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    KESKOB   FI0009000202

KESKO OYJ

(KESKOB)
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Kesko Oyj : to make changes in its car trade division - codetermination negotiations initiated as part of the process

05/03/2021 | 07:16am EDT

Kesko aims to increase the sales and improve the profitability of its car trade division, focusing especially on improving customer experience and operational efficiency and accelerating digitalisation.

"The automotive sector is undergoing a transformation, and in order to achieve growth and better profitability, we must adapt to the situation. The measures we are now taking are an important part of Kesko's execution of its growth strategy," says Matti Virtanen, President of Kesko's car trade division.

Due to the planned changes, Kesko's car trade division will initiate codetermination negotiations with personnel representatives. The negotiations will concern the whole personnel working in the car trade business, some 1,360 people in total. It is estimated that work on offer will be reduced by a maximum of 280 person-work-years over the next 18 months. Half of the reduction is estimated to take place during 2021. If employee redundancies are required, Kesko will aim for as many people as possible to find new employment in Kesko's car sales or other businesses.

The codetermination negotiation procedure has been initiated on 3 May 2021. The negotiations will begin on 10 May and are estimated to conclude towards the end of June.

Further information:

Matti Virtanen, Managing Director, K Auto Oy
K Group media desk, (Mon-Fri 9-16), tel. +358 105 350 200, viestinta@kesko.fi

K Auto Oy imports and markets Volkswagen, Audi, SEAT, CUPRA, Porsche and Bentley passenger cars and Volkswagen Commercial Vehicles in Finland, and SEAT cars in Estonia and Latvia.
K Auto Oy also imports MAN trucks, MAN TGE vans and MAN and Neoplan buses into Finland. In addition, K-Auto develops car-related multichannel services.
www.k-auto.fi

K-Auto's retail company K-Caara is a major retailer of new and used vehicles and it offers servicing and after-sales services at its own outlets in 15 localities. K-Caara's services also include the online sales of used cars, a store for lower price range used cars and leasing services for companies and private customers. www.k-caara.fi

Oy AutoCarrera Ab is the official import company of Porsche in Finland. Porsche Centers in Espoo, Helsinki, Tampere and Turku are full-service dealerships that offer professional service and new Porsche models, used cars, servicing, and spare parts and accessories. More information: www.porsche.fi

Kesko and K-retailers together form K Group, whose retail sales total E14 billion. K Group is the third biggest retail operator in Northern Europe and it employs some 39,000 people. Kesko operates in the grocery trade, building and technical trade, and car trade. Its divisions and chains act in close cooperation with retailer entrepreneurs and other partners. Kesko's net sales total E11 billion and it employs approximately 18,000 people. Kesko has around 1,800 stores engaged in chain operations in Finland, Sweden, Norway, Estonia, Latvia, Lithuania and Poland. Kesko's shares are listed on Nasdaq Helsinki. The company's domicile and main premises are located in Helsinki. Kesko ranks as the world's most sustainable grocery trade sector company (Global 100 Most Sustainable Corporations in the World). www.kesko.fi

https://news.cision.com/k-ryhma/r/kesko-to-make-changes-in-its-car-trade-division---codetermination-negotiations-initiated-as-part-of-,c3338747

https://mb.cision.com/Main/13061/3338747/1411631.pdf

(c) 2021 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
K GROUP HOLDINGS LIMITED 2.46% 0.125 End-of-day quote.-87.50%
KESKO OYJ -0.19% 30.83 Delayed Quote.46.96%
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Financials
Sales 2021 10 984 M 13 048 M 13 048 M
Net income 2021 506 M 601 M 601 M
Net Debt 2021 2 280 M 2 708 M 2 708 M
P/E ratio 2021 25,1x
Yield 2021 2,67%
Capitalization 11 889 M 14 095 M 14 123 M
EV / Sales 2021 1,29x
EV / Sales 2022 1,25x
Nbr of Employees 17 120
Free-Float 85,2%
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Technical analysis trends KESKO OYJ
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Income Statement Evolution
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Mean consensus SELL
Number of Analysts 4
Average target price 26,10 €
Last Close Price 30,92 €
Spread / Highest target 0,26%
Spread / Average Target -15,6%
Spread / Lowest Target -27,6%
EPS Revisions
Managers and Directors
NameTitle
Mikko Matias Helander President & Chief Executive Officer
Jukka Henrik Erlund Chief Financial Officer & Executive Vice President
Esa Mikael Kiiskinen Chairman
Arto Hiltunen Chief Information Officer & Vice President
Jannica Charlotta Fagerholm Independent Non-Executive Director
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