Suomen Lähikauppa Oy Financial Statements Bulletin Development of the Business Environment

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1 1 Suomen Lähikauppa Oy Financial Statements Bulletin 2008 Development of the Business Environment According to the Research Institute of the Finnish Economy (ETLA), in 2008, the Finnish GDP growth rate stood at 2.8 percent compared with 4.4 percent the previous year. Consumer expenditure increased by 2.9 percent (3.8%). The decline in the global economy had an impact on the economic situation in Finland, particularly towards the end of the year. Consumers' faith in the Finnish economy reached its lowest point for a number of years. Consumers' perceptions of their own financial prospects were also more negative, even though the income of the working population will increase by several percent in The turnover recorded by the member companies of the Finnish Food Marketing Association (FFMA) was EUR 11.9 billion. This represented a growth of 8.7% over the previous year. According to Statistics Finland, the price of food and non-alcoholic beverages increased by 8.3%. According to the FFMA's statistics, hypermarkets and department stores (+ 12.0%) and small grocery shops of less than 100 m 2 (+ 11.8%) showed the highest growth rate. The lowest growth rate was recorded by grocery stores of less than 400 m 2 (+ 5.0%). The rise in food prices has curbed the growth of consumption, and the general uncertainty over the future has rendered the purchasing behavior of consumers increasingly cautious. In particular, there has been a reduction in the purchases of durable goods and consumers have clearly been focusing more on price when buying their groceries. Group Structure and Shareholdings The Suomen Lähikauppa Oy Group is made up of Suomen Lähikauppa Oy, which is involved in the grocery industry, and its subsidiaries, ZAO Renlund SPb (based in St. Petersburg) and T-kiinteistöt Oy, which manage the Group s retail properties. At the end of the financial year, the Group also had five retail property subsidiaries and six associated retail property companies. In addition, Tuko Logistics Oy (shareholding 39%) and Fintorus Oy (shareholding 21%) are associated companies of the Group. The main shareholders of Suomen Lähikauppa Oy, with a sharehold of 66.00%, are investment funds managed by IK Investment Partners. Other shareholders include Cooperative Tradeka Corporation (15.76%), Wihuri Oy (15.76%) and the company's management (2.48%). Key Events in Business Operations The preparation of the new strategy began at the start of 2008 under the leadership of the new President and CEO, Leena Saarinen, who was appointed in December The strategy was used as a basis for a corporate change program outlining a gradual progression towards the new vision for the local store. In the first stage of the change program, we focused on the development of current business operations and initiated a restructuring of the management model for our stores. At the beginning of 2009, the development of the necessary instruments to centralize the management of the stores local activities moved from the planning to the implementation stage. The newly developed grocery supply chain management system reached its implementation stage in the fall of 2008.

2 2 Starting on April 1, 2008, an organizational reform was implemented based on the need to improve the direction and management of the whole retail value chain by placing it under the direct control of the management team. The role of the new Consumers and Brands division is to strengthen the development of brands and concepts by positioning the consumer and client at the heart of the decision-making process. The Product Management division is responsible for the supply of grocery products and for the product range stocked by stores in the Siwa and Valintatalo chains. The management of operations at the stores in the Siwa and Valintatalo chains was centralized under an overriding Store Operations division. The Euromarket chain was allocated a separate division within the organization, in order to be able to better highlight the features characteristic of operations in large stores. The Euromarket chain division is responsible for the marketing of the chain, concept development, the supply of groceries and consumables, the corresponding product ranges and operational management of the stores. Following the completion of the new strategy with its focus on local stores, it was time to reassess our corporate name and visual identity. The new name and corporate visual identity were adopted on December 29, 2008, and coincided with the relocation of our headquarters to our new premises at Sörnäistenkatu in Helsinki. At the end of the year, Suomen Lähikauppa ran a total of 759 stores (+ 2 compared to 2007), three of which were located in Russia. In total, 18 new outlets were opened in 2008 and 16 stores were closed. Refurbishments took place in 35 outlets. Operations at the Lohja Euromarket came to a close at the end of December. At the end of the financial period, the service agreement between Suomen Lähikauppa and Cooperative Tradeka Corporation on the provision of certain administrative services (including financial administration and IT services) expired. Following the expiry of the service agreement, 33 employees and a small amount of fixed assets were acquired by Restel Oy. This measure did not affect the Group s financial results for 2008 in any significant way. Research and Development Development forms an integral part of Suomen Lähikauppa's daily business. In 2008, we carried out a number of development projects as requested by the management and the Board of Directors. The most important of these were the projects which focused on store-specific management and the restructuring of the store management model as well as the development of the grocery supply chain and the purchasing of groceries. The costs of these projects are presented as costs in the financial period. Risks and Other Aspects Crucial to Business Development Risk management forms an integral part of Suomen Lähikauppa's day-to-day business planning and management. The Head of Internal Audit is in charge of the risk management process. Business risk management aims to safeguard the company's business development and to ensure smooth business operations. The risk assessment for the new strategy was begun at the end of Risk management will be brought into effect in the 2010 action plan.

3 3 Financial Position and Financing In 2008, Suomen Lähikauppa's net turnover was EUR 1,411.9 million (+ 1.8% compared to the previous year). This growth was lower than the market average. Suomen Lähikauppa s business operations focus on grocery stores of less than 400 m 2. The Group recorded a loss of EUR 23.1 million before extraordinary items compared with the previous year s loss of EUR 17.1 million. The 2008 results were impacted negatively by development measures and the rapid decline in the overall economic situation towards the end of the year. In spite of the losses indicated by last year s results, Suomen Lähikauppa s financial base of remains solid. The operating result excluding non-recurring expenses showed positive development during the financial period. The company s balance structure is strong and it has practically no debt. Capital expenditure totaled EUR 19.9 million compared with EUR 21.4 million a year ago. Key Figures EUR million Net turnover Loss/profit % of net turnover Profit/loss before extraordinary items Return on equity (%) Equity ratio (%) Gearing (%) Balance sheet total Employees The number of full-time Suomen Lähikauppa Oy employees averaged 4,806 (+ 21) in The number of contractual employees at the end of the year totaled 7,084 (56), including staff who are on the payroll but who are currently on leave of absence. In addition, the subsidiary in St. Petersburg employed 151 people. During the financial period, Suomen Lähikauppa paid wages and salaries to the value of EUR million (compared to EUR million in 2007 and EUR million in 2006). Environmental Issues Suomen Lähikauppa Oy complies with the environmental program which has been confirmed by the company. Environmental management forms part of the group s day-to-day decision-making and management system. At the end of the year, Suomen Lähikauppa Oy signed an energy efficiency agreement for Finnish companies (Operational Program for Commerce). In accordance with this agreement, we aim to reduce our energy usage by 9% by The Valintatalo chain continued to take part in the Nordic Environmental Label (Swan Ecolabel) audits, with nine of its stores now having earned the label in question.

4 4 Administration and Auditors The parent company's Board of Directors comprised: Michal Rosenlew (Chairman), Juha Laisaari (Vice Chairman), Max Alfthan, Juha Hellgren, Kristian Kemppinen and Christian Ramm-Schmidt. The Board of Directors held 10 meetings in The Audit Committee, elected by the members of the Board of Directors, comprised Kristian Kemppinen, Max Alfthan, and Juha Laisaari. The Audit Committee held 2 meetings in The Compensation Committee comprised Michael Rosenlew, Christian Ramm- Schmidt and Juha Hellgren. The company s auditors were PricewaterhouseCoopers, with Kim Karhu acting as Chief Auditor. Prospects for 2009 The most crucial elements of the group s operations over the next few months are reacting to changes in client behavior and monitoring the development of the market situation. Costs incurred by development projects and changes in operations will continue to have an impact on its result. At the same time, the company continues to seek to improve profitability through organizational reform and improved operating efficiency. Board Proposal for Profit Distribution The Board of Directors proposes that no dividends be distributed. Helsinki, 4 March 2009 Suomen Lähikauppa Oy Board of Directors Group financial statement January 1, 2008 to December 31, 2008 EUR million Net turnover Operating expenses Operating loss Financial income and expenses Loss before extraordinary items

5 5 Group Balance Sheet, December 31, 2008 Assets Fixed assets Current assets: - Inventories Receivables Cash and bank deposits Total assets Liabilities Total equity Minority share Obligatory provisions Liabilities - Long-term liabilities Short-term liabilities Total liabilities

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