SILVANO GROUP AS (1/2021) Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 9m of 2021 (unaudited)

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Selected Financial Indicators

Summarized selected financial indicators of the Group for 9 months of 2021 compared to 9 months of 2020 and 30.09.2021 compared to 31.12.2020 were as follows:

in thousands of EUR 09m 2021 09m 2020 Change

Revenue 36 891 29 759 24.0%

Gross Profit 21 095 18 097 16.6%

Operating profit 12 325 8 370 47.3%

EBITDA 14 744 11 042 33.5%

Net profit for the period 10 518 1 198 778.0%

Net profit attributable equity holders of the Parent company 9 562 1 000 856.2%

Earnings per share (EUR) 0,27 0,03 800.0%

Operating cash flow for the period 12 910 6 620 95.0%

in thousands of EUR 30.09.2021 31.12.2020 Change

Total assets 52 677 42 256 24.7%

Total current assets 39 897 29 597 34.8%

Total equity attributable to equity holders of the Parent company 34 501 24 504 40.8%

Cash and cash equivalents 18 097 8 980 101.5%

Margin analysis, % 09m 2021 09m 2020 Change

Gross profit 57.2 60.8 -5.9%

Operating profit 33.4 28.1 18.9%

EBITDA 40.0 37.1 7.8%

Net profit 28.5 4.0 612.5%

Net profit attributable to equity holders of the Parent company 25.9 3.4 661.8%

Financial ratios, % 30.09.2021 31.12.2020 Change

ROA 20.8 3.2 550.0%

ROE 34.1 5.6 508.9%

Price to earnings ratio (P/E) 6.7 41.7 -83.9%

Current ratio 5.2 3.4 52.9%

Quick ratio 2.6 1.3 100.0%

Financial performance

The Group`s sales amounted to 36 891 thousand EUR during 9 months of 2021, representing a 24.0% increase as compared to the same period of previous year. Overall, wholesale increased by 29.8%, measured in EUR.

The Group's gross profit during 9 months of 2021 amounted to 21 095 thousand EUR and increase by 16.6% compared to previous year. The gross margin during 9 months of 2021 decreased to 57.2%, from 60.8% in the respective period of previous year. The cost of sold goods increased by 35.4%.

Consolidated operating profit for 9 months of 2021 amounted to 12 325 thousand EUR, compared to 8 370 thousand EUR in 9 months of 2020, increase by 47.3%. The consolidated operating profit margin was 33.4% for 9 months of 2021 (28.1% in 9 months of 2020). Consolidated EBITDA for 9 months of 2021 increased by 33.5% and amounted to 14 744 thousand EUR, which is 40.0% in margin terms (11 042 thousand EUR and 37.1% for 9 months of 2020).

Reported consolidated net profit attributable to equity holders of the Parent company for 9 months of 2021 amounted to 9 562 thousand EUR, compared to net profit of 1 000 thousand EUR in 9 months of 2020, net profit margin attributable to equity holders of the Parent company for 9 months of 2021 was 25.9% against 3.4% in 9 months of 2020.

Financial position

As of 30 September 2021 consolidated assets amounted to 52 677 thousand EUR representing increase by 24.7% as compared to the position as of 31 December 2020.

Trade and other receivables decreased by 48 thousand EUR as compared to 31 December 2020 and amounted to 2 040 thousand EUR as of 30 September 2021. Inventory balance increased by 1 231 thousand EUR and amounted to 19 758 thousand EUR as of 30 September 2021.

Equity attributable to equity holders of the Parent company increased by 9 997 thousand EUR and amounted to 34 501 thousand EUR as of 30 September 2021. Current liabilities decreased by 1 048 thousand EUR during 9 months of 2021.

Investments

During 9 months of 2021 the Group's investments into property, plant and equipment totalled 177 thousand EUR, in previous year same period 191 thousand EUR. Investments were made mainly into opening and renovating own stores, as well into equipment and facilities to maintain effective production for future periods.

Personnel

As of 30 September 2021, the Group employed 1 633 employees, including 490 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2020 there were 1 744 employees, including 500 people in retail operations.

Total salaries and related taxes during 9 months of 2021 amounted to 7 158 thousand EUR (7 407 thousand EUR in 9 months of 2020). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 443 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR Note 30.09.2021 31.12.2020

Unaudited Audited

ASSETS

Current assets

Cash and cash equivalents 2 18 097 8 980

Current loans granted 2 2

Trade and other receivables 3 2 040 2 088

Inventories 4 19 758 18 527

Total current assets 39 897 29 597

Non-current assets

Long-term receivables 256 249

Investments in associates 67 57

Investments in other shares 258 238

Deferred tax asset 1 077 1 032

Intangible assets 509 374

Investment property 1 079 1 018

Property, plant and equipment 5 9 534 9 691

Total non-current assets 12 780 12 659

TOTAL ASSETS 52 677 42 256

LIABILITIES AND EQUITY

Current liabilities

Short-term borrowings 0 400

Short-term lease liabilities 592 2 121

Trade and other payables 6 5 624 5 583

Tax liabilities 1 515 675

Total current liabilities 7 731 8 779

Non-current liabilities

Deferred tax liability 605 500

Long-term borrowings 0 400

Long-term lease liabilities 5 979 4 707

Long-term provisions 57 52

Total non-current liabilities 6 641 5 659

Total liabilities 14 372 14 438

Equity

Share capital 7 3 600 3 600

Share premium 4 967 4 967

Statutory reserve capital 1 306 1 306

Revaluation reserve 0 355

Unrealised exchange rate differences -18 429 -18 864

Retained earnings 43 057 33 140

Total equity attributable to equity holders of the Parent company 34 501 24 504

Non-controlling interest 3 804 3 314

Total equity 38 305 27 818

TOTAL EQUITY AND LIABILITIES 52 677 42 256

Consolidated Income Statement

in thousands of EUR Note 3Q 2021 3Q 2020 09m 2021 09m 2020

Unaudited Unaudited Unaudited Unaudited

Revenue from contracts with customers 9 13 666 12 028 36 891 29 759

Cost of goods sold -6 232 -4 506 -15 796 -11 662

Gross Profit 7 434 7 522 21 095 18 097

Distribution expenses -2 249 -2 161 -6 453 -6 608

Administrative expenses -875 -935 -2 663 -2 868

Other operating income 247 94 813 223

Other operating expenses -173 -133 -467 -474

Operating profit 4 384 4 387 12 325 8 370

Currency exchange income/(expense) 347 -3 830 1 407 -6 386

Other finance income/(expenses) -100 -111 -316 -345

Net finance income 247 -3 941 1 091 -6 731

Profit (loss) from associates using equity method 7 -3 6 -3

Profit before tax 4 638 443 13 422 1 636

Income tax expense -816 -115 -2 904 -438

Profit for the period 3 822 328 10 518 1 198

Attributable to :

Equity holders of the Parent company 3 531 255 9 562 1 000

Non-controlling interest 291 73 956 198

Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) 8 0,10 0,01 0,27 0,03

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 3Q 2021 3Q 2020 09m 2021 09m 2020

Unaudited Unaudited Unaudited Unaudited

Profit for the period 3 822 328 10 518 1 198

Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods :

Exchange differences on translation of foreign operations 439 -690 708 -2 749

Total other comprehensive income for the period 439 -690 708 -2 749

Total comprehensive income (loss) for the period 4 261 -362 11 226 -1 551

Attributable to :

Equity holders of the Parent company 4 004 -486 9 997 -2 138

Non-controlling interest 257 124 1 229 587

Consolidated Statement of Cash Flows

in thousands of EUR Note 09m 2021 09m 2020

Unaudited Unaudited

Cash flow from operating activities

Profit for the period 10 518 1 198

Adjustments for:

Depreciation and amortization of non-current assets 2 419 2 672

Share of profit of equity accounted investees -6 3

Gains/Losses on the sale of property, plant and equipment 11 3

Net finance income / costs -395 1 941

Provision for impairment losses on trade receivables 1 0

Provision for inventories 5 2

Receipt of government grants 550 0

Movements in provisions and government grants -550 0

Income tax expense 2 904 438

Change in inventories -1 231 2 991

Change in trade and other receivables 32 769

Change in trade and other payables 330 -2 255

Interest paid -2 0

Income tax paid -1 676 -1 142

Net cash flow from operating activities 12 910 6 620

Cash flow from investing activities

Interest received 14 10

Proceeds from disposal of property, plant and equipment 60 34

Acquisition of property, plant and equipment -177 -191

Acquisition of intangible assets -121 -83

Net cash flow from investing activities -224 -230

Cash flow from financing activities

Acquisition of non-controlling interests 0 -26

Proceeds from borrowings 0 400

Repayment of borrowings -800 0

Payment of principal portion of lease liabilities -1 761 -1 619

Interest paid on lease liabilities -326 -367

Dividends paid -739 -424

Net cash flow from financing activities -3 626 -2 036

Net increase in cash and cash equivalents 9 060 4 354

Cash and cash equivalents at the beginning of period 8 980 5 152

Effect of exchange rate fluctuations on cash held 57 350

Cash and cash equivalents at the end of period 18 097 9 856

Jarek Särgava

AS Silvano Fashion Group

Member of the Board

Phone: +372 6845 000

Email: info@silvanofashon.com

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