Börsiteade
AS Silvano Fashion Group
LEI kood
529900JNG41RRJKJYB65
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
6527
Manused
Esitamise kuupäev ja aeg
01.03.2018 11:47:00
Teate sisu eesti keeles
Pealkiri
Silvano Fashion Group 2017.aasta IV kvartali ja 12 kuu konsolideeritud vahearuanne (auditeerimata)
Teade
tuhandetes eurodes 12 kuud 2017 12 kuud 2016 Muutus
------------------------------------------------------------------------
Müügitulu 62 348 57 892 7,7%
EBITDA 15 735 18 430 -14,6%
Aruandeperioodi puhaskasum 11 393 7 896 44,3%
Puhaskasum, emaettevõtte omanike osa 10 914 8 273 31,9%
Kasum aktsia kohta (eurodes) 0,30 0,22 36,4%
Äritegevuse rahavoog perioodil 9 178 12 807 -28,3%
tuhandetes eurodes 31.12.2017 31.12.2016 Muutus
--------------------------------------------------------------------------
Varad kokku 52 880 56 145 -5,8%
Käibevarad kokku 41 708 42 677 -2,3%
Omakapital kokku, emaettevõtte omanike osa 40 974 43 402 -5,6%
Raha ja raha ekvivalendid 21 230 22 303 -4,8%
Rentaablusanalüüs, % 12 kuud 2017 12 kuud 2016 Muutus
------------------------------------------------------------------------
Brutokasum 51,2 54,5 -6,1%
EBITDA 25,2 31,8 -20,8%
Puhaskasum 18,3 13,6 34,6%
Puhaskasum, emaettevõtte omanike osa 17,5 14,3 22,4%
Finantssuhtarvud, % 31.12.2017 31.12.2016 Muutus
--------------------------------------------------------------------
ROA 19,9 14,7 35,4%
ROE 27,1 19,6 38,3%
Hinna/ kasumi suhe 9,5 13,2 -28,0%
Lühiajaliste kohustuste kattekordaja 4,7 4,9 -4,1%
Likviidsuskordaja 2,7 3,0 -10,0%
Majandustulemused
Kontserni 2017. aasta 12 kuu käive moodustas 62 348 tuhat eurot, kasv eelmise
aasta sama perioodiga võrreldes on 7,7%. Hulgimüügi käive vähenes 0,2% võrra ja
jaemüügi käive kasvas 28,9% võrra.
2017. aasta 12 kuu kontserni raporteeritav brutorentaablus kahanes 51,2%-ni,
eelmise aasta sama perioodi vastav näitaja oli 54,5%. 2017. aasta 12 kuu
konsolideeritud ärikasum ulatus 13 948 tuhande euroni võrreldes 2016. aasta 12
kuu konsolideeritud ärikasumiga summas 16 543 tuhat eurot. 2017. aasta 12 kuu
ärikasumi rentaablus oli 22,4% võrreldes 28,6%-ga eelmise aasta samal
perioodil. Konsolideeritud EBITDA moodustas 2017. aasta 12 kuuga 15 735
tuhat eurot, mis tähendab 25,2% rentaablust (18 430 tuhat eurot ja 31,8%
eelmise aasta samal perioodil).
Ettevõtte puhaskasum emaettevõtte aktsionäridele moodustas 2017. aasta 12 kuuga
10 914 tuhat eurot võrreldes puhaskasumiga 8 273 tuhat eurot 2016. aasta 12
kuuga, puhaskasumi marginaal emaettevõtte aktsionäridele moodustas 17,5%
võrreldes 14,3%-ga eelmise aasta samal perioodil.
Finantsseisund
Seisuga 31. detsember 2017 ulatus kontserni konsolideeritud varade maht 52 880
tuhande euroni, kahanedes 5,8% võrreldes 31. detsembriga 2016.
Võrreldes 31. detsembriga 2016 vähenesid nõuded ostjate vastu ja muud nõuded 1
452 tuhande euro võrra ja moodustasid 2017. aasta 31. detsembri seisuga 2 716
tuhat eurot. Varude saldo suurenes 1 573 tuhande euro võrra ning 2017. aasta
31.detsembri seisuga moodustas 17 760 tuhat eurot.
Emaettevõtte aktsionäride osa omakapitalis vähenes 2 428 tuhande euro võrra,
ulatudes 2017. aasta 31. detsembri seisuga 40 974 tuhande euroni. Lühiajalised
kohustused suurenesid 2017.aasta 12 kuuga 123 tuhande euro võrra.
Investeeringud
Kontserni 2017. aasta 12 kuu investeeringute kogumaht materiaalsesse
põhivarasse, tehasesse ja seadmetesse moodustas 1 226 tuhat eurot, 888 tuhat
eurot eelmise aasta samal perioodil. Investeeringud teostati peamiselt oma
poodide avamisse ja renoveerimisse, samuti seadmetesse ja hoonetesse tootmise
efektiivsuse säilitamiseks tulevastes perioodides.
Personal
2017. aasta 31. detsembri seisuga oli kontsernil 2 279 töötajat, neist 506
töötas jaemüügi segmendis. Ülejäänud töötajad tegutsesid tootmise, hulgimüügi-,
haldus- ja tugiteenuste valdkondades. 31.12.2016 seisuga oli 2 163 töötajat,
neist 480 töötas jaemüügi segmendis.
Kontserni 2017. aasta 12 kuu palgakulu oli 13 994 tuhat eurot (11 630 tuhat
eurot 2016.aasta 12 kuuga). Kontserni juhtkonna võtmeisikute töötasud,
sealhulgas tütarettevõtete võtmeisikute tasud, moodustasid kokku 891 tuhat
eurot.
Juhtimisorganite otsused 2017. aasta 12 kuu jooksul
2. veebruaril 2017 Silvano Fashion Group aktsionäride erakorralisel
üldkoosolekul otsustati muuta Silvano Fashion Group 29.06.2016 korralisel
aktsionäride üldkoosolekul vastuvõetud tagasiostuprogrammi tingimusi ja määrata
uus maksimaalne ühe aktsia soetusmaksumus 3.30 eurot, millega Silvano Fashion
Group saab tagasi osta oma aktsiaid vastavalt tagasiostuprogrammile.
16. mail 2017 aastal Kati Kusmin lahkus AS Silvano Fashion Group juhatusest
seoses juhatuse liikme lepingu tähtaja lõppemisega. AS Silvano Fashion Group
juhatus jätkab üheliikmelisena: Jarek Särgava.
Silvano Fashion Group pidas oma korralise aktsionäride üldkoosoleku 29. juunil
2017. aastal. Üldkoosolek võttis vastu järgmised otsused:
-- Üldkoosolek kinnitas 2016. majandusaasta aruande.
-- Üldkoosolek otsustas maksta dividende summas 0,20 eurot aktsia kohta
(aktsionäride nimekiri fikseeriti seisuga 13.07.2017, makse teostatud
19.07.2017).
-- Üldkoosolek otsustas pikendada AS PricewaterhouseCoopers volitusi kontserni
audiitorina 2017. majandusaastaks.
-- Üldkoosolek otsustas tühistada 1 000 000 ettevõttele kuuluvat omaaktsiat,
mis omandati vastavalt 29.06.2016 vastu võetud üldkoosoleku otsustele.
-- Üldkoosolek otsustas pikendada nõukogu liikme Toomas Tooli volituste
tähtaega nõukogu liikmena alates 01.07.2017.a kuni 30.06.2022.a.
-- Üldkoosolek otsustas jätkata nõukogu liikmete tasustamist 30.06.2012.a.
toimunud üldkoosolekul kinnitatud tingimustel.
-- 31. oktoobril 2017 kanti äriregistrisse Silvano Fashion Group AS-i
aktsiakapitali vähendamine 29. juunil 2017 toimunud aktsionäride
üldkoosoleku otsuste alusel. Ettevõtte registreeritud aktsiakapitali uus
suurus on 10 800 000 eurot, mis on jagatud 36 000 000 lihtaktsiaks
nimiväärtusega 0,30 eurot.
Konsolideeritud finantsseisundi aruanne
tuhandetes eurodes Lisad 31.12.2017 31.12.2016
-------------------------------------------------------------------------
VARAD
Käibevara
Raha ja pangakontod 21 230 22 303
Väljaantud laenud 2 19
Nõuded ostjate vastu ja muud nõuded 2 2 716 4 168
Varud 3 17 760 16 187
Käibevara kokku 41 708 42 677
Põhivara
Pikaajalised nõuded 255 21
Investeeringud sidusettevõtetesse 55 19
Müügiootel finantsvara 320 369
Edasilükkunud tulumaksuvara 900 1 012
Immateriaalne põhivara 217 291
Kinnisvarainvesteeringud 920 1 091
Materiaalne põhivara 4 8 505 10 665
Põhivara kokku 11 172 13 468
VARAD KOKKU 52 880 56 145
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Võlad tarnijatele ja muud võlad 5 8 025 6 894
Maksuvõlad 849 1 857
Lühiajalised kohustused kokku 8 874 8 751
Pikaajalised kohustused
Edasilükkunud tulumaksukohustus 10 37
Pikaajalised eraldised 52 0
Pikaajalised kohustused kokku 62 37
Kohustused kokku 8 936 8 788
Omakapital
Aktsiakapital 6 10 800 11 100
Ülekurss 8 567 10 787
Omaaktsiad 6 0 -998
Kohustuslik reservkapital 1 306 1 306
Ümberhindluse reserv 710 710
Realiseerimata kursivahed -15 588 -10 968
Jaotamata kasum 35 179 31 465
Omakapital kokku, emaettevõtte omanike osa 40 974 43 402
Mittekontrolliv osalus omakapitalis 2 970 3 955
Omakapital kokku 43 944 47 357
OMAKAPITAL JA KOHUSTUSED KOKKU 52 880 56 145
Konsolideeritud kasumiaruanne
tuhandetes eurodes Lisad IV kvartal IV 12 kuud 12 kuud
2017 kvartal 2017 2016
2016
--------------------------------------------------------------------------------
Müügitulu 8 12 283 12 250 62 348 57 892
Müüdud toodangu kulu -5 589 -5 987 -30 435 -26 333
Brutokasum 6 694 6 263 31 913 31 559
Turustuskulud -2 947 -2 743 -12 081 -9 393
Üldhalduskulud -1 197 -1 365 -4 937 -4 846
Muud äritulud 93 97 323 347
Muud ärikulud -458 -335 -1 270 -1 124
Ärikasum 2 185 1 917 13 948 16 543
Tulu/(kulu) valuutakursi 89 -2 574 1 221 -5 094
muutustest
Muud finantstulud/(kulud) 29 5 176 149
Finantstulud ja -kulud kokku 118 -2 569 1 397 -4 945
Kasum kapitaliosaluse meetodil 10 22 39 22
kajastatavatest
sidusettevõtetest
Kasum enne tulumaksu 2 313 -630 15 384 11 620
Tulumaks -646 -855 -3 991 -3 724
Aruandeperioodi puhaskasum 1 667 -1 485 11 393 7 896
Sealhulgas:
Emaettevõte omanike osa 1 605 -844 10 914 8 273
Mittekontrolliva osaluse osa 62 -641 479 -377
Kasum aktsia kohta emaettevõtte 7 0,04 -0,02 0,30 0,22
omanike osast kasumis, nii tava
kui lahustatud (eurodes)
Konsolideeritud
koondkasumiaruanne
tuhandetes eurodes Lisad IV kvartal IV 12 kuud 12 kuud
2017 kvartal 2017 2016
2016
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum 1 667 -1 485 11 393 7 896
Kursierinevused, välismaiste 43 4 685 -5 183 5 486
ettevõtete osa
Põhivara ümberhindlus õiglases 0 1 065 0 1 065
väärtuses
Perioodi muu koondkasum/-kahjum 43 5 750 -5 183 6 551
kokku
Sealhulgas:
Emaettevõte omanike osa 112 5 053 -4 620 5 981
Mittekontrolliva osaluse osa -69 697 -563 571
Perioodi koondkasum/-kahjum kokku 1 710 4 265 6 210 14 447
Sealhulgas:
Emaettevõte omanike osa 1 717 4 209 6 294 14 253
Mittekontrolliva osaluse osa -7 56 -84 194
Konsolideeritud rahavoogude aruanne
tuhandetes eurodes 12 kuud 12 kuud
2017 2016
--------------------------------------------------------------------------------
Rahavood äritegevusest
Perioodi kasum 11 393 7 896
Korrigeerimised:
Põhivara amortisatsioon 1 787 1 887
Kasum kapitaliosaluse meetodil kajastatud -39 -22
investeeringutest
(Kasum)/kahjum materiaalse põhivara müügist 7 -32
Finantstulud ja -kulud kokku -1 397 4 945
Laekumata nõuete allahindluse eraldis -19 4
Pikaajaliste hüvitiste eraldis 52 0
Tulumaksu kulu 3 991 3 724
Varude muutus -1 573 -717
Äritegevusega seotud nõuete ja ettemaksete muutus 1 081 43
Äritegevusega seotud kohustuste ja ettemaksete muutus -1 709 -641
Makstud tulumaks -4 396 -4 280
Kokku rahavood äritegevusest 9 178 12 807
Rahavood investeerimistegevusest
Saadud intressid 127 123
Saadud dividendid 1 3
Materiaalse põhivara müük 463 36
Antud laenude tagasimaksed -17 0
Materiaalse põhivara soetus -1 226 -888
Immateriaalse põhivara soetus -118 -106
Osaluste omandamine tütaräriühingutes 0 -3
Kokku rahavood investeerimistegevusest -770 -835
Rahavood finantseerimistegevusest
Väljamakstud dividendid -8 101 -9 220
Omaaktsiate tagasiostud -1 522 -1 846
Kokku rahavood finantseerimistegevusest -9 623 -11 066
Raha ja raha ekvivalentide muutus -1 215 906
Raha ja raha ekvivalendid perioodi alguses 22 303 21 274
Valuutakursi muutuste mõju rahale 142 123
Raha ja raha ekvivalendid perioodi lõpus 21 230 22 303
Jarek Särgava
Juhatuse liige
AS Silvano Fashion Group
Tel +372 6845 000
Email: [email protected]
Teate sisu inglise keeles
Pealkiri
Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12 months of 2017 (unaudited)
Teade
Selected Financial Indicators
Summarized selected financial indicators of the Group for 12 months of 2017
compared to 12 months of 2016 and 31.12.2017 compared to 31.12.2016 were as
follows:
in thousands of EUR 12m 2017 12m 2016 Change
--------------------------------------------------------------------------------
Revenue 62 348 57 892 7.7%
EBITDA 15 735 18 430 -14.6%
Net profit for the period 11 393 7 896 44.3%
Net profit attributable equity holders of the 10 914 8 273 31.9%
Parent company
Earnings per share (EUR) 0.30 0.22 36.4%
Operating cash flow for the period 9 178 12 807 -28.3%
in thousands of EUR 31.12.2017 31.12.2016 Change
--------------------------------------------------------------------------------
Total assets 52 880 56 145 -5.8%
Total current assets 41 708 42 677 -2.3%
Total equity attributable to equity holders of 40 974 43 402 -5.6%
the Parent company
Cash and cash equivalents 21 230 22 303 -4.8%
Margin analysis, % 12m 2017 12m 2016 Change
--------------------------------------------------------------------------------
Gross profit 51.2 54.5 -6.1%
EBITDA 25.2 31.8 -20.8%
Net profit 18.3 13.6 34.6%
Net profit attributable to equity holders of the 17.5 14.3 22.4%
Parent company
Financial ratios, % 31.12.2017 31.12.2016 Change
--------------------------------------------------------------------------------
ROA 19.9 14.7 35.4%
ROE 27.1 19.6 38.3%
Price to earnings ratio (P/E) 9.5 13.2 -28.0%
Current ratio 4.7 4.9 -4.1%
Quick ratio 2.7 3.0 -10.0%
Financial performance
The Group`s sales amounted to 62 348 thousand EUR during 12 months of 2017,
representing a 7.7% increase as compared to the same period of previous year.
Overall, wholesales decreased by 0.2% and retail sales increased by 28.9%,
measured in EUR.
The Group’s reported gross profit margin during 12 months of 2017 continued to
improve decreasing to 51.2%, reported gross margin was 54.5% in the respective
period of previous year. Consolidated operating profit for 12 months of 2017
amounted to 13 948 thousand EUR, compared to 16 543 thousand EUR in 12 months
of 2016. The consolidated operating profit margin was 22.4% for 12 months of
2017 (28.6% in 12 months of 2016). Consolidated EBITDA for 12 months of 2017
was 15 735 thousand EUR, which is 25.2% in margin terms (18 430 thousand EUR
and 31.8% for 12 months of 2016).
Reported consolidated net profit attributable to equity holders of the Parent
company for 12 months of 2017 amounted to 10 914 thousand EUR, compared to net
profit of 8 273 thousand EUR in 12 months of 2016, net profit margin
attributable to equity holders of the Parent company for 12 months of 2017 was
17.5% against 14.3% in 12 months of 2016.
Financial position
As of 31 December 2017 consolidated assets amounted to 52 880 thousand EUR
representing an decrease by 5.8% as compared to the position as of 31 December
2016.
Trade and other receivables decreased by 1 452 thousand EUR as compared to 31
December 2016 and amounted to 2 716 thousand EUR as of 31 December 2017.
Inventory balance increased by 1 573 thousand EUR and amounted to 17 760
thousand EUR as of 31 December 2017.
Equity attributable to equity holders of the Parent company decreased by 2 428
thousand EUR and amounted to 40 974 thousand EUR as of 31 December 2017.
Current liabilities increased by 123 thousand EUR during 12 months of 2017.
Investments
During 12 months of 2017 the Group’s investments into property, plant and
equipment totalled 1 226 thousand EUR, in previous year same period 888
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 31 December 2017, the Group employed 2 279 employees, including 506
people in retail operations. The rest were employed in production, wholesale,
administration and support operations. In 31.12.2016 there were 2 163
employees, including 480 people in retail operations.
Total salaries and related taxes during 12 months of 2017 amounted to 13 994
thousand EUR (11 630 thousand EUR in 12 months of 2016). The remuneration of
key management of the Group, including the key executives of all subsidiaries,
totalled 891 thousand EUR.
Decisions made by governing bodies during 12 months 2017
On February 2, 2017 Silvano Fashion Group Extraordinary Meeting of Shareholders
decided to change Silvano Fashion Group AS shareholders General Meeting
decision from June 29, 2016 of its share buyback program terms and set the new
maximum price at which Silvano Fashion Group AS may buy back its own shares
within the own share buy-back programme is EUR 3.30 per share.
In connection with expiration of the term of the board member agreement, Kati
Kusmin left the company from May 16, 2017. AS Silvano Fashion Group the
Management Board continues with one member: Jarek Särgava.
On June 29, 2017 Silvano Fashion Group held its regular Annual General Meeting
of Shareholders. The Meeting adopted following decisions.
-- The Meeting approved the 2016 Annual Report.
-- The Meeting decided to distribute dividends in the amount 0.20 EUR per
share (record date 13.07.2017, payment completed on 19.07.2017).
-- The Meeting decided to re-appoint AS PricewaterhouseCoopers as the Group`s
auditor for financial year 2017.
-- The Meeting decided to cancel the 1 000 000 own shares acquired within the
own share buy-back programme as approved by the shareholders of AS Silvano
Fashion Group on 29th of June 2016;
-- The Meeting decided to extend authority of the supervisory board member Mr.
Toomas Tool for the next term of authority starting from 1 July 2017 till
30 June 2022.
-- The Meeting decided to continue with the remuneration plan of the
supervisory board members as approved by the annual general meeting held on
30 June 2012.
-- On October 31, 2017, the decrease of share capital of Silvano Fashion Group
AS was registered in the Commercial Register based on the resolutions
adopted by the General Meeting of Shareholders of the Company held on June
29, 2017. The new registered share capital of the Company is 10 800 000
euros, which is divided into 36 000 000 ordinary shares with nominal value
of 0.30 euros per share.
-- Consolidated Statement of Financial Position
-- <table cellpadding="3" cellspacing="0" class="gnw_table">
<tbody>
<tr>
<td align="left" class="gnw_uline" width="315">in thousands of EUR</td>
<td align="center" class="gnw_uline" width="51">Note</td>
<td align="right" class="gnw_uline" nowrap="nowrap"
width="125">31.12.2017</td>
<td align="right" class="gnw_uline" nowrap="nowrap"
width="133">31.12.2016</td>
</tr>
<tr>
<td align="left" width="315">ASSETS</td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">Current assets</td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">Cash and cash equivalents</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">21 230</td>
<td align="right" nowrap="nowrap" width="133">22 303</td>
</tr>
<tr>
<td align="left" width="315">Current loans granted</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">2</td>
<td align="right" nowrap="nowrap" width="133">19</td>
</tr>
<tr>
<td align="left" width="315">Trade and other receivables</td>
<td align="center" width="51">2</td>
<td align="right" nowrap="nowrap" width="125">2 716</td>
<td align="right" nowrap="nowrap" width="133">4 168</td>
</tr>
<tr>
<td align="left" width="315">Inventories</td>
<td align="center" width="51">3</td>
<td align="right" nowrap="nowrap" width="125">17 760</td>
<td align="right" nowrap="nowrap" width="133">16 187</td>
</tr>
<tr>
<td align="left" width="315">Total current assets</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">41 708</td>
<td align="right" nowrap="nowrap" width="133">42 677</td>
</tr>
<tr>
<td align="left" width="315"> </td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">Non-current assets</td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">Long-term receivables</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">255</td>
<td align="right" nowrap="nowrap" width="133">21</td>
</tr>
<tr>
<td align="left" width="315">Investments in associates</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">55</td>
<td align="right" nowrap="nowrap" width="133">19</td>
</tr>
<tr>
<td align="left" width="315">Available-for-sale investments</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">320</td>
<td align="right" nowrap="nowrap" width="133">369</td>
</tr>
<tr>
<td align="left" width="315">Deferred tax asset</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">900</td>
<td align="right" nowrap="nowrap" width="133">1 012</td>
</tr>
<tr>
<td align="left" width="315">Intangible assets</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">217</td>
<td align="right" nowrap="nowrap" width="133">291</td>
</tr>
<tr>
<td align="left" width="315">Investment property</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">920</td>
<td align="right" nowrap="nowrap" width="133">1 091</td>
</tr>
<tr>
<td align="left" width="315">Property, plant and equipment</td>
<td align="center" width="51">4</td>
<td align="right" nowrap="nowrap" width="125">8 505</td>
<td align="right" nowrap="nowrap" width="133">10 665</td>
</tr>
<tr>
<td align="left" width="315">Total non-current assets</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">11 172</td>
<td align="right" nowrap="nowrap" width="133">13 468</td>
</tr>
<tr>
<td align="left" width="315">TOTAL ASSETS</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">52 880</td>
<td align="right" nowrap="nowrap" width="133">56 145</td>
</tr>
<tr>
<td align="left" width="315"> </td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">LIABILITIES AND EQUITY</td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">Current liabilities</td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">Trade and other payables</td>
<td align="center" width="51">5</td>
<td align="right" nowrap="nowrap" width="125">8 025</td>
<td align="right" nowrap="nowrap" width="133">6 894</td>
</tr>
<tr>
<td align="left" width="315">Tax liabilities</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">849</td>
<td align="right" nowrap="nowrap" width="133">1 857</td>
</tr>
<tr>
<td align="left" width="315">Total current liabilities</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">8 874</td>
<td align="right" nowrap="nowrap" width="133">8 751</td>
</tr>
<tr>
<td align="left" width="315"> </td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">Non-current liabilities</td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">Deferred tax liability</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">10</td>
<td align="right" nowrap="nowrap" width="133">37</td>
</tr>
<tr>
<td align="left" width="315">Long-term provisions</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">52</td>
<td align="right" nowrap="nowrap" width="133">0</td>
</tr>
<tr>
<td align="left" width="315">Total non-current liabilities</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">62</td>
<td align="right" nowrap="nowrap" width="133">37</td>
</tr>
<tr>
<td align="left" width="315">Total liabilities</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">8 936</td>
<td align="right" nowrap="nowrap" width="133">8 788</td>
</tr>
<tr>
<td align="left" width="315"> </td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">Equity</td>
<td align="left" width="51"> </td>
<td align="left" width="125"> </td>
<td align="left" width="133"> </td>
</tr>
<tr>
<td align="left" width="315">Share capital</td>
<td align="center" width="51">6</td>
<td align="right" nowrap="nowrap" width="125">10 800</td>
<td align="right" nowrap="nowrap" width="133">11 100</td>
</tr>
<tr>
<td align="left" width="315">Share premium</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">8 567</td>
<td align="right" nowrap="nowrap" width="133">10 787</td>
</tr>
<tr>
<td align="left" width="315">Treasury shares</td>
<td align="center" width="51">6</td>
<td align="right" nowrap="nowrap" width="125">0</td>
<td align="right" nowrap="nowrap" width="133">-998</td>
</tr>
<tr>
<td align="left" width="315">Statutory reserve capital</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">1 306</td>
<td align="right" nowrap="nowrap" width="133">1 306</td>
</tr>
<tr>
<td align="left" width="315">Revaluation reserve</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">710</td>
<td align="right" nowrap="nowrap" width="133">710</td>
</tr>
<tr>
<td align="left" width="315">Unrealised exchange rate differences</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">-15 588</td>
<td align="right" nowrap="nowrap" width="133">-10 968</td>
</tr>
<tr>
<td align="left" width="315">Retained earnings</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">35 179</td>
<td align="right" nowrap="nowrap" width="133">31 465</td>
</tr>
<tr>
<td align="left" width="315">Total equity attributable to equity holders
of the Parent company</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">40 974</td>
<td align="right" nowrap="nowrap" width="133">43 402</td>
</tr>
<tr>
<td align="left" width="315">Non-controlling interest</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">2 970</td>
<td align="right" nowrap="nowrap" width="133">3 955</td>
</tr>
<tr>
<td align="left" width="315">Total equity</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">43 944</td>
<td align="right" nowrap="nowrap" width="133">47 357</td>
</tr>
<tr>
<td align="left" width="315">TOTAL EQUITY AND LIABILITIES</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="125">52 880</td>
<td align="right" nowrap="nowrap" width="133">56 145</td>
</tr>
</tbody>
</table>
<p> </p>
<p>
Consolidated Income Statement
</p>
<p> </p>
<table cellpadding="3" cellspacing="0" class="gnw_table">
<tbody>
<tr>
<td align="left" class="gnw_uline" width="386">in thousands of EUR</td>
<td align="center" class="gnw_uline" width="51">Note</td>
<td align="right" class="gnw_uline" width="80">4Q 2017</td>
<td align="right" class="gnw_uline" width="78">4Q 2016</td>
<td align="right" class="gnw_uline" width="88">12m 2017</td>
<td align="right" class="gnw_uline" width="88">12m 2016</td>
</tr>
<tr>
<td align="left" width="386">Revenue</td>
<td align="center" width="51">8</td>
<td align="right" nowrap="nowrap" width="80">12 283</td>
<td align="right" nowrap="nowrap" width="78">12 250</td>
<td align="right" nowrap="nowrap" width="88">62 348</td>
<td align="right" nowrap="nowrap" width="88">57 892</td>
</tr>
<tr>
<td align="left" width="386">Cost of goods sold</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">-5 589</td>
<td align="right" nowrap="nowrap" width="78">-5 987</td>
<td align="right" nowrap="nowrap" width="88">-30 435</td>
<td align="right" nowrap="nowrap" width="88">-26 333</td>
</tr>
<tr>
<td align="left" width="386">Gross Profit</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">6 694</td>
<td align="right" nowrap="nowrap" width="78">6 263</td>
<td align="right" nowrap="nowrap" width="88">31 913</td>
<td align="right" nowrap="nowrap" width="88">31 559</td>
</tr>
<tr>
<td align="left" width="386"> </td>
<td align="left" width="51"> </td>
<td align="right" width="80"> </td>
<td align="right" width="78"> </td>
<td align="right" width="88"> </td>
<td align="right" width="88"> </td>
</tr>
<tr>
<td align="left" width="386">Distribution expenses</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">-2 947</td>
<td align="right" nowrap="nowrap" width="78">-2 743</td>
<td align="right" nowrap="nowrap" width="88">-12 081</td>
<td align="right" nowrap="nowrap" width="88">-9 393</td>
</tr>
<tr>
<td align="left" width="386">Administrative expenses</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">-1 197</td>
<td align="right" nowrap="nowrap" width="78">-1 365</td>
<td align="right" nowrap="nowrap" width="88">-4 937</td>
<td align="right" nowrap="nowrap" width="88">-4 846</td>
</tr>
<tr>
<td align="left" width="386">Other operating income</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">93</td>
<td align="right" nowrap="nowrap" width="78">97</td>
<td align="right" nowrap="nowrap" width="88">323</td>
<td align="right" nowrap="nowrap" width="88">347</td>
</tr>
<tr>
<td align="left" width="386">Other operating expenses</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">-458</td>
<td align="right" nowrap="nowrap" width="78">-335</td>
<td align="right" nowrap="nowrap" width="88">-1 270</td>
<td align="right" nowrap="nowrap" width="88">-1 124</td>
</tr>
<tr>
<td align="left" width="386">Operating profit</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">2 185</td>
<td align="right" nowrap="nowrap" width="78">1 917</td>
<td align="right" nowrap="nowrap" width="88">13 948</td>
<td align="right" nowrap="nowrap" width="88">16 543</td>
</tr>
<tr>
<td align="left" width="386"> </td>
<td align="left" width="51"> </td>
<td align="right" width="80"> </td>
<td align="right" width="78"> </td>
<td align="right" width="88"> </td>
<td align="right" width="88"> </td>
</tr>
<tr>
<td align="left" width="386">Currency exchange income/(expense)</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">89</td>
<td align="right" nowrap="nowrap" width="78">-2 574</td>
<td align="right" nowrap="nowrap" width="88">1 221</td>
<td align="right" nowrap="nowrap" width="88">-5 094</td>
</tr>
<tr>
<td align="left" width="386">Other finance income/(expenses)</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">29</td>
<td align="right" nowrap="nowrap" width="78">5</td>
<td align="right" nowrap="nowrap" width="88">176</td>
<td align="right" nowrap="nowrap" width="88">149</td>
</tr>
<tr>
<td align="left" width="386">Net financial income</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">118</td>
<td align="right" nowrap="nowrap" width="78">-2 569</td>
<td align="right" nowrap="nowrap" width="88">1 397</td>
<td align="right" nowrap="nowrap" width="88">-4 945</td>
</tr>
<tr>
<td align="left" width="386"> </td>
<td align="left" width="51"> </td>
<td align="left" width="80"> </td>
<td align="left" width="78"> </td>
<td align="left" width="88"> </td>
<td align="left" width="88"> </td>
</tr>
<tr>
<td align="left" width="386">Profit (loss) from associates using equity
method</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">10</td>
<td align="right" nowrap="nowrap" width="78">22</td>
<td align="right" nowrap="nowrap" width="88">39</td>
<td align="right" nowrap="nowrap" width="88">22</td>
</tr>
<tr>
<td align="left" colspan="2" width="438">Profit before tax </td>
<td align="right" nowrap="nowrap" width="80">2 313</td>
<td align="right" nowrap="nowrap" width="78">-630</td>
<td align="right" nowrap="nowrap" width="88">15 384</td>
<td align="right" nowrap="nowrap" width="88">11 620</td>
</tr>
<tr>
<td align="left" width="386"> </td>
<td align="left" width="51"> </td>
<td align="left" width="80"> </td>
<td align="left" width="78"> </td>
<td align="left" width="88"> </td>
<td align="left" width="88"> </td>
</tr>
<tr>
<td align="left" width="386">Income tax expense</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">-646</td>
<td align="right" nowrap="nowrap" width="78">-855</td>
<td align="right" nowrap="nowrap" width="88">-3 991</td>
<td align="right" nowrap="nowrap" width="88">-3 724</td>
</tr>
<tr>
<td align="left" width="386"> </td>
<td align="left" width="51"> </td>
<td align="left" width="80"> </td>
<td align="left" width="78"> </td>
<td align="right" width="88"> </td>
<td align="right" width="88"> </td>
</tr>
<tr>
<td align="left" width="386">Profit for the period</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">1 667</td>
<td align="right" nowrap="nowrap" width="78">-1 485</td>
<td align="right" nowrap="nowrap" width="88">11 393</td>
<td align="right" nowrap="nowrap" width="88">7 896</td>
</tr>
<tr>
<td align="left" width="386">Attributable to :</td>
<td align="left" width="51"> </td>
<td align="left" width="80"> </td>
<td align="left" width="78"> </td>
<td align="left" width="88"> </td>
<td align="left" width="88"> </td>
</tr>
<tr>
<td align="left" width="386"> Equity holders of the Parent company</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">1 605</td>
<td align="right" nowrap="nowrap" width="78">-844</td>
<td align="right" nowrap="nowrap" width="88">10 914</td>
<td align="right" nowrap="nowrap" width="88">8 273</td>
</tr>
<tr>
<td align="left" width="386"> Non-controlling interest</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">62</td>
<td align="right" nowrap="nowrap" width="78">-641</td>
<td align="right" nowrap="nowrap" width="88">479</td>
<td align="right" nowrap="nowrap" width="88">-377</td>
</tr>
<tr>
<td align="left" width="386"> </td>
<td align="left" width="51"> </td>
<td align="left" width="80"> </td>
<td align="left" width="78"> </td>
<td align="left" width="88"> </td>
<td align="left" width="88"> </td>
</tr>
<tr>
<td align="left" width="386">Earnings per share from profit attributable
to equity holders of the Parent company, both basic and diluted (EUR)</td>
<td align="center" width="51">7</td>
<td align="right" nowrap="nowrap" width="80">0,04</td>
<td align="right" nowrap="nowrap" width="78">-0,02</td>
<td align="right" nowrap="nowrap" width="88">0,30</td>
<td align="right" nowrap="nowrap" width="88">0,22</td>
</tr>
</tbody>
</table>
<p> </p>
<p>
Consolidated Statement of Comprehensive Income
</p>
<p> </p>
<table cellpadding="3" cellspacing="0" class="gnw_table">
<tbody>
<tr>
<td align="left" class="gnw_uline" width="386">in thousands of EUR</td>
<td align="center" class="gnw_uline" width="51">Note</td>
<td align="right" class="gnw_uline" width="80">4Q 2017</td>
<td align="right" class="gnw_uline" width="78">4Q 2016</td>
<td align="right" class="gnw_uline" width="88">12m 2017</td>
<td align="right" class="gnw_uline" width="88">12m 2016</td>
</tr>
<tr>
<td align="left" width="386"> </td>
<td align="left" width="51"> </td>
<td align="left" width="80"> </td>
<td align="left" width="78"> </td>
<td align="left" width="88"> </td>
<td align="left" width="88"> </td>
</tr>
<tr>
<td align="left" width="386">Profit for the period</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">1 667</td>
<td align="right" nowrap="nowrap" width="78">-1 485</td>
<td align="right" nowrap="nowrap" width="88">11 393</td>
<td align="right" nowrap="nowrap" width="88">7 896</td>
</tr>
<tr>
<td align="left" width="386"> </td>
<td align="left" width="51"> </td>
<td align="right" width="80"> </td>
<td align="right" width="78"> </td>
<td align="right" width="88"> </td>
<td align="right" width="88"> </td>
</tr>
<tr>
<td align="left" width="386">Other comprehensive income for the
period</td>
<td align="left" width="51"> </td>
<td align="left" width="80"> </td>
<td align="left" width="78"> </td>
<td align="left" width="88"> </td>
<td align="left" width="88"> </td>
</tr>
<tr>
<td align="left" width="386">Exchange rate differences attributable to
foreign operations</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">43</td>
<td align="right" nowrap="nowrap" width="78">4 685</td>
<td align="right" nowrap="nowrap" width="88">-5 183</td>
<td align="right" nowrap="nowrap" width="88">5 486</td>
</tr>
<tr>
<td align="left" width="386">Revaluation of PPE at FV</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">0</td>
<td align="right" nowrap="nowrap" width="78">1 065</td>
<td align="right" nowrap="nowrap" width="88">0</td>
<td align="right" nowrap="nowrap" width="88">1 065</td>
</tr>
<tr>
<td align="left" width="386">Total other comprehensive income for the
period</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">43</td>
<td align="right" nowrap="nowrap" width="78">5 750</td>
<td align="right" nowrap="nowrap" width="88">-5 183</td>
<td align="right" nowrap="nowrap" width="88">6 551</td>
</tr>
<tr>
<td align="left" width="386">Attributable to :</td>
<td align="left" width="51"> </td>
<td align="center" width="80"> </td>
<td align="center" width="78"> </td>
<td align="center" width="88"> </td>
<td align="center" width="88"> </td>
</tr>
<tr>
<td align="left" width="386"> Equity holders of the Parent company</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">112</td>
<td align="right" nowrap="nowrap" width="78">5 053</td>
<td align="right" nowrap="nowrap" width="88">-4 620</td>
<td align="right" nowrap="nowrap" width="88">5 981</td>
</tr>
<tr>
<td align="left" width="386"> Non-controlling interest</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">-69</td>
<td align="right" nowrap="nowrap" width="78">697</td>
<td align="right" nowrap="nowrap" width="88">-563</td>
<td align="right" nowrap="nowrap" width="88">571</td>
</tr>
<tr>
<td align="left" width="386"> </td>
<td align="left" width="51"> </td>
<td align="right" width="80"> </td>
<td align="right" width="78"> </td>
<td align="right" width="88"> </td>
<td align="right" width="88"> </td>
</tr>
<tr>
<td align="left" width="386">Total comprehensive income for the
period</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">1 710</td>
<td align="right" nowrap="nowrap" width="78">4 265</td>
<td align="right" nowrap="nowrap" width="88">6 210</td>
<td align="right" nowrap="nowrap" width="88">14 447</td>
</tr>
<tr>
<td align="left" width="386">Attributable to :</td>
<td align="left" width="51"> </td>
<td align="right" width="80"> </td>
<td align="right" width="78"> </td>
<td align="right" width="88"> </td>
<td align="right" width="88"> </td>
</tr>
<tr>
<td align="left" width="386"> Equity holders of the Parent company</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">1 717</td>
<td align="right" nowrap="nowrap" width="78">4 209</td>
<td align="right" nowrap="nowrap" width="88">6 294</td>
<td align="right" nowrap="nowrap" width="88">14 253</td>
</tr>
<tr>
<td align="left" width="386"> Non-controlling interest</td>
<td align="left" width="51"> </td>
<td align="right" nowrap="nowrap" width="80">-7</td>
<td align="right" nowrap="nowrap" width="78">56</td>
<td align="right" nowrap="nowrap" width="88">-84</td>
<td align="right" nowrap="nowrap" width="88">194</td>
</tr>
</tbody>
</table>
<p> </p>
<p>
Consolidated Statement of Cash Flows
</p>
<p> </p>
<table cellpadding="3" cellspacing="0" class="gnw_table">
<tbody>
<tr>
<td align="left" class="gnw_uline" width="427">in thousands of EUR</td>
<td align="center" class="gnw_uline" width="103">12m 2017</td>
<td align="center" class="gnw_uline" width="103">12m 2016</td>
</tr>
<tr>
<td align="left" width="427">Cash flow from operating activities</td>
<td align="left" width="103"> </td>
<td align="left" width="103"> </td>
</tr>
<tr>
<td align="left" width="427">Profit for the period</td>
<td align="right" nowrap="nowrap" width="103">11 393</td>
<td align="right" nowrap="nowrap" width="103">7 896</td>
</tr>
<tr>
<td align="left" width="427">Adjustments for:</td>
<td align="left" width="103"> </td>
<td align="left" width="103"> </td>
</tr>
<tr>
<td align="left" width="427"> Depreciation and amortization of
non-current assets</td>
<td align="right" nowrap="nowrap" width="103">1 787</td>
<td align="right" nowrap="nowrap" width="103">1 887</td>
</tr>
<tr>
<td align="left" width="427"> Share of profit of equity accounted
investees</td>
<td align="right" nowrap="nowrap" width="103">-39</td>
<td align="right" nowrap="nowrap" width="103">-22</td>
</tr>
<tr>
<td align="left" width="427"> (Gains)/ losses on the sale of PPE and
IA</td>
<td align="right" nowrap="nowrap" width="103">7</td>
<td align="right" nowrap="nowrap" width="103">-32</td>
</tr>
<tr>
<td align="left" width="427"> Net finance income / costs</td>
<td align="right" nowrap="nowrap" width="103">-1 397</td>
<td align="right" nowrap="nowrap" width="103">4 945</td>
</tr>
<tr>
<td align="left" width="427"> Provision for impairment losses on trade
receivables</td>
<td align="right" nowrap="nowrap" width="103">-19</td>
<td align="right" nowrap="nowrap" width="103">4</td>
</tr>
<tr>
<td align="left" width="427"> Provision for long-term benefits</td>
<td align="right" nowrap="nowrap" width="103">52</td>
<td align="right" nowrap="nowrap" width="103">0</td>
</tr>
<tr>
<td align="left" width="427">Income tax expense</td>
<td align="right" nowrap="nowrap" width="103">3 991</td>
<td align="right" nowrap="nowrap" width="103">3 724</td>
</tr>
<tr>
<td align="left" width="427">Change in inventories</td>
<td align="right" nowrap="nowrap" width="103">-1 573</td>
<td align="right" nowrap="nowrap" width="103">-717</td>
</tr>
<tr>
<td align="left" width="427">Change in trade and other receivables</td>
<td align="right" nowrap="nowrap" width="103">1 081</td>
<td align="right" nowrap="nowrap" width="103">43</td>
</tr>
<tr>
<td align="left" width="427">Change in trade and other payables</td>
<td align="right" nowrap="nowrap" width="103">-1 709</td>
<td align="right" nowrap="nowrap" width="103">-641</td>
</tr>
<tr>
<td align="left" width="427">Income tax paid</td>
<td align="right" nowrap="nowrap" width="103">-4 396</td>
<td align="right" nowrap="nowrap" width="103">-4 280</td>
</tr>
<tr>
<td align="left" width="427">Net cash from operating activities</td>
<td align="right" nowrap="nowrap" width="103">9 178</td>
<td align="right" nowrap="nowrap" width="103">12 807</td>
</tr>
<tr>
<td align="left" width="427"> </td>
<td align="left" width="103"> </td>
<td align="left" width="103"> </td>
</tr>
<tr>
<td align="left" width="427">Cash flow from investing activities</td>
<td align="left" width="103"> </td>
<td align="left" width="103"> </td>
</tr>
<tr>
<td align="left" width="427">Interest received</td>
<td align="right" nowrap="nowrap" width="103">127</td>
<td align="right" nowrap="nowrap" width="103">123</td>
</tr>
<tr>
<td align="left" width="427">Dividends received</td>
<td align="right" nowrap="nowrap" width="103">1</td>
<td align="right" nowrap="nowrap" width="103">3</td>
</tr>
<tr>
<td align="left" width="427">Proceeds from disposal of property, plant
and equipment</td>
<td align="right" nowrap="nowrap" width="103">463</td>
<td align="right" nowrap="nowrap" width="103">36</td>
</tr>
<tr>
<td align="left" width="427">Proceeds from repayments of loans
granted</td>
<td align="right" nowrap="nowrap" width="103">-17</td>
<td align="right" nowrap="nowrap" width="103">0</td>
</tr>
<tr>
<td align="left" width="427">Acquisition of property, plant and
equipment</td>
<td align="right" nowrap="nowrap" width="103">-1 226</td>
<td align="right" nowrap="nowrap" width="103">-888</td>
</tr>
<tr>
<td align="left" width="427">Acquisition of intangible assets</td>
<td align="right" nowrap="nowrap" width="103">-118</td>
<td align="right" nowrap="nowrap" width="103">-106</td>
</tr>
<tr>
<td align="left" width="427">Acquisition of shares of a subsidiary</td>
<td align="right" nowrap="nowrap" width="103">0</td>
<td align="right" nowrap="nowrap" width="103">-3</td>
</tr>
<tr>
<td align="left" width="427">Net cash used in/from investing
activities</td>
<td align="right" nowrap="nowrap" width="103">-770</td>
<td align="right" nowrap="nowrap" width="103">-835</td>
</tr>
<tr>
<td align="left" width="427"> </td>
<td align="left" width="103"> </td>
<td align="left" width="103"> </td>
</tr>
<tr>
<td align="left" width="427">Cash flow from financing activities</td>
<td align="left" width="103"> </td>
<td align="left" width="103"> </td>
</tr>
<tr>
<td align="left" width="427">Dividends paid</td>
<td align="right" nowrap="nowrap" width="103">-8 101</td>
<td align="right" nowrap="nowrap" width="103">-9 220</td>
</tr>
<tr>
<td align="left" width="427">Acquisition of own shares</td>
<td align="right" nowrap="nowrap" width="103">-1 522</td>
<td align="right" nowrap="nowrap" width="103">-1 846</td>
</tr>
<tr>
<td align="left" width="427">Net cash used in/ from financing
activities</td>
<td align="right" nowrap="nowrap" width="103">-9 623</td>
<td align="right" nowrap="nowrap" width="103">-11 066</td>
</tr>
<tr>
<td align="left" width="427"> </td>
<td align="left" width="103"> </td>
<td align="left" width="103"> </td>
</tr>
<tr>
<td align="left" width="427">Increase in cash and cash equivalents</td>
<td align="right" nowrap="nowrap" width="103">-1 215</td>
<td align="right" nowrap="nowrap" width="103">906</td>
</tr>
<tr>
<td align="left" width="427">Cash and cash equivalents at the beginning
of period</td>
<td align="right" nowrap="nowrap" width="103">22 303</td>
<td align="right" nowrap="nowrap" width="103">21 274</td>
</tr>
<tr>
<td align="left" width="427">Effect of exchange rate fluctuations on cash
held</td>
<td align="right" nowrap="nowrap" width="103">142</td>
<td align="right" nowrap="nowrap" width="103">123</td>
</tr>
<tr>
<td align="left" width="427">Cash and cash equivalents at the end of
period</td>
<td align="right" nowrap="nowrap" width="103">21 230</td>
<td align="right" nowrap="nowrap" width="103">22 303</td>
</tr>
<tr>
<td align="left" width="427"> <br />Jarek Särgava<br />AS Silvano Fashion
Group<br />Member of the Board<br />Phone: +372 6845 000<br />E-mail:
[email protected]<br /> <br /> </td>
<td align="right" width="103"> </td>
<td align="right" width="103"> </td>
</tr>
</tbody>
</table>