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Baltika’s Unaudited Financial Results, First Quarter of 2022

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Baltika
Baltika

Baltika Group ended the first quarter with a net loss of 1,345 thousand euros. The loss for the same period last year was 1,655 thousand euros. This signifies an improvement of 310 thousand euros despite the negative impact of COVID-19 spread all over the Baltics and the unpredictable war situation between Russia and Ukraine which has negatively affected the Group’s performance during the first quarter of 2022.

The Group's sales revenue for the first quarter was 2,075 thousand euros, decreasing by 3% compared to the same period last year when due to the second wave of COVID-19 stores were partially closed across the Baltics. In addition to that, the Group suffered during the whole Q1 2022 from the high level of COVID-19 cases in all Baltic countries, which negatively affected the in-store traffic and created a lot of difficulties running daily in-store operations due to high level of COVID-19 spread also within the store staff.

E-com sales revenue for the first quarter was 337 thousand euros, decreasing by 65% compared to the same period last year even if performance is not fully comparable due to the fact that during Q1 2021 the e-com performance included mostly sales of Baltman and Monton discounted products.

The gross profit for the quarter was 849 thousand euros, decreasing by 24 thousand euros compared to the same period of the previous year (Q1 2021: 873 thousand euros). The company's gross profit margin was 40,91% the same level as in the first quarter of the previous year (Q1 2021: 40.93%).

The Group's distribution and administrative expenses were 2,193 thousand euros in the first quarter, decreasing by 17% i.e., 2,636 thousand euros compared to the same period last year. The reduction in costs in the retail market is related to overall cost savings and the closure of unprofitable stores. The head-office distribution and administrative expense decreased a further 133 thousand euros compared to the same period last year.

Baltika Group ended the year with cash and cash equivalents of 528 thousand euros, using the bank's overdraft facility in the amount of 2,559 thousand euros (out of the limit of 3,000 thousand euros) at the end of the quarter. Baltika will continue to implement the strategy – to develop modern high-quality products under its womenswear brand Ivo Nikkolo that is available in Estonia, Latvia and Lithuania and in the e-store.


CONSOLIDATED STATEMENT OF FINANCIAL POSITION


31 March 2022



31 Dec 2021



ASSETS

Current assets

Cash and cash equivalents

528

614

Trade and other receivables

258

696

Inventories

2,145

2,491

Total current assets

2,931

3,801

Non-current assets

Deferred income tax asset

80

80

Other non-current assets

159

172

Property, plant and equipment

1,131

855

Right-of-use assets

6,108

5,956

Intangible assets

615

631

Total non-current assets

8,093

7,694

TOTAL ASSETS

11,024

11,495


LIABILITIES AND EQUITY

Current liabilities

Borrowings

362

364

Lease liabilities

1,730

1,692

Trade and other payables

2,685

2,438

Total current liabilities

4,777

4,494

Non-current liabilities

Borrowings

2,909

2,425

Lease liabilities

4,371

4,264

Total non-current liabilities

7,280

6,689


TOTAL LIABILITIES


12,057


11,183


EQUITY

Share capital at par value

5,408

5,408

Reserves

4,431

4,431

Retained earnings

-9,527

-6,627

Net profit (loss) for the period

-1,345

-2,900

TOTAL EQUITY

-1,033

312

TOTAL LIABILITIES AND EQUITY

11,024

11,495


CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND COMPREHENSIVE INCOME

1Q 2022

1Q 2021

Revenue

2,075

2,132

Cost of goods sold

-1,226

-1,259

Gross profit

849

873

Distribution costs

-1,831

-2,141

Administrative and general expenses

-362

-495

Other operating income (-expense)

82

234

Operating profit (loss)

-1,262

-1,529

Finance costs

-83

-126

Profit (loss) before income tax

-1,345

-1,655

Income tax expense

0

0

Net profit (loss) for the period

-1,345

-1,655

Basic earnings per share from net profit (loss)
for the period, EUR

-0,01

-0,03

Diluted earnings per share from net profit (loss)
for the period, EUR

-0,01

-0,03


Flavio Perini
Chairman of Management Board, CEO
flavio.perini@baltikagroup.com

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