Baltika AS reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's revenue was EUR 13.19 million compared to EUR 12.64 million a year ago. Operating loss was EUR 0.53 million compared to EUR 0.79 million a year ago. Loss before income tax was EUR 0.603 million compared to EUR 1.03 million a year ago. Net loss was EUR 0.603 million compared to EUR 1.043 million a year ago. Loss attributable to equity holders of the parent company was EUR 0.603 million or EUR 0.02 per basic and diluted share compared to EUR 1.044 million or EUR 0.03 per basic and diluted share a year ago. Net cash used in operating activities was EUR 1.049 million compared to EUR 0.656 million a year ago. Acquisition of property, plant and equipment, intangibles was EUR 1.049 million compared to EUR 0.05 million a year ago. As at March 31, 2013 group's net debt was EUR 6,276,000, which has increased due to aforementioned activities by EUR 2,083,000 compared to year end. Negative return on equity was 6.5% compared to 57.2% a year ago. Negative return on assets was 2.3% compared to 15.4% a year ago.

Management believes based on current results that company will achieve financial targets set for year 2013.