Kesko, Investor presentation, March 2015

PresentationCFO Jukka Erlund

Q1/2015

Kesko today

3/2015Jukka Erlund2

Net sales 2014€9,071m

Food trade

Home and speciality goods trade

Building and home improvement trade

Car and machinery trade

• Kesko’s net sales €9.1bn

- K-Group’s sales €11.3bn

• 2,000 stores in eight

countries

• Over one million customer

visits every day

• Book value of real estate

€1.4bn

• Market capitalisation €3.5bn

(Feb. 28, 2015)

• 40,000 shareholders

• 24,000 employees

• Combination of the building and home

improvement trade with the home and

speciality goods trade

• Integration of the non-food part of the K-

citymarket chain into Kesko Food

• Focus is on e-commerce and online services

• The objective is to improve efficiency and to

have a more competitive multi-channel non-

food trade

Kesko changed its divisional structure

3/2015Jukka Erlund3

Net sales 2014€9,071m

Grocery trade

Home improvement andspeciality goods trade


4

FINLAND82%

RUSSIA4%

ESTONIA1%

LATVIA1%

BELARUS1%

SWEDEN2%

NORWAY5%

K-group has 2,000 storesin eight countries

LITHUANIA4%

Percentage of Kesko’s net salesJukka Erlund

Total about 56m consumers

Grocery trade

• Finland, Russia

Home improvement and

speciality goods trade

• Finland, Sweden, Norway,

Baltic countries, Russia,

Belarus


• Finland, Baltic countries

3/2015

Business models

3/2015Jukka Erlund5

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

Strategic priorities

Jukka Erlund6

Strengthening

sales growth and

improving

profitability

E-commerce and

multi-channel service

models

Utilising Russia’s

business

opportunities

Strong financial position and good dividend payment capacity

3/2015

Focus on profitability in DIY and Home and speciality goods

3/2015Jukka Erlund7

-100

0

100

200

300

400

2007 2008 2009 2010 2011 2012 2013 2014

Operating profit excl. non-recurring items

Common operations and eliminations Car and machinery trade

Building and home improvement trade Home and speciality goods trade

Food trade

€m

Expansion of Kesko’s business operations in Russia

3/2015Jukka Erlund8

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

total €250 million

• Kesko has 6 K-ruoka stores in St. Petersburg and net

sales total some €100 million

• In 2015, two more new K-ruoka stores will be opened

• Launch of business operations has been as expected

• Kesko has 19 stores and net sales total €15 million

• Changes in the business model, concept and network of

Intersport Russia to improve profitability

Russian retail growth has exceededGDP growth

3/2015Jukka Erlund9

-10

-5

0

5

10

15

20

2000 2002 2004 2006 2008 2010 2012 2014

Retail GDP

Source: Rosstat, y-o-y real change

%

Net sales

3/2015Jukka Erlund10

0

2000

4000

6000

8000

10000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Finland Other countries

+5.8%

+11.1%

+9.3% +3.3%

-11.9%+3.9%

+7.8%+2.4%

-3.8%

€m

-2.6%

-100

0

100

200

300

400

500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

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 2014

Cash flow fromoperatingactivities

Cash flow frominvestingactivities

€304m

€-182m

€m

Capital expenditures have been adjustedto a lower level


0

50

100

150

200

250

300

350

400

450

500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Capital expenditure in store sites Acquisitions Other capital expenditure

€m


Strong financial position

Liquid assets €598m €681m

Interest bearing net debt €-99m €-126m

Equity ratio 54.5% 54.5%

Gearing -4.4% -5.4%

2014 2013


Earnings / share and dividend

2009 2010 2011 2012 2013 2014

2.0

1.5

1.0

0.5

0.0

1.50

1.65

1.40

1.68

1.20

1.47

1.20

1.84

1.30

1.78

0.90

0.71

Dividend (2014 Board’s proposal to the AGM)

Earnings / share excl. non-recurring items % Effective dividend yield

3.9% 3.7% 4.6% 4.8% 5.2% 5.0%€

Financial targets


The objectives Target level Realised 2014

Net sales growth Growth rate exceeding that of the market

Realised**: Building and home improvementtrade in Finland, Estonia and Russia, cartrade and agricultural trade in Finland

Return on equity* 12% 7.6%

Return on capital employed*

14% 9.9%

Interest-bearing net debt/EBITDA

< 3 -0.3

Equity ratio 40–50% 54.5%

*Excluding non-recurring items

**Kesko’s own estimate

Dividend policy: 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.

Jukka Erlund17

Future outlookUpdated March 16 2015

• 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 (1/2015-12/2015) in comparison with the 12 months preceding the reporting period (1/2014-12/2014).

• The general economic situation and the expected trend in consumer demand vary in Kesko’s different operating countries. In Finland, demand in the trading sector is expected to be weak also in the current year and the competitive situation is expected to tighten further, especially in the grocery trade and the home and speciality goods trade. In Sweden and Norway and in the Baltic countries, the growth in demand in the trading sector is expected to continue. In Russia, the economic situation and consumers’ purchasing power will weaken.

• Kesko's net sales for 2015 are expected to be lower than the net sales for 2014 and the operating profit excluding non-recurring items for 2015 is expected to exceed the operating profit excluding non-recurring items for 2014.

3/2015

Divisions


Grocery trade

•Net sales €4,754 million, -2.2%

•Operating profit* €223.2 million (4.7%),

€-7.6 million

•Return on capital employed* 22.2%

*excl. non-recurring items

Total 912 stores

2014 K-Group 33.1%

S-Group 45.7%

Lidl 7.6%

Suomen Lähikauppa 6.8%

Others 6.8%

33.1%

Total market €16.7 billion

Source: Nielsen

K-food stores’ focusareas

Superior fresh food departments

Pirkka and K-Menu private labels

(share of sales some 20%)

Developments in e-commerce,

personalised marketing and pricing

Pirkka – a true brand

By far the most valued and best-known store

private label in Finland

Launched in 1986

Pirkka range comprises more than 2,300 products

More than 100 of Pirkka products are organic

and almost 50 are Fairtrade products

Introducing a new PL, K-Menu

Target is to have more than 300 products

by the end of 2015

3/201521 Jukka Erlund

Russian business operations started

in St. Petersburg in December 2012

At the end of 2014, a total of five stores and net sales of €103 million

Target is to open three new stores

during 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

Kesko in Russia

Russian food market

Market size some €247 billion

Share of all retailing some 50%

Operative EBITDA of peers 6-12%

RetailerRevenues ’14,

€ bn

Magnit 13.8

X5 11.6

Auchan 6.5

Dixy 4.1

O’key 3.1

Metro 2.3

Lenta 1.9

Source: PMR

Home improvement and speciality goodstrade


Total 568 stores


•Operating profit* €-0.3 million (0.0%), €+9.8 million



2014 (numbers include Anttila)

25 Jukka Erlund

Strategic focus areas

’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

Maintaining Intersport Finland’s and Asko’s and Sotka’s

strong brands, market positions and profitability

3/2015



Net sales by country in 2014

Finland, €1,157 m

Sweden, €194 m

Norway, €431 m

Estonia, €78 m

Latvia, €53 m

Lithuania, €312 m

Russia, €250 m

Belarus, €125 m

0 10 20 30 40

Belarus

N-w and…

Lithuania

Latvia

Estonia

Norway

Sweden

Finland

N-w and central

Russia

Market shares in 2014

13.10 13.04

5.434.27

3.36 3.152.26

0

2

4

6

8

10

12

14

Jukka Erlund27

The biggest DIY-enterprisesin Europe 2013

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

NET SALES € BN

3/2015

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 in 2017





•Operating profit* €29.6 million (2.9%),

€-4.3 million



2014

Volkswagen 11.6%

Toyota 9.8%

Skoda 9.7%

Volvo 8.2%

Ford 7.4%

Nissan 7.0%

BMW 6.3%

Audi 6.1%

Seat 1.6%

Others 32.3%

19.3%

Source: TraFi

Market share (passenger cars),

new registrations 1-2/2015

Kesko

as an investment


Basic information


• Established in 1940

• Listed on the Helsinki Stock Exchange (Nasdaq Helsinki) in 1960

• Employees 24,000, of whom 51% work in Finland and 49% outside Finland

• 40,000 shareholders

– 27% of all shares owned by non-Finnish

– 39% of B-shares owned by non-Finnish

• Market capitalisation €2.9 billion (Dec. 31, 2014)

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

Number of shares

A shares31.7%

B shares68.3%

Voting rights

B shares

18%A shares

82%

Shareholders


Ownership by shareholder category

At 2/2015

The largest registered shareholders

At 2/2015 by number of shares%

Non-financial corporations and housingcorporations 26%Financial and insurance corporations 9%

General Government 6%

Households 27%

Rest of the world 26%

Others 6%

1 K-retailers´ Association 3,750,635 3.75

2 Vähittäiskaupan Takaus Oy 3,491,771 3.49

3 Kruunuvuoren Satama Oy 3,438,885 3.44

4 Ilmarinen Mutual Pension Insurance Company

2,086,499 2.09

5 Valluga-sijoitus Oy 1,340,439 1.34

6 Elo Pension Company 1,192,968 1.19

7 Varma Mutual Pension Insurance Company

1,130,986 1.13

8 Foundation for Vocational Training in the Retail Trade

1,069,506 1.07

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

10 Kesko Oyj 995,315 1.00

Real estate in 2014


Owned properties

CountryArea,

1,000 m2

Finland 770

Other Nordic countries 117

Baltic countries and Belarus 113

Russia 164

Total

Carrying amount

1,164

€1,430 M

Leased properties total1,000 m2 2,958

Owned properties by region

Finland 69%

Other Nordiccountries 6%

Baltic countriesand Belarus 3%

Russia 22%

Owned properties by division

Grocery 61%

Home improvementand speciality goods30%Car and machinery5%

Others 4%

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 continues the preparation of a real estate arrangement


• The intention is to sell some of the store sites it owns to a joint venture to be set up instead of a real estate investment trust planned earlier. The arrangement is expected to be implemented during the first part of 2015.

• Kesko's objective is to set up a limited liability company (joint venture) to own and manage mainly Kesko-owned store sites and shopping centres with Kesko as one of its significant investors. If the joint venture is set up, Kesko Group would continue operating on the store sites under long-term leases signed in connection with their sale.

• The fair value of store sites planned to be sold to the joint venture from Finland and Sweden has been specified at a maximum of around €670 million.

• Investors and finance providers have shown interest in the joint venture. Launching the joint venture 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.

• If implemented, the sale of store sites is estimated to generate a significant non-recurring profit, the amount of which will be specified as the examination progresses.

Responsibility

Kesko is the most responsible food and staples retailer in the world


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

• In the Sustainability Yearbook 2015, 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.

• At the top of the Nordic Carbon Disclosure Leadership climate index in 2011-

2014.

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

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


• 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.

Additional material

Main events in 2014• Kesko’s profitability remained at a good level despite the difficult

market situation

• In the food trade, profitability remained good and pricecompetitiveness was strengthened

• In the building and home improvement trade, profit more than doubledand market share continued to strengthen

• In the home and speciality goods trade, excluding Anttila, performance in a difficult market situation was good

• In the car trade, profitability remained good and Audi and Volkswagen were again market leaders

• Kesko’s financial position is very strong, €600 in liquid assets and netdebt-free balance sheet

• Kesko was assessed as the fifth most sustainable company in the world

Jukka Erlund40 3/2015

41 Jukka Erlund

Profit for 1-12/2014

1-12/2014 1-12/2013

Net sales, €m 9,071 9,315

Fixed costs excl. non-recurring items, €m -1,742 -1,768

Operating profit excl. non-recurring items, €m

233 239

Non-recurring items, €m -81 10

Net financial items, €m -6 -6

Income tax, €m -37 -58

Net profit for the period, €m 108 185

Net profit for the period excl. non-recurring items, €m

176 178

3/2015

Net sales


4,316(47%)

1,316(14%)

2,598(28%)

1,011(11%)

Food tradeBuilding and home

improvement

trade

Home and specialitygoods trade

Car and machinerytrade

Net sales by quarter


2,159

2,420 2,374 2,3622,129

2,371 2,304 2,267

0

500

1000

1500

2000

2500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014

€m

-6.9%

-1.6% -3.1% -3.9%

-1.4%

-2.1% -2.9% -4.0%

Operating profit excl. non-recurring items by quarter


18.6

69.8

83.6

66.8

19.1

67.6

84.0

61.9

0

20

40

60

80

100

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014

€m

Jukka Erlund45

Financial position

1-12/2014 1-12/2013

Equity ratio, % 54.5 54.5

Liquid assets, €m 598 681

Capital expenditure, €m 194 171

Interest-bearing net liabilities, €m -99 -126

Inventories, €m 776 797

Return on capital employed, %* 9.9 9.8

* excl. non-recurring items

3/2015

Food trade

46 Jukka Erlund 3/2015

Food trade


5,000

4,000

3,000

2,000

1,000

0

-1.6%

-2.5%

2014

4,316

2013

4,387

Q4/2014

1,119

Q4/2013

1,148

0

50

100

150

200

250

2014

202.4

2013

203.3

Q4/2014

46.7

Q4/2013

48.3

Net sales Operating profit excl. non-recurring items

€m €m


• Decline in consumers’ purchasing

power slightly reduced the net sales of

the food trade

• K-food stores lowered the prices of

several hundreds of products

• New affordable K-Menu product family

was launched

• Kespro’s market position and

profitability remained at a good level

• In Russia, sales and profitability

developed according to plan

Food trade

Home and speciality

goods trade


Home and speciality goods trade


393439

1,500

1,000

500

0

-9.6%

-10.4%

2014

1,316

2013

1,457

Q4/2014Q4/2013

-40

-30

-20

-10

0

10

20

30

2014

-37.4

2013

-8.3

Q4/2014

11.0

Q4/2013

21.6


€m €m

51 Jukka Erlund

• Profits of K-citymarket, Intersport Finland, Budget Sport, Asko and Sotka remained at a good level

• Anttila’s profit was clearly negative. New measures are planned to stop Anttila’sprolonged loss-making

- Anttila accounts for less than 4% of Kesko’s net sales

• Investments in e-commerce werecontinued in all chains

Home and specialitygoods trade

3/2015

Building and home

improvement trade




585596

3,000

2,500

2,000

1,500

1,000

500

0

-0.4%

-1.9%

2014

2,598

2013

2,607

Q4/2014Q4/2013

-10

0

10

20

30

40

50

60 57.7

2013

25.7

Q4/2014

11.9

Q4/2013

-1.1

2014


€m €m

54 Jukka Erlund

• Operating profit of the building and home improvement trade more thandoubled

• Operating profit strengthenedsignificantly in all foreign operations

• Net sales were at the previous year’slevel, up 3.6% in local currencies

• Market share increased especially in Finland and the Baltics

• Kesko is the fifth largest DIY tradeoperator in Europe

Building and home

improvement trade

3/2015

Car and machinery

trade



216226

1,200

1,000

800

600

400

200

0

-2.5%

-4.7%

2014

1,011

2013

1,037

Q4/2014Q4/2013

0

10

20

30

40

2014

29.6

2013

33.9

Q4/2014

1.8

Q4/2013

3.3


€m €m


57 Jukka Erlund

• In the car trade, profitability remained at

a good level

• Net sales of the car trade increased

by1.5%

• Volkswagen continued as the market

leader in passenger cars and vans

• Audi was number one in its class with

an all-time high market share

• Car trade market share increased and

was 20.7%

• Konekesko’s net sales decreased by

12.6%; market demand was weak

especially in agricultural machinery

Car and machinery

trade

3/2015

Market situationand outlook



Consumer confidence in Finlandexpectations for own 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

1/1

5

Expectations for own finances

Expectation, 21st centuryaverage

Source: Statistics Finland

Weak retail trade performance in Finland(excl. motor vehicles and fuel)


Source: Eurostat

%

-2,0

-1,0

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

9,0

01/2013 04/2013 07/2013 10/2013 01/2014 04/2014 07/2014 10/2014

Estonia

Lithuania

Latvia

Norway

Sweden

Finland

Key management focus areas

Jukka Erlund61

• Kesko’s strategy work is underway. Kesko will be a more

focused and unified operator in the future

• Further improvement of the price and quality

competitiveness of the grocery trade

• New actions with which to put an end to Anttila’s prolonged

loss-making are planned

• Preparatory work for the real estate arrangement continues.

Implementation during the first part of 2015, provided that

the terms and conditions are acceptable to Kesko

• Continued weak trend in purchasing power in Finland

requires Kesko to be more cost effective

3/2015

Kesko’s management was revamped

62

Mikko Helander,

President and CEO

Jorma Rauhala,

grocery trade

Anni Ronkainen,

Chief Digital Officer

Jukka Erlund,

CFO

Pekka Lahti,

car and

machinery trade

Terho Kalliokoski,

home improvement

and speciality

goods trade

Matti Mettälä,

human resources

Anne Leppälä-Nilsson,

legal affairsLauri Peltola, corporate

responsibility,

communications and

stakeholder relations

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


10.3%

7.5% 8.0%

1.2%

-4.0%-4.5%

-4.0%

-2.0% -1.3%-1.0%

-1.6%-1.9%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

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


-9.5%

8.1%

18.3%

9.9%

-15

-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

%

26.2%

€772m €395m €716m €162m €2,354m

Capital

employed:

Return on capital employednew divisional structure

Jukka Erlund65

Group totalHome improvement

and speciality

goods trade

Grocery trade Car and

machinery

trade

%

€1,007m €876m €162m €2,354m

Capital

employed:

22.2%

0.0%

18.3%

9.9%

0

5

10

15

20

25

3/2015

Operating margin excl. non-recurringitems by division


1-3/2013

4-6/2013

7-9/2013

10-12/2013

1-3/2014

4-6/2014

7-9/2014

10-12/2014

Food 4.6 4.6 5.1 4.2 4.6 4.8 5.2 4.2

Home and specialitygoods

-5.2 -3.1 -0.6 4.9 -7.3 -6.3 -2.3 2.8

Building and home improvement

-3.0 2.6 3.4 -0.2 -1.8 3.6 4.3 2.0

Car and machinery

3.1 4.3 3.8 1.5 3.0 3.8 3.6 0.8

Total 0.9 2.9 3.5 2.8 0.9 2.9 3.6 2.7

Operating margin excl. non-recurringitems by division, new divisional structure


1-3/2014

4-6/2014

7-9/2014

10-12/2014

Grocery 4.1 4.6 5.1 4.9

Home improvement and speciality goods

-4.1 0.6 2.1 0.9

Car and machinery 3.0 3.8 3.6 0.8

Total 0.9 2.9 3.6 2.7

Operating profit as % of net sales


Operating margin

excl. non-recurring

items

2014,

% of net

sales

2013,

% of net

sales

Change,

pp

Q4/14,

% of net

sales

Q4/13,

% of net

sales

Change,

pp

Food trade 4.7 4.6 0.1 4.2 4.2 0.0

Home and speciality

goods’ trade-2.8 -0.6 -2.3 2.8 4.9 -2.1

Building and home

improvement trade2.2 1.0 1.2 2.0 -0.2 2.2

Car and machinery

trade2.9 3.3 -0.3 0.8 1.5 -0.6

Total 2.6 2.6 0.0 2.7 2.8 -0.1

Kesko Group’s sales 2/2015


February 2015 1.1. - 28.2.2015

€ million Change, % € million Change, %

Grocery trade, total 346.2 -0.3 696.1 -3.1

Home improvement and speciality goods trade, Finland

141.3 0.7 266.3 -4.5

Home improvement and speciality goods trade, other countries

87.8 -5.4 175.9 -6.5

Home improvement and speciality goods trade, total

229.1 -1.7 442.2 -5.3

Car and machinery trade, total 74.9 -8.0 166.7 -8.4

Common operations and eliminations -1.4 -2.8

Grand total 648.8 -1.6 1,302.2 -4.5

Finland, total 550.7 -0.1 1,105.4 -3.8

Other countries, total 98.1 -9.1 196.8 -8.4

Grand total 648.8 -1.6 1,302.2 -4.5

Maturities of interest-bearing liabilities


€ millionAt 31 Dec.

2014 2015 2016 2017 2018

2019 and

later

Loans from financial institutions 26.9 24.5 0.4 0.1 0.1 1.8

Bonds 240.3 240.3

Private placement notes (USD) 50.2 30.1 20.1

Pension loans 26.1 5.8 5.8 5.8 5.8 2.9

Finance lease liabilities 12.4 6.2 3.2 1.5 0.6 0.9

Payables to K-retailers 119.3 119.3

Other interest-bearing liabilities 23.3 23.3

Unused commercial paper programmes, €359m

Two unused committed borrowing facilities, total €100m

Unemployment rate



Jukka Erlund71

Daily consumer goods trade, trenddevelopment


60

70

80

90

100

110

120

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Turnover Volume index

Retail trade, trend development

Jukka Erlund73

60

70

80

90

100

110

120

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Turnover Volume indexLähde: Tilastokeskus

Building permits granted, mil. m3, moving annual total



Volume index for newbuilding2005=100, trend



Development of the number of transactions of dwellings in housing companies


0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

2008 2009 2010 2011 2012 2013 2014

Whole country Greater Helsinki


Development of prices of old dwellings in housing companies by monthindex 2010=100



First registrations of passenger cars in Finland



Contact information


• [email protected]

• www.kesko.fi/investors

• Twitter.com/Kesko_IR

Kesko, Investor presentation, March 2015

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Transcript of Kesko, Investor presentation, March 2015