Varie
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. 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
Segment information
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