Interim financial report for the period 1 Jan.-30 Sep. 2009
(Thomson Reuters ONE) - KESKO CORPORATION STOCK EXCHANGE RELEASE 22.10.2009 AT 09.00 1(27)In January-September 2009, the Group's net sales from continuingoperations were ?6,294 million, which is 13.3% down on thecorresponding period of the previous year (?7,258 million). InJanuary-September 2009, the operating profit excluding non-recurringitems was ?87.4 million (?189.7 million). The profit before tax was?100.3 million (?280.9 million). The whole Group's profit forJanuary-September was ?53.9 million (?223.7 million). The wholeGroup's earnings per share were ?0.55 (?2.28).Key performance indicatorsContinuing operations 1-9/2009 1-9/2008 7-9/2009 7-9/2008Net sales, ? million 6,294 7,258 2,133 2,435Operating profit, ? million 114 279 48 44Operating profit excludingnon-recurring items, ? million 87 190 48 72Profit before tax, ? million 100 281 44 48Earnings/share, ?, diluted 0.55 1.86 0.24 0.17Investments, ? million 156.5 233.2 49.2 89.9Whole GroupEarnings/share, diluted, ? 0.55 2.28 0.24 0.16Earnings/share excl.non-recurring items, basic, ? 0.35 1.29 0.23 0.48Cash flow from operatingactivities,? million 266 116 119 27Cash flow from investingactivities, ? million -75 50 -46 -29Return on equity, % 4.0 15.8 5.2 4.2Return on capital employed, % 7.2 20.1 9.4 8.2Whole Group 30.9.2009 30.9.2008Equity ratio, % 52.3 50.2Equity/share, ? 19.60 20.29JANUARY-SEPTEMBER 2009CONTINUING OPERATIONSNet sales and profitThe Group's net sales in January-September 2009 were ?6,294 million,which is 13.3% down on the corresponding period of the previous year(?7,258 million). Net sales decreased by 8.6% in Finland and by 30.0%abroad. Exports and foreign operations accounted for 17.9% (22.1%) ofthe net sales. The deterioration of the general economic situationhas especially impacted the sales performance of the Group's buildingand home improvement trade and the car and machinery trade. Thegrowth rate of the grocery trade remained steady during the reportingperiod.In January-September, the K-Group's (i.e. Kesko's and the chainstores') retail and B-to-B sales (incl. VAT) totalled ?9,389 million,a decrease of 10.3% on the corresponding period of the previous year.The Group's profit before tax for January-September was ?100.3million (?280.9 million). The operating profit was ?114.3 million(?278.8 million). The operating profit excluding non-recurring itemswas ?87.4 million (?189.7 million), representing 1.4% (2.6%) of thenet sales. The non-recurring items include ?28.8 million of gains onproperty transactions, and ?1.9 million of property impairments. Thenon-recurring items of the comparative period totalled ?89.1 million.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 decreased by some ?38 million compared with the previous year,regardless of store site openings.The Group's earnings per share from continuing operations were ?0.55(?1.86). The Group's equity per share was ?19.60 (?20.29).InvestmentsIn January-September, the Group's investments totalled ?156.5 million(?233.2 million), which is 2.5% (3.2%) of the net sales. Investmentsin store sites were ?131.2 million (?194.8 million) and otherinvestments ?25.3 million (?38.4 million). Investments in foreignoperations represented 34.3% of total investments (25.0%).FinanceIn January-September, the cash flow from operating activitiesincreased by ?149 million to ?265.8 million (?116.4 million). Theincrease was especially due to the reduction of inventories. The cashused in investing activities was ?-75.5 million (?49.9 million). Thecash flow from investing activities included ?94.3 million (?277.8million) of proceeds from the sale of fixed assets.The Group's liquidity and solvency remained strong throughout thereporting period. At the end of the period, liquid assets totalled?536 million (?536 million). At the end of the reporting period, theinterest-bearing liabilities were ?484 million (?509 million) and theinterest-bearing net debt was ?-52 million (?-27 million). The equityratio was 52.3% (50.2%) at the end of the period.In January-September, the Group's net financial expenses were ?14.2million (net financial income ?0.2 million). The expenses wereincreased by ?14.1 million for hedging Baltic and Russian currencyexposures due to an increased interest rate spread between thecurrencies. The interest income from liquid assets fell as the marketinterest rate level declined.TaxesIn January-September, the Group's taxes were ?40.6 million (?84.0million). The effective tax rate was 40.5% (29.8%), 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 period.PersonnelIn January-September, the average number of personnel in the KeskoGroup was 19,544 (21,464) converted into full-time employees. InFinland, the average decrease was 501 people, while outside Finlandit was 1,418.At the end of September 2009, the total number of personnel was22,086 (24,870), of whom 12,477 (13,253) worked in Finland and 9,609(11,617) outside Finland. Compared with the end of September 2008,there was a decrease of 776 employees in Finland and 2,008 outsideFinland.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 ?35 million, or by some 8%, compared with the previousyear, regardless of store site openings.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-SeptemberFood 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-September were ?2,827million (?2,725 million), up 3.7%. The retail sales of K-food storesin January-September totalled ?3,649 million (incl. VAT),representing a growth of 5.7%. The K-food stores' grocery salesincreased by 6.3%. During the first part of the year, especially thePirkka products' sales performance was good. The growth rate of thetotal grocery trade market in Finland in January-September isestimated at some 5% up on the previous year. In January-September,prices increased at an average monthly rate of 5.1% compared with theprevious year (Statistics Finland).In January-September, the operating profit excluding non-recurringitems of the food trade was ?99.4 million (3.5% of the net sales),which is ?8.5 million, or 0.2 percentage points, higher than in theprevious year. The operating profit was ?111.9 million (?158.1million). The non-recurring gains on property sales were ?13.3million in January-September. The comparative year's operating profitwas increased by ?67.3 million of non-recurring gains on propertysale and lease arrangements.In January-September, investments in the food trade were ?59.5million (?107.9 million), of which investments in store sites were?49.9 million (?94.1 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 inJanuary-September were ?1,058 million (?1,115 million), down 5.2%.Owing to the deteriorated economic situation and a rise of theunemployment rate, consumer demand in the home and speciality goodstrade declined especially for home electronics and interiordecoration products.The operating loss of the home and speciality goods trade excludingnon-recurring items in January-September was ?10.2 million (-1.0% ofthe net sales), a ?13.7 million year-on-year increase due to the fallin sales. In January-September, the operating profit was ?0.1 million(?53.0 million). Non-recurring gains on property sales and impairmentcharges were ?10.3 million in January-September and ?49.5 million inthe comparative period.Investments in the home and speciality goods trade inJanuary-September were ?22.8 million (?39.9 million).Anttila's net sales in January-September were ?334 million (?375million), down 10.9%. Especially the sales of home electronics andinterior decoration products decreased. The sales of the Anttiladepartment stores were ?194 million, down 7.5%. The sales of theKodin Ykkönen department stores for home goods and interiordecoration were ?86 million, down 15.9%. NetAnttila's sales were ?56million, a decrease of 15.5% mainly due to the weakened economicconditions in Estonia and Latvia.The net sales of K-citymarket's home and speciality goods trade inJanuary-September were ?397 million (?379 million), up 4.9%. The netsales performance was affected by the store site network expansionand intensified marketing actions.Intersport Finland's net sales in January-September were ?118 million(?118 million), matching the level of the previous year. Indoor's netsales in January-September were ?117 million (?136 million), down14.0%. The performance was partly attributable to the discontinuationof Indoor's business activities in Sweden during the first quarter of2008, and the weakened economic conditions in Estonia and Latvia.Musta Pörssi Ltd's net sales in January-September were ?72 million(?88 million), down 17.7%. Kenkäkesko Ltd's net sales inJanuary-September were ?20 million (?22 million), down 8.0%.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-September were ?1,787 million (?2,360 million), down 24.3%.In January-September, the net sales in Finland were ?818 million, adecrease of 22.6%. The building and home improvement tradecontributed ?585 million and the agricultural supplies trade ?234million to the net sales in Finland. The net sales of the buildingand home improvement trade in Finland were down 18.1%, especially dueto a fall in the sales to professional customers. The net sales ofthe agricultural supplies trade decreased by 32.1%. The net salesfrom foreign operations in the building and home improvement tradewere ?969 million (?1,303 million), a decrease of 25.7%. In additionto a decline in demand, the sales performance of foreign operationswas affected by the weakening of the Swedish krona, the Norwegiankrone and the Russian ruble. The net sales from foreign operationsdropped by 18.0% in terms of the local currencies. Foreign operationscontributed 54.2% to the net sales of the building and homeimprovement trade.In Sweden, the net sales of K-rauta AB decreased by 3.3% to ?144million in January-September. In terms of the local currency, K-rautaAB's net sales grew by 10.1%. In Norway, Byggmakker's net salesdecreased by 22.9% to ?357 million. In terms of the local currency,Byggmakker's net sales dropped by 14.7%. In Estonia, Rautakesko's netsales were down 22.0% to ?50 million. In Latvia, Rautakesko's netsales decreased by 33.3% to ?38 million. In Lithuania, Senukai's netsales fell by 41,2% to ?203 million. In Russia, the net sales of thebuilding and home improvement trade decreased by 14.7% to ?127million. In terms of the local currency, the net sales increased by3.4%. The net sales of the Belarusian OMA were down by 23.0% to ?40million. In terms of the local currency, OMA's net sales decreased by9.4%.In January-September, the operating profit excluding non-recurringitems of the building and home improvement trade was ?14.0 million(0.8% of the net sales), which was ?49.8 million, or 1.9 percentagepoints, lower than in the corresponding period of the previous year.The profit performance was affected by a substantial contraction inthe Nordic and Baltic construction markets. The Russian constructionmarket also weakened especially during the latter part of thereporting period. In Finland, the building and home improvement trademarket declined in January-September by some 18%, in Sweden by some5%, in Norway by some 12%, and in the Baltic countries by some 30-40%(Rautakesko's estimate). The staff cost was ?32 million, or 22%, downon the comparative period. The operating profit of the building andhome improvement trade was ?18.0 million (?25.9 million) inJanuary-September. The operating profit includes a ?4.0 millionnon-recurring gain on a property sale. The comparative period'soperating profit includes a non-recurring ?47.0 million impairmentcharge on Byggmakker Norge's intangible assets, and ?9.2 million ofnon-recurring gains on property sales.In January-September, investments in the building and homeimprovement trade were ?65.3 million (?77.8 million), of which 82.0%(74.2%) abroad.The retail sales of the K-rauta and Rautia chains inJanuary-September decreased by 7.1% to ?892 million (incl. VAT) inFinland. The sales of Rautakesko B-to-B Service decreased by 33.6%.The retail sales of the K-maatalous chain were ?352 million (incl.VAT), down 26.1%.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-September, the net sales of the car and machinery tradewere ?743 million (?1,185 million), down 37.3%.VV-Auto's net sales in January-September were ?473 million (?723million), a decrease of 34.6%. The net sales performance was affectedby a decline in consumer demand in the car trade, coupled with thecar tax change effective at the beginning of April, causing the cartax levied on cars after 1 April 2009 to be excluded from the netsales. Taking the impact of the tax change into account, the netsales fell by 28.0%. In January-September, the combined market shareof passenger cars and vans imported by VV-Auto rose to 18.4% (16.9%).Konekesko's net sales in January-September were ?270 million (?463million), down 41.6% on the previous year as a result of the weakenedmachinery market and the discontinuation of the Baltic grain andagricultural supplies trade. The net sales in Finland were ?150million, a decrease of 32.4%. The net sales from Konekesko's foreignoperations were ?121 million, down 50.0%.In January-September, the operating result excluding non-recurringitems of the car and machinery trade showed a loss of ?2.4 million(-0.3% of the net sales). It was ?49.9 million lower than in thecorresponding period of the previous year (operating profit excludingnon-recurring items ?47.5 million). The profit performance wasespecially affected by the decline of Konekesko's profitability. As aresult of the discontinuation of the Baltic grain and agriculturalsupplies trade, impairment charges and expense provisions in a totalamount of ?9 million were recognised for the first quarter.Investments in the car and machinery trade were ?8.5 million (?10.2million) in January-September.JULY-SEPTEMBER 2009CONTINUING OPERATIONSNet sales and profitThe Group's net sales in July-September 2009 were ?2,133 million,which is 12.4% down on the corresponding period of the previous year(?2,435 million). Net sales decreased by 7.6% in Finland and by 28.3%abroad. Exports and foreign operations accounted for 18.8% (23.0%) ofthe net sales. The net sales of the food trade continued a steadygrowth. During the reporting period, the net sales of the home andspeciality goods trade were somewhat lower than in the comparativeperiod. Because of the weak market situation, the sales of both thebuilding and home improvement trade and the car and machinery tradecontinued to fall markedly compared with the comparative year.In July-September, the K-Group's (i.e. Kesko's and the chain stores')retail and B-to-B sales (incl. VAT) totalled ?3,252 million, adecrease of 10.1% on the corresponding period of the previous year.The Group's profit before tax for July-September was ?43.8 million(?48.0 million). The operating profit was ?48.3 million (?43.8million). The operating profit excluding non-recurring items was?47.5 million (?72.0 million), representing 2.2% (3.0%) of the netsales. The non-recurring items included ?0.8 million of gains onproperty sales. The non-recurring items of the comparative periodinclude gains on property sales in the amount of ?18.6 million, and a?47.0 million impairment charge on the Group goodwill and trademarkof Byggmakker Norge, a Rautakesko subsidiary.The smaller year-on-year operating profit excluding non-recurringitems is due to a weakened demand in the building and homeimprovement trade and the car and machinery trade. The adjustments ofcosts and inventories had a significantly positive impact on theGroup's profitability and cash flow for the third quarter.The Group's earnings per share from continuing operations were ?0.24(?0.17). The Group's equity per share was ?19.60 (?20.29).InvestmentsIn July-September, the Group's investments totalled ?49.2 million(?89.9 million), which is 2.3% (3.7%) of the net sales. Investmentsin store sites were ?42.8 million (?75.4 million) and otherinvestments ?6.4 million (?14.5 million). Investments in foreignoperations represented 35.4% of total investments (23.3%).FinanceIn July-September, the cash flow from operating activities was ?119.4million (?27.0 million) and the cash flow from investing activitieswas ?-45.9 million (?-28.6 million). The cash flow from investingactivities included ?4.7 million (?60.4 million) of proceeds from thesale of fixed assets.In July-September, the Group's net financial expenses were ?4.7million (net financial income ?1.8 million). The costs were increasedby ?3.6 million for hedging especially Latvian and Russian currencyexposures due to an increased interest rate spread between thecurrencies.TaxesIn July-September, the Group's taxes were ?18.3 million (?26.0million). The effective tax rate was 41.8% (53.6%), affected by theloss-making performances of foreign companies.PersonnelIn July-September, the average number of personnel in the Kesko Groupwas 19,280 (21,472) converted into full-time employees. In Finland,the average decrease was 561 people, while outside Finland it was1,631.Segment performance in July-SeptemberFood tradeIn the food trade, the net sales in July-September were ?966 million(?933 million), up 3.6%. The retail sales of K-food stores inJuly-September totalled ?1,243 million (incl. VAT), representing agrowth of 4.7%. Especially the K-citymarket chain and Pirkka productsrecorded good sales growth. The K-food stores' grocery salesincreased by 5.5%. At the end of September, the total number ofK-food stores was 1,026.In July-September, the operating profit excluding non-recurring itemsof the food trade was ?35.5 million (3.7% of the net sales), up ?1.0million year-on-year, and at proportionately the same level as in theprevious year. The operating profit of the food trade was ?35.8million (?45.3 million). The operating profit of the comparativeperiod was increased by ?10.9 million of non-recurring gains onproperty sales.In July-September, investments in the food trade were ?19.3 million(?44.1 million), of which investments in store sites were ?15.7million (?38.1 million).Kesko Food continued to develop the K-food store network. In August,a K-supermarket opened in Järvenpää. In addition, several renovationswere implemented in K-supermarkets and K-markets.In October, a K-citymarket opened in Kirkkonummi, an extendedK-citymarket in Mikkeli, and K-supermarkets opened in Eurajoki andPorvoo. The most significant store sites being built are theK-citymarkets in Linnainmaa, Tampere, and in Koivukylä, Vantaa, aswell as the new K-supermarkets in Kotka, in Koivuhaka, Vantaa, and inKangasala. K-citymarket Keljo in Jyväskylä is undergoing a shoppingcentre extension.Home and speciality goods tradeIn the home and speciality goods trade, the net sales inJuly-September were ?381 million (?396 million), down 4.0%.The operating profit of the home and speciality goods trade excludingnon-recurring items in July-September was ?6.5 million (1.7% of thenet sales). It matched the level of the previous year (?6.8 millionand 1.7% of the net sales), owing to cost savings and gross marginimprovement. The operating profit in July-September was ?7.0 million(?9.2 million). Non-recurring gains on property sales and impairmentswere ?0.5 million in July-September (?2.4 million).Investments in the home and speciality goods trade in July-Septemberwere ?5.9 million (?16.2 million).Anttila's net sales in July-September were ?117 million (?132million), down 11.2%. The biggest decrease was registered in thesales of entertainment and fashion products. The sales of the Anttiladepartment stores were ?66 million, down 10.1%. The sales of theKodin Ykkönen department stores for home goods and interiordecoration were ?31 million, down 11.4%. NetAnttila's sales were ?20million, a decrease of 14.6%. The decline was sharp in Estonia andLatvia. In April, a department store opened in Skanssi, Turku, and anew Kodin Ykkönen will open in Lielahti, Tampere, in October.The net sales of K-citymarket's home and speciality goods trade inJuly-September were ?140 million (?135 million), up 4.3%. The netsales performance was affected by store site network expansions andan increased number of customers. In April, a K-citymarket opened inSkanssi, Turku and in Ylöjärvi. In October, a K-citymarket opened inKirkkonummi and an extended K-citymarket in Mikkeli. By the year end,K-citymarkets will open in Koivukylä, Vantaa, and in Linnainmaa,Tampere.Intersport Finland's net sales in July-September were ?45 million(?44 million), up 1.8%. Indoor's net sales in July-September were ?44million (?48 million), down 9.2%. Musta Pörssi Ltd's net sales inJuly-September were ?27 million (?29 million), down 8.4%. KenkäkeskoLtd's net sales in July-September were ?9 million (?10 million), down8.3%.Building and home improvement tradeIn the building and home improvement trade, the net sales inJuly-September were ?614 million (?795 million), down 22.7%.In July-September, the net sales in Finland were ?265 million, adecrease of 21.1%. The building and home improvement tradecontributed ?199 million and the agricultural supplies trade ?65million to the net sales in Finland. The net sales of the buildingand home improvement trade in Finland were down 11.2% and the netsales of the agricultural supplies trade by 41.4%.The net sales from foreign operations in the building and homeimprovement trade were ?350 million (?459 million), a decrease of23.9%. 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 17.1% in terms of the local currencies.Foreign operations contributed 56.9% to the net sales of the buildingand home improvement trade.In Sweden, the net sales of K-rauta AB increased by 7.7% to ?55million in July-September. In terms of the local currency, K-rautaAB's net sales grew by 19.1%. In Norway, Byggmakker's net salesdecreased by 16.6% to ?129 million. In terms of the local currency,Byggmakker's net sales dropped by 9.5%. In Estonia, Rautakesko's netsales were down 20.0% to ?19 million. In Latvia, Rautakesko's netsales decreased by 28.2% to ?14 million. In Lithuania, Senukai's netsales fell by 45,2% to ?69 million. In Russia, the net sales of thebuilding and home improvement trade decreased by 22.1% to ?46million. In terms of the local currency, the net sales decreased by4.5%. The net sales of the Belarusian OMA were down by 31.9% to ?15million. In terms of the local currency, OMA's net sales decreased by14.8%.In July-September, the operating profit excluding non-recurring itemsof the building and home improvement trade was ?8.4 million (1.4% ofthe net sales), which was ?17.1 million, or 1.8 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 ?8.5 million (operating loss ?16.1 million) inJuly-September. The adjustments of costs and inventories had asignificantly positive impact on the profitability and cash flow ofthe building and home improvement trade. The comparative period'soperating profit includes a ?47.0 million impairment charge onByggmakker Norge's intangible assets, and a ?5.4 millionnon-recurring gain on a property sale.In July-September, investments in the building and home improvementtrade were ?19.0 million (?25.7 million), of which 91.4% (80.9%)abroad.The retail sales of the K-rauta and Rautia chains in July-Septemberdecreased by 2.2% to ?354 million (incl. VAT) in Finland. The salesof Rautakesko B-to-B Service were down 30.1%. The retail sales of theK-maatalous chain were ?108 million (incl. VAT), down 33.2%.Car and machinery tradeIn July-September, the net sales of the car and machinery trade were?213 million (?357 million), down 40.2%.VV-Auto's net sales in July-September were ?128 million (?217million), a decrease of 41.1%. The net sales performance was affectedby a decline in consumer demand in the car trade, coupled with thecar tax change effective at the beginning of April, causing the cartax levied on cars after 1 April 2009 to be excluded from the netsales figures. The comparable net sales, including the tax changeimpact, fell by 29.5% in July-September. The combined market share ofpassenger cars and vans imported by VV-Auto grew to 18.7% (17.9%) inJuly-September.Konekesko's net sales in July-September were ?86 million (?140million), down 38.9% on the corresponding period of the previousyear. The net sales decrease is due to the weakened machinery marketand the discontinuation of the Baltic grain and agricultural suppliestrade. The net sales in Finland were ?45 million, a decrease of23.2%. The net sales from Konekesko's foreign operations were ?41million, down 50.1%.In July-September, the operating profit excluding non-recurring itemsof the car and machinery trade was ?1.7 million (0.8% of the netsales), which was ?8.7 million, or 2.1 percentage points, lower thanin the corresponding period of the previous year. The profitperformance was affected by the substantial sales decrease in the carand machinery trade. In addition, Konekesko's profitability wasnegatively impacted by the weakened gross margin level of the Balticagricultural trade.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 quoted on NASDAQ OMX Helsinki (theHelsinki stock exchange) was ?22.00 at the end of 2008, and ?22.80 atthe end of the reporting period in September, representing anincrease of 3.6%. The price of a B share was ?17.80 at the end of2008, and ?22.90 at the end of the reporting period, representing anincrease of 28.7%. During the reporting period, the highest A sharequotation was ?24.90 and the lowest was ?18.73. For B shares, theywere ?23.28 and ?14.99 respectively. During January-September, theHelsinki stock exchange All Share index (OMX Helsinki) rose by 17.9%,the weighted OMX Helsinki CAP index by 30.7%, while the ConsumerStaples Index was up 35.5% during the same period.At the end of the reporting period, the market capitalisation of Ashares was ?724 million, while that of B shares was ?1,522 million.Their combined market capitalisation was ?2,246 million, an increaseof ?371 million compared with the end of 2008. During the first partof 2009, 820,331 A shares were traded on the Helsinki stock exchangeat a total value of ?17.9 million, while 65.4 million B shares weretraded at a total value of ?1,207 million.The 2003F stock options of the year 2003 option scheme were availablefor trading and a total of some 108,000 options were traded at atotal value of ?712,000 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 was39,571. In 2008 it increased by 9,155 shareholders and has increasedfurther by 1,491 shareholders in 2009. At the end of September 2009,foreign ownership of all shares was 19%, and foreign ownership of Bshares was 28%.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 and its impacton the Kesko Group's sales and profit performance. Country-specificrisks are emphasized especially in the Baltic countries due toconsumers' weakened purchasing power, increased unemployment ratesand devaluation risks. Also, the unemployment trends in the Nordiccountries and Russia, and consequently the consumer demand forespecially building materials, cars and machinery continue to involverisks.The increased possibility of financial difficulties for customers,principals and suppliers also increases the risk of credit losses andrisks relating to the availability of merchandise. The prevailingmarket situation emphasizes cost adaptation, efficient management ofinventories, accounts receivable and investment assets, as well asrisk management responses to the prevention of malpractice.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 (10/2009-9/2010) in comparisonwith the 12 months preceding the reporting period (10/2008-9/2009).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. The economic outlook for the nearfuture remains gloomy and substantial uncertainties are associatedwith the developments in the real economy. In Finland, theunemployment rate is expected to rise further, which is why privateconsumer demand is not expected to recover during the next twelvemonths.The steady development of the grocery trade is expected to continue.The market situation is expected to remain difficult in the buildingsector and in the car and machinery trade.Uncertainty about the economic outlook continues to make anystatement about the Group's future outlook more difficult. The KeskoGroup's net sales from continuing operations in the next twelvemonths are expected to match the level of the prior twelve months.Due to the cost adjustments made and the discontinuation of theloss-making Baltic grain and agricultural supplies trade, the KeskoGroup's operating profit excluding non-recurring items is notexpected to deteriorate further. The Group's liquidity and solvencyare expected to remain good.Helsinki, 21 October 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 30.9.Group contingent liabilitiesCalculation of financial indicatorsK-Group retail and B-to-B salesKesko Corporation's financial statements will be released on 5February 2010. In addition, the Kesko Group's sales figures will bepublished each month. News releases and other company information areavailable on Kesko's website 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 comprises the food business based on the K-retailerbusiness model and Kespro Ltd's grocery wholesaling in Finland. 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 OperationThe 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) 1-9/ 1-9/ Change, 7-9/ 7-9/ Change, 1-12/ 2009 2008 % 2009 2008 % 2008Net sales 6,294 7,258 -13.3 2,133 2,435 -12.4 9,591Cost of sales -5,466 -6,280 -13.0 -1,853 -2,112 -12.3 -8,293Gross profit 828 978 -15.4 280 322 -13.1 1,299Other operatingincome 478 577 -17.1 152 171 -11.3 730Staff cost -398 -433 -8.1 -126 -138 -8.7 -578Depreciation andimpairmentcharges -88 -134 -34.3 -30 -76 -61.0 -178Other operatingexpenses -706 -709 -0.5 -228 -236 -3.4 -987Operating profit 114 279 -59.0 48 44 10.3 286Interest income 17 26 -36.7 4 9 -55.3 36Interest expenses -16 -23 -31.6 -5 -7 -29.5 -30Exchangedifferences andotherfinancial items -15 -3 (..) -4 0 (..) -4Income fromassociates 0 2 -89.9 0 2 -95.1 2Profit before tax 100 281 -64.3 44 48 -8.7 289Income tax -41 -84 -51.7 -18 -26 -29.6 -89Profit for theperiod fromcontinuingoperations 60 197 -69.7 25 22 16.0 199Profit for theperiod fromdiscontinuedoperations - 41 (..) - 0 (..) 42Net profit for theperiod 60 238 -74.9 25 22 18.4 241Attributable to Owners of theparent 54 224 -75.9 23 16 45.3 220 Non-controllinginterests 6 14 -59.1 2 5 -59.8 21Earnings per share(?) forprofitattributable toequityholders of theparentContinuingoperations Basic 0.55 1.87 -70.6 0.24 0.17 41.1 1.82 Diluted 0.55 1.86 -70.5 0.24 0.17 41.4 1.81Whole Group Basic 0.55 2.29 -76.0 0.24 0.16 45.0 2.25 Diluted 0.55 2.28 -75.9 0.24 0.16 45.3 2.24Consolidatedstatement ofcomprehensiveincome(? million) 1-9/ 1-9/ Change, 7-9/ 7-9/ Change, 1-12/ 2009 2008 % 2009 2008 % 2008Net profit for theperiod 60 238 -74.9 25 22 18.4 241OthercomprehensiveincomeExchangedifferences ontranslatingforeign operations -3 0 (..) 1 1 -31.3 -6Cash flow hedgerevaluation -10 3 (..) -3 -9 62.2 -13Revaluation ofavailable-for-sale financialassets 0 1 (..) 1 1 -21.3 2Tax relating toothercomprehensiveincome 3 -1 (..) 1 2 -66.4 3Total othercomprehensiveincome for theperiod, net of tax -10 2 (..) -1 -5 -56.9 -14Totalcomprehensiveincomefor the period 49 240 (..) 24 17 -38.4 226Attributable to Owners of theparent 48 225 -78.8 22 10 (..) 205 Non-controllinginterests 2 15 (..) 2 7 (..) 21(..) Change over 100%Consolidated statement offinancialposition (? million),condensed 30.9.2009 30.9.2008 Change,% 31.12.2008ASSETSNon-current assetsIntangible assets 181 170 6.6 170Tangible assets 1,208 1,174 2.9 1,210Interests in associates andotherfinancial assets 37 34 7.9 34Loans and receivables 61 60 0.1 76Pension assets 311 290 7.2 300Total 1,797 1,729 4.0 1,789Current assetsInventories 705 922 -23.6 871Trade receivables 633 743 -14.9 633Other receivables 144 145 -1.1 152Financial assets at fairvalue throughprofit or loss 92 130 -28.8 94Available-for-sale financialassets 365 353 3.4 291Cash and cash equivalents 79 54 47.0 58Total 2,017 2,347 -14.1 2,100Non-current assets held forsale 1 1 0.0 3Total assets 3,815 4,077 -6.4 3,892 30.9.2009 30.9.2008 Change,% 31.12.2008EQUITY AND LIABILITIESEquity 1,925 1,984 -3.0 1,966Non-controlling interests 62 54 14.8 61Total equity 1,987 2,038 -2.5 2,026Non-current liabilitiesPension obligations 2 4 -47.2 2Interest-bearing liabilities 262 213 23.3 197Non-interest-bearingliabilities 9 4 (..) 12Deferred tax 129 137 -6.3 132Provisions 18 20 -9.2 20Total 420 378 11.1 363Current liabilitiesInterest-bearing liabilities 222 296 -25.1 294Trade payables 791 932 -15.1 756Other non-interest-bearingliabilities 375 421 -11.0 430Provisions 20 11 79.8 24Total 1,408 1,661 -15.2 1,503Total equity and liabilities 3,815 4,077 -6.4 3,892(..) Change over 100%Consolidated statement of changes in equity (? 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 encesBalance at1.1.2008 196 0 190 247 -3 10 1,270 55 1,964Sharessubscribedfor withoptions 0 0 0 0Optioncost 4 4Subsidiarysales -4 4 0Dividends -156 -16 -172Otherchanges 2 2Totalcompre-hensiveincomefor theperiod 0 -3 2 225 15 240Balance at30.9.2008 196 0 190 243 -6 12 1,349 54 2,038Balance at1.1.2009 196 0 191 243 -15 2 1,350 61 2,026Sharessubscribedfor withoptions 1 0 2 3Optioncost 6 6Dividends -98 -98Otherchanges 1 1Totalcompre-hensiveincome forthe period 14 -8 41 2 49Balance at30.9.2009 196 0 193 243 -1 -6 1,300 62 1,987Consolidated cash flow statement (? million), condensed 1-9/ 1-9/ Change, 7-9/ 7-9/ Change, 1-12/ 2009 2008 % 2009 2008 % 2008Cash flow from operatingactivitiesProfit before tax 100 323 -68.9 44 48 -7.8 331Planned depreciation 86 88 -2.1 30 29 2.7 118Financial income andexpenses 14 0 (..) 5 -2 (..) -1Other adjustments -24 -161 -85.3 5 11 -57.6 -130Working capitalCurrentnon-interest-bearingtrade and otherreceivables,increase (-)/ decrease (+) -4 -103 -96.2 63 57 11.0 -10Inventoriesincrease (-)/ decrease (+) 167 -39 (..) 37 -28 (..) 2Currentnon-interest-bearingliabilities,increase (+)/decrease (-) -27 77 (..) -51 -62 -17.7 -78Financial items and tax -47 -68 -31.7 -12 -26 -51.8 -100Net cash from operatingactivities 266 116 (..) 119 27 (..) 131Cash flow from investingactivitiesInvestments -172 -223 -23.0 -52 -88 -41.0 -320Sales of fixed assets 94 278 -66.1 5 60 -92.2 281Increase of long-termreceivables 0 -5 (..) 0 -1 (..) -7Decrease of long-termreceivables 2 0 (..) 1 0 (..) 0Net cash used in investingactivities -75 50 (..) -46 -29 60.4 -46Cash flow from financingactivitiesIncrease (+)/ decrease (-)ininterest-bearingliabilities -6 -26 -75.8 -44 -2 (..) -53Increase (-)/decrease (+)inshort-term interest-bearingreceivables -1 214 (..) 0 3 (..) 216Dividends paid -98 -172 -42.9 0 -16 (..) -172Equity increase 3 0 (..) 0 0 (..) 0Short-term money marketinvestments -19 -54 -64.1 -78 57 (..) -17Other items 7 1 (..) 0 2 (..) 11Net cash used in financingactivities -115 -37 (..) -123 43 (..) -14Change in cash and cashequivalents 75 129 -41.9 -49 41 (..) 71Cash and cash equivalentsand current portion ofavailable-for-salefinancialassets at 1 Jan. 319 245 30.1 440 335 31.6 245Exchange difference andrevaluation -3 0 (..) 0 1 (..) 1Cash and cash equivalentsrelating toavailable-for-saleassets 0 -2 (..) 0 0 (..) -2Cash and cash equivalentsand current portion ofavailable-for-salefinancialassets at 30 Sep. 391 377 3.8 391 377 3.8 319(..) Change over 100%Group financial indicators 1-9/2009 1-9/2008 Change, ppReturn on capital employed, % 7.2 20.1 -12.9Return on capital employed, %, rolling12 months 5.7 18.0 -12.3Return on capital employed excl.non-recurring items, % 5.5 12.0 -6.6Return on capital employed excl.non-recurring items, %, rolling 12months 5.3 12.3 -6.9Return on equity, % 4.0 15.8 -11.9Return on equity, %, rolling 12 months 3.1 14.4 -11.3Return on equity excl. non-recurringitems, % 2.6 9.4 -6.7Return on equity excl. non-recurringitems, %, rolling 12 months 3.1 9.7 -6.6Equity ratio, % 52.3 50.2 2.1Gearing, % -2.6 -1.3 -1.3 Change, %Investments, ? million* 156.5 233.2 -32.9Investments, % of net sales* 2.5 3.2 -22.6Earnings per share, basic, ?* 0.55 1.87 -70.6Earnings per share, diluted, ?* 0.55 1.86 -70.5Earnings per share, basic, ?** 0.55 2.29 -76.0Earnings per share, diluted, ?** 0.55 2.28 -75.9Earnings per share excl. non-recurringitems, basic, ?** 0.35 1.29 -73.2Cash flow from operating activities,? million** 266 116 (..)Cash flow from investing activities,? million** -75 50 (..)Equity per share, ? 19.60 20.29 -3.4Personnel, average* 19,544 21,464 -8.9* Continuing operations** Whole GroupGroup financial indicators 1-3/ 4-6/ 7-9/ 10-12/ 1-3/ 4-6/ 7-9/by quarter 2008 2008 2008 2008 2009 2009 2009Net sales, ? million 2,277 2,547 2,435 2,333 2,018 2,143 2,133Change in net sales, % 6.8 6.1 3.0 -2.4 -11.4 -15.9 -12.4Operating profit, ?million 150.1 84.8 43.8 6.9 23.2 42.7 48.3Operating margin, % 6.6 3.3 1.8 0.3 1.1 2.0 2.3Operating profit excl.non-recurring items, ?million 36.6 81.1 72.0 27.3 3.4 36.4 47.5Operating margin excl.non-recurring items, % 1.6 3.2 3.0 1.2 0.2 1.7 2.2Financial income/expenses,? million -1.4 -0.2 1.8 0.8 -5.1 -4.4 -4.7Profit before tax, ?million 148.6 84.3 48.0 7.7 18.2 38.2 43.8Profit before tax, % 6.5 3.3 2.0 0.3 0.9 1.8 2.1Return on capitalemployed, % 30.1 22.2 8.2 1.4 4.2 8.0 9.4Return on capital employedexcl. non-recurring items,% 7.3 15.6 13.6 4.9 0.6 6.8 9.2Return on equity, % 25.1 19.1 4.2 0.6 2.4 4.6 5.2Return on equity excl.non-recurring items, % 5.6 12.3 10.4 4.3 -0.6 3.7 5.0Equity ratio, % 46.3 49.0 50.2 52.4 49.8 51.0 52.3Investments, ? million* 60.3 83.0 89.9 105.2 51.5 55.8 49.2Earnings per share,diluted, ?* 1.11 0.58 0.17 -0.05 0.12 0.19 0.24Equity per share, ? 19.13 20.17 20.29 20.09 19.16 19.36 19.60* Continuing operationsSegment informationNet sales by segment,continuing operations 1-9/ 1-9/ Change, 7-9/ 7-9/ Change,(? million) 2009 2008 % 2009 2008 %Food trade, Finland 2,822 2,717 3.9 965 931 3.7Food trade, other countries* 5 9 -38.4 2 2 -35.1Food trade total 2,827 2,725 3.7 966 933 3.6- of which intersegment trade 118 132 -10.4 39 43 -8.0Home and speciality goodstrade, Finland 1,037 1,080 -4.0 373 385 -3.0Home and speciality goodstrade, other countries* 21 36 -40.5 7 11 -38.4Home and speciality goodstrade total 1,058 1,115 -5.2 381 396 -4.0- of which intersegment trade 16 16 4.9 6 6 -0.8Building and home improvementtrade, Finland 818 1,057 -22.6 265 335 -21.1Building and home improvementtrade, other countries* 969 1,303 -25.7 350 459 -23.9Building and home improvementtrade total 1,787 2,360 -24.3 614 795 -22.7- of which intersegment trade 1 2 -26.3 0 1 -55.3Car and machinery trade,Finland 614 927 -33.8 170 270 -36.9Car and machinery trade,other countries* 129 257 -50.0 43 86 -50.5Car and machinery tradetotal 743 1,185 -37.3 213 357 -40.2- of which intersegment trade 0 1 -63.4 0 0 -91.5Common operations andeliminations -121 -127 -4.9 -41 -46 -11.1Finland total 5,170 5,653 -8.6 1,732 1,875 -7.6Other countries total* 1,124 1,605 -30.0 401 560 -28.3Group total 6,294 7,258 -13.3 2,133 2,435 -12.4* exports and net sales in countries other than FinlandOperating profit bysegment, continuing 1-9/ 1-9/ 7-9/ 7-9/operations (? million) 2009 2008 Change 2009 2008 ChangeFood trade 111.9 158.1 -46.2 35.8 45.3 -9.5Home and speciality goodstrade 0.1 53.0 -52.9 7.0 9.2 -2.2Building and home improvementtrade 18.0 25.9 -7.8 8.5 -16.1 24.6Car and machinery trade -2.4 47.5 -49.9 1.7 10.4 -8.7Common operations andeliminations -13.3 -5.7 -7.7 -4.5 -4.9 0.4Total 114.3 278.8 -164.5 48.3 43.8 4.5Segments' operating profitsexcl. non-recurring items,continuing operations 1-9/ 1-9/ 7-9/ 7-9/(? million) 2009 2008 Change 2009 2008 ChangeFood trade 99.4 90.9 8.5 35.5 34.4 1.0Home and speciality goodstrade -10.2 3.5 -13.7 6.5 6.8 -0.3Building and home improvementtrade 14.0 63.8 -49.8 8.4 25.5 -17.1Car and machinery trade -2.4 47.5 -49.9 1.7 10.4 -8.7Common operations andeliminations -13.4 -16.0 2.6 -4.5 -5.1 0.6Total 87.4 189.7 -102.4 47.5 72.0 -24.4Segments' operating 1-9/ 7-9/margins excl. 2009 1-9/ 7-9/ 2008non-recurring % of 2008 2009 % ofitems, continuing net % of net Change % of net net Changeoperations sales sales pp sales sales ppFood trade 3.5 3.3 0.2 3.7 3.7 0.0Home and speciality goodstrade -1.0 0.3 -1.3 1.7 1.7 0.0Building and homeimprovement trade 0.8 2.7 -1.9 1.4 3.2 -1.8Car and machinery trade -0.3 4.0 -4.3 0.8 2.9 -2.1Total 1.4 2.6 -1.2 2.2 3.0 -0.7Capital employed by segment,cumulative 1-9/ 1-9/ 7-9/ 7-9/average (? million) 2009 2008 Change 2009 2008 ChangeFood trade 633 628 5 624 639 -15Home and speciality goodstrade 516 498 18 504 502 2Building and home improvementtrade 650 629 21 631 629 2Car and machinery trade 250 273 -23 216 270 -54Common operations andeliminations 81 102 -21 87 84 2Group total 2,129 2,129 0 2,062 2,125 -63Return on capitalemployedby segment excl. non- 1-9/ 1-9/ Change 7-9/ 7-9/ Change Rolling 12 morecurring items, % 2009 2008 pp 2009 2008 pp 9/2009Food trade 20.9 19.3 1.6 22.7 21.5 1.2 20.5Home and specialitygoodstrade -2.6 0.9 -3.6 5.2 5.4 -0.2 3.4Building and homeimprovement trade 2.9 13.5 -10.7 5.3 16.2 -10.9 1.0Car and machinerytrade -1.3 23.3 -24.5 3.1 15.4 -12.3 -7.4Group total 5.5 12.0 -6.6 9.2 13.6 -4.3 5.3Investments by segment,continuing operations 1-9/ 1-9/ 7-9/ 7-9/(? million) 2009 2008 Change 2009 2008 ChangeFood trade 59.5 107.9 -48.4 19.3 44.1 -24.8Home and speciality goodstrade 22.8 39.9 -17.0 5.9 16.2 -10.4Building and home improvementtrade 65.3 77.8 -12.5 19.0 25.7 -6.7Car and machinery trade 8.5 10.2 -1.6 5.0 3.6 1.3Group total 156.5 233.2 -76.7 49.2 89.9 -40.7Segment information by quarterNet sales by segment,continuing operations 1-3/ 4-6/ 7-9/ 10-12/ 1-3/ 4-6/ 7-9/(? million) 2008 2008 2008 2008 2009 2009 2009Food trade 853 939 933 982 888 974 966Home a
Datum: 22.10.2009 - 08:03 Uhr
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