q2/2014 roadshow presentation

RoadshowJukka Erlund

CFOAugust, 2014

Kesko today

0

1 000

2 000

3 000

4 000

5 000

Net sales Q3/13-Q2/14€9,235m

Food trade

Home and speciality goods trade

Building and home improvement trade

Car and machinery trade

-50

0

50

100

150

200

250

Operating profit excl. non-recurring items Q3/13-Q2/14 €237m

CFO Jukka Erlund2

• Kesko’s net sales €9.2bn

- K-Group’s sales €11.5bn

• 2,000 stores in eight

countries

• Over 1.3 million customer

visits every day

• Book value of real estate

€1.4bn

• Market capitalisation €2.8bn

(June 30, 2014)

• 40,000 shareholders

• 24,000 employees

8/2014

€m

Kesko has 2,000 stores engaged in chainoperations in eight countries

8/2014CFO Jukka Erlund

Total about 56m consumers

Food trade

• Finland, Russia

Home and speciality

goods trade

• Finland, Estonia, Latvia,

Russia

Building and home

improvement trade

• Finland, Sweden, Norway,

Baltic countries, Russia,

Belarus


• Finland, Baltic countries

3

4%

82%2%

1%

5%

1%

3%

1%

Business models

Suppliersand service

providers

Retailer

entrepreneurs’

retail trade, 51%

Kesko’s own

retail trade,

27%

B2B sales,

22%

Consumers

• Store concepts and business models

• Sourcing, logistics and marketing services

• Store chainmanagement

• Store sites• Retailer resources• Support processes

4 CFO Jukka Erlund 8/2014

Strategic priorities

CFO Jukka Erlund5

Strengthening

sales growth and

improving

profitability

E-commerce and

multi-channel service

models

Utilising Russia’s

business

opportunities

8/2014

Strong financial position and good dividend payment capacity

Focus on profitability in DIY and Home and speciality goods

CFO Jukka Erlund6

-50

0

50

100

150

200

250

300

350

400

2007 2008 2009 2010 2011 2012 2013

Operating profit excl. non-recurring items

Food trade Home and speciality goods trade

Building and home improvement trade Car and machinery trade

Common operations and eliminations

8/2014

€m

Expansion of Kesko’s business operations in Russia

• Retail growth in Russia is estimated to exceed Nordic

countries’ growth figures also in the coming years

• Kesko has now 13 K-rauta stores in Russia and net

sales total about €300 million

• Kesko has now 4 K-ruoka stores in St. Petersburg, the

target is a network of 10 stores by 2015

• Launch of business operations has been better than

expected

• Changes in the business model, concept and network of

Intersport Russia to improve profitability

CFO Jukka Erlund7 8/2014

Russian retail growth has exceededGDP growth

-10

-5

0

5

10

15

20

2000 2002 2004 2006 2008 2010 2012

Retail GDP

8/2014CFO Jukka Erlund8

Source: Rosstat

%

Net sales


0

2000

4000

6000

8000

10000

12000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Finland Other countries

+2.2%+5.8%

+11.1%

+9.3%+3.3%

-11.9%+3.9%

+7.8%+2.4%

-3.8%

€m

-50

0

50

100

150

200

250

300

350

400

450

500

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Operating profit excl. non-recurring items Non-recurring items

Operating profit


€m

Significant strengthening of cash flow

-500

-400

-300

-200

-100

0

100

200

300

400

500

2008 2009 2010 2011 2012 2013

Cash flow fromoperating activities

Cash flow frominvesting activities

€414m

€-152m


€m

Capital expenditures will be adjusted to annual level of €200-300 million

0

50

100

150

200

250

300

350

400

450

500

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Capital expenditure in store sites Acquisitions Other capital expenditure


€m

CFO Jukka Erlund13

Strong financial position

Liquid funds €461m €474m

Interest bearing net debt €78m €113m

Equity ratio 52.3% 50.5%

Gearing 3.5% 5.1%

Q2/2014 Q2/2013

8/2014

Kesko Corporation distributes at least 50% of its earnings per share excluding

non-recurring items as dividends, taking however the company's financial

position and operating strategy into account.

Dividend policy


1.44

0.711.00

1.78

0.90

1.84

1.30

1.47

1.20

1.68

1.40

0.80

0.57

0.290.01

-0.19

0.07

-0,5

0,0

0,5

1,0

1,5

2,0

2,5

2008 2009 2010 2011 2012 2013

Earnings/share, excl.

non-rec. items, basicNon-recurring items Dividend

Effective

dividend yield

2008 5.6%

2009 3.9%

2010 3.7%

2011 4.6%

2012 4.8%

2013 5.2%

€

1.27

2.24

1.28

2.08

1.85

69% 127%

73%65% 82%

1.20

83%

1.75

Financial targets

The objectives Target level Realised 2013

Net sales growth Growth rate exceeding that of the market

Realised**: Furniture trade and Car trade in Finland

Return on equity* 12% 7.7%

Return on capital employed*

14% 9.8%

Interest-bearing net debt/EBITDA

< 3 -0.3

Equity ratio 40–50% 54.5%

*Excluding non-recurring items

**Kesko’s own estimate


Future outlook

Estimates of the future outlook for Kesko Group's net sales and operating profit excluding non-recurring items are given for the 12 months following the reporting period (7/2014-6/2015) in comparison with the 12 months preceding the reporting period (7/2013-6/2014).

Future prospects for the general economic situation and consumer demand continue to be characterised by significant uncertainty in Kesko's operating area. Due to the weakened economic situation and the decline in consumers' purchasing power, demand in the trading sector is expected to remain weak.

Kesko Group's net sales and operating profit excluding non-recurring items for the next 12 months are expected to remain at the level of the preceding 12 months, unless the overall consumer demand weakens significantly.


Divisions


CFO Jukka Erlund18

Food trade

•Net sales €4,356 million, +0.0%

•Operating profit* €203.7 million (4.7%), €+10.6 million

•Return on capital employed* 25.7%

*excl. non-recurring items

Total 916 stores

8/2014

Q3/2013-Q2/2014

• K-food stores’ competitive

advantage projects- fruit & vegetables- bakery- service counters

(meat, fish, ready-to-eat)

K-Group 34.0%

S-Group 45.7%

Suomen Lähikauppa 7.0%

Lidl 6.6%

Others 6.8%

34.0%

Food trade market shares 2013


Total market €16.6 billion

Source: Nielsen

Superior fresh foods departments


The most diversified

food selection for

families

Service oriented fresh foods

market for home cooks

The freshest neighbourhood

store

Retailer’s online store,

citymarket.fi

Reliable food shopping regardless

of place and time

Pirkka – one of Finnish superbrands

• By far the most valued and best-

known store private label in Finland

• Launched in 1986

• Pirkka range comprises more than

2,200 products

– Some 100 of Pirkka products are

organic and some 40 are

Fairtrade products

• Introducing a new PL, K-Menu

• Total share of K-store PL-sales 19%


Russian food market

• Market size some €255 billion

- Share of all retailing some 47%

• Operative EBITDA of peers 6-12%


Source: PMR

RetailerRevenues ’13,

€ bn

Magnit 13.4

X5 12.5

Auchan 7.2

Dixy 4.3

O’key 3.3

Metro 3.0

Lenta 2.0

K-ruoka

• Russian business operations started

in St. Petersburg in December 2012

- Total of 4 food stores and net

sales of € 71 million at the end of

2013

- Target is to open 3 new stores in

2014 and a network of 10 stores

by 2015

• Net sales target of the food trade

€500 million and positive result in

2017

• The basic concept is a large, better

than the average food store – ”Best in

Fresh”, with a selection of home and

speciality goods for everyday needs


CFO Jukka Erlund

Home and speciality goods trade chains

24 8/2014

Total 368 stores

•Net sales €1,390 million, -10.2%

•Operating profit* €-21.5 million (-1.5%), €-26.9 million

•Return on capital employed* -5.2%


Division of sales, 2013

Hypermarkets, non-food, €613 m

Department stores, €380 m

Sports, €272 m

Furniture, €196 m

Home electronics, €41 m

Shoes, €42 m

Q3/2013-Q2/2014

Strategic focus areas of home and speciality goods trade

• Customer driven renewal of K-citymarkethome and speciality goods trade

• NetAnttila’s strong development and improvement of Anttila’s profitability

- Expanding considerably the selection and significantly improving customerexperience in online store

- Decisions are made to close 8 Anttila department stores and 4 Kodin1 department stores

- Personnel reductions will totalapproximately 400 full-time equivalents

• Maintaining Intersport Finland’s and Asko’sand Sotka’s strong brands, market positionsand profitability

• Changes in the business model, concept and network of Intersport Russia

• Increasing the share of e-commerce in allchains



CFO Jukka Erlund26

Total 339 stores

8/2014

•Net sales €2,623 million, -3.5%

•Operating profit* €39.0 million (1.5%), €+29.1 million



Q3/2013-Q2/2014

Building and home improvement trademarket shares 2013

Sales by country in 2013

Finland, €1,718 m

Sweden, €207 m

Norway, €720 m

Estonia, €69 m

Latvia, €52 m

Lithuania, €266 m

Russia, €272 m

Belarus, €106 m


0 10 20 30 40

Belarus

N-w and…

Lithuania

Latvia

Estonia

Norway

Sweden

Finland

N-w and central

Russia

Market shares

The biggest DIY-enterprisesin Europe 2013

Sources: Companies’ annual reports, companies’ webpages, Baumarktmanager

NET SALES BN€

13.10 13.04

5.434.27

3.36 3.152.26

0

2

4

6

8

10

12

14NET SALES € BN


Strategic focus areas of building and home improvement trade

• ’K-rauta makes it happen with you’

• Common selections, own brands

and reduced inventories

• Increasing B2B sales

• Strong development of

online services

• Cost efficiency and inventory

programs

• Nordic retailer business model


Russian DIY market

• Retail chains share of DIY sales

about 50%

- Share of modern retail on the

increase

• K-rauta is the second largest

operator in St. Petersburg

- Targeting a network of some 10

stores

• The focus of the expansion will be

Moscow and cities nearby Moscow

• Net sales target of €500 million and

positive result in 2017


Volkswagen 12.4%

Toyota 11.7%

Skoda 9.5%

Volvo 7.3%

Ford 6.9%

Audi 6.5%

Nissan 6.1%

Kia 5.6%

BMW 4.9%

Seat 1.6%

Others 27.5%

20.9%



•Net sales €1,042 million, +0.4%

•Operating profit* €32.3 million (3.1%),

€-4.6 million



Source: TraFi

Q3/2013-Q2/2014

Market share (passenger cars),

new registrations 1-6/2014

Kesko as an investment


Basic information

• Established in 1940

• Listed on the Helsinki Stock Exchange (NASDAQ OMX Helsinki) in 1960

• Employees 24,500, of whom 53% work in Finland and 47% outside Finland

• 40,000 shareholders

– 29% of all shares owned by non-Finnish

– 42% of B-shares owned by non-Finnish

• Market capitalisation €2.8 billion (June 30, 2014)

• Share series: A and B – voting rights 10:1

Number of shares

Ashares31.7%

Bshares68.3%

Voting rights

B shares

18%A shares

82%


Shareholders

Ownership by shareholder category

At 6/2014

The largest registered shareholders

At 6/2014 by number of shares%

Non-financial corporations and housingcorporations 26%Financial and insurance corporations 7%

General Government 5%

Households 27%

Rest of the world 29%

Others 6%


1 The K-Retailers´ Association 3,674,867 3.67

2 Vähittäiskaupan Takaus Oy 3,491,771 3.49

3 Kruunuvuoren Satama Oy 3,438,885 3.44

4 Valluga-sijoitus Oy 1,340,439 1.34

5 Elo Pension Company 1,192,968 1.19

6 Varma Mutual Pension

Insurance Company

1,130,986 1.13

7 Foundation for Vocational

Training in the Retail Trade

1,045,808 1.05

8 Kesko Oyj 1,002,735 1.00

9 Oy The English Tearoom Ab 1,000,000 1.00

10 Ilmarinen Mutual Pension

Insurance Company

841,587 0.84

Real estate in 2013


Owned properties

CountryArea,

1,000 m2

Finland 758

Other Nordic countries 121

Baltic countries and Belarus 112

Russia 143

Total

Carrying amount

1,135

€1,423 M

Leased properties total1,000 m2 2,963

Owned properties by region

Finland 71%

Other Nordiccountries 6%

Baltic countriesand Belarus 3%

Russia 20%

Owned properties by division

Food 46%

Home and specialitygoods 14%

Building and homeimprovement 30%

Car and machinery5%

Others 5%

Kesko looks into setting up a real estate investment trust

• Kesko is looking into selling some of the store sites it owns to a trust to be set up with Kesko as one of its significant investors. Kesko Group would continue its operations in the store sites under long-term leases signed in connection with their sales to the trust.

• Kesko's objective is to set up a trust of mainly Kesko-owned store sites and shopping centres in Finland, Sweden and Russia with a maximum fair value of approximately €750 - 950 million. The trust is planned also to be made available to private investors. Listing of units is also being assessed.

• The possible trust is expected to be launched in the course of 2014.

• The sale of store sites to the trust is estimated to generate a significant non-recurring gain, the amount of which depends on the properties sold and return requirements applied to them. These will be specified at a later stage in the assessment.

• Launching the real estate investment trust depends in addition to investor interest on whether it is possible for Kesko to achieve such terms and conditions in the arrangement that are economically justifiable for it, taking the Group's strong financial position into account. Moreover, starting a real estate investment trust is subject to the authorisation of the Financial Supervisory Authority.


Reclassification of store sites

Old classification

Strategic properties 77%

Standard properties 19%

Development properties 4%

New classification

Strategic properties 53%

Standard properties 43%

Development properties 4%

Realisation properties 0%


Key criteria for

strategic properties

• Catchment area

with over 100,000

inhabitants

• Store area over

2,000 m2

• Useful life over 10

years

• Development

possibilities

Kesko is one of the world's leading companies in ESG

• In ’The Global 100 Most Sustainable Corporations in the World’ list since 2005.

• In the SAM (Sustainable Asset Management) Sustainability Yearbook 2013,

Kesko was classified into the bronze class in the Food & Drug Retailers sector.

• Included in the Dow Jones sustainability indexes DJSI World and DJSI Europe

since 2003.

• Included in the FTSE4Good index focusing on responsible investment since

2009.

• Best in its sector in the Nordic Carbon Disclosure Leadership climate index in

2011-2013.

• 2011-2013 World Finance Award for Best Corporate Governance in Finland


Responsibility is an integral part of Kesko’sstrategy and key business operations

CFO Jukka Erlund39

• Kesko’s updated responsibility programme includes objectives for

- responsible purchasing and sales

– sustainable choices and services for customers

– welfare in the workplace

– mitigation of climate change

– sustainable use of natural resources

– stakeholder inclusion.

• Statements and policies supporting the work of buyers and stores

include:

- Palm oil policy

- Stand on sandblasting of jeans

- Fish and shellfish statement

- Timber policy

• In supplier assessment for high-risk countries, Kesko uses

international auditing systems, BSCI auditing and SA8000

certification.

8/2014

Additional material


Kesko’s operating profit excluding non-recurring items for January-June at previous year’s level• Kesko’s net sales were €4.5 billion, change -1.8%

– Sales increased in the building and home improvement trade and in the

car trade

• Operating profit excl. non-recurring items was €86.7 million (€88.4 million)

– Profitability improved significantly in the building and home improvement

trade, but continued to weaken in Anttila

– Enhancement measures continued in all business operations

– Return on capital employed excl. non-recurring items was 9.9% (9.3%)

• Strong financial position

– Liquid assets €461 million (€474 million)

– Equity ratio 52.3% (50.5%)

• Total net sales from Russia are expected to exceed €1 billion in 2017 and

operations are expected to be profitable

• Kesko Group's net sales and operating profit excluding non-recurring items for

the next 12 months are expected to remain at the level of the preceding 12

months, unless the overall consumer demand weakens significantly


Consumers’ expectations for own financesOwn finances in 12 months

0

2

4

6

8

10

12

14

16

1/0

0

7/0

0

1/0

1

7/0

1

1/0

2

7/0

2

1/0

3

7/0

3

1/0

4

7/0

4

1/0

5

7/0

5

1/0

6

7/0

6

1/0

7

7/0

7

1/0

8

7/0

8

1/0

9

7/0

9

1/1

0

7/1

0

1/1

1

7/1

1

1/1

2

7/1

2

1/1

3

7/1

3

1/1

4

7/1

4

Expectations for own finances

Expectation, 21st centuryaverage

CFO Jukka Erlund42

Source: Statistics Finland

8/2014

Profit for 1-6/2014

CFO Jukka Erlund43

1-6/2014 1-6/2013

Net sales, €m 4,499 4,580

Fixed costs excl. non-recurring items, €m 874 884

Operating profit excl. non-recurring items, €m

87 88

Non-recurring items, €m -30 8

Net financial items, €m 1 -3

Income tax, €m 15 28

Net profit for the period, €m 42 65

8/2014

Financial position

1-6/2014 1-6/2013 1-12/2013

Equity ratio, % 52.3 50.5 54.5

Liquid assets, €m 461 474 681

Capital expenditure, €m 99 90 171

Interest-bearing net debt, €m 78 113 -126

Inventories, €m 828 807 797


Net sales by division (€m)

CFO Jukka Erlund45

1-6/2014 Change 4-6/2014 Change

Food trade 2,112 -1.5% 1,106 +0.6%

Home and specialitygoods trade

600 -10.0% 288 -10.5%


1,317 +1.2% 736 -0.6%

Car and machinerytrade

556 +0.9% 283 -6.0%

Group total 4,499 -1.8% 2,371 -2.1%

8/2014

Operating profit excl. non-recurring itemsby quarter

18.6

69.8

83.6

66.8

19.1

67.6

0

20

40

60

80

100

Q1 Q2 Q3 Q4 Q1 Q2

CFO Jukka Erlund46

2013 2014

€m

8/2014

Operating profit excl. non-recurring itemsby division (€m)

CFO Jukka Erlund47

1-6/2014 Change 4-6/2014 Change

Food trade 99.4 0.4 52.9 2.2

Home and specialitygoods trade

-41.0 -13.2 -18.3 -8.2


16.2 13.3 26.6 7.1

Car and machinery trade 19.1 -1.7 10.9 -2.1

Group total 86.7 -1.7 67.6 -2.1

8/2014

Year-on-year change in fixed costsexcluding non-recurring items

CFO Jukka Erlund48

10.3%

7.5% 8.0%

1.2%

-4.0% -4.5% -4.0%

-2.0% -1.3%-1.0%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

8/2014

Return on capital employedexcl. non-recurring items, moving 12 mo

CFO Jukka Erlund

-5.2%

5.5%

20.1%

9.9%

-10

-5

0

5

10

15

20

25

30

Group totalHome and

speciality goods

trade

Food

trade

Car and

machinery trade

Building and

home

improvement

trade

49

%

25.7%

€792 m €412 m €713 m €160 m €2,384 mCapital

employed:

8/2014

1,099 1,106

2,144 2,112

0

400

800

1200

1600

2000

2400

4-6/13 4-6/14 1-6/13 1-6/14

Steady profit performancein the food trade

CFO Jukka Erlund50

-1.5%

• Kesko Food’s net sales down 1.5%

- Decreased purchasing power also

reflected on the food trade

- Increase in prices has stopped

- Sales of K-food stores below market

performance

• In Russia, sales and profitability of food

stores better than expected

• Profitability improved by cost savings

• Capital expenditure €47 million

(€44 million)

• Four new K-supermarkets and two new

K-markets opened in Finland

50.8 52.9

99.0 99.4

0

20

40

60

80

100

4-6/13 4-6/14 1-6/13 1-6/14

+0.6%

8/2014

Net sales, €m

Operating profit excl.

non-recurring items, €m

322 288

667600

0

200

400

600

800

4-6/13 4-6/14 1-6/13 1-6/14

-10.0-18.3

-27.8

-41.0

-50

-40

-30

-20

-10

0

4-6/13 4-6/14 1-6/13 1-6/14

Market situation in the home and specialitygoods trade continued to deteriorate

CFO Jukka Erlund51

• Profitability of the home and specialitygoods chains negatively impacted by salesdecline

• Anttila's profit continued to decline and was clearly loss-making

- Eight Anttila department stores andfour Kodin1 department stores to beclosed

- Decisions on a total reduction of around 400 full-time equivalents in department stores and centralisedfunctions

• Intersport Finland's profit remained at a good level despite sales decline

• Sales of online stores increasing- Musta Pörssi to concentrate on

e-commerce• Capital expenditure €7 million (€14 million)

-10.0%

-10.5%

8/2014

Net sales, €m



740 736

1,302 1,317

0

500

1000

1500

4-6/13 4-6/14 1-6/13 1-6/14

19.5

26.6

2.9

16.2

0

10

20

30

4-6/13 4-6/14 1-6/13 1-6/14

Sales and profit of the building and home improvement trade on the increase

CFO Jukka Erlund52

• In terms of local currencies, sales were

up in all countries, at 5.8% in total

• Market position of K-rauta and Rautia in

Finland continued to strengthen

• Operating profit was up from the

previous year due to sales increase and

cost savings

-Profit improved especially in foreign

operations

• Capital expenditure €27 million

(€22 million)

+1.2%

-0.6%

8/2014

Net sales, €m



301 283

551 556

0

200

400

600

800

4-6/13 4-6/14 1-6/13 1-6/14

Volkswagen continued as market leader

CFO Jukka Erlund53

• Market share of Audi, Volkswagen and

Seat 21.0% (21.1%)

• VV-Auto’s net sales performance +3.4%

- Market performance of new

registrations of passenger cars and

vans +4.6% in Finland

• Konekesko’s net sales performance

-5.7%, market performance declined in the

agricultural machinery trade

• Profitability of the car trade at a good level

due to sales increase and enhancement

measures13.010.9

20.8 19.1

0

10

20

30

4-6/13 4-6/14 1-6/13 1-6/14

+0.9%

-6.0%

8/2014

Car and machinery trade:

Net sales, €m



Capital expenditure

41

48

35

47

43

56

0

10

20

30

40

50

60

Q1 Q2 Q3 Q4 Q1 Q2

CFO Jukka Erlund54

20142013

€m

8/2014

Operating margin excl. non-recurringitems by division

1-3/2012

4-6/2012

7-9/2012

10-12/2012

1-3/2013

4-6/2013

7-9/2013

10-12/2013

1-3/2014

4-6/2014

Food 3.4 3.5 4.6 4.0 4.6 4.6 5.1 4.2 4.6 4.8

Home and specialitygoods

-3.5 -0.2 0.2 6.6 -5.2 -3.1 -0.6 4.9 -7.3 -6.3

Building and home improvement

-1.4 1.9 2.4 -1.6 -3.0 2.6 3.4 -0.2 -1.8 3.6

Car and machinery

4.4 3.7 4.4 2.1 3.1 4.3 3.8 1.5 3.0 3.8

Total 1.0 2.4 3.2 2.9 0.9 2.9 3.5 2.8 0.9 2.9


Operating profit as % of net sales


Operating margin

excl. non-recurring

items

Q3/13-

Q2/14,

% of net

sales

Q3/12-

Q2/13,

% of net

sales

Change,

pp

Q2/14,

% of net

sales

Q2/13,

% of net

sales

Change,

pp

Food trade 4.7 4.4 0.2 4.8 4.6 0.2

Home and speciality

goods’ trade-1.5 0.3 -1.9 -6.3 -3.1 -3.2

Building and home

improvement trade1.5 0.4 1.1 3.6 2.6 1.0

Car and machinery

trade3.1 3.6 -0.5 3.8 4.3 -0.5

Total 2.6 2.5 0.1 2.9 2.9 0.0

Kesko Group’s sales 1-6/2014


June2014 1.1. -30.06.2014

€ million Change, % € million Change, %

Food trade, total 369.7 0.0 2,131.4 -1.3

Home and speciality goods trade, total 94.7 -7.5 604.8 -10.0

Building and home improvement trade, Finland

104.7 9.8 641.2 1.9

Building and home improvement trade, other countries

143.8 -2.0 707.0 1.1

Building and home improvement trade, total

248.5 2.6 1,348.3 1.5

Car and machinery trade, total 92.3 -5.8 569.1 1.3

Common operations and eliminations -13.1 -85.5

Grand total 792.1 -0.9 4,568.0 -1.5

Finland, total 627.6 0.1 3,740.7 -2.6

Other countries, total 164.4 -4.3 827.3 3.6

Grand total 792.1 -0.9 4,568.0 -1.5

Maturities of interest-bearing liabilities

€ millionAt 31 Dec.

2013 2014 2015 2016 2017

2018 and

later

Loans from financial institutions 27.3 0.6 24.4 0.2 0.1 1.9

Bonds 242.4 242.7

Private placement notes (USD) 100.3 43.5 26.1 17.4

Pension loans 31.9 5.8 5.8 5.8 5.8 8.7

Finance lease liabilities 18.8 7.6 2.8 2.7 2.6 3.2

Payables to K-retailers 113.4 113.4

Other interest-bearing liabilities 21.6 21.6


Unused commercial paper programmes, €359m

Two unused committed borrowing facilities, total €100m

Unemployment rate



Development of value and volume of retail trade sales, %

-10

-5

0

5

10

15

Value VolumeSource: Statistics Finland


%

Development of value and volume of daily consumer goods trade, %


-10

-5

0

5

10

15

Value Volume

%


Building permits granted and building starts, mil. m3, variable annual sum



* Preliminary data

New registrations of passenger cars in Finland

CFO Jukka Erlund


63 8/2014

Contact information

• [email protected]

• www.kesko.fi/investors

• Twitter.com/Kesko_IR
