Financial position
| 2020 | 2019 | |
| Liquid asset, €m | 306.0 | 169.0 |
| Interest-bearing liabilities, € million | 2,616.3 | 3,037.3 |
| Lease liabilities, € million | 2,025.0 | 2,422.2 |
| Interest-bearing net debt excluding lease liabilites, €m | 285.3 | 446.1 |
| Interest-bearing net debt/EBITDA, excl. IFRS 16 impact, rolling 12 months | 0.4 | 0.9 |
| Gearing, % | 105.5 | 134.0 |
| Equity ratio, % | 33.1 | 31.2 |
| 2020 | 2019 | |
| Capital expenditure, €m | 398.4 | 686.1 |
| Capital expenditure,% net sales | 3.7 | 6.4 |
| Cash flow from operating activities, €m | 1,152.4 | 893.1 |
| Cash flow from investing activities, €m | -413.7 | -620.3 |
Kesko has no outstanding bonds.
