AS MÁDARA Cosmetics

AS MÁDARA Cosmetics veikla

AS MÁDARA Cosmetics was registered in the Latvian Enterprise Register on 28 July 2006 with registration number 40003844254. The Company is established under the laws of the Republic of Latvia.

It was established in the form of a limited liability company and was reorganised into a joint stock company in January 2017.

The Company is the parent company of the Group. The registered field of activity of the Company is “manufacturing of perfumes and toilet preparations”.

The Company was established 11 years ago with a strong belief that organic products are the key to living in a sustainable world.

The aim was to create an effective, innovative and trenddriven organic skincare line that would redefine the standards of cosmetics, making beauty sustainable, safe, science-based and fully natural (free from synthetic ingredients), and to develop highly competitive products to be sold both through specialized organic retail channels and through conventional channels.


2005. The MÁDARA brand is conceived and developed by Ms Tisenkopfa-Iltnere and Mr Iltners.
2006-2007. The brand is launched and first products are introduced to the Latvian market.
2008. The Group becomes the leader of the natural/organic cosmetics sector in Latvia. The Group opens its first factory and receives the ECOCERT certification for its products; starts industrial-scale production.
2008-2009. Products are launched in 20 countries including Belgium, Switzerland, Germany, the UK and Japan.
2009. MADARA Retail is established. MÁDARA own brand shops are opened in Riga.
2011. International online store is opened; over 3,000 purchases are made in the 1st day of operation.
2012. AS MÁDARA shapes a new approach to organic cosmetics – in vitro and in vivo research reveals rejuvenating effects of birch juice and Northern plant extracts; a new anti-ageing line “TIME MIRACLE” is developed based on these results.
2013. The Group starts successful collaboration with Finnish blogger Noora Shingler launching custom made products for Finnish market, and goes on to become the 3rd best known organic cosmetics brand in Finland.
2014. Harper’s Bazaar names MÁDARA brand “Natural cosmetics for Aesthetes”. Concept store-salon SKIN CAFÉ is opened in Riga.
2015. The Company commences development for its new factory and office building. Annual turnover reaches EUR 3.9 million and workforce reaches 78. Ms Tisenkopfa-Iltnere, the CEO, and the Company are ranked respectively 4th and 7th in the annual Business Reputation Awards 2016 by the Latvian Investment and Development Agency (LIAA), Nords Porter Novelli and Dienas Bizness newspaper. Trial production commences in the new factory.
2016. MÁDARA named the “No. 1 Greenest Brand” in the annual rankings “Most LLoved Brands in Latvia”. New factory is opened and commences full-scale production.


AS MÁDARA Cosmetics
Šaltinis: AS MÁDARA Cosmetics

AS MADARA Cosmetics is the parent company of the Group and the centre of its main operations. The Company develops, manufactures and sells organic cosmetics products under brands “MADARA” and “MOSSA”.

SIA “MADARA Retail” is a 100% subsidiary of the Company. It operates three MADARA brand stores and a beauty salon located in Riga, Latvia.

SIA “Cosmetics NORD” is a 100% subsidiary of the Company engaged in the development and wholesale manufacturing of products for third-party clients.

MADARA Cosmetics GmbH is a 100% subsidiary of the Company responsible for the distribution of the Group’s
products in Germany.

The Company has two minority holdings: 19% in SIA “Farmācijas, biomedicīnas un medicīnas tehnoloģiju kompetences centrs” and 9% in SIA “Pharma and Chemistry Competence Centre of Latvia”.

On the R&D side, the Company has ten years of expertise in various emulsion formulations (creams, lotions, serums etc.), surfactant solutions (shampoos, soaps etc.) and other forms of skincare.


The Group’s product portfolio covers a wide spectrum of beauty and skincare products – facial cleansers, toners, moisturisers, masks, serums, facial oils, eye- and lip-care products, soap bars, liquid soaps, body moisturisers, deodorants, shampoos and conditioners.

Today, customers are offered around 80 different cosmetics products. A large part of the product range of the Group is intended for the age group from 25 to over 45.

AS MÁDARA Cosmetics akcijos

Nasdaq Riga starting from October 16 until November 3, 2017 will run AS MADARA Cosmetics share auction as a part of its initial public offering in Latvia and Estonia.

The offered amount of shares is 482 220 which may be increased by up to 48 222 shares to a total of up to 530 442 shares under the over-allotment option.

Securities are auctioned in euros and the price of one share of AS MADARA Cosmetics is fixed at EUR 6.25.

The auction period during which the order collection will take place is: October 16 until November 2, 2017 from 09:00 until 16:00. November 3, 2017 from 09:00 until 15:30.

Order matching will take place until November 6, 2017 16:00.

All aforementioned times refer to local Latvian time.

Settlement date is November 9, 2017.

On AS “MADARA Cosmetics” Share Trading on the Alternative market Nasdaq Baltic First North.

Nasdaq Riga decided on October 12, 2017 to admit for trading AS MADARA Cosmetics shares on the Alternative market First North and set the first trading day – November 10, 2017 with the condition that on November 9, 2017
settlements for all AS MADARA Cosmetics shares subscribed for within the framework of the Offer have been made.

Issuer’s full name AS MADARA Cosmetics
Issuer’s short name MDARA
Securities ISIN code LV0000101624
Nominal value of one security 0.10 EUR
Number of listed securities 3 214 800
Orderbook short name MDARA
List Alternative market First North

AS “MADARA Cosmetics” prospectus is available here.

The Offer Shares will give rights to dividends declared by the Company (if any) for the financial year beginning on 1 January 2017 and for subsequent financial years.

The Company cannot promise that dividends will be paid in the future. The declaration and payment by the Company of any future dividends and the amount thereof will depend on the results of the Group’s operations, its
financial condition, cash requirements, future prospects and other aspects.

That said, over the past five years, the Company has regularly paid dividends to its shareholders. During the last financial years, until the date of the Prospectus, dividends have been paid as follows:

*In July 2017, the General Meeting decided to pay dividends in the amount of TEUR 200 on account of the profit earned in 2016. Out of this, TEUR 100 has been paid out by the date hereof.

The remaining TEUR 100 will be paid out gradually until 30 June 2018. The investors participating in the Offering will not be entitled to these dividends.

In the future, the Management expects to be able to regularly distribute up to 25% of the Company’s profit to its shareholders.

Adjusted dividend amount per Share (in EUR) 0.0311 (2017 ), 0.0373 (2016), 0.0140 (2015).

There is no formal dividend policy in place, nor is it expected to be formally adopted in the future. The Company is under no obligation to pay regular dividends, and no representation can be made in this regard.

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