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Group's key performance indicators
2013 2014 2015 2016 2017
Income statement
Net sales € million 9,315 9,071 8,679 10,180 10,676
Change in net sales % -3.8 -2.6 -4.3 17.3 4.9
Comparable operating profit € million 238.8 232.6 244.5 272.9 296.7
Comparable operating profit as percentage of net sales % 2.6 2.6 2.8 2.7 2.8
Profit for the year (incl. non-controlling interests) € million 185 108 117 114 269
Profit for the year as percentage of net sales % 2.0 1.2 1.4 1.1 2.5
Profitability
Return on equity % 8.0 4.7 5.2 5.2 12.3
Comparable return on equity % 7.7 7.6 8.2 9.8 10.9
Return on capital employed % 10.2 6.4 9.3 6.4 13.4
Comparable return on capital employed % 9.8 9.9 11.7 11.9 12.2
Funding and financial position
Interest-bearing net debt € million -126.4 -99.2 -448.1 123.3 135.9
Gearing % -5.4 -4.4 -20.0 5.8 6.1
Equity ratio % 54.5 54.5 54.7 48.6 50.4
Interest-bearing net debt/EBITDA -0.3 -0.3 -1.4 0.4 0.3
Other performance indicators
Capital expenditure € million 171 194 219 743 350
Capital expenditure as percentage of net sales % 1.8 2.1 2.5 7.3 3.3
Cash flow from operating activities € million 414 304 276 170 302
Cash flow from investing activities € million -152 -182 217 -501 -88
Personnel, average for the period 19,489 19,976 18,956 22,475 22,077
Personnel, as at 31 Dec. 23,863 23,794 21,935 27,657 24,983
2013 2014 2015 2016 2017
Share performance indicators
Earnings/share, diluted 1.75 0.97 1.03 0.99 2.59
Earnings/share, basic 1.75 0.97 1.03 0.99 2.59
Comparable earnings/share, basic 1.68 1.65 1.70 2.01 2.28
Equity/share 22.96 22.05 21.82 20.44 21.45
Dividend/share 1.40 1.50 2.50 2.00 2.20*
Payout ratio % 79.9 154.7 243.8 201.3 84.9*
Comparable payout ratio % 83.3 91.1 146.7 99.5 96.6*
Cash flow from operating activities/share, adjusted 4.17 3.07 2.79 1.71 3.03
Price/earnings ratio (P/E), A share, adjusted 15.35 29.49 30.35 44.14 17.01
Price/earnings ratio (P/E), B share, adjusted 15.35 31.16 31.57 47.80 17.45
Effective dividend yield, A share % 5.2 5.3 8.0 4.6 5.0*
Effective dividend yield, B share % 5.2 5.0 7.7 4.2 4.9*
Share price as at 31 Dec.
A share 26.80 28.56 31.12 43.85 44.10
B share 26.80 30.18 32.37 47.48 45.25
Average share price
A share 24.85 29.06 31.85 37.30 43.62
B share 24.11 29.82 33.52 39.03 44.52
Market capitalisation as at 31 Dec., A share € million 851 906 988 1,392 1,400
Market capitalisation as at 31 Dec., B share € million 1,810 2,031 2,182 3,207 3,064
Turnover
A share Million pcs 1 2 2 2 1
B share Million pcs 51 47 59 52 49
Relative turnover rate
A share % 3.6 6.3 7.5 5.4 4.0
B share % 77.0 69.5 87.0 74.3 70.9
Diluted average number of shares Thousand pcs 99,136 99,161 99,114 99,249 99,426
Yield of A share for the past five financial years % 8.5 8.3 2.3 17.8 18.4
Yield of B share
For the past five financial years % 13.7 10.1 3.0 18.6 18.5
For the past ten financial years % 13.4 10.2 7.7 6.6 6.8
* Proposal to the General Meeting
Net sales by segment
€ million 1–12/2017 1–12/2016 Change, %
Grocery trade, Finland 5,282 5,131 2.9
Grocery trade, other countries* - 105 -
Grocery trade, total 5,282 5,236 0.9
- of which intersegment trade 7 10 -33.4
Building and technical trade, Finland 2,190 2,142 2.3
Building and technical trade, other countries* 2,296 1,959 17.2
Building and technical trade, total 4,486 4,100 9.4
- of which intersegment trade 3 11 -76.9
Car trade, Finland 909 849 7.1
Car trade, total 909 849 7.1
- of which intersegment trade 1 0 (..)
Common functions and eliminations -1 -5 -68.5
Finland, total 8,380 8,117 3.2
Other countries, total* 2,296 2,063 11.3
Group total 10,676 10,180 4.9
*Net sales in countries other than Finland
(..) Change over 100%
Operating profit by segment
€ million 1–12/2017 1–12/2016 Change
Grocery trade 181.3 93.0 88.3
Building and technical trade 154.7 60.8 93.9
Car trade 33.1 28.9 4.2
Common functions and eliminations -44.5 -36.0 -8.5
Group total 324.6 146.8 177.8
Comparable operating profit by segment
€ million 1–12/2017 1–12/2016 Change
Grocery trade 203.4 175.9 27.4
Building and technical trade 95.8 97.9 -2.2
Car trade 33.1 29.5 3.6
Common functions and eliminations -35.6 -30.5 -5.1
Group total 296.7 272.9 23.8
Group's performance indicators by quarter
1–3/
2016
4–6/
2016
7–9/
2016
10–12/
2016
1–3/
2017
4–6/
2017
7–9/
2017
10–12/
2017
Net sales, € million 2,013 2,610 2,792 2,765 2,597 2,814 2,647 2,618
Change in net sales, % -3.3 17.2 26.7 27.6 29.0 7.8 -5.2 -5.3
Operating profit, € million 33.5 68.0 85.5 -40.3 16.6 152.5 98.6 56.9
Operating margin, % 1.7 2.6 3.1 -1.5 0.6 5.4 3.7 2.2
Comparable operating profit, € million 32.3 79.1 98.2 63.3 28.7 84.6 102.5 81.0
Comparable operating margin, % 1.6 3.0 3.5 2.3 1.1 3.0 3.9 3.1
Finance income/costs, € million 2.7 1.7 -1.1 -4.3 4.2 -1.3 -0.6 -0.9
Profit before tax, € million 35.7 68.1 84.8 -43.5 21.5 150.5 98.0 57.6
Profit before tax, % 1.8 2.6 3.0 -1.6 0.8 5.4 3.7 2.2
Return on capital employed, % 6.7 12.3 13.6 -6.4 2.7 24.8 16.6 9.3
Comparable return on capital employed, % 6.5 14.3 15.6 10.1 4.7 13.8 17.3 13.3
Return on equity, % 5.1 9.8 12.8 -6.9 3.2 24.8 13.9 8.1
Comparable return on equity, % 4.8 11.7 14.7 8.4 5.1 12.2 14.6 12.2
Cash flow from operating activities/share, € -0.97 0.79 0.81 1.09 -0.58 1.42 1.03 1.16
Equity ratio, % 54.8 44.8 47.9 48.6 47.4 47.0 49.1 50.4
Capital expenditure, € million 51.4 512.7 73.6 105.4 78.3 91.7 62.7 117.1
Earnings/share, diluted, € 0.28 0.49 0.63 -0.40 0.18 1.29 0.69 0.43
Earnings per share, comparable, basic, € 0.26 0.59 0.73 0.42 0.29 0.61 0.72 0.65
Equity/share, € 22.13 20.31 20.84 20.44 20.98 20.18 20.89 21.45
Net sales by segment
€ million 1–3/
2016
4–6/
2016
7–9/
2016
10–12/
2016
1–3/
2017
4–6/
2017
7–9/
2017
10–12/
2017
Grocery trade 1,094 1,353 1,367 1,422 1,243 1,327 1,313 1,399
Building and technical trade 695 1,046 1,238 1,121 1,112 1,253 1,121 1,000
Car trade 225 214 190 221 245 234 212 218
Common functions and eliminations -1 -2 -3 1 -2 0 0 1
Group total 2,013 2,610 2,792 2,765 2,597 2,814 2,647 2,618
Operating profit by segment
€ million 1–3/
2016
4–6/
2016
7–9/
2016
10–12/
2016
1–3/
2017
4–6/
2017
7–9/
2017
10–12/
2017
Grocery trade 30.2 44.1 44.8 -26.1 16.7 39.9 59.3 65.4
Building and technical trade 1.8 32.8 37.9 -11.7 1.2 115.3 39.9 -1.7
Car trade 9.4 5.8 6.8 7.0 10.0 7.6 8.8 6.7
Common functions and eliminations -7.8 -14.7 -4.0 -9.5 -11.4 -10.3 -9.4 -13.4
Group total 33.5 68.0 85.5 -40.3 16.6 152.5 98.6 56.9
Items in operating profit affecting comparability
€ million 1–3/
2016
4–6/
2016
7–9/
2016
10–12/
2016
1–3/
2017
4–6/
2017
7–9/
2017
10–12/
2017
Grocery trade -1.1 0.5 -4.4 -78.0 -9.7 -10.6 -0.2 -1.7
Building and technical trade 1.5 -5.1 -7.4 -26.1 -1.8 79.8 -2.8 -16.3
Car trade - - - -0.6 - - - -
Common functions and eliminations 0.9 -6.5 -0.9 1.1 -0.6 -1.3 -1.0 -6.0
Group total 1.3 -11.1 -12.7 -103.6 -12.1 67.9 -4.0 -24.0
Comparable operating profit by segment
€ million 1–3/
2016
4–6/
2016
7–9/
2016
10–12/
2016
1–3/
2017
4–6/
2017
7–9/
2017
10–12/
2017
Grocery trade 31.3 43.6 49.2 51.9 26.4 50.5 59.4 67.0
Building and technical trade 0.3 37.9 45.3 14.4 3.0 35.5 42.7 14.6
Car trade 9.4 5.8 6.8 7.5 10.0 7.6 8.8 6.7
Common functions and eliminations -8.7 -8.2 -3.1 -10.5 -10.8 -9.0 -8.5 -7.4
Group total 32.3 79.1 98.2 63.3 28.7 84.6 102.5 81.0