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Kesko Investor Presentation Kesko investor presentation June 2017 K Group the Third Biggest Retail Operator in Northern Europe • K Group’s retail sales €13.2bn (pro forma 2016) • K Group formed by Kesko and 1,088 K-retailer entrepreneurs • Operations in nine countries • 45,000 trading sector professionals, over 30,000 in Finland • Significant social impact in Finland • Kesko shares listed on Nasdaq Helsinki with €4.5 bn market capitalisation and close to 42,000 shareholders (5/2017) 2 The Core of Kesko’s Strategy is Profitable Growth in Three Strategic Areas Grocery trade Building and technical trade Car trade Retail sales €6.7bn* Retail sales €5.6bn* Retail sales €0.9bn* 1,400 stores in Finland 700 stores in 9 countries VW, Audi, Seat, Porsche and MAN trucks #2 in the Finnish retail #1 in Northern Europe market #1 in Finland #1 in Finnish food service business *Pro forma 2016 3 Net Sales and Comparable Operating Profit by Division Net sales 2016 Comparable operating profit 2016 €849 million €29.5 million 8% 10% €4,100 million €10,180 €272.9 40% 52% €5,236 million €97.9 million 32% million million 58% €175.9 million Grocery trade Building and technical trade Car trade 4 Global Megatrends Identified to Effectively Anticipate and Respond to Future Challenges and Opportunities Global Digital Urbanization, Consumers' Corporate Climate economy revolution single person knowledge responsibility change - international households and power has and strong operators and ageing increased brands challenge local population companies 5 Growth Strategy Implementation is Progressing Real estate Agricultural arrangement in the Baltics Chain of trade: sale of Health, K-maatalous Machinery Beauty & trade: sale of Acquisition of Wellbeing Divestment AutoCarrera Yamarin boats, stores with 45% interest Acquisition of K-ruoka, Oriola in Baltic Acquisition of Onninen Russia subsidiaries of Suomen Kesko Senukai Lähikauppa Real estate arrangement arrangement in the Baltics Divestment in Finland of Anttila ONE UNIFIED THE CUSTOMER AND QUALITY – IN EVERYTHING WE DO 6 New Digital Services by Divisions Grocery Trade Building and Technical Trade Car Trade 7 Kesko is the World’s Most Sustainable Retail Operator* • Kesko’s responsibility programme contains both short-term and long- term objectives with six themes • Case: 100% renewable energy • All electricity purchased by Kesko in Finland is renewable since 2017. The amount of electricity purchased will be app. 540 GWh, accounting for app. 1% of all electricity consumed in Finland. • K-Group also increases own renewable energy production and is Finland’s biggest producer and user of solar power. • The transfer to renewable electricity also supports the K-Group’s commitment to the Paris Climate Agreement’s targets and the UN Sustainable Development Goal 7 ‘Affordable and clean energy’ and Goal 13 ’Climate action’. *The Global 100 list, Corporate Knights Inc. 8 Grocery Trade Grocery Trade Megatrends Population Urbanisation More individual Level of Corporate Digitalisation ageing and growth of consumption requirements responsibility single-person habits and price households awareness 10 Cornerstones of Grocery Trade Strategy The most customer-oriented and inspiring food stores Finland’s widest and most comprehensive food store network The best digital solutions in the trading sector Retailers guaranteeing quality Strong renewal: chain brands and marketing 11 Grocery Trade Division 2016 2% 13% Net sales €5,236m Operating profit* €176m 12% Net sales 2016 Operating margin* 3.4% ROCE* 21.3% 73% * comparable In 2016, the Finnish grocery trade market was worth app. €16.8bn (incl. VAT). Finland SLK Kespro Russia 12 Retail Sales and Number of Stores of the Grocery Trade Retail sales pro forma # stores at Concept 2016 €m, VAT 0% 31.5.2017 1,503+575=2,077 81 Hypermarket 1,764 228 Supermarket * 1,870 830 Neighbourhood store Neste K and others 171 160 Service station * 2016 sales include K-Market, Siwa and Valintatalo chains’ sales 13 Building and Technical Trade Megatrends Strengthen B2B Growth Building and Consumers Increasing Rising Omni-channel renovation increasingly need for standard of customer increasingly often outsource renovation living experience is technical, building to building increases the coming more regulation professionals use of services important increases 15 Cornerstones of the Building and Technical Trade Strategy New building and technical trade entity - better services and achievement of synergies For B2B customers, unique entity of products and services in terms of extensiveness For B2C customers, easiest shopping and the most comprehensive total solutions Biggest growth potential in Finland, the Baltics and Scandinavia Strengthening of online trade and strong development of digital services 16 Building and Technical Trade Division 2016 Agricultural and machinery trade Net sales €4,100m Furniture trade Operating profit* €98m Sports trade Building and technical trade business Operating margin* 2.4% Retail sales 2016 (pro forma) ROCE* 9.8% * comparable 17 17 B2B Customers B2C Customers • Largest customer groups are contractors and • Renovators or builders with a DIY project construction companies, 80% of sales • Consumers with a need for a special DIY product • Building materials, HEPAC* and electricals account for 75% of sales • Main product lines are building materials, home furnishing, decoration and tools * HEPAC=heating, plumming and air conditioning 18 Operations in 9 Countries Market share 2016 Finland • K-rauta and Onninen clear #1 in Finland Sweden • Sweden as the biggest market in Nordics offers promising Norway growth opportunities Estonia Latvia • Byggmakker #3 in Norway and Onninen strong in electricals Lithuania Poland • Kesko Senukai #1 in Baltics and Belarus Russia Belarus • K-rauta has strong presence in St. Petersburg and Moscow 0 10 20 30 40 50 Building & home improvement Onninen % • Onninen well positioned in Poland 19 Car Trade Megatrends Impacting Car Trade Car sharing and Autonomous Limitations in Electric cars User-friendly short-time driving emissions and multi-channel leasing car use services 21 Cornerstones of the Car Trade Strategy Increasing business in cooperation with Volkswagen Group Increasing service business independent of principals Developing the multi-channel customer experience 22 Car Trade Division 2016 Net sales €849m 27% Operating profit* €29m 50% 2016 Operating margin* 3.5% 14% ROCE* 23.8% 8% New car retailing Used car retailing * comparable After sales retailing Importing / sales to dealers 23 Financials and Outlook Kesko’s Financial Objectives • Return on capital employed, target: 14% • Return on equity, target: 12% • Interest-bearing net debt/EBITDA, target: less than 2.5 • Kesko's dividend policy: At least 50% of comparable earnings per share distributed as dividends, taking into account the Company's financial position and operating strategy 25 Enhancing Cash Flow Generation • Further growth in net sales and operating margin in strategic growth areas • Synergy benefits • Suomen Lähikauppa progressed better than expected, full annual impact above €30m from 2018 • Onninen progressed as expected, full annual impact of €30m from 2020 • Executing the €50m cost savings program, full impact in 2017 • Capital expenditure in 2015-2017 c. €750m, annual capex level below €200m after 2017 (excl. acquisitions) • In grocery trade less store site capex needs after 2017 • Reduced capex per store need in building and technical trade • Target to improve NWC efficiency by €50m • Potential further business and real estate divestments 26 Profitable Growth – Key Value Driver €m 12000 +17.3% +3.3% 10000 +9.3% +7.8% +2.4% -3.8% -2.6% -11.9% +3.9% -4.3% 8000 6000 4000 2000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Finland Other countries 27 27 Operating Margin – Targeting Further Growth €m % 400 4 350 3.4 300 3.1 3 2.9 2.8 2.7 250 2.6 2.6 2.3 2.4 200 2 1.8 150 100 1 50 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Comparable operating profit Comparable operating margin 28 Annual Capex Level Below €200m After 2017 (Excl. acquisitions) €m 800 700 600 500 400 300 200 100 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Capital expenditure in store sites Acquisitions Other capital expenditure 29 Target to Enhance Cash Flow Generation €m 500 31 217 300 379 438 382 414 304 100 244 216 276 137 170 -46 -85 -152 -100 -240 -182 -441 -391 -300 -501 -500 -700 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CF from operating activities CF from investing activities 30 30 Steady Growth in ROCE Comparable % 16 Target 14% 14.0 12 13.1 11.7 11.9 9.8 9.9 8 9.0 4 0 2010 2011 2012 2013 2014 2015 2016 31 Good Dividend Distribution to be Continued € 3 2.50 2.21 2.01 2.00 2 1.84 1.78 1.70 1.60 1.68 1.65 1.50 1.44 1.47 1.40 1.30 1.20 1.20 1.00 1 0.90 0.71 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Comparable EPS DPS 32 Outlook Estimates for the outlook of Kesko Group's net sales and comparable operating profit are given for the 12-month period following the reporting period (4/2017-3/2018) in comparison with the 12 months preceding the end of the reporting period (4/2016-3/2017). The general economic situation and the expected trend in consumer demand vary in Kesko’s different operating countries. In Finland, the trading sector is expected to grow. In the Finnish grocery trade, intense competition is expected to continue. The market for the Finnish building and technical trade is expected to grow. In Sweden and Norway, the market is expected to grow but at a somewhat slower rate. The trend in the Russian market is expected to remain modest. In the Baltic countries, the market is expected to grow. Kesko Group's net sales for the next 12-month period are expected to remain at the level of the preceding 12 months.
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