2012-11-01 07:00:01 CET
2012-11-01 07:00:10 CET
REGULATED INFORMATION
Atria Oyj - Interim report (Q1 and Q3)
Interim Report of Atria Plc 1 January - 30 September 2012
Seinäjoki, Finland, 2012-11-01 07:00 CET (GLOBE NEWSWIRE) -- Atria Plc Interim
Report 1 November 2012 at 8.00 am
INTERIM REPORT OF ATRIA PLC 1 JANUARY - 30 SEPTEMBER 2012
Atria Group's EBIT improved considerably
- EBIT for January-September grew to EUR 22.4 million (EUR 3.8 million)
- Net sales amounted to EUR 982.9 million (EUR 963.1 million)
- Atria Finland's EBIT increased to EUR 25.5 million (EUR 12.2 million)
- Atria Scandinavia's EBIT fell to EUR 6.3 million (EUR 9.7 million)
- Atria Russia's EBIT improved to EUR -4.7 million (EUR -14.5 million), and the
Q3 EBIT was positive, amounting to EUR 0.6 million (EUR -3.3 million)
- The Group's equity ratio was 39.4 per cent (on 31 December 2011: 39.5%)
Q3 Q3 Q1-Q3 Q1-Q3
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EUR million 2012 2011 2012 2011 2011
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Net sales 341.1 325.5 982.9 963.1 1,301.9
EBIT 16.6 9.0 22.4 3.8 8.0
EBIT, % 4.9 2.8 2.3 0.4 0.6
Profit before taxes 13.1 5.4 12.9 -5.5 -4.7
Earnings per share, EUR 0.31 0.13 0.17 -0.21 -0.24
Extraordinary items* 0.0 0.0 0.0 0.1 -2.2
Review Q3/2012
Atria Group's net sales for July-September totalled EUR 341.1 million (EUR
325.5 million), showing growth of EUR 15.6 million compared to the
corresponding period last year. EBIT improved by EUR 7.6 million year-on-year,
amounting to EUR 16.6 million (EUR 9.0 million).
Atria Finland's Q3/2012 net sales totalled EUR 205.1 million (EUR 197.5
million), showing growth of EUR 7.6 million year-on-year. The EUR 12.5 million
EBIT (EUR 9.0 million) was EUR 3.5 million higher than the EBIT for the
corresponding period last year. This increase was due to improved conditions in
the meat market and higher sales prices especially in export and wholesale.
Atria Scandinavia's Q3/2012 net sales totalled EUR 100.1 million (EUR 93.5
million), representing an increase of EUR 6.6 million year-on-year. In the
local currency, net sales were at the same level as last year. EBIT amounted to
EUR 4.4 million (EUR 4.7 million). The reason for this decrease was the higher
price of meat raw material. Atria has not been able to pass on all of the
increased raw material costs to sales prices.
Atria Russia's Q3/2012 net sales amounted to EUR 33.9 million (EUR 31.0
million). In the local currency, net sales grew by 5.5 per cent year-on-year.
EBIT was EUR 0.6 million (EUR -3.3 million), showing an improvement of EUR 3.9
million over the comparative period. This increase was due to implemented
efficiency improvement measures and the raising of sales prices.
Atria Baltic's Q3/2012 net sales amounted to EUR 8.4 million (EUR 9.0 million).
EBIT was EUR -0.4 million (EUR -0.4 million).
Olle Horm was appointed Executive Vice President of Atria Baltic and a member
of Atria Group's Management Team. He assumed his position on 15 August 2012 and
reports to Juha Gröhn, CEO, Atria Plc.
Review 1 January-30 September 2012
Atria Group's net sales for January-September totalled EUR 982.9 million (EUR
963.1 million), showing growth of EUR 19.8 million compared to the
corresponding period last year. EBIT improved by EUR 18.6 million year-on-year,
amounting to EUR 22.4 million (EUR 3.8 million). The results for the period
include net EUR 0.1 million of non-recurring profit.
Atria Finland's net sales for January-September totalled EUR 598.1 million (EUR
586.8 million), up by EUR 11.3 million year-on-year. The EUR 25.5 million EBIT
(EUR 12.2 million) was EUR 13.3 million higher than the EBIT for the
corresponding period last year. This increase was due to improved conditions in
the meat market, higher sales prices, an enhanced sales structure and
implemented efficiency improvement measures.
Atria Scandinavia's net sales for January-September totalled EUR 284.6 million
(EUR 277.1 million), representing an increase of EUR 7.5 million year-on-year.
In the local currency, net sales were at the same level as last year. EBIT
amounted to EUR 6.3 million (EUR 9.7 million). The reason for this decrease was
the higher price of meat raw material. Atria has not been able to pass on all
of the increased raw material costs to sales prices.
Atria Russia's net sales for January-September amounted to EUR 93.5 million
(EUR 91.8 million). In the local currency, net sales were at the same level as
last year. EBIT was EUR -4.7 million (EUR -14.5 million), showing an
improvement of EUR 9.8 million over the comparative period. This increase was
due to implemented efficiency improvement measures, price increases and the
streamlining of the product range.
Atria Baltic's net sales for January-September totalled EUR 25.4 million (EUR
26.3 million), representing a fall of EUR 0.9 million year-on-year. EBIT was
EUR -1.3 million (EUR -0.4 million), which is EUR 0.9 million weaker than in
the same period last year. The result for the comparative period contain EUR
0.9 million of non-recurring profit. The results were weighed down by the
increase in raw material prices, which could not be fully transferred to sales
prices.
Due to an increase in investments, the Group's free cash flow (operating cash
flow - cash flow from investments) during the review period was EUR -1.5
million (EUR -0.6 million). Interest-bearing net liabilities came to EUR 417.8
million, showing an increase of EUR 15.1 million since the turn of the year.
This increase was mainly due to exchange rate changes.
During the review period, a programme was launched to improve the profitability
of Atria Scandinavia's production of meat products. Atria is investing
approximately EUR 4.7 million in new production equipment for the Malmö plant.
The manufacture of ham products and the slicing of cold cuts will be
transferred from the Halmstad plant to the Malmö plant. By the end of
September, most of the production had been transferred to Malmö. The transfer
will be completed by the end of 2012. The programme is expected to generate
annual cost savings of approximately EUR 1.5 million. The savings will begin to
materialise in 2012 and will be fully effective from the beginning of 2013.
During the review period, Atria Russia launched a programme aimed at improving
production efficiency at the Sinyavino and Gorelovo plants in St Petersburg.
These measures are expected to generate annual cost savings of around EUR 2.0
million, which will be fully realised from the beginning of 2013. Meat products
are now produced at the centralised Sinyavino and Gorelovo plants.
Atria Plc's Board of Directors decided to terminate the share incentive plan
for Atria Group's key personnel and replace it with a new long-term reward
programme. The share incentive plan will no longer be applied in 2012.
Key indicators
EUR million 30.9.12 30.9.11 31.12.11
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Equity/share, EUR 15.07 14.74 14.81
Interest-bearing liabilities 425.8 423.5 409.4
Equity ratio, % 39.4 39.8 39.5
Gearing, % 99.2 101.0 97.1
Net gearing, % 97.4 98.9 95.5
Gross investments in fixed assets 41.2 36.9 47.0
Gross investments of net sales, % 4.2 3.8 3.6
Average number of employees 4,927 5,550 5,46
Outlook for the future
The Group's EBIT was EUR 8.0 million in 2011. EBIT is expected to be
considerably higher in 2012. Some growth in net sales is expected for 2012.
Publication procedure
Atria Plc complies with the publication procedure in accordance with standard
5.2b of the Financial Supervisory Authority and publishes its 1 JANUARY - 30
SEPTEMBER 2012 interim report release as an attachment to this company
announcement. The full interim report is available on the company's website at
www.atriagroup.com.
For more information, please contact Juha Gröhn, CEO, Atria Plc, tel. +358 400
684 224.
Invitation to a press conference
A press conference conducted in Finnish will be arranged today 1 November 2012
at 9:30 am at Atria offices in Helsinki, address Läkkisepäntie 23, Helsinki.
The presentation material will be available on the company's website
(www.atriagroup.com/en/investors/FinancialInformation/quarterlyreports) after
the distribution of the interim report and as an attachment to this company
announcement.
ATRIA PLC
Board of Directors
DISTRIBUTION
Nasdaq OMX Helsinki Ltd
Major media
www.atriagroup.com
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