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Group's key performance indicators
2011 2012 2013 2014 2015
Income statement
Net sales € million 9,460 9,686 9,315 9,071 8,679
Change in net sales % 7.8 2.4 -3.8 -2.6 -4.3
Operating profit excl. non-recurring items € million 279 230 239 233 244
Operating profit excl. non-recurring items as percentage of net sales % 2.9 2.4 2.6 2.6 2.8
Profit for the year (incl. non-controlling interests) € million 197 136 185 108 117
Profit for the year as percentage of net sales % 2.1 1.4 2.0 1.2 1.4
Profitability
Return on equity % 8.8 6.0 8.0 4.7 5.2
Return on equity excl. non-recurring items % 8.8 6.9 7.7 7.6 8.2
Return on capital employed % 13.2 8.3 10.2 6.4 9.3
Return on capital employed excl. non-recurring items % 13.1 9.0 9.8 9.9 11.7
Funding and financial position
Interest-bearing net debt € million 32.8 135.3 -126.4 -99.2 -448.1
Gearing % 1.5 6.0 -5.4 -4.4 -20.0
Equity ratio % 53.9 52.5 54.5 54.5 54.7
Interest-bearing net debt/EBITDA 0.1 0.4 -0.3 -0.3 -1.4
Other performance indicators
Capital expenditure € million 425 378 171 194 219
Capital expenditure as percentage of net sales % 4.5 3.9 1.8 2.1 2.5
Cash flow from operating activities € million 216 382 414 304 276
Cash flow from investing activities € million -441 -391 -152 -182 217
Personnel, average for the period 18,960 19,747 19,489 19,976 18,955
Personnel, as at 31 Dec. 23,375 24,080 23,863 23,794 21,935
2011 2012 2013 2014 2015
Share performance indicators
Earnings/share, diluted 1.84 1.26 1.75 0.97 1.03
Earnings/share, basic 1.85 1.27 1.75 0.97 1.03
Earnings/share excl. non-recurring items, basic 1.84 1.47 1.68 1.65 1.70
Equity/share 22.29 22.48 22.96 22.05 21.82
Dividend/share 1.20 1.20 1.40 1.50 2.50*
Payout ratio % 64.9 94.5 79.9 154.7 243.8*
Payout ratio excl. non-recurring items % 65.3 81.8 83.3 91.1 146.7*
Cash flow from operating activities/share, adjusted 2.20 3.88 4.17 3.07 2.79
Price/earnings ratio (P/E), A share, adjusted 13.55 19.30 15.35 29.49 30.35
Price/earnings ratio (P/E), B share, adjusted 14.14 19.60 15.35 31.16 31.57
Effective dividend yield, A share % 4.8 4.9 5.2 5.3 8.0
Effective dividend yield, B share % 4.6 4.8 5.2 5.0 7.7
Share price as at 31 Dec.
A share 24.82 24.39 26.80 28.56 31.12
B share 25.96 24.77 26.80 30.18 32.37
Average share price
A share 29.20 23.71 24.85 29.06 31.85
B share 29.36 22.75 24.11 29.82 33.52
Market capitalisation as at 31 Dec., A share € million 788 774 851 906 988
Market capitalisation as at 31 Dec., B share € million 1,719 1,644 1,810 2,031 2,182
Turnover
A share Million pcs 2 2 1 2 2
B share Million pcs 63 68 51 47 59
Relative turnover rate
A share % 6.6 7.6 3.6 6.3 7.5
B share % 94.6 102.0 77.0 69.5 87.0
Diluted number of shares as at 31 Dec. Thousand pcs 98,919 98,472 99,136 99,161 99,114
Yield of A share for the last five financial years % -4.6 -4.5 8.5 8.3 2.3
Yield of B share
For the last five financial years % -4.2 -3.7 13.7 10.1 3.0
For the last ten financial years % 17.1 14.6 13.4 10.2 7.7
* Proposal to the General Meeting
Net sales by segment
€ million 1–12/2015 1–12/2014 Change,%
Grocery trade, Finland 4,566 4,650 -1.8
Grocery trade, other countries* 107 103 3.2
Grocery trade, total 4,673 4,754 -1.7
- of which intersegment trade 15 34 -54.9
Home improvement and speciality goods trade, Finland 1,719 2,002 -14.1
Home improvement and speciality goods trade, other countries* 1,530 1,566 -2.3
Home improvement and speciality goods trade, total 3,250 3,568 -8.9
- of which intersegment trade 1 0 (..)
Car trade, Finland 748 766 -2.4
Car trade, total 748 766 -2.4
- of which intersegment trade 0 0 -12.4
Common operations and eliminations 8 -18 (..)
Finland, total 7,042 7,401 -4.9
Other countries, total* 1,637 1,669 -1.9
Group total 8,679 9,071 -4.3
* Net sales in countries other than Finland
(..) Change over 100%
Operating profit by segment
€ million 1–12/2015 1–12/2014 Change
Grocery trade 249.4 216.2 33.2
Home improvement and speciality goods trade -57.2 -52.0 -5.2
Car trade 26.1 28.9 -2.8
Common operations and eliminations -23.7 -41.7 18.0
Group total 194.6 151.4 43.2
Operating profit excl. non-recurring items by segment
€ million 1–12/2015 1–12/2014 Change
Grocery trade 177.5 223.2 -45.8
Home improvement and speciality goods trade 63.6 0.4 63.2
Car trade 26.1 28.9 -2.8
Common operations and eliminations -22.7 -20.0 -2.8
Group total 244.5 232.6 11.8
Group's performance indicators by quarter
1–3/
2014
4–6/
2014
7–9/
2014
10–12/
2014
1–3/
2015
4–6/
2015
7–9/
2015
10–12/
2015
Net sales, € million 2,129 2,371 2,304 2,267 2,082 2,227 2,203 2,166
Change in net sales,% -1.4 -2.1 -2.9 -4.0 -2.2 -6.0 -4.4 -4.4
Operating profit, € million -13.0 69.4 63.4 31.7 -103.6 175.8 83.1 39.3
Operating margin,% -0.6 2.9 2.7 1.4 -5.0 7.9 3.8 1.8
Operating profit excl. non-recurring items, € million 19.1 67.6 84.0 61.9 26.5 76.4 82.5 59.1
Operating margin excl. non-recurring items,% 0.9 2.9 3.6 2.7 1.3 3.4 3.7 2.7
Finance income/costs, € million -1.6 2.2 -1.8 -5.0 -0.3 -4.2 -3.5 0.9
Profit before tax, € million -14.4 71.4 61.7 26.4 -103.7 172.1 78.8 40.7
Profit before tax,% -0.7 3.0 2.7 1.2 -5.0 7.7 3.6 1.9
Return on capital employed,% -2.2 11.5 10.9 5.5 -18.1 31.9 17.6 8.2
Return on capital employed excl. non-recurring items,% 3.2 11.2 14.4 10.7 4.6 13.9 17.5 12.4
Return on equity,% -2.0 9.4 8.1 3.7 -19.9 28.0 8.9 4.8
Return on equity excl. non-recurring items,% 2.3 9.1 11.3 8.0 3.1 10.6 10.6 9.2
Equity ratio,% 53.2 52.3 54.2 54.5 51.5 52.2 54.2 54.7
Capital expenditure, € million 43.4 55.7 51.7 43.2 51.5 58.6 41.5 66.9
Earnings/share, diluted, € -0.11 0.51 0.41 0.17 -1.11 1.48 0.43 0.22
Equity/share, € 22.83 21.86 22.25 22.05 21.30 21.21 21.41 21.82
Net sales by segment
€ million 1–3/
2014
4–6/
2014
7–9/
2014
10–12/
2014
1–3/
2015
4–6/
2015
7–9/
2015
10–12/
2015
Grocery trade 1,102 1,202 1,190 1,260 1,103 1,149 1,171 1,249
Home improvement and speciality goods trade 815 974 942 837 773 883 857 736
Car trade 218 199 175 175 210 190 170 177
Common operations and eliminations -6 -5 -2 -5 -3 4 4 4
Group total 2,129 2,371 2,304 2,267 2,082 2,227 2,203 2,166
Operating profit by segment
€ million 1–3/
2014
4–6/
2014
7–9/
2014
10–12/
2014
1–3/
2015
4–6/
2015
7–9/
2015
10–12/
2015
Grocery trade 44.3 54.4 58.3 59.1 35.2 115.8 45.0 53.4
Home improvement and speciality goods trade -64.3 11.9 1.9 -1.5 -144.7 61.5 36.8 -10.9
Car trade 10.1 7.4 6.3 5.2 9.8 6.5 6.0 3.8
Common operations and eliminations -3.1 -4.4 -3.2 -31.1 -3.9 -8.0 -4.6 -7.1
Group total -13.0 69.4 63.4 31.7 -103.6 175.8 83.1 39.3
Operating profit excl. non-recurring items by segment
€ million 1–3/
2014
4–6/
2014
7–9/
2014
10–12/
2014
1–3/
2015
4–6/
2015
7–9/
2015
10–12/
2015
Grocery trade 45.4 55.3 60.3 62.2 34.9 43.3 44.8 54.5
Home improvement and speciality goods trade -33.2 9.3 20.6 3.7 -14.2 34.5 35.8 7.5
Car trade 10.1 7.4 6.3 5.2 9.8 6.5 6.0 3.8
Common operations and eliminations -3.1 -4.4 -3.2 -9.3 -3.9 -8.0 -4.1 -6.7
Group total 19.1 67.6 84.0 61.9 26.5 76.4 82.5 59.1