Search

Choose note

Notes to the income statement
Note 2. Net sales by division
€ million 2016 2015
Building and technical trade 165.9 -
Others 141.1 43.1
Total 307.1 43.1
In the financial year 2016, K-talouspalvelukeskus Oy, K-Plus Oy, K-instituutti Oy, Rautakesko Ltd, Musta Pörssi Ltd and Keslog Ltd merged into Kesko Corporation.
Note 3. Other operating income
€ million 2016 2015
Gains on sales of real estate and shares 2.2 57.7
Rent income 84.5 99.5
Fees for services 9.0 -
Profits from mergers 46.2 -
Others 3.8 0.7
Total 145.9 158.0
Note 4. Average number of personnel
2016 2015
Kesko Corporation 716 180
Total 716 180
Note 5. Employee benefit expense
€ million 2016 2015
Salaries and fees -64.6 -17.8
Social security costs
Pension costs -10.6 -2.6
Other social security costs -3.2 -0.8
Total -78.4 -21.2
Salaries and fees to the management
€ million 2016 2015
Managing Director 1.3 1.0
Members of the Board of Directors 0.3 0.4
Total 1.6 1.4
An analysis of the management's salaries and fees is included in the notes to the consolidated financial statements.
Note 6. Depreciation, amortisation and impairment
€ million 2016 2015
Depreciation according to plan -17.9 -16.4
Impairment, non-current assets -7.2 -4.8
Total -25.1 -21.2
Note 7. Other operating expenses
€ million 2016 2015
Rent expenses -57.9 -51.4
Marketing expenses -44.5 -3.7
Maintenance of real estate and store sites -8.2 -5.6
Telecommunication expenses -25.9 -24.4
Losses from mergers -0.2 -
Other operating expenses -16.8 -121.6
Total -153.4 -206.7
The other operating expenses include a €107.6 million loss on the divestment of Anttila.
Auditors' fees
€ million 2016 2015
PricewaterhouseCoopers, firm of auditors
Audit 0.2 0.3
Tax consultation 0.0 0.1
Other services 0.2 0.4
Total 0.4 0.8
Note 8. Finance income and costs
€ million 2016 2015
Income from long-term investments
Dividend income from subsidiaries 1.4 3.8
Gains on disposal of shares 0.2 -
Gains on sales of investments 0.6 -
Income from long-term investments, total 2.1 3.8
Other interest and finance income
From subsidiaries 17.1 15.0
From others 11.8 18.6
Interest and finance income, total 29.0 33.6
Impairment of investments held as non-current assets
Impairment of shares -2.8 -26.5
Impairment of other investments 0.0 -1.1
Impairment of investments held as non-current assets, total -2.8 -27.6
Interest and other finance costs
To subsidiaries -2.2 -2.7
To others -15.9 -27.6
Interest and finance costs, total -18.1 -30.3
Total 10.2 -20.5
Note 9. Appropriations
€ million 2016 2015
Difference between depreciation according to plan and depreciation in taxation 7.3 15.5
Group contributions received 216.2 306.0
Group contributions paid -78.7 -16.4
Total 144.8 305.1
Note 10. Changes in provisions
€ milliion 2016 2015
Transferred on mergers 5.3 -
Other changes 3.0 0.7
Total 8.3 0.7
Note 11. Income taxes
Deferred taxes
Deferred tax assets and liabilities have not been recorded on the balance sheet. The deferred tax liability on accumulated appropriations is €12.0 million. The amount of other deferred tax liabilities or assets is not material.