Atria Oyj

Earnings Release • May 3, 2012

Q1 € Million 2012 2011 2011 Net sales 308.6 304.0 1,301.9 EBIT 0.1 -4.2 8.0 EBIT % 0.0 -1.4 0.6 Profit before taxes -3.0 -6.6 -4.7 Earnings per share, € -0.19 -0.20 -0.24 Extraordinary items 0.0 -0.5 -2.2 Extraordinary items are included in the reported figures. EBIT improved to EUR 0.1 million (EUR -4.2 million) • Net sales increased to EUR 308.6 million (EUR 304.0 million) ( ) • The Group's equity ratio was 40.1 per cent (41.2%) • Atria Finland's EBIT grew to EUR 5.2 million (EUR 0.6 million) • Atria Scandinavia's EBIT decreased to EUR 0.2 million (EUR 2.3 million) • Atria Russia's EBIT improved to EUR -3.3 million (EUR -5.6 million) •	Atria Group Review Q1/2012

Atria Finland Review Q1/2012
Q1
	€ Million	2012	2011	2011
	Net sales	188.5	186.2	793.7
	EBIT	5.2	0.6	19.3
	EBIT %	2.8	0.3	2.4
	Extraordinary items*	0.0	0.0	-1.8
• • • prices.	*Extraordinary items are included in the reported figures. million), showing growth of EUR 2.3 million year-on-year. The EUR 5.2 million EBIT (EUR 0.6 million) was EUR 4.6 higher than the EBIT for the corresponding period last year. The EBIT increase was due to an improved sales structure,				Atria Finland's net sales totalled EUR 188.5 million (EUR 186.2 The EUR 5 2 million EBIT (EUR 0 6 million) was EUR 4 6 million implemented efficiency improvement measures and higher sales

Atria Scandinavia Review Q1/2012
		Q1
	€ Million	2012	2011	2011
	Net sales	89,5	87,9	374,9
	EBIT	0,2	2,3	13,8
	EBIT %	0,2	2,6	3,7
	Extraordinary items*	0,0	0,0	0,7
*Extraordinary items are included in the reported figures. Atria Scandinavia's net sales were EUR 89.5 million (EUR 87.9 million), • representing a rise of EUR 1.6 million compared to the same period last year. EBIT was EUR 0.2 million (EUR 2.3 million), which is EUR 2.1 million • lower than in the comparison period. The reason for the decrease was the higher price of meat raw material. A strong upward trend was seen in the sale of Atria's own brands. The • sale of cold cuts particularly strengthened Atria's market share in both Sweden and Denmark (source: AC Nielsen).
5

Q1 € Million 2012 2011 2011 7,9 8,1 35,2 Net sales -0,5 -0,2 -2,2 EBIT -6,7 -2,5 -6,1 EBIT % Extraordinary items 0,0 0,3 -0,3 Extraordinary items are included in the reported figures. • of EUR 0.2 million year-on-year. Operating loss was EUR -0.5 million (EUR -0.2 million), which is EUR 0.3 weaker • than in the same period last year. p y The decrease in net sales was caused by lower sales of primary production. • Meanwhile, sales to the retail sector increased in the review period. Growth was strongest in consumer-packed meat. The weakened results were caused by the increase in raw material prices, which • could not be fully transferred to sales prices. The results for the corresponding period last year include a non-recurring sales •		Review Q1/2012	Atria Baltic
Atria Baltic's net sales totalled EUR 7.9 million (EUR 8.1 million), representing a fall

Atria Group
Financial indicators
€ Million	31.3.12	31.3.11	31.12.11
Shareholders' equity per share, EUR	14.94	15.54	14.81
Interest-bearing liabilities	420.0	428.8	409.4
Equity ratio, %	40.1	41.2	39.5
Gearing, %	98.8	97.0	97.1
Net gearing, %	96.8	92.9	95.5
Gross investments in fixed assets	11.0	5.7	47.0
Gross investments, % of net sales	3.6	1.9	3.6
Average number of employees	4,991	5,583	5,467
• Equity ratio on the target level
• At the end of the review period, the amount of undrawn committed credit facilities stood at EUR 151.9 million (EUR 127.3 million)
• The average maturity of loans and committed credit limits at the end of the

review period was 3 years 1 month (3 years 2 months).

	Atria Group Income Statement
€ Million		Q1 2012	2011	2011
NET SALES		308.6	304.0	1,301.9
Cost of goods sold		-275.3	-275.8	-1,162.7
GROSS PROFIT		33.2	28.2	139.2
% of Net sales		10.8	9.3	10.7
Other income		0.5	1.4	8.4
Other expenses		-33.7	-33.9	-139.7
EBIT		0.1	-4.2	8.0
% of Net sales		0.0	-1.4	0.6
Financial income and expenses		-3.5	-3.0	-14.1
Income from associates		0.4	0.6	1.4
PROFIT BEFORE TAXES		-3.0	-6.6	-4.7
Income taxes		-2.3	1.1	-1.9
PROFIT FOR THE PERIOD		-5.3	-5.5	-6.6
% of Net sales		-1.7	-1.8	-0.5
Earnings/share, €		-0.19	-0.20	-0.24

	Atria Group Cash flow statement
	€ Million	Q1 2012	2011	2011
	Cash flow from operating activities	-0.3	-3.1	61.0
	Financial items and taxes
	CASH FLOW FROM OPERATING ACTIVITIES	3.4 3.1	7.0 3.9	-10.7 50.3
	Investing activities, tangible and intangible assets	-10.3	-5.2	-34.2
	Sold subsidiary		2.0	2.0
	Bought subsidiary			-6.1
	Investments	1.7	0.5	-2.5
	CASH FLOW FROM INVESTING ACTITIVIES	-8.6	-2.7	-40.8
	FREE CASH FLOW	-5.5	1.2	9.5
	Loans drawn down	30.0	1.5	50.0
	Loans repaid	-22.9	-3.1	-64.2
	Dividends paid			-7.0
	CASH FLOW FROM FINANCING, TOTAL	7.1	-1.6	-21.2
	CHANGE IN LIQUID FUNDS	1.6	-0.5	-11.7
15