Kesko Group comparatives for 1 Jan.-31 Dec. 2012

KESKO CORPORATION STOCK EXCHANGE RELEASE 11.04.2013 AT 12.00 1(5) With effect from 1 January 2013, the Kesko Group adopted the revised IAS 19 Employee benefits standard. The amendment has an impact on the Kesko Group's pension costs and profit, as well as the pension assets and equity on the balance sheet...
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KESKO CORPORATION STOCK EXCHANGE RELEASE 11.04.2013 AT 12.00 1(5)

 

With effect from 1 January 2013, the Kesko Group adopted the revised IAS 19 Employee benefits standard. The amendment has an impact on the Kesko Group's pension costs and profit, as well as the pension assets and equity on the balance sheet. Resulting from the amendment, the Kesko Group's consolidated income statement, consolidated statement of financial position and segment information for 2012 have been updated in compliance with the requirements prescribed in the revised standard.

 

Starting from the interim period 1 January-31 March 2013, the Kesko Group's financial reporting will be prepared in compliance with the revised IFRS standard (IAS 19) on employee benefits. The Group's consolidated income statement, consolidated statement of financial position and segment information for 2012 have been updated in compliance with the requirements prescribed in the revised standard and they are presented in the tables attached to this release.

 

The amendment to the IAS 19 Employee benefits standard changes the determination of the return on defined benefit pension plan assets. According to the revised standard, the rate used to discount the retirement benefit obligation is used as the return on assets in place of the expected long-term return on the assets used previously. Due to the amendment, the net return on defined benefit pension plans recognised in the consolidated income statement decreases. The amendment to the IAS 19 Employee benefits standard also eliminates the possibility to apply the so-called "corridor approach" to the calculation of retirement benefits classified as defined benefit pension plans, which follows that the changes in the calculation assumptions used for measuring the pension obligation and the covering assets are recognised in pension assets and equity in the balance sheet.

 

In consequence of the adoption of the revised IAS 19 Employee benefits standard, the Kesko Group's operating profit, operating profit excluding non-recurring items and the profit for the financial year 2012 are lower, and the pension assets and equity recognised in the balance sheet are higher than the amounts calculated in compliance with the standard valid until 31 December 2012. The Group's operating profit and operating profit excluding non-recurring items for 2012 decrease by EUR4.7 million. The Group's equity in the 2012 opening balance increases by EUR8 million and in the balance sheet of 31 December 2012 by EUR5 million due to actuarial gains recognised in equity in the consolidated statement of financial position.

 

Further information is available from Vice President, Corporate Controller Eva Kaukinen, telephone +358 1053 22338.

 

 

KESKO CORPORATION

 

Merja Haverinen
Vice President, Corporate Communications

 

 

ATTACHMENTS:
Consolidated income statement
Consolidated statement of financial position
Group's performance indicators
Operating profit by segment
Operating profit excl. non-recurring items by segment
Capital employed by segment
Return on capital employed excl. non-recurring items by segment

 

 

DISTRIBUTION
NASDAQ OMX Helsinki
Main news media
www.kesko.fi

 

ATTACHMENTS

 

Consolidated income
statement (EUR million),
condensed

 

 

 

 

 

1-12/2012

1-9/2012

1-6/2012

1-3/2012

Net sales

9,686

7,227

4,778

2,318

Cost of goods sold

-8,367

-6,259

-4,138

-2,007

Gross profit

1,319

968

640

311

Other operating income

747

551

368

170

Staff cost

-608

-452

-310

-152

Depreciation and impairment
charges

-158

 -113

-76

-36

Other operating expenses

-1,088

-793

-538

-268

Operating profit

212

160

83

25

Interest income and other
finance income

21

13

10

5

Interest expense and other
finance costs

-17

-12

-8

-4

Exchange differences

-5

-3

-2

-2

Income from associates

-1

0

0

0

Profit before tax

210

158

82

25

Income tax

-75

-48

-25

-7

Net profit for the period

136

111

57

18

 

 

 

 

 

Attributable to

 

 

 

 

  Owners of the parent

124

101

52

16

  Non-controlling 

  interests

11

9

5

2

 

 

 

 

 

Earnings per share (EUR)
for profit attributable to
equity holders of the parent

 

 

 

 

 

 

 

 

 

Basic

1.27

1.03

0.53

0.16

Diluted

1.26

1.03

0.53

0.16

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of
financial position (EUR million),
condensed

 

 

 

 

 

 

31.12.2012

30.9.2012

30.6.2012

31.3.2012

1.1.2012

 

ASSETS

 

 

 

 

 

Non-current assets

 

 

 

 

 

Tangible assets

1,678

1,647

1,579

1,555

1,490

Intangible assets

192

193

190

190

189

Investments in associates and
other financial assets

105

86

72

70

69

Loans and receivables

91

85

82

78

80

Pension assets

154

165

163

162

210

Total

2,220

2,174

2,086

2,054

2,039

 

 

 

 

 

 

Current assets

 

 

 

 

 

Inventories

814

838

869

909

868

Trade receivables

703

763

803

804

700

Other receivables

153

309

322

289

218

Financial assets at fair value
through profit or loss

137

98

51

75

98

Available-for-sale financial
assets

249

176

141

163

186

Cash and cash equivalents

103

82

61

54

84

Total

2,160

2,266

2,248

2,294

2,153

Non-current assets held for
sale

2

1

1

1

8

Total assets

4,382

4,441

4,335

4,349

4,200

 

 

 

 

 

 

 

 

31.12.2012

30.9.2012

30.6.2012

31.3.2012

1.1.2012

EQUITY AND LIABILITIES

 

 

 

 

 

Equity

2,205

2,189

2,130

2,210

2,183

Non-controlling interests

67

65

65

60

58

Total equity

2,272

2,255

2,195

2,269

2,241

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Interest-bearing liabilities

450

457

210

205

210

Non-interest-bearing
liabilities

10

10

10

20

18

Deferred tax liabilities

81

95

92

91

94

Pension obligations

2

2

2

2

2

Provisions

21

10

11

11

10

Total

564

574

325

329

335

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

Interest-bearing liabilities

174

183

353

241

190

Trade payables

808

956

993

1,001

886

Other non-interest-bearing
liabilities

524

448

445

486

526

Provisions

40

26

24

23

24

Total

1,546

1,612

1,815

1,751

1,625

 

 

 

 

 

 

Total equity and liabilities

4,382

4,441

4,335

4,349

4,200

 

 

 

Group's performance
indicators

1-3/
2012

4-6/
2012

7-9/
2012

10-12/
2012

1-12/
2012

 

 

 

 

 

 

 

 

Operating profit, EUR million

25.1

57.7

77.4

51.8

212.0

 

Operating margin, %

1.1

2.3

3.2

2.1

2.2

 

Operating profit excl. non-
recurring items, EUR million

22.3

59.4

77.4

70.9

230.0

 

Operating margin excl.
non-recurring items, %

1.0

2.4

3.2

2.9

2.4

 

Return on capital employed, %

4.1

8.9

11.9

8.0

8.3

 

Return on capital employed
excl. non-recurring items, %

3.6

9.2

11.9

10.9

9.0

 

Return on equity, %

3.1

7.0

9.6

4.4

6.0

 

Return on equity excl.
non-recurring items, %

2.8

7.3

9.6

8.0

6.9

 

Equity ratio, %

52.8

51.2

51.3

52.5

52.5

 

Earnings per share, diluted, EUR

0.16

0.37

0.50

0.23

1.26

 

Earnings per share excl. non
recurring items, basic, EUR

0.14

0.38

0.51

0.44

1.47

 

Equity/share, EUR

22.56

21.72

22.33

22.48

22.48

 

 

 

 

 

 

 

 
                       

 

 

Segment information

 

 

Operating profit by
segment (EUR million)

1-3/
2012

4-6/
2012

7-9/
2012

10-12/
2012

1-12/
2012

 

 

 

 

 

 

Food trade

37.4

38.6

49.4

44.8

170.2

Home and speciality goods
trade

-12.9

 

-0.7

0.9

12.8

0.0

Building and home
improvement trade

-9.0

 

13.5

17.9

-10.8

11.6

Car and machinery trade

15.5

10.3

11.4

4.7

41.9

Common operations and
eliminations

-5.9

-4.0

-2.2

0.3

-11.8

Group's operating profit

25.1

57.7

77.4

51.8

212.0

 

 

 

Operating profit excl. non
recurring items by segment (EUR million)

1-3/
2012

4-6/
2012

7-9/
2012

10-12/
2012

1-12/
2012

 

 

 

 

 

 

Food trade

34.7

38.6

49.4

44.8

167.5

Home and speciality goods
trade

-12.9

-0.7

0.9

32.3

19.6

Building and home
improvement trade

-9.0

15.2

17.9

-10.8

13.3

Car and machinery trade

15.5

10.3

11.4

4.7

41.9

Common operations and
eliminations

-5.9

-4.0

-2.2

-0.1

-12.2

Group's operating profit
excl. non-recurring items

22.3

59.4

77.4

70.9

230.0

 

Capital employed by
segment, cumulative
average (EUR million)

1-3/
2012

1-6/
2012

1-9/
2012

1-12/
2012

 

 

Food trade

706

729

745

763

 

Home and speciality goods
trade

479

 

504

510

514

 

Building and home
improvement trade

754

 

769

764

760

 

Car and machinery trade

199

196

190

188

 

Common operations and
eliminations

315

321

330

327

 

Group total

2,453

2,518

2,540

2,552

 

 

Return on capital employed
excl. non-recurring items by
segment, %

1-3/
2012

1-6/

2012

1-9/

2012

1-12/

2012

 

 

 

 

 

 

 

Food trade

 19.6

20.1

21.9

21.9

 

 

Home and speciality goods
trade

 -10.8

 

-5.4

 

-3.3

 

3.8

 

 

Building and home
improvement trade

 -4.8

 

1.6

 

4.2

 

1.7

 

 

Car and machinery trade

  31.2

26.3

26.2

22.3

 

 

 Group total

  3.6

6.5

8.4

9.0

 

 
                               

 

 

 

 

 

 

 

 



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