Interim financial report for the period 1 Jan.-30 Jun. 2009
(Thomson Reuters ONE) - KESKO CORPORATION STOCK EXCHANGE RELEASE 24.07.2009 AT 09.00 1(27)In January-June 2009, the Group's net sales from continuingoperations were ?4,160 million, which is 13.8% down on thecorresponding period of the previous year (?4,824 million). InJanuary-June 2009, the operating profit excluding non-recurring itemswas ?39.8 million (?117.7 million). The profit before tax was ?56.5million (?232.9 million). The whole Group's profit for January-Junewas ?30.6 million (?207.6 million). The whole Group's earnings pershare were ?0.31 (?2.11).Key performance indicatorsContinuing operations 1-6/2009 1-6/2008 4-6/2009 4-6/2008Net sales, ? million 4,160 4,824 2,143 2,547Operating profit, ? million 65.9 235.0 42.7 84.8Operating profit excludingnon-recurring items, ? million 39.8 117.7 36.4 81.1Profit before tax, ? million 56.5 232.9 38.2 84.3Earnings/share, ?, diluted 0.31 1.69 0.19 0.58Investments, ? million 107.2 143.3 55.8 83.0Whole GroupEarnings/share, diluted, ? 0.31 2.11 0.19 0.89Earnings/share excl.non-recurring items, basic, ? 0.11 0.81 0.15 0.56Cash flow from operatingactivities,? million 146 89 143 126Cash flow from investingactivities, ? million -30 79 -25 26Return on equity, % 3.4 21.7 4.6 19.1Return on capital employed, % 6.1 26.0 8.0 22.2Whole Group 30.6.2009 30.6.2008Equity ratio, % 51.0 49.0Equity/share, ? 19.36 20.17JANUARY-JUNE 2009CONTINUING OPERATIONSNet sales and profitThe Group's net sales in January-June 2009 were ?4,160 million, whichis 13.8% down on the corresponding period of the previous year(?4,824 million). Net sales decreased by 9.0% in Finland and by 30.9%abroad. Exports and foreign operations accounted for 17.4% (21.7%) ofthe net sales. In consequence of the recession, the Group's net salesperformance was affected by a substantially contracted constructionmarket, and a decrease in the sales of the car, machinery and homeand speciality goods trade. A steady growth continued in the grocerytrade.In January-June, the K-Group's (i.e. Kesko's and the chain stores')retail and B-to-B sales (incl. VAT) totalled ?6,135 million, adecrease of 10.5% on the corresponding period of the previous year.The Group's profit before tax for January-June was ?56.5 million(?232.9 million). The operating profit was ?65.9 million (?235.0million). The operating profit excluding non-recurring items was?39.8 million (?117.7 million), representing 1.0% (2.4%) of the netsales. The non-recurring items include ?27.9 million in gains onproperty transactions, and ?1.9 million in property write-downs. Themost significant non-recurring income items of the comparative periodinclude a ?103.2 million gain on property sale and lease arrangementsbetween Kesko and Nordisk Renting Oy, and a ?10.3 million gain on thesale of K-Rahoitus Oy.The smaller year-on-year operating profit excluding non-recurringitems is due to a decrease in the demand in the building and homeimprovement trade, the car and machinery trade, and the home andspeciality goods trade. Due to cost adjustments, the Group's fixedcosts dropped by some ?19 million compared with the previous year,regardless of store site openings.The Group's earnings per share from continuing operations were ?0.31(?1.69). The Group's equity per share was ?19.36 (?20.17).InvestmentsIn January-June, the Group's investments totalled ?107.2 million(?143.3 million), which is 2.6% (3.0%) of the net sales. Investmentsin store sites were ?88.4 million (?119.4 million) and otherinvestments ?18.8 million (?23.9 million). Investments in foreignoperations represented 33.8% of total investments (26.1%).FinanceIn January-June, the cash flow from operating activities developedpositively and was ?146 million (?89 million). The working capitalwas reduced by the adjustment of inventories to the prevailing marketsituation. The cash flow from investing activities was ?-30 million(?79 million). The cash flow from investing activities included ?90million (?217 million) of proceeds from the disposal of fixed assets.The Group's liquidity and solvency remained strong throughout thereporting period. At the end of the period, liquid assets totalled?507 million (?551 million). At the end of the reporting period, theinterest-bearing net debt was ?18 million (?-43 million). The equityratio was 51.0% (49.0%) and gearing 0.9% (-2.1%) at the end of theperiod.In January-June, the Group's net financial expenses were ?9.5 million(?1.6 million). The costs were increased by ?10.5 million for hedgingBaltic and Russian currency exposures due to an increased interestrate spread between the currencies. The interest income from liquidassets fell as the market interest rate level declined.TaxesIn January-June, the Group's taxes were ?22.3 million (?58.0million). The effective tax rate was 39.5% (24.9%), affected by theloss-making performances of foreign companies. Income tax has beencalculated on the profit for the reporting period as a proportion ofthe estimated tax for the whole financial year.PersonnelIn January-June, the average number of personnel in the Kesko Groupwas 19,678 (21,458) converted into full-time employees. In Finland,the average decrease was 464 people, while outside Finland it was1,316.At the end of June 2009, the total number of personnel was 23,776(25,255), of whom 13,773 (13,762) worked in Finland and 10,003(11,493) outside Finland. Compared with the end of June 2008, therewas an increase of 11 employees in Finland and a decrease of 1,490employees outside Finland.Due to the decline in consumer demand, measures aimed at staff numberand cost adjustments were continued in various business activities ofthe Group. During the reporting period, the Group's staff costdecreased by ?23.0 million, or by some 8%, compared with the previousyear, regardless of new store openings.Market reviewIn January-May, the value of the Finnish retail trade sales decreasedby 2.6% compared with the previous year and in May by 4.8% comparedwith May 2008. The consumer price inflation stood at an average of0.9% in January-June (Statistics Finland).Consumers' confidence in the economy recovered somewhat in May-June,but still remained below the long-term average level. Own economicsituation and saving possibilities were considered good in June, andthe time was considered to be better than before for buying consumerdurables and raising loans. On the other hand, estimates of theunemployment rate trend continued to be gloomy. In May, theunemployment rate was 10.9%, compared with 8.8% in May 2008(Statistics Finland).Seasonal nature of operationsThe Group's business activities are affected by seasonalfluctuations. The net sales and operating profits of the reportablesegments are not earned evenly throughout the year. Instead they varyby quarter depending on the characteristics of each segment.Segment performance in January-JuneFood tradeThe food trade comprises the food business based on the K-retailerbusiness model and Kespro Ltd's grocery wholesaling in Finland.In the food trade, the net sales in January-June were ?1,861 million(?1,792 million), up 3.8%. The retail sales of K-food stores inJanuary-June totalled ?2,406 million (incl. VAT), representing agrowth of 6.2%. The K-food stores' grocery sales increased by 6.6%.During the first part of the year, the sales performance of K-foodstores' own brand products was particularly good. The growth rate ofthe total grocery trade market in Finland for the first part of theyear is estimated at 4-5% up on the previous year. In January-May,prices increased at an average monthly rate of 6.1% compared with theprevious year (Statistics Finland).In January-June, the operating profit excluding non-recurring itemsof the food trade was ?63.9 million (3.4% of the net sales), which is?7.4 million, or 0.3 percentage points, higher than in the previousyear. The operating profit was ?76.1 million (?112.9 million). Thenon-recurring gains on property sales and write-downs were ?12.2million in January-June. The comparative year's operating profit wasincreased by a ?56.4 million non-recurring gain on a property saleand lease arrangement.In January-June, investments in the food trade were ?40.2 million(?63.8 million), of which investments in store sites were ?34.2million (?56.0 million).Home and speciality goods tradeThe home and speciality goods trade comprises Anttila, K-citymarket'shome and speciality goods trade, Intersport Finland, Indoor Group,Musta Pörssi and Kenkäkesko.In the home and speciality goods trade, the net sales in January-Junewere ?677 million (?719 million), down 5.8%. Owing to a generaldeterioration of the economic situation and a rise of theunemployment rate, consumer demand in the home and speciality goodstrade declined especially for the home electronics and interiordecoration products.The operating loss of the home and speciality goods trade excludingnon-recurring items in January-June was ?16.7 million (-2.5% of thenet sales), a ?13.4 million year-on-year increase due to the fall insales. In January-June, the operating loss was ?6.9 million(operating profit ?43.8 million). Non-recurring gains on propertysales and write-downs were ?9.8 million in January-June and ?47.0million in the comparative period.Investments in the home and speciality goods trade in January-Junewere ?16.9 million (?23.6 million).Anttila's net sales in January-June were ?217 million (?243 million),down 10.8%. Especially the sales of interior decoration and homeelectronics decreased. The sales of the Anttila department storeswere ?127 million, down 6.2%. The sales of the Kodin Ykkönendepartment stores for home goods and interior decoration were ?55million, down 18.3%. NetAnttila's sales were ?35 million, a decreaseof 16.0%.The net sales of K-citymarket's home and speciality goods trade inJanuary-June were ?257 million (?244 million), up 5.2%. The net salesperformance was affected by store site network expansions andintensified marketing actions.Intersport Finland's net sales in January-June were ?74 million (?74million), matching the level of the previous year. Indoor's net salesin January-June were ?73 million (?88 million), down 16.6%. InFinland, Indoor's net sales decreased by 11.1% and abroad by 49.8%,partly attributable to the discontinuation of Indoor's businessactivities in Sweden during the first quarter of 2008. Musta PörssiLtd's net sales in January-June were ?46 million (?59 million), down22.3%. Kenkäkesko Ltd's net sales in January-June were ?11 million(?12 million), down 7.7%.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 inJanuary-June were ?1,173 million (?1,566 million), down 25.1%.In January-June, the net sales in Finland were ?554 million, adecrease of 23.3%. The building and home improvement tradecontributed ?385 million and the agricultural supplies trade ?169million to the net sales in Finland. The net sales of the buildingand home improvement trade in Finland were down 21.2% and the netsales of the agricultural supplies trade by 27.6%. The net sales fromforeign operations in the building and home improvement trade were?619 million (?844 million), a decrease of 26.6%. In addition to adecline in demand, the sales performance of foreign operations wasaffected by the weakening of the Swedish krona, the Norwegian kroneand the Russian ruble. The net sales from foreign operations droppedby 19.2% in terms of the local currencies. Foreign operationscontributed 52.8% to the net sales of the building and homeimprovement trade.In Sweden, the net sales of K-rauta AB decreased by 9.0% to ?89million in January-June. In terms of the local currency, K-rauta AB'snet sales grew by 5.4%. In Norway, Byggmakker's net sales decreasedby 26.1% and were ?228 million. In terms of the local currency,Byggmakker's net sales dropped by 17.3%. In Estonia, Rautakesko's netsales were down by 23.1% to ?31 million. In Latvia, Rautakesko's netsales decreased by 35.9% to ?24 million. In Lithuania, Senukai's netsales decreased by 38.8% to ?134 million. In Russia, the net sales ofthe building and home improvement trade decreased by 9.9% to ?82million. In terms of the local currency, the net sales increased by8.5%. The net sales of the Belarusian OMA were down by 16.8% to ?26million. In terms of the local currency, OMA's net sales decreased by5.7%.In January-June, the operating profit excluding non-recurring itemsof the building and home improvement trade was ?5.6 million (0.5% ofthe net sales), which was ?32.7 million, or 2.0 percentage points,lower than in the corresponding period of the previous year. Theprofit performance was affected by a substantial contraction in theNordic and Baltic construction markets. In Finland, the building andhome improvement trade market declined in January-June by some 25%,in Sweden by some 10%, in Norway by some 20%, and in the Balticcountries by some 30-40% (Rautakesko's estimate). The operatingprofit of the building and home improvement trade was ?9.6 million(?42.0 million) in January-June. The operating profit includes a ?3.9million non-recurring gain on a property sale.In January-June, investments in the building and home improvementtrade were ?46.3 million (?52.1 million), of which 78.2% (70.8%)abroad.The retail sales of the K-rauta and Rautia chains in January-Junedecreased by 10.0% to ?538 million (incl. VAT) in Finland. The salesof Rautakesko B-to-B Service decreased by 35.4%. The retail sales ofthe K-maatalous chain were ?241 million (incl. VAT), down 23.1%.Car and machinery tradeThe car and machinery trade comprises VV-Auto and Konekesko.Konekesko includes, in addition to the machinery trade, the tractorand combine harvester trade in Finland and the agricultural andmachinery trade companies in the Baltic countries.In January-June, the net sales of the car and machinery trade were?529 million (?828 million), down 36.1%.VV-Auto's net sales in January-June were ?345 million (?506 million),a decrease of 31.8%. The net sales performance was affected by adecline in the consumer demand in the car trade, coupled with the cartax change effective at the beginning of April, causing the car taxlevied on cars after 1 April 2009 to be excluded from the net sales.The comparable net sales, including the tax change impact, fell by27.4% in January-June. The combined market share of passenger carsand vans imported by VV-Auto rose to 18.3% (16.6%) during the firsthalf of the year.Konekesko's net sales in January-June were ?185 million (?323million), down 42.8% on the previous year as a result of the weakenedmachinery market and the downsizing of the Baltic agricultural trade.The net sales in Finland were ?105 million, a decrease of 35.7%. Thenet sales from Konekesko's foreign operations were ?80 million, down50.0%.In January-June, the operating loss excluding non-recurring items ofthe car and machinery trade was ?4.1 million (-0.8% of the netsales), which was ?41.2 million, or 5.3 percentage points, lower thanin the corresponding period of the previous year (operating profitexcluding non-recurring items ?37.1 million). In addition to thesubstantial sales decrease in the car and machinery trade, the profitperformance was affected by the weakening of the Baltic agriculturalmarket and the downsizing of the agricultural business, whichresulted in the recognition of impairment charges and expenseprovisions in a total amount of ?9 million on Konekesko's Balticbusiness activities for the first quarter.Investments in the car and machinery trade were ?3.6 million (?6.5million) in January-June.APRIL-JUNE 2009CONTINUING OPERATIONSNet sales and profitThe Group's net sales in April-June 2009 were ?2,143 million, whichis 15.9% down on the corresponding period of the previous year(?2,547 million). Net sales decreased by 11.5% in Finland and by30.5% abroad. Exports and foreign operations accounted for 19.1%(23.1%) of the net sales. The Group's net sales decrease was due to asubstantially weakened construction market coupled with a decrease inthe sales of the car, machinery and home and speciality goods trade,both resulting from the recession. The grocery trade continued itssteady growth.In April-June, the K-Group's (i.e. Kesko's and the chain stores')retail and B-to-B sales (incl. VAT) totalled ?3,268 million, adecrease of 12.0% on the corresponding period of the previous year.The Group's profit before tax for April-June was ?38.2 million (?84.3million). The operating profit was ?42.7 million (?84.8 million). Theoperating profit excluding non-recurring items was ?36.4 million(?81.1 million), representing 1.7% (3.2%) of the net sales. Thenon-recurring items included ?8.1 million in gains on propertydisposals, and ?1.9 million in property write-downs. During thecomparative period, the operating profit was increased by a net totalof ?3.7 million in non-recurring gains and losses.The smaller year-on-year operating profit excluding non-recurringitems is due to a weakened demand in the building and homeimprovement trade, the car and machinery trade, and the home andspeciality goods trade. The adjustments of costs and inventories hada significantly positive impact on the Group's profitability and cashflow for the second quarter.The Group's earnings per share from continuing operations were ?0.19(?0.58). The Group's equity per share was ?19.36 (?20.17).InvestmentsIn April-June, the Group's investments totalled ?55.8 million (?83.0million), which is 2.6% (3.3%) of the net sales. Investments in storesites were ?46.0 million (?69.4 million) and other investments ?9.7million (?13.6 million). Investments in foreign operationsrepresented 39.2% of total investments (24.8%).FinanceIn April-June, the cash flow from operating activities was ?143million (?126 million) and the cash flow from investing activitieswas ?-25 million (?26 million). The cash flow from investingactivities included ?26 million (?100 million) of proceeds from thedisposal of fixed assets.In April-June, the Group's net financial expenses were ?4.4 million(?0.2 million). The costs were increased by ?4.1 million for hedgingBaltic and Russian currency exposures due to an increased interestrate spread between the currencies.TaxesIn April-June, the Group's taxes were ?15.7 million (?21.3 million).The effective tax rate was 41.2% (25.3%), affected by the loss-makingperformances of foreign companies.PersonnelIn April-June, the average number of personnel in the Kesko Group was19,727 (21,769) converted into full-time employees. In Finland, theaverage decrease was 510 people, while outside Finland it was 1,532.Segment performance in April-JuneFood tradeIn the food trade, the net sales in April-June were ?974 million(?939 million), up 3.7%. The retail sales of K-food stores inApril-June totalled ?1,263 million (incl. VAT), representing a growthof 7.4%. Especially the K-citymarket chain and Pirkka productsrecorded good sales growth. The K-food stores' grocery salesincreased by 7.9%. At the end of June, the total number of K-foodstores was 1,033.In April-June, the operating profit excluding non-recurring items ofthe food trade was ?30.1 million (3.1% of the net sales), which was?1.5 million, or 0.3 percentage points, lower than in the previousyear. The operating profit was lowered by investments in new storesite openings. The operating profit of the food trade was ?33.8million (?31.5 million). The non-recurring gains on property salesand write-downs were ?3.8 million (?0.0 million) in April-June.In April-June, investments in the food trade were ?19.5 million(?39.9 million), of which investments in store sites were ?16.8million (?34.5 million).Kesko Food continued to develop the K-food store network. InApril-June, a K-citymarket opened in Ylöjärvi and in Skanssi, Turku,and a K-supermarket in Kempele. The expanded K-citymarket Mikkeli andK-supermarket Lahti Ahtiala reopened. The K-market chain wasincreased by six new food stores, four of which opened at Teboilstations. In addition, several renovations were implemented inK-supermarkets and K-markets.The most significant store sites being built are the K-citymarkets inKirkkonummi, in Linnainmaa, Tampere, in Koivukylä, Vantaa, and thenew K-supermarkets in Porvoo, Järvenpää and Eurajoki.Home and speciality goods tradeIn the home and speciality goods trade, the net sales in April-Junewere ?331 million (?355 million), down 6.6%.The operating loss of the home and speciality goods trade excludingnon-recurring items in April-June was ?6.0 million (-1.8% of the netsales). The operating loss was due to the fall in sales. InApril-June 2008, the operating profit excluding non-recurring itemswas 3.5 million (1.0% of the net sales). The operating loss inApril-June was ?3.6 million (operating profit ?3.7 million).Non-recurring gains on property sales and write-downs were ?2.4million in April-June (?0.2 million).Investments in the home and speciality goods trade in April-June were?7.1 million (?13.0 million).Anttila's net sales in April-June were ?103 million (?116 million),down 11.6%. The biggest decrease was registered in the sales ofentertainment and home products. The sales of the Anttila departmentstores were ?60 million, down 10.4%. The sales of the Kodin Ykkönendepartment stores for home goods and interior decoration were ?27million, down 16.8%. NetAnttila's sales were ?16 million, a decreaseof 6.7% in Finland, 22.7% in Estonia and 29.6% in Latvia. In April, adepartment store opened in Skanssi, Turku, and a new Kodin Ykkönenwill open in Lielahti, Tampere, in November 2009.The net sales of K-citymarket's home and speciality goods trade inApril-June were ?134 million (?128 million), up 4.4%. The net salesperformance was affected by store site network expansions and anincreased number of customers. In April, a K-citymarket opened inSkanssi, Turku and in Ylöjärvi. Further openings in 2009 includeK-citymarkets in Kirkkonummi, in Koivukylä, Vantaa, and inLinnainmaa, Tampere.Intersport Finland's net sales in April-June were ?32 million (?37million), down 12.1%. The Budget Sport online store opened in April.Indoor's net sales in April-June were ?36 million (?43 million), down16.4%. In Finland, Indoor's net sales decreased by 13.2% and abroadby 40.5%. Musta Pörssi Ltd's net sales in April-June were ?23 million(?26 million), down 11.5%. Kenkäkesko Ltd's net sales in April-Junewere ?3 million (?5 million), down 27.6%.Building and home improvement tradeIn the building and home improvement trade, the net sales inApril-June were ?643 million (?870 million), down 26.1%.In April-June, the net sales in Finland were ?291 million, a decreaseof 25.8%. The building and home improvement trade contributed ?211million and the agricultural supplies trade ?81 million to the netsales in Finland. The net sales of the building and home improvementtrade in Finland were down 18.3% and the net sales of theagricultural supplies trade by 40.1%.The net sales from foreign operations in the building and homeimprovement trade were ?352 million (?478 million), a decrease of26.3%. In addition to a decline in demand, the sales performance offoreign operations was affected by the weakening of the Swedishkrona, the Norwegian krone and the Russian ruble. The net sales fromforeign operations dropped by 19.1% in terms of the local currencies.Foreign operations contributed 54.7% to the net sales of the buildingand home improvement trade.In Sweden, the net sales of K-rauta AB decreased by 12.6% to ?52million in April-June. In terms of the local currency, K-rauta AB'snet sales grew by 0.8%. In Norway, Byggmakker's net sales decreasedby 25.6% and were ?133 million. In terms of the local currency,Byggmakker's net sales dropped by 17.1%. In Estonia, Rautakesko's netsales were down by 18.7% to ?19 million. In Latvia, Rautakesko's netsales decreased by 28.6% to ?14 million. In Lithuania, Senukai's netsales decreased by 38.8% to ?74 million. In Russia, the net sales ofthe building and home improvement trade decreased by 12.7% to ?44million. In terms of the local currency, Stroymaster's net salesincreased by 3.8%. The net sales of the Belarusian OMA were down by20.3% to ?14 million. In terms of the local currency, OMA's net salesdecreased by 8.8%.In April-June, the operating profit excluding non-recurring items ofthe building and home improvement trade was ?14.8 million (2.3% ofthe net sales), which was ?16.2 million, or 1.3 percentage points,lower than in the corresponding period of the previous year. Theprofit performance was affected by a substantial contraction of theconstruction markets. The operating profit of the building and homeimprovement trade was ?14.8 million (operating profit ?34.6 million)in April-June. The adjustments of costs and inventories had asignificantly positive impact on the profitability and cash flow ofthe building and home improvement trade.In April-June, investments in the building and home improvement tradewere ?26.8 million (?29.4 million), of which 81.0% (69.0%) abroad.The retail sales of the K-rauta and Rautia chains in April-Junedecreased by 9.0% to ?346 million (incl. VAT) in Finland. The salesof Rautakesko B-to-B Service were ?52 million, down 35.4%. The retailsales of the K-maatalous chain were ?136 million (incl. VAT), down31.3%.In April-June, six new stores opened and three stores closed down. InFinland, a Rautia store opened in Pietarsaari and aRautia-K-Maatalous store in Levi. A new K-rauta store opened inValga, Estonia, and another in Madona, Latvia. In Norway, aByggmakker store opened in Bodö. OMA opened a store in Baranovichy.In Norway, two Byggmakker stores closed down and one K-rauta store inSweden.Car and machinery tradeIn April-June, the net sales of the car and machinery trade were ?233million (?426 million), down 45.3%.VV-Auto's net sales in April-June were ?135 million (?246 million), adecrease of 45.2%. The net sales performance was affected by adecline in the consumer demand in the car trade, coupled with the cartax change effective at the beginning of April, causing the car taxlevied on cars after 1 April 2009 to be excluded from the net salesfigures. The comparable net sales, including the tax change impact,fell by 36.0% in April-June. The combined market share of passengercars and vans imported by VV-Auto grew to 17.4% (16.8%) inApril-June.Konekesko's net sales in April-June were ?99 million (?181 million),down 45.5% on the corresponding period of the previous year. The netsales decrease is due to the weakened machinery market and thedownsizing of the Baltic agricultural trade. The net sales in Finlandwere ?55 million, a decrease of 38.6%. The net sales from Konekesko'sforeign operations were ?44 million, down 52.1%.In April-June, the operating profit excluding non-recurring items ofthe car and machinery trade was ?1.9 million (0.8% of the net sales),which was ?19.4 million, or 4.2 percentage points, lower than in thecorresponding period of the previous year. The profit performance wasaffected by the substantial sales decrease in the car and machinerytrade.Changes in the Group compositionEffective 1 January 2009, the Kesko Group's segments are the foodtrade, the home and speciality goods trade, the building and homeimprovement trade, and the car and machinery trade (stock exchangerelease on 12 December 2008).Resolutions of the Annual General Meeting 2009 and decisions of theBoard's organisational meetingKesko Corporation's Annual General Meeting held on 30 March 2009adopted the financial statements for 2008 and discharged the Board ofDirectors' members and the Managing Director from liability. TheAnnual General Meeting also resolved to distribute a dividend of?1.00 per share, or a total amount of ?97,851,050, as proposed by theBoard. The dividend pay date was 9 April 2009. The Annual GeneralMeeting elected PricewaterhouseCoopers Oy as the company's auditor,with APA Johan Kronberg as the auditor with principal responsibility,and approved the Board's proposal to amend the article of theArticles of Association providing for the convocation period so thatthe notice of the General Meeting shall be given at the latest 21days before the General Meeting, and the Board's proposal toauthorise the Board to decide on the issuance of a maximum of20,000,000 new B shares. The share issue authorisation is valid until30 March 2012.The Annual General Meeting resolved to leave the number of members ofthe Board of Directors unchanged at seven, and elected HeikkiTakamäki, Seppo Paatelainen, Maarit Näkyvä, Ilpo Kokkila, EsaKiiskinen (new member), Mikko Kosonen (new member) and Rauno Törrönen(new member) as members of the company's Board of Directors for athree-year term defined in the Articles of Association, which willexpire at the close of the 2012 Annual General Meeting.The resolutions of the Annual General Meeting were announced in moredetail in a stock exchange release on 30 March 2009.The organisational meeting of Kesko Corporation's Board of Directors,held after the Annual General Meeting on 30 March 2009, electedHeikki Takamäki as its Chair and Seppo Paatelainen as its DeputyChair. Maarit Näkyvä (Ch.), Seppo Paatelainen and Mikko Kosonen wereappointed to the Board of Directors' Audit Committee. Heikki Takamäki(Ch.), Seppo Paatelainen and Ilpo Kokkila were appointed to the Boardof Directors' Remuneration Committee. The terms of the Committeesexpire at the close of the Annual General Meeting. The decisions ofthe Board's organisational meeting were announced in a stock exchangerelease on 30 March 2009.Shares, securities market and Board authorisationsAt the end of the reporting period, Kesko Corporation's share capitaltotalled ?196,426,496. Of all shares 31,737,007, or 32.3%, were Ashares and 66,476,241, or 67.7%, were B shares. The aggregate numberof shares was 98,213,248. Each A share entitles to ten (10) votes andeach B share to one (1) vote. During the reporting period, the sharecapital was increased three times corresponding to sharesubscriptions with the stock options of the year 2003 option scheme.The increases were made on 11 February 2009 (?52,392), 5 May 2009(?51,250) and 5 June 2009 (?673,146), and announced in stock exchangenotifications on the same days. The subscribed shares were includedon the main list of the Helsinki stock exchange for public tradingwith the old B shares on 12 February 2009, 6 May 2009 and 8 June2009.The price of a Kesko A share was ?22.00 at the end of 2008, and?20.50 at the end of the reporting period in June, representing adecrease of 6.8%. The price of a B share was ?17.80 at the end of2008, and ?18.86 at the end of the reporting period, representing anincrease of 6.0%. During the reporting period, the highest A sharequotation was ?24.90 and the lowest was ?18.73. For B shares, theywere ?21.98 and ?14.99 respectively. During the reporting period, theHelsinki stock exchange All Share index (OMX Helsinki) rose by 3.8%,the weighted OMX Helsinki CAP index by 8.8%, while the ConsumerStaples Index was up 8.0% during the same period.At the end of the reporting period, the market capitalisation of Ashares was ?651 million, while that of B shares was ?1,254 million.Their combined market capitalisation was ?1,904 million, an increaseof ?30 million compared with the end of 2008. During the first halfof 2009, 608,300 A shares were traded on the Helsinki stock exchangeat a total value of ?13.3 million, while 46.7 million B shares weretraded at a total value of ?827.9 million.The 2003F stock options of the year 2003 option scheme were availablefor trading and a total of some 42,000 options were traded at a totalvalue of ?220,000 during the reporting period.The Board of Directors was authorised by the Annual General Meetingof 30 March 2009 to issue a maximum of 20,000,000 new B shares. Theauthorisation has not been used. In addition to the 2003 stock optionscheme, the company operates the 2007 scheme of stock options 2007A,2007B and 2007C. Their exercise period has not started and, for thepresent, they have not been listed. Further information on theBoard's authorisations is available at www.kesko.fi.At the end of the reporting period, the number of shareholders was39,338. In 2008 it increased by 9,155 shareholders and during thefirst half of 2009 by 1,258 shareholders. At the end of June 2009,foreign ownership of all shares was 20% (27%), and foreign ownershipof B shares was 30% (39%).Flagging notificationsKesko Corporation did not receive flagging notifications during thereporting period.Main events during the reporting periodKesko Corporation's Board of Directors approved the Group's revisedfinancial objectives. The objective for return on investment has beenreplaced by the objective for return on capital employed. The newobjective for return on equity has been set at 12% (previously 14%)and the objective for return on capital employed has been set at 14%.The objective range of the equity ratio has been broadened to 40-50%(previously 40-45%). The Board of Directors also revised Kesko'sdividend policy, published on 6 April 2005. In accordance with thenew dividend policy, Kesko Corporation distributes at least 50% ofits earnings per share excluding non-recurring items as dividends,taking however the company's financial position and operatingstrategy into account (stock exchange release on 5 February 2009).On 31 March 2009, Kesko sold four store properties to the KeskoPension Fund. The debt-free selling price was about ?50 million. TheKesko Group's gain on the sale was ?19.7 million, which was treatedas a non-recurring item in the operating profit for the first quarter(stock exchange release on 31 March 2009).The Annual General Meeting was held on 30 March 2009 (stock exchangereleases on 30 March 2009).The Supreme Administrative Court decided not to grant leave to appealagainst the Helsinki Administrative Court's prior decision not toaccept the ?22.5 million write-down made by Rautakesko Ltd on theshares of its Swedish subsidiary, K-rauta AB, in its taxation for theyear 2001. The Supreme Administrative Court also decided not to grantleave to appeal against the Helsinki Administrative Court's priordecision to dismiss Kesko Corporation's appeal concerning thedeductibility of expenses added to its taxable income for the years1997-1999 (stock exchange release on 11 June 2009).Risk managementThe Kesko Group has established a risk management process in whichthe divisions regularly assess the risks and their management andreport on them to the Group's management. Kesko's risk management andrisks relating to the business activities have been described in moredetail in Kesko's 2008 Annual Report and financial statements, andthe corporate governance section on Kesko's website.The main risks for Kesko's business activities are related to thegeneral economic development in Kesko's operating area. During thefirst part of the year, the consumer demand has weakened markedly inthe building materials, the car and machinery, and the home andspeciality goods trade. Because of the possibility that the recessionis prolonged and the employment situation continues to deteriorate,the Group's sales and profit performance are affected by materialuncertainties. The increased possibility of financial difficultiesfor customers, principals and suppliers also increases the risk ofcredit losses and risks relating to the availability of merchandise.The prevailing market situation emphasizes cost adaptation, efficientmanagement of inventories, customer receivables and investmentassets, as well as risk management responses to the prevention ofmalpractice.Risks and uncertainties relating to profit performance are describedin the Group's future outlook.Future outlookEstimates of the future outlook for the Kesko Group's net sales andoperating profit excluding non-recurring items are given for the 12months following the reporting period (7/2009-6/2010) in comparisonwith the 12 months preceding the reporting period (7/2008-6/2009).The development of the Group's business activities is affected by theeconomic outlook in its different market areas and especially by thegrowth rate of private consumption. As a result of the weakening ofthe real economy, the outlook for the near future remains uncertain.During the next twelve months, the overall consumer demand isexpected to continue developing at a rate clearly below the averageowing to increasing unemployment and problems relating to theavailability of business and consumer finance.The steady development of the grocery trade is expected to continue.The market situation is expected to remain difficult in the buildingsector, in the car and machinery trade, and in the home andspeciality goods trade.Uncertainty about the economic outlook continues to make anystatement about the Group's future outlook significantly moredifficult. In consequence of the weakening economic development, theKesko Group's net sales and operating profit excluding non-recurringitems from continuing operations in the next twelve months areexpected to remain at a lower level compared with the net sales andoperating profit excluding non-recurring items of the comparativeperiod. The Group's liquidity and solvency are expected to remaingood.Helsinki, 23 July 2009Kesko CorporationBoard of DirectorsThe figures of this interim financial report are unaudited.Further information is available from Arja Talma, Senior VicePresident, CFO, telephone +358 1053 22113, and Jukka Erlund, VicePresident, Corporate Controller, telephone +358 1053 22338. AFinnish-language webcast from the media and analyst briefing on theinterim financial report can be accessed at www.kesko.fi at 11.00. AnEnglish-language web conference on the interim financial report willbe held today at 14.30 (Finnish time). The web conference login isavailable at www.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 financial 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 30 JuneGroup contingent liabilitiesCalculation of financial indicatorsK-Group retail and B-to-B salesKesko Corporation's interim financial report for the periodJanuary-September will be published on 22 October 2009. In addition,the Kesko Group's sales figures will be published each month. Newsreleases and other company information are available on Kesko'swebsite at www.kesko.fi.DISTRIBUTIONNASDAQ OMX HelsinkiMain news mediawww.kesko.fi********ATTACHMENTS:Accounting policiesThis interim financial report has been prepared in accordance withthe IAS 34 standard. The same accounting policies have been appliedto the preparation of the interim financial report as to thepreparation of the 2008 financial statements, with the exception ofthe following changes due to the adoption of new and amended IFRSstandards and IFRIC interpretations.IFRS 8 Operating segmentsThe Kesko Group's reportable segments are the same as its businessdivisions, which, effective 1 January 2009, are the food trade, thehome and speciality goods trade, the building and home improvementtrade, and the car and machinery trade (stock exchange release on 12December 2008). The segment information for the 2008 financial periodhas been restated accordingly (stock exchange release on 26 March2009). The adoption of the IFRS 8 has not changed the Group'sreportable segments, because the Group's prior segment informationwas already based on the management's internal reporting, with themeasurement principles of assets and liabilities complying with theIFRS regulations.The food trade in Finland comprises the food business based on theK-retailer business model and Kespro Ltd's grocery wholesaling. Thehome and speciality goods trade comprises Anttila's department storebusiness, K-citymarket's home and speciality goods business,Intersport Finland's sports business, Indoor Group's furniture andinterior decoration business, Musta Pörssi's home technologybusiness, and Kenkäkesko's shoe business. The building and homeimprovement trade includes, in addition to the previously reportedRautakesko, the K-maatalous chain and the agricultural business inFinland. The car and machinery trade comprises the previouslyreported VV-Auto and Konekesko. Konekesko includes, in addition tothe previously reported machinery business, the tractor and combineharvester business in Finland and the agricultural and machinerybusiness entities in the Baltic countries.Segment assets and liabilities comprise items used by a segment inits business activities or items that can be allocated to segments.Unallocated items consist of the Group's common items.IAS 1 Presentation of financial statementsAt the beginning of 2009, the Kesko Group adopted the amended IAS 1standard. Consequently, the interim financial report presents astatement of comprehensive income specifying non-owner changes inequity. At the same time, the statement of changes in equity has beenmodified to comply with the requirements of the amended standard.IFRIC 13 Customer Loyalty ProgrammesAt the beginning of 2009, the Kesko Group adopted a new IFRICinterpretation, IFRIC 13 Customer Loyalty Programmes. According tothe interpretation, the loyalty award credits relating to theK-Plussa customer loyalty programme are recognised in salesadjustment items. In consequence, the net sales figures for 2008 ofcertain retail companies of the Group have been restated to complywith the new interpretation. The adoption of the interpretation doesnot impact the Group's operating profit.IAS 23, Borrowing Costs, capitalisation of borrowing costsattributable to a qualifying assetThe amended standard removes the option of immediately expensingborrowing costs attributable to the acquisition, construction orproduction of a qualifying asset as part of the cost of that asset.These borrowing costs are eligible for capitalisation as part of thecost of the asset. The Group previously expensed borrowing costs inthe accounting period in which they incurred. The amendment has notimpacted the profit for the reporting period.In addition, the Group has adopted the following revised or amendedIFRS standards and IFRIC interpretations endorsed by the EU as from 1January 2009:- IAS 32 Financial Instruments: presentation, and IAS 1 Presentationof Financial Statements - Puttable financial instruments andobligations arising on liquidation (amendment).- IFRS 1 First-time adoption of IFRS, and IAS 27 Consolidated andSeparate Financial Statements - Cost of an investment in aSubsidiary, Jointly controlled Entity 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 Operation.The following standards became effective on 1 January 2009, but havenot yet been 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 amaterial impact on the reported income statement, statement offinancial position or notes.Other changesThe credit entry corresponding to granted share options in compliancewith IFRS 2 is presented in retained earnings instead of sharepremium. The change was made retrospectively for the first quarterand does not impact the Group's equity.The cost for hedging foreign currency denominated items of thestatement of financial position is presented in the cash flow fromoperating activities instead of the cash flow from financingactivities. The change has been made retrospectively.Consolidatedincomestatement (?million) 1-6/ 1-6/ Change, 4-6/ 4-6/ Change, 1-12/ 2009 2008 % 2009 2008 % 2008Net sales 4,160 4,824 -13.8 2,143 2,547 -15.9 9,591Cost of sales -3,613 -4,168 -13.3 -1,858 -2,196 -15.4 -8,293Gross profit 548 656 -16.5 284 351 -19.1 1,299Other operatingincome 326 406 -19.6 165 158 4.6 730Staff cost -273 -296 -7.8 -136 -150 -9.3 -578Depreciation andimpairment charges -58 -58 0.6 -31 -29 5.4 -178Other operatingexpenses -477 -473 0.9 -240 -245 -2.1 -987Operating profit 66 235 -71.9 43 85 -49.6 286Interest income 13 17 -27.0 5 8 -40.6 36Interest expenses -11 -16 -32.6 -5 -8 -34.3 -30Exchangedifferences andother financialitems -11 -3 (..) -4 -1 (..) -4Income fromassociates 0 0 (..) 0 0 -68.3 2Profit before tax 56 233 -75.8 38 84 -54.7 289Income tax -22 -58 -61.5 -16 -21 -26.1 -89Profit for theperiod fromcontinuingoperations 34 175 -80.5 22 63 -64.3 199Profit for theperiod fromdiscontinuedoperations - 41 (..) - 31 (..) 42Net profit for theperiod 34 216 -84.2 22 94 -76.1 241Attributable to Owners of theparent 31 208 -85.3 19 88 -78.2 220 Non-controllinginterests 4 9 -58.6 3 6 -46.7 21Earnings per share(?) forprofitattributable toequityholders of theparentContinuingoperations Basic 0.31 1.70 -81.6 0.19 0.58 -66.3 1.82 Diluted 0.31 1.69 -81.6 0.19 0.58 -66.2 1.81Whole Group Basic 0.31 2.12 -85.3 0.19 0.90 -78.3 2.25 Diluted 0.31 2.11 -85.2 0.19 0.89 -78.2 2.24Consolidatedstatement ofcomprehensiveincome(? million) 1-6/ 1-6/ Change, 4-6/ 4-6/ Change, 1-12/ 2009 2008 % 2009 2008 % 2008Net profit for theperiod 34 216 -84.2 22 94 -76.1 241OthercomprehensiveincomeExchangedifferences ontranslatingforeign operations -3 -1 (..) -1 1 (..) -6Cash flow hedgerevaluation -7 12 (..) 2 14 -84.5 -13Revaluation ofavailable-for-salefinancial assets -1 0 (..) 0 0 45.7 2Tax relating toothercomprehensiveincome 2 -3 (..) -1 -4 -86.2 3Total othercomprehensiveincome for theperiod, net of tax -9 7 (..) 0 12 -99.5 -14Totalcomprehensiveincomefor the period 25 223 -88.8 23 106 -78.7 226Attributable to Owners of theparent 26 215 -88.2 20 99 -79.8 205 Non-controllinginterests -1 8 (..) 3 7 -61.6 21(..) Change over 100%Consolidated statement offinancialposition (? million),condensed 30.6.2009 30.6.2008 Change,% 31.12.2008ASSETSNon-current assetsIntangible assets 177 217 -18.7 170Tangible assets 1,190 1,144 4.0 1,210Interests in associates andotherfinancial assets 36 32 14.5 34Loans and receivables 62 67 -7.4 76Pension assets 310 268 15.5 300Total 1,776 1,729 2.7 1,789Current assetsInventories 739 897 -17.7 871Trade receivables 717 811 -11.6 633Other receivables 122 151 -19.2 152Financial assets at fairvalue throughprofit or loss 20 216 -90.9 94Available-for-sale financialassets 402 262 53.7 291Cash and cash equivalents 85 73 17.1 58Total 2,085 2,410 -13.5 2,100Non-current assets held forsale 1 1 0.0 3Total assets 3,862 4,140 -6.7 3,892 30.6.2009 30.6.2008 Change,% 31.12.2008EQUITY AND LIABILITIESEquity 1,901 1,973 -3.6 1,966Non-controlling interests 60 47 27.1 61Total equity 1,961 2,020 -2.9 2,026Non-current liabilitiesPension obligations 2 4 -49.5 2Interest-bearing liabilities 263 211 24.6 197Non-interest-bearingliabilities 9 5 83.2 12Deferred tax 128 137 -6.6 132Provisions 18 18 1.4 20Total 420 374 12.1 363Current liabilitiesInterest-bearing liabilities 263 298 -11.7 294Trade payables 809 968 -16.4 756Other non-interest-bearingliabilities 387 468 -17.3 430Provisions 22 12 85.3 24Total 1,481 1,746 -15.2 1,503Total equity and liabilities 3,862 4,140 -6.7 3,892(..) Change over 100%Consolidated statement of changes in equity (? million) Share Issue Share Other Cur- Rev- Re- Non Total capital of premi- reser- rency alu- tained control- share um ves transla- ation ear- ling- capital tion sur- nings inte- differ- plus rests encesBalance at1.1.2008 196 0 190 247 -3 10 1,270 55 1,964Sharessubscribedfor withoptions 0 0 0 0Optioncost 2 2Subsidiarydisposals -4 0 5 0Dividends -156 -16 -172Otherchanges 2 2Totalcomprehensiveincomefor theperiod 0 8 207 8 223Balance at30.6.2008 196 0 190 243 -4 18 1,330 47 2,020Balance at1.1.2009 196 0 191 243 -15 2 1,350 61 2,026Sharessubscribedfor withoptions 1 0 2 3Optioncost 3 3Dividends -98 0 -98Otherchanges 1 1Totalcomprehensiveincome forthe period 7 -5 24 -1 25Balance at30.6.2009 196 0 193 243 -9 -4 1,281 60 1,961Consolidated cash flow statement (? million), condensed 1-6/ 1-6/ Change, 4-6/ 4-6/ Change, 1-12/ 2009 2008 % 2009 2008 % 2008Cash flow from operatingactivitiesProfit before tax 56 275 -79.5 38 115 -66.8 331Planned depreciation 56 59 -4.5 29 29 -2.2 118Financial income andexpenses 10 1 (..) 4 0 (..) -1Other adjustments -28 -172 -83.5 -7 -39 -81.4 -130Working capitalCurrentnon-interest-bearingtrade and otherreceivables,increase (-)/ decrease (+) -67 -160 -58.1 9 -16 (..) -10Inventoriesincrease (-)/ decrease (+) 130 -11 (..) 91 3 (..) 2Currentnon-interest-bearingliabilities,increase (+)/decrease (-) 24 139 -82.7 4 59 -93.3 -78Financial items and tax -34 -43 -19,5 -25 -27 -7.5 -100Net cash from operatingactivities 146 89 63,8 143 126 13.8 131Cash flow from investingactivitiesInvestments -120 -135 -11.3 -51 -75 -32.2 -320Disposals of fixed assets 90 217 -58.8 26 100 -73.7 281Increase of long-termreceivables 0 -4 (..) 0 0 (..) -7Decrease of long-termreceivables 1 0 (..) -1 0 (..) 0Net cash used in investingactivities -30 79 (..) -25 26 (..) -46Cash flow from financingactivitiesIncrease (+)/ decrease (-)ininterest-bearingliabilities 38 -23 (..) 27 -10 (..) -53Increase (-)/decrease (+)inshort-term interest-bearingreceivables -1 211 (..) 0 -5 (..) 216Dividends paid -98 -156 -37.1 -98 -156 -37.1 -172Equity increase 3 0 (..) 3 0 (..) 0Short-term money marketinvestments 58 -111 (..) 4 -20 (..) -17Other items 7 -1 (..) 0 -1 (..) 11Net cash used in financingactivities 8 -80 (..) -64 -192 -66.5 -14Change in cash and cashequivalents 124 88 41,7 54 -41 (..) 71Cash and cash equivalentsand current portion ofavailable-for-salefinancialassets at 1 Jan. 319 245 30.1 387 371 4.4 245Exchange difference andrevaluation -3 0 (..) 0 0 (..) 1Cash and cash equivalentsrelating toavailable-for-saleassets 0 -2 (..) 0 -4 (..) -2Cash and cash equivalentsand current portion ofavailable-for-salefinancialassets at 30 Jun. 440 335 31.6 440 335 31.6 319(..) Change over 100%Group financial indicators Change, 1-6/2009 1-6/2008 ppReturn on capital employed, % 6.1 26.0 -19.9Return on capital employed, %, rolling 12months 5.4 20.2 -14.8Return on capital employed excl. non-recurring items, % 3.7 11.3 -7.6Return on capital employed excl. non-recurring items, %, rolling 12 months 6.4 13.2 -6.8Return on equity, % 3.4 21.7 -18.3Return on equity, %, rolling 12 months 2.9 17.7 -14.7Return on equity excl. non-recurringitems, % 1.5 8.8 -7.3Return on equity excl. non-recurringitems, %, rolling 12 months 4.5 11.1 -6.6Equity ratio, % 51.0 49.0 1.9Gearing, % 0.9 -2.1 3.0 Change,%Investments, ? million* 107.2 143.3 -25.2Investments, % of net sales* 2.6 3.0 -13.2Earnings per share, basic, ?* 0.31 1.70 -81.6Earnings per share, diluted, ?* 0.31 1.69 -81.6Earnings per share, basic, ?** 0.31 2.12 -85.3Earnings per share, diluted, ?** 0.31 2.11 -85.2Earnings per share excl. non-recurringitems, basic, ?** 0.11 0.81 -85.8Cash flow from operating activities,? million** 146 89 63.8Cash flow from investing activities,? million** -30 79 (..)Equity per share, ? 19.36 20.17 -4.0Personnel, average* 19,678 21,458 -8.3* Continuing operations** Whole GroupGroup financial indicators 1-3/ 4-6/ 7-9/ 10-12/ 1-3/ 4-6/by quarter 2008 2008 2008 2008 2009 2009Net sales, ? million 2,277 2,547 2,435 2,333 2,018 2,143Change in net sales, % 6.8 6.1 3.0 -2.4 -11.4 -15.9Operating profit, ? million 150.1 84.8 43.8 6.9 23.2 42.7Operating margin, % 6.6 3.3 1.8 0.3 1.1 2.0Operating profit excl. non-recurring items, ? million 36.6 81.1 72.0 27.3 3.4 36.4Operating margin excl. non-recurring items, % 1.6 3.2 3.0 1.2 0.2 1.7Financial income/expenses,? million -1.4 -0.2 1.8 0.8 -5.1 -4.4Profit before tax, ? million 148.6 84.3 48.0 7.7 18.2 38.2Profit before tax, % 6.5 3.3 2.0 0.3 0.9 1.8Return on capital employed, % 30.1 22.2 8.2 1.4 4.2 8.0Return on capital employedexcl. non-recurring items, % 7.3 15.6 13.6 4.9 0.6 6.8Return on equity, % 25.1 19.1 4.2 0.6 2.4 4.6Return on equity excl. non-recurring items, % 5.6 12.3 10.4 4.3 -0.6 3.7Equity ratio, % 46.3 49.0 50.2 52.4 49.8 51.0Investments, ? million* 60.3 83.0 89.9 105.2 51.5 55.8Earnings per share, diluted, ?* 1.11 0.58 0.17 -0.05 0.12 0.19Equity per share, ? 19.13 20.17 20.29 20.09 19.16 19.36* Continuing operationsSegment informationNet sales by segment,continuing operations 1-6/ 1-6/ Change, 4-6/ 4-6/ Change,(? million) 2009 2008 % 2009 2008 %Food trade, Finland 1,857 1,786 4.0 972 936 3.8Food trade, other countries* 4 6 -39.6 2 3 -31.7Food trade total 1,861 1,792 3.8 974 939 3.7- of which intersegment trade 79 89 -11.5 37 41 -8.3Home and speciality goodstrade, Finland 663 695 -4.6 325 346 -6.0Home and speciality goodstrade, other countries* 14 24 -41.4 6 9 -32.4Home and speciality goodstrade total 677 719 -5.8 331 355 -6.6- of which intersegment trade 10 9 8.7 6 6 -3.7Building and home improvementtrade, Finland 554 722 -23.3 291 392 -25.8Building and home improvementtrade, other countries* 619 844 -26.6 352 478 -26.3Building and home improvementtrade total 1,173 1,566 -25.1 643 870 -26.1- of which intersegment trade 1 1 -12.7 1 1 -6.3Car and machinery trade,Finland 444 657 -32.5 185 329 -43.7Car and machinery trade,other countries* 86 171 -49.8 48 98 -50.7Car and machinery trade total 529 828 -36.1 233 426 -45.3- of which intersegment trade 0 1 -57.8 0 0 -27.2Common operations andeliminations -80 -81 -1.4 -39 -44 -11.0Finland total 3,437 3,778 -9.0 1,734 1,959 -11.5Other countries total* 723 1,045 -30.9 408 588 -30.5Group total 4,160 4,824 -13.8 2,143 2,547 -15.9* exports and net sales in countries other than FinlandOperating profit bysegment, continuing 1-6/ 1-6/ 4-6/ 4-6/operations (? million) 2009 2008 Change 2009 2008 ChangeFood trade 76.1 112.9 -36.7 33.8 31.5 2.3Home and speciality goods trade -6.9 43.8 -50.7 -3.6 3.7 -7.3Building and home improvementtrade 9.6 42.0 -32.4 14.8 34.6 -19.8Car and machinery trade -4.1 37.1 -41.2 1.9 21.3 -19.4Common operations and eliminations -8.8 -0.8 -8.1 -4.3 -6.3 2.1Total 65.9 235.0 -169.1 42.7 84.8 -42.1Segments' operating profitsexcl. non-recurring items,continuing operations 1-6/ 1-6/ 4-6/ 4-6/(? million) 2009 2008 Change 2009 2008 ChangeFood trade 63.9 56.5 7.4 30.1 31.5 -1.5Home and speciality goods trade -16.7 -3.3 -13.4 -6.0 3.5 -9.5Building and home improvementtrade 5.6 38.3 -32.7 14.8 31.0 -16.2Car and machinery trade -4.1 37.1 -41.2 1.9 21.3 -19.4Common operations andeliminations -9.0 -11.0 2.0 -4.4 -6.2 1.8Total 39.8 117.7 -77.9 36.4 81.1 -44.7Segments' operating 1-6/ 4-6/margins excl. 2009 1-6/ 4-6/ 2008non-recurring % of 2008 2009 % ofitems, continuing net % of net Change % of net net Changeoperations sales sales pp sales sales ppFood trade 3.4 3.2 0.3 3.1 3.4 -0.3Home and speciality goodstrade -2.5 -0.5 -2.0 -1.8 1.0 -2.8Building and homeimprovement trade 0.5 2.4 -2.0 2.3 3.6 -1.3Car and machinery trade -0.8 4.5 -5.3 0.8 5.0 -4.2Total 1.0 2.4 -1.5 1.7 3.2 -1.5Capital employed bysegment, cumulative 1-6/ 1-6/ 4-6/ 4-6/average (? million) 2009 2008 Change 2009 2008 ChangeFood trade 635 622 13 624 620 5Home and speciality goodstrade 523 495 28 527 506 21Building and homeimprovement trade 661 630 32 665 643 22Car and machinery trade 266 272 -6 247 270 -23Common operations andeliminations 79 110 -31 67 45 22Group total 2,164 2,128 36 2,129 2,082 47Return on capitalemployedby segment excl. non- 1-6/ 1-6/ Change 4-6/ 4-6/ Change Rolling 12 morecurring items, % 2009 2008 pp 2009 2008 pp 6/2009Food trade 20.1 18.2 2.0 19.3 20.4 -1.1 20.3Home and specialitygoods trade -6.4 -1.3 -5.1 -4.5 2.8 -7.3 3.4Building and homeimprovement trade 1.7 12.2 -10.5 8.9 19.3 -10.4 3.7Car and machinerytrade -3.0 27.3 -30.4 3.1 31.6 -28.5 -3.9Group total 3.7 11.3 -7.6 6.8 15.6 -8.7 6.4Investments by segment,continuing operations 1-6/ 1-6/ 4-6/ 4-6/(? million) 2009 2008 Change 2009 2008 ChangeFood trade 40 64 -24 19 40 -20Home and speciality goods trade 17 24 -7 7 13 -6Building and home improvement trade 46 52 -6 27 29 -3Car and machinery trade 4 7 -3 2 4 -2Group total 107 143 -36 56 83 -27Segment information by quarterNet sales by segment,continuing operations 1-3/ 4-6/ 7-9/ 10-12/ 1-3/ 4-6/(? million) 2008 2008 2008 2008 2009 2009Food trade 853 939 933 982 888 974Home and speciality goods trade 364 355 396 490 346 331Building and homeimprovement trade 695 870 795
Datum: 24.07.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 3939
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