ATRIA GROUP'S NET SALES FELL SLIGHTLY, OPERATIVE EBIT IMPROVED AT THE END OF THE YEAR
Atria Plc Financial Statement Release 18 February 2010 at 08.00 am
ATRIA PLC'S FINANCIAL STATEMENT RELEASE 1 JANUARY - 31 DECEMBER 2009
ATRIA GROUP'S NET SALES FELL SLIGHTLY, OPERATIVE EBIT IMPROVED AT THE END OF THE
YEAR
- net sales for the year were down by 3.0 per cent compared with the previous
year
- calculated in fixed currencies, net sales fell year-on-year by 1.2 per cent.
- the Group's EBIT came to EUR 27.5 million, which includes a total of EUR 13.1
million (EUR 1.5 million) of non-recurring costs.
- Atria Finland's profitability was at a good level
- Atria Russia's performance showed a clear improvement after a very weak first
quarter
- the Group's cash flow was positive and net debt fell by EUR 20.8
million.
Atria Group:
Q4/ Q4/
EUR million 2009 2008 2009 2008
------------------------------------------------------------------------
Net sales 340.4 361.1 1,316.0 1,356.9
EBIT 3.9 3.8 27.5 38.4
EBIT% 1.1 1.1 2.1 2.8
Profit before taxes 3.2 -8.4 16.5 16.7
Earnings per share -0.04 -0.21 0.25 0.42
Review Q4/2009
The Group's net sales development continued to be weak during the last quarter
of the year. Particularly in Scandinavia, the weak sales volume development
resulted in decreased net sales. In Russia, Q4/2009 is the first quarter when
Campomos, which was acquired in October 2008, is included in the comparative
period. Russia's lower year-on-year net sales are mainly explained by exchange
rate changes and by the decision to discontinue the unprofitable Campomos
products and customerships. Sales in the St. Petersburg region developed well in
Q4.
Atria Finland's net sales began to increase in Q4. Retail sales volumes improved
in the last quarter of the year.
The Group's EBIT was at the previous year's level. The result for the quarter
includes EUR 7.2 million of non-recurring write-offs in the Baltic business
area. Without the non-recurring costs, the result is significantly better than
the comparative period's result. The Q4 EBIT excluding non-recurring costs came
to EUR 11.1 (3.8) million, and the EBIT percentage was 3.3% (1.1%).
Atria Finland's EBIT reached almost the previous year's level due to good sales
and management of costs. Atria Scandinavia's EBIT showed a clear improvement
year-on-year. Atria Scandinavia's margin level has improved from the start of
the year, and the results of the efficiency improvement programmes have a
positive impact on the result. Atria Russia also improved its EBIT significantly
in comparison to Q4/2008. The results have developed in a positive direction in
the loss-making Campomos after Q1/2009, as the company's sales and cost
structure have improved. Atria Baltic still posted a loss due to weak sales
volumes and structure.
The Group's income tax percentage is high, because tax effect of the losses in
the Baltic region have not been recognised.
The Group's cash flow was positive, and net debt fell by EUR 26.1 million during
the Q4 period.
Atria Finland 1 January - 31 December 2009
Q4/ Q4/
EUR million 2009 2008 2009 2008
------------------------------------------------------------------------
Net sales 207.5 206.2 781.9 797.9
EBIT 11.2 11.8 42.9 33.9
EBIT% 5.4 5.7 5.5 4.2
Atria Finland's 2009 net sales were down by 2 per cent in comparison to the
previous year. Atria brand's market share in the retail sector has remained
stable. In the area of retailers' private label production, the market share has
decreased. Also, the decline in sales to Foodservice customers and in export
sales impaired the development of net sales.
Due to the global economic recession, the consumption of pork declined by two
per cent, beef by two per cent and poultry by three per cent in Finland in 2009.
Meat production has also declined by a total of four per cent. (Source: TNS
Gallup, Suomen Elintarviketieto Oy)
Atria Finland's EBIT for the year was in accordance with targets; growth to the
previous year came to 26.5 per cent. The positive development is due to long
term cost management and optimisation of product selection so that unprofitable
products have been discontinued.
The Q4/2009 net sales took a turn for the better compared with the start of the
year. The improvement of retail sales volumes is a positive factor. The EBIT for
the last quarter was at the same level as in the previous year's comparative
period.
Atria Scandinavia 1 January - 31 December 2009
Q4/ Q4/
EUR million 2009 2008 2009 2008
------------------------------------------------------------------------
Net sales 98.8 112.4 405.2 455.2
EBIT 3.4 -1.2 10.0 14.4
EBIT% 3.4 -1.1 2.5 3.2
Atria Scandinavia's 2009 net sales declined by 11.0 per cent in comparison to
the previous year. The main reason for the decline in net sales was the weak
exchange rate of the Swedish krona. Calculated in fixed currencies, the decrease
in net sales was 3.5 per cent. In addition, the economic recession weakened the
demand for more expensive product groups in both the retail sector and, in
particular, in Foodservice customerships. Discontinuation of the salad and
sandwich business in June also decreased Atria Scandinavia's net sales.
In 2009, the concept business and delicatessen products increased their sales.
In addition, the sales of 3-Stjernet cold cuts products in Denmark developed
favourably. There were significant investments in marketing efforts focussed on
the most important brands.
The development of Atria Scandinavia's earnings did not meet the target in 2009.
EBIT was clearly lower than in the previous year. The fall in EBIT is mainly a
result of the loss-making salad and sandwich business and the weak exchange rate
of the Swedish krona, which kept the prices of imported raw materials high.
Atria Scandinavia's EBIT for the year came to EUR 10.0 million, which includes
EUR 2.9 million of non-recurring costs associated with the discontinuation of
the salad and sandwich business.
A significant reorganisation of the production and logistics in the Deli
business was launched in Sweden in Q3/2009, and the implementation of the
programme continued during Q4/2009.
In Q4/2009, the weak sales volumes development impaired the growth of net sales.
Sales volumes decreased in both the retail sector and, in particular, in the
Foodservice customerships. The reason for the decrease is the weakened demand
caused by the economic recession.
Atria Russia 1 January - 31 December 2009
Q4/ Q4/
EUR million 2009 2008 2009 2008
-----------------------------------------------------------------------
Net sales 29.8 35.5 113.0 93.8
EBIT -0.4 -5.7 -9.8 -3.4
EBIT% -1.3 -16.1 -8.7 -3.6
Atria Russia's net sales grew by 20.5 per cent in comparison to the previous
year. Calculated in fixed currencies, the growth in net sales was 45.1 per cent.
A significant proportion of the growth came from the merger of Campomos,
acquired in 2008, with Atria. In addition, net sales were boosted by Pit
Product's increased sales and the price increases of about ten per cent in the
second quarter. However, the growth of net sales was weighed down by the
weakening of the Russian rouble, compared with 2008.
The unhealthy cost structure and unprofitable products and customerships of
Campomos, and the non-recurring costs of corrective measures, significantly
weakened Atria Russia's operating result in the first two quarters. Atria
Russia's operating loss for the year came to EUR 9.8 million, which includes
EUR 3.0 million of non-recurring takeover and integration costs associated with
Campomos.
Due to the efficiency improvement measures launched during the year, Atria
Russia's result improved quickly, and the result for the last two quarters only
showed a slight loss. Atria implemented an extensive modernisation and marketing
campaign for the Campomos brand during autumn 2009.
In Q4/2009, Atria Russia announced investments in pig farming. Atria signed a
shareholder agreement that gives Atria a 26 per cent holding in the Russian OOO
Dan Invest company. The company owns two pig farms, whose production will start
during 2010-2011, and the yearly production capacity will be 180,000 slaughter
pigs by 2013. The total value of the project is about EUR 40 million. Atria
invests a total of EUR 5 million in the project.
The start-up of the new production plant in Gorelovo will take place in early
2010. The fixed costs associated with the start-up amount to approximately EUR 4
million a year. The start-up of production in the new plant will also cause some
additional costs.
Despite the positive development during the end of 2009, Atria Russia's
full-year business result is not expected to turn profitable yet in 2010.
Atria Baltic 1 January - 31 December 2009
Q4/ Q4/
EUR million 2009 2008 2009 2008
-------------------------------------------------------------------------
Net sales 9.0 10.8 37.5 32.3
EBIT -9.1 -0.7 -12.6 -3.8
EBIT% -101.1 -6.5 -33.6 -11.8
Atria's net sales in Estonia increased by 16.1 per cent year-on-year. The growth
in net sales was due to the merger of two acquisitions, AS Woro Kommerts and AS
Vastse-Kuuste Lihatööstus, with Atria in summer 2008. Overall demand in
Estonia's consumer goods retail trade declined strongly in 2009. The demand in
the retail trade declined by a total of 17 per cent, and the demand for food
declined by nine per cent (Source: Estonian Statistical Board). Atria's sales
weakened with the markets and, in addition, some market share has been lost in
the retail trade. Consumers' purchases focussed more on the less expensive
product groups, and the consumption of meat decreased clearly.
The performance of the Estonian operations was unsatisfactory. The losses
resulted from weak sales and costs associated with efficiency improvement
programmes of the new companies acquired during 2008. Atria Baltic's operating
loss for the year came to EUR 12.6 million, which includes EUR 7.2 million of
non-recurring costs.
In January 2010, Atria's Board of Directors decided to record impairments
totalling EUR 5.8 million in Estonia, EUR 3.0 million of which was allocated to
goodwill, EUR 0.8 million to trademarks and EUR 2.0 million to buildings and
machinery.
In addition, the company's Board of Directors decided to reduce the book value
of the company's estate in Lithuania by EUR 1.4 million.
The impairments will have no effects on the cash flow, and they will be recorded
in the performance of Q4/2009 as a non-recurring item.
Events occurring after the period
In January 2010, Atria announced that it is launching an efficiency improvement
programme in Estonia, seeking to achieve annual savings of approximately EUR 1
million in its cost structure. In order to achieve the savings, Atria is closing
the Ahja plant and centralising the production to the Valga and Vastse-Kuuste
production plants. Approximately 40 employees will be laid off from the Ahja
plant.
Rauno Väisänen was appointed Managing Director of Atria Estonia effective 1
February 2010.
Investments
The Group's investments for 2009 totalled EUR 33.0 million and for Q4 EUR 11.4
million.
Personnel
The Group had an average of 6,214 (6,135) employees during the period.
Personnel by business area:
Atria Finland 2,222 (2,378)
Atria Scandinavia 1,394 (1,691)
Atria Russia 2,003 (1,525)
Atria Baltic 595 (541)
Atria Plc's administration
In its organisation meeting following the Annual General Meeting, Atria Plc's
Supervisory Board re-elected retiring member Tuomo Heikkilä as a member of the
Board of Directors. Esa Kaarto was elected as a new member in place of
Ilkka Yliluoma.
Ari Pirkola was appointed Chairman and Seppo Paavola as Vice Chairman of the
Supervisory Board. Martti Selin, Chairman of the Board of Directors, was
reappointed.
Atria Plc's Board of Directors now has the following membership: Chairman Martti
Selin; Vice Chairman Timo Komulainen; members Tuomo Heikkilä, Esa Kaarto, Runar
Lillandt, Harri Sivula and Matti Tikkakoski.
Christer Åberg, Managing Director of Atria Scandinavia, left Atria in autumn.
Michael Forsmark, 44 (B.Sc, Business Administration) was appointed as the new
managing director of Atria Scandinavia and a member of the Atria Group
Management Team, effective from 1 October 2009.
Financing
In the first half of 2009, the situation in the financial market was
exceptional. As regards financing of companies, many banks focused basically on
securing financing for their existing customers. In general, available loans had
rather short maturities and high margins. It was relatively difficult for
companies to expand the range of their financing banks, because many foreign
banks continued to cut their financing to companies. Despite the difficult
market situation, Atria was able to cover its financing needs and to keep a
sufficient number of committed credit limits to secure the Group's good
liquidity. Atria made active use of commercial papers to acquire short-term
financing, even though the liquidity of the commercial paper market has not yet
returned to normal.
Market interest rates fell to a very low level during the year. This had a
positive effect on the Group's financial expenses, even though the margins for
new loans were rising. During the year, compensation in the amount of about
EUR 6 million for the delay of the meat product plant in Gorelovo, St
Petersburg, was recorded under interest income.
In April, Atria Plc entered into two new five-year committed credit facilities
of EUR 40 million. In November, the company refinanced a short-term credit limit
of EUR 9 million and a long-term credit limit of EUR 25 million by signing a new
five-year committed credit limit of EUR 40 million. In December, EUR 15.5
million of 10-year TyEL premium lending was drawn. These arrangements lengthened
the average maturity of the Group's loan portfolio and strengthened the
financial position.
Largest shareholders on 31 December 2009
KII A Total %
Itikka Co-operative 4,914,281 2,607,801 7,522,082 26.61
Lihakunta 4,020,200 3,438,797 7,458,997 26.39
Odin Norden 1,227,016 1,227,016 4.34
Pohjanmaan Liha Co-operative 269,500 480,038 749,538 2.65
Odin Finland 396,151 396,151 1.40
OP-Suomi Arvo 350,000 350,000 1.24
Reima Kuisla 300,100 300,100 1.06
Public pension insurance company Veritas 300,000 300,000 1.06
Nordea Bank Finland Plc 265,279 265,279 0.94
OP-Delta mutual fund 237,352 237,352 0.84
Largest shareholders in terms of voting rights, 31 December 2009
KII A Total %
Itikka Co-operative 49,142,810 2,607,801 51,750,611 46.58
Lihakunta 40,202,000 3,438,797 43,640,797 39.28
Pohjanmaan Liha Co-operative
2,695,000 480,038 3,175,038 2.86
Odin Norden 1,227,016 1,227,016 1.10
Odin Finland 396,151 396,151 0.36
OP-Suomi Arvo 350,000 350,000 0.32
Reima Kuisla 300,100 300,100 0.27
Public pension insurance company Veritas 300,000 300,000 0.27
Nordea Bank Finland Plc 265,279 265,279 0.24
OP-Delta mutual fund 237,352 237,352 0.21
Short-term business risks
There have been no significant changes in Atria's short-term risks during the
year. The recession lowers demand in all of the Group's business areas.
The profitability of Atria's operations is greatly affected by the risk
associated with changes in the market price of meat raw material. Atria aims to
protect itself against production costs increases by adjusting production, where
necessary, and by trying to anticipate changes through the pricing of end
products. The Group applies a uniform currency risk policy to hedge against
currency risks relating to purchasing of raw material. The Group began applying
hedge accounting in accordance with IFRS to manage market risks.
Being a food manufacturing company, it is of primary importance for Atria to see
to the high quality and safety of raw materials and products throughout the
production chain. Atria has modern methods in place for ensuring the safety of
production processes and for eliminating various microbiological, chemical and
physical hazards.
The Gorelovo meat product plant will be opened in early 2010, and the aim is to
minimise the risks related to the start of production.
Outlook for the future
Market conditions are expected to remain challenging in 2010. It is not
anticipated that consumption of food and, in particular, meat, will decrease
significantly. Therefore, sales volumes in the food industry are expected to
remain at relatively good levels in Finland and in Scandinavia. In Russia and in
Estonia, the recovery from recession may take longer than anticipated. In the
current market conditions, Atria is paying special attention to efficient cost
management.
After the acquisitions of 2007-2008, 2009 was a year for integrating and
stabilising business operations, and improving the efficiency of operations. The
efficiency improvement measures initiated during 2009 will be completed in 2010,
and particular attention will be paid to the working capacity of the
organisation. Investment decisions will be made in a controlled manner, and the
entire Group will focus on securing a positive cash flow and reduction of
working capital.
Despite the challenging market situation, the Group's net sales and EBIT are
expected to grow in 2010.
Board Authorisations
The General Meeting of 29 April 2009 authorised the Board of Directors to
decide, on one or several occasions, on an issue of, at maximum, 12,800,000 new
A shares or on A shares that may be held by the company through a share issue
and/or by granting option rights or other special rights entitling one to shares
as referred to in Chapter 10, Section 1 of the Companies Act. The authorisation
shall supersede all valid share issue authorisations, including authorisation
for a reserve increase, and be valid until the closing of the next Annual
General Meeting, but no later than until 30 June 2010.
Purchase and transfer of treasury shares
The General Meeting held on 29 April 2009 authorised the Board of Directors to
decide on the purchase of up to 2,800,000 A shares of the company with the
company's unrestricted equity. The maximum amount of Series A shares to be
acquired is less than 10 per cent of all the Company's shares. The authorisation
shall be valid until the closing of the next Annual General Meeting, but no
later than until 30 June 2010.
In 2008, based on the authorisation issued by the General Meeting on 29 April
2008, Atria Plc's Board of Directors decided to purchase up to 300,000 A shares
of the company. In accordance with the authorisation, the shares to be purchased
were intended to be used as consideration in possible company acquisitions or
other arrangements relating to the company's business, for the financing of
investments, for the implementation of the company's incentive programme, for
improvement of the company's capital structure, or to be kept by the company,
otherwise assigned or cancelled. The acquisition of treasury shares began on 29
September 2008 and ended on 3 February 2009.
Treasure Series A shares held by the company were not transferred in 2009. On 31
December 2009, the company held a total of 113,712 treasury shares.
Corporate Governance Principles
Atria's Corporate Governance Principles and deviations from the Finnish
Corporate Governance Code are published on the Company's website at
http://www.atriagroup.com.
Dividend proposal
The Board of Directors proposes that a dividend of EUR 0.25 be paid for each
share for the financial year 2009.
Annual General Meeting on 29 April 2010
Atria Plc invites its shareholders to the Annual General Meeting, which will be
held on Thursday, 29 April 2010 in Helsinki at the Finlandia Hall.
The AGM will address the following matters, among others:
Matters to be addressed at the AGM as set out in Article 16 of the Articles of
Association.
Restrictions on trading by insiders
The Company's insiders may not trade company shares during a period which is 14
days before the publication of the Company's interim reports and financial
statement release ('closed window').
Financial calendar 2010
Atria Plc will publish three interim reports in 2010:
- interim report January to March on 28 April 2010 at approximately 08:00
- interim report January to June on 29 July 2010 at approximately 08:00
- interim report January to September on 27 October 2010 at approximately 08:00.
The Annual General Meeting will be held in Helsinki on 29 April 2010. The Annual
Report will be published during week 14/2010. The interim reports may also be
viewed on the company's website at www.atriagroup.com immediately after their
release.
Silent period
Atria Group's IR applies a silent period, which means that Atria does not give
any statements about its financial situation three weeks prior to the
publication of interim reports and financial statements.
Principles applied in preparing the financial statements
This financial statement release was prepared in accordance with the IAS 34
Interim Financial Reporting standard. Atria has applied the same principles in
preparing this financial statement release as in preparing the 2008 annual
financial statements. However, as of 1 January 2009, the Group has adopted the
following standards published by the IASB, included in the accounting principles
of the annual financial statements of 2008:
- IAS 1, Presentation of Financial Statements. The aim of the revision is to
improve the ability of users to analyse and compare the data provided in
financial statements by separating changes in equity related to transactions
with company owners from other changes in equity. The revision will also lead to
comprehensive modifications of the terminology used in other standards and to
changes in the titles of some financial statements.
- IFRS 8, Segment Reporting. The standard replaces IAS 14. The standard requires
segment information to be presented using the 'management approach', which means
that data is presented in the same way as in internal reporting. The new
standard will not affect the segments to be reported, nor will it significantly
affect the information provided on segments, since the segment information
previously published by the Group has been based on internal reporting.
- The other standards published by the IASB, included in the accounting
principles of the annual financial statements 2008 and adopted as of 1 January
2009, have not had a significant effect on the figures presented for the review
period.
Function-specific income statement
As of 1 January 2009, Atria has adopted in its external reporting the
function-specific income statement model that is also used in the company's
internal reporting.
The comparative figures for 2008 presented in the financial statement release
have been adjusted to correspond to the function-specific income statement
model. The function-specific income statements for 2008 by quarter and total
figures for 2008 are presented in the interim report published on 28 April 2009.
The figures of the financial statement release are unaudited.
FINANCIAL INDICATORS
EUR million
31-12-09 31-12-08 31-12-07 31-12-06 31-12-05
Net sales 1 316.0 1 356.9 1 272.2 1 103.3 976.9
EBIT 27.5 38.4 94.5 41.5 40.2
% of net sales 2.1 2.8 7.4 3.8 4.1
Financial income and
expenses -12.4 -22.3 -14.3 -7.3 -3.2
% of net sales 0.9 1.6 1.1 0.6 0.3
Profit before tax 16.5 16.7 80.6 34.6 37.8
% of net sales 1.3 1.2 6.3 3.1 3.9
Return of
equity (ROE), % 1.7 2.5 17.2 8.8 10.0
Return of investment
(ROI), % 4.7 5.3 15.2 8.7 10.3
Equity ratio, % 39.7 38.4 47.6 42.8 43.0
Interest-bearing
liabilities 425.8 448.4 321.9 244.2 206.9
Gearing, % 97.5 103.1 67.6 78.1 75.2
Net gearing, % 89.4 94.6 60.1 66.8 68.9
Gross investments
in fixed assets 33.0 152.6 284.1 89.0 107.3
% of net sales 2.5 11.2 22.3 8.1 11.0
Average FTE 6 214 6 135 5 947 5 740 4 433
R&D costs 9.4 9.9 8.4 7.4 6.7
% of net sales * 0.7 0.7 0.7 0.7 0.7
Volume of orders **
* Booked in total as expenditure for the financial year
** Not a significant indicator, as orders are generally
delivered on the day following the order being placed
SHARE-ISSUE ADJUSTED PER-SHARE INDICATORS
31-12-09 31-12-08 31-12-07 31-12-06 31-12-05
Earnings per
share (EPS), EUR 0.25 0.42 2.56 1.15 1.24
Shareholders'equity per
share, EUR 15.39 15.34 16.77 13.28 12.08
Dividend/share, EUR* 0.25 0.20 0.70 0.595 0.595
Dividend/profit, %* 99.5 48.1 27.4 51.7 48.0
Effective dividend
yield * 2.3 1.7 4.0 3.3 3.3
Price/earnings (P/E) 44.0 27.9 6.8 15.9 14.5
Market
capitalisation 312.6 327.9 490.4 422.4 379.5
Share turnover/
1 000 shares, A 7 389 4 077 7 933 3 899 5 704
Share turnover %, A 38.8 21.4 41.6 28.1 48.0
Number of shares,
million total 28.3 28.3 28.3 23.1 21.1
Number of shares, A 19.1 19.1 19.1 13.9 11.9
Number of
shares, KII 9.2 9.2 9.2 9.2 9.2
Share issue-adjusted average
number of shares 28.3 28.3 26.1 21.8 21.1
Share issue-adjusted number
of shares
on 31 December 28.3 28.3 28.3 23.1 21.1
SHARE PRISE DEVELOPMENT
Lowest of period, A 6.50 10.51 16.90 15.00 11.50
Highest of period, A 13.00 18.29 28.77 21.50 18.18
At end of period A 11.06 11.60 17.35 18.29 17.99
Average price for
period A 10.76 14.04 22.18 18.31 15.33
* Proposal of the Board of Directors
ATRIA PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Assets
EUR million 31-12-09 31-12-08
Non-current assets
Property, plant and
equipment 469.1 493.5
Goodwill 157.8 151.1
Other intangible assets 70.0 70.5
Investments in joint ventures
and associates 7.4 6.1
Available-for-sale financial
assets 2.3 2.1
Loans and receivables 14.5 15.5
Deferred tax assets 6.7 2.2
Total 727.8 741.0
Current assets
Inventories 115.6 113.3
Trade and other receivables 212.6 231.8
Cash and cash equivalents 35.3 37.1
Total 363.5 382.2
Non-current assets held for sale 10.0 11.3
Total assets 1 101.3 1 134.5
Equity and liabilities
EUR million 31-12-09 31-12-08
Equity
Equity belonging to
the shareholders of the
parent company 435.1 433.5
Minority interest 1.8 1.4
Total equity 436.9 434.9
Non-current liabilities
Interest-bearing financial
liabilities 318.9 320.8
Deferred tax liabilities 41.2 42.4
Other non-interest-bearing
liabilities 1.3 0.2
Total 361.4 363.4
Current liabilities
Interest-bearing financial
liabilities 106.9 127.6
Trade and other payables 196.1 208.6
Total 303.0 336.2
Total liabilities 664.4 699.6
Total equity and
liabilities 1 101.3 1 134.5
CONSOLIDATED INCOME STATEMENT
EUR million 10-12/09 10-12/08 1-12/09 1-12/08
Net sales 340.4 361.1 1 316.0 1 356.9
Cost of goods sold -297.2 -325.3 -1 151.0 -1 198.4
Gross profit 43.2 35.8 165.0 158.5
* of Net sales 12.7 9.9 12.5 11.7
Sales and
marketing costs -21.3 -18.9 -77.7 -73.6
Administration costs -12.1 -14.0 -47.7 -47.3
Other income 1.6 1.4 4.6 3.7
Other expenses -7.5 -0.5 -16.7 -2.9
EBIT 3.9 3.8 27.5 38.4
* of Net sales 1.1 1.1 2.1 2.8
Finance income and cost -1.2 -12.2 -12.4 -22.3
Share of the result of
associates 0.5 1.4 0.6
Profit before tax 3.2 -8.4 16.5 16.7
* of Net sales 0.9 -2.3 1.3 1.2
Income tax expense -4.6 2.2 -9.1 -5.3
Profit for the period -1.4 -6.2 7.4 11.4
* of Net sales -0.4 -1.7 0.6 0.8
Profit attributable to:
Owners of the parent -1.2 -5.9 7.0 11.8
Minority interest -0.2 -0.3 0.4 -0.4
Total -1.4 -6.2 7.4 11.4
Basic earnings/
share, EUR -0.04 -0.21 0.25 0.42
Diluted earnings/
share, EUR -0.04 -0.21 0.25 0.42
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 10-12/09 10-12/08 1-12/09 1-12/08
Profit for the period -1.4 -6.2 7.4 11.4
Other comprehensive income after tax:
Available-for-sale
financial assets 0.1 -1.8
Cash flow hedging -1.4 -1.4
Net investment hedging -0.3 -0.3
Translation differences 3.2 -25.7 2.5 -30.3
Total comprehensive income
for the period 0.2 -31.9 8.2 -20.7
Total comprehensive income attributable to:
Owners of the parent 0.4 -31.4 7.8 -20.2
Minority interest -0.2 -0.5 0.4 -0.5
Total 0.2 -31.9 8.2 -20.7
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million Equity belonging to the shareholders of the Mino Equity
parent company rity total
Share Share Other Inv. Own Trans Retain Total
ca premium reser non- shares lation ed
pit ves rest. diff. earn
al equity ings
fund
Equity
1-1-2008 48.1 138.5 1.9 110.5 0.0 -3.3 178.5 474.2 1.9 476.0
Periods comprehensive
income -1.8 -30.1 11.8 -20.2 -0.5 -20.7
Share-based
payment -0.2 -0.2 -0.2
Acquired treasure
shares -0.5 -0.5 -0.5
Distribution of
dividends -19.8 -19.8 -19.8
Equity
31-12-2008 48.1 138.5 0.1 110.3 -0.5 -33.4 170.5 433.5 1.4 434.9
Periods comprehensive
income -1.7 2.5 7.0 7.8 0.4 8.2
Share-based
payment 0.3 0.3 0.3
Acquired treasure
shares -0.8 -0.8 -0.8
Distribution of
dividends -5.7 -5.7 -5.7
Equity
31-12-2009 48.1 138.5 -1.6 110.6 -1.3 -31.0 171.9 435.1 1.8 436.9
CONSOLIDATED CASH FLOW STATEMENT
EUR million 1-12/09 1-12/08
Cash flow from operating activities
Operating activities 92.7 69.9
Financial items and taxes -31.0 -32.3
Net cash flow from operating
activities 61.7 37.6
Cash flow from investing activities
Tangible and intangible assets -32.3 -65.5
Investments -1.8 3.6
Bought shares in
subsidiaries -41.3
Net cash used in investing
activities -34.1 -103.2
Cash flow from financing activities
Loans drawn down 41.8 171.7
Loans repaid -64.8 -86.0
Dividends paid -5.7 -19.8
Acquired treasury shares -0.7 -0.9
Net cash used in financing
activities -29.4 65.0
Change in liquid
funds -1.8 -0.6
OPERATING SEGMENTS
EUR million 10-12/09 10-12/08 1-12/09 1-12/08
Net sales
Finland 207.5 206.2 781.9 797.9
Scandinavia 98.8 112.4 405.2 455.2
Russia 29.8 35.5 113.0 93.8
Baltics 9.0 10.8 37.5 32.3
Eliminations -4.7 -3.8 -21.6 -22.3
Total 340.4 361.1 1 316.0 1 356.9
EBIT
Finland 11.2 11.8 42.9 33.9
Scandinavia 3.4 -1.2 10.0 14.4
Russia -0.4 -5.7 -9.8 -3.4
Baltics -9.1 -0.7 -12.6 -3.8
Unallocated -1.2 -0.4 -3.0 -2.7
Total 3.9 3.8 27.5 38.4
ROCE *
Finland 10.2 % 7.9 %
Scandinavia 4.0 % 5.4 %
Russia -6.9 % -3.3 %
Baltics -26.5 % -9.1 %
Group 3.1 % 4.5 %
* ROCE % =
EBIT, 12mr / Capital employed, 12 mr avg *100
Investments
Finland 4.1 3.8 14.2 23.8
Scandinavia 2.4 16.8 5.3 41.8
Russia 4.5 38.6 11.9 68.6
Baltics 0.4 2.1 1.6 18.4
Total 11.4 61.3 33.0 152.6
Depreciations
Finland 7.2 7.3 29.7 29.8
Scandinavia 2.7 2.4 12.0 11.7
Russia 1.9 1.0 6.4 3.2
Baltics 8.0 0.9 10.5 2.8
Total 19.8 11.6 58.6 47.5
CONTINGENT LIABILITIES
EUR million 31-12-09 31-12-08
Debts with mortgages or other collateral
given as security
Loans from financial
institutions 6.0 9.6
Pension fund loans 4.2 3.9
Total 10.2 13.5
Mortgages and other securities given as
comprehensive security
Real estate
mortgages 6.7 6.7
Corporate mortgages 3.1 7.9
Total 9.8 14.6
Guarantee engagements not included
in the balance sheet
Guarantees 0.8 0.9
ATRIA PLC
Board of Directors
For further information, please contact Matti Tikkakoski, President and CEO,
tel. +358 50 2582.
DISTRIBUTION
Nasdaq OMX Helsinki Ltd
Major media
www.atriagroup.com
The financial statements will be mailed to you upon request and are also
available on our website at www.atriagroup.com.
