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Atria Oyj
Quarterly Report • Apr 23, 2024
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Quarterly Report
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Atria Plc Interim Report
Q1
1 January – 31 March 2024
Atria's results were good in a difficult market environment – all business areas achieved a positive EBIT
January–March 2024
- Consolidated net sales totalled EUR 416.8 million (EUR 428.0 million). The decrease in net sales resulted from lower feed sales prices and the weakening of export and Foodservice sales volumes in Finland.
- Consolidated EBIT was EUR 8.0 million (EUR 10.9 million), or 1.9% (2.5%) of net sales. The decrease in EBIT was due to lower net sales in Finland, the start-up costs of the Nurmo poultry plant and general cost inflation.
- All business areas posted a positive EBIT during the review period. In Sweden, the efficiency programme measures and centralisation of production strengthened EBIT.
- The commissioning of the new Nurmo poultry plant and process optimisation continued as planned.
- Atria entered into an agreement to acquire the entire share capital of the Swedish convenience food company Gooh. The acquisition will be finalised in early May.
- Meelis Laande (MBA) was appointed as CEO of Atria Estonia and a member of the Atria Group's Management Team as of 1 April 2024.
- The Board of Directors proposes to the Annual General Meeting that the company distribute a dividend of EUR 0.30 and a capital repayment of EUR 0.30 for 2023, totalling EUR 0.60 per share (EUR 0.70).
| Q1 | Q1 | ||
|---|---|---|---|
| EUR million | 2024 | 2023 | 2023 |
| Net sales | |||
| Atria Finland | 309.8 | 323.5 | 1,325.9 |
| Atria Sweden | 82.1 | 81.8 | 330.5 |
| Atria Denmark & Estonia | 30.7 | 28.2 | 122.2 |
| Eliminations | -5.8 | -5.5 | -25.9 |
| Net sales, total | 416.8 | 428.0 | 1,752.7 |
| EBIT before items affecting comparability | |||
| Atria Finland | 7.2 | 14.9 | 56.1 |
| Atria Sweden | 0.0 | -3.3 | -5.6 |
| Atria Denmark & Estonia | 1.4 | -0.5 | 2.9 |
| Unallocated | -0.6 | -0.2 | -3.7 |
| Adjusted EBIT | 8.0 | 10.9 | 49.6 |
| Adjusted EBIT, % | 1.9 % | 2.5 % | 2.8 % |
| Items affecting comparability of EBIT: | |||
| Atria Finland | |||
| Impairment of trademark | -2.5 | ||
| Poultry business reorganization costs | -3.1 | ||
| Atria Sweden | |||
| Impairment of goodwill and trademarks | -20.0 | ||
| Business reorganization costs | -2.6 | ||
| Atria Denmark & Estonia | |||
| Impairment of goodwill and trademarks | -20.0 | ||
| Unallocated | |||
| Costs related to business arrangement | -1.0 | ||
| EBIT | 8.0 | 10.9 | 0.4 |
| EBIT, % | 1.9 % | 2.5 % | 0.0 % |
| Profit before taxes | 3.9 | 8.9 | -11.2 |
| Earnings per share, EUR | 0.10 | 0.23 | -0.70 |
| Adjusted earnings per share, EUR | 0.10 | 0.23 | 0.98 |
Kai Gyllström, CEO
"Net sales for January–March were EUR 416.8 million, which was EUR 11.2 million lower than in the same period last year. Operating profit was EUR 8.0 million.
However, the net sales and EBIT for the period were at a very good level. EBIT was positive in all business areas. A year ago, we posted record-breaking results in the first quarter, and growth was also stronger than usual. Considering the challenges in the market situation, we can be satisfied with our start in 2024.
In Finland, the market has been challenging. Net sales decreased compared to the previous year. Feed sales prices have come down as grain prices have fallen, which negatively affected the net sales of our feed business compared to the previous year.
Similarly, Atria Finland's exports and Foodservice sales were sluggish. Exports slowed down significantly for a few weeks due to strikes, and the downturn in Foodservice sales is attributed to weakened consumer purchasing power. Red meat is currently oversupplied on the market, which is putting downward pressure on meat prices. In addition to the decline in net sales, profits were weighed down by general cost inflation and the costs of commissioning the poultry plant.
The closure of the Malmö plant in Sweden last year, the centralisation of production at the Sköllersta plant and the changes in organisational structure are now reflected in improved profitability. Atria's strengthened market position in poultry products and Foodservice increased net sales during the review period. Performance in Sweden ended slightly positive.
Price competition in the retail sector is fierce in Denmark. However, we were able to increase exports, which led to improved net sales in Denmark. Results also improved due to the completion of efficiency improvement projects. In Estonia, Atria increased its market share in retail trade and further strengthened its position as market runner-up. Atria Estonia reported good results and increased net sales.
In March, Atria Sweden entered into an agreement to acquire the entire share capital of the Swedish convenience food company Gooh. Gooh fits perfectly into the Atria Group's strategic goal of growing in the convenience food segment and improving Atria Sweden's profitable growth. Gooh's product range complements Atria's existing convenience food offering. With a market share of around 25%, Gooh is the market leader in the fresh microwaveable meals segment of Swedish retail trade. Gooh products are sold in all major grocery chains and vending machines in Sweden. This acquisition gives us new opportunities for product innovation in the growing convenience food product group.
Atria Estonia invested in pork production in Estonia and acquired two pig farms in southern Estonia. Pork consumption in Estonia is stable, and with the acquisition, Atria also aims to ensure the supply of domestic pork in the future.
Atria has an ambitious sustainability target for a carbon-neutral food chain. The key to achieving this target is the consistent and continuous development of sustainability activities. It is important for us to promote the Scope 3 emissions reduction targets of the Science Based Target initiative. We have already started this work: we have launched numerous projects and developed calculation models that measure progress towards this target. One example of a significant sustainability project is the construction of a biogas plant near the Nurmo plant, in which Atria is a shareholder. For Atria's value chain, implementing this project means progress towards the carbon neutrality target. Sustainability is at the heart of our strategy – and we will invest in it even more in the coming years."
January–March 2024
Atria Group's net sales in January–March were EUR 416.8 million (EUR 428.0 million). Consolidated EBIT was EUR 8.0 million (EUR 10.9 million), or 1.9% (2.5%) of net sales.
Atria Finland's net sales in January–March decreased, which was due to a decrease in the feed business, exports and Foodservice sales. The decrease in net sales in the feed business resulted from lower sales prices than in the previous year. A strike at the ports halted export shipments for several weeks, resulting in the revenue from Atria's export trade being significantly lower than in the previous year. Foodservice sales in Finland weakened towards the end of the review period. Net sales increased in other business areas.
The Group's EBIT was EUR 8.0 million (EUR 10.9 million). The lower EBIT in Finland than in the comparison period is affected by the weakened market situation for red meat, which is mainly due to reduced consumer purchasing power. The commissioning of the new poultry plant in Nurmo and process optimisation also resulted in additional costs. In addition, the costs of supplies, commodities, pay agreements and external services remained high and weighed on the profits.
Atria Sweden's centralisation of production at the Sköllersta plant last year and the streamlining of the organisational structure are reflected in improved profitability during the review period. Atria's market shares in retail trade strengthened in a growing market.
In Estonia, profitability improved as a result of higher net sales and lower prices for raw materials. In Denmark, increased exports and the efficiency measures implemented last year improved the results.
Sustainability: towards a carbon-neutral food chain
A carbon-neutral food chain is Atria's most important sustainability target. Atria's emissions targets are officially approved by the Science Based Targets initiative. Several projects contributed to progress towards this target during the review period.
Atria has achieved a "B-" management-level rating for its climate efforts in the annual ranking of the global non-profit organisation CDP. The rating rose by three grades from the 2022 assessment. The increase in this rating is a reflection of Atria's systematic work and commitment to climate action.
There was progress in the systematic measurement of the carbon footprint of cattle farms. Together with Valio, Atria has created the Carbo® environmental calculator for beef and suckler cow farms. At the beginning of the year, the Carbo® calculator was made available to all of Atria's contractual production facilities. With this calculator, Atria's more than 1,200 contract farms specialising in beef production can calculate their farm's environmental impacts and explore the most efficient ways to reduce them. Atria began working with Valio and the Natural Resources Institute Finland to develop a national model for calculating the carbon footprint of cattle farms in 2022. During 2023, the environmental impact of beef production was calculated at 70 of Atria's contract farms, which increased the coverage of carbon footprint data for beef.
Nurmon Bioenergia Oy is preparing to build an industrial-scale liquefied biogas production plant near Atria's production plant in Nurmo. Atria is a minority shareholder in the company. The project will boost the agricultural biogas business and generate vitality and income for domestic agriculture. For Atria's value chain, implementing this project means progress towards the carbon neutrality target. Tuoretie Oy, which manages Atria's transports, will gradually switch to biogaspowered fleets for food transport. New biogas vehicles will be added at a rate of 3–4 vehicles annually as the refuelling network and maintenance services expand. The goal is to achieve a reduction of about 10 million kilograms in carbon dioxide emissions by 2030 by gradually switching to biogas. When complete, the plant will be one of the largest liquefied biogas production plants in Finland. The biogas plant under construction in Nurmo will produce renewable domestic energy and various biofertilisers from manure and agricultural by-products from farms in the area. The new biogas plant is expected to be ready in 2026. The project has a valid environmental permit and has been granted an investment grant from the Ministry of Economic Affairs and Employment. The liquefied biogas plant to be built in Nurmo will have a production capacity of 117-gigawatt hours per year. This amount would reduce the annual need for fossil diesel by 11.7 million litres, which, in turn, would result in a reduction of about 40,000 tonnes in carbon dioxide emissions from transport.
Market trends
The table below shows the retail market developments (%) in terms of value and quantity (kg) for the product groups represented by Atria for each business area during January–March 2024 (Estonia 1–2/2024) compared to the same period last year. Source: Atria Market Insight and NIQ.
| Market | Market | |
|---|---|---|
| developments | developments, | |
| in value | in kilograms | |
| Finland | 1–3/2024 | 1–3/2024 |
| Consumer packed red meat | 4.7% | 6.6% |
| Consumer packed poultry | -0.1% | 3.2% |
| Sausages and other meat products | -1.0% | 0.7% |
| Cold cuts | -2.6% | -3.7% |
| Convenience food | 3.1% | 2.4% |
| Atria's product groups in total | 1.3% | 2.1% |
| Sweden | 1–3/2024 | 1–3/2024 |
| Fresh poultry | 10.9% | 12.4% |
| Sausages | 4.5% | -3.5% |
| Cold cuts | 2.2% | -1.7% |
| Atria's product groups in total | 5.1% | 0.8% |
| Estonia | 1–2/2024 | 1–2/2024 |
| Fresh meat (excluding poultry) | 12.4% | 1.9% |
| Marinated meat | 5.0% | -0.5% |
| Sausages | 7.2% | 2.0% |
| Convenience food components | 6.7% | -1.3% |
| Cold cuts | 7.1% | 1.8% |
| Atria's product groups in total | 8.0% | 1.2% |
| Denmark | 1–3/2024 | 1–3/2024 |
| Cold cuts | 0.4% | -2.1% |
Atria Finland
The retail market in Finland was growing modestly, up by 1.3% in terms of value during January–March.
Retail market shares of Atria's own brands in 1–3/2024 expressed in value terms:
- Consumer packed red meat: 31%
- Consumer packed poultry: 23%
- Sausages and other meat products: 20%
- Cold cuts: 17%
- Convenience food: 12%
Atria's supplier share (total share of Atria's own brands + Atria's private label products) in the product groups represented by Atria remained unchanged at 24%. The market share of Atria's own brands also remained unchanged at 19%.
The Foodservice market (data from January to February 2024) grew by 1.2%. In the Foodservice market, the cooking product group (frankfurters, sausages, bacon) performed particularly well with +7.0%. Atria's market share was 19%.
Atria Sweden
The market for all of Atria's product groups grew in value terms in retail thanks to price increases. The market for sausages and cold cuts decreased in volume. The market for fresh poultry meat grew strongly both in terms of value and volume.
Atria Sweden's retail supplier shares by product category were as follows:
- Sausages 24%
- Fresh poultry 19%
- Cold cuts 12%
In January–February, the value of the Foodservice market increased by +5.1% compared to the same period in the previous year. The overall market situation is stable, supported by falling inflation.
The overall market for Foodservice and fast food products slowed down somewhat compared to previous quarters. Both fast food and Foodservice channels focused on the lower-priced product range.
Atria Estonia
In Estonia, the market for the product groups represented by Atria grew significantly: the average growth expressed in value was 8%, and in volume, 1.2%. During the review period, Atria managed to grow faster than the market and strengthen its position as the market runner-up.
Retail market shares of Atria's own brands in 1–2/2024 expressed in value terms:
- Fresh meat (excluding poultry): 27%
- Marinated meat: 20%
- Sausages: 24%
- Convenience food components: 22%
- Cold cuts: 18%
Atria Denmark
In Denmark, Atria lost some of its market share in a growing market. The market share of private label products in Denmark has stabilised at a very high level. The retail market share of Atria Denmark's own brands was 14% in the review period.
Business development by business area January–March 2024
Atria Finland
| Q1 | Q1 | ||
|---|---|---|---|
| EUR million | 2024 | 2023 | 2023 |
| Net sales | 309.8 | 323.5 | 1,325.9 |
| Adjusted EBIT | 7.2 | 14.9 | 56.1 |
| Adjusted EBIT, % | 2.3 % | 4.6 % | 4.2 % |
| Items affecting comparability of EBIT: |
|||
| Impairment of trademark | -2.5 | ||
| Poultry business reorganisation costs | -3.1 | ||
| EBIT | 7.2 | 14.9 | 50.5 |
| EBIT, % | 2.3 % | 4.6 % | 3.8 % |
Atria Finland's net sales for January–March were EUR 309.8 million (EUR 323.5 million). The decrease in net sales was due to a decrease in the feed business, exports and Foodservice sales. The decrease in net sales in the feed business resulted from lower sales prices than in the previous year. A strike at the ports slowed down export shipments for several weeks, resulting in the net sales from Atria's export trade being significantly lower than in the previous year. Foodservice sales weakened towards the end of the review period. Sales to retail increased slightly compared to the same period last year. General cost inflation weakened consumer purchasing power. Consumers are saving on food purchases and choosing more affordable products.
EBIT totalled EUR 7.2 million (EUR 14.9 million). In addition to the decline in net sales, profits were weighed down by the costs of commissioning the new poultry plant and general cost inflation. The costs of supplies, external services and salary settlements were higher in the review period than in the comparison period. The cost of energy was also higher than in the comparison period. The lower EBIT than in the comparison period is also affected by the weaker market situation for red meat, mainly due to reduced consumer purchasing power.
The commissioning of the new poultry plant in Nurmo incurred costs during the review period. Performance optimisation of production processes continued as planned. The Sahalahti poultry plant will be closed during the spring.
Atria sold 70% of the shares in its subsidiary Best-In Oy to SaVe Logistiikka Oy. Best-In Oy manufactures pet food, and its annual net sales are roughly EUR 5 million. Best-In Oy's production facility is located in Kelloniemi, Kuopio, and the company has 17 employees. Pet food production is not one of Atria's strategic priorities. The acquisition had no significant impact on the group's result.
Atria Sweden
| Q1 | Q1 | ||
|---|---|---|---|
| EUR million | 2024 | 2023 | 2023 |
| Net sales | 82.1 | 81.8 | 330.5 |
| Adjusted EBIT | 0.0 | -3.3 | -5.6 |
| Adjusted EBIT, % | 0.0 % | -4.1 % | -1.7 % |
| Items affecting comparability of EBIT: |
|||
| Impairment of goodwill | -20.0 | ||
| Business reorganization costs | -2.6 | ||
| EBIT | 0.0 | -3.3 | -28.3 |
| EBIT, % | 0.0 % | -4.1 % | -8.6 % |
Atria Sweden's January-March net sales were EUR 82.1 million (EUR 81.8 million). Atria Sweden's market shares in retail trade strengthened in a growing market. Sales increased in the Foodservice and fast-food channels. Net sales in the comparison period include sales of products manufactured at the Malmö plant. Some of the products were discontinued when the Malmö factory was closed in the spring of 2023.
EBIT totalled EUR 0.0 million (EUR -3.3 million). The closure of the Malmö plant, the centralisation of production at the Sköllersta plant and the streamlining of the organisational structure are now reflected in improved profitability. Raw material prices have remained high during the review period. The weakened Swedish krona increased the cost of imported raw materials. Energy costs have decreased slightly compared to the same period last year.
Atria Sweden AB entered into an agreement in February to acquire the entire share capital of the Swedish convenience food company Gooh. Gooh is Lantmännen Cerealia's business unit, and its production facility is located in Järna in the Stockholm area. With a market share of around 25%, the company is the market leader in the fresh microwaveable meals segment of Swedish retail trade. Gooh's annual net sales are approximately EUR 16 million, and the company is profitable. Its distribution channels are well-established, and the products are sold in all major grocery chains and vending machines in Sweden. The acquisition supports the Atria Group's strategic goal of growing in the convenience food segment and improves Atria Sweden's opportunities for profitable growth. The acquisition has received the required regulatory approval (Inspektionen för strategiska produkter) and will be finalised in early May.
Atria Sweden's new organisational model for improving performance was introduced in March. Improving efficiency will result in annual savings of approximately EUR 2.5 million, which began to materialise gradually at the end of the review period.
Atria Denmark & Estonia
| Q1 | Q1 | ||
|---|---|---|---|
| EUR million | 2024 | 2023 | 2023 |
| Net sales | 30.7 | 28.2 | 122.2 |
| Adjusted EBIT | 1.4 | -0.5 | 2.9 |
| Adjusted EBIT, % | 4.6 % | -1.7 % | 2.4 % |
| Items affecting comparability | |||
| of EBIT: | |||
| Impairment of goodwill | -20.0 | ||
| EBIT | 1.4 | -0.5 | -17.1 |
| EBIT, % | 4.6 % | -1.7 % | -14.0 % |
Atria Denmark & Estonia's net sales in January–March were EUR 30.7 million (EUR 28.2 million). EBIT totalled EUR 1.4 million (EUR -0.5 million).
Price competition in the retail sector is fierce in Denmark. Atria lost some of its market share in cold cuts. The market for private label products in Denmark has continued to grow. Export sales grew compared to the same period last year, improving Atria Denmark's net sales. The efficiency programme implemented last year improved the results.
Atria Estonia further strengthened its market position in the Estonian retail market. Sales of all product groups increased during the review period, and Atria was able to increase its market share in the growing market. Atria Estonia's results strengthened, driven by increased net sales and lower raw material prices. In particular, feed prices are below those of the previous year due to the decline in cereal prices.
Atria invested in pork production in Estonia and purchased two pig farms in southern Estonia. Pork consumption in Estonia is stable, and with the acquisition, Atria also aims to ensure the supply of domestic pork in the future. In Estonia, the selfsufficiency of pork is about 70%, and it is very important to Atria to be able to offer domestic pork to consumers. Atria owns a total of six pig farms in Estonia with an annual production of approximately five million kilograms.
Group key indicators
| Q1 | Q1 | ||
|---|---|---|---|
| EUR million | 2024 | 2023 | 2023 |
| Net sales | 416.8 | 428.0 | 1752.7 |
| Adjusted EBIT | 8.0 | 10.9 | 49.6 |
| Adjusted EBIT, % | 1.9 % | 2.5 % | 2.8 % |
| EBIT | 8.0 | 10.9 | 0.4 |
| EBIT, % | 1.9 % | 2.5 % | 0.0 % |
| EPS, EUR | 0.10 | 0.23 | -0.70 |
| Adjusted EPS, EUR | 0.10 | 0.23 | 0.98 |
| Shareholders´ equity per share EUR | 13.64 | 15.66 | 13.82 |
| Equity ratio, % | 40.8 % | 44.5 % | 41.7 % |
| Adjusted return on equity (rolling 12m), % | 6.7 % | 9.4 % | 7.2 % |
| Adjusted return on investment (rolling 12m), % | 7.1 % | 8.6 % | 7.5 % |
The principles for calculating the indicators are presented at the end of the report.
Personnel
| Personnel by Business Area | Q1 | Q1 | |
|---|---|---|---|
| average FTE | 2024 | 2023 | 2023 |
| Atria Finland | 2,555 | 2,558 | 2,614 |
| Atria Sweden | 775 | 857 | 827 |
| Atria Denmark & Estonia | 445 | 464 | 457 |
| Total | 3,775 | 3,879 | 3,898 |
During the review period, the number of personnel at Nurmo's new poultry factory was slightly higher than normal to ensure smooth operation in the commissioning phase.
The number of personnel at Atria Sweden has decreased due to the closure of the Malmö plant and organisational changes. Atria Denmark reduced its personnel due to the efficiency programme implemented last year. In Atria Estonia, the number of personnel has increased due to the increase in sales.
Financial position
Key figures of financing
| Q1 | Q1 | ||
|---|---|---|---|
| EUR million | 2024 | 2023 | 2023 |
| Cash flow from operating activities | -16.8 | -13.3 | 93.2 |
| Cash flow from investing activities | -11.3 | -27.0 | -105.7 |
| Free cash flow | -28.1 | -40.3 | -12.5 |
| Gross investments | 12.3 | 27.4 | 111.0 |
| Net debt | 302.6 | 277.4 | 274.2 |
| Net gearing, % | 74.3 % | 60.3 % | 66.7 % |
| Finance cost, net | 4.2 | 3.2 | 13.6 |
| Net debt/adjusted EBITDA, rolling 12m | 2.91 | 2.53 | 2.61 |
| Equity ratio, % | 40.8 % | 44.5 % | 41.7 % |
| Average interest rate of the loan portfolio, % | 4.57% | 3.82% | 4.59% |
The principles for calculating the indicators are presented at the end of the report.
Consolidated interest-bearing net liabilities on 31 March 2024 amounted to EUR 302.6 million (31/12/2023: 274.2 (EUR million):
Consolidated free cash flow in the review period amounted to EUR -28.1 million (EUR -40.3 million). Cash flow from operating activities was EUR -16.8 million (EUR -13.3 million). Weaker performance than in the comparison period reduced the cash flow from operating activities. Cash flow from investments was EUR -11.3 million (EUR -27.0 million). The most significant investment instalments related to the new poultry factory have been paid.
The equity ratio at the end of the review period was 40.8% (31 December 2023: 41.7%). The change in the fair value of the effective portion of derivative instruments used as hedges included in equity amounted to EUR -2.2 million (EUR -12.9 million).
The Group's liquidity during the review period remained good. On 31 March 2024, the amount of the Group's undrawn committed credit facilities stood at EUR 85.0 million (31 December 2023: EUR 85.0 million): The average maturity of drawn loans and committed credit facilities at the end of the review period was 3 years and 8 months (31 December 2023: 4 years 2 months).
Atria has hedged against rising interest rates with interest rate derivatives, which stood at EUR 90 million on 31 December 2023. At the end of March, the Group's fixed-interest debt represented 30.7% of the loan portfolio (31 December 2023: 34.8%). Some loans have been converted into fixed interest-rate derivatives, which are always valued at market value.
Net financing costs have increased due to higher market interest rates and increased debt, which amounted to EUR -4.2 million (EUR -3.2 million) for the first quarter of the year. The average interest rate of the loan portfolio on 31 March 2024 was 4.57% (31 December 2023: 4.59%).
Short-term business risks
Atria Group's business, net sales or results can be affected by several uncertainties. Atria has described its business risks and risk management in detail in its Annual Report 2023, which is available at https://www.atria.com/en/investors/financialinformation/annual-reports/.
General economic uncertainty has affected consumers' purchasing decisions during the first part of the year and is expected to continue. Economic recovery is projected to start towards the end of the year, although market interest rates have remained relatively high.
The strikes that took place in Finland in March have significantly hampered Atria Finland's export operations, and if they continue, they may have negative effects on the business. The arrival of spring and migratory birds increases the risk of the spread of highly pathogenic avian influenza. There is also a risk of African swine fever spreading to Finland.
In line with its risk management policy, Atria has protected itself against the risk of damage by insuring those risks outside the Group. In the event of a major accident, Atria's deductible towards the damage costs will be higher than before. The plants have invested more in risk management measures and continuity plans and have raised their level of safety.
Preparing for cybercrime and information system disruptions is an ongoing activity. Systematic monitoring and cybersecurity improvements aim to ensure a rapid response to any incidents.
Atria owns about 2% of the Majakka Voima company. Majakka Voima Ltd owns shares in SF Power Company, which is the main shareholder of Fennovoima Ltd. The shareholders of SF Power Company have previously approached the shareholders of Majakka Voima with claims for compensation. Atria believes it is unlikely that the claims will result in any significant costs for Atria. Atria already fully wrote off the shares of Majakka Voima in its accounts in 2021.
Future outlook and earnings guidance
Atria Group's adjusted EBIT in 2024 is expected to be smaller than in the previous year (EUR 49.6 million).
The operating environment is expected to remain challenging in 2024, particularly in terms of consumer behaviour. The construction and installation work of the new poultry plant in Nurmo have proceeded according to schedule and the plant is fully operational. Its performance will be optimised during 2024.
The challenging market situation and the achievement of the efficiency targets set for the new poultry plant will have an impact on the year's result. Atria's good market position, strong brands and good customer relationships, as well as its reliable industrial processes, will nevertheless enable stable business, also in 2024.
Events after the review period
Atria acquired the entire share capital of Kaivon Liha Kaunismaa Oy (Well Beef Ltd) and now owns 100% of its shares. In 2016, Atria acquired 70% of the shares in Well Beef Ltd and 20% in 2021.
Decisions of the Annual General Meeting 2023
The decisions of the Annual General Meeting were published in a stock exchange release on 25 April 2023. The release is available on the Investors page of Atria's website at: https://www.atria.com/en/investors/general-meetings/the-notices-anddecisions-of-general-meetings/
Shares and current authorisations
Atria Plc's share capital consists of a total of 28,267,728 shares, divided into 19,063,747 series A shares and 9,203,981 series KII shares. Each series A share entitles its holder to one (1) vote at an Annual General Meeting and each series KII share to ten (10) votes. Atria Plc's shareholders are entitled to a total of 111,103,557 votes. At the end of the review period, the company held 88,057 (111,102) of its own series A shares. In March, the company transferred 23,045 equity shares to the Group's key personnel in the target group of the share-based incentive plan as a reward without consideration.
The General Meeting decided, in accordance with the Board of Directors' proposal, to authorise the Board of Directors to decide on the acquisition of a maximum of 2,800,000 of the company's own series A shares, in one or more instalments, using funds from the company's unrestricted equity. However, this is subject to the provisions of the Limited Liability Companies Act regarding the maximum number of treasury shares that can 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 related 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 must be acquired in a proportion other than that of the shareholders' current shareholdings in the company in public trading arranged by Nasdaq Helsinki Ltd at the market price at the time of acquisition. The shares must be acquired and paid for in accordance with the rules of Nasdaq Helsinki Ltd and Euroclear Finland Oy. The Board of Directors is authorised to decide on the acquisition of treasury shares in all other respects.
The authorisation supersedes the authorisation granted by the AGM on 3 May 2022 to the Board of Directors to decide on the acquisition of the company's own shares, and it will remain valid until the closing of the next AGM or 30 June 2024, whichever is first.
In accordance with the Board of Directors' proposal, the AGM authorised the Board of Directors to decide, on one or several occasions, on an issue of a maximum of 5,500,000 new series A shares or on the disposal of any series 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 Limited Liability Companies Act. The authorisation is intended to be used for the financing or execution of any acquisitions or other arrangements or investments relating to the company's business, for the implementation of the company's incentive programme or for other purposes subject to a decision by the Board.
The Board is also authorised to decide on all terms and conditions of the share issue and of the granting of special rights as referred to in Chapter 10, section 1 of the Companies Act. The authorisation thus also includes the right to issue shares in a proportion other than that currently 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 Limited Liability Companies Act regarding the maximum number of treasury shares to be held by a company.
The authorisation supersedes the share issue authorisation granted by the AGM on 3 May 2022 to the Board of Directors, and will be valid until the closing of the next AGM or 30 June 2024, whichever is first.
In accordance with the proposal of the Board of Directors, the Annual General Meeting resolved to authorise the Board of Directors to donate a maximum of EUR 100,000 of the company's distributable funds to support the activities of colleges, universities or other educational institutions or for other charitable or similar purposes. At the same time, the Board of Directors was authorised to decide the payment schedules of donations and any other terms for the donations.
Proposal by the Board of Directors for dividend and capital repayment for 2023
The Board of Directors proposes that the company distribute a dividend of EUR 0.30 per share for 2023 and a capital repayment of EUR 0.30 per share totalling EUR 0.60 per share (EUR 0.70 per share).
Annual General Meeting and financial reports in 2024
The Annual General Meeting will be held on 23 April 2024. Atria Plc will publish two interim reports and one half-year report in 2024:
- Interim report January–March on 23 April 2024 at approximately 8:00 a.m.
- Half-year report January–June on 18 July 2024 at approximately 8:00 a.m.
- Interim report for January–September on 23 October 2024 at approximately 8:00 a.m.
The financial releases will also be available on the company's website at www.atria.com immediately after their release.
Corporate governance principles
Atria's Corporate Governance Principles and deviations from the Finnish Corporate Governance Code are available on the company's website at www.atria.com.
ATRIA PLC Board of Directors
For more information, please contact: Kai Gyllström, CEO, Atria Plc. Contacts and interview requests via Communications Manager Marja Latvatalo, e-mail: [email protected], tel. +358 400 777 874.
DISTRIBUTION
Nasdaq Helsinki Ltd Major media www.atria.com
The interim report is available on our website at www.atria.com.
Interim Report Tables
1 January – 31 March 2024
Q1
Interim report 1 January – 31 March 2023
Consolidated income statement
| EUR million | 1-3/2024 | 1-3/2023 | 1-12/2023 |
|---|---|---|---|
| Net sales | 416.8 | 428.0 | 1,752.7 |
| Costs of goods sold * | -378.4 | -385.1 | -1,581.2 |
| Gross profit | 38.5 | 42.9 | 171.5 |
| Sales and marketing expenses | -18.3 | -18.8 | -75.1 |
| Administrative expenses * | -12.3 | -12.4 | -51.5 |
| Other operating income | 0.7 | 0.4 | 2.7 |
| Other operating expenses | -0.6 | -1.2 | -47.3 |
| EBIT | 8.0 | 10.9 | 0.4 |
| Finance income and costs | -4.2 | -3.2 | -13.6 |
| Income from joint ventures and associates | 0.1 | 1.1 | 2.1 |
| Profit before taxes | 3.9 | 8.9 | -11.2 |
| Income taxes | -0.1 | -2.0 | -4.1 |
| Profit for the period | 3.8 | 6.9 | -15.3 |
| Profit attributable to: | |||
| Owners of the parent | 2.8 | 6.4 | -19.8 |
| Non-controlling interests | 1.0 | 0.5 | 4.5 |
| Total | 3.8 | 6.9 | -15.3 |
| Basic earnings per share, EUR | 0.10 | 0.23 | -0.70 |
| Diluted earnings per share, EUR | 0.10 | 0.23 | -0.70 |
* The presentation of the comparison period has been changed
Consolidated statement of comprehensive income
| EUR million | 1-3/2024 | 1-3/2023 | 1-12/2023 |
|---|---|---|---|
| Profit for the period | 3.8 | 6.9 | -15.3 |
| Other comprehensive income after tax: | |||
| Items that will not be reclassified to profit or loss | |||
| Actuarial losses from benefit-based | |||
| pension obligations | 0.0 | 0.0 | 0.0 |
| Items reclassified to profit or loss | |||
| when specific conditions are met | |||
| Cash flow hedges | -2.2 | -12.9 | -19.5 |
| Currency translation differences | -3.9 | -1.4 | 0.4 |
| Total comprehensive income for the period | -2.3 | -7.3 | -34.4 |
| Total comprehensive income attributable to: | |||
| Owners of the parent | -3.3 | -7.8 | -39.0 |
| Non-controlling interests | 1.0 | 0.5 | 4.5 |
| Total | -2.3 | -7.3 | -34.4 |
Consolidated statement of financial position
| Assets | |||
|---|---|---|---|
| EUR million | 31.3.2024 | 31.3.2023* | 31.12.2023 |
| Non-current assets | |||
| Property, plant and equipment | 532.4 | 485.9 | 535.8 |
| Biological assets | 0.7 | 0.7 | 0.7 |
| Right-of-use assets | 22.8 | 29.6 | 24.6 |
| Goodwill | 79.6 | 120.7 | 81.0 |
| Other intangible assets | 52.4 | 58.4 | 53.8 |
| Investments in joint ventures and associates | 20.8 | 21.1 | 20.4 |
| Other financial assets | 1.0 | 0.9 | 0.9 |
| Loan and other receivables | 11.1 | 15.0 | 10.3 |
| Deferred tax assets | 2.4 | 1.6 | 2.0 |
| Total | 723.2 | 733.9 | 729.5 |
| Current assets | |||
| Inventories | 134.4 | 146.6 | 128.8 |
| Biological assets | 5.8 | 5.1 | 4.9 |
| Trade and other receivables | 134.8 | 135.3 | 115.8 |
| Cash and cash equivalents | 2.9 | 12.7 | 10.1 |
| Total | 277.8 | 299.7 | 259.5 |
| Total assets | 1,001.0 | 1,033.6 | 989.0 |
| Equity and liabilities | |||
| EUR million | 31.3.2024 | 31.3.2023* | 31.12.2023 |
| Equity attributable to the shareholders of the parent company | 384.3 | 441.4 | 389.0 |
| Non-controlling interests | 23.2 | 18.9 | 22.4 |
| Total equity | 407.5 | 460.3 | 411.4 |
| Non-current liabilities | |||
| Loans | 256.2 | 232.1 | 256.4 |
| Lease liabilities | 14.0 | 20.1 | 15.3 |
| Deferred tax liabilities | 32.1 | 34.6 | 32.7 |
| Pension obligations | 4.8 | 5.1 | 4.7 |
| Other non-interest-bearing liabilities | 7.8 | 8.0 | 6.2 |
| Provisions | 1.0 | 0.6 | 1.0 |
| Total | 315.9 | 300.4 | 316.3 |
| Current liabilities | |||
| Loans | 26.0 | 27.9 | 2.8 |
| Lease liabilities | 9.3 | 10.0 | 9.8 |
| Trade and other payables | 242.3 | 235.0 | 248.6 |
| Total | 277.6 | 272.9 | 261.2 |
| Total liabilities | 593.5 | 573.3 | 577.6 |
| Total equity and liabilities | 1,001.0 | 1,033.6 | 989.0 |
* Comparative data for March 2023 have been adjusted for the acquisition of Ab Korv-Görans Kebab Oy
due to the completion of accounting processing.
Consolidated statement of changes in equity
| Equity attributable to the shareholders of the parent company | Non- | Total | ||||||
|---|---|---|---|---|---|---|---|---|
| EUR million | Share capital |
Other funds |
Inv. non-rest. equity fund* |
Trans lation diff. |
Retained earnings |
Total | cont rolling inte rests |
equity |
| Equity 1.1.2023 | 48.1 | 23.0 | 248.3 | -18.1 | 148.2 | 449.4 | 18.4 | 467.8 |
| Profit for the period | 6.4 | 6.4 | 0.5 | 6.9 | ||||
| Other comprehensive income | ||||||||
| Cash flow hedges | -12.9 | -12.9 | -12.9 | |||||
| Actuarial gains | 0.0 | |||||||
| from pension benefits | 0.0 | 0.0 | 0.0 | |||||
| Currency translation differences | 0.0 | -1.4 | -1.4 | -1.4 | ||||
| Changes in shares | ||||||||
| of non-controlling interest | -0.1 | -0.1 | -0.1 | |||||
| Share-based payments | 0.0 | 0.0 | ||||||
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Equity 31.3.2023** | 48.1 | 10.1 | 248.3 | -19.5 | 154.4 | 441.4 | 18.9 | 460.3 |
| Equity 1.1.2024 | 48.1 | 3.5 | 247.3 | -17.8 | 108.0 | 389.0 | 22.4 | 411.4 |
| Profit for the period | 2.8 | 2.8 | 1.0 | 3.8 | ||||
| Other comprehensive income | ||||||||
| Cash flow hedges | -2.2 | -2.2 | -2.2 | |||||
| Actuarial gains | ||||||||
| from pension benefits | 0.0 | 0.0 | 0.0 | |||||
| Currency translation differences | -3.9 | -3.9 | -3.9 | |||||
| Changes in shares | ||||||||
| of non-controlling interest | -1.4 | -1.4 | -1.4 | |||||
| Dividends | 0.0 | 0.0 | -0.2 | -0.2 | ||||
| Equity 31.3.2024 | 48.1 | 1.3 | 247.3 | -21.7 | 109.4 | 384.3 | 23.2 | 407.5 |
*Includes the value of own shares EUR-1.0 million (31.12.2023 EUR -1.2 million).
**Comparative data for March 2023 have been adjusted for the acquisition of Ab Korv-Görans Kebab Oy due to the completion of accounting processing.
Consolidated cash flow statement
| EUR million | 1-3/2024 | 1-3/2023 | 1-12/2023 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Operating activities before financial items and taxes | -10.7 | -3.7 | 117.3 |
| Financial items and taxes | -6.1 | -9.6 | -24.1 |
| Net cash flow from operating activities | -16.8 | -13.3 | 93.2 |
| Cash flow from investing activities | |||
| Investments in tangible and intangible assets | -12.1 | -27.5 | -109.5 |
| Proceeds from the sale of tangible and intangible assets | 0.0 | 0.5 | 0.5 |
| Acquired operations | 0.0 | 0.0 | -0.3 |
| Sold operations | 0.7 | 0.0 | 0.0 |
| Increase (-) / decrease (+) in long-term receivables | 0.2 | 0.2 | -0.4 |
| Increase (-) / decrease (+) in short-term receivables | 0.0 | -0.3 | 2.3 |
| Dividends received | 0.0 | 0.0 | 1.6 |
| Net cash flow from investing activities | -11.3 | -27.0 | -105.7 |
| Cash flow from financing activities | |||
| Draw down of long-term borrowings | 0.0 | 0.0 | 50.0 |
| Repayment of long-term borrowings | -0.4 | -0.4 | -26.2 |
| Increase (+) / decrease (-) in short-term loans | 23.5 | 25.3 | 0.3 |
| Principal elements of lease payments | -2.6 | -2.5 | -10.5 |
| Contribution by non-controlling interest | 0.0 | 0.0 | 0.4 |
| Acquisition of own sharers | 0.0 | 0.0 | -1.1 |
| Dividends paid | -0.2 | 0.0 | -20.7 |
| Net cash flow from financing activities | 20.2 | 22.3 | -7.8 |
| Change in liquid funds | -7.8 | -18.1 | -20.2 |
| Cash and cash equivalents at beginning of year | 10.1 | 31.0 | 31.0 |
| Effect of exchange rate changes on cash flows | 0.6 | -0.3 | -0.7 |
| Cash and cash equivalents at the end of period | 2.9 | 12.7 | 10.1 |
Notes to the interim report
Accounting principles employed in interim report
This interim report was prepared in accordance with the IAS 34 standard for interim reports. Atria has applied the same principles in preparing this interim report as in preparing the 2023 annual financial statements. However, as of 1 January 2024, the Group uses the new or revised IFRS standards and IFRIC interpretations published by the IASB, included in the accounting principles of the annual financial statements 2023.
The preparation of the interim report in accordance with the IFRS requires the Group's management to use estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses. In addition, discretion must be used in applying the accounting principles. The estimates and assumptions are based on the views at the end of the review period and include risks and uncertainties. The realised values may deviate from the estimates and assumptions.
The key accounting estimates and discretionary decisions are presented in more detail in the accounting principles for the 2023 consolidated financial statements.
The formulae for calculating the indicators are presented at the end of the report. In the company's view, the indicators presented serve to clarify the view provided by the income statement and balance sheet of the operational result and financial position of operations.
The figures presented in the release are rounded to EUR million, so the combined total of individual figures may differ from the total sum presented. The figures presented in this interim report are unaudited.
Operating segments
| EUR million | 1-3/2024 | 1-3/2023 | 1-12/2023 |
|---|---|---|---|
| Revenue from consumer goods | |||
| Atria Finland | 235.2 | 242.3 | 1,009.6 |
| Atria Sweden Atria Denmark & Estonia |
82.1 30.5 |
81.8 27.6 |
330.5 119.6 |
| Eliminations | -5.8 | -5.5 | -25.9 |
| Total | 341.9 | 346.2 | 1,433.7 |
| Revenue from primary products | |||
| Atria Finland | 74.7 | 81.2 | 316.4 |
| Atria Sweden | - | - | - |
| Atria Denmark & Estonia | 0.2 | 0.6 | 2.7 |
| Unallocated | - | - | - |
| Total | 74.9 | 81.8 | 319.0 |
| Total net sales | 416.8 | 428.0 | 1,752.7 |
| EBIT * | |||
| Atria Finland | 7.2 | 14.9 | 50.5 |
| Atria Sweden | 0.0 | -3.3 | -28.3 |
| Atria Denmark & Estonia | 1.4 | -0.5 | -17.1 |
| Unallocated Total |
-0.6 8.0 |
-0.2 10.9 |
-4.8 0.4 |
| Adjusted EBIT | |||
| Atria Finland | 7.2 | 14.9 | 56.1 |
| Atria Sweden | 0.0 | -3.3 | -5.6 |
| Atria Denmark & Estonia | 1.4 | -0.5 | 2.9 |
| Unallocated | -0.7 | -0.2 | -3.7 |
| Total | 8.0 | 10.9 | 49.6 |
| Investments | |||
| Atria Finland | 7.5 | 17.7 | 82.2 |
| Atria Sweden | 3.1 | 9.0 | 25.5 |
| Atria Denmark & Estonia | 1.7 | 0.7 | 3.3 |
| Total | 12.3 | 27.4 | 111.0 |
| Depreciation and write-offs | |||
| Atria Finland | 10.7 | 9.0 | 43.4 |
| Atria Sweden | 3.0 | 2.7 | 31.8 |
| Atria Denmark & Estonia | 1.2 | 1.2 | 24.7 |
| Total | 15.0 | 12.9 | 99.9 |
* Items affecting comparability are detailed on page 2.
Fair value hierarchy of financial assets and liabilities
EUR million
| Balance sheet items | 31.3.2024 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Assets | ||||
| Financial assets at fair value through other | ||||
| comprehensive income | 1.0 | 1.0 | ||
| Derivative financial instruments | 6.6 | 6.6 | ||
| Total | 7.6 | 0.0 | 6.6 | 1.0 |
| Liabilities | ||||
| Derivative financial instruments | 3.6 | 3.6 | ||
| Total | 3.6 | 0.0 | 3.6 | 0.0 |
| Balance sheet items | 31.12.2023 | Level 1 | Level 2 | Level 3 |
| Assets | ||||
| Financial assets at fair value through other | ||||
| comprehensive income | 0.9 | 0.9 | ||
| Derivative financial instruments | 7.4 | 7.4 | ||
| Total | 8.3 | 0.0 | 7.4 | 0.9 |
| Liabilities | ||||
| Derivative financial instruments | 3.1 | 3.1 |
There were no transfers between Levels 1 and 2 during the period.
Level 1: Prices listed on active markets for identical assets and liabilities.
Level 2: Fair values can be determined either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3: Fair values are not based on verifiable market prices.
Fair values of financial instruments do not deviate significantly from balance sheet values.
Related party transactions
EUR million
The following transactions were completed with related parties:
| 1-3/2024 | 1-3/2023 | 1-12/2023 | |
|---|---|---|---|
| Sales | 6.6 | 6.0 | 26.3 |
| Purchases | -27.3 | -27.1 | -110.3 |
| 31.3.2024 | 31.3.2023 | 31.12.2023 | |
| Receivables | 2.6 | 1.9 | 2.7 |
| Liabilities | 6.7 | 6.3 | 7.3 |
Sold operations
Atria Suomi sold 70 percent of the shares of subsidiary Best-In Oy to SaVe Logistiikka Oy on January 30, 2024. Best-In Oy manufactures pet food and its annual turnover is around 5 million euros. The company's production facility is located in Kelloniemi, Kuopio, and the company has 17 employees. The sale has no significant effect on the group's result or net assets.
Best-In Oy will be reported in Atria Group's figures as of February 1, 2024 as an associated company.
Contingent liabilities
| EUR million | 31.3.2024 | 31.3.2023 | 31.12.2023 |
|---|---|---|---|
| Debts with mortgages given as security Loans from financial institutions Pension fund loans |
7.3 4.8 |
8.3 4.7 |
7.4 4.7 |
| Total | 12.1 | 13.0 | 12.2 |
| Mortgages given as comprehensive security Real estate mortgages Corporate mortgages Total |
6.0 3.0 9.0 |
6.2 3.6 9.8 |
6.1 3.6 9.7 |
| Guarantee engagements not included in the balance sheet Guarantees |
0.1 | 0.1 | 0.1 |
FINANCIAL INDICATORS
In addition to the IFRS figures, Atria publishes other widely used alternative financial indicators that can be derived from the income statement and balance sheet.
Principles for calculating financial indicators:
| Adjusted EBIT, adjusted profit before taxes and adjusted profit for the period |
In addition to reporting EBIT, profit before taxes and profit for the period the company publishes an adjusted EBIT, adjusted profit before taxes and adjusted profit for the period indicators to describe the actual financial development of the business and to improve comparability between periods. The adjusted figures are determined by adjusting the above items for material items that affect comparability. These may include events that are not part of ordinary business activities, such as the restructuring of operations, capital gains and losses attributable to the sale of operations, |
|
|---|---|---|
| Gross investments | = Investments in tangible and intangible assets, including acquired businesses |
|
| Free cash flow | = Cash flow from operating activities - Cash flow from investments |
|
| FTE | = Hours worked during the review period Number of working days during the review period * normal working hours per day |
|
| Return on equity (%) | = Profit/loss for the period Equity (average) |
* 100 |
| Adjusted return on equity (%) |
= Adjusted profit/loss for the period Equity (average) |
* 100 |
| Adjusted return on equity (%) |
= Adjusted profit/loss for the period, rolling 12m Equity (average 12m) |
* 100 |
| Return on investment (%) | = Profit/loss before tax + interest and other financial expenses Equity + interest-bearing financial liabilities (average) |
* 100 |
| Adjusted return on investment (%) |
= Adjusted profit/loss before tax + interest and other financial expenses Equity + interest-bearing financial liabilities (average) |
* 100 |
| Adjusted return on investment (%), rolling 12m |
= Adjusted profit/loss before tax + interest and other financial expenses, rolling 12m Equity + interest-bearing financial liabilities (average 12m) |
* 100 |
| Equity ratio (%) | = Shareholders' equity Balance sheet total – advance payments received |
* 100 |
| Interest-bearing liabilities | = Loans + lease liabilities |
|
| Gearing (%) | = Interest-bearing liabilities Shareholders' equity |
* 100 |
| Net interest-bearing liabilities | = Interest-bearing liabilities - cash and cash equivalents |
|
| Net gearing (%) | = Interest-bearing liabilities – cash and cash equivalents Shareholders' equity |
* 100 |
| Adjusted EBITDA | = Adjusted EBIT + depreciations and write-offs |
|
| Net dept to EBITDA, adjusted rolling 12m |
= Net dept at the period end Adjusted EBITDA, rolling 12m |
| Earnings per share (basic) | = Profit for the period attributable to the owners of the parent company |
||
|---|---|---|---|
| Weighted average of outstanding shares | |||
| Adjusted earnings | = Adjusted profit for the period attributable to the owners of the parent company |
||
| per share (basic) | Weighted average of outstanding shares | ||
| Equity/share | = Equity attributable to the owners of the parent company |
||
| Undiluted number of outstanding shares at the period end | |||
| Dividend per share | = Dividend distribution during the period |
||
| Undiluted number of shares at the period end | |||
| Dividend/profit (%) | = Dividend/share |
* | 100 |
| Earnings per share (EPS) | |||
| Adjusted dividend/profit (%) | = Dividend/share |
* | 100 |
| Adjusted earnings per share (Adjusted EPS) | |||
| Effective dividend yield (%) | = Dividend/share |
* | 100 |
| Closing price at the end of the period | |||
| Price/earnings (P/E) | = Closing price at the end of the period |
||
| Earnings per share | |||
| Adjusted price/earnings (P/E) | = Closing price at the end of the period |
||
| Adjusted earnings per share | |||
| Average price | = Overall share turnover in euro |
||
| Undiluted average number of shares traded during the period | |||
| Market capitalisation | = Number of shares at the end of the period * closing price at the period end |
||
| Share turnover (%) | = Number of shares traded during the period |
* | 100 |
| Undiluted average number of series A shares |