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Notes to the income statement
Note 2. Net sales by division
€ million 2017 2016
Grocery trade 3,493.7 -
Building and home improvement trade 1,019.3 165.9
Others 32.9 141.1
Total 4,546.0 307.1
Note 3. Other operating income
€ million 2017 2016
Gains on sales of real estate and shares 61.6 2.2
Rent income 62.0 84.5
Fees for services 367.6 9.0
Profits from mergers 350.0 46.2
Others 116.1 3.8
Total 957.2 145.9
Note 4. Employee benefit expenses
€ million 2017 2016
Salaries and fees -240.9 -64.6
Social security costs
Pension costs -41.0 -10.6
Other social security costs -10.3 -3.2
Total -292.2 -78.4
The average number of personnel at Kesko Corporation was 6,576 (2,797) people.
Salaries and fees to the management
€ million 2017 2016
Managing Director 1.5 1.3
Members of the Board of Directors 0.4 0.4
Total 1.8 1.7
An analysis of the management's salaries and fees is included in the notes to the consolidated financial statements.
Note 5. Depreciation, amortisation and impairment
€ million 2017 2016
Depreciation according to plan -62.2 -17.9
Impairment, non-current assets -2.5 -7.2
Total -64.7 -25.1
Note 6. Other operating expenses
€ million 2017 2016
Rent expenses -267.9 -57.9
Marketing expenses -130.8 -44.5
Maintenance of real estate and store sites -62.1 -8.2
Losses on disposals of non-current assets -1.2 -9.9
Telecommunication expenses -63.0 -25.9
Losses from mergers -0.0 -0.2
Other operating expenses -56.1 -6.9
Total -581.1 -153.4
Auditors' fees
€ million 2017 2016
PricewaterhouseCoopers, Authorised Public Accountants
Audit 0.3 0.2
Tax consultation 0.1 0.0
Other services 1.1 0.2
Total 1.5 0.4
Note 7. Finance income and costs
€ million 2017 2016
Income from long-term investments
Dividend income from subsidiaries 30.3 1.4
Dividend income from others 2.4 0.0
Gains on disposal of shares 0.1 0.2
Gains on sales of investments 2.0 0.6
Income from long-term investments, total 34.7 2.1
Other interest and finance income
From subsidiaries 10.8 17.1
From others 18.7 11.8
Interest and finance income, total 29.5 29.0
Impairment of investments held as non-current assets
Impairment of shares -96.9 -2.8
Changes in fair value 0.2 0.0
Impairment and changes in fair value of investments held as non-current assets, total -96.7 -2.8
Interest and other finance costs
To subsidiaries -12.9 -2.2
To others -26.3 -15.9
Interest and finance costs, total -39.2 -18.1
Total -71.8 10.2
Note 8. Appropriations
€ million 2017 2016
Difference between depreciation according to plan and depreciation in taxation -4.8 7.3
Group contributions received 77.7 216.2
Group contributions paid -30.3 -78.7
Total 42.5 144.8
Note 9. Changes in provisions
€ million 2017 2016
Transferred in mergers 1.7 5.6
Other changes -0.9 2.6
Total 0.7 8.3
Note 10. Income taxes
€ million 2017 2016
Income taxes on group contributions -9.5 -27.5
Income taxes on ordinary activities -30.8 6.6
Taxes for prior years -0.7 -0.1
Total -40.9 -21.0
Note 11. Deferred taxes
Deferred tax assets and liabilities have not been recorded on the balance sheet. The deferred tax liability on accumulated appropriations is €21.3 million. The amount of other deferred tax liabilities or assets is not material.