Interim Report of Atria Plc 1 January - 30 June 2010
ATRIA PLC INTERIM REPORT 29 JULY 2010 AT 08:00
INTERIM REPORT OF ATRIA PLC 1 JANUARY - 30 JUNE 2010
DISPUTES RELATING TO COLLECTIVE BARGAINING IN FINLAND WEIGHED DOWN ATRIA'S
PERFORMANCE, ATRIA RUSSIA'S FULL-YEAR OPERATING LOSS IS EXPECTED TO INCREASE
- disputes relating to collective bargaining weighed down Atria Finland's Q2 net
sales and EBIT
- Atria Scandinavia's Q2 EBIT improved significantly
- despite the sluggish market development of meat products in Russia, Atria
Russia's net sales over the first half of the year increased by more than 16 per
cent, but the full-year operating loss is predicted to increase from last year
- the full-year EBIT of the Group in 2010 is expected to remain at the 2009 EBIT
level.
Atria Group:
Q2/ Q2/ H1/ H1/
EUR million 2010 2009 2010 2009 2009
---------------------------------------------------------------------------
Net sales 317.0 337.4 622.9 648.1 1,316.0
EBIT 4.7 7.1 5.7 6.8 27.5
EBIT% 1.5 2.1 0.9 1.0 2.1
Profit before taxes 3.5 4.4 1.7 -1.1 16.5
Earnings per share, EUR 0.10 0.09 0.03 -0.06 0.25
Review Q2/2010
Atria Group's Q2 net sales decreased by 6 per cent from last year and amounted
to EUR 317.0 million (EUR 337.4 million). Atria Finland's net sales decreased
due to disputes relating to collective bargaining in the spring; net sales
declined by 11.3 per cent in comparison to the Q2 period of the previous year.
Atria Scandinavia's net sales fell year-on-year by 3.5 per cent. In the local
currency, the decline was 12.7 per cent. The discontinuation of the salad and
sandwich business in June 2009 and reduced sales of consumer-packed meat were
the most important reasons for the weak development of net sales. Atria Russia's
net sales increased by 23 per cent in Q2/2010. In the local currency, the growth
in net sales was 8.7 percent. Despite the sluggish market development of meat
products, Atria Russia's sales volumes grew and Atria's market shares have
slightly strengthened.
Atria Group's EBIT was EUR 4.7 million. Atria Finland's result decreased
principally due to the sales lost because of disputes relating to collective
bargaining. Atria Scandinavia's year-on-year result improved clearly, as last
year's Q2 EBIT included EUR 2.9 million of non-recurring costs associated with
the discontinuation of the salad and sandwich business. Atria Russia's EBIT
weakened on the previous year. The development is mainly explained by the
tightened market situation and increase in raw material prices as well as
start-up costs relating to the new Gorelovo plant. Atria Baltic's EBIT improved
year-on-year.
Atria Group's net sales and EBIT in 2010 are predicted to remain at the 2009
level. The main reason for the weakening of the predicted EBIT is Atria Russia's
weakened result forecast for the remainder of the year. Atria Russia's full-year
operating loss is expected to grow from last year. Negative market development
and tightened competition have made it more difficult to implement price
increases in Russia and, therefore, it has not been possible to pass on the rise
in raw material prices to the sales prices. This year's performance is also
burdened by the costs of the new plant and increased investments in marketing.
Atria Russia's euro-denominated loss is also increased by the strengthened
Russian rouble. Additionally, the industrial action in the second quarter and
its impact on orders during the summer season may still weaken Atria Finland's
Q3 result.
Atria Finland 1 January - 30 June 2010
Q2/ Q2/ H1/ H1/
EUR million 2010 2009 2010 2009 2009
---------------------------------------------------------------------------
Net sales 178.9 201.6 358.0 383.6 781.9
EBIT 6.0 10.7 10.9 17.8 42.9
EBIT% 3.4 5.3 3.0 4.6 5.5
Atria Finland's Q2 net sales fell year-on-year by 11.3 per cent. In April and
May, Atria's production came to a halt for a total of 10 days due to disputes
relating to collective bargaining, which was the main reason for the decline in
net sales. The overtime ban in force until the end of the strike also weakened
the development of net sales. Sales in June were also lower than predicted, as
the impacts of the strike in the range of products for sale, and thus in
customer orders, were still evident in June.
Q2/2010 EBIT weakened due to low production and sales volumes caused mainly by
the strike. Additionally, the year-on-year average price of the product range
has been lower. Cost-efficiency has remained at a good level throughout the
first half of the year due to earlier efficiency improvements. Given the
circumstances, profitability has been satisfactory.
Market shares of the Atria product groups remained nearly at the previous year's
level during the early part of year, and Atria has been able to maintain its
market share in food markets. According to Atria's estimates the market share of
Atria products in retail trade was approximately 25 per cent. During the strike
and even during June and July, Atria temporarily lost some of its market share.
Raw material prices have remained stable.
The industrial actions in the second quarter and their impact on orders during
the summer season may weaken Atria Finland's Q3 result.
Atria Scandinavia 1 January - 30 June 2010
Q2/ Q2/ H1/ H1/
EUR million 2010 2009 2010 2009 2009
---------------------------------------------------------------------------
Net sales 99.7 103.3 194.7 202.0 405.2
EBIT 3.3 0.6 4.0 1.9 10.0
EBIT% 3.3 0.6 2.1 0.9 2.5
Atria Scandinavia's Q2/2010 net sales fell year-on-year by 3.5 per cent. This
was mainly caused by the discontinuation of the salad and sandwich business in
June 2009 and decreased sales of consumer-packed meat. On the other hand, the
strengthening of the Swedish krona improved net sales over the previous year. In
the local currency, net sales weakened by 12.7 per cent year-on-year.
The Q2/2010 EBIT showed a clear year-on-year increase. The Q2/2009 EBIT included
EUR 2.9 million of non-recurring costs associated with the discontinuation of
the salad and sandwich business. Despite the decreased sales volume, the
operative EBIT was at the previous year's level.
During the period, Atria Scandinavia announced an investment of a total of EUR
1.6 million in the automation of the cold cut production line at the Halmstad
plant and in the automation of meat product and hamburger production at the
Sköllersta plant. The investments will be carried out during the second half of
2010, and annual cost savings will amount to EUR 0.9 million. As a result of
these measures, the number of jobs at the Halmstad plant is expected to be
reduced by 6 and at the Sköllersta plant by 24.
The efficiency programme launched during Q1/2010 is proceeding according to the
plan. As a result of the efficiency programme Atria Scandinavia will discontinue
the production of consumer packed meat and the plant in Årsta will be closed by
the end of October.
Atria Scandinavia's brands have kept their market shares. The food market in the
Swedish retail trade has not developed as well as last year. The development of
the foodservice market has been negative year-on-year.
Atria Russia 1 January - 30 June 2010
Q2/ Q2/ H1/ H1/
EUR million 2010 2009 2010 2009 2009
---------------------------------------------------------------------------
Net sales 34.4 27.9 63.3 54.4 113.0
EBIT -2.7 -1.9 -4.9 -8.9 -9.8
EBIT% -7.8 -6.8 -7.7 -16.4 -8.7
Atria Russia's Q2 net sales grew by 23 per cent in comparison to the previous
year. The growth was partly due to the strengthening of the Russian rouble
against the euro and partly to the increased sales both in St Petersburg and in
Moscow. In the local currency, net sales grew by 8.7 per cent year-on-year.
The Q2 EBIT was negative EUR 2.7 million (Q2/2009 EUR -1.9 million). The
performance is a result of sluggish market demand, weakened margins and start-up
costs relating to the new Gorelovo plant.
The sales of meat products in the Russian market began to decrease last year,
due to recession in the Russian retail trade. The market fell by about 10 per
cent in volume in 2009 both in St Petersburg and Moscow. In the first quarter of
2010, the market has still declined by about 10 per cent (source: Business
Analytica 1.-4.2010).
Atria's market share increased slightly in the St Petersburg area retail trade
over the period January-April 2010 and was at the level of about 20 per cent.
The market share strengthened also in Moscow and was around 3 per cent (source:
Business Analytica 1-4.2010).
The sales of reclosable cold cut products has commenced in Moscow. The products
are sold under the Campomos trademark, and they are equivalent to cold cuts that
have been sold successfully for a long period in St Petersburg under the
Pit-Product trademark.
New, cooked minced meat products (meat balls, hamburger steaks and kebabs) will
be launched during Q4/2010. These will be completely new types of products in
the Russian market. The launch will strengthen Atria Russia's position as a
producer of fresh convenience foods.
The inauguration of the new Gorelovo production plant was held on 20 April 2010,
and commercial sales of the products have begun. The fixed costs of the new
plant amount to approximately EUR 4 million a year.
Atria Russia's full-year operating loss is expected to grow from last year.
Negative market development and tightened competition have made it more
difficult to implement price increases in Russia and, therefore, it has not been
possible to pass on the increased raw material prices to the sales prices. This
year's performance is also burdened by the costs of the new plant and increased
investments in marketing. Marketing costs are expected to increase by
approximately EUR 3 million in 2010. Additionally, Atria Russia's
euro-denominated loss is also increased by the strengthened Russian rouble. The
rate of the Russian rouble against the euro at the beginning of the year was
10.5 per cent stronger than the average rate in 2009.
Atria Baltic 1 January - 30 June 2010
Q2/ Q2/ H1/ H1/
EUR million 2010 2009 2010 2009 2009
---------------------------------------------------------------------------
Net sales 9.8 10.5 17.5 19.3 37.5
EBIT -0.8 -1.5 -2.1 -2.5 -12.6
EBIT% -8.2 -14.3 -12.0 -13.0 -33.6
Atria's year-on-year net sales in Estonia fell by 6.7 per cent. Compared to
Q1/2010, net sales increased by almost 30 per cent, which is due to the increase
in the sales of consumer-packed meat and in the sales volumes of the summer
season.
The year-on-year EBIT has improved but is still at an unsatisfactory level. The
efficiency improvement programmes launched at the end of last year and beginning
of this year have generated cost savings. Closing of the Ahja plant and
centralising the production to the Valga and Vastse-Kuuste production plants
proceeded according to the plan and the generated savings will have an impact as
of June 2010.
Atria's market shares in Estonia have remained stable. In cold cuts, the market
share is around 18 per cent. The market share of grill sausages has grown during
the summer season (source: AC Nielsen).
Events occurring after the period
Atria Plc will carry out the following changes in the Group management. Atria
Finland Ltd's Managing Director Juha Gröhn, M.Sc. (Food Sc.) will be appointed
Managing Director of Atria Scandinavia AB effective 1 September 2010. Mr Gröhn
will continue as the Atria Plc's Vice President and Deputy CEO. Furthermore, he
will be responsible for Primary Production and Meat Raw Material Procurement.
The President and CEO of Atria Plc, Matti Tikkakoski, B.Sc. (Econ.), will be
appointed Atria Finland Ltd's Managing Director effective 1 September 2010. He
will continue as Atria Plc's President and CEO.
Atria Plc's CFO Tomas Back, M.Sc. (Econ.), will be appointed Atria Baltic's
Business Area Director as of 1 September 2010. He will also continue as Atria
Plc's CFO.
Investments
The Group's investments totalled EUR 11.2 million in Q2 (EUR 8.0 million) and
EUR 27.1 million in H1 (EUR 16.6 million).
Personnel
The Group had an average of 5,812 (6,546) employees during the period.
Personnel by business area:
H1/2010 H1/2009
Atria Finland 2,035 2,277
Atria Scandinavia 1,267 1,575
Atria Russia 2,015 2,019
Atria Baltic 495 675
Michael Forsmark, Managing Director of Atria Scandinavia, will transfer to
another employer by 30 September 2010. Seija Pietilä, Group Vice President,
Human Resources, Atria Scandinavia, will also transfer to another employer on 1
October 2010.
Atria Plc's administration
In its organisation meeting following the General Meeting, Atria Plc's
Supervisory Board elected Maisa Romanainen, MSc (Econ.), in place of retiring
member Runar Lillandt. The Supervisory Board re-elected retiring member Timo
Komulainen.
Ari Pirkola was reappointed Chairman of the Supervisory Board 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 of the
Board Martti Selin; Vice Chairman Timo Komulainen; members Tuomo Heikkilä, Esa
Kaarto, Maisa Romanainen, Harri Sivula and Matti Tikkakoski.
Financing
According to Atria's financing policy, the Group's objective is to focus
financing in the parent company Atria Plc. In accordance with the policy, Atria
Scandinavia AB paid off an approximately EUR 18 million equivalent loan and
Atria Plc raised a seven-year loan of EUR 15 million. At 30 June 2010, the
amount of undrawn committed credit limits stood at EUR 104.6 million.
Short-term business risks
The industrial action in the Finnish food industry may still hamper the Q3 sales
development.
If the sluggishness in the meat product market continues in Russia, it will
weaken the demand of Atria's products in Atria customerships.
The export restrictions imposed by the Russian authorities on Finnish foods do
not have a significant impact on Atria's business. The share of the Russian
export in Atria Group's net sales is small.
Otherwise, no significant changes have occurred in Atria Group's short-term
business risks compared with the risks described in the financial statements of
2009.
Outlook for the future
The industrial action in the Finnish food sector affected Atria's sales and
performance in the second quarter of the year and may still hamper the Q3 sales
development. If the sluggishness in the meat product market continues in Russia,
it will weaken the increase in Atria Russia's sales volumes. In addition, the
company's decision to discontinue production of consumer-packed meat in Sweden
will cut Atria Scandinavia's annual net sales in the second half of the year. On
the other hand, the strengthening of the Russian rouble and Swedish krona has
increased the Group's euro-denominated net sales. The Group's net sales in 2010
are therefore forecast to remain at the 2009 level.
As an exception to earlier guidance, the Group's EBIT in 2010 is predicted to
remain at the 2009 EBIT level. The main reason for the weakening of the
predicted EBIT is Atria Russia's weakened result forecast for the remainder of
the year. Atria Russia's full-year operating loss is expected to grow from last
year. Negative market development and tightened competition have made it more
difficult to implement price increases in Russia and, therefore, it has not been
possible to pass on the increased raw material prices to the sales prices. This
year's performance is also burdened by the costs of the new plant and increased
investments in marketing. Atria Russia's euro-denominated loss is also increased
by the strengthened rate of the Russian rouble. The industrial actions in the
second quarter and their impact on orders during the summer season may still
weaken the Q3 result of Atria Finland.
Decisions of the General Meeting
The AGM approved the financial statements and the consolidated financial
statements for 2009 and discharged the members of the Supervisory Board and the
Board of Directors as well as the President and CEO from liability for 2009.
The AGM approved that a dividend of EUR 0.25 be paid for each share for the
financial year 2009. Dividends are paid to shareholders who are entered on the
record date for the payment of dividends in the Company's shareholder register
kept by Euroclear Finland Oy. The record date for the payment of dividends was
4 May 2010 and the date of payment was 11 May 2010
In accordance with the Board of Directors' proposal, PricewaterhouseCoopers Oy,
a firm of Chartered Public Accountants, was elected as the company's auditor
until the closing of the next AGM. The audit firm has notified that the auditor
with the principal responsibility shall be Authorised Public Accountant Juha
Wahlroos.
The AGM approved the Board of Directors' proposal on the authorisation of the
Board of Directors to make a donation of a maximum amount of EUR 150,000 to the
operation of universities or other educational institutions.
The General Meeting decided that the composition of the Supervisory Board would
be as follows:
Member Term ends
Juha-Matti Alaranta 2012
Juho Anttikoski 2013
Mika Asunmaa 2013
Lassi-Antti Haarala 2012
Juhani Herrala 2013
Henrik Holm 2012
Veli Hyttinen 2013
Pasi Ingalsuo 2011
Juha Kiviniemi 2011
Veli Koivisto 2011
Teuvo Mutanen 2011
Mika Niku 2012
Seppo Paavola 2012
Heikki Panula 2013
Pekka Parikka 2011
Ari Pirkola 2013
Juho Tervonen 2012
Tomi Toivanen 2012
Timo Tuhkasaari 2011
A total of 19 members.
The AGM decided that the fees payable to the members, Vice Chairman and Chairman
of the Supervisory Board will remain unchanged. The fees are EUR 250 per
meeting, the compensation for loss of working time EUR 250 per meeting and
proceeding day, the fee payable to the Chairman of the Supervisory Board EUR
3,000 per month and the fee payable to the Deputy Chairman EUR 1,500 per month.
Board of Directors' valid authorisations for share issue and the granting of
special rights
The General Meeting authorised the Board of Directors to decide, on one or
several occasions, on an issue of a maximum of 12,800,000 new A shares or on any
A shares held by the company through a share issue and/or by granting option
rights or other special rights entitling people to shares as referred to in
Chapter 10, Section 1 of the Companies Act. The authorisation will be exercised
for the financing or execution of any acquisitions or other arrangements or
investments related to the company's business, for the implementation of the
company's incentive programme or for other purposes subject to the Board's
decision.
The authorisation includes the Board of Directors' right to decide on any terms
and conditions of the share issue and the issue of special rights referred to in
Chapter 10, Section 1 of the Finnish Companies Act. The authorisation thus also
includes the right to issue shares in a proportion other than that of the
shareholders' current shareholdings in the Company under the conditions provided
by law, the right to issue shares against payment or without charge and the
right to decide on a share issue without payment to the Company itself, subject
to the provisions of the Finnish Companies Act on the maximum amount of treasury
shares.
The authorisation shall supersede the share issue authorisation granted by the
Annual General Meeting on 29 April 2009 to the Board of Directors, and be valid
until the closing of the next Annual General Meeting, however, no longer than
30 June 2011.
Purchase of treasury shares and valid authorisations
The General Meeting authorised the Board of Directors to decide, on one or
several occasions, on the acquisition of a maximum of 2,800,000 of the Company's
own Series A shares with funds belonging to the Company's unrestricted equity,
subject to the provisions of the Companies Act regarding the maximum number of
treasury shares to be held by a company. The Company's own Series A shares may
be acquired for use as consideration in any acquisitions or other arrangements
relating to the Company's business, to finance investments, as part of the
Company's incentive scheme, to develop the Company's capital structure, to be
otherwise further transferred, to be retained by the Company or to be cancelled.
The shares shall be acquired in a proportion other than that of the
shareholders' current shareholdings in the Company in public trading arranged by
NASDAQ OMX Helsinki Ltd at the trading market price of the moment of
acquisition. The shares shall be acquired and paid according to the rules of
NASDAQ OMX Helsinki Ltd and Euroclear Finland Oy. The Board of Directors was
authorised to decide on the acquisition of own shares in all other respects.
The authorisation shall supersede the authorisation granted by the Annual
General Meeting on 29 April 2009 to the Board of Directors to decide on the
acquisition of own shares and be valid until the closing of the next Annual
General Meeting; however, no longer than 30 June 2011.
Amendment of the Articles of Association
The AGM approved the Board of Directors' proposals for amendments to the
Articles of Association Articles 13 and 15 of the Articles of Association were
amended to read as follows:
Article 13: Venue of General Meetings, notice of meeting and registration
The Company's General Meetings shall be held in Kuopio or Helsinki, Finland. The
notice to convene the General Meeting shall be communicated by publishing the
notice on the Company's website and by a stock exchange release at the earliest
three (3) months and at the latest three (3) weeks before the General Meeting,
however, no later than nine (9) days prior to the record date for the General
Meeting. In addition, the Board of Directors may decide to publish the notice,
or delivery notification of the notice, in one or more national newspapers
determined by the Board, or in some other manner it may decide. To have the
right to participate in a General Meeting, a shareholder must register with the
Company no later than on the day mentioned in the notice of meeting, which can
be no earlier than ten (10) days before the meeting.
Article 15: Book-entry system
The Company's shares belong to the book-entry system.
KEY FIGURES
EUR million 1-6/10 1-6/09 1-12/09
Shareholders´ equity per share, EUR 15.90 14.89 15.39
Interest-bearing liabilities 444.1 448.8 425.8
Equity ratio, % 40.4 38.7 39.7
Gearing, % 98.3 106.2 97.5
Net gearing, % 95.8 100.3 89.4
Gross investments to fixed assets 27.1 16.6 33.0
% of Net sales 4.4 2.6 2.5
Average FTE 5 812 6 546 6 214
Accounting principles
This interim report was prepared in accordance with the IAS 34 Interim Financial
Reporting standard. In preparing this interim report, Atria has applied the same
principles as in preparing the 2009 annual financial statements. However, as of
January 2010, the Group has adopted the new and revised standards published by
the IASB that are included in the accounting principles for the 2009 annual
financial statements and have not had any material impact on the figures
presented for the period.
The principles and formulae for the calculation of key indicators have not
changed, and they are presented in the 2009 annual financial statements. The
figures given in the interim report are unaudited.
ATRIA PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Assets
EUR million 30-6-10 30-6-09 31-12-09
Non-current assets
Property, plant and
equipment 485.9 477.3 469.1
Goodwill 167.8 152.2 157.8
Other intangible assets 73.1 69.1 70.0
Investments in joint ventures
and associates 10.5 6.8 7.4
Other financial assets 2.3 2.3 2.3
Loans and receivables 16.8 13.9 14.5
Deferred tax assets 9.0 5.9 6.7
Total 765.4 727.5 727.8
Current assets
Inventories 113.3 107.9 115.6
Trade and other receivables 218.8 219.8 212.6
Cash and cash equivalents 11.0 24.9 35.3
Total 343.1 352.6 363.5
Non-current assets held for sale 10.3 11.0 10.0
Total assets 1 118.8 1 091.1 1 101.3
Equity and liabilities
EUR million 30-6-10 30-6-09 31-12-09
Equity 451.9 422.5 436.9
Non-current liabilities
Interest-bearing financial
liabilities 314.1 342.9 318.9
Deferred tax liabilities 43.8 41.3 41.2
Other non-interest-bearing
liabilities 1.7 0.4 1.3
Total 359.6 384.6 361.4
Current liabilities
Interest-bearing financial
liabilities 129.9 105.8 106.9
Trade and other payables 177.4 178.2 196.1
Total 307.3 284.0 303.0
Total liabilities 666.9 668.6 664.4
Total equity and
liabilities 1 118.8 1 091.1 1 101.3
CONSOLIDATED INCOME STATEMENT
EUR million 4-6/10 4-6/09 1-6/10 1-6/09 1-12/09
Net sales 317.0 337.4 622.9 648.1 1 316.0
Cost of goods sold -279.0 -294.6 -550.8 -573.5 -1 151.0
Gross profit 38.0 42.8 72.1 74.6 165.0
Sales and
marketing costs -21.7 -20.9 -40.4 -38.0 -77.7
Administration costs -12.4 -12.0 -24.7 -25.9 -47.7
Other income 1.4 1.0 2.2 2.0 4.6
Other expenses -0.6 -3.8 -3.5 -5.9 -16.7
EBIT 4.7 7.1 5.7 6.8 27.5
Finance income and costs -1.6 -3.2 -5.0 -8.5 -12.4
Share of the result of
associates 0.4 0.5 1.0 0.6 1.4
Profit before tax 3.5 4.4 1.7 -1.1 16.5
Income tax expense -0.3 -1.8 -0.3 -0.3 -9.1
Profit for the period 3.2 2.6 1.4 -1.4 7.4
Profit attributable to:
Owners of the parent 2.9 2.5 0.9 -1.6 7.0
Non-controlling interests 0.3 0.1 0.5 0.2 0.4
Total 3.2 2.6 1.4 -1.4 7.4
Basic earnings/
share, EUR 0.10 0.09 0.03 -0.06 0.25
Diluted earnings/
share, EUR 0.10 0.09 0.03 -0.06 0.25
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 4-6/10 4-6/09 1-6/10 1-6/09 1-12/09
Profit for the period 3.2 2.6 1.4 -1.4 7.4
Other comprehensive income
after tax:
Cash flow hedging 0.6 0.0 -1.4
Equity hedging -0.3
Translation differences 12.2 4.0 20.7 -4.8 2.5
Total comprehensive income
for the period 16.0 6.6 22.1 -6.2 8.2
Total comprehensive income
attributable to:
Owners of the parent 15.7 6.5 21.6 -6.4 7.8
Non-controlling interests 0.3 0.1 0.5 0.2 0.4
Total 16.0 6.6 22.1 -6.2 8.2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million Equity belonging to the shareholders of the Non- Equity
parent company cont total
roll
Share Share Other Inv- Own Trans Retain Total ing
ca premium reser non- shares lation ed inte
pit ves rest- diff. earn rests
al equity ings
fund
Equity
1-1-2009 48.1 138.5 0.1 110.3 -0.5 -33.4 170.5 433.5 1.4 434.9
Periods comprehensive
income -4.8 -1.6 -6.4 0.2 -6.2
Share-based
payment 0.2 0.2 0.2
Acquired treasure
shares -0.7 -0.7 -0.7
Distribution of
dividends -5.7 -5.7 -5.7
Equity
30-6-2009 48.1 138.5 0.1 110.5 -1.2 -38.2 163.2 420.9 1.6 422.5
Equity
1-1-2010 48.1 138.5 -1.7 110.6 -1.3 -31.0 171.9 435.1 1.8 436.9
Periods comprehensive
income 20.7 0.9 21.6 0.5 22.1
Distribution of
dividends -7.1 -7.1 -7.1
Equity
30-6-2010 48.1 138.5 -1.7 110.6 -1.3 -10.3 165.7 449.6 2.3 451.9
CONSOLIDATED CASH FLOW STATEMENT
EUR million 1-6/10 1-6/09 1-12/09
Cash flow from operating activities
Operating activities 20.2 24.9 92.7
Financial items
and taxes -16.6 -15.0 -31.0
Net cash flow from operating
activities 3.6 9.9 61.7
Cash flow from investing activities
Tangible and intangible
assets -24.1 -15.7 -32.3
Investments -4.7 -2.2 -1.8
Net cash used in investing
activities -28.8 -17.9 -34.1
Cash flow from financing activities
Loans drawn down 29.5 28.4 41.8
Loans repaid -22.5 -26.2 -64.8
Dividends paid -7.1 -5.7 -5.7
Acquired treasury
shares -0.7 -0.7
Net cash used in financing
activities -0.1 -4.2 -29.4
Change in liquid
funds -25.3 -12.2 -1.8
OPERATING SEGMENTS
EUR million 4-6/10 4-6/09 1-6/10 1-6/09 1-12/09
Net sales
Finland 178.9 201.6 358.0 383.6 781.9
Scandinavia 99.7 103.3 194.7 202.0 405.2
Russia 34.4 27.9 63.3 54.4 113.0
Baltics 9.8 10.5 17.5 19.3 37.5
Eliminations -5.8 -5.9 -10.6 -11.2 -21.6
Total 317.0 337.4 622.9 648.1 1 316.0
EBIT
Finland 6.0 10.7 10.9 17.8 42.9
Scandinavia 3.3 0.6 4.0 1.9 10.0
Russia -2.7 -1.9 -4.9 -8.9 -9.8
Baltics -0.8 -1.5 -2.1 -2.5 -12.6
Unallocated -1.1 -0.8 -2.2 -1.5 -3.0
Total 4.7 7.1 5.7 6.8 27.5
ROCE *
Finland 8.9 % 9.9 % 10.2 %
Scandinavia 4.7 % 1.8 % 4.0 %
Russia -3.8 % -9.3 % -6.9 %
Baltics -28.6 % -8.0 % -26.5 %
Group 3.0 % 3.1 % 3.1 %
* ROCE % =
EBIT, 12mr / Capital employed, 12 mr avg * 100
Investments
Finland 4.0 4.0 6.2 6.8 14.2
Scandinavia 2.6 0.8 4.4 2.1 5.3
Russia 4.4 2.7 16.2 6.6 11.9
Baltics 0.2 0.5 0.3 1.1 1.6
Total 11.2 8.0 27.1 16.6 33.0
Depreciations
Finland 7.3 7.6 14.6 15.1 29.7
Scandinavia 2.9 3.1 5.8 5.7 12.0
Russia 1.9 1.3 3.6 2.9 6.4
Baltics 0.8 1.0 1.6 1.8 10.5
Total 12.9 13.0 25.6 25.5 58.6
CONTINGENT LIABILITIES
EUR million 30-6-10 30-6-09 31-12-09
Debts with mortgages or other collateral
given as security
Loans from financial
institutions 6.6 5.3 6.0
Pension fund loans 4.6 4.3 4.2
Total 11.2 9.6 10.2
Mortgages and other securities given as
comprehensive security
Real estate mortgages 6.6 6.6 6.7
Corporate mortgages 3.1 5.5 3.1
Total 9.7 12.1 9.8
Guarantee engagements not included
in the balance sheet
Guarantees 0.7 12.8 0.8
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 Interim Report will be mailed to you upon request and is also available on
our website at www.atriagroup.com.
