Atria Oyj
Interim Report of Atria Plc 1 January – 31 March 2015
DGAP-News: Atria Oyj 2015-04-28 / 07:00 --------------------------------------------------------------------- Atria Group's EBIT grew from the previous year Seinäjoki, Finland, 2015-04-28 07:00 CEST (GLOBE NEWSWIRE) -- Atria Plc, Interim Report, 28 April 2015 at 8.00 am INTERIM REPORT OF ATRIA PLC 1 JANUARY- 31 MARCH 2015 Atria Group's EBIT grew from the previous year January-March 2015 - Consolidated net sales fell by 3.8% to EUR 314.5 million (EUR 327.0 million). At comparable exchange rates, the decline was 0.7%. - Consolidated EBIT was EUR 0.7 million (EUR -2.5 million), 0.2% (-0.8%) of net sales. - Atria initiated an investment of EUR 36 million in the modernisation of a pig cutting plant in Nurmo, Finland. - The Swedish Competition Authority approved the sale of the Falbygdens cheese business to Arla. The sale realized 1 April 2015 according to the contract. Q1 Q1 -------------- EUR million 2015 2014 2014 -------------------------------------------------------------------------------- Group 314.5 327.0 1,426.1 Net sales EBIT 0.7 -2.5 40.6 EBIT, % 0.2 -0.8 2.8 Profit before taxes -1.6 -5.7 34.0 Earnings per share, EUR -0.07 -0.19 0.93 Non-recurring items* 0.0 -0.8 1.0 Net sales by business area Atria Finland 212.2 216.9 945.5 Atria Scandinavia 85.2 88.4 371.9 Atria Russia 15.8 21.3 98.8 Atria Baltic 7.6 7.4 34.5 EBIT by business area Atria Finland 1.9 0.2 33.6 Atria Scandinavia 1.9 0.9 14.9 Atria Russia -2.3 -2.2 -5.7 Atria Baltic -0.1 -0.2 -0.0 *Non-recurring items are included in the reported figures January-March 2015 Atria Group's net sales for January-March amounted to EUR 314.5 million (EUR 327.0 million). Net sales fell by EUR 12.5 million year-on-year. This decline was mostly attributable to the weakening of the rouble from the comparative period. EBIT was EUR 0.7 million (EUR -2.5 million). EBIT for the comparative period included EUR 0.8 million non-recurring costs. Atria Finland made a decision to invest approximately EUR 36 million in expanding and modernising its pig cutting plant in Nurmo, Finland. New production facilities will be built next to the old plant, and the existing production facilities will be renovated and automated using the latest production technology. The new production facilities will measure around 4,500 square metres. The investment will substantially raise the pig cutting plant's productivity and profitability: it is expected to generate annual cost savings of some EUR 8 million in the cutting plant's operations as a result of automation and the reorganisation of production. The use of new technology will also improve the conditions for quality and product safety in production. Investments during the period under review totalled EUR 9.5 million (EUR 37.5 million). The Group's free cash flow for the period (operating cash flow - cash flow from investments) was EUR -9.6 million (EUR -23.5 million) and net liabilities were EUR 263.1 million (31 December 2014: EUR 250.7 million). The Swedish Competition Authority approved on 11 March 2015 the sale of Atria Scandinavia's Falbygdens cheese business to Arla. The sale price was approximately EUR 34 million. According to the contract the divested operations were consolidated into Arla Foods AB after the period under review, from 1 April 2015. The transaction will reduce Atria's annual net sales by around EUR 52 million and EBIT by some EUR 3 million. Atria Finland's net sales for January-March totalled EUR 212.2 million (EUR 216.9 million), down by EUR 4.7 million year-on-year. This decline was due to lower consumer demand and the sluggishness of the overall market. EBIT amounted to EUR 1.9 million (EUR 0.2 million). This increase was attributable to improved cost-efficiency. EBIT for the comparative period included EUR 0.8 million non-recurring costs. Atria Scandinavia's net sales for January-March amounted to EUR 85.2 million (EUR 88.4 million). At comparable exchange rates, net sales grew by 1.1% year-on-year. EBIT for January-March totalled EUR 1.9 million (EUR 0.9 million). This increase was due to higher sales, stable prices and improved production efficiency. Atria Russia's net sales for January-March amounted to EUR 15.8 million (EUR 21.3 million). At comparable exchange rates, net sales grew by 5.6% year-on-year. In the local currency, the growth in net sales was due to price increases. However, the increases were not sufficient to fully offset higher raw material costs. EBIT was EUR -2.3 million (EUR -2.2 million). In the period under review, the greatest challenge for business was the general economic uncertainty in the market. Atria Baltic's net sales for January-March totalled EUR 7.6 million (EUR 7.4 million). EBIT was EUR -0.1 million (EUR -0.2 million). Atria strengthened its market share in meat products in the retail sector. Oversupply in the European meat market has led to record low meat prices. This reduced the profitability of Atria's primary production and exports in Estonia. Key indicators EUR million 31.3.15 31.3.14 31.12.14 ------------------------------------------------------------- Equity/share, EUR 14.40 14.07 14.22 Interest-bearing liabilities 266.4 336.5 254.1 Equity ratio, % 44.3 40.6 44.0 Gearing, % 64.8 83.9 62.6 Net gearing, % 64.0 81.3 61.8 Gross investments in fixed assets 9.5 37.5 62.7 Gross investments, % of net sales 3.0 11.5 4.4 Average FTE 4,382 4,707 4,715 Outlook for the future In 2014, consolidated EBIT without non-recurring items was EUR 39.6 million. In 2015, EBIT is projected to be at the same level and net sales are expected to decrease. Board of Directors' proposal for profit distribution The Board of Directors proposes that a dividend of EUR 0.40 be paid for each share for the financial year 2014. Disclosure Atria Plc complies with the disclosure procedure in accordance with standard 5.2b of the Financial Supervisory Authority and publishes its interim report for 1 January to 31 December 2015 as an attachment to this stock exchange release. The full release is available on the company's website at www.atriagroup.com. For more information, please contact: Juha Gröhn, CEO, Atria Plc, tel. +358 400 684224. Invitation to press conference A press conference will be held in Finnish today, 28 April 2015, at 10:00 am at Finlandia Hall, in the Terassi room. Entrance is through door M4 or K4. The presentation material will be available on the company's website (www.atriagroup.com/en/investors/FinancialInformation/quarterlyreports) after the distribution of the interim report and as an attachment to this company announcement. ATRIA PLC Juha Gröhn CEO DISTRIBUTION Nasdaq OMX Helsinki Ltd Major media www.atriagroup.com News Source: NASDAQ OMX --------------------------------------------------------------------- 2015-04-28 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Atria Oyj Finland ISIN: FI0009006548 End of News DGAP News-Service --------------------------------------------------------------------- 349347 2015-04-28
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