Atria Oyj

Earnings Release • Feb 16, 2012

	Atria Group Review 2011
		Q4	Q4	Q1-Q4	Q1-Q4
	€ Million	2011	2010	2011	2010
	Net sales	338.7	346.7	1,301.9	1,300.9
	EBIT	4.1	4.4	8.0	9.8
	EBIT %	1.2	1.3	0.6	0.8
	Profit before taxes	0.8	1.5	-4.7	0.3
	Earnings per share, €	-0.02	0.01	-0.24	-0.18
	Extraordinary items*	-2.3	0.0	-2.2	-11.8
*Extraordinary items are included in the reported figures. Net sales for the year were at the previous year's level • The Group's full-year EBIT was EUR 8.0 million (EUR 9.8 million), a decline of 18.6 per cent on the • previous year Full-year EBIT includes EUR -2 2 million (EUR -11 8 million) of non-recurring costs previous year. Full-year EBIT includes -2.2 million -11.8 million) of non-recurring costs Atria Russia and Atria Baltic registered operating losses, which decreased significantly compared with • the previous year The Group's equity ratio was 39.5 per cent (40.2%) • Atria Finland's full-year EBIT weakened significantly • Atria Scandinavia's EBIT was at the previous year's level • The Group's Q4/2011 net sales decreased by 2.3 per cent, EBIT came to EUR 4.1 million (EUR 4.4 • million) Dividend proposal of EUR 0.20 for each share (EUR 0.25) •

			Review 2011	Atria Finland
		Q4	Q4	Q1-Q4	Q1-Q4
	€ Million	2011	2010	2011	2010
	Net sales	206.9	213.9	793.7	767.8
	EBIT	7 1.	7 8.	19 3.	30 7.
	EBIT % Extraordinary	3.4	3.6	2.4	4.0
	items*	-1.8	0.0	-1.8	0.0
• million (EUR 767.8 million) • • •	*Extraordinary items are included in the reported figures. 16.1 million (EUR 19.7 million) and the improvement of the demand in the meat market.					Atria Finland's full-year net sales increased by EUR 25.9 million to EUR 793.7 Full-year EBIT came to EUR 19.3 million (EUR 30.7 million), which decreased EUR 11.4 million year-on-year. The EBIT includes a non-recurring depreciation item in the amount of EUR -1.8 million on the value of the Forssa logistics site EBIT improved during the second half of 2011 following a weak first half. H1/2011 EBIT came to EUR 3.2 million (EUR 10.9 million) and in H2/2011, it was EUR The development of EBIT during the second half of 2011 was significantly better than during the first half of the year. The reasons for this were tight cost control

	Atria Scandinavia	Review 2011
		Q4	Q4	Q1-Q4	Q1-Q4
	€ Million	2011	2010	2011	2010
	Net sales	97.7	98.0	374.9	391.6
	EBIT	4.2	5.6	13.8	13.9
	EBIT % Extraordinary	4.3	5.7	3.7	3.5
	items*	0.7	0.0	0.7	-2.3
	*Extraordinary items are included in the reported figures.
The decline of EUR of 16.7 million in Atria Scandinavia's full-year net sales is • mainly due to the discontinuation of the production of consumer-packed meat in the summer of 2010 EBIT for 2011 was EUR 13.8 million (EUR 13.9 million). The figure for the • reference year includes EUR -2.3 million of non-recurring costs relating to the reference year includes 2.3 million of non recurring costs relating to shutdown of the Årsta plant. EBIT for the financial period includes a non-recurring sales profit of EUR 0.7 million following the sale of a factory in Saltsjö-Boo The result improved toward the end of the year. H1/2011 EBIT came to EUR 5.0 • million (EUR 4.0 million), whereas in H2/2011, EBIT rose to EUR 8.9 million (EUR 9.9 million)
• meat raw material prices.						The performance during the latter part of the year was weighed down by the rise in

Q4 Q4 Q1-Q4 Q1-Q4 € Million 2011 2010 2011 2010 31.1 32.2 123.0 129.2 Net sales -4 5 4.5 -7 6 7.6 -18 9 18.9 -27 9 27.9 EBIT -14.3 -23.6 -15.4 -21.6 EBIT % Extraordinary items 0.0 0.0 0.0 -9.5 Extraordinary items are included in the reported figures. Atria Russia's full-year net sales fell by EUR 6.2 million, which was • caused by sales decreasing in Moscow and by weakened Russian rouble 2011 EBIT increased by EUR 9.0 million to EUR -18.9 million (EUR -27.9 • million) EBIT for the reference period includes a total of EUR -9 5 million million). EBIT for the reference period includes a total of 9.5 of non-recurring costs Operating loss decreased during the last two quarters. The H1/2011 • result was EUR -11.1 million (EUR -4.9 million) and the result in H2/2011 was EUR -7.8 million (EUR -23.0 million) The reasons for the performance improvement in the latter part of the • year were improved cost-efficiency and streamlining of the product		Atria Russia Review 2011
	range.

		Atria Baltic	Review 2011
		Q4	Q4	Q1-Q4	Q1-Q4
	€ Million	2011	2010	2011	2010
	Net sales	8.9	8.7	35.2	35.0
	EBIT	-1.7	-0.7	-2.2	-3.7
	EBIT % Extraordinary	-19.6	-8.0	-6.1	-10.5
	items*	-1.2	0.0	-0.3	0.0
• • • packed meat.	*Extraordinary items are included in the reported figures. Atria Baltic's 2011 net sales of EUR 35.2 million (EUR 35.0 million) improved by EUR 0.2 million Full-year EBIT improved by EUR 1.5 million to EUR -2.2 million (EUR -3.7 million). It includes a total of EUR -0.3 million of non-recurring costs: a sales profit of EUR 0 9 million resulting from business costs: a sales profit of EUR 0.9 million resulting from restructuring and a loss resulting from the sale of a factory in Lithuania of EUR -1.2 million Atria estimates that its market shares in different product groups have remained stable. An extensive campaign to re-launch the Maks&Moorits brand was implemented during Q4/2011. The investment was particularly evident in improved sales of consumer
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	Atria Group Financial indicators
	Milj. €		31.12.2011 31.12.2010
	Shareholders' equity per share, EUR	14.81	15.68
	Interest-bearing liabilities	409.4	429.9
	Equity ratio, %	39.5	40.2
	Gearing, %	97.1	96.4
	Net gearing, %	95.5	92.2
	Gross investments in fixed assets	47.0	46.2
	Gross investments, % of net sales	3.6	3.5
	Average number of employees (FTE)	5,467	5,812
	• Equity ratio on the target level
	• At the end of the review period, the amount of undrawn committed credit facilities stood at EUR 152.5 million (EUR 125.5 million)
	• The average maturity of loans and committed credit limits at the end of the review period was 3 years 1 month (3 years 5 months).
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	Atria Group Income Statement
	€ Million	Q4 2011	2010	2011	2010
	NET SALES	338.7	346.7	1,301.9	1,300.9
	Cost of goods sold	-300.6	-308.3	-1,162.7	-1,149.1
	GROSS PROFIT	38.2	38.4	139.2	151.8
	% of Net sales	11.3	11.1	10.7	11.7
	Other income	3.5	1.4	8.4	7.7
	Other expenses	-37.5	-35.4	-139.7	-149.7
	EBIT	4.1	4.4	8.0	9.8
	% of Net sales Financial income and	1.2	1.3	0.6	0.7
	expenses	-3.8	-3.2	-14.1	-11.1
	Income from assoc ates i	0.5	0.3	1.4	1.7
	PROFIT BEFORE TAXES	0.8	1.5	-4.7	0.3
	Income taxes	-1.5	-1.4	-1.9	-4.5
	PROFIT FOR THE PERIOD	-0.7	0.1	-6.6	-4.2
	% of Net sales	-0.2	0.0	-0.5	-0.3
	Earnings/share, €	-0.02	0.01	-0.24	-0.18
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	Atria Group
	Cash flow statement
€ Million	2011	2010
Cash flow from operating activities	61.0	85.5
Financial items and taxes	-10.7	-40.9
CASH FLOW FROM OPERATING CASH FLOW FROM
ACTIVITIES	50.3	44.6
Investing activities, tangible and intangible assets	-34.2	-39.6
Sold subsidiary	2.0
Bought subsidiary	-6.1
Investments	-2.5	-0.6
CASH FLOW FROM INVESTING ACTITIVIES	-40.8	-40.2
FREE CASH FLOW	9.5	4.4
L oans rawn down d d	50.0	40.8
Loans repaid	-64.2	-56.2
Dividends paid	-7.0	-7.0
CASH FLOW FROM FINANCING, TOTAL	-21.2	-22.4
CHANGE IN LIQUID FUNDS	-11.7	-18.0
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