Quarterly Report • Apr 26, 2013
Quarterly Report
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| Q1 | ||||
|---|---|---|---|---|
| EUR million | 2013 | 2012 | 2012 | |
| Net sales | 328.4 | 308.6 | 1,343.6 | |
| EBIT | 3.2 | 0.1 | 30.2 | |
| EBIT, % | 1.0 | 0.0 | 2.2 | |
| Profit before taxes | 0.7 | -3.0 | 18.9 | |
| Earnings per share, EUR | -0.03 | -0.19 | 0.35 | |
| Non-recurring items* | 1.1 | 0.0 | -0.5 |
*Non-recurring items are included in the reported figures.
Atria Group's net sales for January–March totalled EUR 328.4 million (EUR 308.6 million), showing growth of EUR 19.8 million year-on-year. EBIT improved by EUR 3.1 million year-on-year, amounting to EUR 3.2 million (EUR 0.1 million). EBIT includes a non-recurring profit of EUR 1.1 million resulting from a reversal of impairment on a property that had been for sale. The property will be used in the company's own production.
Atria issued a EUR 50 million bond with fixed interest rate during the review period. The funds received will be used for refinancing and for the Group's general financing needs. The loan period is five years and a coupon rate of 4.375 per cent is payable on the loan. The bonds are subject to public trade on the NASDAQ OMX Helsinki Ltd stock exchange.
The Group's free cash flow for the period (operating cash flow - cash flow from investments) was EUR -3.8 million (EUR -5.5 million), and net liabilities were EUR 372.1 million (EUR 411.6 million).
Atria Finland's net sales for January–March totalled EUR 205.1 million (EUR 188.5 million), up by EUR 16.6 million year-on-year. EBIT improved by EUR 1.5 million year-on-year, amounting to EUR 6.7 million (EUR 5.2 million). EBIT includes a non-recurring profit of EUR 1.1 million resulting from a reversal of impairment on a property that had been for sale. The property will be used in the company's own production. Higher sale prices and slightly higher sales volumes also improved EBIT. The prices of meat raw materials continued to rise.
Atria Scandinavia's net sales for January–March totalled EUR 94.2 million (EUR 89.5 million), representing an increase of EUR 4.7 million year-on-year. In the local currency, net sales grew by 1.5 per cent year-onyear. EBIT amounted to EUR 0.1 million (EUR 0.2 million). The prices of meat raw materials have remained high, which impaired EBIT development.
Atria Russia's net sales for January–March amounted to EUR 27.4 million (EUR 28.3 million). In the local currency, net sales decreased by 1.0 per cent year-on-year. EBIT was EUR -3.1 million (EUR -3.3 million). The result for industrial operations improved, and efficiency improvement measures showed results. The weakening of primary production profitability, which started in the latter part of last year, continued to impair performance at the beginning of the year.
Atria Baltic's net sales for January–March totalled EUR 7.2 million (EUR 7.9 million), representing a fall of EUR 0.7 million year-on-year. EBIT was EUR -0.4 million (EUR -0.5 million), an improvement of EUR 0.1 million year-on-year.
| Key indicators | |||
|---|---|---|---|
| EUR million | 31.3.13 | 31.3.12 | 31.12.12 |
| Shareholders´ equity per share EUR | 15.24 | 14.94 | 15.15 |
| Interest-bearing liabilities | 379.7 | 420.0 | 370.5 |
| Equity ratio, % | 41.5 | 40.1 | 41.5 |
| Gearing, % | 87.4 | 98.8 | 85.9 |
| Net gearing, % | 85.7 | 96.8 | 84.3 |
| Gross investments in fixed assets | 8.8 | 11.0 | 56.2 |
| % of net sales | 2.7 | 3.6 | 4.2 |
| Average FTE | 4,670 | 4,991 | 4,898 |
| EUR million | 2013 | 2012 | 2012 |
|---|---|---|---|
| Net sales | 205.1 | 188.5 | 819.5 |
| EBIT | 6.7 | 5.2 | 36.5 |
| EBIT, % | 3.3 | 2.8 | 4.5 |
| Non-recurring items* | 1.1 | 0.0 | -0.5 |
*Non-recurring items are included in the reported figures.
Atria Finland's net sales for January–March totalled EUR 205.1 million (EUR 188.5 million), up by EUR 16.6 million year-on-year. EBIT improved by EUR 1.5 million year-on-year, amounting to EUR 6.7 million (EUR 5.2 million). EBIT includes a non-recurring profit of EUR 1.1 million resulting from a reversal of impairment on a property that had been for sale. The property will be used in the company's own production. Higher sale prices and slightly higher sales volumes also improved EBIT. The prices of meat raw materials continued to rise.
According to Atria's own estimate, its total market share in the retail trade was approximately 25 per cent, which is at the same level as in the previous year. Atria succeeded particularly well in the cooking sausages, poultry and convenience food product groups, where it strengthened its market position in terms of its share of total market share (measured in value). Sales of cold cuts also increased compared to the previous year.
All meat used as raw material for Atria products is domestically sourced. Domestic raw material prices were higher than in the same period of the previous year.
The refurbishment of the chicken hatchery is progressing on schedule. The hatchery will be completed in spring 2013. Part of its additional capacity is already in use.
Atria Finland launched a programme to improve the productivity of convenience food production during the review period. Employer-employee negotiations concerning the reorganisation plans were completed after the review period on 22 April 2013. The company decided to concentrate production of convenience food from Karkkila to the Nurmo plant. The programme is expected to generate annual cost savings of EUR 1 million. All employees affected by the negotiations have been offered jobs at Atria's other production plants.
The projects in the Atria's Handprint programme are progressing according to plan. In 2013, the programme will focus on increasing production transparency and traceability. After launching traceable chicken products a year ago, Atria will launch traceable beef products in April and traceable pork products in May. Effective campaigning will be used in conjunction with both launches.
| Q1 | |||
|---|---|---|---|
| EUR million | 2013 | 2012 | 2012 |
| Net sales | 94.2 | 89.5 | 387.8 |
| EBIT | 0.1 | 0.2 | 8.2 |
| EBIT, % | 0.1 | 0.2 | 2.1 |
| Non-recurring items* | 0.0 | 0.0 | 0.0 |
*Non-recurring items are included in the reported figures.
Atria Scandinavia's net sales for January–March totalled EUR 94.2 million (EUR 89.5 million), representing an increase of EUR 4.7 million year-on-year. In the local currency, net sales grew by 1.5 per cent year-onyear. EBIT amounted to EUR 0.1 million (EUR 0.2 million). The prices of meat raw materials have remained high, which impaired EBIT development.
In cold cuts and sausages, sales of Atria's own labels grew steadily. In particular, the 3-Stjernet cold cuts manufactured in Denmark strengthened their market share (source: AC Nielsen).
The expansion of the Sibylla fast food concept has progressed according to plan. At the moment, there are a total of 3,200 Sibylla sales outlets in Europe and Russia.
The programme launched a year ago to improve the profitability of Atria Scandinavia's production of meat products was completed at the end of 2012. The manufacture of ham products and the slicing of cold cuts were transferred from the Halmstad plant to the Malmö plant and the Halmstad plant was closed down. Annual savings of approximately EUR 1.5 million began to materialise in full at the beginning of 2013.
| Q1 | |||
|---|---|---|---|
| EUR million | 2013 | 2012 | 2012 |
| Net sales | 27.4 | 28.3 | 126.3 |
| EBIT | -3.1 | -3.3 | -8.6 |
| EBIT, % | -11.4 | -11.8 | -6.8 |
| Non-recurring items* | 0.0 | 0.0 | 0.0 |
*Non-recurring items are included in the reported figures.
Atria Russia's net sales for January–March amounted to EUR 27.4 million (EUR 28.3 million). In the local currency, net sales decreased by 1.0 per cent year-on-year. EBIT was EUR -3.1 million (EUR -3.3 million). The result for industrial operations improved, and efficiency improvement measures showed results. The weakening of primary production profitability, which started in the latter part of last year, continued to impair performance at the beginning of the year. The price of live pigs has decreased by about 30 per cent during the last two quarters.
Atria estimates that market shares have remained stable in St Petersburg, where Atria is the market leader in the product groups it represents.
Efficiency projects are being implemented continuously at the Sinyavino and Gorelovo plants.
| Q1 | |||
|---|---|---|---|
| EUR million | 2013 | 2012 | 2012 |
| Net sales | 7.2 | 7.9 | 34.2 |
| EBIT | -0.4 | -0.5 | -1.5 |
| EBIT, % | -4.9 | -6.7 | -4.4 |
| Non-recurring items* | 0.0 | 0.0 | 0.0 |
* Non-recurring items are included in the reported figures.
Atria Baltic's net sales for January–March totalled EUR 7.2 million (EUR 7.9 million), representing a fall of EUR 0.7 million year-on-year. EBIT was EUR -0.4 million (EUR -0.5 million), an improvement of EUR 0.1 million year-on-year.
The decrease in net sales was caused by lower sales of primary production and by the discontinuation of exports to Russia. The Tartu logistics centre was closed down and transferred to the Valga plant.
In March, Atria Plc issued a EUR 50 million bond with fixed interest rate and a loan period of five years. The bond is listed on the NASDAQ OMX Helsinki stock exchange. The funds received will be used to refinance a EUR 40 million bond maturing on 10 July 2013 as well as for the Group's general financing needs.
On 31 March 2013, the amount of the Group's undrawn committed credit facilities stood at EUR 178.9 million (31 December 2012: EUR 153 million). The average maturity of loans and committed credit facilities at the end of the review period was 2 years 11 months (31 December 2012: 2 years 10 months).
During the review period, the Group's free cash flow (operating cash flow - cash flow from investments) was EUR -3.8 million (EUR -5.5 million). Interest-bearing net liabilities amounted to EUR 372.1 million (EUR 411.6 million). The Group's investments during the period totalled EUR 8.8 million (EUR 11.0 million). The equity ratio was 41.5 per cent (31 December 2012: 41.5 %).
Employer-employee negotiations concerning the organisation of Atria Finland convenience food production were completed after the review period on 22 April 2013. The company decided to concentrate production of convenience food from Karkkila to the Nurmo plant. The programme is expected to generate annual cost savings of EUR 1 million, which begins to materialise in full at the beginning 2014. All employees affected by the negotiations have been offered jobs at Atria's other production plants.
The Group had an average of 4.670 employees (4.991) during the review period. Personnel by business area
| Atria Finland | 2.007 | (1.958) |
|---|---|---|
| Atria Scandinavia | 1.054 | (1.140) |
| Atria Russia | 1.288 | (1.544) |
| Atria Baltic | 321 | ( 349) |
The composition of Atria Plc's Board of Directors is as follows: Seppo Paavola as chairman; Timo Komulainen as deputy chairman; and Tuomo Heikkilä, Esa Kaarto, Maisa Romanainen, Harri Sivula and Kjell-Göran Paxal as members.
The Nomination Committee of Atria Plc's shareholders proposes to the General Meeting that the remuneration of the members of the Board of Directors be kept at the same level as in 2012. Remuneration and compensation for meeting expenses were as follows:
meeting compensation EUR 300/meeting
compensation for loss of working time EUR 300 for meeting and proceeding dates
The Nomination Committee further proposes to the General Meeting that three members be elected to the Board of Directors to replace two members who have served a full term (Komulainen and Romanainen) and a resigning member (Heikkilä). The Nomination Committee proposes that Maisa Romanainen and Timo Komulainen, who are due to resign, be re-elected to the Board of Directors. The Nomination Committee further proposes that Jyrki Rantsi be elected as a new member.
No significant changes have occurred in Atria Group's short-term business risks compared to the risks described in the financial statements for 2012.
The Group's EBIT was EUR 30.2 million in 2012. In 2013, it is expected to be higher. Some growth in net sales is expected for 2013.
The Board of Directors proposes that a dividend of EUR 0.22 be paid for each share for the financial year 2012.
The General Meeting 2012 authorised the Board of Directors to decide on the acquisition of a maximum of 2,800,000 of the company's own Series A shares, in one or several tranches, with funds belonging to the company's unrestricted equity, subject to the provisions of the Limited Liability Companies Act regarding the maximum number of treasury shares to be held by a company. The company's own Series A shares may be acquired for use as consideration in any acquisitions or other arrangements relating to the company's business, to finance investments as part of the company's incentive scheme, to develop the company's capital structure, to be otherwise further transferred, to be retained by the company or to be cancelled.
The shares shall be acquired in a proportion other than that of the shareholders' current shareholdings in the company in public trading arranged by NASDAQ OMX Helsinki Ltd at the trading market price at the moment of acquisition. The shares will be acquired and paid for in accordance with the rules of NASDAQ OMX Helsinki Ltd and Euroclear Finland Oy. The Board of Directors is authorised to decide on the acquisition of treasury shares in all other respects.
The authorisation shall supersede the authorisation granted by the Annual General Meeting on 29 April 2011 to the Board of Directors to decide on the acquisition of the company's own shares and be valid until the closing of the next Annual General Meeting or until 30 June 2013, whichever is first.
The General Meeting authorised the Board of Directors to decide on an issue, in one or several tranches, of a maximum of 12,800,000 new Series A shares or on an issue of any Series A shares held by the company through a share issue and/or by granting option rights or other special rights entitling holders to shares as referred to in Chapter 10, section 1 of the Limited Liability Companies Act. The authorisation may be exercised to finance or execute any acquisitions or other arrangements or investments related to the company's business, to implement the company's incentive plan or for other purposes subject to the Board's decision.
The Board is also authorised to decide on all terms and conditions of the share issue and of the granting of special rights as referred to in Chapter 10, section 1 of the Limited Liability Companies Act. Therefore, the authorisation also includes the right to issue shares in a proportion other than that of the shareholders' current shareholdings in the company under the conditions provided by law, the right to issue shares against payment or without charge and the right to decide on a share issue without payment to the company itself, subject to the provisions of the Limited Liabilities Companies Act on the maximum number of treasury shares.
The authorisation shall supersede the share issue authorisation granted by the Annual General Meeting on 29 April 2011 to the Board of Directors and be valid until the closing of the next Annual General Meeting or until 30 June 2013, whichever is first.
This interim report has been prepared in accordance with the IAS 34 Interim Financial Reporting standard. Atria has applied the same principles in preparing this interim report as in preparing the 2012 annual financial statements. However, as of 1 January 2013, the Group uses new or revised standards and IFRIC interpretations published by the IASB, included in the accounting principles of the annual financial statements 2012. These new or revised standards or interpretations did not have any impact on the figures presented for the review period.
The principles and formulas for the calculation of key indicators have not changed, and they are presented in the 2012 annual financial statements. The figures given in this release are rounded off to millions of euros, so the combined total of individual figures may differ from the total sum presented.
The figures presented in this interim report are unaudited.
| EUR million | 1-3/13 | 1-3/12 | 1-12/12 |
|---|---|---|---|
| Net sales | 328.4 | 308.6 | 1.343.6 |
| Cost of goods sold | -291.8 | -275.3 | -1.172.5 |
| Gross profit | 36.6 | 33.2 | 171.1 |
| Sales and marketing costs | -23.8 | -22.3 | -95.9 |
| Administration costs | -10.9 | -11.0 | -44.2 |
| Other operating income | 1.6 | 0.5 | 3.8 |
| Other operating expenses | -0.3 | -0.4 | -4.6 |
| EBIT | 3.2 | 0.1 | 30.2 |
| Finance income and costs | -3.5 | -3.5 | -14.7 |
| Income from joint-ventures and associates | 1.0 | 0.4 | 3.4 |
| Profit before tax | 0.7 | -3.0 | 18.9 |
| Income taxes | -1.6 | -2.3 | -8.8 |
| Profit for the period | -0.9 | -5.3 | 10.1 |
| Profit attributable to: | |||
| Owners of the parent | -1.0 | -5.3 | 9.8 |
| Non-controlling interests | 0.1 | 0.0 | 0.2 |
| Total | -0.9 | -5.3 | 10.1 |
| Basic earnings/share, EUR | -0.03 | -0.19 | 0.35 |
| Diluted earnings/share, EUR | -0.03 | -0.19 | 0.35 |
| EUR million | 1-3/13 | 1-3/12 | 1-12/12 |
|---|---|---|---|
| Profit for the period | -0.9 | -5.3 | 10.1 |
| Other comprehensive income after tax: | |||
| Items that will not be reclassified to profit or loss | |||
| Actuarial loss on post employment | |||
| benefit obligations | 0.0 | -0.4 | |
| Items that will be reclassified to | |||
| profit or loss when specific conditions are | |||
| met | |||
| Available-for-sale financial assets | 0.0 | 0.0 | |
| Cash flow hedging | 0.6 | 0.6 | -1.2 |
| Translation differences | 3.0 | 8.4 | 6.9 |
| Total comprehensive income for the period | 2.8 | 3.6 | 15.4 |
| Total comprehensive income attributable to: | |||
| Owners of the parent | 2.6 | 3.6 | 15.1 |
| Non-controlling interests | 0.1 | 0.0 | 0.3 |
| Total | 2.8 | 3.6 | 15.4 |
| Assets | |||
|---|---|---|---|
| EUR million | 31.3.13 | 31.3.12 | 31.12.12 |
| Non-current assets | |||
| Property, plant and equipment | 475.5 | 469.5 | 476.1 |
| Biological assets | 1.3 | 1.4 | 1.5 |
| Goodwill | 171.8 | 164.1 | 168.5 |
| Other intangible assets | 79.4 | 74.7 | 78.4 |
| Investments in joint ventures and associates | 15.4 | 14.2 | 14.6 |
| Other financial assets | 1.7 | 1.6 | 1.7 |
| Loans and other receivables | 10.9 | 20.1 | 11.6 |
| Deferred tax assets | 15.0 | 15.5 | 15.5 |
| Total | 770.9 | 761.0 | 768.0 |
| Current assets | |||
| Inventories | 124.9 | 108.5 | 114.3 |
| Biological assets | 5.4 | 5.6 | 5.5 |
| Trade and other receivables | 135.4 | 172.6 | 144.8 |
| Cash and cash equivalents | 7.6 | 8.4 | 6.6 |
| Total | 273.3 | 295.0 | 271.1 |
| Non-current assets held for sale | 3.5 | 4.5 | 2.5 |
| Total assets | 1,047.6 | 1,060.5 | 1,041.6 |
| Equity and liabilities | |||
| EUR million | 31.3.13 | 31.3.12 | 31.12.12 |
| Equity belonging to the shareholders | |||
| of the parent company | 430.8 | 422.4 | 428.2 |
| Non-controlling interest | 3.4 | 3.0 | 3.2 |
| Total equity | 434.2 | 425.3 | 431.4 |
| Non-current liabilities | |||
| Interest-bearing financial liabilities | 246.0 | 325.1 | 264.3 |
| Deferred tax liabilities | 47.9 | 47.1 | 47.4 |
| Pension liabilities | |||
| 8.4 | 7.4 | 8.1 | |
| Other non-interest-bearing liabilities | 6.5 | 4.3 | 7.6 |
| Total | 308.8 | 383.9 | 327.4 |
| Current liabilities | |||
| Interest-bearing financial liabilities | 133.6 | 94.9 | 106.1 |
| Trade and other payables | 170.9 | 156.3 | 176.6 |
| Total | 304.6 | 251.3 | 282.8 |
| Total liabilities Total equity and liabilities |
613.4 1,047.6 |
635.1 1,060.5 |
610.2 1,041.6 |
| EUR million | Equity belonging to the shareholders of parent company |
Non- cont |
Total equity |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share ca pit al |
Share pre mium |
Own sha res |
Other reser ves |
Inv. non- rest. equity fund |
Trans lation diff. |
Retain ed earn ings |
Total | roll ing inte rests |
||
| Equity 1.1.12 | 48.1 | 138.5 | -1.3 | -4.4 | 110.6 | -17.2 | 144.5 | 418.8 | 2.9 | 421.7 |
| Comprehensive income for the period Profit for the period Other comprehensive income |
-5.3 | -5.3 | 0.0 | -5.3 | ||||||
| Available-for-sale financial assets Cash flow hedging Actuarial loss Translation differences Transactions |
0.0 0.6 |
8.3 | 0.0 | 0.0 0.6 0.0 8.3 |
0.0 | 0.0 0.6 0.0 8.4 |
||||
| with owners Distribution of dividends |
0.0 | 0.0 | 0.0 | |||||||
| Equity 31.3.12 | 48.1 | 138.5 | -1.3 | -3.8 | 110.6 | -8.9 | 139.2 | 422.4 | 3.0 | 425.3 |
| Equity 1.1.13 | 48.1 | 138.5 | -1.3 | -5.6 | 110.6 | -10.3 | 148.3 | 428.2 | 3.2 | 431.4 |
| Comprehensive income for the period Profit for the period Other comprehensive income |
-1.0 | -1.0 | 0.1 | -0.9 | ||||||
| Available-for-sale financial assets Cash flow hedging Actuarial loss Translation differences Transactions |
0.0 0.6 |
2.9 | 0.0 | 0.0 0.6 0.0 2.9 |
0.1 | 0.0 0.6 0.0 3.0 |
||||
| with owners Distribution of dividends |
0.0 | 0.0 | 0.0 | |||||||
| Equity 31.3.13 | 48.1 | 138.5 | -1.3 | -5.0 | 110.6 | -7.4 | 147.3 | 430.8 | 3.4 | 434.2 |
| EUR million | 1-3/13 | 1-3/12 | 1-12/12 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Operating activities | 2.5 | -0.3 | 119.2 |
| Financial items and taxes | -0.1 | 3.4 | -19.6 |
| Net cash flow from operating activities | 2.4 | 3.1 | 99.6 |
| Cash flow from investing activities | |||
| Tangible and intangible assets | -8.4 | -10.3 | -50.4 |
| Acquired subsidiary shares | -1.8 | ||
| Change in non-current receivables | 0.3 | 0.3 | 0.9 |
| Change in other investments | 1.9 | 1.4 | 1.4 |
| Net cash used in investing activities | -6.1 | -8.6 | -50.0 |
| Cash flow from financing activities | |||
| Proceeds from non-current borrowings | 50.0 | 30.0 | 50.0 |
| Repayments of non-current loans and | |||
| changes in current loans | -45.2 | -22.9 | -94.6 |
| Dividends paid | -5.6 | ||
| Net cash used in financing activities | 4.8 | 7.1 | -50.2 |
| Change in liquid funds | 1.0 | 1.6 | -0.6 |
| Cash and cash equivalents at beginning of year | 6.6 | 6.6 | 6.6 |
| Effect of exchange rate changes | 0.0 | 0.3 | 0.5 |
| Cash and cash equivalents at end of year | 7.6 | 8.4 | 6.6 |
| EUR million | 1-3/13 | 1-3/12 | 1-12/12 |
|---|---|---|---|
| Net sales | |||
| Finland | 205.1 | 188.5 | 819.5 |
| Scandinavia | 94.2 | 89.5 | 387.8 |
| Russia | 27.4 | 28.3 | 126.3 |
| Baltic | 7.2 | 7.9 | 34.2 |
| Eliminations | -5.5 | -5.6 | -24.2 |
| Total | 328.4 | 308.6 | 1 343.6 |
| EBIT | |||
| Finland | 6.7 | 5.2 | 36.5 |
| Scandinavia | 0.1 | 0.2 | 8.2 |
| Russia | -3.1 | -3.3 | -8.6 |
| Baltic | -0.4 | -0.5 | -1.5 |
| Unallocated | -0.1 | -1.4 | -4.4 |
| Total | 3.2 | 0.1 | 30.2 |
| Investments | |||
| Finland | 5.6 | 8.0 | 38.6 |
| Scandinavia | 2.8 | 1.4 | 12.0 |
| Russia | 0.4 | 1.4 | 5.1 |
| Baltic | 0.1 | 0.2 | 0.5 |
| Total | 8.8 | 11.0 | 56.2 |
| Depreciations | |||
| Finland | 6.5 | 6.6 | 24.8 |
| Scandinavia | 3.1 | 2.9 | 11.9 |
| Russia | 2.5 | 2.6 | 10.4 |
| Baltic | 0.6 | 0.7 | 2.7 |
| Total | 12.8 | 12.8 | 49.8 |
| Fair value hierarcy: | ||||
|---|---|---|---|---|
| EUR milloin | ||||
| Balance sheet items | 31.3.13 | Level 1 | Level 2 | Level 3 |
| Non-current assets | ||||
| Financial assets available for sale | 1.7 | 0.2 | 1.6 | |
| Current assets | ||||
| Derivative financial instruments | 0.0 | 0.0 | ||
| Total | 1.7 | 0.2 | 0.0 | 1.6 |
| Non-current liabilities | ||||
| Derivative financial instruments | 6.5 | 6.5 | ||
| Current liabilities | ||||
| Derivative financial instruments | 5.7 | 5.7 | ||
| Total | 12.2 | 0.0 | 12.2 | 0.0 |
| Balance sheet items | 31.12.12 | Level 1 | Level 2 | Level 3 |
| Non-current assets | ||||
| Financial assets available for sale | 1.7 | 0.2 | 1.6 | |
| Current assets | ||||
| Derivative financial instruments | 0.1 | 0.1 | ||
| Total | 1.9 | 0.2 | 0.1 | 1.6 |
| Non-current liabilities | ||||
| Derivative financial instruments | 7.6 | 7.6 | ||
| Current liabilities | ||||
| Derivative financial instruments | 3.1 | 3.1 | ||
| Total | 10.6 | 0.0 | 10.6 | 0.0 |
There were no transfers between Levels 1 and 2 during the period.
Level 1: Prices listed on active markets for identical assets and liabilities. Level 2: Fair values can be determined either directly (i.e., as prices) or indirectly (i.e., derived from prices).
Level 3: Fair values are not based on verifiable market prices.
| Unlisted shares | 31.3.13 | 31.12.12 |
|---|---|---|
| Opening balance | 1.6 | 1.5 |
| Purchases | 0.1 | |
| Decreases | 0.0 | |
| Closing balance | 1.6 | 1.6 |
Fair values of financial instruments do not deviate significantly from balance sheet values.
| EUR million | 31.3.13 | 31.3.12 | 31.12.12 |
|---|---|---|---|
| Finland | 1.4 | 1.4 | |
| Scandinavia | 2.4 | ||
| Russia | 2.0 | ||
| Baltic | 1.1 | 1.1 | 1.1 |
| Total | 3.5 | 4.5 | 2.5 |
During the review period, the logistics centre located in Forssa was transferred from assets available for sale back to tangible assets. The property will be used in the company's own production. As a result of the reclassification, write-downs in the amount of EUR 1.1 million recognised during earlier financial periods were reversed. This non-recurring profit item has been recognised under "Other operating income".
In addition, the Halmstad plant real estate, which had remained empty after production was moved to the Malmö plant, was classified as an asset available for sale.
| EUR million | 31.3.13 | 31.3.12 | 31.12.12 |
|---|---|---|---|
| Debts with mortgages or other collateral given as security |
|||
| Loans from financial institutions | 2.9 | 2.9 | 3.0 |
| Pension fund loans | 5.9 | 5.4 | 5.7 |
| Total | 8.8 | 8.3 | 8.6 |
| Mortgages and other securities given as comprehensive security |
|||
| Real estate mortgages | 4.2 | 4.1 | 4.2 |
| Corporate mortgages | 1.4 | 1.4 | 1.4 |
| Total | 5.6 | 5.5 | 5.6 |
| Guarantee engagements not included in the balance sheet |
|||
| Guarantees | 0.4 | 0.5 | 0.4 |
For more information, please contact Juha Gröhn, CEO, Atria Plc, tel. +358 400 684 224.
Nasdaq OMX Helsinki Ltd Major media www.atriagroup.com
The Financial Statement Release will be mailed to you upon request and is also available on our Web site www.atriagroup.com.
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