Net asset position
AS Baltika wants to inform investors that based on initial consolidated financial results the company is not compliant as at 31.12.2011 with Commercial Code requirement: net assets are not above half of the share capital. In addition to October and November very good sales results and net profit the December sales results and underlying profit before exceptional items met the expectations of the company. However due to large one-off non-cash items like write-offs and provisions, the company will report a significant loss for the fourth quarter, based on initial financial results.
Consolidated unaudited accounts of 2011 and for the IV quarter will be published on 29th February.
In accordance with the announcement made on 16th December 2011 information in accordance with the Supervisory Council approved plan the ordinary general meeting of shareholders on 20th April 2012 will be proposed to reduce the nominal value of the share, which will ensure compliance with Commercial Code.
Maigi Pärnik
Member of the Management Board
maigi.parnik@baltikagroup.com
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