Kesko Corporation investor presentation in August 2014.

1. Roadshow
Jukka Erlund
CFO
August, 2014

2. Kesko today
Net sales Q3/13-Q2/14
5 000
4 000
3 000
2 000
1 000
0
€9,235m
Operating profit excl.
non-recurring items
Q3/13-Q2/14 €237m
250
200
150
100
50
0
-50
Food trade
Home and speciality goods trade
Building and home improvement trade
Car and machinery trade
• Kesko’s net sales €9.2bn
- K-Group’s sales €11.5bn
• 2,000 stores in eight
countries
• Over 1.3 million customer
visits every day
• Book value of real estate
€1.4bn
• Market capitalisation €2.8bn
(June 30, 2014)
• 40,000 shareholders
• 24,000 employees
2 CFO Jukka Erlund
8/2014
€m

3. Kesko has 2,000 stores engaged in chain
operations in eight countries
CFO Jukka Erlund 8/2014
Total about 56m consumers
Food trade
• Finland, Russia
Home and speciality
goods trade
• Finland, Estonia, Latvia,
Russia
Building and home
improvement trade
• Finland, Sweden, Norway,
Baltic countries, Russia,
Belarus
Car and machinery trade
• Finland, Baltic countries
3
4%
2% 82%
1%
5%
1%
3%
1%

4. Business models
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
4 CFO Jukka Erlund 8/2014

5. Strategic priorities
Strengthening
sales growth and
improving
profitability
Strong financial position and good dividend payment capacity
5 CFO Jukka Erlund
E-commerce and
multi-channel service
models
Utilising Russia’s
business
opportunities
8/2014

6. Focus on profitability in DIY and Home
and speciality goods
400
350
300
250
200
150
100
50
0
-50
Operating profit excl. non-recurring items
2007 2008 2009 2010 2011 2012 2013
Food trade Home and speciality goods trade
Building and home improvement trade Car and machinery trade
Common operations and eliminations
6 CFO Jukka Erlund
8/2014
€m

7. Expansion of Kesko’s business
operations in Russia
• Retail growth in Russia is estimated to exceed Nordic
countries’ growth figures also in the coming years
• Kesko has now 13 K-rauta stores in Russia and net
sales total about €300 million
• Kesko has now 4 K-ruoka stores in St. Petersburg, the
target is a network of 10 stores by 2015
• Launch of business operations has been better than
expected
• Changes in the business model, concept and network of
Intersport Russia to improve profitability
7 CFO Jukka Erlund 8/2014

8. Russian retail growth has exceeded
GDP growth
%
20
15
10
5
0
-5
-10
2000 2002 2004 2006 2008 2010 2012
Retail GDP
Source: Rosstat
8 CFO Jukka Erlund 8/2014

9. Net sales
12000
10000
8000
6000
4000
2000
0
+2.2%
+5.8%
+11.1%
+9.3%
+3.3%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Finland Other countries
9 CFO Jukka Erlund 8/2014
-11.9%
+3.9%
+7.8%
+2.4%
-3.8%
€m

10. Operating profit
€m
500
450
400
350
300
250
200
150
100
50
0
-50
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Operating profit excl. non-recurring items Non-recurring items
10 CFO Jukka Erlund 8/2014

11. Significant strengthening of cash flow
€m
500
400
300
200
100
0
-100
-200
-300
-400
-500
2008 2009 2010 2011 2012 2013
Cash flow from
operating activities
Cash flow from
investing activities
€414m
€-152m
11 CFO Jukka Erlund 8/2014

12. Capital expenditures will be adjusted to
annual level of €200-300 million
€m
500
450
400
350
300
250
200
150
100
50
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Capital expenditure in store sites Acquisitions Other capital expenditure
12 CFO Jukka Erlund 8/2014

13. Strong financial position
Liquid funds €461m €474m
Interest bearing net debt €78m €113m
Equity ratio 52.3% 50.5%
Gearing 3.5% 5.1%
13 CFO Jukka Erlund
Q2/2014 Q2/2013
8/2014

14. 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.
1.44
0.71
1.00
1.78
0.90
1.84
1.30
2,5
2,0
1,5
1,0
0,5
0,0
14 CFO Jukka Erlund 8/2014
1.47
1.20
1.68
1.40
0.80
0.57
0.29
0.01
-0.19
0.07
-0,5
2008 2009 2010 2011 2012 2013
Earnings/share, excl.
non-rec. items, basic
Non-recurring items Dividend
Effective
dividend yield
2008 5.6%
2009 3.9%
2010 3.7%
2011 4.6%
2012 4.8%
2013 5.2%
€
1.27
2.24
1.28
2.08
1.85
69% 127%
73%
65% 82%
1.20
83%
1.75

15. Financial targets
The objectives Target level Realised 2013
Net sales growth Growth rate exceeding
that of the market
Realised**: Furniture trade and Car trade in
Finland
Return on equity* 12% 7.7%
Return on capital
employed*
14% 9.8%
Interest-bearing net
debt/EBITDA
< 3 -0.3
Equity ratio 40–50% 54.5%
*Excluding non-recurring items
**Kesko’s own estimate
15 CFO Jukka Erlund 8/2014

16. Future outlook
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 (7/2014-6/2015) in comparison
with the 12 months preceding the reporting period (7/2013-6/2014).
Future prospects for the general economic situation and consumer
demand continue to be characterised by significant uncertainty in
Kesko's operating area. Due to the weakened economic situation and
the decline in consumers' purchasing power, demand in the trading
sector is expected to remain weak.
Kesko Group's net sales and operating profit excluding non-recurring
items for the next 12 months are expected to remain at the level of the
preceding 12 months, unless the overall consumer demand weakens
significantly.
16 CFO Jukka Erlund 8/2014

17. Divisions
17 CFO Jukka Erlund 8/2014

18. Food trade
Total 916 stores
•Net sales €4,356 million, +0.0%
•Operating profit* €203.7 million (4.7%), €+10.6 million
•Return on capital employed* 25.7%
*excl. non-recurring items
18 CFO Jukka Erlund
8/2014
Q3/2013-Q2/2014

19. Food trade market shares 2013
• K-food stores’ competitive
advantage projects
- fruit & vegetables
- bakery
- service counters
(meat, fish, ready-to-eat)
Total market €16.6 billion
34.0%
K-Group 34.0%
S-Group 45.7%
Suomen Lähikauppa 7.0%
Lidl 6.6%
Others 6.8%
Source: Nielsen
19 CFO Jukka Erlund 8/2014

20. Superior fresh foods departments
The most diversified
food selection for
families
20 CFO Jukka Erlund 8/2014
Service oriented fresh foods
market for home cooks
The freshest neighbourhood
store
Retailer’s online store,
citymarket.fi
Reliable food shopping regardless
of place and time

21. Pirkka – one of Finnish superbrands
• By far the most valued and best-known
store private label in Finland
• Launched in 1986
• Pirkka range comprises more than
2,200 products
– Some 100 of Pirkka products are
organic and some 40 are
Fairtrade products
• Introducing a new PL, K-Menu
• Total share of K-store PL-sales 19%
21 CFO Jukka Erlund 8/2014

22. Russian food market
• Market size some €255 billion
- Share of all retailing some 47%
• Operative EBITDA of peers 6-12%
22 CFO Jukka Erlund 8/2014
Retailer
Source: PMR
Revenues ’13,
€ bn
Magnit 13.4
X5 12.5
Auchan 7.2
Dixy 4.3
O’key 3.3
Metro 3.0
Lenta 2.0

23. K-ruoka
• Russian business operations started
in St. Petersburg in December 2012
- Total of 4 food stores and net
sales of € 71 million at the end of
2013
- Target is to open 3 new stores in
2014 and a network of 10 stores
by 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
23 CFO Jukka Erlund 8/2014

24. Home and speciality goods trade chains
Total 368 stores
•Net sales €1,390 million, -10.2%
•Operating profit* €-21.5 million (-1.5%), €-26.9 million
•Return on capital employed* -5.2%
*excl. non-recurring items
24 CFO Jukka Erlund
8/2014
Division of sales, 2013
Hypermarkets, non-food, €613 m
Department stores, €380 m
Sports, €272 m
Furniture, €196 m
Home electronics, €41 m
Shoes, €42 m
Q3/2013-Q2/2014

25. Strategic focus areas of home and
speciality goods trade
• Customer driven renewal of K-citymarket
home and speciality goods trade
• NetAnttila’s strong development and
improvement of Anttila’s profitability
- Expanding considerably the selection and
significantly improving customer
experience in online store
- Decisions are made to close 8 Anttila
department stores and 4 Kodin1
department stores
- Personnel reductions will total
approximately 400 full-time equivalents
• Maintaining Intersport Finland’s and Asko’s
and Sotka’s strong brands, market positions
and profitability
• Changes in the business model, concept and
network of Intersport Russia
• Increasing the share of e-commerce in all
chains
25 CFO Jukka Erlund 8/2014

26. Building and home improvement trade
Total 339 stores
Q3/2013-Q2/2014
•Net sales €2,623 million, -3.5%
•Operating profit* €39.0 million (1.5%), €+29.1 million
•Return on capital employed* 5.5%
26 CFO Jukka Erlund
8/2014
*excl. non-recurring items

27. Building and home improvement trade
market shares 2013
Sales by country in 2013
Finland, €1,718 m
Sweden, €207 m
Norway, €720 m
Estonia, €69 m
Latvia, €52 m
Lithuania, €266 m
Russia, €272 m
Belarus, €106 m
Market shares
Finland
Sweden
Norway
Estonia
Latvia
Lithuania
N-w and central
N-w and…
0 10 20 30 40
Russia
Belarus
27 CFO Jukka Erlund 8/2014

28. The biggest DIY-enterprises
in Europe 2013
14
12
10
8
6
4
2
Sources: Companies’ annual reports, companies’ webpages,
Baumarktmanager
NET SALES BN€
13.10 13.04
5.43
4.27
3.36 3.15
2.26
0
NET SALES € BN
28 CFO Jukka Erlund 8/2014

29. Strategic focus areas of building and
home improvement trade
• ’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
29 CFO Jukka Erlund 8/2014

30. 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 and
positive result in 2017
30 CFO Jukka Erlund 8/2014

31. Volkswagen 12.4%
Toyota 11.7%
Skoda 9.5%
Volvo 7.3%
Ford 6.9%
Audi 6.5%
Nissan 6.1%
Kia 5.6%
BMW 4.9%
Seat 1.6%
Others 27.5%
20.9%
Car and machinery trade
•Net sales €1,042 million, +0.4%
•Operating profit* €32.3 million (3.1%),
€-4.6 million
•Return on capital employed* 20.1%
*excl. non-recurring items
31 CFO Jukka Erlund 8/2014
Source: TraFi
Q3/2013-Q2/2014
Market share (passenger cars),
new registrations 1-6/2014

32. Kesko as an investment
32 CFO Jukka Erlund 8/2014

33. Basic information
• Established in 1940
• Listed on the Helsinki Stock Exchange (NASDAQ OMX Helsinki) in 1960
• Employees 24,500, of whom 53% work in Finland and 47% outside Finland
• 40,000 shareholders
– 29% of all shares owned by non-Finnish
– 42% of B-shares owned by non-Finnish
• Market capitalisation €2.8 billion (June 30, 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%
33 CFO Jukka Erlund 8/2014

34. Shareholders
Ownership by shareholder category
At 6/2014
The largest registered shareholders
At 6/2014 by number of shares
%
Non-financial corporations and housing
corporations 26%
Financial and insurance corporations 7%
General Government 5%
Households 27%
Rest of the world 29%
Others 6%
1 The K-Retailers´ Association 3,674,867 3.67
2 Vähittäiskaupan Takaus Oy 3,491,771 3.49
3 Kruunuvuoren Satama Oy 3,438,885 3.44
4 Valluga-sijoitus Oy 1,340,439 1.34
5 Elo Pension Company 1,192,968 1.19
6 Varma Mutual Pension
Insurance Company
1,130,986 1.13
7 Foundation for Vocational
Training in the Retail Trade
1,045,808 1.05
8 Kesko Oyj 1,002,735 1.00
9 Oy The English Tearoom Ab 1,000,000 1.00
10 Ilmarinen Mutual Pension
Insurance Company
841,587 0.84
34 CFO Jukka Erlund 8/2014

35. Real estate in 2013
Owned properties
Country
Area,
1,000 m2
Finland 758
Other Nordic countries 121
Baltic countries and Belarus 112
Russia 143
Total
Carrying amount
1,135
€1,423 M
Leased properties total
1,000 m2 2,963
Owned properties by region
35 CFO Jukka Erlund 8/2014
Finland 71%
Other Nordic
countries 6%
Baltic countries
and Belarus 3%
Russia 20%
Owned properties by division
Food 46%
Home and speciality
goods 14%
Building and home
improvement 30%
Car and machinery
5%
Others 5%

36. Kesko looks into setting up a real estate
investment trust
• Kesko is looking into selling some of the store sites it owns to a trust to be set up with
Kesko as one of its significant investors. Kesko Group would continue its operations in
the store sites under long-term leases signed in connection with their sales to the
trust.
• Kesko's objective is to set up a trust of mainly Kesko-owned store sites and shopping
centres in Finland, Sweden and Russia with a maximum fair value of approximately
€750 - 950 million. The trust is planned also to be made available to private investors.
Listing of units is also being assessed.
• The possible trust is expected to be launched in the course of 2014.
• The sale of store sites to the trust is estimated to generate a significant non-recurring
gain, the amount of which depends on the properties sold and return requirements
applied to them. These will be specified at a later stage in the assessment.
• Launching the real estate investment trust 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. Moreover, starting a real estate investment trust is subject to the
authorisation of the Financial Supervisory Authority.
36 CFO Jukka Erlund 8/2014

37. 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%
37 CFO Jukka Erlund 8/2014
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

38. Kesko is one of the world's leading
companies in ESG
• In ’The Global 100 Most Sustainable Corporations in the World’ list since 2005.
• In the SAM (Sustainable Asset Management) Sustainability Yearbook 2013,
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.
• Best in its sector in the Nordic Carbon Disclosure Leadership climate index in
2011-2013.
• 2011-2013 World Finance Award for Best Corporate Governance in Finland
38 CFO Jukka Erlund 8/2014

39. 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.
39 CFO Jukka Erlund
8/2014

40. Additional material
40 CFO Jukka Erlund 8/2014

41. Kesko’s operating profit excluding non-recurring
items for January-June at
previous year’s level
• Kesko’s net sales were €4.5 billion, change -1.8%
– Sales increased in the building and home improvement trade and in the
car trade
• Operating profit excl. non-recurring items was €86.7 million (€88.4 million)
– Profitability improved significantly in the building and home improvement
trade, but continued to weaken in Anttila
– Enhancement measures continued in all business operations
– Return on capital employed excl. non-recurring items was 9.9% (9.3%)
• Strong financial position
– Liquid assets €461 million (€474 million)
– Equity ratio 52.3% (50.5%)
• Total net sales from Russia are expected to exceed €1 billion in 2017 and
operations are expected to be profitable
• Kesko Group's net sales and operating profit excluding non-recurring items for
the next 12 months are expected to remain at the level of the preceding 12
months, unless the overall consumer demand weakens significantly
41 CFO Jukka Erlund 8/2014

42. Consumers’ expectations for own finances
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
Expectations for own finances
Expectation, 21st century
average
42 CFO Jukka Erlund
Source: Statistics Finland
8/2014

43. Profit for 1-6/2014
43 CFO Jukka Erlund
1-6/2014 1-6/2013
Net sales, €m 4,499 4,580
Fixed costs excl. non-recurring items, €m 874 884
Operating profit excl. non-recurring items,
€m
87 88
Non-recurring items, €m -30 8
Net financial items, €m 1 -3
Income tax, €m 15 28
Net profit for the period, €m 42 65
8/2014

44. Financial position
1-6/2014 1-6/2013 1-12/2013
Equity ratio, % 52.3 50.5 54.5
Liquid assets, €m 461 474 681
Capital expenditure, €m 99 90 171
Interest-bearing net debt, €m 78 113 -126
Inventories, €m 828 807 797
44 CFO Jukka Erlund 8/2014

45. Net sales by division (€m)
45 CFO Jukka Erlund
1-6/2014 Change 4-6/2014 Change
Food trade 2,112 -1.5% 1,106 +0.6%
Home and speciality
goods trade
600 -10.0% 288 -10.5%
Building and home
improvement trade
1,317 +1.2% 736 -0.6%
Car and machinery
trade
556 +0.9% 283 -6.0%
Group total 4,499 -1.8% 2,371 -2.1%
8/2014

46. Operating profit excl. non-recurring items
by quarter
18.6
69.8
83.6
66.8
19.1
67.6
100
80
60
40
20
0
Q1 Q2 Q3 Q4 Q1 Q2
46 CFO Jukka Erlund
2013 2014
€m
8/2014

47. Operating profit excl. non-recurring items
by division (€m)
47 CFO Jukka Erlund
1-6/2014 Change 4-6/2014 Change
Food trade 99.4 0.4 52.9 2.2
Home and speciality
goods trade
-41.0 -13.2 -18.3 -8.2
Building and home
improvement trade
16.2 13.3 26.6 7.1
Car and machinery trade 19.1 -1.7 10.9 -2.1
Group total 86.7 -1.7 67.6 -2.1
8/2014

48. Year-on-year change in fixed costs
excluding non-recurring items
10.3%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
48 CFO Jukka Erlund
7.5% 8.0%
1.2%
-4.0% -4.5% -4.0%
-2.0% -1.3%
-1.0%
-6%
8/2014

49. Return on capital employed
excl. non-recurring items, moving 12 mo
CFO Jukka Erlund
-5.2%
5.5%
20.1%
9.9%
%
30
25
20
15
10
5
0
-5
-10
Home and Group total
speciality goods
trade
Food
trade
Car and
machinery trade
Building and
home
improvement
trade
49
25.7%
€792 m €412 m €713 m €160 m €2,384 m
Capital
employed:
8/2014

50. Steady profit performance
in the food trade
+0.6%
1,099 1,106
2,144 2,112
2400
2000
1600
1200
800
400
0
4-6/13 4-6/14 1-6/13 1-6/14
100
80
60
40
20
50 CFO Jukka Erlund
-1.5%
• Kesko Food’s net sales down 1.5%
- Decreased purchasing power also
reflected on the food trade
- Increase in prices has stopped
- Sales of K-food stores below market
performance
• In Russia, sales and profitability of food
stores better than expected
• Profitability improved by cost savings
• Capital expenditure €47 million
(€44 million)
• Four new K-supermarkets and two new
K-markets opened in Finland
50.8 52.9
99.0 99.4
0
4-6/13 4-6/14 1-6/13 1-6/14
8/2014
Net sales, €m
Operating profit excl.
non-recurring items, €m

51. Market situation in the home and speciality
goods trade continued to deteriorate
322 288
667
600
800
600
400
200
0
4-6/13 4-6/14 1-6/13 1-6/14
-10.0
-18.3
-27.8
-41.0
0
-10
-20
-30
-40
-50
4-6/13 4-6/14 1-6/13 1-6/14
51 CFO Jukka Erlund
• Profitability of the home and speciality
goods chains negatively impacted by sales
decline
• Anttila's profit continued to decline and
was clearly loss-making
- Eight Anttila department stores and
four Kodin1 department stores to be
closed
- Decisions on a total reduction of
around 400 full-time equivalents in
department stores and centralised
functions
• Intersport Finland's profit remained at a
good level despite sales decline
• Sales of online stores increasing
- Musta Pörssi to concentrate on
e-commerce
• Capital expenditure €7 million (€14 million)
-10.0%
-10.5%
8/2014
Net sales, €m
Operating profit excl.
non-recurring items, €m

52. Sales and profit of the building and home
improvement trade on the increase
740 736
1,302 1,317
1500
1000
500
0
4-6/13 4-6/14 1-6/13 1-6/14
19.5
26.6
2.9
16.2
30
20
10
0
4-6/13 4-6/14 1-6/13 1-6/14
52 CFO Jukka Erlund
• In terms of local currencies, sales were
up in all countries, at 5.8% in total
• Market position of K-rauta and Rautia in
Finland continued to strengthen
• Operating profit was up from the
previous year due to sales increase and
cost savings
-Profit improved especially in foreign
operations
• Capital expenditure €27 million
(€22 million)
+1.2%
-0.6%
8/2014
Net sales, €m
Operating profit excl.
non-recurring items, €m

53. Volkswagen continued as market leader
-6.0%
301 283
+0.9%
551 556
800
600
400
200
0
4-6/13 4-6/14 1-6/13 1-6/14
30
20
10
53 CFO Jukka Erlund
• Market share of Audi, Volkswagen and
Seat 21.0% (21.1%)
• VV-Auto’s net sales performance +3.4%
- Market performance of new
registrations of passenger cars and
vans +4.6% in Finland
• Konekesko’s net sales performance
-5.7%, market performance declined in the
agricultural machinery trade
• Profitability of the car trade at a good level
due to sales increase and enhancement
13.0 measures
10.9
20.8 19.1
0
4-6/13 4-6/14 1-6/13 1-6/14
8/2014
Car and machinery trade:
Net sales, €m
Operating profit excl.
non-recurring items, €m

54. Capital expenditure
41
48
35
47
43
56
60
50
40
30
20
10
0
Q1 Q2 Q3 Q4 Q1 Q2
54 CFO Jukka Erlund
2013 2014
€m
8/2014

55. Operating margin excl. non-recurring
items by division
1-3/
2012
4-6/
2012
7-9/
2012
10-12/
2012
1-3/
2013
4-6/
2013
7-9/
2013
10-12/
2013
1-3/
2014
4-6/
2014
Food 3.4 3.5 4.6 4.0 4.6 4.6 5.1 4.2 4.6 4.8
Home and
speciality
goods
-3.5 -0.2 0.2 6.6 -5.2 -3.1 -0.6 4.9 -7.3 -6.3
Building and
home
improvement
-1.4 1.9 2.4 -1.6 -3.0 2.6 3.4 -0.2 -1.8 3.6
Car and
machinery
4.4 3.7 4.4 2.1 3.1 4.3 3.8 1.5 3.0 3.8
Total 1.0 2.4 3.2 2.9 0.9 2.9 3.5 2.8 0.9 2.9
55 CFO Jukka Erlund 8/2014

56. Operating profit as % of net sales
Operating margin
excl. non-recurring
items
Q3/13-
Q2/14,
% of net
sales
Q3/12-
Q2/13,
% of net
sales
Change,
pp
56 CFO Jukka Erlund 8/2014
Q2/14,
% of net
sales
Q2/13,
% of net
sales
Change,
pp
Food trade 4.7 4.4 0.2 4.8 4.6 0.2
Home and speciality
goods’ trade
-1.5 0.3 -1.9 -6.3 -3.1 -3.2
Building and home
improvement trade
1.5 0.4 1.1 3.6 2.6 1.0
Car and machinery
trade
3.1 3.6 -0.5 3.8 4.3 -0.5
Total 2.6 2.5 0.1 2.9 2.9 0.0

57. Kesko Group’s sales 1-6/2014
June2014 1.1. -30.06.2014
€ million Change, % € million Change, %
Food trade, total 369.7 0.0 2,131.4 -1.3
Home and speciality goods trade, total 94.7 -7.5 604.8 -10.0
Building and home improvement trade,
Finland
104.7 9.8 641.2 1.9
Building and home improvement trade, other
countries
143.8 -2.0 707.0 1.1
Building and home improvement trade,
total
248.5 2.6 1,348.3 1.5
Car and machinery trade, total 92.3 -5.8 569.1 1.3
Common operations and eliminations -13.1 -85.5
Grand total 792.1 -0.9 4,568.0 -1.5
Finland, total 627.6 0.1 3,740.7 -2.6
Other countries, total 164.4 -4.3 827.3 3.6
Grand total 792.1 -0.9 4,568.0 -1.5
57 CFO Jukka Erlund 8/2014

58. Maturities of interest-bearing liabilities
€ million
At 31 Dec.
2013 2014 2015 2016 2017
2018
and
later
Loans from financial institutions 27.3 0.6 24.4 0.2 0.1 1.9
Bonds 242.4 242.7
Private placement notes (USD) 100.3 43.5 26.1 17.4
Pension loans 31.9 5.8 5.8 5.8 5.8 8.7
Finance lease liabilities 18.8 7.6 2.8 2.7 2.6 3.2
Payables to K-retailers 113.4 113.4
Other interest-bearing liabilities 21.6 21.6
Unused commercial paper programmes, €359m
Two unused committed borrowing facilities, total €100m
58 CFO Jukka Erlund 8/2014

59. Unemployment rate
Source: Statistics Finland
59 CFO Jukka Erlund 8/2014

60. Development of value and volume of
retail trade sales, %
%
15
10
5
0
-5
-10
Source: Statistics Finland Value Volume
60 CFO Jukka Erlund 8/2014

61. Development of value and volume of
daily consumer goods trade, %
%
15
10
5
0
-5
-10
Value Volume
Source: Statistics Finland
61 CFO Jukka Erlund 8/2014

62. Building permits granted and building
starts, mil. m3, variable annual sum
* Preliminary data
Source: Statistics Finland
62 CFO Jukka Erlund 8/2014

63. New registrations of passenger cars in
Finland
Source: Statistics Finland
63 CFO Jukka Erlund
8/2014

64. Contact information
• IR@kesko.fi
• www.kesko.fi/investors
• Twitter.com/Kesko_IR
64 CFO Jukka Erlund 8/2014