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 €4.7 million. The Group's equity in the 2012 opening balance increases by €8 million and in the balance sheet of 31 December 2012 by €5 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

Consolidated income statement (€ million), condensed
	1-12/2012	1-9/2012	1-6/2012	1-3/2012
Net sales	9,686	7,227	4,778	2,318
Cost of goods sold	-8,367	-6,259	-4,138	-2,007
Gross profit	1,319	968	640	311
Other operating income	747	551	368	170
Staff cost	-608	-452	-310	-152
Depreciation and impairment charges	-158	-113	-76	-36
Other operating expenses	-1,088	-793	-538	-268
Operating profit	212	160	83	25
Interest income and other finance income	21	13	10	5
Interest expense and other finance costs	-17	-12	-8	-4
Exchange differences	-5	-3	-2	-2
Income from associates	-1	0	0	0
Profit before tax	210	158	82	25
Income tax	-75	-48	-25	-7
Net profit for the period	136	111	57	18
Attributable to
Owners of the parent	124	101	52	16
Non-controlling    interests	11	9	5	2
Earnings per share (€) for profit attributable to equity holders of the parent
Basic	1.27	1.03	0.53	0.16
Diluted	1.26	1.03	0.53	0.16

Consolidated statement of financial position (€ million), condensed
	31.12.2012	30.9.2012	30.6.2012	31.3.2012	1.1.2012
ASSETS
Non-current assets
Tangible assets	1,678	1,647	1,579	1,555	1,490
Intangible assets	192	193	190	190	189
Investments in associates and other financial assets	105	86	72	70	69
Loans and receivables	91	85	82	78	80
Pension assets	154	165	163	162	210
Total	2,220	2,174	2,086	2,054	2,039
Current assets
Inventories	814	838	869	909	868
Trade receivables	703	763	803	804	700
Other receivables	153	309	322	289	218
Financial assets at fair value through profit or loss	137	98	51	75	98
Available-for-sale financial assets	249	176	141	163	186
Cash and cash equivalents	103	82	61	54	84
Total	2,160	2,266	2,248	2,294	2,153
Non-current assets held for sale	2	1	1	1	8
Total assets	4,382	4,441	4,335	4,349	4,200

	31.12.2012			30.9.2012		30.6.2012		31.3.2012		1.1.2012
EQUITY AND LIABILITIES
Equity	2,205			2,189		2,130		2,210		2,183
Non-controlling interests	67			65		65		60		58
Total equity	2,272			2,255		2,195		2,269		2,241
Non-current liabilities
Interest-bearing liabilities	450			457		210		205		210
Non-interest-bearing liabilities	10			10		10		20		18
Deferred tax liabilities	81			95		92		91		94
Pension obligations	2			2		2		2		2
Provisions	21			10		11		11		10
Total	564			574		325		329		335
Current liabilities
Interest-bearing liabilities	174			183		353		241		190
Trade payables	808			956		993		1,001		886
Other non-interest-bearing liabilities	524			448		445		486		526
Provisions	40			26		24		23		24
Total	1,546			1,612		1,815		1,751		1,625
Total equity and liabilities	4,382			4,441		4,335		4,349		4,200
Group's performance indicators		1-3/ 2012	4-6/ 2012		7-9/ 2012		10-12/ 2012		1-12/ 2012
Operating profit, € million		25.1	57.7		77.4		51.8		212.0
Operating margin, %		1.1	2.3		3.2		2.1		2.2
Operating profit excl. non- recurring items, € million		22.3	59.4		77.4		70.9		230.0
Operating margin excl. non-recurring items, %		1.0	2.4		3.2		2.9		2.4
Return on capital employed, %		4.1	8.9		11.9		8.0		8.3
Return on capital employed excl. non-recurring items, %		3.6	9.2		11.9		10.9		9.0
Return on equity, %		3.1	7.0		9.6		4.4		6.0
Return on equity excl. non-recurring items, %		2.8	7.3		9.6		8.0		6.9
Equity ratio, %		52.8	51.2		51.3		52.5		52.5
Earnings per share, diluted, €		0.16	0.37		0.50		0.23		1.26
Earnings per share excl. non recurring items, basic, €		0.14	0.38		0.51		0.44		1.47
Equity/share, €		22.56	21.72		22.33		22.48		22.48

Segment information

Operating profit by segment (€ million)	1-3/ 2012	4-6/ 2012	7-9/ 2012	10-12/ 2012	1-12/ 2012
Food trade	37.4	38.6	49.4	44.8	170.2
Home and speciality goods trade	-12.9	-0.7	0.9	12.8	0.0
Building and home improvement trade	-9.0	13.5	17.9	-10.8	11.6
Car and machinery trade	15.5	10.3	11.4	4.7	41.9
Common operations and eliminations	-5.9	-4.0	-2.2	0.3	-11.8
Group's operating profit	25.1	57.7	77.4	51.8	212.0

Operating profit excl. non recurring items by segment (€ million)	1-3/ 2012	4-6/ 2012	7-9/ 2012	10-12/ 2012	1-12/ 2012
Food trade	34.7	38.6	49.4	44.8	167.5
Home and speciality goods trade	-12.9	-0.7	0.9	32.3	19.6
Building and home improvement trade	-9.0	15.2	17.9	-10.8	13.3
Car and machinery trade	15.5	10.3	11.4	4.7	41.9
Common operations and eliminations	-5.9	-4.0	-2.2	-0.1	-12.2
Group's operating profit excl. non-recurring items	22.3	59.4	77.4	70.9	230.0

Capital employed by segment, cumulative average (€ million)	1-3/ 2012	1-6/ 2012	1-9/ 2012	1-12/ 2012
Food trade	706	729	745	763
Home and speciality goods trade	479	504	510	514
Building and home improvement trade	754	769	764	760
Car and machinery trade	199	196	190	188
Common operations and eliminations	315	321	330	327
Group total	2,453	2,518	2,540	2,552
Return on capital employed excl. non-recurring items by segment, % 1-3/ 2012 1-6/ 2012 1-9/ 2012 1-12/ 2012 Food trade  19.6 20.1 21.9 21.9 Home and speciality goods trade  -10.8 -5.4 -3.3 3.8 Building and home improvement trade  -4.8 1.6 4.2 1.7 Car and machinery trade   31.2 26.3 26.2 22.3  Group total   3.6 6.5 8.4 9.0