FINANCIAL HIGHLIGHTS, Q1 2008 - Revenue 266 million kroons - Retail sales 226 million kroons, 6% growth yoy - Gross margin 52.0% - Operating loss 7.3 million kroons - Net loss 11.0 million kroons - Sales area 15% growth yoy Chairman of the Management Board, Meelis Milder: “The first quarter of this year proved that Baltika's success is directly related to fast sales growth. After rapid expansion we decided that in the second half of 2007 and in the first half of this year we will slow down the opening of new stores in order to focus on reinforcing the efficiency of our existing retail system. Now we are experiencing the first results - the efficiency indicators of our large markets have improved considerably despite unfavourable business conditions in the first quarter: comparable store sales in local currency grew by 11% in Russia, 6% in Poland and even by 14% in Ukraine. At the same time there is a price to be paid for slowing down growth - it is very complicated in the clothing retail business to earn profit without sales growth in the most complicated quarter of the calendar year. In addition, we did not foresee the negative effect of a combination of factors at the beginning of this year such as a less active than usual discounted sales period in January, late spring and negative calendar effects in March, slowing down consumption in the Baltic markets and considerable weakening of the rouble and hryvnia against the euro. This is how we ended up with a minus. We believe that the most difficult period of the year should now be over for Baltika. Growth is expected to accelerate during the second half of the year when we plan to open 14-18 new stores and add more than 4,000 square metres of sales space.” In the first quarter of 2008, the Group's revenues remained stable at 266.1 million kroons (17.0 million euros) compared with a year ago. Retail sales improved by 5.6% and wholesale revenues declined by 19.3% yoy. The period's gross margin was 52.0%. In Q1 2008, Baltika Group earned operating loss of 7.3 million kroons (0.5 million euros) and net loss of 11.0 million kroons (0.7 million euros). The Group opened three stores, increasing its sales area by 15% yoy. REVENUE Revenue by business segment -------------------------------------------------------------------------------- | EEK million | Q1 2008 | Q1 2007 | +/- | -------------------------------------------------------------------------------- | Retail | 225.5 | 213.6 | 5.6% | -------------------------------------------------------------------------------- | Wholesale | 40.1 | 49.6 | -19.3% | -------------------------------------------------------------------------------- | Other | 0.5 | 3.1 | -85.3% | -------------------------------------------------------------------------------- | Total | 266.1 | 266.3 | -0.1% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 RETAIL The main impact on the first quarter sales came from weak sales in March, which should be the strongest month of the quarter in fashion retailing. In March, discounted sales period is over and the sales of the new season's collections start. This year, however, cold weather in combination with low customer activity during Easter holidays had a negative impact on March sales. Compared with the prior year, retail sales for the first quarter grew by 5.6% amounting to 225.5 million kroons (14.4 million euros). The Group's average sales area of the first quarter grew by 20% yoy and the average sales efficiency (sales per square metre) declined by 12%. Efficiency is continually affected by sales area expansion - new stores have more space and in the start-up period their efficiency is generally lower. Additionally, the Group's average sales efficiency was not supported by comparable store sales which decreased by 4.5% during the period. Sales in comparable stores decreased in the Baltic markets while in big Central and Eastern European markets comparable store sales improved in the first quarter. Baltic economies are currently in a cooling phase and so is the consumption. Lithuania became the Group's largest retail market in the first quarter of 2008 surpassing barely Estonia. The third-largest retail market was Russia. The fastest growing market in the first quarter was Poland with 15% yoy sales growth. Among the Baltic countries, the sales grew in Latvia and Lithuania where the Group's sales area expanded the most in 2007. Sales in Estonia remained stable compared with a year ago. Retail sales by market -------------------------------------------------------------------------------- | EEK million | Q1 2008 | Q1 2007 | +/- | Percentage, Q1 | | | | | | 2008 | -------------------------------------------------------------------------------- | Lithuania | 52.3 | 47.9 | 9% | 23% | -------------------------------------------------------------------------------- | Estonia | 51.8 | 52.3 | -1% | 23% | -------------------------------------------------------------------------------- | Russia | 40.9 | 39.7 | 3% | 18% | -------------------------------------------------------------------------------- | Ukraine | 37.5 | 37.4 | 0% | 17% | -------------------------------------------------------------------------------- | Latvia | 33.2 | 29.6 | 12% | 15% | -------------------------------------------------------------------------------- | Poland | 7.7 | 6.7 | 15% | 3% | -------------------------------------------------------------------------------- | Czech Republic | 2.1 | 0 | - | 1% | -------------------------------------------------------------------------------- | Total | 225.5 | 213.6 | 6% | 100% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 In terms of brands, the largest contributor is Monton that accounted for 55% of the Group's retail sales for the first quarter of 2008. The sales of Monton amounted to 125 million kroons (8.0 million euros), 6% up on the prior year. Retail sales of Mosaic increased by 11% yoy to 74 million kroons (4.7 million euros) contributing 33% to the Group's retail revenue. Retail sales of Baltman declined by 15% yoy to 18 million kroons (1.2 million euros). The sales of the Ivo Nikkolo brand expanded by 53% yoy and totalled 6.5 million kroons (0.4 million euros). STORES AND SALES AREA At the end of March 2008 the Group had 124 stores with a total sales area of 23,964 square metres. Compared with March 2007, the net growth of the retail system was six stores and ca 3,000 square metres as a result of which the sales area operated by the Group increased by 15% yoy. Stores by market -------------------------------------------------------------------------------- | | 31.03.2008 | 31.03.2007 | -------------------------------------------------------------------------------- | Lithuania | 29 | 26 | -------------------------------------------------------------------------------- | Estonia | 29 | 28 | -------------------------------------------------------------------------------- | Russia | 21 | 24 | -------------------------------------------------------------------------------- | Ukraine | 22 | 22 | -------------------------------------------------------------------------------- | Latvia | 16 | 13 | -------------------------------------------------------------------------------- | Poland | 5 | 5 | -------------------------------------------------------------------------------- | Czech Republic | 2 | - | -------------------------------------------------------------------------------- | Total stores | 124 | 118 | -------------------------------------------------------------------------------- | Total sales area, m2 | 23,964 | 20,901 | -------------------------------------------------------------------------------- In the first quarter, the Group opened three and closed seven stores. Two stores were opened in Ukraine and one in the Czech Republic in the city of Ostrava. The latter represents the second opening in the Czech market and entry into a new city. Stores were closed in Russia (3), Ukraine (2), Lithuania (1) and Estonia (1). In the second quarter, there will be no closings while two more stores will be opened. One of the stores has already been opened in Kaliningrad, Russia and the other one will be opened in Narva, Estonia. Both openings represent entry into a new city. The Group's main objective of the first half-year is to streamline the store portfolio - a total of five stores will be opened and seven closed. In the second half of the year, the Group intends to open 14-18 stores taking the total number of stores to 140-145 by the end of 2008. WHOLESALE Wholesale revenue for the first quarter amounted to 40.1 million kroons (2.6 million euros), 19.3% down from the prior year. The decline in wholesale revenue was planned - wholesale revenues are expected to decline by 15-20% yoy. In the second half of the year, wholesale revenues should remain at the level of the prior year. EARNINGS AND MARGINS The first quarter of the year is characterised by the end of season clearance sale in January and February. This year, March sales were also weak having a significant impact on the Group's first quarter profitability. Additionally, the first quarter results were influenced by the weakening of the Russian rouble and Ukrainian hryvnia against the Estonian kroon and resulting foreign exchange losses. The results are also affected by retail space expansion, especially lower efficiency of new stores in the start-up period. The Group's gross margin for the first quarter of 2008 was 52.0% (Q1 2007: 52.5%) and gross profit remained almost stable at 138.4 million kroons (8.8 million euros) compared with a year ago. Stemming from the current situation, the Group is focusing on cutting costs as a result of which the first quarter administrative and general expenses remained at the same level if compared with the prior year. Distribution costs increased in connection with the opening of new stores by 16.6% yoy. The first quarter results were adversely affected by exchange rate fluctuations - the period's other operating expenses and financial expenses include foreign exchange losses of 8.4 million kroons (537 thousand euros). In the first quarter of 2007, foreign exchange losses totalled 1.2 million kroons (76 thousand euros). Baltika Group ended the first quarter of 2008 with operating loss of 7.3 million kroons (0.5 million euros). Operating profit for the first quarter of 2007 amounted to 24.1 million kroons (1.5 million euros). Consolidated operating profit for the first quarter includes gains from revaluation of investment property of 11.25 million kroons (0.7 million euros) recognised in other operating income. In Q1 2007, gains from sale of non-current assets totalled 16.2 million kroons (1.0 million euros). In accordance with International Financial Reporting Standards (IFRS), Baltika recognises in its financial statements gains resulting from changes in the fair value of investment property located at Veerenni 24, Tallinn which is currently being developed. Based on the fair value estimation by an independent expert, the total value of the Veerenni 24 property is 235 million kroons (15.0 million euros) once the first phase of the construction is complete and the detailed plan of the whole property is confirmed. Please see section “Real estate development” for an overview of the Veerenni 24 project. Compared with the prior year, the Group's financial expenses doubled in the first quarter of 2008 amounting to 3.8 million kroons (241 thousand euros). Financial expenses grew primarily on account of foreign exchange losses. Interest expenses increased by 34.1% compared to the same period in 2007. The Group's net loss for the first quarter of 2008 (after tax and minority interest) amounted to 11.0 million kroons (0.7 million euros). In Q1 2007, the Group's net profit was 21.7 million kroons (1.4 million euros). BALANCE SHEET At 31 March 2008, the Group's consolidated balance sheet total was 667 million kroons (42.6 million euros), a 7% increase yoy. During the year, the Group's trade receivables decreased by 25 million kroons (1.6 million euros) to 71 million kroons (4.6 million euros) by the end of the first quarter. During the same period, trade payables grew by 5 million kroons (0.3 million euros) amounting to 85 million kroons (5.4 million euros) at 31 March 2008. At the end of March inventories stood at 229 million kroons (14.7 million euros), up 11% yoy. Inventory turnover ratio (revenue/average inventories) was 5.18 compared with 5.44 a year ago. At 31 March 2008, the Group's borrowings totalled 199 million kroons (12.7 million euros), including bank loans of 135 million kroons (8.6 million euros) and overdraft facility of 52 million kroons (3.3 million euros). The remainder of borrowings was made up of finance lease liabilities of 11 million kroons (0.7 million euros) and other liabilities of 1 million kroons (0.1 million euros). The borrowings have increased by 29 million kroons (1.8 million euros) over the year. At the end of March 2008, the Group's net debt (interest-bearing liabilities less cash and bank balances) to equity ratio was 56.9% against 35.6% a year ago. INVESTMENTS The Group's investments for the first quarter of 2008 totalled 22.3 million kroons/1.4 million euros (Q1 2007: 23.8 million kroons/1.5 million euros). Investments in the retail business amounted to 9.7 million kroons (0.6 million euros), in real estate development 7.9 million kroons (0.5 million euros), in information technology 2.7 million kroons (0.2 million euros) and in production activities 2.0 million kroons (0.1 million euros). REAL ESTATE DEVELOPMENT Baltika establishes an office and business quarter, the Baltika Quarter, a project that is expected to unite the design and creative companies in the centre of Tallinn. In the beginning of 2008, Baltika launched the first phase of the Baltika Quarter involving reconstruction of the former sewing factory into a five-storey and 10,000 square metre business centre. The largest premises of the new centre will be occupied by Baltika's headquarters and a unique experimental store. The rest of the space will be let. The first phase of the development project should be completed in May 2009 and the total cost of the project is estimated to be approximately 160 million kroons (10 million euros). The second phase of the project includes constructing of an additional building on the territory of Baltika's courtyard. The time schedule of the second phase will be determined after the completion of the first phase. PEOPLE At the end of March 2008, Baltika Group employed 1,951 (31 March 2007: 2,017) people including 967 (968) in the retail business, 763 (847) in production operations and 221 (202) in the head office. The number of people employed outside Estonia was 781 (792), i.e., 40% of all employees. The three months' average number of employees was 1,956 (Q1 2007: 1,949). The Group's employee remuneration expenses for the first quarter of 2008 totalled 56.1 million kroons/3.6 million euros (Q1 2007: 40.2 million kroons/2.6 million euros). Payments made to members of the supervisory council and management board totalled 1.16 million kroons/74 thousand euros (Q1 2007: 1.30 million kroons/83 thousand euros). INCREASING OWNERSHIP IN A SUBSIDIARY In the first quarter of 2008, AS Baltika acquired an additional stake of 10.67% of the share capital of its subsidiary AS Virulane and increased its ownership to 93.30%. The core business of AS Virulane is apparel manufacturing. KEY FIGURES OF THE GROUP (Q1 2008) -------------------------------------------------------------------------------- | | 31.03.2008 | 31.03.2007 | +/- | -------------------------------------------------------------------------------- | Revenue (EEK million) | 266.1 | 266.3 | -0.1% | -------------------------------------------------------------------------------- | Retail sales (EEK million) | 225.5 | 213.6 | 5.6% | -------------------------------------------------------------------------------- | Share of retail sales in revenue | 85% | 80% | | -------------------------------------------------------------------------------- | Number of stores | 124 | 118 | 5.1% | -------------------------------------------------------------------------------- | Sales area (m2) | 23,964 | 20,901 | 14.7% | -------------------------------------------------------------------------------- | Number of employees (end of | 1,951 | 2,017 | -3.3% | | period) | | | | -------------------------------------------------------------------------------- | Gross margin | 52.0% | 52.5% | | -------------------------------------------------------------------------------- | Operating margin | -2.7% | 9.0% | | -------------------------------------------------------------------------------- | EBT margin | -4.2% | 8.3% | | -------------------------------------------------------------------------------- | Net margin | -4.1% | 8.1% | | -------------------------------------------------------------------------------- | Current ratio | 1.7 | 2.0 | -15.0% | -------------------------------------------------------------------------------- | Inventory turnover | 5.18 | 5.44 | -4.8% | -------------------------------------------------------------------------------- | Debt to equity ratio | 60.9% | 52.3% | | -------------------------------------------------------------------------------- | Return on equity | 1.8% | 35.7% | | -------------------------------------------------------------------------------- | Return on assets | 0.9% | 17.8% | | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 Definitions of key ratios Gross margin = (Revenue-Cost of goods sold)/Revenue Operating margin = Operating profit/Revenue EBT margin = Profit before income tax/Revenue Net margin = Net profit (attributable to parent)/Revenue Current ratio = Current assets/Current liabilities Inventory turnover = Revenue/Average inventories* Debt to equity ratio = Interest-bearing liabilities/Equity Return on equity (ROE) = Net profit (attributable to parent)/Average equity* Return on assets (ROA) = Net profit (attributable to parent)/Average total assets* *Based on 12-month average CONSOLIDATED INCOME STATEMENT (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 266,056 | 266,330 | -------------------------------------------------------------------------------- | Cost of goods sold | -127,630 | -126,430 | -------------------------------------------------------------------------------- | Gross profit | 138,426 | 139,900 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -137,315 | -117,788 | -------------------------------------------------------------------------------- | Administrative and general expenses | -12,862 | -12,887 | -------------------------------------------------------------------------------- | Other operating income | 12,032 | 16,278 | -------------------------------------------------------------------------------- | Other operating expenses | -7,554 | -1,431 | -------------------------------------------------------------------------------- | Operating profit (loss) | -7,273 | 24,072 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -3,778 | -1,836 | -------------------------------------------------------------------------------- | Interest expenses, net | -2,474 | -1,845 | -------------------------------------------------------------------------------- | Foreign exchange losses, net | -1,593 | 13 | -------------------------------------------------------------------------------- | Other financial income (expenses), net | 289 | -4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) before income tax | -11,051 | 22,236 | -------------------------------------------------------------------------------- | Income tax | -443 | -422 | -------------------------------------------------------------------------------- | Net profit (loss) | -11,494 | 21,814 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit (loss) attributable to equity | -11,023 | 21,662 | | holders of the parent company | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable to minority | -471 | 152 | | shareholders | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EEK | -0.59 | 1.16 | -------------------------------------------------------------------------------- | Diluted earnings per share, EEK | -0.59 | 1.16 | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 17,004 | 17,022 | -------------------------------------------------------------------------------- | Cost of goods sold | -8,157 | -8,080 | -------------------------------------------------------------------------------- | Gross profit | 8,847 | 8,941 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -8,776 | -7,528 | -------------------------------------------------------------------------------- | Administrative and general expenses | -822 | -824 | -------------------------------------------------------------------------------- | Other operating income | 769 | 1,040 | -------------------------------------------------------------------------------- | Other operating expenses | -483 | -91 | -------------------------------------------------------------------------------- | Operating profit (loss) | -465 | 1,538 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -241 | -117 | -------------------------------------------------------------------------------- | Interest expenses, net | -158 | -118 | -------------------------------------------------------------------------------- | Foreign exchange losses, net | -102 | 1 | -------------------------------------------------------------------------------- | Other financial income (expenses), net | 18 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) before income tax | -706 | 1,421 | -------------------------------------------------------------------------------- | Income tax | -28 | -27 | -------------------------------------------------------------------------------- | Net profit (loss) | -735 | 1,394 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit (loss) attributable to equity | -704 | 1,385 | | holders of the parent company | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable to minority | -30 | 9 | | shareholders | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EUR | -0.04 | 0.07 | -------------------------------------------------------------------------------- | Diluted earnings per share, EUR | -0.04 | 0.07 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | 31.03.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 13,287 | 31,494 | -------------------------------------------------------------------------------- | Trade and other receivables | 117,987 | 113,563 | -------------------------------------------------------------------------------- | Inventories | 229,395 | 220,698 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 0 | 500 | -------------------------------------------------------------------------------- | Total current assets | 360,669 | 366,255 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 5,897 | 5,897 | -------------------------------------------------------------------------------- | Other non-current assets | 7,886 | 11,448 | -------------------------------------------------------------------------------- | Investment property | 22,540 | 11,250 | -------------------------------------------------------------------------------- | Property, plant and equipment | 211,120 | 203,098 | -------------------------------------------------------------------------------- | Intangible assets | 59,056 | 58,409 | -------------------------------------------------------------------------------- | Total non-current assets | 306,499 | 290,102 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 667,168 | 656,357 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 74,193 | 100,167 | -------------------------------------------------------------------------------- | Trade and other payables | 137,554 | 129,364 | -------------------------------------------------------------------------------- | Total current liabilities | 211,747 | 229,531 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 125,098 | 84,319 | -------------------------------------------------------------------------------- | Other liabilities | 1,108 | 1,086 | -------------------------------------------------------------------------------- | Deferred income tax liability | 2,075 | 2,075 | -------------------------------------------------------------------------------- | Total non-current liabilities | 128,281 | 87,480 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 340,028 | 317,011 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 186,449 | 186,449 | -------------------------------------------------------------------------------- | Share premium | 0 | 0 | -------------------------------------------------------------------------------- | Reserves | 26,133 | 26,133 | -------------------------------------------------------------------------------- | Retained earnings | 108,722 | 67,949 | -------------------------------------------------------------------------------- | Net profit (loss) for the period | -11,023 | 40,773 | -------------------------------------------------------------------------------- | Currency translation differences | 11,050 | 8,131 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 321,331 | 329,435 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 5,809 | 9,911 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 327,140 | 339,346 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 667,168 | 656,357 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | 31.03.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 849 | 2,013 | -------------------------------------------------------------------------------- | Trade and other receivables | 7,541 | 7,258 | -------------------------------------------------------------------------------- | Inventories | 14,661 | 14,105 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 0 | 32 | -------------------------------------------------------------------------------- | Total current assets | 23,051 | 23,408 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 377 | 377 | -------------------------------------------------------------------------------- | Other non-current assets | 504 | 732 | -------------------------------------------------------------------------------- | Investment property | 1,441 | 719 | -------------------------------------------------------------------------------- | Property, plant and equipment | 13,493 | 12,980 | -------------------------------------------------------------------------------- | Intangible assets | 3,774 | 3,733 | -------------------------------------------------------------------------------- | Total non-current assets | 19,589 | 18,541 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 42,640 | 41,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 4,742 | 6,402 | -------------------------------------------------------------------------------- | Trade and other payables | 8,791 | 8,268 | -------------------------------------------------------------------------------- | Total current liabilities | 13,533 | 14,670 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 7,995 | 5,389 | -------------------------------------------------------------------------------- | Other liabilities | 71 | 69 | -------------------------------------------------------------------------------- | Deferred income tax liability | 133 | 133 | -------------------------------------------------------------------------------- | Total non-current liabilities | 8,199 | 5,591 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 21,732 | 20,261 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 11,916 | 11,916 | -------------------------------------------------------------------------------- | Share premium | 0 | 0 | -------------------------------------------------------------------------------- | Reserves | 1,670 | 1,670 | -------------------------------------------------------------------------------- | Retained earnings | 6,949 | 4,343 | -------------------------------------------------------------------------------- | Net profit (loss) for the period | -704 | 2,606 | -------------------------------------------------------------------------------- | Currency translation differences | 706 | 520 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 20,537 | 21,055 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 371 | 633 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 20,908 | 21,688 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 42,640 | 41,949 | -------------------------------------------------------------------------------- Ülle Järv CFO, Member of the Management Board +372 630 2741 Further information: Triin Palge Head of Investor Relations +372 630 2886 triin.palge@baltikagroup.com