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31.3.2001 Kesko Group´S Net KESKO CORPORATION STOCK EXCHANGE RELEASE 09.05.2001 AT 08.00 1(17) KESKO´S INTERIM REPORT 1.1.-31.3.2001 Kesko Group´s net sales for the period from 1 January to 31 March 2001 amounted to EUR 1,432 million, which is 1.6 percent less than in the corresponding period of the year 2000 (EUR 1,455 million). The Group´s profit before extraordinary items in January-March was EUR 0.7 million (EUR 14.8 million). Earnings per share were EUR 0.01 (EUR 0.12). Equity per share was EUR 15.31 (EUR 15.89). The information is unaudited. Market review According to advance information, the volume of Finnish wholesale sales excluding the car trade increased by 5.9 percent compared with the previous year. The corresponding increase in retail sales was 5.1 percent. The trade in the car sector decreased by 9.5 percent. The year 2001 is expected to be the eighth successive year of growth for the trading sector. An inquiry made by the Federation of Finnish Commerce and Trade shows that wholesale sales excluding the car trade will grow by 5.5 percent and retail sales by 4.0 percent. Consumer prices are forecast to increase by about two percent in 2001. In March 2001, the annual change in consumer prices was 2.9 percent. In 2001, private consumption is expected to grow by 3.8 percent and private investments by 7.5 percent. Economic growth continued favourably in the Baltic countries at the beginning of the year. Gross domestic products are expected to increase by 4-6 percent during the first three months of the year. Stores operating in chains are increasing their share of overall retail sales in all of these countries. In Estonia, chains already account for more than 25 percent of all grocery sales. The value of the total grocery market is forecast to increase to nearly EUR 4.5 billion during 2001. In Sweden, the construction market is forecast to grow by about 5 percent in 2001, and private consumption by about 2.5 percent. The volume of house production will continue to increase strongly despite slightly slower growth than in 2000. Net sales Kesko Group´s net sales for the period from 1 January to 31 March 2001 were EUR 1,432 million, which is 1.6 percent less 2 than in the previous year (EUR 1,455 million). As part of the chain reform Kesko lowered its wholesale prices to the K- retailers from the beginning of 2001. The effect of the new pricing system on net sales is estimated to be two percentage points. Net sales by division 1-3/2001 1-3/2000 Change EUR million EUR million % Kesko Food 758 794 -4.5 Rautakesko 172 163 5.6 Keswell 154 164 -6.1 Kesko Agriculture and Machinery 162 143 13.6 VV-Auto 130 150 -13.8 Kaukomarkkinat 73 66 9.6 Other units - eliminations -17 -25 Group total 1,432 1,455 -1.6 Performance The Group´s profit before extraordinary items decreased, as forecast, and was EUR 0.7 million (EUR 14.8 million), which was 0.1 percent of net sales (1.0%). The Group´s operating profit was EUR -0.4 million (EUR 11.9 million). The operating profit includes gains and losses from sales of fixed assets totalling EUR 0.4 million (EUR 1.3 million). In addition to the weak sales development, the initiation and conversion costs arising from the on-going reform of the store network affected the Group´s decreased operating profit. The chain reform has been supported by additional investments. Pension costs are EUR 6.0 million higher than during the comparison period, when income from investments by the Kesko Pension Fund decreased the pension costs. The parent company's operating profit was EUR 7.8 million lower than in the comparison period. The Group´s net financial income was EUR 1.1 million (EUR 2.9 million). The change resulted from increased net debt. Earnings per share were EUR 0.01 (EUR 0.12). Equity per share was EUR 15.31 (EUR 15.89). Operating profit by division 1-3/2001 1-3/2000 EUR EUR million million 3 Kesko Food -4.2 -1.2 Rautakesko -1.8 0.2 Keswell -11.9 -10.9 Kesko Agriculture and 1.7 1.9 Machinery VV-Auto 5.5 7.5 Kaukomarkkinat 1.5 0.4 Common operations 8.8 14.0 Group’s operating profit/loss -0.4 11.9 Net financial income 1.0 2.8 Associated companies 0.1 0.1 Profit before extraordinary 0.7 14.8 items The practice used to disclose the operating profit of the various divisions has been changed. The rents charged by the real estate function for the real estate used by the Group have been disclosed as rent expenses of other divisions. The operating income from common operations includes the operating profit of real estate. Common operations also include the net expenses or income of other units’ common operations, as well as Group items such as company management expenses and amortisation of goodwill on consolidation that has not been allocated to the divisions. *) The figures for 2000 have been converted to comparable ones to correspond to the changed practice. Investments The Group´s investments totalled EUR 47.9 million (EUR 101.2 million), which is 3.3 percent (7.1%) of net sales. Investments in the real estate, information technology and fixtures of Kesko’s wholesale operations and subsidiaries amounted to EUR 12.4 million, while investments in the buildings, fixtures and information technology of the retail stores totalled EUR 35.5 million. More detailed information on investment projects is given in the reviews of the divisions. Finance Cash flow from operating activities was EUR -51.1 million and from investing activities EUR -31.8 million. At the end of the review period, the equity ratio was 55.4 percent (57.7%). The interest-bearing net debt was EUR 264.5 million (EUR 79.0 million). The liquid assets totalled EUR 30.5 million (EUR 158.3 million). Group administration and structure 4 The new Articles of Association approved by Kesko´s Extraordinary General Meeting held on 30 October 2000 were entered in the Trade Register on 1 January 2001. The entry into force of the new Articles of Association also started the term of the Board members elected by the Extraordinary General Meeting. Their term will expire at the close of the Annual General Meeting in 2003. Kesko’s Board of Directors elected Matti Kallio as its Chairman and Keijo Suila as its Deputy Chairman at the Board meeting held on 3 January 2001. Other Board members are Kesko’s President and CEO Matti Honkala, B.S. (Econ.); Eero Kasanen, Dr.Sc. (Econ.); Maarit Näkyvä, M.Sc. (Econ.); Kalevi Sivonen, retailer; Heikki Takamäki, retailer; and Jukka Toivakka, retailer. On 1 January 2001, a Corporate Management Board was established in the Kesko Group. Its members represent the company’s operating management. President and CEO Matti Honkala acts as the Board’s Chairman, and the other members appointed are Kalervo Haapaniemi, Matti Halmesmäki, Erkki Heikkinen, Juhani Järvi, Matti Laamanen, Riitta Laitasalo and Jouko Tuunainen. Acting in accordance with a previously decided plan, Kesko Corporation transferred its foods and home and speciality goods businesses to its wholly-owned subsidiaries, Kesko Food Ltd and Keswell Ltd respectively, on 1 April 2001. Kalervo Haapaniemi was appointed President of Kesko Food, responsible for the foods trade, and Matti Laamanen the President of Keswell Ltd, responsible for the home and speciality goods trade. It is planned that two new subsidiaries, responsible for the hardware and builders’ supplies trade and the agricultural and machinery trade, will be formed on 1 October 2001. Personnel The Group’s average number of employees in the review period was 10,928 (10,543), divided by division as follows: average average 1-3/2001 1-3/2000 31.3.2001 Kesko Food 4,887 4,672 6,293 Rautakesko 1,173 688 1,295 Keswell 2,453 2,749 3,202 Kesko Agriculture and 668 627 718 Machinery VV-Auto 110 103 113 Kaukomarkkinat 841 757 875 Others 796 947 860 Total 10,928 10,543 13,356 5 (The comparable figures have been adjusted to correspond with the new organisation. In calculating the average number of employees, part-time employees have been converted to full-time employees in relation to their working hours.) The total number of Kesko Group employees has increased slightly. The number was increased by the expansion of Kesko Food’s and Rautakesko’s operations in Estonia and those of Rautakesko in Sweden. On the other hand, the number was decreased by the outsourcing of service and support activities in line with strategy. The Group employed 1,156 persons (523) abroad. Development of divisions Kesko Food Kesko Food´s net sales were EUR 758 million, a decrease of 4.5 percent. Revised pricing and charging practices related to the chain reform has had an effect of about four percentage points on Kesko Food´s net sales. The operating loss was EUR 4.2 million, compared with the operating loss of EUR 1.2 million in the corresponding period of 2000. The main reasons for the increased loss during the first three months of the year are the costs of starting up the new chain operations and investments in the store network. The investments totalled EUR 11.5 million. Kesko Food Ltd started operating as an independent company on 1 April 2001.
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