Duyuru • Jul 08
AS Baltika to Delist from Stock Exchange Investors´ interest in connection with AS Baltika's merger and their plan to delist has been significant. Neither AS Baltika nor its main shareholder has considered it necessary to disclose additional information as a market announcement, which would help AS Baltika´s minority shareholders to form an opinion. AS Nasdaq Tallinn, as the organizer of the Regulated Market, plays an important role in ensuring a transparent trading environment as well as better investor communication. Therefore, Nasdaq Tallinn Stock Exchange considers it necessary to clarify the already disclosed information and to disclose the additional information provided by AS Baltika to Nasdaq Tallinn Stock Exchange, which may help the shareholders of AS Baltika to form their opinion, including preparing for the extraordinary general meeting of AS Baltika, to be held on July 27th, 2023, the agenda of which includes the approval of the merger agreements signed between AS Baltika and KJK BLTK Holding OÜ on June 26th, 2023, the takeover of the shares of minority shareholders and the process of delisting of AS Baltika shares. Reported Earnings • Jun 01
First quarter 2023 earnings released: €0.01 loss per share (vs €0.025 loss in 1Q 2022) First quarter 2023 results: €0.01 loss per share (improved from €0.025 loss in 1Q 2022). Revenue: €2.16m (up 4.1% from 1Q 2022). Net loss: €641.0k (loss narrowed 52% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: €0.12 (vs €0.007 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.12 (up from €0.007 loss in 3Q 2021). Revenue: €2.43m (down 36% from 3Q 2021). Net income: €6.61m (up €7.00m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Duyuru • Oct 19
AS Baltika Appoints Margus Olesk to Its Management Board, Effective 1 November 2022 At the meeting held on 17 October 2022, the Supervisory Board of AS Baltika (hereinafter Baltika) has appointed Margus Olesk to the Management Board of AS Baltika, effective 1 November 2022. As of 1 June 2022, Margus Olesk is the Financial Manager of Baltika. Prior to that, from 2014 to 2022, Margus Olesk worked at KPMG, which provides audit and consulting services. In addition to the aforementioned, Margus Olesk worked for the business services provider TMF Luxembourg in 2021. Margus Olesk has extensive and diverse experience in auditing and financial consulting for corporations. Margus Olesk is currently a member of the Management Boards of Baltman OÜ, Baltika Latvija SIA, and Baltika Lietuva UAB. He is also a member of the Management Board of OÜ Linnuke Õlal, which he owns. Margus Olesk does not currently own Baltika shares. From 1 November 2022, Baltika has a two-member Management Board, which includes Brigitta Kippak and Margus Olesk. Reported Earnings • Jul 19
Second quarter 2022 earnings released: €0.02 loss per share (vs €0.001 profit in 2Q 2021) Second quarter 2022 results: €0.02 loss per share (down from €0.001 profit in 2Q 2021). Revenue: €2.31m (down 28% from 2Q 2021). Net loss: €1.00m (down €1.04m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Buying Opportunity • May 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.8%. The fair value is estimated to be €0.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 48% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 21
First quarter 2022 earnings released First quarter 2022 results: Revenue: €2.08m (down 2.7% from 1Q 2021). Net loss: €1.35m (loss narrowed 19% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 136% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: €0.05 loss per share (down from €0.007 loss in FY 2020). Revenue: €11.8m (down 40% from FY 2020). Net loss: €2.90m (loss widened €2.52m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 20
Third quarter 2021 earnings released: €0.01 loss per share (vs €0.01 loss in 3Q 2020) The company reported a soft third quarter result with weaker revenues and control over costs, although losses reduced. Third quarter 2021 results: Revenue: €3.82m (down 33% from 3Q 2020). Net loss: €392.0k (loss narrowed 24% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 17
Second quarter 2021 earnings released: EPS €0.001 (vs €0.073 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €3.21m (down 14% from 2Q 2020). Net income: €37.0k (down 99% from 2Q 2020). Profit margin: 1.2% (down from 107% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. Executive Departure • Jun 10
Member of Management Board & Group CFO Triinu Tarkin has left the company During their tenure, the company went from making losses to turning a profit. On the 4th of June, Triinu Tarkin left the company after less than a year in the role. We don't have any record of a personal shareholding under Triinu's name. Triinu is the only executive to leave the company over the last 12 months. Reported Earnings • Apr 21
First quarter 2021 earnings released: €0.031 loss per share (vs €0.048 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: €2.13m (down 65% from 1Q 2020). Net loss: €1.66m (loss narrowed 36% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: €0.007 loss per share (vs €0.16 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €19.7m (down 50% from FY 2019). Net loss: €377.0k (loss narrowed 94% from FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Duyuru • Dec 13
Baltika Will Continue with Only Ivo Nikkolo Clothing Brand Baltika will continue with implementation of business model based on renewed strategy, focusing going forward only on developing and marketing women clothing brand Ivo Nikkolo. Focusing on one brand allows to reduce the cost base and allows easier entrance to key markets to expand sale possibilities. Company's target is to develop from Ivo Nikkolo international brand, starting from Baltic countries and moving onward to other Central and Eastern-European countries. The collection of Ivo Nikkolo will be contemporary and the target is to offer clients quality products with reasonable prices partly from spring-summer 2021 and fully from autumn-winter. In the same time offer strong client experience in stores as well as through e-stores and platforms. Ivo Nikkolo head designer is Margot Vaaderpass, who has wide and international experience, has worked in both product and clothing design and has worked in Ivo Nikkolo design team before. Duyuru • Nov 30
AS Baltika Elects Triinu Tarkin to the Management Board, with Effect from 01 December 2020 AS Baltika elected Triinu Tarkin to the Management Board of the company, whose mandate will begin from 01 December 2020 and last for the period of 3 years. Triinu Tarkin has worked for AS Baltika from December 2011 in Finance department, at first as financial controller and later as Finance Manager. Duyuru • Oct 01
AS Baltika Appoints Triinu Tarkin as Chief Financial Officer, Starting from October 1, 2020 AS Baltika announced appointment of Triinu Tarkin as the Group’s Chief Financial Officer starting from October 1, 2020. Triinu Tarkin has worked for AS Baltika from December 2011 on various positions in Finance department and is currently returning from maternity leave. Duyuru • Aug 28
Aktsiaselts Baltika Announces on the Entry into Force of Court Ruling Regarding Approval of Reorganization Plan Aktsiaselts BALTIKA announced to the public that Baltika is undergoing reorganization and that the reorganization plan of Baltika has been approved by the court. In light of this, Baltika announces that in the afternoon of 27 August 2020, it was notified that the court ruling regarding the approval of the plan came into force on 26 August 2020. Duyuru • Jul 19
AS Baltika Auditor Raises 'Going Concern' Doubt AS Baltika filed its Annual on Jul 15, 2020 for the period ending Dec 31, 2019. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Duyuru • Jul 01
AS Baltika to Report Fiscal Year 2019 Final Results on Jul 15, 2020 AS Baltika announced that they will report fiscal year 2019 final results on Jul 15, 2020 
