR 102 million. The dividend paid on 20 April 2000 was EUR 1.50 per share, or a total of EUR 135 million, which included EUR 90 million paid as additional dividend to change the balance sheet structure. Investments and dividends were mainly paid by liquid funds. The loans increased by EUR 58.7 million. The Group’s financial position remained good. On 30 April 2000, the equity ratio was 51.5% (54.8%). The interest-bearing net debt was EUR 230 million (EUR 199 million). The liquid funds totalled EUR 112 million (EUR 101 million). Group administration The Kesko Group’s new organisation became effective on 1 January 2000 with the aim of streamlining administration and improving the efficiency of business operations. At the same time, the division of responsibilities between Kesko Corporation’s Board of Directors and profit divisions was redefined. The Annual General Meeting held on 10 April 2000 unanimously confirmed that all the nine members of the Supervisory Board shall continue in their duties. The Supervisory Board members are Mr. Matti Kallio, retailer; Dr. Eero Kasanen, Econ.; Mr. Hannu Loukko, retailer: Ms. Hannele Näppi, retailer; Mr. Paavo Pitkänen, M.A.; Mr. Kalevi Sivonen, retailer; Mr. Keijo Suila, B.Sc.(Econ.); Mr. Heikki Takamäki, retailer; and Mr. Jukka Toivakka, retailer. Kesko’s Supervisory Board elected in its meeting on 27 April 2000 Matti Kallio to continue as its Chairman, while Heikki Takamäki continues as the Supervisory Board’s Deputy Chairman. Matti Kallio also continues as the Chairman of the Supervisory Board’s Working Committee. Heikki Takamäki and Keijo Suila are the other persons who continue as Working Committee members. Personnel The average number of personnel in the Group was 10,481 (10,651), divided by profit division as follows: 1-4/2000 1-4/1999 Foodstuffs Division 4,643 4,651 Home and Speciality Goods Division 2,684 2,976 Builders’ and Agricultural Supplies Division 1,339 1,276 Kaukomarkkinat 760 787 VV-Auto 103 97 Others 952 864 Total 10,481 10,651 The number of Kesko Group personnel decreased by 170 persons. The number of personnel grew in Citymarket Oy as it opened new hypermarkets and in Kesko Svenska AB due to the expansion of the hardware trade in Sweden and in Kesko Eesti AS due to expanded cash & carry operations in Estonia. The number of personnel was reduced by the sale of Aleksi 13 Oy and turning some of Carrols Oy’s outlets into franchise-run businesses.
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