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Kesko›Annual Report 2000 ›Contents ›KESKO›ANNUAL REPORT 2000 ›CONTENTS 3 Year 2000 in brief 4 Kesko - the Trade Maker 6 Review by the President and CEO 8 Continuous development in Kesko 13 Divisions in brief 14 Kesko Food 18 Rautakesko 22 Keswell 26 Kesko Agriculture and Machinery 30 Kaukomarkkinat 32 VV-Auto 34 Competent and motivated personnel 38 Corporate responsibility at Kesko 42 Real estate 43 Financial risk management 44 Report by the Board of Directors 51 Income statement 52 Balance sheet 54 Cash flow statement 55 Notes to the financial statements 68 Group in figures, EUR 70 Group in figures, FIM 72 Calculation of key indicators 73 Auditors’ report 74 Shares and shareholders 79 Corporate governance 82 Board of Directors on 1 January 2001 84 Corporate Management Board on 1 January 2001 86 Supervisory Board and Board of Directors until 31 December 2000 87 Addresses and subsidiary information 90 Additional information on Kesko for investors 91 Information for shareholders ›KEY FIGURES AND CHANGES KEY FIGURES 1996 1997 1998 1999 2000 2000 FIMm Net sales, EUR million 4,948 5,870 5,992 6,111 6,308 37,503 Change in net sales, % 10.5 18.6 2.1 2.0 3.2 Operating profit, EUR million 82 112 130 116 117 694 Operating profit as % of net sales 1.6 1.9 2.2 1.9 1.9 Profit before extraordinary items, EUR million 125 115 133 128 126 748 Profit before extraordinary items as % of net sales 2.5 2.0 2.2 2.1 2.0 Balance sheet total, EUR million 2,491 2,585 2,545 2,570 2,570 15,282 Return on invested capital, % 9.0 8.2 8.9 8.0 8.5 Return on equity, % 7.3 6.6 6.5 6.1 6.4 Investments, EUR million 179 155 132 202 247 1,468 Cash flow from operating activities, EUR million 147 244 191 268 129 767 Equity ratio, % 51.9 53.2 56.7 56.6 54.7 Debt to equity ratio, % 48.1 46.8 43.3 43.4 45.3 Number of personnel (average) 6,503 10,672 11,172 10,993 11,099 Dividend per share, EUR 0.34 0.50 0.67 1.50 1.00* Earnings per share, EUR 1.02 0.98 1.01 0.98 1.00 5.97 Price per earnings ratio (P/E), A share 13.88 16.95 Price per earnings ratio (P/E), B share 10.74 14.78 12.65 12.86 10.75 Equity per share, adjusted, EUR 14.17 14.83 15.59 15.87 15.31 * proposal to the Annual General Meeting CHANGES BY FOUR MONTHS I/1999 I/2000 II/1999 II/2000 III/1999 III/2000 Net sales, EUR million 1,959 1,976 2,052 2,190 2,100 2,142 Change in net sales, % 3.1 0.9 0.4 6.7 2.5 2.0 Operating profit, EUR million 25 24 51 55 40 38 Operating profit as % of net sales 1.3 1.2 2.5 2.5 2.0 1.8 Profit before extraordinary items, EUR million 28 32 55 57 45 37 Equity ratio at the end of the financial year, % 54.8 51.5 56.6 54.8 56.6 54.7 CHANGES BY THREE MONTHS I/2000 II/2000 III/2000 IV/2000 Net sales, EUR million 1,455 1,655 1,570 1,628 Operating profit, EUR million 12 34 35 36 Operating profit as % of net sales 0.8 2.1 2.2 2.2 Profit before extraordinary items, EUR million 15 40 35 36 Equity ratio at the end of the financial year, % 57.7 53.2 54.2 54.7 EUR 1 = FIM 5.94573 More detailed information for 1996-2000 on pages 68-71. KESKO › ANNUAL REPORT 2000 Group net sales, EUR million Group operating profit, EUR million Group operating profit as % of net sales 7,000 140 2.5 6,000 120 42 286 2.0 159 152 23 22 133 5,000 100 16 1.5 4,000 80 3,000 60 1.0 2,000 40 0.5 1,000 20 5,840 5,952 4,948 5,737 6,022 82 2.2 1.9 1.6 96 1.9 94 88 1.9 94 0 0 0.0 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 Finland Exports and foreign operations Non-recurring gain/loss on disposal of fixed assets Group profit before extraordinary items, EUR million Group return on invested capital, % Group return on equity, % 140 9 9 8 120 8 7 7 100 6 6 80 5 5 60 4 4 3 3 40 2 2 20 1 1 133 126 125 128 115 8.9 8.5 9.0 8.0 8.2 6.5 6.4 7.3 6.1 0 0 0 6.6 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 Group investments, EUR million Group equity ratio, % Earnings and dividend per share, EUR 250 60 1.6 1.4 50 200 1.2 40 150 1.0 30 0.8 100 0.6 1.00 20 0.50 0.4 50 10 0.2 132 247 179 202 56.7 54.7 155 51.9 56.6 53.2 0.98 0.50 0.50 0 0 0.0 1.02 0.34 0.50 1.01 0.67 0.98 1.00 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 Earnings per share Dividend per share Additional dividend Dividend of earnings, % Equity per share, EUR per share 160 16 140 14 120 12 100 10 80 8 60 6 40 4 20 2 66.6 99.7 33.1 153.5 51.1 15.59 15.31 14.17 15.87 0 0 14.83 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 KESKO › ANNUAL REPORT 2000 3 ›YEAR 2000 IN BRIEF • The Group’s net sales increased by 3.2 percent. The financial result and operating profit were at nearly the level of the previous year. • A reformed chain operating system between Kesko and the K-retailers was introduced at the beginning of 2001. There will now be much closer joint operation in chain concept development, category management, marketing, purchasing and logistics. The new chain operating system will be gradually adopted over about two years. • An active investment programme was continued to develop the retail store network. The total investments were EUR 247 million. • Investments in the strategically important growth areas of the Baltic grocery and hardware trade and in the Swedish hardware trade were continued. A logistical centre providing services for the whole of Estonia and the first SuperNetto grocery store were built in Tallinn. Kesko purchased Ehitusmaailm, the largest hardware store chain in Estonia. Two new K-rauta stores were opened in Sweden, to bring the total up to eight K-rauta stores operating in that market. • It is estimated that the K-Alliance’s share of the Finnish grocery market slightly decreased compared with the previous year. In 1999, the market share was 37.8 percent. • Kesko published the ethical principles for its purchasing operations. The tool used for ethical quality control is the international Social Accountability standard, the SA 8000. • Kesko decided to make its business-to-business trading available on the Internet, too, within two years. The most extensive Internet service in the Finnish food trade is being built for catering customers, with its pilot phase starting in autumn 2000. Kesko opened its renewed extranet for business-to-business customers in the hardware and builders’ supplies trade, and will further develop it to form the most significant channel for goods deliveries from the warehouse to the customer. Kesko Agriculture’s new Viljaweb is a leading electronic marketplace for grain. In 2000, NetAnttila became the most popular consumer online store in Finland. • International purchasing co-operation will be increased. Kesko joined the WorldWide Retail Exchange marketplace that operates on the Internet. This provides a new efficient channel for suppliers to sell groceries and home and speciality goods to over 50 trading companies. • Kesko’s Articles of Association were revised. The new corporate governance system is based on a Board of Directors and a Managing Director, without a Supervisory Board. A Corporate Management Board was formed in the Group, with its members representing active company management. • A decision was made to incorporate Kesko’s four profit divisions. Kesko Food Ltd, responsible for the foods trade, and Keswell Ltd, responsible for the home and speciality goods trade, will start business operations on 1 April 2001, while Rautakesko Ltd, responsible for the hardware and builders’ supplies trade, and Kesko Agro Ltd, responsible for the agricultural and machinery trade, and its subsidiary Kesko Machinery Ltd, will start business operations on 1 October 2001. • In line with its strategy, Kesko outsourced some of its service and support activities by selling its advertising agency, the publishing operations of its customer magazines, the film production, the in-store television operations, the real estate maintenance services and part of its office services. 4 ›KESKO - THE TRADE MAKER › Long-standing co-operation esko is the leading trading company in Finland and is expanding its operations to the neigh- with stakeholders makes it Kbouring markets. Kesko is a marketing and lo- possible to offer ecologically gistics company which develops retail concepts and operating systems. It is engaged in retailing, in close and ethically sustainable chain co-operation with the K-retailers, and in whole- saling directly to industry, restaurants and other whole- services › sale customers.
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