The earnings of Atria Finland improved - profitability in other business areas was poor

Report this content
ATRIA PLC                       INTERIM REPORT    28 APRIL 2009 AT 08:00 am     

INTERIM REPORT OF ATRIA PLC 1 January - 31 March, 2009                          


THE EARNINGS OF ATRIA FINLAND IMPROVED - PROFITABLITY IN OTHER BUSINESS AREAS   
WAS POOR                                                                        

- the Group's net sales grew by 2.4% and EBIT remained at zero level.           
- the profitability of Atria Finland showed clear improvement over last year    
- performance in other business areas was weak                                  
- strong growth in Russia and the Baltic countries                              
- Atria is streamlining its operations in Scandinavia, Russia and the Baltic    
countries                                                                       
- Russia's performance is burdened by costs relating to the takeover of Campomos
and its integration                                                             


Atria Group:                                                                    
                               Q1/        Q1/                                   
EUR million                    2009       2008       2008                       
----------------------------------------------------------                      
Net sales                     310.7      303.4   1,356.9                        
EBIT                           -0.4        6.8      38.4                        
EBIT %                         -0.1        2.2       2.8                        
Profit before tax              -5.5        3.5      16.7                        
Earnings per share, EUR       -0.14       0.07      0.42                        


Review Q1/2009                                                                  

Atria Group's year-on-year net sales increased by 2.4%. The weakening of the    
Russian rouble and Swedish krona also slowed the growth of net sales. Calculated
with fixed currency rates, the Group's net sales showed a year-on-year increase 
of 9.4%. Net sales increased particularly in Scandinavia, Russia and the Baltic 
countries. The growth is mainly due to the acquisitions completed last year as  
well as to increases in sales prices.                                           

The Group's EBIT was EUR -0.4 million (EUR 6.8 million). As a result of the     
restructuring measures undertaken last year as well as improved margins, the    
profitability of Atria Finland improved significantly during the beginning of   
the year.                                                                       

Atria Scandinavia's result is burdened, in particular, by the high price level  
of imported goods resulting from the weak krona. The development of             
Scandinavia's earnings improved towards the end of the review period, when sales
price increases and the partial replacement of imported raw materials with      
domestic raw material had a positive impact on the margins. Atria launched an   
extensive efficiency improvement programme in Sweden and announced after the    
review period that it would discontinue the loss-making salad and sandwich      
business in Sweden.                                                             

Atria Russia's operating loss for the review period resulted from the Campomos  
acquisition at the end of last year. The Q1 result is burdened by costs relating
to integration and takeover recorded during the review period.                  


Atria Finland 1.1 - 31.3.2009                                                   

                               Q1/        Q1/                                   
EUR million                    2009       2008       2008                       
----------------------------------------------------------                      
Net sales                     181.9      180.9      797.9                       
EBIT                            7.1        2.2       33.9                       
EBIT %                          3.9        1.2        4.2                       
                                                                                
Atria Finland's Q1 net sales were at the same level as last year; EBIT showed a 
clear year-on-year improvement. The decline in consumer demand caused by the    
economic recession has not been significant in Atria's product groups. There    
have been some signs of a shift towards less expensive products.                

Profitability was improved by the restructuring measures undertaken during the  
previous year, lower cost levels and increased margins. Sales prices to         
retailers have risen, depending on the product group, by 1-8 per cent from      
December 2008.                                                                  

The market shares of Atria products in poultry, cooking sausages and            
retail-packed meat have grown. The market shares in cold cuts and convenience   
food have weakened somewhat. Good delivery reliability contributed to the       
successful performance during Q1.                                               

During the beginning of the year, there were only very few salmonella cases     
found at the pig and poultry feed lots of Atria's contract manufacturers and    
they did not weaken the raw material supply of Atria Finland.                   

Atria Scandinavia 1.1 - 31.3.2009                                               

                               Q1/        Q1/                                   
EUR million                    2009       2008       2008                       
----------------------------------------------------------                      
Net sales                      98.8      105.1      455.2                       
EBIT                            1.2        5.8       14.4                       
EBIT %                          1.2        5.5        3.2                       
                                                                                

Atria Scandinavia's comparable net sales were below the targeted level. The net 
sales in the review period were weighed down, in particular, by the weakening of
the Swedish krona. Q1/2009 net sales in krona increased by 9.8% compared with   
the previous year's comparative period.                                         

EBIT for the beginning of the year was weaker than that in last year's          
comparative period. The result was burdened by the weak Swedish krona and the   
reduced sales volumes in certain product groups. In addition, the loss-making   
salad and sandwich business (Lätta Måltider) weakened the EBIT for the review   
period.                                                                         

However, the development of earnings improved towards the end of the review     
period, when sales prices were increased and the imported raw materials were    
partially replaced with domestic raw material. Atria Scandinavia has launched an
extensive cost-saving programme that is expected to produce annual savings of   
approximately EUR 7 million, and the number of employees will be reduced by     
approximately 100 at different sites.                                           

The market shares of cold cuts and cooking sausages in retail trade improved    
during the review period. In particular, Atria Scandinavia's own brands have    
increased their market shares. The market shares of delicatessen products,      
pastries and 3-Stjernet products have remained stable (source: AC Nielsen).     


Atria Russia 1.1 - 31.3.2009                                                    


                               Q1/        Q1/                                   
EUR million                    2009       2008       2008                       
----------------------------------------------------------                      
Net sales                      26.5       16.3       93.8                       
EBIT                           -7.0        0.5       -3.4                       
EBIT %                        -26.4        3.1       -3.6                       

Atria Russia's year-on-year sales increased significantly, which is mainly due  
to the consolidation of Campomos, acquired last autumn, into Atria. However, the
weakening of the Russian rouble against the euro weighed down the growth of net 
sales. The market share in the modern retail trade in the St Petersburg economic
area continued to grow.                                                         

The operating loss for the review period resulted from the Campomos acquisition 
at the end of last year. The Q1/2009 earnings were impacted negatively by the   
weakened rouble, which, however, stabilised during the period February to March.
Due to the weak rouble, prices of imported raw materials remained high. During  
the review period, negotiations were carried out concerning sales price         
increases of around 10 per cent, and they will take effect in April-May 2009.   

During the review period, Atria Russia launched an efficiency improvement       
programme aimed at improving the cost efficiency of the Russian operations. The 
synergies of the St Petersburg and Moscow plants will be more effectively       
utilized, and products and customers with poor profitability will be            
discontinued. As a result of the efficiency improvement programme, personnel    
will be laid off in both Moscow and St Petersburg, and the net reduction of     
personnel will be about 180 persons by the end of June. Annual cost savings of  
the reduction of personnel will be approximately EUR 4 million excluding        
non-recurring redundancy related items. The Q1 result includes non-recurring    
costs relating to integration and takeover in the amount of EUR 2.7 million.    

The integration of Campomos and Pit-Product progressed as planned and operative 
functions were merged. In the reorganisation of Atria Russia, Juha Ruohola was  
appointed General Manager of OOO Campomos. He will also continue as Atria Group 
Executive Vice President, Russia. Sergey Ivanchenko was appointed General       
Manager of OOO Pit-Product and General Manager & Director, Atria Russia.        

The start-up of the new production plant in Gorelovo, St Petersburg, is expected
to take place during 2009. The start-up has been postponed due to lack of water 
and drain connections.                                                          


Atria Baltic 1.1 - 31.3.2009                                                    

                               Q1/        Q1/                                   
EUR million                    2009       2008       2008                       
----------------------------------------------------------                      
Net sales                       8.8        5.5       32.3                       
EBIT                           -1.0       -1.0       -3.8                       
EBIT %                        -11.4      -18.2      -11.8                       


In Estonia, Atria's Q1 net sales showed a clear year-on-year increase due to the
acquisitions made in summer 2008. Atria's performance in Estonia remained at an 
unsatisfactory level. This was due to the reduced demand resulting from the     
general recession, as well as to the sales volumes decreasing in certain product
groups. In addition, the cost-savings generated by improvements in the          
efficiency of production will, in the main, only materialize during the latter  
part of the year.                                                               

Measured by volume, the market shares of cold cuts and cooking sausages have    
remained stable. In cold cuts, Atria's market share is 24 percent, and in       
cooking sausages, 25 percent (Source: AC Nielsen)                               

During the review period, Atria Baltic decided to centralise the production of  
meat products from the Vastse-Kuuste plant to the Valga and Ahja production     
plants. The transfer of production will improve operational efficiency and      
create better preconditions for profitable business growth in the current,      
economically challenging operating environment. In addition, Atria Baltic will  
launch new types of product groups in the autumn, produced at the Vastse-Kuuste 
plant. The reorganisation will affect some 100 Atria Baltic employees during the
current year. The reorganisation measures are expected to generate annual cost  
savings of approximately EUR 1.4 million.                                       


Notification of change in shareholding under the Finnish Securities Markets Act 

During the review period, Atria Plc received a notification from Artio Global   
Management LLC on a change in the company's holding.                            

Artio Global Management LLC's holding in Atria Plc has fallen below the five (5)
per cent limit with a share transfer completed on 20 March 2009. According to   
Artio Global Management LLC's notification, its holding in Atria Plc is         
as follows:                                                                     

Artio Global Management LLC's holding in total:                                 
- Number of Atria's A-shares held: 1,409,752                                    
- Ownership share: 4.99% of the share capital and 1.27% of the voting rights    

Full name and business ID of the shareholder:                                   
Artio Global Management LLC, company identification 43-2047412.                 


Events occurring after the period                                               

After the review period, Atria initiated negotiations on discontinuing the      
loss-making business operations of the Lätta Måltider unit, which manufactures  
salads and sandwiches in Sweden. Last year, efficiency of the Lätta Måltider    
unit was improved by cutting costs and concentrating production. These measures 
did not, however, generate sufficient earnings improvement.                     

Atria will evaluate different options for discontinuing the Lätta Måltider      
operations. Divestment of the business operations will also be investigated.    
Atria will propose the discontinuance of the Lätta Måltider business operations 
by the end of July at the latest. Employer-employee negotiations affecting the  
unit's entire personnel were begun immediately.                                 


Investments                                                                     

The Group's investments during the period totalled EUR 8.6 million (EUR 16      
million).                                                                       


Personnel                                                                       

The Group had an average of 6,532 (5,700)employees during the period.           

Personnel by business area:                                                     

Atria Finland     2,181 (2,296)                                                 
Atria Scandinavia 1,635 (1,727)                                                 
Atria Russia      2,088 (1,276)                                                 
Atria Baltic        628   (401)                                                 


Atria Plc's Administration                                                      

Atria Plc's Supervisory Board elected Mr Harri Sivula as a new member of the    
Board of Directors of Atria Plc on 20 March 2009. Harri Sivula (b. 1962), Master
of Administrative Sciences, has acted as the CEO of the Onninen Group since     
2006.                                                                           

Atria Plc's Board of Directors now has the following membership: Chairman of the
Board Martti Selin, Vice Chairman of the Board Timo Komulainen, members Tuomo   
Heikkilä, Runar Lillandt, Harri Sivula, Matti Tikkakoski and Ilkka Yliluoma.    


Financing                                                                       

In January OOO Campomos paid off a bank loan of EUR 13 million, and in February 
OOO Campofarm paid off a bank loan of EUR 3 million. The above-mentioned        
companies financed the repayments of the loans with intra-group                 
rouble-denominated financing.                                                   

During the review period, compensation in the amount of EUR 1.5 million for the 
delay of the meat product plant in Gorelovo, St Petersburg, has been recorded   
under interest income.                                                          


Short-term Business Risks                                                       

No significant changes have occurred in Atria Group's short-term business risks 
compared with the risks described in the financial statements of 2008. The most 
significant short-term business risks are connected with the international price
development of meat raw material, fluctuation of currencies important to Atria, 
as well as the timing of the Gorelovo plant's completion. Measures for improving
the profitability of Campomos have been initiated as planned.                   


Outlook for the Future                                                          

The recession will have some effect on sales volumes, particularly in the more  
expensive product groups. Discontinuation of the salad and sandwich business in 
Sweden and of the unprofitable customerships in Russia, as well as the weakened 
Swedish krona and Russian rouble, will result in a decrease in the Group's net  
sales in euros. The net sales of the entire Group in 2009 are therefore         
forecasted to remain at the 2008 level.                                         

Because of the international economic situation, there is considerable          
uncertainty related to the result prognosis. Due to the loss-making Campomos and
the weakened rouble, Atria Russia's performance will remain significantly below 
last year's level. The performance of the other business areas does not entirely
cover the Russian earnings development, and the Group's EBIT for the entire year
is expected to remain somewhat below last year's level.                         


Board Authorisations                                                            

The General Meeting held on 29 April 2008 resolved to authorise the Board of    
Directors to decide, on one or several occasions, on a share issue involving a  
maximum of 10,000,000 new Series A shares at the nominal value of EUR 1.70 per  
share. The authorisation is valid until the closing of the next Annual General  
Meeting, or until 30 June 2009, whichever occurs first. The authorisation does  
not repeal the Board's current authorisation to decide on a reserve increase.   

The General Meeting has previously authorised the Board of Directors to decide  
on one or several reserve increases, which may increase the company's share     
capital by a maximum of EUR 850,000. The authorisation is valid for a maximum of
five years from the date of the General Meeting's decision.                     


Purchase and transfer of treasury shares and valid authorisations               

The General Meeting held on 29 April 2008 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 the Series A shares to be  
acquired is less than 10 percent of all the Company's shares. The authorisation 
is valid until the closing of the next Annual General Meeting, or until 30 June 
2009, whichever occurs first.                                                   

The General Meeting held on 29 April 2008 authorised the Board of Directors to  
decide on the transfer of treasury shares held by the company in one or more    
batches, so that a maximum total of 2,800,000 Series A shares are subject to the
authorisation. The authorisation is valid until the closing of the next Annual  
General Meeting, or until 30 June 2009, whichever occurs first.                 

Based on the authorisation of the AGM 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 are 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.                                                                      

As of 31 March 2009, Atria Plc held a total of 109,842 treasury shares.         


Key indicators                                                                  

EUR million                                             1-3/09   1-3/08  1-12/08

Shareholders' equity                                                            
per share, EUR                                           14.86    16.76    15.34
Interest-bearing                                                                
liabilities                                              453.8    327.9    448.4
Equity ratio, %                                           39.1     47.9     38.4
Gearing, %                                               107.6     68.9    103.1
Net gearing, %                                           103.2     63.8     94.6
Gross investments to fixed assets                          8.6     16.0    152.6
% of Net sales                                             2.8      5.3     11.2
Average FTE                                              6 532    5 700    6 135

Accounting Principles                                                           

This interim report has been compiled in accordance with the IAS 34 Interim     
Financial Reporting standard. Atria has applied the same principles in preparing
this interim report 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 to 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.                                                                         

The figures given in the interim report are unaudited.                          


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.                                                             

Figures for 2008 have been adjusted to correspond to the current                
function-specific income statement model. Attached are the function-specific    
income statements for 2008 by quarter and total figures for 2008.               

Consolidated income statement                                                   

EUR million                           1-3/08   4-6/08   7-9/08 10-12/08  1-12/08

Net sales                              303.4    334.7    357.7    361.1  1 356.9

Cost of goods sold                    -268.6   -293.9   -310.5   -325.3 -1 198.4
Gross profit                            34.8     40.8     47.2     35.8    158.5
* of Net sales                          11.5     12.2     13.2      9.9     11.7

Sales and                                                                       
marketing costs                        -16.9    -19.3    -18.2    -18.9    -73.6
Administration costs                   -11.6    -11.7    -10.4    -14.0    -47.3
Other income                             0.7      0.9      0.8      1.4      3.7
Other expenses                          -0.2     -0.1     -2.2     -0.5     -2.9
EBIT                                     6.8     10.6     17.2      3.8     38.4
* of Net sales                           2.2      3.2      4.8      1.1      2.8

Finance income                           2.7      2.4      6.6     32.7     44.4
Finance costs                           -6.0     -5.5    -10.3    -44.9    -66.7
Share of profit/loss of                                                         
associates                                        0.2      0.5     -0.1      0.6

Profit before tax                        3.5      7.7     14.0     -8.4     16.7
* of Net sales                           1.2      2.3      3.9     -2.3      1.2

Income tax expense                      -1.4     -2.6     -3.5      2.2     -5.3
Profit                                                                          
for the period                           2.1      5.1     10.5     -6.2     11.4
* of Net sales                           0.7      1.5      2.9     -3.5      0.8

Profit attributable to:                                                         
Owners of the parent                     2.1      5.1     10.5     -5.8     11.8
Minority interest                                                  -0.4     -0.4
Total                                    2.1      5.1     10.5     -6.2     11.4

Basic earnings/                                                                 
share, EUR                              0.07     0.18     0.37    -0.21     0.42

Diluted earnings/                                                               
share, EUR                              0.07     0.18     0.37    -0.21     0.42


STATEMENT OF FINANCIAL POSITION                                                 

Assets                                                                          

EUR million                                            31-3-09  31-3-08 31-12-08

Non-current assets                                                              
 Property, plant and                                                            
 equipment                                               479.5    458.8    493.5
 Goodwill                                                150.4    151.9    151.1
 Other intangible                                                               
 assets                                                   69.0     64.1     70.5
 Investments in joint ventures                                                  
 and associates                                            6.3      5.7      6.1
 Other financial                                                                
 assets                                                    2.3      1.2      2.1
 Loan assets and other                                                          
 receivables                                              15.1     10.0     15.5
 Deferred tax assets                                       4.8      0.6      2.2
Total                                                    727.4    692.3    741.0

Current assets                                                                  
 Inventories                                             114.9     96.5    113.3
 Trade and other                                                                
 receivables                                             207.8    180.1    231.8
 Cash and cash                                                                  
 equivalents                                              18.9     24.7     37.1
Total                                                    341.6    301.3    382.2

Non-current assets                                                              
held for sale                                             11.1              11.3

Total assets                                           1 080.1    993.6  1 134.5

Equity and liabilities                                                          

EUR million                                            31-3-09  31-3-08 31-12-08

Equity                                                                          
 Equity belonging to                                                            
 the shareholders of the                                                        
 parent company                                          420.1    473.7    433.5
 Minority interest                                         1.5      1.9      1.4
Total equity                                             421.6    475.6    434.9

Non-current liabilities                                                         
 Interest-bearing financial                                                     
 liabilities                                             338.1    179.6    320.8
 Deferred tax                                                                   
 liabilities                                              41.6     42.7     42.4
 Other non-interest-bearing                                                     
 liabilities                                               0.5      0.8      0.2
Total                                                    380.2    223.1    363.4

Current liabilities                                                             
 Interest-bearing financial                                                     
 liabilities                                             115.6    148.3    127.6
 Trade and                                                                      
 other payables                                          162.7    146.6    208.6
Total                                                    278.3    294.9    336.2

Total liabilities                                        658.5    518.0    699.6

Total equity and                                                                
liabilities                                            1 080.1    993.6  1 134.5


CONSOLIDATED INCOME STATEMENT                                                   

EUR million                                             1-3/09   1-3/08  1-12/08

Net sales                                                310.7    303.4  1 356.9

Cost of goods sold                                      -279.0   -268.6 -1 198.4
Gross profit                                              31.7     34.8    158.5
* of Net sales                                            10.2     11.5     11.7

Sales and                                                                       
marketing costs                                          -17.1    -16.9    -73.6
Administration costs                                     -13.9    -11.6    -47.3
Other income                                               1.0      0.7      3.7
Other expenses                                            -2.1     -0.2     -2.9
EBIT                                                      -0.4      6.8     38.4
* of Net sales                                            -0.1      2.2      2.8

Finance income                                            11.8      2.7     44.4
Finance costs                                            -17.1     -6.0    -66.7
Share of profit/loss of                                                         
associates                                                 0.2               0.6

Profit before tax                                         -5.5      3.5     16.7
* of Net sales                                            -1.8      1.2      1.2

Income tax expense                                         1.5     -1.4     -5.3
Profit                                                                          
for the period                                            -4.0      2.1     11.4
* of Net sales                                            -1.3      0.7      0.8

Profit attributable to:                                                         
Owners of the parent                                      -4.1      2.1     11.8
Minority interest                                          0.1              -0.4
Total                                                     -4.0      2.1     11.4

Basic earnings/                                                                 
share, EUR                                               -0.14     0.07     0.42

Diluted earnings/                                                               
share, EUR                                               -0.14     0.07     0.42


STATEMENT OF COMPREHENSIVE INCOME                                               

EUR million                                             1-3/09   1-3/08  1-12/08

Profit                                                                          
for the period                                            -4.0      2.1     11.4

Other comprehensive income after tax:                                           
Available-for-sale                                                              
financial assets                                                   -1.8     -1.8
Translation                                                                     
differences                                               -8.8     -0.9    -30.0

Total comprehensive income                                                      
for the period                                           -12.8     -0.6    -20.4

Total comprehensive income attributable to:                                     
Owners of the                                                                   
parent                                                   -12.9     -0.6    -20.0
Minority interest                                          0.1              -0.4
Total                                                    -12.8     -0.6    -20.4


STATEMENT OF CHANGES IN EQUITY                                                  

EUR million     Equity belonging to the shareholders of the        Mino- Share  
                parent company                                     rity  holders

                Share Share   Fair  Inv. Own    Trans- Retain Total             
                ca-   premium value non- shares lation ed                       
                pit-          fond  rest.       diff.  earn                     
                al                 equity              ings                     
                                    fond                                        
Equity                                                                          
1-1-2008          48.1  138.5   1.9 110.5         -3.3  178.5 474.2   1.9  476.1

Periods comprehensive                                                           
income                         -1.8               -0.9    2.1  -0.6         -0.6
Share-based                                                                     
payment                               0.1                       0.1          0.1
                                                                                

Equity                                                                          
31-3-2008         48.1  138.5   0.1 110.6         -4.2  180.6 473.7   1.9  475.6

Equity                                                                          
1-1-2009          48.1  138.5   0.1 110.3  -0.5  -33.5  170.5 433.5   1.4  434.9

Periods comprehensive                                                           
income                                            -8.8   -4.1 -12.9   0.1  -12.8
Share-based                                                                     
payment                               0.2                       0.2          0.2
Acquired                                                                        
treasure shares                            -0,7                -0,7         -0,7

Equity                                                                          
31-3-2009         48.1  138.5   0.1 110.5  -1.2  -42.3  166.4 420.1   1.5  421.6

CASH FLOW STATEMENT                                                             

EUR million                                             1-3/09   1-3/08  1-12/08

Cash flow from operating activities                                             
 Operating                                                                      
 activities                                               -8.7      5.5     69.9
 Financial items                                                                
 and taxes                                                -7.0     -7.3    -32.3
Net cash flow from operating                                                    
activities                                               -15.7     -1.8     37.6

Cash flow from investing activities                                             
 Tangible and intangible                                                        
 assets                                                   -8.5    -14.3    -65.5
 Investments                                              -1.7     -0.5      3.6
 Bought shares in                                                               
 subsidiaries                                                              -41.3
Net cash used in investing                                                      
activities                                               -10.2    -14.8   -103.2

Cash flow from financing activities                                             
 Loans drawn down                                         27.3     53.0    171.7
 Loans repaid                                            -19.0    -47.3    -86.0
 Dividends paid                                                            -19.8
 Acquired treasury                                                              
 shares                                                   -0.7              -0.9
Net cash used in financing                                                      
activities                                                 7.6      5.7     65.0

Change in liquid                                                                
funds                                                    -18.3    -10.9     -0.6


OPERATING SEGMENTS                                                              

EUR million                                             1-3/09   1-3/08  1-12/08

Net sales                                                                       
 Finland                                                 181.9    180.9    797.9
 Scandinavia                                              98.8    105.1    455.2
 Russia                                                   26.5     16.3     93.8
 Baltics                                                   8.8      5.5     32.3
 Eliminations                                             -5.3     -4.4    -22.3
Total                                                    310.7    303.4  1 356.9

EBIT                                                                            
 Finland                                                   7.1      2.2     33.9
 Scandinavia                                               1.2      5.8     14.4
 Russia                                                   -7.0      0.5     -3.4
 Baltics                                                  -1.0     -1.0     -3.8
 Unallocated                                              -0.7     -0.7     -2.7
Total                                                     -0.4      6.8     38.4

ROCE *                                                                          
 Finland                                                 8.9 %    8.2 %    7.9 %
 Scandinavia                                             3.7 %    9.2 %    5.4 %
 Russia                                                 -9.1 %    6.2 %   -3.3 %
 Baltics                                                -8.2 %  -15.5 %   -9.1 %
 Group                                                   3.6 %    6.9 %    4.5 %

* ROCE =                                                                        
  EBIT, 12mr / Capital employed, 12mr avg * 100                                 

Investments                                                                     
 Finland                                                   2.9      4.7     23.8
 Scandinavia                                               1.2      1.1     41.8
 Russia                                                    3.9      9.5     68.6
 Baltics                                                   0.6      0.7     18.4
Total                                                      8.6     16.0    152.6

Depreciations                                                                   
 Finland                                                   7.5      7.6     29.8
 Scandinavia                                               2.6      3.1     11.7
 Russia                                                    1.6      0.7      3.2
 Baltics                                                   0.8      0.6      2.8
Total                                                     12.5     12.0     47.5


CONTINGENT LIABILITIES                                                          

EUR million                                            31-3-09  31-3-08 31-12-08

Debts with mortgages or other collateral                                        
given as security                                                               
 Loans from financial                                                           
 institutions                                              8.0      4.9      9.6
 Pension fund loans                                        3.9      4.8      3.9
Total                                                     11.9      9.7     13.5

Mortgages and other securities given as                                         
comprehensive security                                                          
 Real estate                                                                    
 mortgages                                                 6.7     12.0      6.7
 Corporate mortgages                                       4.6      2.1      7.9
Total                                                     11.3     14.1     14.6

Guarantee engagements not included                                              
in the balance sheet                                                            
 Guarantees                                               12.9      3.4      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                                                         
Principal media                                                                 
www.atria.fi                                                                    

The interim report will be mailed to you upon request and is also available on  
our website at www.atria.fi/konserni.

Subscribe