Financial position
| 2021 | 2020 | |
| Liquid asset, €m | 387.7 | 306.0 |
| Interest-bearing liabilities, € million | 2,295.1 | 2,616.3 |
| Lease liabilities, € million | 1,928.6 | 2,025.0 |
| Interest-bearing net debt excluding lease liabilites, €m | -21.3 | 285.3 |
| Interest-bearing net debt/EBITDA, excl. IFRS 16 impact | 0.9 | 0.4 |
| Gearing, % | 75.4 | 105.5 |
| Equity ratio, % | 36.6 | 33.1 |
| 2021 | 2020 | |
| Capital expenditure, €m | 276.6 | 398.4 |
| Capital expenditure,% net sales | 6.4 | 3.7 |
| Cash flow from operating activities, €m | 1,152.0 | 1,152.4 |
| Cash flow from investing activities, €m | -292.3 | -413.7 |
Kesko has no outstanding bonds.
