Baltika’s Unaudited Financial Results, First Quarter of 2022
19 April 2022 - 11:30PM
Baltika’s Unaudited Financial Results, First Quarter of 2022
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 PeriniChairman of Management Board,
CEOflavio.perini@baltikagroup.com
- Baltika_Interim_report_1Q_2022
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