SEB Seminar. CFO Jukka Erlund Copenhagen

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1 SEB Seminar CFO Copenhagen

2 Kesko today Kesko s net sales 9.2bn - K-Group s sales 11.4bn Net sales Q4/13-Q3/14 9,166m 2,000 stores in eight countries Over 1.3 million customer visits every day Book value of real estate 1.4bn Market capitalisation 2.9bn (Dec. 30, 2014) 40,000 shareholders 23,000 employees Food trade Home and speciality goods trade Building and home improvement trade Car and machinery trade 2

3 Q4/2013-Q3/2014 key figures Q4/13-Q3/14 Q4/12-Q3/13 Net sales, million 9,166 9,412 Net sales performance, % Gross margin, % Fixed costs*, million 1,751 1,777 Operating profit*, million Profit before tax, million Return on capital employed*, % Equity ratio, % Capital expenditure, million * excluding non-recurring items 3

4 Kesko s divisions Q4/2013-Q3/2014 Food trade Net sales: 4,345 M (47%) Operating profit: 204.0m ROCE: 26.1% Home and speciality goods trade Net sales: 1,362 M (15%) Operating profit: -26.7m ROCE: -6.6% Building and home improvement trade Net sales: 2,609 M (28%) Operating profit: 44.7m ROCE: 6.3% Car and machinery trade Net sales: 1,022 M (11%) Operating profit: 31.1m ROCE: 19.3% 4

5 Kesko changed its divisional structure 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 Starting from 1 January 2015, the reportable segments are the grocery trade, the home improvement and speciality goods trade, and the car and machinery trade 5

6 Strategic priorities 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 6

7 How retail is changing? Growth of e-commerce and multichannel retailing in all product lines Consumers are increasingly product-aware and demanding The importance of customeroriented services as a competitive asset is emphasised Slow economic growth and consumers price awareness Increasing proportion of retailers private label brands Customer loyalty programmes will be interactive and provide more individual rewards

8 Retail sales of non-food products, excl. fuel (index of turnover, yoy, cumulative 12 months avg) Estonia Latvia Lithuania Finland Sweden Norway 2014M M M M M M M M M M M M M M M M M M M M M M09 % Source: Eurostat 8

9 Consumers expectations for own finances Own finances in 12 months, Finland Expectations for own finances Expectation, 21st century average /00 7/00 1/01 7/01 1/02 7/02 1/03 7/03 1/04 7/04 1/05 7/05 1/06 7/06 1/07 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 Source: Statistics Finland 9

10 Russian retail growth has exceeded GDP growth % / Source: Bofit Retail GDP 10

11 Food trade Total market 16.6 billion 34.0% Total 913 stores Q4/2013-Q3/2014 K-Group 34.0% Net sales 4,345 million, -0.6% Operating profit* million (4.7%), +4.2 million Return on capital employed* 26.1% *excl. non-recurring items S-Group 45.7% Suomen Lähikauppa 7.0% Lidl 6.6% Others 6.8% Source: Nielsen 11

12 Food trade K-food stores focus areas: Superior fresh food departments Pirkka and K-Menu private labels - Share of sales 19% Developments in e- commerce, personalised marketing and pricing 12

13 Food trade in Russia Business was begun in St. Petersburg - First store in 12/ Net sales for million - Today, a total of five K-ruoka stores Net sales target for million and a positive business result Best in Fresh concept Extensive fresh foods selections 13

14 Home and speciality goods trade Division of sales, 2013 Total 356 stores Q4/2013-Q3/2014 Net sales 1,362 million, -9.5% Operating profit* million (-2.0%), million Return on capital employed* -6.6% *excl. non-recurring items Hypermarkets, non-food, 613 m Department stores, 380 m Sports, 272 m Furniture, 196 m Home electronics, 41 m Shoes, 42 m 14

15 Improvement of Anttila s profitability Customer driven renewal of K-citymarket non-food Maintaining Intersport Finland s and Asko s and Sotka s strong brands, market positions and profitability Improvement of Anttila s profitability - Concept renewal - Closing down of 12 department stores - 6 in 2014, 6 during Q - Cost savings - Personnel reductions total approximately 400 FTEs 15

16 Building and home improvement trade Total 339 stores Q4/2013-Q3/2014 Net sales 2,609 million, -2.2% Operating profit* 44.7 million (1.7%), million Return on capital employed* 6.3% *excl. non-recurring items 16

17 Building and home improvement trade Sales performance of Kesko s building and home improvement trade in January- November -0.2% - Performance in local currencies +3.2% Especially in Norway and Russia, sales affected by exchange rate movements - Impact on NOK -7% - Impact on RUB -16% Significant differences in country-specific market developments Strengthening B2B sales Strong development of online services Cost efficiency and inventory programs 17

18 Building permits granted, mil. m3, moving annual total, Finland Source: Statistics Finland 18

19 Car and machinery trade Market share (passenger cars), new registrations 1-11/2014 Volkswagen 12.4% Toyota 11.9% Skoda 9.2% Volvo 7.2% Q4/2013-Q3/2014 Net sales 1,022 million, -1.6% Operating profit* 31.1 million (3.0%), -4.1 million Return on capital employed* 19.3% *excl. non-recurring items 19 Source: TraFi 20.0% Ford 7.1% Nissan 6.2% Audi 5.9% Kia 5.9% Seat 1.7% Others 32.5%

20 New registrations of passenger cars in Finland Source: Statistics Finland 20

21 Kesko continues the preparation of a real estate arrangement The intention is to sell some of the store sites to a joint venture instead of a REIT. Expected to be implemented during H. Kesko would remain as one of its significant investors and continue operating on the store sites under long-term leases. The fair value of store sites planned to be sold from Finland and Sweden has been specified at a maximum of around 670 million. Launching depends also on whether it is possible for Kesko to achieve such terms and conditions in the arrangement that are economically justifiable. The sale of store sites is estimated to generate a significant non-recurring profit. Owned properties 1,423 M Strategic properties 53% Standard properties 43% Development properties 4% Realisation properties 0% 21

22 Mikko Helander is Kesko Corporation's new Managing Director Kesko Corporation's Board of Directors has appointed Mikko Helander, M.Sc. (Tech.), as Kesko Corporation's Managing Director and Kesko Group's President and Chief Executive Officer as from 1 January 2015 Helander joined Kesko as Kesko Corporation's Executive Vice President and Member of the Group Management Board on 1 October 2014 Helander has acted as the Chief Executive Officer of Metsä Board Corporation and as a Member of the Executive Management Team of Metsä Group since 2006 President and CEO Matti Halmesmäki will retire on 31 May

23 Contact information Twitter.com/Kesko_IR 23

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