Silvano Fashion Group

Earnings Release • May 13, 2021

Company	AS Silvano Fashion Group
Type	Company Release
Category	Annual financial report
Disclosure time	13 May 2021 13:00:00 +0300

Currency

Silvano Fashion Group AS Audited Consolidated Annual Report 2020 Title

At its meeting held on 22 April 2021, the Supervisory Board of Silvano Fashion Group AS approved the consolidated annual report of Silvano Fashion Group AS for the financial year 2020.

The audited consolidated financial statements within the Consolidated Annual Report 2020 and the consolidated financial statements presented in the unaudited consolidated interim financial report for the fourth quarter and 12 months of 2020 have the following differences:

Consolidated statement of financial position:

	Consolidated financial statements 2020	Consolidated interim financial report for Q4 and 12 months of 2020	Difference
Unrealised exchange rate differences	------------------------------------------------------------------------------- -18 864	-19 748	884
Retained earnings	33 140	34 024	-884

Consolidated income statement:

	Consolidated financial statements Q4 and 12 months of 2020	Consolidated interim financial report for 2020	Difference
------------------------------------------------------------------------------- Currency exchange income/(expense)	-6 062	-6 172	110
Net finance income/(expenses)	-6 490	-6 600	110

Profit before tax	4 055		3 945	110
Income tax expense	-2 388		-1 394	-994
Profit for the period	1 667		2 551	-884
Equity holders of the Parent company	1 347		2 231	-884
	Consolidated statement of comprehensive income:
	Consolidated financial statements 2020 -------------------------------------------------------------------------------	Consolidated interim financial report for Q4 and 12 months of 2020		Difference
Profit for the period	1 667		2 551	-884
Other comprehensive income (loss) for the year	-3 187		-4 071	884
Consolidated statement of cash flows:
	Consolidated financial statements 2020	Consolidated interim financial report for Q4 and 12 months of 2020		Difference
Profit for the period	------------------------------------------------------------------------------- 1 667		2 551	-884
Net finance income / costs	450		560	-110
Income tax expense	2 388		1 394	994
Acquisition of subsidiary net of cash acquired		0	-26	26
Net cash flow from investing activities	-265		-291	26
Acquisition of non- controlling interests	-26		0	-26

-2 003	-2 495	492
-2 134	-2 600	466
		-492
	-129	363

The changes in the consolidated statement of financial position, the consolidated income statement and the consolidated statement of comprehensive income that also affect the consolidated statement of cash flows are related to an adjusting entry that was made with the purpose of ensuring conformity between the accounting policies of the Group's subsidiary (which are consistent with the accounting standards of the subsidiary's country of residence) and the Group's accounting policies which are in compliance with International Financial Reporting Standards as adopted in European Union. In particular, the change is related to interpretation of IFRIC 23.

In addition, there are 2 changes in the consolidated statement of cash flows. One of them relates to an incorrectly named line item (Acquisition of subsidiary net of cash acquired) in the interim report, which has been renamed in the consolidated annual report (Acquisition of non-controlling interests) and reclassified from investment activities to financial activities. Another change relates to the effects of exchange rate fluctuations, which were erroneously included within the payment of principal portion of lease liabilities in the consolidated interim report.

The audited consolidated annual report for 2020 of Silvano Fashion Group AS is available on the websites of Nasdaq Baltic www.nasdaqbaltic.com (https://www.globenewswire.com/Tracker?data=2Tftp7UL0nDRq7KBhYu5xakqE0DG0xDG_ZBa x3T4TmiDUw7C7Tk4yW6tzGbJsQagDEEkTGVK285C5YeBCPp1Ov0ASOvc0ypiTYXJin6NDAO7odhwLcbN o_BamkjgRVU3VtE8byG_1MdVpvzgDyrFVxz2PnaP7nI1ChMsQrO6YfmVZ1u8aQaC4kpkHSa7pnTy3- IF3Wn9ITy4or5zmk02QgAxlHs9zmwaQ1U4I8MK0rbqDl17VYoDinFdWYRcO-Kkm1Rdmv0m67HBp3JALfvGn8WMCoVHNyKRDxkRIw7kz6UnNArM5xKYZzxq3pvKCj-AZnlT5Cyvp4OMjhrG8KAtMvF9AA-_LHYzeovWFRSNCONEb5biYrahVrP4xD0ck1Ru7ZgoEOld81SRwP93ai1In59ez_-n82AUr1jgkD1XUVvfFtOrTB-F9CVtmFLkXB1vBChr5GzqXNS2syJjRPoWaeuY63ylYXHd1j_GTPW7GDeTUOSy0j4aPVce8O5GhvHHO2m m5b7LE9uwcoQlpXbS61GF-Pfa2nU-2cRqTBpvyA-jiDZD6MjAsigvWXhE0- JqHE3ZlgszY23q8_XsVLtxyNB4M8wzRIv5jjES6C2sHiy2gnPX6vwM2M8TRKGA5Y1wDbvYrubV7Rjqpi KRFBdmdqP6-fK7lVgkhBsAt4XOBgPmnqtUeT-vV38OoBQPFPomexaxmmbXH7UdvYFQRnQY7A6HlKxJwfiUjrjZyMdP5eGITsMmYx9FBRxA9QTfhlmvCkoBJoJhXDYUZBIqM4gI cp162PaI2ldokYGhohfJKp9emE7O-jxD_cJI6S0uu9dW-UL2O66XxnyToMiZsl75J6VDe6EII_Lk8NZMyAb5cOU8YjOXOiLSPEoM3f7zVjNeejoUhgmBXG0F7SfSxurfzXCvIMWklSPP1yLKrEKmepnRcyIRe433 fraZsAHqrZhMmBVFfQM4zjALeS2uxY62Z9K5DqE5iFfDAVaDrohD3p7fm5-67yJj1U7sC0JS4B82RI-BObwaINA6TjF9-gHv5qzsdmKarTJjzhrvnJgJmDVAyiHTgCo_6N5_jIAvhJibyRMyJXLa27FmSuAAJN9XG376eGat4-g1UDpvGdWQILgEM2xlYY3u7s4LwndV1JCfPHHbckbwQvObsICA==) and SFG www.silvanofashion.com

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Jarek Särgava Silvano Fashion Group AS Member of the Board Phone +372 684 5000 Email: info@silvanofashion.com (https://www.qlobenewswire.com/Tracker?data=21boLn8ovZjCXJAsB tdeUUHcxvb-W3MTGaEeAuBUuRJ0C5uwjAuEgSozuItrXsFNeCv7jHkbuaf03Y12N8w9S0Oqs4AexN3ZmDqMbRwYk3MkWTIqJVaUi44NK0t07lIsIoY6jibTeEVHyFPrvuHNDUNzz h5Kt1yGsFlOGb6MqwpCYnSN7Hf6m5E X1oDrvrD39rw9r uNf7V3GOnmzd0yFOP9HwPJZvZ1TFShub62 DpyTxvM9dLg_juZxEtaMLqo9_vU5L3NjCvJrnvLJpclNlqQQ9i2eg6Rzx1ebkuV2Np37IZtBeEdr9z1S QtqFWD3vFd2-5hXYLbQtlM-vBC31P04Q-ZGWfmeZoYw2dgvdmu2H5Jd5gsxClmGhScSc3VTyPYos-Udfzj6NfUFHAGYRbTq8BULRxO9lt3lSCjROI11WgnE8BskdeTzh5fJib-IF2-G1-MbBn9vO-NrWtL3DO_0dS34OgvUlrE28MSorxdaGCQWdlaBI_wyO1Ih2nIAWhvkiwEcNFQk022dh-STVwfMP4ba5rYEavFvLV2Uh5Ii1EvZq164bRS3nrWZ-nQhLQMv6rNvCYQRypwiQQWZA_fL8gTe0vJI7fEDwt8fpEwyWMvYPI6W0eBDWd3QqaUCZLOfEWymW8n-3WueuovYY4Ofx4L1DdnHn2xL0RiOXA-jxZ83m0A2lAzbpwHeOVAdMExEtADfUKuaIMxrKRs5-Lb2xMeZ2QGHyeVdhUTIyHKqz--_-4PZGjoHV46IUDmqu1qErLP7xN4TlWt060BiXZbFLAJOtq5eXgcov $awk=$ )