Atria reported Q4 adjusted EBIT of EUR 10.3m, -19% / -13% versus Refinitiv consensus and Nordea, respectively. Q4 net sales of EUR 404m were up 1% y/y and came 3% above consensus (+2% versus Nordea). Adjusted EBIT declined in all segments due to higher costs. Exports to China declined due to deteriorated market situation towards year end. The Finnish poultry investment is progressing according to the planned schedule and should be operational in 2024. Dividend proposal stands well above expectations at EUR 0.63 (consensus EUR 0.51 after EUR 0.50 in 2020). Atria expects adjusted EBIT to decline in 2022 (consensus EUR 45.5m after EUR 49.2m in 2021). As a first take, we expect consensus to cut 2022 EBIT estimate by around 5% due to uncertainties over cost inflation and export level to China.
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