Kesko, Investor presentation, March 2015

Presentation
CFO 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 and

4
FINLAND
82%
RUSSIA
4%
ESTONIA
1%
LATVIA
1%
BELARUS
1%
SWEDEN
2%
NORWAY
5%
K-group has 2,000 stores
in eight countries
LITHUANIA
4%
Percentage of Kesko’s net sales
Jukka Erlund
Total about 56m consumers
Grocery trade
• Finland, Russia
• Finland, Sweden, Norway,
Baltic countries, Russia,
Belarus
• Finland, Baltic countries
3/2015

Business models
3/2015Jukka Erlund5
Suppliers
and 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 chain
management
• 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 exceeded
GDP 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 from
operating
activities
Cash flow from
investing
activities
€304m
€-182m
€m

Capital expenditures have been adjusted
to 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 improvement
trade in Finland, Estonia and Russia, car
trade 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 outlook
Updated 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

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’ focus
areas
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%
Retailer
Revenues ’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 goods
trade
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
5.43
4.27
3.36 3.15
2.26
0
2
4
6
8
10
12
14
Jukka Erlund27
The biggest DIY-enterprises
in 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 shares
31.7%
B shares
68.3%
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 housing
corporations 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
Country
Area,
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 total
1,000 m2
2,958
Owned properties by region
Finland 69%
Other Nordic
countries 6%
Baltic countries
and Belarus 3%
Russia 22%
Owned properties by division
Grocery 61%
Home improvement
and speciality goods
30%
Car and machinery
5%
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.

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’s
strategy 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.

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 price
competitiveness was strengthened
• In the building and home improvement trade, profit more than doubled
and 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 net
debt-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 trade
Building and
home
improvement
trade
Home and speciality
goods trade
Car and machinery
trade

Net sales by quarter
2,159
2,420 2,374 2,362
2,129
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
393
439
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’s
prolonged loss-making
- Anttila accounts for less than 4%
of Kesko’s net sales
• Investments in e-commerce were
continued in all chains
Home and speciality
goods 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 than
doubled
• Operating profit strengthened
significantly in all foreign operations
• Net sales were at the previous year’s
level, up 3.6% in local currencies
• Market share increased especially in
Finland and the Baltics
• Kesko is the fifth largest DIY trade
operator 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 situation
and outlook

Consumer confidence in Finland
expectations for own finances in 12 months
0
2
4
6
8
10
12
14
16
1/00
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
1/15
Expectations for own finances
Expectation, 21st century
average
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 affairs
Lauri Peltola, corporate
responsibility,
communications and
stakeholder relations

Year-on-year change in fixed costs
excluding 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 employed
excl. 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 employed
new 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-recurring
items 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
speciality
goods
-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-recurring
items 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
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 trade
2.2 1.0 1.2 2.0 -0.2 2.2
Car and machinery
trade
2.9 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
trade, Finland
141.3 0.7 266.3 -4.5
trade, other countries
87.8 -5.4 175.9 -6.5
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
€ million
At 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, trend
development
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 index
Lähde: Tilastokeskus

Building permits granted, mil. m3,
moving annual total

Volume index for newbuilding
2005=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 month
index 2010=100

First registrations of passenger cars in
Finland

Contact information
• IR@kesko.fi
• www.kesko.fi/investors
• Twitter.com/Kesko_IR

Kesko, Investor presentation, March 2015

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