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Kesko Pension Fund permitted to return surplus assets

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Copyright © Thomson Reuters 2012. All rights reserved.
2012-12-14 08:04:12 -


The Financial Supervisory Authority has given its permission to the Kesko
Pension Fund to return the surplus assets accumulated in its department B, which
managed the pension fund's statutory pension insurance provision, to the Kesko
Group companies. The surplus to be returned from the pension fund to the Group
companies will generate a cash inflow of approximately €71 million. The refund
will also contribute approximately €15 million to Kesko's operating profit
excluding non-recurring items for the fourth quarter.

The Kesko Pension Fund's pension assets have exceeded the amount of Kesko Group
companies' pension liabilities, previously transferred to Ilmarinen Mutual
Pension Insurance Company, and the surplus has been recognised as receivables in
Kesko's consolidated statement of financial position.

The transfer of the management of 
Kesko's statutory pension insurance provision and insurance portfolio to Ilmarinen has been previously announced in a stock exchange release on 30 December 2009, 1 September 2010 and 15 February 2012. Further information: Riitta Laitasalo, Vice President, Human Resources, Kesko Corporation, tel. +358 1053 22060 Jukka Erlund, Senior Vice President, CFO, Kesko Corporation, tel. +358 1053 22113 Kesko Corporation Merja Haverinen Vice President, Corporate Communications and Responsibility DISTRIBUTION NASDAQ OMX Helsinki Main news media This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Kesko Oyj via Thomson Reuters ONE [HUG#1664930]

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