Atria Oyj

Quarterly Report • Apr 28, 2015

€ Million	Q1 2015	Q1 2014	2014
Net sales	314.5	327.0	1,426.1
EBIT	0.7	-2.5	40.6
EBIT %	0.2	-0.8	2.8
Profit before taxes	-1.6	-5.7	34.0
Earnings per share, €	-0.07	-0.19	0.93
Extraordinary items*	0.0	-0.8	1.0
* Extraordinary items are included in the reported figures.
Atria Group's EBIT grew from the previous year. Consolidated net sales fell by 3.8%. At comparable exchange rates, the decline was 0.7%. as0 %
Consolidated EBIT improved by EUR 3.2 million year-on-year.
EBIT for the comparative period included EUR 0.8 million non-recurring costs.
Atria initiated an investment of EUR 36 million in the modernisation of a pig cutting plant in Nurmo, Finland.
The Swedish Competition Authority approved the sale of the Falbygdens cheese business to Arla. The sale realized 1 April 2015 according to the contract.
				28 April 2015

Atria Finland Review Q1/2015

	Q1	Q1
€ Million	2015	2014	2014
Net sales	212.2	216.9	945.5
EBIT	1.9	0.2	33.6
EBIT %	0.9	0.1	3.6
Extraordinary items*	0.0	-0.8	0.9

*Extraordinary items are included in the reported figures.

• Atria Finland's net sales for January–March declined by EUR 4.7 million yearon-year. This decline was due to lower consumer demand and the sluggishness of the overall market.
• EBIT amounted to EUR 1.9 million (EUR 0.2 million). This increase was tt ib t bl t i d t ffi i attributable to improved cost-efficiency.
• Atria Finland made a decision to invest approximately EUR 36 million in expanding and modernising its pig cutting plant in Nurmo, Finland.
• New production facilities will be built next to the old plant, and the existing production facilities will be renovated and automated using the latest production technology. The investment is expected to generate annual cost savings of some EUR 8 million in the cutting plant's operations.

28 April 2015 3

Atria Scandinavia Review Q1/2015

€ Million	Q1 2015	Q1 2014	2014
Net sales	85.2	88.4	371.9
EBIT	1.9	0.9	14.9
EBIT %	2.2	1.1	4.0
Extraordinary items*	0.0	0.0	0.0

*Extraordinary items are included in the reported figures.

• At comparable exchange rates, Atria Scandinavia's net sales for January– March grew by 1.1% year-on-year.
• Increase of EBIT for January–March was due to higher sales, stable prices and improved production efficiency.
• The Swedish Competition Authority approved on 11 March 2015 the sale of Atria Scandinavia's Falbygdens cheese business to Arla. The sale price was approximately EUR 34 million.

28 April 2015 5

• The transaction will reduce Atria's annual net sales by approximately EUR 52 million and EBIT by some EUR 3 million.

Atria Russia Review Q1/2015

€ Million	Q1 2015	Q1 2014	2014
Net sales	15.8	21.3	98.8
EBIT	-2 3 -2.3	-2 2 -2.2	-5 7 -5.7
EBIT %	-14.4	-10.2	-5.8
Extraordinary items*	0.0	0.0	0.5

*Extraordinary items are included in the reported figures.

• At comparable exchange rates, Atria Russia's net sales for January– March grew by 5.6% year-on-year.
• In the local currency, the growth in net sales was due to significant price increases However the increases were not sufficient to fully offset higher increases. However, the increases were not sufficient to fully offset raw material costs.
• In the period under review, the greatest challenges for business were posed by higher raw material costs, lower consumer demand, high inflation and general economic uncertainty in the market due to the weakening of the rouble.

28 April 2015 7

Atria Baltic Review Q1/2015

€ Million	Q1 2015	Q1 2014	2014
Net sales	7.6	7.4	34.5
EBIT	-0 1 -0.1	-0 2 -0.2	-0 0 -0.0
EBIT %	-1.7	-2.8	-0.1
Extraordinary items*	0.0	0.0	-0.4

*Extraordinary items are included in the reported figures.

• Atria Baltic's net sales for January–March totalled EUR 7.6 million (EUR 7.4 million). EBIT was EUR -0.1 million (EUR -0.2 million).
• Atria strengthened its market share in meat products in the retail sector.
• O • versupply in the European meat market has led to record low meat prices. This reduced the profitability of Atria's primary production and exports in Estonia.
• Low meat prices increased the consumption of fresh meat in particular in Estonia in the first quarter. At the same time, lower prices have reduced the profitability of sales.

28 April 2015 9

Atria Group Financial indicators

€ Million	31.3.2015		31.3.2014 31.12.2014
Shareholders' equity per share, EUR	14.40	14.07	14.22
Interest-bearing liabilities	266 4.	336 5.	254 1.
Equity ratio, %	44.3	40.6	44.0
Gearing, %	64.8	83.9	62.6
Net gearing, %	64.0	81.3	61.8
Gross investments in fixed assets	9.5	37.5	62.7
Gross investments, % of net sales	3.0	11.5	4.4
Average number of employees	4,382	4,707	4,715

• During the period under review, the Group's free cash flow (operating cash flow - cash flow from investments) was EUR -9.6 million (EUR -23.5 million).

• On 31 March 2015, the Group's undrawn committed credit facilities amounted to EUR 110.2 million (31 December 2014: EUR 110.6 million). The average maturity of loans and committed credit facilities at the end of the period under review was 2 years 9 months (31 December 2014: 3 years).

28 April 2015 13

Atria Group Income Statement

€ Million	Q1 2015	Q1 2014	Q1-Q4 2014
NET SALES	314.5	327.0	1,426.1
Cost of goods sold	-282.5	-293.6	-1,249.3
GROSS PROFIT	32.0	33.4	176.8
% of Net sales	10.2	10,2	12.4
Other income	0.7	0.6	6.7
Other expenses	-32.0	-36.5	-142.9
EBIT	0.7	-2.5	40.6
% of Net sales	0.2	-0.8	2.8
Financial income and expenses Income from joint-ventures and	-2.3	-3.6	-12.7
associates	0.0	0.4	6.2
PROFIT BEFORE TAXES	-1.6	-5.7	34.0
Income taxes	-0.4	0.4	-7.2
PROFIT FOR THE PERIOD	-2.0	-5.3	26.8
% of Net sales	-0.6	-1.6	1.9
Earnings/share, €	-0.07	-0.19	0.93

Atria Group Cash flow statement

	Q1	Q1	Q1-Q4
Milj. EUR	2015	2014	2014
Cash flow from operating activities	-5.4	18.8	113.3
Financial items and taxes	5 0.	-5 1.	-21 1.
NET CASH FLOW FROM OPERATING ACTIVITIES	-0.4	13.7	92.2
Investing activities, tangible and intangible assets	-8.9	-10.6	-33.9
Acquired operations		-26.3	-32.5
Sold subsidiary shares			11.9
Non-current receivables	0.1	-0.9	-2.8
Dividends received from investments			8.4
Change in other investments	-0.5	0.6	1.1
NET CASH USED IN INVESTING NET CASH USED IN ACTIVITIES	-9.2	-37.2	-47.8
FREE CASH FLOW	-9.6	-23.5	44.3
Changes in interest-bearing liabilities	9.4	5.3	-63.4
Dividends paid			-6.2
NET CASH USED IN FINANCING ACTIVITIES	9.4	5.3	-69.6
CHANGE IN LIQUID FUNDS	-0.3	-18.2	-25.3