INTERIM REPORT OF ATRIA PLC 1 JANUARY - 30 JUNE 2009
GROUP NET SALES AT THE SAME LEVEL AS LAST YEAR - EBIT IN FINLAND SHOWS A CLEAR
IMPROVEMENT
- The Group's net sales grew by 1.6% and EBIT fell short of the previous year's
level
- Calculated in fixed currencies, the Group's net sales increased by 7.8%
- Atria Finland's profitability showed clear improvement over last year
- Atria Scandinavia discontinued its unprofitable salad and sandwich business,
which resulted in non-recurring costs of EUR 2.9 million
- Operational efficiency improvement programmes in Russia, Sweden and Estonia
progressed as planned
- Atria Russia's loss decreased compared to previous quarters
Atria Group:
Q2/ Q2/ H1/ H1/
EUR million 2009 2008 2009 2008 2008
---------------------------------------------------------------------------
Net sales 337.4 334.7 648.1 638.1 1,356.9
EBIT 7.1 10.6 6.8 17.4 38.4
EBIT% 2.1 3.2 1.0 2.7 2.8
Profit before taxes 4.4 7.7 -1.1 11.2 16.7
Earnings per share, EUR 0.09 0.18 -0.06 0.25 0.42
Review Q2/2009
Atria Group's Q2/2009 net sales were at the same level as last year. Calculated
in fixed currencies, the Group's net sales showed a year-on-year increase of
6.3%. Net sales grew in Russia and the Baltic countries, where acquisitions made
last year boosted Atria's sales. Atria Scandinavia's net sales also increased
when calculated in fixed currencies.
The Group's results include EUR 2.9 million of non-recurring costs associated
with the discontinuation of Atria Scandinavia's salad and sandwich business.
Excluding these non-recurring costs, Q2 EBIT was at the same level as last year.
Atria Finland's EBIT increased by more than 60% year-on-year. This was due to
good cost control and efficiency improvement measures carried out during the
previous year, the impact of which can be seen in the first half-year results.
Atria Scandinavia's EBIT excluding non-recurring costs came to EUR 3.5 million
(3.4% of net sales). This significant improvement over the previous quarter is
the result of enhanced margins, as well as the efficiency improvement measures
launched at the beginning of the year.
Atria Russia's performance improved as expected. Losses from the Moscow
operations reduced compared to previous quarters and the integration of
operations and efficiency improvement measures is proceeding according to plan.
In the first half of the year, Atria set efficiency improvement programmes in
motion in Russia, Sweden and Estonia. As a result of these measures, the number
of employees will decrease by about 350. The improved results are partially
reflected in the results for the period. The full effect of the measures will be
felt in the last quarters of the year.
The Group's cash flow for the period was positive and net debt fell by EUR 11
million.
Atria Finland 1 January - 30 June 2009
Q2/ Q2/ H1/ H1/
EUR million 2009 2008 2009 2008 2008
---------------------------------------------------------------------------
Net sales 201.6 202.5 383.6 383.4 797.9
EBIT 10.7 6.6 17.8 8.8 33.9
EBIT% 5.3 3.3 4.6 2.3 4.2
Atria Finland's Q2 net sales were at the same level as last year and EBIT showed
a clear year-on-year improvement. H1/2009 EBIT doubled compared to the previous
year.
Profitability improved further over Q1 due to good cost control, efficiency
improvement measures undertaken during the previous year and higher margins. The
recession has affected the structure of demand and increased demand for products
with lower unit prices.
The market shares of Atria product groups were at the last year's level, and
Atria has been able to maintain its market shares on the food market during the
first half of the year. In retail trade, the market share of Atria products was
approximately 25% (excluding private label products).
Sales and raw material prices are expected to remain stable in Finland
throughout the rest of the year.
Atria Scandinavia 1 January - 30 June 2009
Q2/ Q2/ H1/ H1/
EUR million 2009 2008 2009 2008 2008
---------------------------------------------------------------------------
Net sales 103.3 113.2 202.0 218.3 455.2
EBIT 0.6 5.9 1.9 11.7 14.4
EBIT% 0.6 5.2 0.9 5.4 3.2
Atria Scandinavia's net sales for the period were down slightly year-on-year,
particularly due to the weakening of the Swedish krona. Calculated in fixed
currencies, H1/2009 net sales grew by 5.6% and Q2/2009 net sales by 3.0%
compared to the previous year.
H1 EBIT fell sharply year-on-year, mainly as a result of the weak Swedish krona
and the loss-making salad and sandwich business. Atria Sweden purchases a major
proportion of raw materials from abroad and the price of export goods has risen
due to the weakened krona. Q2/2009 EBIT excluding non-recurring costs improved
considerably over Q1/2009 as a result of enhanced margins, as well as the
efficiency improvement measures launched at the beginning of the year. The
non-recurring costs of EUR 2.9 million recorded for Q2 are associated with the
discontinuation of the salad and sandwich business.
During the review period, Atria Scandinavia announced that it would sell the
Lätta Måltider unit, which manufactures salads and sandwiches. The Norrköping
operations were transferred to a company owned by Richard O'Brien on 24 June and
the Stockholm and Östersund operations were discontinued as planned.
Atria Scandinavia's market shares in the retail sector have remained stable. In
Sweden and Denmark, the recession has reduced demand for Atria product groups
slightly in the retail trade (Source: AC Nielsen). The effect is more strongly
felt in the Foodservice sector.
The efficiency improvement programme launched in early 2009 is progressing as
planned and the resulting savings will be fully realised during the rest of the
year. Market conditions and raw material prices are expected to remain stable in
the latter half of the year.
Christer Åberg, Managing Director of Atria Scandinavia and member of the Atria
Group Management Team, will transfer to another employer by the end of 2009. A
search for a new managing director has begun.
Atria Russia 1 January - 30 June 2009
Q2/ Q2/ H1/ H1/
EUR million 2009 2008 2009 2008 2008
---------------------------------------------------------------------------
Net sales 27.9 19.3 54.4 35.6 93.8
EBIT -1.9 -0.1 -8.9 0.4 -3.4
EBIT% -6.8 -0.5 -16.4 1.1 -3.6
Atria Russia's net sales for the period increased significantly year-on-year,
which is mainly due to the consolidation of Campomos, acquired last autumn, into
Atria. However, the weakening of the Russian rouble against the euro weighed
down the growth of net sales.
The operating loss for the period resulted from the Campomos acquisition at the
end of last year. Due to the weak rouble, prices of imported raw materials
remained high. If the rouble holds steady, there will be no significant pressure
for raw-material prices to increase. During the period, Atria was able to raise
sales prices by about 10%.
Atria's market share in the modern retail trade in the St Petersburg area
remained at a good level. The market share in Moscow fell slightly.
During the review period, Atria Russia continued to implement its efficiency
improvement programme, aimed at improving the cost efficiency of the Russian
operations. The synergies of the St Petersburg and Moscow plants will be more
effectively utilised, and products and accounts with poor profitability will be
discontinued. The efficiency improvement programme resulted in redundancies in
both Moscow and St Petersburg. The net effect of the employee reductions by the
end of June was approximately 150 people. The savings made through the
redundancies are estimated at about EUR 4 million per year. Atria Russia has set
itself the target of making Campomos profitable in 2010.
The start-up of the new production plant in Gorelovo, St Petersburg, is expected
to take place during 2009. The start-up has been postponed due to lack of water
and drain connections.
Atria Baltic 1 January - 30 June 2009
Q2/ Q2/ H1/ H1/
EUR million 2009 2008 2009 2008 2008
---------------------------------------------------------------------------
Net sales 10.5 6.4 19.3 11.9 32.3
EBIT -1.5 -1.2 -2.5 -2.2 -3.8
EBIT% -14.3 -18.8 -13.0 -18.5 -11.8
In Estonia, Atria's net sales showed a clear year-on-year increase due to the
acquisitions made in Summer 2008, but sales growth fell short of expectations.
Atria's earnings in Estonia were unsatisfactory.
Overall demand declined due to the general recession. In addition, sales price
development was weaker than expected as a result of intense competition. The
cost-savings generated by the efficiency improvement programme will materialise
later in the year.
Atria's total market share in the retail sector has decreased slightly. The
market share of Atria Baltic's brands was 22% in cold cuts and 25% in cooking
sausages (Source: AC Nielsen).
Investments
The Group's investments totalled EUR 8.0 million in Q2 and EUR 16.6 million in
H1.
Personnel
The Group had an average of 6,546 (5,831) employees during the period.
Personnel by business area:
H1/2009 H1/2008
Atria Finland 2,277 2,425
Atria Scandinavia 1,575 1,691
Atria Russia 2,019 1,299
Atria Baltics 675 416
Atria Plc's administration
In its organisation meeting following the Annual General Meeting, Atria Plc's
Supervisory Board re-elected retiring member Tuomo Heikkilä as a member of the
Board of Directors. Esa Kaarto was elected as a new member in place of Ilkka
Yliluoma.
Ari Pirkola was reappointed as Chairman and Seppo Paavola as Vice Chairman of
the Supervisory Board. Martti Selin, Chairman of the Board of Directors, was
reappointed.
Atria Plc's Board of Directors now has the following membership: Chairman Martti
Selin; Vice Chairman Timo Komulainen; members Tuomo Heikkilä, Esa Kaarto, Runar
Lillandt, Harri Sivula and Matti Tikkakoski.
Financing
Atria Plc entered into two five-year committed credit facilities of EUR 40
million. These arrangements lengthened the average maturity of the loan
portfolio and strengthened the company's financial position. At 30 June 2009,
the amount of undrawn committed credit facilities stood at EUR 145 million.
During the review period, as in Q1, compensation in the amount of EUR 1.5
million for the delay of the meat product plant in Gorelovo, St Petersburg, was
recorded under interest income.
Short-term business risks
There were no significant changes in Atria's short-term risks in the first half
of the year. The biggest risks are associated with the international price level
of meat raw material and related exchange rate changes. In Sweden and Russia,
Atria purchases a major proportion of raw materials from abroad and exchange
rate changes affect the price of imported goods.
The recession affects the structure of the Group's sales and increases demand
for products with lower unit prices. Due to the financial crisis, credit risks
are higher than a year ago.
Atria Group has drawn up an action and personnel plan for the potential effects
of the H1N1 influenza.
Outlook for the future
The change in the consumer demand caused by the global slowing of economic
growth will have an effect on Atria's sales volumes, particularly in the more
expensive product groups. Moreover, the discontinuation of the salad and
sandwich business in Sweden and of business with unprofitable customers in
Russia, as well as the weakened Swedish krona and Russian rouble, will result in
the Group's full-year net sales remaining at the 2008 level.
Due to the loss-making operations of Campomos and the weakened rouble, Atria
Russia's full-year earnings will remain significantly below last year's level.
The performance of the other business areas cannot entirely cover the change in
the Russian earnings and the Group's full-year EBIT is expected to fall slightly
short of last year's level.
Decisions of the Annual General Meeting
The General Meeting decided that the composition of the Supervisory Board would
be as follows:
Member Term ends
Juha-Matti Alaranta 2012
Juho Anttikoski 2010
Mika Asunmaa 2010
Lassi-Antti Haarala 2012
Juhani Herrala 2010
Henrik Holm 2012
Pasi Ingalsuo 2011
Veli Koivisto 2011
Olavi Kuja-Lipasti 2011
Teuvo Mutanen 2011
Mika Niku 2012
Seppo Paavola 2012
Heikki Panula 2010
Pekka Parikka 2011
Ari Pirkola 2010
Marita Riekkinen 2010
Juho Tervonen 2012
Tomi Toivanen 2012
Timo Tuhkasaari 2011
A total of 19 members.
Board of Directors' valid authorisations for share issue and the granting of
special rights
The General Meeting authorised the Board of Directors to decide, on one or
several occasions, on an issue of a maximum of 12,800,000 new A shares or on any
A shares held by the company through a share issue and/or by granting option
rights or other special rights entitling people to shares as referred to in
Chapter 10, Section 1 of the Companies Act. The authorisation may be exercised
for the financing or execution of any acquisitions or other arrangements or
investments related to the company's business, for the implementation of the
company's incentive programme 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 Companies Act. The authorisation thus includes the right to
also issue shares in deviation from the proportion of the shares held by the
shareholders under the conditions provided by law, the right to issue shares
against or without payment and the right to decide on a share issue to the
company itself without payment - subject to the provisions of the Companies Act
regarding the maximum number of treasury shares to be held by a company.
The authorisation shall supersede all valid share issue authorisations,
including authorisation for a reserve increase, and be valid until the closing
of the next Annual General Meeting, but no later than until June 30, 2010.
Purchase of treasury shares and valid authorisations
The General Meeting authorised the Board of Directors to decide, on one or
several occasions, on the acquisition of a maximum of 2,800,000 of the Company's
own Series A shares with funds belonging to the Company's unrestricted equity,
subject to the provisions of the Companies Act regarding the maximum number of
treasury shares to be held by a company. Shares in the company's A Series may be
acquired for use as consideration in any acquisitions or other arrangements
related to the company's business; to finance investments; as part of the
company's incentive scheme; to develop the company's capital structure; and to
be otherwise further transferred, retained by the company or cancelled.
The Board of Directors may also decide to acquire A shares in deviation from the
proportion of the shares held by the shareholders. The shares shall be acquired
in public trading arranged by NASDAQ OMX Helsinki Ltd at the market price at the
time of acquisition. The shares shall be acquired and paid for in accordance
with the rules of NASDAQ OMX Helsinki Ltd and Euroclear Finland Oy.
The General Meeting authorised the Board of Directors to decide on the
acquisition of treasury shares in all other respects.
The authorisation shall be valid until the closing of the next Annual General
Meeting, but no later than until June 30, 2010.
Amendment of the Articles of Association
The General Meeting approved the company's dispensation with the nominal value
of shares and changing of the delivery time of the notice of the AGM by amending
Articles 3, 4 and 13 of the Articles of Association to read as follows:
Article 3: Nominal value of shares
The shares have no nominal value.
Article 4: Share classes
Series A shares have preference for a dividend of EUR 0.17, after which Series
KII shares are paid a dividend of up to EUR 0.17. If dividend remains to be paid
after this, Series A and Series KII shares entitle their holders to an equal
right to a dividend.
Each Series KII share entitles its holder to ten (10) votes at a General Meeting
and each Series A share to one (1) vote.
Article 13: Venue of General Meetings, notice of meeting and registration
The company's General Meetings shall be held in Kuopio or Helsinki. The notice
to convene a General Meeting shall be sent to shareholders two (2) months before
the last registration date indicated in the notice at the earliest and
twenty-one (21) days before the General Meeting at the latest by means of a
letter mailed to their addresses or an announcement published in at least one
national newspaper specified by the Board of Directors. To have the right to
participate in a General Meeting, a shareholder must register with the company
no later than on the day mentioned in the notice of meeting, which can be no
earlier than ten (10) days before the meeting.
KEY FIGURES
EUR million 1-6/09 1-6/08 1-12/08
Shareholders' equity per share, EUR 14.89 16.24 15.34
Interest-bearing liabilities 448.8 371.9 448.4
Equity ratio, % 38.7 44.7 38.4
Gearing, % 106.2 80.7 103.1
Net gearing, % 100.3 73.9 94.6
Gross investments to fixed assets 16.6 35.8 152.6
% of Net sales 2.6 5.6 11.2
Average FTE 6 546 5 831 6 135
Accounting principles
This interim report was 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 2008 annual financial statements. However, as
of 1 January 2009, the Group has adopted the following standards published by
the IASB, included in the accounting principles of the annual financial
statements of 2008:
- IAS 1, Presentation of Financial Statements. The aim of the revision is to
improve the ability of users to analyse and compare the data provided in
financial statements by separating changes in equity related to transactions
with company owners from other changes in equity. The revision will also lead to
comprehensive modifications of the terminology used in other standards and to
changes in the titles of some financial statements.
- IFRS 8, Segment Reporting. The standard replaces IAS 14. The standard requires
segment information to be presented using the "management approach", which means
that data is presented in the same way as in internal reporting. The new
standard will not affect the segments to be reported, nor will it significantly
affect the information provided on segments, since the segment information
previously published by the Group has been based on internal reporting.
- The other standards published by the IASB, included in the accounting
principles of the annual financial statements 2008 and adopted as of 1 January
2009, have not had a significant effect on the figures presented for the review
period.
Function-specific income statement
As of 1 January 2009, Atria has adopted in its external reporting the
function-specific income statement model that is also used in the company's
internal reporting.
The comparative figures for 2008 presented in the interim report have been
adjusted to correspond to the function-specific income statement model. The
function-specific income statements for 2008 by quarter and total figures for
2008 are presented in the previous interim report published on 28 April 2009.
The figures given in the interim report are unaudited.
ATRIA PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Assets
EUR million 30-6-09 30-6-08 31-12-08
Non-current assets
Property, plant and
equipment 477.3 466.1 493.5
Goodwill 152.2 151.5 151.1
Other intangible
assets 69.1 64.0 70.5
Investments in joint ventures
and associates 6.8 5.9 6.1
Other financial
assets 2.3 2.1 2.1
Loan assets and other
receivables 13.9 10.2 15.5
Deferred tax assets 5.9 1.1 2.2
Total 727.5 700.9 741.0
Current assets
Inventories 107.9 100.2 113.3
Trade and other
receivables 219.8 198.4 231.8
Cash and cash
equivalents 24.9 31.0 37.1
Total 352.6 329.6 382.2
Non-current assets
held for sale 11.0 11.3
Total assets 1 091.1 1 030.5 1 134.5
Equity and liabilities
EUR million 30-6-09 30-6-08 31-12-08
Equity
Equity belonging to
the shareholders of the
parent company 420.9 459.1 433.5
Minority interest 1.6 1.9 1.4
Total equity 422.5 461.0 434.9
Non-current liabilities
Interest-bearing financial
liabilities 342.9 170.0 320.8
Deferred tax
liabilities 41.3 42.5 42.4
Other non-interest-bearing
liabilities 0.4 0.6 0.2
Total 384.6 213.1 363.4
Current liabilities
Interest-bearing financial
liabilities 105.8 201.9 127.6
Trade and
other payables 178.2 154.5 208.6
Total 284.0 356.4 336.2
Total liabilities 668.6 569.5 699.6
Total equity and
liabilities 1 091.1 1 030.5 1 134.5
CONSOLIDATED INCOME STATEMENT
EUR million 4-6/09 4-6/08 1-6/09 1-6/08 1-12/08
Net sales 337.4 334.7 648.1 638.1 1 356.9
Cost of goods sold -294.6 -293.9 -573.5 -562.5 -1 198.4
Gross profit 42.8 40.8 74.6 75.6 158.5
* of Net sales 12.7 12.2 11.5 11.8 11.7
Sales and
marketing costs -20.9 -19.3 -38.0 -36.2 -73.6
Administration costs -12.0 -11.7 -25.9 -23.3 -47.3
Other income 1.0 0.9 2.0 1.6 3.7
Other expenses -3.8 -0.1 -5.9 -0.3 -2.9
EBIT 7.1 10.6 6.8 17.4 38.4
* of Net sales 2.1 3.2 1.0 2.7 2.8
Finance income 34.5 2.4 46.3 5.1 44.4
Finance costs -37.7 -5.5 -54.8 -11.5 -66.7
Share of the result of
associates 0.5 0.2 0.6 0.2 0.6
Profit before tax 4.4 7.7 -1.1 11.2 16.7
* of Net sales 1.3 2.3 -0.2 1.8 1.2
Income tax expense -1.8 -2.6 -0.3 -4.0 -5.3
Profit
for the period 2.6 5.1 -1.4 7.2 11.4
* of Net sales 0.8 1.5 -0.2 1.1 0.8
Profit attributable to:
Owners of the parent 2.5 5.1 -1.6 7.2 11.8
Minority interest 0.1 0.2 -0.4
Total 2.6 5.1 -1.4 7.2 11.4
Basic earnings/
share, EUR 0.09 0.18 -0.06 0.25 0.42
Diluted earnings/
share, EUR 0.09 0.18 -0.06 0.25 0.42
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 4-6/09 4-6/08 1-6/09 1-6/08 1-12/08
Profit for the period 2.6 5.1 -1.4 7.2 11.4
Other comprehensive income after tax:
Available-for-sale
financial assets -1.8 -1.8
Translation
differences 4.0 0.1 -4.8 -0.8 -30.0
Total comprehensive income
for the period 6.6 5.2 -6.2 4.6 -20.4
Total comprehensive income attributable to:
Owners of the
parent 6.5 5.2 -6.4 4.6 -20.0
Minority interest 0.1 0.2 -0.4
Total 6.6 5.2 -6.2 4.6 -20.4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million Equity belonging to the shareholders of the Mino Equity,
parent company rity total
Share Share Fair Inv. Own Trans Retain Total
ca- premium value non- shares lation ed
pi- fond rest. diff. earn-
al equity ings
fond
Equity
1-1-2008 48.1 138.5 1.9 110.5 0.0 -3.4 178.5 474.1 1.9 476.0
Periods comprehensive
income -1.8 -0.8 7.2 4.6 4.6
Share-based
payment 0.2 0.2 0.2
Distribution of
dividends -19.8 -19.8 -19.8
Equity
30-6-2008 48.1 138.5 0.1 110.7 0.0 -4.2 165.9 459.1 1.9 461.0
Equity
1-1-2009 48.1 138.5 0.1 110.3 -0.5 -33.5 170.5 433.5 1.4 434.9
Periods comprehensive
income -4.8 -1.6 -6.4 0.2 -6.2
Share-based
payment 0.2 0.2 0.2
Acquired treasure
shares -0.7 -0.7 -0.7
Distribution of
dividends -5.7 -5.7 -5.7
Equity
30-6-2009 48.1 138.5 0.1 110.5 -1.2 -38.3 163.2 420.9 1.6 422.5
CONSOLIDATED CASH FLOW STATEMENT
EUR million 1-6/09 1-6/08 1-12/08
Cash flow from operating activities
Operating activities 24.9 14.8 69.9
Financial items
and taxes -15.0 -13.8 -32.3
Net cash flow from operating
activities 9.9 1.0 37.6
Cash flow from investing activities
Tangible and intangible
assets -15.7 -35.7 -65.5
Investments -2.2 -0.2 3.6
Bought shares in
subsidiaries -41.3
Net cash used in investing
activities -17.9 -35.9 -103.2
Cash flow from financing activities
Loans drawn down 28.4 97.5 171.7
Loans repaid -26.2 -47.4 -86.0
Dividends paid -5.7 -19.8 -19.8
Acquired treasury
shares -0.7 -0.9
Net cash used in financing
activities -4.2 30.3 65.0
Change in liquid
funds -12.2 -4.6 -0.6
OPERATING SEGMENTS
EUR million 4-6/09 4-6/08 1-6/09 1-6/08 1-12/08
Net sales
Finland 201.6 202.5 383.6 383.4 797.9
Scandinavia 103.3 113.2 202.0 218.3 455.2
Russia 27.9 19.3 54.4 35.6 93.8
Baltics 10.5 6.4 19.3 11.9 32.3
Eliminations -5.9 -6.7 -11.2 -11.1 -22.3
Total 337.4 334.7 648.1 638.1 1,356.9
EBIT
Finland 10.7 6.6 17.8 8.8 33.9
Scandinavia 0.6 5.9 1.9 11.7 14.4
Russia -1.9 -0.1 -8.9 0.4 -3.4
Baltics -1.5 -1.2 -2.5 -2.2 -3.8
Unallocated -0.8 -0.6 -1.5 -1.3 -2.7
Total 7.1 10.6 6.8 17.4 38.4
ROCE *
Finland 9.9 % 7.5 % 7.9 %
Scandinavia 1.8 % 9.1 % 5.4 %
Russia -9.3 % 3.3 % -3.3 %
Baltics -8.0 % -16.5 % -9.1 %
Group 3.1 % 6.2 % 4.5 %
* ROCE % =
EBIT, 12mr / Capital employed, 12 mr avg *100
Investments
Finland 4.0 9.0 6.8 13.7 23.8
Scandinavia 0.8 2.5 2.1 3.5 41.8
Russia 2.7 7.2 6.6 16.7 68.6
Baltics 0.5 1.2 1.1 1.9 18.4
Total 8.0 19.9 16.6 35.8 152.6
Depreciations
Finland 7.6 7.5 15.1 15.1 29.8
Scandinavia 3.1 3.3 5.7 6.4 11.7
Russia 1.3 0.7 2.9 1.4 3.2
Baltics 1.0 0.6 1.8 1.2 2.8
Total 13.0 12.1 25.5 24.1 47.5
CONTINGENT LIABILITIES
EUR million 30-6-09 30-6-08 31-12-08
Debts with mortgages or other collateral
given as security
Loans from financial
institutions 5.3 4.6 9.6
Pension fund loans 4.3 4.4 3.9
Total 9.6 9.0 13.5
Mortgages and other securities given as
comprehensive security
Real estate
mortgages 6.6 6.1 6.7
Corporate mortgages 5.5 1.3 7.9
Total 12.1 7.4 14.6
Guarantee engagements not included
in the balance sheet
Guarantees 12.8 6.4 0.9
ATRIA PLC
Board of Directors
For further information, please contact Matti Tikkakoski, President and CEO,
tel. +358 50 2582.
DISTRIBUTION
Nasdaq OMX Helsinki Ltd
Principal media
www.atria.fi
The interim report will be sent to you upon request and is also available on our
website at www.atria.fi/konserni.
Stock exchange releases | 30.7.2009