Atria Sales and Profit Improve30 April 2013
FINLAND - Finnish meat processing group Atria's net sales for the first quarter of the year reached €328.4 million compared to €308.6 million for the same period in the previous year, showing growth of €19.8 million year-on-year.
Net profit improved by €3.1 million year-on-year, amounting to €3.2 million (€0.1 million). EBIT includes a non-recurring profit of € 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 €50 million bond with fixed interest rate during the review
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 was a negative €3.8 million and net liabilities were €372.1 million.
Atria Finland's net sales for January-March totalled €205.1 million compared to €188.5 million in 2012, up by €16.6 million year-on-year.
Profit improved by €1.5 million year-on-year, reaching to €6.7
The company said that higher sale prices and slightly higher sales volumes improved EBIT but the prices of meat raw materials continued to rise.
Atria Scandinavia's net sales for January-March totalled €94.2 million compared to €89.5 million in 2012.
EBIT was €0.1 million compared to €0.2 million in the previous year as the prices of meat raw materials have remained high, which impaired EBIT development.
Atria Russia's net sales for January-March were to €27.4 million down from €28.3 million for the same period in 2012.
The Russian section still showed a loss but and improvement on 2012 with a loss of €3.1 million compared to €3.3 million the previous year.
Atria Baltic's net sales for January-March totalled €7.2 million compared to €7.9 million, representing a fall of €0.7 million year-on-year. The Baltic operations also showed a slight loss of €0.4 million compared to €0.5 million for the three months in 2012.
The company said the Group's EBIT was €30.2 million in 2012. In 2013, it is expected to be higher and some growth in net sales is expected for 2013.
TheMeatSite News Desk