Financial statements for the period 1 Jan.-31 Dec. 2009
(Thomson Reuters ONE) - KESKO CORPORATION STOCK EXCHANGE RELEASE 05.02.2010 AT 09.00 1(29)In January-December 2009, the Group's net sales from continuing operations wereEUR8,447 million, representing a decrease of 11.9% over the previous year (EUR9,591million). The operating profit excluding non-recurring items forJanuary-December 2009 was EUR155.4 million (EUR217.0 million). The profit before taxwas EUR216.6 million (EUR288.5 million). The whole Group's profit forJanuary-December was EUR125.2 million (EUR219.8 million). The whole Group's earningsper share were EUR1.27 (EUR2.24).Key performance indicators Continuing operations 1-12 /2009 1-12 /2008 10-12 /2009 10-12 /2008 Net sales, EUR million 8,447 9,591 2,153 2,333 Operating profit, EUR million 232 286 118 7 Operating profit excl. non-recurring items, EUR million 155 217 68 27 Profit before tax, EUR million 217 289 116 8 Earnings/share, EUR, diluted 1.27 1.81 0.73 -0.05 Investments, EUR million 198 338 42 105 Whole Group Earnings/share, EUR , diluted 1.27 2.24 0.73 -0.04 Earnings/share excl. non-recurring items, EUR, basic 0.71 1.44 0.36 0.15 Cash flow from operating activities, EUR million 379 131 123 15 Cash flow from investing activities, EUR million 31 -46 96 -96 Return on equity, % 6.6 12.1 14.7 0.6 Return on capital employed, % 11.0 15.2 22.9 1.4 Whole Group 31.12.2009 31.12.2008 Equity ratio, % 54.1 52.4 Equity/share, EUR 20.39 20.09JANUARY-DECEMBER 2009CONTINUING OPERATIONSNet sales and profitThe Group's net sales in January-December 2009 were EUR8,447 million, which is11.9% down on the corresponding period of the previous year (EUR9,591 million).The net sales decreased by 7.5% in Finland and by 28.1% abroad. Exports andforeign operations accounted for 17.5% (21.5%) of net sales.The deterioration ofthe general economic situation especially affected the sales performance of theGroup's car and machinery trade and building and home improvement trade. Thesales performance of the food trade remained steady during the reporting period.In January-December, the K-Group's (i.e. Kesko's and the chain stores') retailand B2B sales, including VAT, were EUR12,614 million, a decrease of 9.1% comparedwith the previous year. The K-Group chains' sales entitling to K-Plussa loyaltyaward credits were EUR6,181 million, up 3.8% compared with the previous year. In2009, the K-Plussa customer loyalty programme gained 101,608 new households. Atthe end of the year, there were 2,033,884 K-Plussa households.The Group's profit before tax for January-December was EUR216.6 million (EUR288.5million). The operating profit was EUR232.3 million (EUR285.6 million).Non-recurring items excluded, the operating profit was EUR155.4 million (EUR217.0million), representing 1.8% (2.3%) of net sales. The non-recurring incomeincludes a EUR91.4 million amount of gains on the disposals of real estate toVarma Mutual Pension Insurance Company and the Kesko Pension Fund. Thenon-recurring expenses include a EUR14.4 million amount of real estate impairmentcharges. The non-recurring gains on disposals and impairment charges for thecomparable period totalled EUR68.7 million.The smaller year-on-year operating profit excluding non-recurring items was dueto a decreased demand especially in the building and home improvement trade andthe car and machinery trade. Due to cost adjustments, the Group's fixed costsdecreased by some EUR69 million compared with the previous year, regardless of newstore site openings.The Group's earnings per share from continuing operations were EUR1.27 (EUR1.81).The Group's equity per share was EUR20.39 (EUR20.09).InvestmentsIn January-December, the Group's investments totalled EUR198.0 million (EUR338.4million), which is 2.3% (3.5%) of net sales. Investments in store sites wereEUR161.2 million (EUR279.0 million) and other investments EUR36.7 million (EUR59.5million). Investments in foreign operations represented 35.5% (29.0%) of totalinvestments.FinanceIn January-December, the cash flow from operating activities increased by EUR247.4million on the comparative year to EUR378.8 million (EUR131.4 million). The increaseis especially attributable to capital released from inventories. The net cashfrom investing activities was EUR31.0 million positive (EUR-45.8 million). The cashflow from investing activities included a EUR252.0 million (EUR281.4 million) amountof proceeds from the sale of fixed assets.Throughout the reporting period, the Group's liquidity and solvency remained atan excellent level. At the end of the period, liquid assets totalled EUR715million (EUR443 million). Interest-bearing liabilities were EUR456 million (EUR491million) and interest-bearing net liabilities EUR-259 million (EUR47 million) at theend of the reporting period. Equity ratio was 54.1% (52.4%) at the end of theperiod.In January-December, the Group's net financial expenses were EUR16.0 million (netfinancial income EUR1.0 million). Net financial expenses were increased by EUR17.9million for hedging the Baltic and Russian currency exposures resulting fromincreased interest rate differences between currencies. Interest income onliquid assets decreased following a decline in the market interest rate level.TaxesIn January-December, the Group's tax expense was EUR82.4 million (EUR89.4 million).The effective tax rate was 38.0% (30.9%), affected by loss-making foreignoperations.PersonnelIn January-December, the average number of employees in the Kesko Group was19,184 (21,327) converted into full-time employees. In Finland, the averagedecrease was 530 employees, while outside Finland, it was 1,613.At the end of December 2009, the total number of employees was 22,200 (24,668),of whom 12,959 (13,651) worked in Finland and 9,241 (11,017) outside Finland.Compared with the end of 2008, there was a decrease of 692 employees in Finlandand 1,776 outside Finland.As a result of the decline in consumer demand, measures aimed at adjusting thenumber and cost of staff were continued. During the reporting period, theGroup's staff cost decreased by EUR43.0 million, or 7.4%, compared with theprevious year.Seasonal nature of operationsThe Group's operating activities are affected by seasonal fluctuations. The netsales and operating profits of the reportable segments are not earned evenlythroughout the year. Instead they vary by quarter depending on thecharacteristics of each segment.Segment performances in January-DecemberFood tradeThe food trade comprises the food business based on the K-retailer businessmodel and Kespro Ltd's grocery wholesaling in Finland.In the food trade, the net sales in January-December were EUR3,798 million (EUR3,707million), up 2.4%. During the same period, the grocery sales of K-food storesincreased by 5.6%, adjusted for the change in VAT (4.7% incl. VAT). K-foodstores' total retail sales in January-December were EUR4,891 million (EUR4,685million), representing a 5.3% year-on-year growth, adjusted for the change inVAT (4.4% incl. VAT). Good sales performance was achieved especially by Pirkkaproducts and K-citymarket, the retail food sales of which grew by 14.3%,adjusted for the change in VAT. The growth rate of the total grocery trademarket in Finland in January-December is estimated at some 3-4% up on theprevious year. In January-December, prices increased at an average monthly rateof 3.3%, compared with the previous year (Statistics Finland).In January-December, the operating profit excluding non-recurring items of thefood trade was EUR133.1 million (EUR122.5 million), which is about EUR10.5 million upon the previous year. The operating profit excluding non-recurring items inrelation to net sales was 3.5% (3.3%), or 0.2 percentage points higher than inthe previous year. The operating profit was EUR170.6 million (EUR185.5 million). Thenon-recurring gains on property sales were EUR46.4 million in January-December.The comparative year's operating profit was increased by EUR68.5 million ofnon-recurring gains on property sale and lease arrangements.In January-December, investments in the food trade were EUR69.4 million (EUR139.7million), of which investments in store sites were EUR56.2 million (EUR116.0million).In 2009, five new K-citymarkets, four K-supermarkets and 15 K-markets wereopened. In addition, renovations and extensions were carried out.Home and speciality goods tradeThe home and speciality goods trade comprises Anttila, K-citymarket's home andspeciality goods trade, Intersport Finland, Indoor Group, Musta P?i andKenk?sko.In the home and speciality goods trade, the net sales in January-December wereEUR1,558 million (EUR1,606 million), down 3.0%. Owing to the deteriorated economicsituation and a rise of the unemployment rate, consumer demand in the home andspeciality goods trade declined especially for home electronics and interiordecoration products.The operating profit of the home and speciality goods trade excludingnon-recurring items in January-December was EUR29.5 million (1.9% of net sales), aEUR1.7 million year-on-year decrease due to the fall in sales. InJanuary-December, the operating profit was EUR66.5 million (EUR63.6 million).Non-recurring gains on property sales and impairment charges were EUR37.0 millionin January-December and EUR32.4 million in the comparative period.Investments in the home and speciality goods trade in January-December wereEUR29.6 million (EUR60.5 million).In January-December, Anttila's net sales were EUR513 million (EUR558 million), down8.0%. The sales of the Anttila department stores were EUR303 million, down 5.7%.The sales of the Kodin Ykk? department stores for home goods and interiordecoration were EUR132 million, down 10.7%. NetAnttila's sales were EUR80 million, adecrease of 12.5%, mainly due to the weakened economic conditions in Estonia andLatvia.The net sales of K-citymarket's home and speciality goods trade inJanuary-December were EUR595 million (EUR566 million), up 5.1%. The net salesperformance was affected by the store site network expansion and especially thegood year-end sales performance.Intersport Finland's net sales in January-December were EUR165 million (EUR158million), up 4.3%, which is especially attributable to the increased sales ofwinter sports equipment. Indoor's net sales in January-December were EUR155million (EUR177 million), down 12.4%. The performance was affected by thediscontinuation of Indoor's business activities in Sweden during the firstquarter of 2008, and the weakened economic conditions in Estonia and Latvia.Musta P?i Ltd's net sales in January-December were EUR107 million (EUR123million), down 12.5%. Kenk?sko Ltd's net sales in January-December were EUR24million (EUR26 million), down 7.9%.Building and home improvement tradeThe building and home improvement trade comprises Rautakesko and theagricultural supplies trade in Finland.In the building and home improvement trade, the net sales in January-Decemberwere EUR2,312 million (EUR2,978 million), down 22.4%.In January-December, the net sales in Finland were EUR1,041 million, a decrease of21.1%. The building and home improvement trade contributed EUR744 million, and theagricultural supplies trade EUR297 million to the net sales in Finland. The netsales of the building and home improvement trade in Finland were down 15.4%,especially due to a fall in the sales to professional customers. The net salesof the agricultural supplies trade decreased by 32.6%. The net sales fromforeign operations in the building and home improvement trade were EUR1,271million (EUR1,659 million), a decrease of 23.4%. In addition to a decline indemand, the sales performance of foreign operations was affected by theweakening of the Swedish krona, the Norwegian krone and the Russian ruble. Thenet sales from foreign operations dropped by 17.2% in terms of the localcurrencies. Foreign operations contributed 55.0% to the net sales of thebuilding and home improvement trade.In Sweden, the net sales of K-rauta AB increased by 0.6% to EUR187 million inJanuary-December. In terms of the local currency, K-rauta AB's net sales grew by11.1%. In Norway, Byggmakker's net sales decreased by 16.4% to EUR477 million. Interms of the local currency, Byggmakker's net sales dropped by 11.2%. InEstonia, Rautakesko's net sales were down 22.1% to EUR63 million. In Latvia,Rautakesko's net sales decreased by 32.9% to EUR48 million. In Lithuania,Senukai's net sales fell by 42.1% to EUR260 million. In Russia, the net sales ofthe building and home improvement trade decreased by 16.8% to EUR169 million. Interms of the local currency, the net sales increased by 0.8%. The net sales ofthe Belarusian OMA were down by 25.5% to EUR53 million. In terms of the localcurrency, OMA's net sales decreased by 7.8%.In January-December, the operating profit excluding non-recurring items of thebuilding and home improvement trade was EUR11.9 million (0.5% of net sales), whichwas EUR44.4 million, or 1.4 percentage points, lower than in the previous year.The profit performance was affected by a substantial contraction in the Nordic,Baltic and Russian construction markets. In Finland, the building and homeimprovement trade market declined in January-December by some 15%, in Sweden bysome 5%, in Norway by some 10%, and in the Baltic countries by some 30-40%(Rautakesko's estimate). The staff cost was down EUR42.1 million, or 21.9%, on thecomparative period. The operating profit of the building and home improvementtrade was EUR19.6 million (EUR19.4 million) in January-December. The operatingprofit includes a EUR7.7 million non-recurring gain on a property sale. Thecomparative period's operating profit includes a non-recurring EUR47.0 millionimpairment charge on Byggmakker Norge's intangible assets, and a EUR5.4 millionnon-recurring gain on a property sale.In January-December, investments in the building and home improvement trade wereEUR84.7 million (EUR122.7 million), of which 82.8% (79.1%) abroad.In January-December, two new K-rauta stores were opened in Sweden and one inRussia, Estonia and Latvia. In addition, the store site network was strengthenedby other new and replacement stores.The retail sales of the K-rauta and Rautia chains in January-December decreasedby 5.5% to EUR1,158 million, including VAT, in Finland. The sales of RautakeskoB2B Service decreased by 29.5%. The retail sales of the K-maatalous chain wereEUR448 million, including VAT, down 28.8%.Car and machinery tradeThe car and machinery trade comprises VV-Auto and Konekesko. Konekesko includes,in addition to the machinery trade, the tractor and combine harvester trade inFinland and the agricultural and machinery trade companies in the Balticcountries.In January-December, the net sales of the car and machinery trade were EUR947million (EUR1,480 million), down 36.0%.VV-Auto's net sales in January-December were EUR598 million (EUR884 million), adecrease of 32.3%. The net sales performance was affected by a decline inconsumer demand in the car trade, coupled with the car tax change effective atthe beginning of April, causing the car tax levied on cars after 1 April 2009 tobe excluded from the net sales. Adjusted for the tax change, the net sales fellby 24.3%. In January-December, the combined market share of passenger cars andvans imported by VV-Auto rose to 18.5% (17.1%).Konekesko's net sales in January-December were EUR350 million (EUR597 million), down41.3% on the previous year, as a result of the weakened machinery market and thediscontinuation of the Baltic grain and agricultural supplies trade. The netsales in Finland were EUR185 million, a decrease of 31.9%. The net sales fromKonekesko's foreign operations were EUR165 million, down 49.3%. In line with itsstrategy, Konekesko concentrates on the machinery trade also in the Balticcountries and disposes of its grain and agricultural inputs trade.In January-December, the operating profit excluding non-recurring items of thecar and machinery trade was EUR0.3 million (0.0% of net sales), which was EUR30.1million lower than in the previous year. The profit performance was especiallyaffected by the decline of Konekesko's profitability as a result of the declinein the machinery market and the discontinuation of the Baltic grain andagricultural supplies trade.Investments in the car and machinery trade were EUR13.4 million (EUR15.6 million) inJanuary-December.Discontinued operationsIn the comparative year 2008, the Group's profit from discontinued operationswas EUR41.5 million. Discontinued operations included Kauko-Telko Ltd and the EUR31million gain on its disposal, and T?iOptikko Group Oy, with the about EUR8.5million gain on its disposal.OCTOBER-DECEMBER 2009CONTINUING OPERATIONSNet sales and profitThe Group's net sales in October-December 2009 were EUR2,153 million, which is7.7% down on the corresponding period of the previous year (EUR2,333 million). Netsales decreased by 4.4% in Finland and by 21.4% abroad. Exports and foreignoperations accounted for 16.6% (19.5%) of net sales.The net sales performance ofthe food trade was steady. The net sales of the home and speciality goods tradetook an upward turn during the reporting period. As a result of the weak marketsituation, the sales in the building and home improvement trade and in the carand machinery trade decreased compared with the comparative year.In October-December, the K-Group's (i.e. Kesko's and the chain stores') retailand B2B sales, including VAT, were EUR3,226 million, a decrease of 5.4% on thecorresponding period of the previous year.The Group's profit before tax for October-December was EUR116.3 million (EUR7.7million). The operating profit was EUR118.1 million (EUR6.9 million). The operatingprofit excluding non-recurring items was EUR68.0 million (EUR27.3 million),representing 3.2% of net sales (1.2%). The non-recurring items include a EUR63.5million gain on the sale of properties to Varma Mutual Pension InsuranceCompany. The non-recurring expenses include a EUR14.4 million amount ofimpairments on real estate.The higher year-on-year operating profit excluding non-recurring items was dueto increased operational efficiency, cost savings and the fact that theprofitability of the comparative year was negatively affected by impairments ontrade receivables and inventories. Successful Christmas trading also contributedto the higher operating profit.The Group's earnings per share from continuing operations were EUR0.73 (EUR-0.05).The Group's equity per share was EUR20.39 (EUR20.09).InvestmentsThe Group's investments in October-December totalled EUR41.5 million (EUR105.2million), which is 1.9% (4.5%) of net sales. Investments in store sites wereEUR30.0 million (EUR84.1 million), and other investments EUR11.5 million (EUR21.1million). Investments in foreign operations represented 40.1% (37.8%) of totalinvestments.FinanceIn October-December, the cash flow from operating activities was EUR123.1 million(EUR15.1 million), improved by adjustments in costs and inventories. The net cashflow from investing activities was EUR96.4 million (EUR-95.7 million). The cash flowfrom investing activities included a EUR157.8 million (EUR3.7 million) amount ofproceeds received from the disposal of fixed assets. This amount was increasedby a property sale at a debt-free price of EUR156 million completed in December.In October-December, the Group's net financial expenses were EUR1.8 million (netfinancial income EUR0.8 million). They were increased by the costs of currencyexposure hedging and the income from liquid assets reduced by lowered Euriborrates.TaxesIn October-December, the Group's tax expense was EUR41.8 million (EUR5.5 million).The effective tax rate was 35.9% (71.2%), affected by foreign companies'loss-making performances.PersonnelIn October-December, the average number of personnel in the Kesko Group was18,126 (20,920) converted into full-time employees. In Finland, the averagedecrease was 626 employees, while outside Finland, it was 2,168 employees.Segment performances in October-DecemberFood tradeIn the food trade, the net sales in October-December were EUR970 million (EUR982million), down 1.2%. During the same period, the grocery sales of K-food storesincreased by 3.6%, adjusted for the change in VAT (0.7% incl. VAT). Good salesperformance was achieved especially by the K-citymarket chain and the Pirkkaproducts. There were 1,030 K-food stores at the end of December.In October-December, the operating profit excluding non-recurring items of thefood trade was EUR33.7 million (EUR31.6 million), which is EUR2.1 million up on theprevious year. The operating profit excluding non-recurring items in relationto net sales was 3.5% (3.2%), or 0.3 percentage points higher than in theprevious year. The operating profit of the food trade was EUR58.7 million (EUR27.4million). The non-recurring gains on property sales were EUR33.1 million.In October-December, investments in the food trade were EUR9.9 million (EUR31.8million), of which investments in store sites were EUR6.4 million (EUR21.9 million).Kesko Food continued to develop the K-food store network. In October, aK-citymarket was opened in Kirkkonummi and a K-supermarket in Eurajoki andPorvoo. In November, a K-citymarket was opened in Linnainmaa, Tampere, and inKoivukyl?Vantaa. In addition, several new K-markets were opened.The most significant store sites being built are the K-supermarkets in Kotka, inKoivuhaka, Vantaa, in Kangasala, Rovaniemi, Kouvola and in Palohein?Helsinki.K-citymarket Keljo in Jyv?yl?s being extended.Home and speciality goods tradeIn the home and speciality goods trade, the net sales in October-December wereEUR500 million (EUR490 million), up 2.0%. The growth is attributable to the goodsales performance of clothing and sports goods, coupled with successfulChristmas trading.The operating profit of the home and speciality goods trade excludingnon-recurring items in October-December was EUR39.7 million (7.9% of net sales), aEUR12.0 million year-on-year increase due to increased operational efficiency,cost savings and successful Christmas trading (EUR27.7 million, or 5.7%, of netsales). In October-December, the operating profit was EUR66.5 million (EUR10.6million). Non-recurring gains on property sales and impairment charges wereEUR26.8 million (EUR-17.1 million).Investments in the home and speciality goods trade in October-December were EUR6.8million (EUR20.6 million).In October-December, Anttila's net sales were EUR179 million (EUR183 million), down2.0%. The sales of the Anttila department stores were EUR110 million, down 2.5%.The sales of the Kodin Ykk? department stores for home goods and interiordecoration were EUR46 million, up 0.9%. NetAnttila's sales were EUR24 million, adecrease of 4.7%. The decline was sharp in Estonia and Latvia. In October, a newKodin Ykk? store was opened in Lielahti, Tampere. Kodin Ykk? inKaisaniemi, Helsinki will be closed down in early 2010, due to the terminationof the lease. The Anttila department store in Jyv?yl?ill relocate to a newsite in spring 2010.The net sales of K-citymarket's home and speciality goods trade inOctober-December were EUR198 million (EUR187 million), up 5.5%. The net salesperformance was affected by store site network expansions and an increasednumber of customers. In October, a K-citymarket was opened in Kirkkonummi and anextended K-citymarket in Mikkeli. In November, K-citymarkets were opened inKoivukyl?Vantaa, and in Linnainmaa, Tampere.Intersport Finland's net sales in October-December were EUR46 million (EUR40million), up 14.8% owing to the good sales performance of winter sportsequipment. Indoor's net sales in October-December were EUR39 million (EUR42million), down 7.0%. Indoor's net sales in Finland matched the level of thecomparative period. Musta P?i Ltd's net sales in October-December were EUR35million (EUR35 million), up 0.7%. Kenk?sko Ltd's net sales in October-Decemberwere EUR4 million (EUR4 million), down 7.5%.Building and home improvement tradeIn the building and home improvement trade, the net sales in October-Decemberwere EUR525 million (EUR617 million), down 14.9%.In October-December, the net sales in Finland were EUR223 million, a decrease of14.9%. The building and home improvement trade contributed EUR159 million and theagricultural supplies trade EUR63 million to the net sales in Finland. The netsales of the building and home improvement trade in Finland were down 3.6%, andthe net sales of the agricultural supplies trade decreased by 34.7%.The net sales from foreign operations in the building and home improvement tradewere EUR302 million (EUR356 million), a decrease of 15.0%. In addition to a declinein demand, the sales performance of foreign operations was affected by theweakening of the Russian ruble. The net sales from foreign operations dropped by14.9% in terms of the local currencies. Foreign operations contributed 57.6% tothe net sales of the building and home improvement trade.In Sweden, the net sales of K-rauta AB increased by 16.3% to EUR43 million inOctober-December. In terms of the local currency, K-rauta AB's net sales grew by14.7%. In Norway, Byggmakker's net sales increased by 11.9% to EUR120 million. Interms of the local currency, Byggmakker's net sales grew by 1.5%. In Estonia,Rautakesko's net sales were down 22.4% to EUR14 million. In Latvia, Rautakesko'snet sales decreased by 31.6% to EUR10 million. In Lithuania, Senukai's net salesfell by 45,2% to EUR57 million. In Russia, the net sales of the building and homeimprovement trade decreased by 22.7% to EUR42 million. In terms of the localcurrency, the net sales decreased by 6.5%. The net sales of the Belarusian OMAwere down by 32.4% to EUR13 million. In terms of the local currency, OMA's netsales decreased by 2.9%.In October-December, the operating loss excluding non-recurring items of thebuilding and home improvement trade was EUR2.1 million, or -0.4% of net sales,compared to EUR7.5 million (-1.2% of net sales) in the previous year. Regardlessof net sales decrease, profitability improved as a result of cost adjustments,and the impairments on inventories and trade receivables negatively affectingthe profit of the comparative year. The operating profit of the building andhome improvement trade was EUR1.6 million (EUR-6.5 million) in October-December.In October-December, investments in the building and home improvement trade wereEUR19.4 million (EUR44.9 million), of which 85.6% (87.5%) abroad.The retail sales of the K-rauta and Rautia chains in October-December increasedby 0.2% to EUR266 million, including VAT, in Finland. The sales of Rautakesko B2BService decreased by 14.1%. The retail sales of the K-maatalous chain were EUR96million, including VAT, down 37.3%.In October-December, a new Rautia store was opened in Kiiminki, and areplacement K-rauta store in Vaasa.Rautakesko is building a new K-rauta store in Jyv?yl?Finland, another inStockholm, Sweden, and two new K-rauta stores in Russia, one in Tula and theother in Kaluga. OMA is building a new store in Minsk, Belarus.Car and machinery tradeIn October-December, the net sales of the car and machinery trade were EUR205million (EUR295 million), down 30.5%.VV-Auto's net sales in October-December were EUR125 million (EUR161 million), adecrease of 22.2%. The net sales performance was affected by a decline in demandin the car trade, coupled with the car tax change effective at the beginning ofApril, causing the car tax levied on cars after 1 April 2009 to be excluded fromthe net sales. The comparable net sales, adjusted for the tax change, decreasedby 7.4% in October-December. However, the number of new customer orders inOctober-December was clearly up on the previous year. The combined market shareof passenger cars and vans imported by VV-Auto rose to 18.8% (18.4%) inOctober-December.Konekesko's net sales in October-December were EUR80 million (EUR134 million), down40.5% on the corresponding period of the previous year, as a result of theweakened machinery market and the discontinuation of the Baltic grain andagricultural supplies trade. The net sales in Finland were EUR36 million, adecrease of 29.5%. The net sales from Konekesko's foreign operations were EUR44million, down 47.2%.In October-December, the operating profit excluding non-recurring items of thecar and machinery trade was EUR2.7 million (1.3% of net sales), which was EUR19.8million, or 7.1 percentage points, higher than in the corresponding period ofthe previous year. The profit performance was affected by substantial costadjustments and the impairments on the inventories and trade receivables of themachinery and agricultural trade negatively affecting the profitability of thecomparative year.Changes in the Group compositionEffective 1 January 2009, the Kesko Group's segments are the food trade, thehome and speciality goods trade, the building and home improvement trade, andthe car and machinery trade (stock exchange release on 12 December 2008).Resolutions of the Annual General Meeting 2009 and decisions of the Board'sorganisational meetingKesko Corporation's Annual General Meeting held on 30 March 2009 adopted thefinancial statements for 2008 and discharged the Board of Directors' members andthe Managing Director from liability. The Annual General Meeting also resolvedto distribute a dividend of EUR1.00 per share, or a total amount of EUR97,851,050,as proposed by the Board. The dividend pay date was 9 April 2009. The AnnualGeneral Meeting elected PricewaterhouseCoopers Oy as the company's auditor, withAPA Johan Kronberg as the auditor with principal responsibility, and approvedthe Board's proposal to amend the article of the Articles of Associationproviding for the convocation period so that the notice of the General Meetingshall be given at the latest 21 days before the General Meeting, and the Board'sproposal to authorise the Board to decide on the issuance of a maximum of20,000,000 new B shares. The share issue authorisation is valid until 30 March2012.The Annual General Meeting resolved to leave the number of members of the Boardof Directors unchanged at seven, and elected Heikki Takam?, Seppo Paatelainen,Maarit N?v?Ilpo Kokkila, Esa Kiiskinen (new member), Mikko Kosonen (newmember) and Rauno T?nen (new member) as members of the company's Board ofDirectors for a three-year term defined in the Articles of Association, whichwill expire at the close of the 2012 Annual General Meeting.The resolutions of the Annual General Meeting were announced in more detail in astock exchange release on 30 March 2009.The organisational meeting of Kesko Corporation's Board of Directors, held afterthe Annual General Meeting on 30 March 2009, elected Heikki Takam? as itsChair and Seppo Paatelainen as its Deputy Chair. Maarit N?v?Ch.), SeppoPaatelainen and Mikko Kosonen were appointed to the Board of Directors' AuditCommittee. Heikki Takam? (Ch.), Seppo Paatelainen and Ilpo Kokkila wereappointed to the Board of Directors' Remuneration Committee. The terms of theCommittees expire at the close of the next Annual General Meeting. The decisionsof the Board's organisational meeting were announced in a stock exchange releaseon 30 March 2009.Shares, securities market and Board authorisationsAt the end of December 2009, Kesko Corporation's share capital totalledEUR196,643,058. Of all shares 31,737,007, or 32.3%, were A shares and 66,584,522,or 67.7%, were B shares. The aggregate number of shares was 98,321,529. Each Ashare entitles to ten (10) votes and each B share to one (1) vote. During thereporting period, the share capital was increased four times corresponding toshare subscriptions with the stock options of the year 2003 option scheme. Theincreases were made on 11 February 2009 (EUR52,392), 5 May 2009 (EUR51,250), 5 June2009 (EUR673,146) and 17 December 2009 (EUR216,562), and announced in stock exchangenotifications on the same days. The subscribed shares were included on the mainlist of the Helsinki stock exchange for public trading with the old B shares on12 February 2009, 6 May 2009, 8 June 2009 and 18 December 2009.The price of a Kesko A share quoted on NASDAQ OMX Helsinki (the Helsinki stockexchange) was EUR22.00 at the end of 2008, and EUR23.60 at the end of 2009,representing an increase of 7.3%. The price of a B share was EUR17.80 at the endof 2008, and EUR23.08 at the end of 2009, representing an increase of 29.7%. InJanuary-December, the highest A share quotation was EUR25.00 and the lowest wasEUR18.73. For B shares, they were EUR24.00 and EUR14.99 respectively. InJanuary-December, the OMX Helsinki All Share index of the Helsinki stockexchange rose by 19.5%, the weighted OMX Helsinki CAP index by 36.2%, while theConsumer Staples Index was up 30.8% during the same period.At the end of 2009, the market capitalisation of A shares was EUR749 million,while that of B shares was EUR1,537 million. Their combined market capitalisationwas EUR2,286 million, an increase of EUR411 million compared with the end of 2008.In 2009, 993,444 A shares were traded on the Helsinki stock exchange at a totalvalue of EUR22 million, while 78.2 million B shares were traded at a total valueof EUR1,501 million.The 2003E stock options of the year 2003 option scheme were available fortrading until the end of April 2009, and a total of some 116,000 options weretraded at a total value of EUR981,000. A total of some 153,000 2003F stock optionswere traded during the reporting period at a total value of EUR1,122,000.The Board of Directors was authorised by the Annual General Meeting of 30 March2009 to issue a maximum of 20,000,000 new B shares against payment or otherconsideration. The authorisation also includes a rights issue. The authorisationhas not been used. In addition to the 2003 stock option scheme, the companyoperates the 2007 scheme of stock options 2007A, 2007B and 2007C. Their exerciseperiod has not started. Further information on the Board's authorisations isavailable at www.kesko.fi.At the end of the reporting period, the number of shareholders was 38,888. In2009, it increased by 808 shareholders. At the end of 2009, foreign ownership ofall shares was 20%, and foreign ownership of B shares was 30%.Flagging notificationsKesko Corporation did not receive flagging notifications during the reportingperiod.Main events during the reporting periodKesko Corporation's Board of Directors approved the Group's revised financialobjectives.The objective for return on investment has been replaced by theobjective for return on capital employed. The new objective for return on equityhas been set at 12% (previously 14%) and the objective for return on capitalemployed has been set at 14%. The objective range of the equity ratio has beenbroadened to 40-50% (previously 40-45%). The Board of Directors also revisedKesko's dividend policy, published on 6 April 2005. In accordance with the newdividend policy, Kesko Corporation distributes at least 50% of its earnings pershare excluding non-recurring items as dividends, taking however the company'sfinancial position and operating strategy into account (stock exchange releaseon 5 February 2009).On 31 March 2009, Kesko sold four store properties to the Kesko Pension Fund.The debt-free selling price was about EUR50 million. The Kesko Group's gain on thesale was EUR19.7 million, which was treated as a non-recurring item in theoperating profit for the first quarter (stock exchange release on 31 March2009).The Annual General Meeting was held on 30 March 2009 (stock exchange releases on30 March 2009).The Supreme Administrative Court decided not to grant leave to appeal againstthe Helsinki Administrative Court's prior decision not to accept the EUR22.5million write-down made by Rautakesko Ltd on the shares of its Swedishsubsidiary, K-rauta AB, in its taxation for the year 2001. The SupremeAdministrative Court also decided not to grant leave to appeal against theHelsinki Administrative Court's prior decision to dismiss Kesko Corporation'sappeal concerning the deductibility of expenses added to its taxable income forthe years 1997-1999 (stock exchange release on 11 June 2009).Kesko sold 13 retail store properties in different parts of Finland to VarmaMutual Pension Insurance Company. The debt-free selling price of the propertieswas EUR156 million. The Kesko Group's gain on the sale was EUR63 million, which wastreated as a non-recurring item in Kesko's fourth quarter operating profit(stock exchange release on 22 December 2009).Kesko decided to transfer the management of the statutory pension provision andthe insurance portfolio to Ilmarinen Mutual Pension Insurance Company in twophases, starting from 1 June 2010. The Kesko Pension Fund's statutory employeepension insurance (department B) covers about 8,700 people. The first phase ofthe transfer will concern some 3,600 people. The transfer is estimated to have apositive effect on Kesko's cash flow. The transfer is subject to the approval ofthe Financial Supervisory Authority and the Finnish Competition Authority. Thesecond phase will be implemented at the beginning of 2012 at the earliest.An agreement has also been made to sell store sites and shares owned by theKesko Pension Fund and Kesko, in a total value of some EUR440 million, partly toIlmarinen and partly to a joint venture owned by Kesko, the Kesko Pension Fundand Ilmarinen, in connection with the transfer of pension liabilities. Thecompletion of the arrangements will have a positive non-recurring incomestatement impact for Kesko and the Kesko Pension Fund. The implementation of thearrangements under the letter of intent is subject to the approval of the bodiesof the contracting parties (stock exchange release on 30 December 2009).Risk managementThe Kesko Group has established a risk management process, based on the riskmanagement policy confirmed by the Board. The divisions have made riskassessments and updated them in accordance with the strategy process and therolling planningframework. The divisions' risks and their management responseshave been discussed by the division parent companies' and the Group'smanagement. In their respective responsibility areas, the Group units haveassessed the risks threatening the Group's objectives and the management of suchrisks.On the basis of the divisions' and Group units' risk analyses, the CorporateRisk Management Unit has prepared summaries of major risks and their managementon a quarterly basis. The resulting risk report has been handled by KeskoCorporation's Board of Directors' Audit Committee. The main risks anduncertainties have been reported in the interim financial reports. The followingis a description of the risks and uncertainties assessed to be significant.Significant risks and uncertaintiesThe general economic development continues to involve significant uncertainties.Developments in the employment situation, tax increases resulting from the debtburden of the public sector, and consumers' confidence in the future have anessential impact on consumers' purchasing power, consumer demand and businesses'investment readiness. The biggest uncertainty relates to the building and homeimprovement trade, and the car and machinery trade, as well as the consumerdemand trends in Kesko's operating countries, especially in Latvia, Lithuania,Estonia and Russia.Kesko aims to achieve growth also through international expansion in selectedbusiness areas. Failures in these projects may put growth and profitability atrisk. On the other hand, business and stores site acquisitions may be easier tocomplete and with better terms. Expansion and operations in Russia involve bothopportunities and risks. The unpredictability of officials and sudden changes inthe interpretation and application of laws may complicate operating activitiesor delay expansion in Russia.Changes in consumer behaviour, technological developments and an increasingsupply of electronic services are significantly changing the operating systemsof trade. Kesko's challenge is to combine the possibilities of online trading,electronic customer communication and the retailer business model into anefficient system.The automation of financial administration routines may be delayed by suppliers'and retailers' technical facilities and abilities to adopt new operatingsystems. Kesko is carrying out several significant information system projects.There is a risk that the expected benefits are delayed or that the project costsare exceeded.The trading sector is characterised by increasingly complicated and long supplychains and a dependency on information systems, telecommunications and externalservice providers. Disturbances in the supply chain can cause major losses insales and profit.Failure in the protection of personal information and card payments could causelosses, claims for damages and the degrading of reputation.Shrinkage causes significant financial losses for the retail trade. Shrinkageresults, for example, from spoiled or damaged goods, theft or other malpractice,and unsuccessful purchasing. Recession entails a growing risk of financialmalpractice.In business divisions that are strongly dependent on individual principals andsuppliers, such as the car and machinery trade, ownership arrangements, changesin a principal's or supplier's strategy concerning the product selection,pricing and distribution channel solutions can mean a reduction incompetitiveness or sales or loss of business.Considerable amounts of capital or lease liabilities are tied up in storeproperties for years. As a result of the recession or changes in localcompetitive situations, the operations in a store site can run risk of becomingunprofitable and the operation ends while non-current liabilities remain.A failure in product control or in the quality assurance of the supply chain mayresult in financial losses, the loss of customer confidence or, in the worstcase, a health hazard.Compliance with legislation, agreements and Kesko's responsibility guidelines orethical principles is an important basic value. Non-compliance may result infines, compensation for damages and other financial losses, and a loss ofconfidence or reputation.Further information about the risks, uncertainties and management responsesrelating to Kesko's operating activities, and about Kesko's risk managementsystem and principles is available on the company's website at www.kesko.fi.Other risks and uncertainties relating to profit performance are described inthe Group's future outlook.Future outlookEstimates of the future outlook for the Kesko Group's net sales and operatingprofit excluding non-recurring items are given for the 12 months following thereporting period (1/2010-12/2010) in comparison with the 12 months preceding thereporting period (1/2009-12/2009). The performance of the Group's operatingactivities is affected by the economic outlook in its different market areas andespecially by the growth rate of private consumption. Substantial uncertaintiesare related to the economic outlook and developments in the real economy in thenear future. In Finland, the unemployment rate is expected to rise further,which is why private consumer demand is not expected to return to growth duringthe next twelve months.The steady development of the grocery trade is expected to continue, althoughgrocery prices are expected to turn down. The market situation is expected toremain difficult in the building sector and in the car and machinery trade.Making any statement about the Group's future outlook continues to be impactedby the economic outlook and the increasing unemployment. In 2010, the KeskoGroup's net sales and operating profit excluding non-recurring items fromcontinuing operations are expected to match the level of 2009. The Group'sliquidity and solvency are expected to remain excellent.Proposal for profit distributionThe parent's distributable profits are EUR1,051,861,023.07, of which the profitfor the period is EUR138,776,973.11.The Board of Directors proposes to the Annual General Meeting to be held on 29March 2010 that the distributable profits be used as follows:EUR0.90 per share, or a total of EUR88,547,166.90, be distributed as dividends.EUR1,300,000.00 are reserved for charitable donations at the discretion of theBoard of Directors.EUR962,013,856.17 are carried forward in equity.Annual General MeetingThe Board of Directors decided to convene the Annual General Meeting at theHelsinki Fair Centre on 29 March 2010 at 13.00. Kesko Corporation will publish anotice of the Annual General Meeting at a later date.Annual Report 2009 and corporate governance statementKesko will publish the 2009 Annual Report, which contains the report by Kesko'sBoard of Directors and the financial statements for 2009, and a separateCorporate Governance Statement on week 9 on its website at www.kesko.fi.Helsinki, 4 February 2010Kesko CorporationBoard of DirectorsThe information in the financial statements report is unaudited.Further information is available from Arja Talma, Senior Vice President, CFO,telephone +358 1053 22113, and Jukka Erlund, Vice President, CorporateController, telephone +358 1053 22338. A Finnish-language webcast from the mediaand analyst briefing on the financial statements can be accessed at www.kesko.fiat 11.00. An English-language web conference on the financial statements will beheld today at 14.30 (Finnish time). The web conference login is available atwww.kesko.fi.KESKO CORPORATIONPaavo MoilanenSenior Vice President, Corporate Communications and ResponsibilityATTACHMENTSAccounting policiesConsolidated statement of comprehensive incomeConsolidated statement of financial positionConsolidated statement of changes in equityConsolidated cash flow statementGroup performance indicatorsNet sales by segmentOperating profit by segmentSegments' operating profits excl. non-recurring itemsSegment's operating margins excl. non-recurring itemsCapital employed by segmentReturn on capital employed by segmentInvestments by segmentSegment information by quarterPersonnel average and at 31 Dec.Group contingent liabilitiesCalculation of performance indicatorsK-Group's retail and B2B salesKesko Corporation's interim report for January-March will be released on 27April 2010. In addition, the Kesko Group's sales figures will be published eachmonth. News releases and other company information are available on Kesko'swebsite at www.kesko.fi.DISTRIBUTIONNASDAQ OMX HelsinkiMain news mediawww.kesko.fi********ATTACHMENTS:Accounting policiesThis financial statements report has been prepared in accordance with the IAS34 standard. The interim financial report has been prepared in accordance withthe same principles as the annual financial statements for 2008, with theexception of the following changes due to the adoption of new and revised IFRSstandards and IFRIC interpretations.IFRS 8 Operating segmentsThe Kesko Group's reportable segments are the same as its business divisions,which, effective 1 January 2009, are the food trade, the home and specialitygoods trade, the building and home improvement trade, and the car and machinerytrade (stock exchange release on 12 December 2008). The segment information forthe 2008 financial period has been restated accordingly (stock exchange releaseon 26 March 2009). The adoption of the IFRS 8 has not changed the Group'sreportable segments, because the Group's prior segment information was alreadybased on the management's internal reporting, with the measurement principles ofassets and liabilities complying with the IFRS regulations.The food trade comprises the food business based on the K-retailer businessmodel and Kespro Ltd's grocery wholesaling in Finland. The home and specialitygoods trade comprises Anttila's department store business, K-citymarket's homeand speciality goods business, Intersport Finland's sports business, IndoorGroup's furniture and interior decoration business, Musta P?i's hometechnology business, and Kenk?sko's shoe business. The building and homeimprovement trade includes, in addition to the previously reported Rautakesko,the K-maatalous chain and the agricultural business in Finland. The car andmachinery trade comprises the previously reported VV-Auto and Konekesko.Konekesko includes, in addition to the previously reported machinery business,the tractor and combine harvester business in Finland and the agricultural andmachinery business entities in the Baltic countries.Segment assets and liabilities comprise items used by a segment in its businessactivities or items that can be allocated to segments. Unallocated items consistof the Group's common items.IAS 1 Presentation of financial statementsAt the beginning of 2009, the Kesko Group adopted the revised IAS 1 standard.Consequently, the interim financial report presents a statement of comprehensiveincome specifying non-owner changes in equity. At the same time, the statementof changes in equity has been modified to comply with the requirements of therevised standard.IFRIC 13 Customer Loyalty ProgrammesAt the beginning of 2009, the Kesko Group adopted a new IFRIC interpretation,IFRIC 13 Customer Loyalty Programmes. According to the interpretation, theloyalty award credits relating to the K-Plussa customer loyalty programme arerecognised in sales adjustment items. In consequence, the net sales figures for2008 of certain retail companies of the Group have been restated to comply withthe new interpretation. The adoption of the interpretation does not impact theGroup's operating profit.IAS 23 Borrowing Costs, capitalisation of borrowing costs attributable to aqualifying assetThe amended standard removes the option of immediately expensing borrowing costsattributable to the acquisition, construction or production of a qualifyingasset as part of the cost of that asset. These borrowing costs are eligible forcapitalisation as part of the cost of the asset. The Group previously expensedborrowing costs in the accounting period in which they incurred. The amendmenthas not impacted the profit for the reporting period.In addition, the Group has adopted the following revised or amended IFRSstandards and IFRIC interpretations endorsed by the EU as from 1 January 2009:- IAS 32 Financial Instruments: presentation, and IAS 1 Presentation ofFinancial Statements - Puttable financial instruments and obligations arising onliquidation (amendment)- IFRS 1 First-time adoption of IFRS, and IAS 27 Consolidated and SeparateFinancial Statements - Cost of an investment in a Subsidiary, Jointly controlledEntity or Associate (amendment)- IFRS 2 Share-based Payments - Vesting conditions and cancellations (amendment)- Annual amendments to the IFRSs (Annual Improvements 2007)- IFRIC 16 Hedges of a Net Investment in a Foreign OperationThe following standards became effective on 1 January 2009, but have not yetbeen endorsed by the EU:- IFRS 7 Financial Instruments: Disclosures (amendment)- IFRIC 9 Reassessment of Embedded Derivatives (amendment) and IAS 39Financial Instruments: Recognition and Measurement (amendment)- IFRIC 15 Agreements for the Construction of Real EstateThe above amendments to standards and interpretations have not had a materialimpact on the reported income statement, statement of financial position ornotes.Other changesThe credit entry corresponding to granted share options in compliance with IFRS2 is presented in retained earnings instead of share premium. The change wasmade retrospectively for the first quarter and does not impact the Group'sequity.The cost for hedging foreign currency denominated items of the statement offinancial position is presented in the cash flow from operating activitiesinstead of the cash flow from financing activities. The change has been maderetrospectively.Previously, retained earnings included the currency translation differences ofretained earnings, but the item has been retrospectively presented in currencytranslation differences (EUR0.7 million transferred from retained earnings tocurrency translation differences on 1 Jan. 2008). Consolidated income statement (EUR million) 1-12/ 1-12/ Change, 10-12/ 10-12/ Change, 2009 2008 % 2009 2008 % Net sales 8,447 9,591 -11.9 2,153 2,333 -7.7 Cost of sales -7,298 -8,293 -12.0 -1,832 -2,012 -9.0 Gross profit 1,149 1,299 -11.5 321 321 0.2 Other operating income 710 730 -2.7 232 153 51.6 Staff cost -535 -578 -7.4 -137 -145 -5.6 Depreciation and impairment charges -131 -178 -26.3 -43 -44 -2.2 Other operating expenses -961 -987 -2.7 -255 -278 -8.1 Operating profit 232 286 -18.7 118 7 (..) Interest income 21 36 -41.0 5 10 -52.9 Interest expenses -20 -30 -33.0 -5 -7 -38.6 Exchange differences and other financial items -17 -4 (..) -2 -1 30.6 Income from associates 0 2 -88.6 0 0 (..) Profit before tax 217 289 -24.9 116 8 (..) Income tax -82 -89 -7.9 -42 -5 (..) Profit for the period from continuing operations 134 199 -32.6 75 2 (..) Profit for the period from discontinued operations - 42 (..) - 1 (..) Net profit for the period 134 241 -44.2 75 3 (..) Attributable to Owners of the parent 125 220 -43.0 71 -4 (..) Non-controlling interests 9 21 -56.8 3 7 -52.0 Earnings per share (EUR) for profit attributable to equity holders of the parent Continuing operations Basic 1.28 1.82 -29.9 0.73 -0.05 (..) Diluted 1.27 1.81 -29.8 0.73 -0.05 (..) Whole Group Basic 1.28 2.25 -43.2 0.73 -0.04 (..) Diluted 1.27 2.24 -43.1 0.73 -0.04 (..) Consolidated statement of comprehensive income (EUR million) 1-12/ 1-12/ Change, 10-12/ 10-12/ Change, 2009 2008 % 2009 2008 % Net profit for the period 134 241 -44.2 75 3 (..) Other comprehensive income Exchange differences on translating foreign operations -3 -6 60.0 0 -6 (..) Cash flow hedge revaluation -4 -13 69.6 6 -15 (..) Revaluation of available-for-sale financial assets -2 2 (..) -2 2 (..) Tax relating to other comprehensive income 2 3 -45.5 -1 4 (..) Total other comprehensive income for the period, net of tax -7 -14 (..) 3 -17 (..) Total comprehensive income for the period 127 226 (..) 78 -14 (..) Attributable to Owners of the parent 123 205 -39.9 75 -20 (..) Non-controlling interests 4 21 (..) 3 7 (..)(..) Change over 100% Consolidated statement of financial position (EUR million), condensed 31.12.2009 31.12.2008 Change,% ASSETS Non-current assets Intangible assets 185 170 9.0 Tangible assets 1,111 1,210 -8.2 Interests in associates and other financial assets 36 34 5.5 Loans and receivables 71 76 -6.6 Pension assets 315 300 5.0 Total 1,717 1,789 -4.0 Current assets Inventories 665 871 -23.6 Trade receivables 594 633 -6.2 Other receivables 150 152 -1.7 Financial assets at fair value through profit or loss 213 94 (..) Available-for-sale financial assets 428 291 47.0 Cash and cash equivalents 74 58 27.8 Total 2,124 2,100 1.1 Non-current assets held for sale 1 3 -68.8 Total assets 3,842 3,892 -1.3 31.12.2009 31.12.2008 Change,% EQUITY AND LIABILITIES Equity 2,005 1,966 2.0 Non-controlling interests 64 61 6.3 Total equity 2,069 2,026 2.1 Non-current liabilities Pension obligations 2 2 -5.0 Interest-bearing liabilities 262 197 33.0 Non-interest-bearing liabilities 6 12 -52.1 Deferred tax 128 132 -3.3 Provisions 14 20 -27.9 Total 412 363 13.5 Current liabilities Interest-bearing liabilities 194 294 -33.9 Trade payables 704 756 -6.9 Other non-interest-bearing liabilities 434 430 0.9 Provisions 29 24 24.2 Total 1,361 1,503 -9.4 Total equity and liabilities 3,842 3,892 -1.3(..) Change over 100%Consolidated statement of changes in equity (EUR million) Share Issue Share Other Cur- Revalu- Re- Non Total capital of premi- reser- rency ation tained control- share um ves trans surplus ear- ling- capital lation nings inte- differ- rests ences Balance at 1.1.2008 196 0 190 247 -3 10 1,269 55 1,964 Shares subscribed for with options 0 0 0 0 Option cost 6 6 Subsidiary sales -4 4 0 Dividends -156 -16 -172 Other changes 2 2 Total compre- hensive income for the period 0 -7 -8 220 21 226 Balance at 31.12.2008 196 0 191 243 -10 2 1,344 61 2,026 Balance at 1.1.2009 196 0 191 243 -10 2 1,344 61 2,026 Shares subscribed for with options 1 0 4 5 Option cost 8 8 Dividends -98 0 -98 Other changes 2 Total compre- hensive income for the period 2 -4 125 4 127 Balance at 31.12.2009 197 0 194 243 -7 -3 1,381 64 2,069Consolidated cash flow statement (EUR million), condensed 1-12/ 1-12/ Change 10-12/ 10-12/ Change 2009 2008 % 2009 2008 % Cash flow from operating activities Profit before tax 217 331 -34.5 116 8 (..) Planned depreciation 117 118 -1.0 31 30 2.2 Financial income and expenses 16 -1 (..) 2 -1 (..) Other adjustments -74 -130 -43.2 -50 31 (..) Working capital Current non-interest-bearing trade and other receivables, increase (-)/ decrease (+) 39 -10 (..) 43 93 -53.2 Inventories increase (-)/ decrease (+) 207 2 (..) 40 41 -2.8 Current non-interest-bearing liabilities, increase (+)/decrease (-) -84 -78 7.0 -47 -156 -70.0 Financial items and tax -59 -100 -41.1 -12 -31 -61.6 Net cash from operating activities 379 131 (..) 123 15 (..) Cash flow from investing activities Investments -223 -320 -30.4 -61 -97 -37.0 Sales of fixed assets 252 281 -10.5 158 4 (..) Increase of non-current receivables 0 -7 (..) 0 -2 (..) Decrease of non-current receivables 2 0 (..) 0 0 (..) Net cash used in investing activities 31 -46 (..) 96 -96 (..) Cash flow from financing activities Increase (+)/ decrease (-) in interest-bearing liabilities -33 -53 -37.4 -27 -27 -1.3 Increase (-)/decrease (+) in current interest-bearing receivables -14 216 (..) -13 3 (..) Dividends paid -98 -172 -42.9 0 0 (..) Equity increase 5 0 (..) 2 0 (..) Short-term money market investments -98 -17 (..) -78 37 (..) Other items 4 11 -68.2 -3 10 (..) Net cash used in financing activities -234 -14 (..) -119 23 (..) Change in cash and cash equivalents 175 71 (..) 100 -58 (..) Cash and cash equivalents and current portion of available-for-sale financial assets at 1 Jan. 319 245 30.1 391 377 3.8 Exchange difference and revaluation -3 1 (..) 0 0 -94.8 Cash and cash equivalents relating to available-for-sale assets 0 -2 (..) 0 0 (..) Cash and cash equivalents and current portion of available-for-sale financial assets at 31 Dec. 491 319 53.9 491 319 53.9(..) Change over 100% Group performance indicators 1-12/2009 1-12/2008 Change, pp Return on capital employed, % 11.0 15.2 -4.2 Return on capital employed, %, excl. non-recurring items 7.3 10.2 -2.9 Return on equity, % 6.6 12.1 -5.5 Return on equity, excl. non-recurring items, % 3.8 8.1 -4.3 Equity ratio, % 54.1 52.4 1.8 Gearing, % -12.5 2.3 -14.8 Change,% Investments, EUR million* 198 338 -41.5 Investments, % of net sales* 2.3 3.5 -33.6 Earnings per share, basic, EUR* 1.28 1.82 -29.9 Earnings per share, diluted, EUR* 1.27 1.81 -29.8 Earnings per share, basic, EUR** 1.28 2.25 -43.2 Earnings per share, diluted, EUR** 1.27
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Datum: 05.02.2010 - 08:02 Uhr
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