Atria Oyj

Atria Group Review 1 January – 30 June 2011
	€ Million	Q2 2011	Q2 2010	H1 2011	H1 2010	2010
	Net sales	333.6	317.0	637.6	622.9	1,300.9
	EBIT	-0.9	4.7	-5.2	5.7	9.8
	EBIT %	-0.3	1.5	-0.8	0.9	0.8
	Profit before taxes	-4.4	3.5	-10.9	1.7	0.3
	Earnings per share, €	-0.15	0.10	-0.34	0.03	-0.18
High raw material costs and too low sales prices continued to burden • Atria's result N t Net sales for H1 increased by 2.4% in comparison with the previous year l f H1 i d b 2 4% i i ith th i • EBIT for the period under review showed a loss of EUR 5.2 million (profit • of EUR 5.7 million) The Group's equity ratio is at the target level: 40.0% (40.4%) • During the review period, Atria issued a profit warning and announced a • change in its 2011 EBIT forecast.

	Atria Finland Review 1 January – 30 June 2011
	€ Million	Q2 2011	Q2 2010	H1 2011	H1 2010	2010
	Net sales	203.0	178.9	389.3	358.0	767.8
	EBIT	2.6	6.0	3.2	10.9	30.7
	EBIT %	1.3	3.4	0.8	3.0	4.0
Atria Finland's H1 net sales increased by 8.7% year on year • The reason for the weak EBIT was raw material prices, which remained high, • in combination with the weakened sales structure Exports now account for a greater proportion of total sales than they did in the • previous year It was not possible to transfer the raw material price increase in full to sales • prices During the first part of the year, Atria Finland launched two efficiency • improvement programmes: for increasing the efficiency of bovine slaughtering and for developing the Nurmo production plant. The total annual cost savings from these measures will be approximately EUR 10 million.

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Atria Scandinavia

Review 1 January – 30 June 2011

€ Million	Q2 2011	Q2 2010	H1 2011	H1 2010	2010
Net sales	95.8	99.7	183.6	194.7	391.6
EBIT	2.7	3.3	5.0	4.0	13.9
EBIT %	2.8	3.3	2.7	2.1	3.5

Atria Scandinavia's net sales decreased by 5.7% in comparison with H1 of last year. The main reason for the decreased net sales is the discontinuation of the production of consumer-packed meat in summer 2010
The EBIT for H1 was EUR 5.0 million (EUR 4.0 million). The H1/2010 EBIT i l d EUR 2 0 illi f i t H1/2010 EBIT includes 2.0 million of non-recurring costs
The development and efficiency improvement programme for Atria Scandinavia's operations progressed as planned. The production of black pudding will be transferred to the Tranås production plant. This is expected to generate annual cost savings of approximately EUR 1.0 million.

Q2 Q2 H1 H1 € Million 2011 2010 2011 2010 2010
Net sales 32.5 34.4 60.8 63.3 129.2
EBIT -5.6 5.6 -2 7 2.7 -11.1 11.1 -4 9 4.9 -27 9 27.9
-17.1 -7.8 -18.3 -7.7 EBIT % -21.6
Atria Russia's net sales for H1 decreased by 3.9% year on year. • This was due to the decrease in sales in Moscow The performance in the course of the period under review was • weighed down by the rapid increase in meat raw material prices at the end of last year as well as the slow recovery of the demand for meat products. Performance during the period was burdened also meat products. Performance during the period was burdened by the costs of the new plant completed last summer in St Petersburg as well as the costs from the restructuring of operations The restructuring of production launched in 2010 is progressing • according to schedule. Meat product production in the Moscow and Sinyavino plants will be centralised at the new Gorelovo plant, in St Petersburg.

		Review 1 January – 30 June 2011	Atria Baltic
	€ Million	Q2 2011	Q2 2010	H1 2011	H1 2010	2010
	Net sales	9.1	9.8	17.3	17.5	35.0
	EBIT	0 2 0.2	-0.8 0 8	0 0 0.0	-2.1 2 1	-3.7 3 7
	EBIT %	2.5	-8.2	0.1	-12.0	-10.5
• • •	The positive development of earnings was due to the improvement in cost efficiency and sales structure during the review period as well as the gains achieved in non-recurring sales million in non-recurring sales gains increased cereal and feed prices						The Q2/2011 EBIT includes EUR 0.6 million in non-recurring gain on the sale of fixed assets. The EBIT for the first half of the year includes, in total, EUR 0.9 The earnings development of the company's primary production was burdened by

€ Million	30 June 2011	30 June 2010	31 December 2010
Interest-bearing liabilities, M€	432.7	444.1	429.9
Total assets, M€	1,069.8	1,118.8	1,111.6
Equity ratio, %	40.0	40.4	40.2
Shareholders' equity per share, €	15.02	15.90	15.68
Average number of employee (FTE)	5,642	5,812	5,812

It t b i li biliti i d li htl d ith th l l f • Interest-bearing liabilities increased slightly compared with the level ofthe turn of the year
Equity ratio remained on the target level.

	Atria Group Income Statement
	€ Million	Q2 2011	Q2 2010	H1 2011	H1 2010	2010
	NET SALES	333.6	317.0	637.6	622.9	1,300.9
	C t os of goods sold	-298 0.		-279 0. -573 8.	-550 8.	-1 149 1 1,149.1
	GROSS PROFIT	35.6	38.0	63.8	72.1	151.8
	% of Net sales	10.7	12.0	10.0	11.6	11.7
	Other income	2.2	1.4	3.6	2.2	7.7
	Other expenses	-38.7	-34.7	-72.6	-68.6	-149.7
	EBIT	-0.9	4.7	-5.2	5.7	9.8
	% of Net sales	-0.3	1.5	-0.8	0.9	0.8
	Financial income and expenses	-3.6	-1.6	-6.5	-5.0	-11.2
	Income from associates	0.1	0.4	0.7	1.0	1.7
	PROFIT BEFORE TAXES	-4.4	3.5	-10.9	1.7	0.3
	Income taxes	0.1	-0.3	1.2	-0.3	-4.5
	PROFIT FOR THE PERIOD	-4.3	3.2	-9.8	1.4	-4.2
	% of Net sales	-1.3	1.0	-1.5	0.2	-0.3
	Earnings/share, €	-0.15	0.10	-0.34	0.03	-0.18
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	Atria Group
	Cash flow statement

	€ Million	2011	2010	2010
	Cash flow from operating activities	14.7	20.2	85.5
	Financial items and taxes	-5.9	-16.6	-40.9
	CASH FLOW FROM OPERATING ACTIVITIES	8.8	3.6	44.6
	Investing activities, tangible and intangible assets	-13.7	-24.1	-39.6
	Sold subsidiary	2.0
	Bought subsidiary	-6.1
	Investments	0.3	-4.7	-0.6
	CASH FLOW FROM INVESTING ACTITIVIES	-17.5	-28.8	-40.2
	FREE CASH FLOW	-8.7	-25.2	4.4
	Loans drawn down	50.0	29.5	40.8
	Loans repaid	-44.3	-22.5	-56.2
	Dividends paid	-7.0	-7.1	-7.0
	CASH FLOW FROM FINANCING, TOTAL	-1.4	-0.1	-22.4
	CHANGE IN LIQUID FUNDS	-10.1	-25.3	-18.0

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