Börsiteade

Pealkiri

Silvano Fashion Group AS Audited Consolidated Annual Report 2020

Teade

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 interim
                                               financial report for
                       Consolidated financial  Q4 and 12 months of
                          statements 2020              2020          Difference
-------------------------------------------------------------------------------
 Unrealised exchange
 rate differences                     -18 864                -19 748        884

 Retained earnings                     33 140                 34 024       -884

Consolidated income statement:

                                                Consolidated interim
                               Consolidated     financial report for
                           financial statements Q4 and 12 months of
                                   2020                 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 interim
                             Consolidated      financial report for
                         financial statements   Q4 and 12 months of
                                 2020                  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 interim
                                               financial report for
                        Consolidated financial  Q4 and 12 months of
                           statements 2020             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

 Payment of principal
 portion of lease
 liabilities                            -2 003                -2 495        492

 Net cash flow from
 financing activities                   -2 134                -2 600        466

 Effect of exchange
 rate fluctuations on
 cash held                                -129                   363       -492

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-_LHYzeovWFRSNCONEb5biYra-
hVrP4xD0ck1Ru7ZgoEOld81SRwP93ai1In59ez_-n82AUr1jgkD1XUVvfFtOrTB-
F9CVtmFLkXB1vBChr5GzqXNS2syJjRPoWaeuY63ylYXHd1j_GTPW7GDeTUOSy0j4aPVce8O5GhvHHO2m
m5b7LE9uwcoQlpXbS61GF-Pfa2nU-2cRqTBpvyA-jiDZD6MjAsigvWXhE0-
JqHE3ZlgszY23q8_XsVLtxyNB4M8wzRIv5jjES6C2sHiy2gnPX6vwM2M8TRKGA5Y1wDbvYrubV7Rjqpi
KRFBdmdqP6-fK7lVgkhBsAt4XOBgPmnqtUeT-vV38OoBQPFPomexax-
mmbXH7UdvYFQRnQY7A6HlKxJwfiUjrjZyMdP5eGITsMmYx9FBRxA9QTfhlmvCkoBJoJhXDYUZBIqM4gI
cp162PaI2ldokYGhohfJKp9emE7O-jxD_cJI6S0uu9dW-
UL2O66XxnyToMiZsl75J6VDe6EII_Lk8NZMyAb5cOU8YjOXOiLSPEoM3f7zVjNe-
ejoUhgmBXG0F7SfSxurfzXCvIMWklSPP1yLKrEKmepnRcyIRe433-
fraZsAHqrZhMmBVFfQM4zjALeS2uxY62Z9K5DqE5iFfDAVaDrohD3p7fm5-67yJj1U7sC0JS4B82RI-
BObwaINA6TjF9-gHv5qzsdmKarTJjzhrvnJgJmDVAyiHTgC-
o_6N5_jIAvhJibyRMyJXLa27FmSuAAJN9XG376eGat4-g1UDpvGdWQIL-
gEM2xlYY3u7s4LwndV1JCfPHHbckbwQvObsICA==) and SFG www.silvanofashion.com
(https://www.globenewswire.com/Tracker?data=2Tftp7UL0nDRq7KBhYu5xb7NzK30nGuwJxBo
v17yekFvGnl3F8Sm4B1FcfFblgYPWTSHHxk4Ccr1OzuuTTJI32yyd8h9g66ppzUAQpI1zir0z3iG6adK
ixiyayjsNkvHH0HtIzoZCRhj6IIuCBtCSIQCfpArGtlb8Evw8bTTDYPjr28jFZPdZ5lvlLZWMbLyetvn
cYQ7JUkzxiNXbWGrICfWJYBOzjyymX3OocQbLvFiL_8nDotMgLGQTulAnirij_ajig2sRdygV8r5bmYJ
3FZMFhZREEPRuIpzIuO8vpPAEQy-
CBgZ6TK52W315EWAVcfitnrEGEjhwabLTB6ZQeqFVBpPQhb2RqRXxeYZLehfnjE0W9yZ_5yQbLvY8wbu
AHgFNRqXQE0c1tVVAsTuV5HXVnTyRoYGd_kktqBxTmstVCJRiEzc3Z_hvAxkU2ZCrd9FUNS_a7rqTLBj
-euZGCevDeOe8Z-dnIYHPBq6ZXXV7OD5fdT9H64A5V-ayUqamBS7I0_g8GTXGCOSct-1N-
WnUkFKcph8lze1urYH8ZbjvEqfvv5xgVsCHOEk-
VKIj69jDCMSOgoIFv_qWiRmpIXCCftgTGCmGQ--IQocbhi6zBKluUNZfa7qAY_mrGUeF0gmKxBf6al3Y
fqbN_IT5y2f2tLbc1MZCH4yqpQSyBJNLz4NygxRUwrLooLBUSlf8iFYa4S3TpqNDtO2DzCRsoiBb011G
3beNgnj-
LvKnS7smPNhK5MVC64GZZBWvO96uEDzIWBTMzqU7rsgnSSnHfDeYSvIgai9P6SlRC2wTDk=).

Jarek Särgava
Silvano Fashion Group AS
Member of the Board
Phone +372 684 5000
Email: [email protected]
(https://www.globenewswire.com/Tracker?data=21boLn8ovZjCXJAsB_tdeUUHcxvb-
W3MTGaEeAuBUuRJ0C5uwjAuEgSozuItrXsFNeCv7jHkbu-
afO3Y12N8w9S0Ogs4AexN3ZmDqMbRwYk3MkWTIqJVaUi44NK0tQ7lIsIoY6jibTeEVHyFPrvuHNDUNzz
h5Kt1yGsFlOGb6MgwpCYnSN7Hf6m5E_X1oDrvrD39rw9r_uNf7V3GQnmzd0yFOP9HwPJZvZ1TFShub62
DpyTxvM9dLg_juZxEtaMLqo9_vU5L3NjCvJrnvLJpclNlqQQ9i2eg6Rzx1ebkuV2Np37IZtBeEdr9z1S
QtqFWD3vFd2-5hXYLbQtlM-vBC31P04Q-ZGWfmeZoYw2dgvdmu2H5Jd5gsxClmGhScSc3VTyPYos-
Udfzj6NfUFHAGYRbTq8BULRxO9lt3lSCjROI11WgnE8BskdeTzh5fJib-IF2-G1-MbBn9vO-
NrWtL3DO_0dS34OgvUlrE28MSorxdaGCQWdlaBI_wyO1Ih2nIAWhvkiwEcNFQk022dh-
STVwfMP4ba5rYEavFvLV2Uh5Ii1EvZgl64bRS3nrWZ-nQhLQMv6rNvCYQRy-
pwiQQWZA_fL8gTe0vJI7fEDwt8fpEwyWMvYPI6W0eBDWd3QqaUCZLOfEWymW8n-
3WueuovYY4Ofx4L1DdnHn2xL0RiOXA-jxZ83m0A2lAzbpwHeOVAdMExEtADfUKuaIMxrKRs5-
Lb2xMeZ2QGHyeVdhUTIyHKqz--_-4PZGjoHV46IUDmqu1qErLP7xN4TlWt060BiXZbFLAJOtq5eXgcov
awk=)