ATRIA PLC INTERIM REPORT 27 OCTOBER 2009 AT 8:00am
INTERIM REPORT OF ATRIA PLC, 1.1.-30.9.2009
RECESSION AFFECTING SALES VOLUMES, YET PERFORMANCE SATISFACTORY IN CURRENT
MARKET CONDITIONS
- The Group's net sales since the beginning of the year decreased by 2% from
last year's level
- Calculated in fixed currencies, the Group's net sales increased by 3%
- The Group's profitability is at a satisfactory level
- Atria Finland's EBIT represented 5.5% of net sales in the review period
- Atria Russia's earnings improvement accelerated during Q3
- Free cash flow is positive for the review period
Atria Group
Q3/ Q3/ Q1-Q3 Q1-Q3
EUR million 2009 2008 2009 2008 2008
---------------------------------------------------------------------------
Net sales 327.5 357.7 975.6 995.8 1,356.9
EBIT 16.9 17.2 23.6 34.6 38.4
EBIT % 5.2 4.8 2.4 3.5 2.8
Profit before taxes 14.4 14.0 13.3 25.1 16.7
Earnings per share, EUR 0.35 0.37 0.29 0.62 0.42
Review Q3/2009
Atria Group's Q3/2009 net sales showed an 8.4% decline year on year. Calculated
in fixed currencies, the Group's net sales showed a year-on-year decrease of
4.8%. The recession has lowered demand in all of Atria's business areas. The
Group's EBIT in Q3 was EUR 16.9 million, representing 5.2% of net sales.
As a result of successful management of product margins and costs, Atria
Finland's EBIT improved slightly from the figure for the corresponding period in
2008. To ensure future competitiveness, an efficiency improvement programme was
launched during the review period. The effects of the programme will begin
emerging gradually at the end of the year and will be fully realised by Q3/2010.
Calculated in fixed currencies, Atria Scandinavia's comparable net sales
(excluding the net sales of the Lätta Måltider unit) decreased by 4.9%. As a
result of a more stable Swedish krona, better raw material prices, an improved
sales structure, and efficiency improvements, Atria Scandinavia's profitability
showed improvement since the beginning of the year.
Atria Russia's net sales increased by 26.4% year on year. The earnings
improvement continues to develop positively. The operating loss of Campomos
decreased markedly, and, because of the good profitability of Pit-Product, only
a slight operational loss was posted. The integration and efficiency improvement
of Campomos, which was acquired toward the end of last year, has progressed as
planned.
The Group's free cash flow for Q3/2009 was positive, and interest-bearing debt
fell by EUR 7.7 million.
Atria Finland, 1.1.-30.9.2009
Q3/ Q3/ Q1-Q3 Q1-Q3
EUR million 2009 2008 2009 2008 2008
---------------------------------------------------------------------------
Net sales 190.8 208.3 574.4 591.7 797.9
EBIT 13.9 13.3 31.7 22.1 33.9
EBIT % 7.3 6.4 5.5 3.7 4.2
Atria Finland's net sales over the review period fell short of last year's
level. Atria estimates that its overall market share in the retail market has
decreased slightly. This decrease has been the most notable in the area of
retailers' private lable production. Atria Fresh, a new type of line of
convenience food products, was successfully launched in early September. Sales
of barbecue products over the summer were also a success.
Pig slaughtering volumes are lower than last year, which decreased Atria's
export sales during the period under review. The production of pork decreased by
5.1% in Finland in comparison to the corresponding period in 2008 (source:
Suomen Gallup Elintarviketieto Oy, October 2009). Atria's pork processing
volumes decreased by some 4%. Thus, Atria was able to increase its procurement
share of domestic pork.
The poultry slaughtering volume also has been adjusted in response to lower
demand. The downward trend in sales of the Food Service products, which first
emerged during the autumn of 2008, has also had an effect on the development of
net sales.
The EBIT figure was somewhat better in Q3/2009 than in the previous year. The
Q3/2009 EBIT was 7.3% of net sales, while the review period's EBIT was 5.5% of
net sales. Atria Finland's performance improvement can be considered good under
current market conditions. The positive development is due to successful
management of product margins and costs and the discontinuation of unprofitable
products.
To ensure future competitiveness, Atria Finland launched a comprehensive
efficiency improvement programme with which it seeks to achieve annual savings
of approximately EUR 5 million in its cost structure. The effects of the
programme will emerge gradually, starting at the end of the year, and will be
fully realised by Q3/2010.
Overall market development in 2010 is expected to be weaker than that for 2009.
Both the employment situation and the pressure on food prices have an effect on
the development of the food product market. To respond to the challenging market
conditions, Atria aims to further reduce costs and improve efficiency.
Atria Scandinavia, 1.1.-30.9.2009
Q3/ Q3/ Q1-Q3 Q1-Q3
EUR million 2009 2008 2009 2008 2008
---------------------------------------------------------------------------
Net sales 104.4 124.5 306.4 342.8 455.2
EBIT 4.7 3.9 6.6 15.6 14.4
EBIT % 4.5 3.1 2.2 4.6 3.2
Atria Scandinavia's net sales for the period were down year on year, mostly due
to the sales of the Lätta Måltider unit and the weakening of the Swedish krona.
Calculated in fixed currencies, Q3/2009 comparable net sales (excluding the net
sales of the Lätta Måltider unit) saw a decrease of 4.9%. The decline in sales
of consumer-packed meat, Foodservice products, and cheeses has also had an
effect in the weak development of net sales.
Atria Scandinavia's market shares have remained stable. Recession weakens
demand, especially for the Foodservice products.
The review period's EBIT has decreased notably from last year's level. The fall
is mainly a result of the weak Swedish krona and the loss-making salad and
sandwich business, which was sold in Q2/2009. Atria Scandinavia purchases a
large proportion of its raw materials from abroad, and the price of import goods
has risen on account of the weaker krona. As a result of the more stable krona
and raw material prices and the improved sales structure, profitability improved
during Q3. The efficiency improvement programme launched in early 2009 also had
a positive effect on the earnings for the period.
Atria Scandinavia has announced the launch of an extensive efficiency
improvement programme to restructure its production and logistics in the Deli
business unit. The net reduction in personnel will be about 77 employees.
Restructured business and centralised production and logistics will make for a
stronger and sleeker Atria Deli product range and generate considerable cost
savings. Market conditions and raw material prices are expected to remain stable
in the last part of the year.
After Christer Åberg transferred to another employer, Michael Forsmark, 44, with
a B.Sc. degree in business administration, was appointed as Executive Vice
President Atria Scandinavia and a member of the Atria Group Management Team,
effective from 1 October 2009.
Atria Russia, 1.1.-30.9.2009
Q3/ Q3/ Q1-Q3 Q1-Q3
EUR million 2009 2008 2009 2008 2008
---------------------------------------------------------------------------
Net sales 28.7 22.7 83.1 58.3 93.8
EBIT -0.5 1.9 -9.4 2.3 -3.4
EBIT % -1.7 8.4 -11.3 3.9 -3.6
Atria Russia's net sales for the period increased significantly year on year,
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 in net sales.
The Q3/2009 improvement in EBIT in comparison to Q2/2009 was due to the
successful integration of Pit-Product and Campomos. The Q3 operating loss of
Campomos showed a significant decrease and, because of the good profitability of
Pit-Product, only a slight operational loss was posted for Atria Russia. With
the weak rouble, prices of imported raw materials remained high. If the rouble
holds steady, there will be no significant pressure for the price of raw
materials to increase in the final part of the year.
Atria's market share in modern retail trade in the St Petersburg region remains
strong at 27%. The market share in Moscow also remains stable.
During the review period, Atria Russia continued to implement its 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 utilised, and products and accounts with poor profitability will be
discontinued.
The revamping of Campomos marketing as regards the brand, productisation and
advertising was initiated during the review period. The investment amounts to
approximately EUR 1 million, the cost effect of which will mostly be seen in
Q4/2009.
Atria aims to have Campomos EBIT back in the black during 2010.
The start-up of the new production plant in Gorelovo is expected to take place
in the beginning of 2010, having been postponed because of lack of water and
drain connections. The start-up of the Gorelovo plant will increase fixed costs
by approximately EUR 4 million annually from the beginning of 2010.
Atria Baltic, 1.1.-30.9.2009
Q3/ Q3/ Q1-Q3/ Q1-Q3/
EUR million 2009 2008 2009 2008 2008
---------------------------------------------------------------------------
Net sales 9.3 9.6 28.6 21.5 32.3
EBIT -0.9 -0.9 -3.4 -3.1 -3.8
EBIT % -9.7 -9.4 -11.9 -14.4 -11.8
Atria Group's Q3/2009 net sales in Estonia remain at the same level as that seen
last year. Atria's performance in Estonia in Q3/2009 was unsatisfactory but
somewhat better than in Q2/2009. The Q3 result includes EUR 0.2 million in costs
related to the efficiency improvement programme.
The overall demand in the Estonian market remains weak. Retail sector volumes
have decreased by 16% in comparison to 2008. At the same time, the price of food
has decreased by 5.1% (source: Estonian Statistical Board, August 2008 - August
2009). A rapid increase of demand is not likely.
Atria introduced poultry products as a new product group in October. The initial
sales figures are promising. Atria has renewed the product range with key
customers to make it more consumer-oriented. In comparison to the summer,
Atria's position in terms of the range of products offered in stores has
improved during the autumn. The market share of Atria Baltic's brands was 22%
for cold cuts (source: AC Nielsen).
Atria Baltic's efficiency improvement programme will generate cost savings of
approximately EUR 1.5 million in 2010. Staffing will be reduced by approximately
100 employees.
Investments
The Group's investments totalled EUR 5.0 million in Q3 and EUR 21.6 million
since the beginning of the year.
Personnel
The Group had an average of 6,313 (5,840) employees during the period.
Personnel by business area
Q1-Q3/2009 Q1-Q3/2008
Atria Finland 2,243 2,382
Atria Scandinavia 1,445 1,681
Atria Russia 1,992 1,291
Atria Baltic 633 486
Atria Plc's administration
The Atria Plc Board of Directors now has the following membership: Chairman
Martti Selin; Vice Chairman Timo Komulainen; and members Tuomo Heikkilä, Esa
Kaarto, Runar Lillandt, Harri Sivula, and Matti Tikkakoski.
Financing
Atria Plc's financial position remains strong. On 30 September 2009, the amount
of undrawn committed credit facilities stood at EUR 166 million.
During the Q3 period, as in Q1 and Q2, compensation in the amount of EUR 1.5
million for the delay of the meat product plant in Gorelovo, St Petersburg, was
recorded under interest income.
Short-term business risks
There were no significant changes in Atria's short-term risks during the first
three quarters. The recession lowers demand in all of the Group's business
areas, which puts pressure on food prices.
The Gorelovo meat product plant is expected to be completed in the beginning of
the next year, and the aim is to minimise the risks related to the start of
production.
Because of the financial crisis, credit risks are higher than a year ago.
Outlook for the future
The slowing of economic growth and the resultant weaker consumer demand will
have an effect on Atria's sales volumes. Moreover, the discontinuation of the
salad and sandwich business in Sweden and of business with unprofitable
customers in Russia, as well as the weaker Swedish krona and Russian rouble,
will result in the Group's full-year net sales remaining somewhat lower than in
2008.
As a consequence of improved operational effectiveness and more stable currency
rates, Atria Russia and Atria Scandinavia are expected to see improved Q4
results year on year. However, as a result of weak performance near the
beginning of 2009, full-year earnings in Russia and Scandinavia will remain
below last year's level. Atria Finland's full-year EBIT is expected to grow year
on year, but the Group's full-year EBIT is predicted to fall slightly in
comparison to 2008.
The Board's authorisation for share issues and the granting of special rights
The General Meeting of 29 April 2009 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 may
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 Board is also authorised to decide on all terms and conditions of the share
issue and for the granting of special rights as referred to in Chapter 10,
Section 1 of the Companies Act. The authorisation thus includes the right also
to issue shares in deviation from the proportion of the shares held by the
shareholders under the conditions provided by law, the right to issue shares
against or without payment, and the right to decide on a share issue to the
company itself without payment - subject to the provisions of the Companies Act
regarding the maximum number of treasury shares to be held by a company.
The authorisation shall supersede all other share issue authorisations in force,
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 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 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. Shares in the company's A series may be acquired
for use as consideration in any acquisitions or other arrangements related to
the company's business; to finance investments; as part of the company's
incentive scheme; to develop the company's capital structure; and to be
otherwise further transferred, retained by the company, or cancelled.
The Board of Directors may also decide to acquire A shares in deviation from the
proportion of the shares held by the shareholders. The shares shall be acquired
in public trading arranged by NASDAQ OMX Helsinki Ltd at the market price at the
time of acquisition. The shares shall be acquired and paid for in accordance
with the rules of NASDAQ OMX Helsinki Ltd and Euroclear Finland Oy.
The General Meeting authorised the Board of Directors to decide on the
acquisition of treasury shares in all other respects.
The authorisation shall be valid until the closing of the next Annual General
Meeting, but no later than until 30 June 2010.
KEY FIGURES
EUR million 1-9/09 1-9/08 1-12/08
Equity per share (EUR) 15.38 16.73 15.34
Interest-bearing liabilities 441.1 407.4 448.4
Equity ratio (%) 39.9 43.2 38.4
Gearing (%) 101.1 87.2 103.1
Net gearing (%) 95.4 81.6 94.6
Gross investments in fixed assets 21.6 91.3 152.6
Gross investments, of net sales (%) 2.2 9.1 11.2
Average number of personnel 6,313 5,840 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, with effect from 1 January 2009, the Group has adopted the following
standards published by the IASB, included in the accounting principles for the
2008 annual financial statements:
- 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 new standard
requires segment information to be presented according to the ‘management
approach', which means that data shall be presented in the same way as in
internal reporting. The new standard will not affect the segments to be reported
upon, nor will it significantly affect the information provided on them, 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 for the 2008 annual financial statements and adopted with effect from
1 January 2009, have not had a significant effect on the figures presented for
the period under review.
Function-specific income statement
From 1 January 2009, Atria's external reporting has applied the
function‑specific income statement model that is also used in the company's
internal reporting.
The comparative figures for 2008 presented in the interim report 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 given in the interim report are unaudited.
ATRIA PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Assets
EUR million 30-9-09 30-9-08 31-12-08
Non-current assets
Property, plant and
equipment 473.9 486.8 493.5
Goodwill 158.8 162.8 151.1
Other intangible
assets 70.9 75.7 70.5
Investments in joint ventures
and associates 6.9 6.3 6.1
Available-for-sale financial
assets 2.3 2.2 2.1
Loans and receivables 13.9 10.1 15.5
Deferred tax assets 5.6 1.3 2.2
Total 732.3 745.2 741.0
Current assets
Inventories 114.6 104.8 113.3
Trade and other
receivables 212.8 205.7 231.8
Cash and cash
equivalents 24.5 25.7 37.1
Total 351.9 336.2 382.2
Non-current assets
held for sale 11.0 11.3
Total assets 1 095.2 1 081.4 1 134.5
Equity and liabilities
EUR million 30-9-09 30-9-08 31-12-08
Equity
Equity belonging to
the shareholders of the
parent company 434.7 465.7 433.5
Minority interest 2.0 1.8 1.4
Total equity 436.7 467.5 434.9
Non-current liabilities
Interest-bearing financial
liabilities 314.0 165.4 320.8
Deferred tax
liabilities 41.5 45.0 42.4
Other non-interest-bearing
liabilities 0.5 1.1 0.2
Total 356.0 211.5 363.4
Current liabilities
Interest-bearing financial
liabilities 127.1 242.0 127.6
Trade and
other payables 175.4 160.4 208.6
Total 302.5 402.4 336.2
Total liabilities 658.5 613.9 699.6
Total equity and
liabilities 1 095.2 1 081.4 1 134.5
CONSOLIDATED INCOME STATEMENT
EUR million 7-9/09 7-9/08 1-9/09 1-9/08 1-12/08
Net sales 327.5 357.7 975.6 995.8 1 356.9
Cost of goods sold -280.4 -310.5 -854.0 -873.0 -1 198.4
Gross profit 47.1 47.2 121.6 122.8 158.5
* of Net sales 14.4 13.2 12.5 12.3 11.7
Sales and
marketing costs -18.4 -18.2 -56.5 -54.4 -73.6
Administration costs -10.4 -10.4 -35.5 -33.7 -47.3
Other income 1.0 0.8 3.0 2.4 3.7
Other expenses -2.4 -2.2 -9.0 -2.5 -2.9
EBIT 16.9 17.2 23.6 34.6 38.4
* of Net sales 5.2 4.8 2.4 3.5 2.8
Finance income
and costs -2.8 -3.7 -11.2 -10.1 -22.3
Share of the result of
associates 0.3 0.5 0.9 0.6 0.6
Profit before tax 14.4 14.0 13.3 25.1 16.7
* of Net sales 4.4 3.9 1.4 2.5 1.2
Income tax expense -4.3 -3.5 -4.5 -7.5 -5.3
Profit
for the period 10.1 10.5 8.8 17.6 11.4
* of Net sales 3.1 2.9 0.9 1.8 0.8
Profit attributable to:
Owners of the parent 9.8 10.5 8.2 17.6 11.8
Minority interest 0.3 0.6 -0.4
Total 10.1 10.5 8.8 17.6 11.4
Basic earnings/
share, EUR 0.35 0.37 0.29 0.62 0.42
Diluted earnings/
share, EUR 0.35 0.37 0.29 0.62 0.42
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 7-9/09 7-9/08 1-9/09 1-9/08 1-12/08
Profit for the period 10.1 10.5 8.8 17.6 11.4
Other comprehensive income after tax:
Available-for-sale
financial assets -0.1 -0.1 -1.8 -1.8
Translation
differences 4.2 -3.9 -0.7 -4.6 -30.0
Total comprehensive income
for the period 14.2 6.6 8.0 11.2 -20.4
Total comprehensive income attributable to:
Owners of the
parent 13.9 6.6 7.4 11.2 -20.0
Minority interest 0.3 0.6 -0.4
Total 14.2 6.6 8.0 11.2 -20.4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million Equity belonging to the shareholders of the Mino Equity
parent company rity total
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 -3.4 178.5 474.1 1.9 476.0
Periods comprehensive
income -1.8 -4.6 17.6 11.2 -0.1 11.1
Share-based
payment 0.2 0.2 0.2
Distribution of
dividends -19.8 -19.8 -19.8
Equity
30-9-2008 48.1 138.5 0.1 110.7 -8.0 176.3 465.7 1.8 467.5
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 -0.1 -0.7 8.2 7.4 0.6 8.0
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
30-9-2009 48.1 138.5 0.0 110.5 -1.2 -34.2 173.0 434.7 2.0 436.7
CONSOLIDATED CASH FLOW STATEMENT
EUR million 1-9/09 1-9/08 1-12/08
Cash flow from operating activities
Operating
activities 50.3 45.7 69.9
Financial items
and taxes -27.4 -23.5 -32.3
Net cash flow from operating
activities 22.9 22.2 37.6
Cash flow from investing activities
Tangible and intangible
assets -20.2 -60.8 -65.5
Investments -1.6 -0.4 3.6
Bought shares in
subsidiaries -35.5 -41.3
Net cash used in investing
activities -21.8 -96.7 -103.2
Cash flow from financing activities
Loans drawn down 30.4 130.7 171.7
Loans repaid -37.8 -46.4 -86.0
Dividends paid -5.7 -19.8 -19.8
Acquired treasury
shares -0.7 -0.9
Net cash used in financing
activities -13.8 64.5 65.0
Change in liquid
funds -12.7 -10.0 -0.6
OPERATING SEGMENTS
EUR million 7-9/09 7-9/08 1-9/09 1-9/08 1-12/08
Net sales
Finland 190.8 208.3 574.4 591.7 797.9
Scandinavia 104.4 124.5 306.4 342.8 455.2
Russia 28.7 22.7 83.1 58.3 93.8
Baltics 9.3 9.6 28.6 21.5 32.3
Eliminations -5.7 -7.4 -16.9 -18.5 -22.3
Total 327.5 357.7 975.6 995.8 1 356.9
EBIT
Finland 13.9 13.3 31.7 22.1 33.9
Scandinavia 4.7 3.9 6.6 15.6 14.4
Russia -0.5 1.9 -9.4 2.3 -3.4
Baltics -0.9 -0.9 -3.4 -3.1 -3.8
Unallocated -0.3 -1.0 -1.9 -2.3 -2.7
Total 16.9 17.2 23.6 34.6 38.4
ROCE *
Finland 10.1 % 7.5 % 7.9 %
Scandinavia 2.1 % 7.8 % 5.4 %
Russia -10.0 % 3.5 % -3.3 %
Baltics -8.1 % -12.7 % -9.1 %
Group 3.1 % 5.8 % 4.5 %
* ROCE % =
EBIT, 12mr / Capital employed, 12 mr avg *100
Investments
Finland 3.2 6.3 10.1 20.0 23.8
Scandinavia 0.9 21.6 2.9 25.0 41.8
Russia 0.8 13.2 7.4 30.0 68.6
Baltics 0.1 14.4 1.2 16.3 18.4
Total 5.0 55.5 21.6 91.3 152.6
Depreciations
Finland 7.3 7.4 22.4 22.5 29.8
Scandinavia 2.8 2.9 8.5 9.3 11.7
Russia 1.7 0.8 4.6 2.2 3.2
Baltics 0.6 0.7 2.4 1.9 2.8
Total 12.4 11.8 37.9 35.9 47.5
CONTINGENT LIABILITIES
EUR million 30-9-09 30-9-08 31-12-08
Debts with mortgages or other collateral
given as security
Loans from financial
institutions 6.1 6.0 9.6
Pension fund loans 4.2 4.2 3.9
Total 10.3 10.2 13.5
Mortgages and other securities given as
comprehensive security
Real estate
mortgages 7.0 6.0 6.7
Corporate mortgages 5.6 6.3 7.9
Total 12.6 12.3 14.6
Guarantee engagements not included
in the balance sheet
Guarantees 7.9 6.5 0.9
ATRIA PLC
Board of Directors
For further information, please contact President and CEO Matti Tikkakoski, at
tel. +358 50 2582.
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.atria.fi/konserni
The interim report will be mailed to you upon request and is also available on
our Website, www.atria.fi/konserni.
Recession affecting sales volumes, yet performance satisfactory in current market conditions
| Source: Atria Oyj
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