Atria Oyj

Earnings Release • Jul 26, 2012

	Review 1 January – 30 June 2012		Atria Group
	€ Million	Q2 2012	Q2 2011	H1 2012	H1 2011	2011
	Net sales	333.3	333.6	641.8	637.6	1,301.9
	EBIT	5.7	-0.9	5.8	-5.2	8.0
	EBIT %	1.7	-0.3	0.9	-0.8	0.6
	Profit before taxes	2.8	-4.4	-0.2	-10.9	-4.7
	Earnings per share, €	0.05	-0.15	-0.14	-0.34	-0.24
	Extraordinary items*	0.0	0.6	0.0	0.1	-2.2
• • At i • • • • •	*Extraordinary items are included in the reported figures. Atria Group's EBIT for H1 grew to EUR 5.8 million (EUR -5.2 million) Net sales amounted to EUR 641.8 million (EUR 637.6 million) Atria Finland's EBIT increased to Fi l d' EBIT i Atria Scandinavia's EBIT fell to EUR 1.9 million (EUR 5.0 million) Atria Russia's EBIT improved to EUR -5.3 million (EUR -11.1 million) The Group's equity ratio was 39.1 per cent (31 December 2011: 39.5%) The new strategy focuses on strengthening core business and improving productivity	d t	EUR 13 0		illi	(EUR 3 2	13.0 million (EUR 3.2 million) illi )

		Atria Finland Review 1 January – 30 June 2012
	€ Million	Q2 2012	Q2 2011	H1 2012	H1 2011	2011
	Net sales	204.6	203.0	393.0	389.3	793.7
	EBIT	7 8 7.8	2 6 2.6	13 0 13.0	3 2 3.2	19 3 19.3
	EBIT %	3.8	1.3	3.3	0.8	2.4
	Extraordinary items Extraordinary items are included in the reported figures.	0.0	0.0	0.0	0.0	-1.8
• year. • • prices.	Atria Finland's Q2/2012 net sales totalled EUR 204.6 million (EUR 203.0 million), showing growth of EUR 1.6 million year-on-year. The EUR 7.8 million EBIT (EUR 2.6 million) was EUR 5.2 million higher than the EBIT for the corresponding period last H1/2012 net sales increased by EUR 3 7 million to EUR 393 0 million (EUR 389 3 H1/2012 net sales increased by EUR 3.7 million to EUR 393.0 million (EUR 389.3 million). The EUR 13.0 million EBIT (EUR 3.2 million) for the period was EUR 9.8 million higher than the EBIT for the corresponding period last year. The growth of net sales was slowed down by a decrease in pork slaughter volumes. The substantial increase in EBIT in the first half of the year was due to an improved sales structure, implemented efficiency improvement measures and higher sales

	Atria Scandinavia Review 1 January – 30 June 2012
€ Million	Q2 2012	Q2 2011	H1 2012	H1 2011	2011
Net sales	95.0	95.8	184.5	183.6	374.9
EBIT	1.8	2.7	1.9	5.0	13.8
EBIT %	1.9	2.8	1.1	2.7	3.7
Extraordinary items Extraordinary items are included in the reported figures.	0.0	0.0	0.0	0.0	0.7
Atria Scandinavia's Q2/2012 net sales totalled EUR 95.0 million (EUR 95.8 million), • representing a fall of EUR 0.8 million year-on-year. In the local currency, net sales decreased by 1.7 per cent compared to the previous year. The EUR 1.8 million EBIT (EUR 2.7 million) was EUR 0.9 million lower than in the comparison period.
H1/2012 net sales increased by EUR 0.9 million to EUR 184.5 million (EUR 183.6 • million). In the local currency, net sales were at the same level as last year. The EUR 1.9 million EBIT (EUR 5.0 million) for the period was EUR 3.1 million lower than in the comparison period.
The reason for the decrease in EBIT 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.

6

	Atria Russia Review 1 January – 30 June 2012
€ Million	Q2 2012	Q2 2011	H1 2012	H1 2011	2011
Net sales	31.3	32.5	59.6	60.8	123.0
EBIT	-2 0 2.0	-5 6 5.6	-5 3 5.3	-11 1 11.1	-18 9 18.9
EBIT %	-6.4	-17.1	-9.0	-18.3	-15.4
Extraordinary items Extraordinary items are included in the reported figures.	0.0	0.0	0.0	0.0	0.0
Atria Russia's Q2/2012 net sales amounted to EUR 31.3 million (EUR 32.5 million). • In the local currency, net sales decreased by 3.5 per cent year-on-year. EBIT was EUR -2.0 million (EUR -5.6 million), showing an improvement of EUR 3.6 million over the comparative period. H1/2012 net sales decreased by EUR 1 2 million to EUR 59 6 million (EUR 60 8 H1/2012 net sales decreased by EUR 1.2 million to EUR 59.6 million (EUR 60.8 • million). H1/2012 EBIT was EUR -5.3 million (EUR -11.1 million), showing an improvement of EUR 5.8 million year-on-year.
This substantial increase was due to implemented efficiency improvement measures, • price increases and the streamlining of the product range. The development of net sales was slowed down by the reduction of the product range and the decrease in sales volumes in Moscow.

Vision	The first choice for consumers and customers in fresh food in St. Petersburg region
	and profitable, continuosly renewing supplier in chosen segments in Moscow region.
	Strategy 2010 – 2013
		1. Dramatically improve business actions in Moscow
		2. Strengthen market position in St. Petersburg
	Strategic tools
	1. Achieving sustainable competitive advantage through product leadership.	2.Total renewal of organisation structure, functions and management system.	3. Developing raw material supply and management and receipt optimization
	4 Profitable sales 4.Profitableincreasing outside modern retail.	5 Aggressive growth of 5. Sibylla business	( (incl. quality). q y) 6 Driving rapid 6. profitability enhancement and reducing working capital.

3 Key Goals	Schedule
1) Positive EBITDA	Year 2012
2) Positive EBIT	During H2/2013
3) Profitable growth 3) Profitable	2013

		Review 1 January – 30 June 2012		Atria Baltic
	€ Million	Q2 2012	Q2 2011	H1 2012	H1 2011	2011
	Net sales	9.1	9.1	17.0	17.3	35.2
	EBIT	-0.4 0 4	0 2 0.2	-0.9 0 9	0 0 0.0	-2.2 2 2
	EBIT %	-4.3	2.5	-5.4	0.1	-6.1
	Extraordinary items Extraordinary items are included in the reported figures.	0.0	0.6	0.0	0.9	-0.3
• • •	Atria's … • Atria Baltic's Q2/2012 net sales amounted to EUR 9.1 million (EUR 9.1 million). EBIT was EUR -0.4 million (EUR 0.2 million), which is EUR 0.6 million weaker than in the same period last year. The results for the comparative period contain EUR 0.6 million of non-recurring profit. H1/2012 net sales decreased by EUR 0 3 million to EUR 17 0 million H1/2012 net sales decreased by EUR 0.3 million to EUR 17.0 (EUR 17.3 million). The H1/2012 EBIT was EUR -0.9 million (EUR 0.0 million). The results for the comparative period contain EUR 0.9 million of non-recurring profit. The development of net sales was slowed down by lower sales of primary production. The sluggish development in EBIT was caused by the increase in raw material prices, which could not be fully transferred to sales prices.
	14

Atria Group
Financial indicators
€ Million	30.6.12	30.6.11	31.12.11
Shareholders' equity per share, EUR	14.59	15.02	14.81
Interest-bearing liabilities	425.1	432.7	409.4
Equity ratio, %	39.1	40.0	39.5
Gearing, %	102.3	101.3	97.1
Net gearing, %	101.0	99.3	95.5
Gross investments in fixed assets	25.7	24.4	47.0
Gross investments, % of net sales	4.0	3.8	3.6
Average number of employees	5,038	5,642	5,467
• At the end of the review period, the amount of undrawn committed credit facilities stood at EUR 151.2 million (Dec 31, 2011: EUR 152.5 million). • The average maturity of loans and committed credit limits at the end of the review period was 2 years 10 months (Dec 31, 2011: 3 years 1 month).

18

	Atria Group Income Statement
	€ Million	Q2 2012	Q2 2011	H1 2012	H1 2011	2011
	NET SALES	333.3	333.6	641.8	637.6	1 301.9
	C t os of goods sold	-290 4.		-298 0. -565 7.	-573 8.	-1 162 7.
	GROSS PROFIT	42.9	35.6	76.1	63.8	139.2
	% of Net sales	12.9	10.7	11.9	10.0	10.7
	Other income	0.6	2.2	1.2	3.6	8.4
	Other expenses	-37.9	-38.7	-71.5	-72.6	-139.7
	EBIT	5.7	-0.9	5.8	-5.2	8.0
	% of Net sales	1.7	-0.3	0.9	-0.8	0.6
	Financial income and expenses	-3.8	-3.6	-7.3	-6.5	-14.1
	Income from associates	0.9	0.1	1.3	0.7	1.4
	PROFIT BEFORE TAXES	2.8	-4.4	-0.2	-10.9	-4.7
	Income taxes	-1.5	0.1	-3.8	1.2	-1.9
	PROFIT FOR THE PERIOD	1.3	-4.3	-4.0	-9.8	-6.6
	% of Net sales	0.4	-1.3	-0.6	-1.5	-0.5
	Earnings/share, €	0.05	-0.15	-0.14	-0.34	-0.24
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	Atria Group
Cash flow statement
€ Million	H1 2012	H1 2011	2011
Cash flow from operating activities Fi i l nancialitems and taxes	17.3 -4 6.	14.7 -5 9.	61.0 -10 7.
Net cash flow from operating activities	12.7	8.8	50.3
Investing activities, tangible and intangible assets Disposal of subsidiary Bought subsidiary	-24.6 0.0 0.0	-13.7 2.0 -6.1	-34.2 2.0 -6.1
Investments	2.3	0.3	-2.5
Net cash used in investing activities FREE CASH FLOW	-22.3	-17.5	-40.8
Proceeds from non-current borrowings Repayments of non-current loans and	-9.6 30.0	-8.7 50.0	9.5 50.0
changes in current loans	-16.3	-44.3	-64.2
Dividends paid	-5.6	-7.0	-7.0
Net cash used in financing activities	8.1	-1.4	-21.2
CHANGE IN LIQUID FUNDS	-1.5	-10.1	-11.7