Kesko Group comparatives for 1 Jan.-31 Dec. 2012
(Thomson Reuters ONE) -
KESKO CORPORATION STOCK EXCHANGE RELEASE 11.04.2013 AT 12.00 1(5)
With effect from 1 January 2013, the Kesko Group adopted the revised IAS 19
Employee benefits standard. The amendment has an impact on the Kesko Group's
pension costs and profit, as well as the pension assets and equity on the
balance sheet. Resulting from the amendment, the Kesko Group's consolidated
income statement, consolidated statement of financial position and segment
information for 2012 have been updated in compliance with the requirements
prescribed in the revised standard.
Starting from the interim period 1 January-31 March 2013, the Kesko Group's
financial reporting will be prepared in compliance with the revised IFRS
standard (IAS 19) on employee benefits. The Group's consolidated income
statement, consolidated statement of financial position and segment information
for 2012 have been updated in compliance with the requirements prescribed in the
revised standard and they are presented in the tables attached to this release.
The amendment to the IAS 19 Employee benefits standard changes the determination
of the return on defined benefit pension plan assets. According to the revised
standard, the rate used to discount the retirement benefit obligation is used as
the return on assets in place of the expected long-term return on the assets
used previously. Due to the amendment, the net return on defined benefit pension
plans recognised in the consolidated income statement decreases. The amendment
to the IAS 19 Employee benefits standard also eliminates the possibility to
apply the so-called "corridor approach" to the calculation of retirement
benefits classified as defined benefit pension plans, which follows that the
changes in the calculation assumptions used for measuring the pension obligation
and the covering assets are recognised in pension assets and equity in the
balance sheet.
In consequence of the adoption of the revised IAS 19 Employee benefits standard,
the Kesko Group's operating profit, operating profit excluding non-recurring
items and the profit for the financial year 2012 are lower, and the pension
assets and equity recognised in the balance sheet are higher than the amounts
calculated in compliance with the standard valid until 31 December 2012. The
Group's operating profit and operating profit excluding non-recurring items for
2012 decrease by ?4.7 million. The Group's equity in the 2012 opening balance
increases by ?8 million and in the balance sheet of 31 December 2012 by ?5
million due to actuarial gains recognised in equity in the consolidated
statement of financial position.
Further information is available from Vice President, Corporate Controller Eva
Kaukinen, telephone +358 1053 22338.
KESKO CORPORATION
Merja Haverinen
Vice President, Corporate Communications
ATTACHMENTS:
Consolidated income statement
Consolidated statement of financial position
Group's performance indicators
Operating profit by segment
Operating profit excl. non-recurring items by segment
Capital employed by segment
Return on capital employed excl. non-recurring items by segment
DISTRIBUTION
NASDAQ OMX Helsinki
Main news media
www.kesko.fi
ATTACHMENTS
Consolidated income
statement (? million),
condensed
1-12/2012 1-9/2012 1-6/2012 1-3/2012
Net sales 9,686 7,227 4,778 2,318
Cost of goods sold -8,367 -6,259 -4,138 -2,007
Gross profit 1,319 968 640 311
Other operating income 747 551 368 170
Staff cost -608 -452 -310 -152
Depreciation and impairment
charges -158 -113 -76 -36
Other operating expenses -1,088 -793 -538 -268
Operating profit 212 160 83 25
Interest income and other
finance income 21 13 10 5
Interest expense and other
finance costs -17 -12 -8 -4
Exchange differences -5 -3 -2 -2
Income from associates -1 0 0 0
Profit before tax 210 158 82 25
Income tax -75 -48 -25 -7
Net profit for the period 136 111 57 18
Attributable to
Owners of the parent 124 101 52 16
Non-controlling
interests 11 9 5 2
Earnings per share (?)
for profit attributable to
equity holders of the parent
Basic 1.27 1.03 0.53 0.16
Diluted 1.26 1.03 0.53 0.16
Consolidated statement of
financial position (?
million),
condensed
31.12.2012 30.9.2012 30.6.2012 31.3.2012 1.1.2012
ASSETS
Non-current assets
Tangible assets 1,678 1,647 1,579 1,555 1,490
Intangible assets 192 193 190 190 189
Investments in associates and
other financial assets 105 86 72 70 69
Loans and receivables 91 85 82 78 80
Pension assets 154 165 163 162 210
Total 2,220 2,174 2,086 2,054 2,039
Current assets
Inventories 814 838 869 909 868
Trade receivables 703 763 803 804 700
Other receivables 153 309 322 289 218
Financial assets at fair value
through profit or loss 137 98 51 75 98
Available-for-sale financial
assets 249 176 141 163 186
Cash and cash equivalents 103 82 61 54 84
Total 2,160 2,266 2,248 2,294 2,153
Non-current assets held for
sale 2 1 1 1 8
Total assets 4,382 4,441 4,335 4,349 4,200
31.12.2012 30.9.2012 30.6.2012 31.3.2012 1.1.2012
EQUITY AND LIABILITIES
Equity 2,205 2,189 2,130 2,210 2,183
Non-controlling interests 67 65 65 60 58
Total equity 2,272 2,255 2,195 2,269 2,241
Non-current liabilities
Interest-bearing liabilities 450 457 210 205 210
Non-interest-bearing
liabilities 10 10 10 20 18
Deferred tax liabilities 81 95 92 91 94
Pension obligations 2 2 2 2 2
Provisions 21 10 11 11 10
Total 564 574 325 329 335
Current liabilities
Interest-bearing liabilities 174 183 353 241 190
Trade payables 808 956 993 1,001 886
Other non-interest-bearing
liabilities 524 448 445 486 526
Provisions 40 26 24 23 24
Total 1,546 1,612 1,815 1,751 1,625
Total equity and liabilities 4,382 4,441 4,335 4,349 4,200
Group's performance 1-3/ 4-6/ 7-9/ 10-12/ 1-12/
indicators 2012 2012 2012 2012 2012
Operating profit, ? million 25.1 57.7 77.4 51.8 212.0
Operating margin, % 1.1 2.3 3.2 2.1 2.2
Operating profit excl. non-
recurring items, ? million 22.3 59.4 77.4 70.9 230.0
Operating margin excl.
non-recurring items, % 1.0 2.4 3.2 2.9 2.4
Return on capital employed, % 4.1 8.9 11.9 8.0 8.3
Return on capital employed
excl. non-recurring items, % 3.6 9.2 11.9 10.9 9.0
Return on equity, % 3.1 7.0 9.6 4.4 6.0
Return on equity excl.
non-recurring items, % 2.8 7.3 9.6 8.0 6.9
Equity ratio, % 52.8 51.2 51.3 52.5 52.5
Earnings per share, diluted, ? 0.16 0.37 0.50 0.23 1.26
Earnings per share excl. non
recurring items, basic, ? 0.14 0.38 0.51 0.44 1.47
Equity/share, ? 22.56 21.72 22.33 22.48 22.48
Segment information
Operating profit by 1-3/ 4-6/ 7-9/ 10-12/ 1-12/
segment (? million) 2012 2012 2012 2012 2012
Food trade 37.4 38.6 49.4 44.8 170.2
Home and speciality goods
trade -12.9 -0.7 0.9 12.8 0.0
Building and home
improvement trade -9.0 13.5 17.9 -10.8 11.6
Car and machinery trade 15.5 10.3 11.4 4.7 41.9
Common operations and -5.9 -4.0 -2.2 0.3 -11.8
eliminations
Group's operating profit 25.1 57.7 77.4 51.8 212.0
Operating profit excl. non 1-3/ 4-6/ 7-9/ 10-12/ 1-12/
recurring items by segment (? million) 2012 2012 2012 2012 2012
Food trade 34.7 38.6 49.4 44.8 167.5
Home and speciality goods
trade -12.9 -0.7 0.9 32.3 19.6
Building and home
improvement trade -9.0 15.2 17.9 -10.8 13.3
Car and machinery trade 15.5 10.3 11.4 4.7 41.9
Common operations and
eliminations -5.9 -4.0 -2.2 -0.1 -12.2
Group's operating profit
excl. non-recurring items 22.3 59.4 77.4 70.9 230.0
Capital employed by 1-3/ 1-6/ 1-9/ 1-12/
segment, cumulative 2012 2012 2012 2012
average (? million)
Food trade 706 729 745 763
Home and speciality goods
trade 479 504 510 514
Building and home
improvement trade 754 769 764 760
Car and machinery trade 199 196 190 188
Common operations and 315 321 330 327
eliminations
Group total 2,453 2,518 2,540 2,552
Return on capital employed 1-3/ 1-6/ 1-9/ 1-12/
excl. non-recurring items by 2012 2012 2012 2012
segment, %
Food trade 19.6 20.1 21.9 21.9
Home and speciality goods
trade -10.8 -5.4 -3.3 3.8
Building and home
improvement trade -4.8 1.6 4.2 1.7
Car and machinery trade 31.2 26.3 26.2 22.3
Group total 3.6 6.5 8.4 9.0
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kesko Oyj via Thomson Reuters ONE
[HUG#1692239]
Unternehmensinformation / Kurzprofil:
Datum: 11.04.2013 - 11:01 Uhr
Sprache: Deutsch
News-ID 248051
Anzahl Zeichen: 13798
contact information:
Town:
Kesko
Kategorie:
Business News
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"Kesko Group comparatives for 1 Jan.-31 Dec. 2012"
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