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2021 Q4 Highlights

• In 2021 the Group opened 14 new shops, 6 of which were opened in the fourth quarter of 2021.
• Despite tight Covid-19 restrictions in the fourth quarter, especially in October and November 2021, in Q4 2021 the Group recorded its highest historical quarterly retail gross sales of € 2.8M, which is by 56% more than in the same period of 2020.
• In November 2021, AS GIVEN Jewellery established a subsidiary UAB GIVEN Lithuania to start its operations in Lithuanian market.
• In Q4 2021 the Group issued its first secured bonds in the amount of € 2.88K.
• In the fourth quarter the Group launched a new brand NINE, which is a collection of 9 carat gold jewellery. NINE offers very durable and also affordable gold jewellery excellent for everyday use.
• In Q4 2021 online sales amounted to € 302K, which is by 84% more than in Q4 2020.

Retail turnover (including VAT) of GIVEN Group in Q3 2022 amounted to EUR 3.6 million and was 45% higher than the same period of 2021. In Q3 2022 the retail turnover of GIVEN Group in Latvia increased by 33% year-to-year and by 80% in Estonia.

As of September 30, GIVEN Group operates a chain of 60 shops of which 42 are in Latvia, 9 in Estonia, and 9 in Lithuania. The Group also has three online shops in each of the countries – www.given.lv, www.given.ee and www.given.lt.

In Q3 2022 GIVEN Group opened 6 new shops - 1 in Latvia, 2 in Estonia, and 3 in Lithuania. With the opening of shops in Kaunas and Šiauliai GIVEN is present in all the largest cities of Lithuania. The new regional shop opened in Latvia is located in Aizkraukle “Iga Centrs”, thus being closer to the customers, who are located between the two regions of Latvia – Vidzeme and Sēlija. The newcomers in Estonia are a shop in Kohtla-Järve and the first GIVEN shop on an island – Saaremaa.

In Q4 2022 several more shops are to be opened in all Baltic countries, including one at the Riga International Airport (RIX).

Retail turnover (including VAT) of GIVEN Group in Q2 2022 amounted to EUR 3.2 million and was by 72% higher than in the respective period of 2021. In Q2 2022, the retail turnover of GIVEN Group in Latvia increased by 62% year-to-year and in Estonia increased by 14%.

As of June 30, GIVEN Group operates the chain of 55 shops of which 42 in Latvia, 7 in Estonia and 6 in Lithuania. Also, the Group has three online shops in each of the countries – www.given.lv, www.given.ee and www.given.lt.

In Q2 2022 GIVEN Group has opened 9 new shops - 1 in Latvia, 3 in Estonia and 5 in Lithuania, thus becoming the largest jewellery retail chain in the Baltics. The newly opened shops in Estonia are the first ones outside Tallinn. In Lithuania GIVEN now is present in Vilnius, Kaunas and Panevezys. A newcomer to the store network in Latvia is GIVEN’s first street level flagship store, located in the very center of Riga, Tērbatas street. It is also the largest of the Group’s shops in the Baltics offering especially wide selection of jewellery and brand collections.

More shops are to be opened in all three Baltic countries in Q3 2022 with a focus on regional centers.

Retail turnover of GIVEN Group in Q4 2022 amounted to EUR 5.4 million (including VAT) and was 97% higher than in the same period of 2021. In Q4 2022 the retail turnover of GIVEN Group in Latvia increased by 74% year-to-year and by 127% in Estonia.

As of December 31, 2022 GIVEN Group operates a chain of 64 shops, 44 of which are in Latvia, 10 in Estonia, and 10 in Lithuania. The Group also has three online shops in each of the countries – www.given.lv, www.given.ee, and www.given.lt.

In Q4 2022 GIVEN Group opened 5 new shops - 2 in Latvia, 1 in Estonia, and 2 in Lithuania. Since October 2022, GIVEN is present in Riga International Airport (RIX). It is the Group’s first shop in an airport and a gateway towards a new international customer base. The tenth GIVEN shop in Estonia was opened in Solaris Center, which is the largest entertainment, trade, and cultural center in Tallinn. With the opening of the tenth shop in Lithuania, in Šiauliai, GIVEN is present in five largest cities of Lithuania.

In 2023 the Group plans to continue strengthening its market position, promoting its brand awareness, developing its online shops, working on its assortment strategy, and expanding its retail chain in the Baltic States.

On July 8, 2022, GIVEN Jewellery AS has registered new senior secured notes issue in Nasdaq CSD, with the following characteristics:

Notes issue will be structured as a private placement with EUR 100,000 minimum investment. Notes issue is arranged by Signet Bank AS.

About Given Jewellery AS

GIVEN is a jewellery brand that stands for joy, beauty, love, creativity, and sustainability by expressing this in its jewellery – through design, unique collections of brands, and carefully considered details, making the valuable accessible.

AS GIVEN Jewellery is the parent company of GIVEN in Baltics. As of June 30, 2022 there were 42 retail shops in Latvia,  in Estonia and 1 in Lithuania.

GIVEN offers jewellery for women, men, and children to bring joyful accents to everyday life and to highlight the most important moments in life, as well as interest-free instalment payments, gold exchange and other services. Read more www.given.lv

GIVEN Jewellery AS has published its unaudited quarterly report

Business results

In 12m 2022 GIVEN Group has managed to expand its retail chain by 20 shops, reaching total of 64 shops in the Baltic States. In FY 2022 the Group’s retail revenue reached € 15.1M, which is by 100% more than in FY 2021. The Group’s gross margin also improved, growing to 58% in 12m 2022 compared to 54% in 12m 2021. The Group’s EBITDA and EBITDA margin for 12m 2022 was € 2.2M and 17% respectively.

While the macroeconomic and geopolitical environment remains uncertain, with a strengthening market position and a long-term vision GIVEN is confident in its ability to adapt to the market conditions while driving its strategic priorities and to be the leading jewellery retail chain in the Baltic States.

In 2023 the Group plans to continue expanding its retail chain in the Baltic States, strengthening its market position, promoting its brand awareness, developing its online shops, surprise its customers with new products and launching new ESG initiatives.

About GIVEN Group

GIVEN is a jewellery brand that stands for joy, beauty, love, creativity, and sustainability by expressing this in its jewellery – through design, unique collections of brands, and carefully considered details, making the valuable accessible.

AS GIVEN Jewellery is the parent company of GIVEN Group in the Baltics. As of December 31, 2022 GIVEN Group operates 64 shops in the Baltics and is the largest jewellery retail chain in the region. Also, the Group has three online shops – www.given.lv, www.given.ee and www.given.lt.

GIVEN offers jewellery for women, men, and children to bring joyful accents to everyday life and to highlight the most important moments in life, as well as interest-free instalment payments, gold exchange, and other services. Read more www.given.lv.

The AS GIVEN Jewellery unaudited financial report for Q4 2022 is attached to the announcement and is also published on NASDAQ Riga and GIVEN’s web page: https://givenjewellery.com.

Business results

In 2022, the Group pursued a rapid growth strategy and expanded its retail chain by 20 shops in the Baltics, 4 of which in Latvia, 6 in Estonia, and 10 in Lithuania. With 64 shops and three online shops at the end of 2022, GIVEN became the largest jewellery retail chain in the Baltics.

Significant milestones in Latvia were the opening of a shop in Riga International Airport (RIX), as well as opening a first street-level flagship shop, located in the very center of Riga, Tērbatas street. The newly opened shops in Estonia in 2022 were the first GIVEN shops outside Tallinn. The first shop in Lithuania was opened on March, 2022 and at the end of the year the Group had shops in five of the largest cities of Lithuania.

In 2022 the Group’s net turnover reached EUR 12.8 million, which is by 97% more than in 2021. In 2022 retail revenue in Latvia accounted for 84%, in Estonia for 10%, but in Lithuania for 6% of the total. Despite the end of Covid-19 pandemic, in 2022 e-commerce still played a crucial role in the Group’s business and accounted for 6% of the Group’s retail turnover. The Group managed to not only grow its revenue from operations of new shops, but also to significantly grow its turnover in the existing retail chain due to investments in brand awareness, marketing, assortment, and personnel training.

The rapid growth was enabled by additional financing attracted in 2022 in the form of secured and subordinated bonds, in total attracting EUR 3.4 million.

While due to rapid growth and first years of operation, subsidiaries in Estonia and Lithuania closed the year with net loss, SIA “GIVEN Latvia” ended the year with its historically highest annual profit of EUR 1.2 million, which is 221% increase compared to 2021 (in accordance with the Law on Annual Reports and Consolidated Annual Reports in force in the Republic of Latvia). The Group closed the reporting year with a profit of EUR 13.4 thousand and EBITDA of EUR 2.2 million.

General information about the Group

GIVEN is a jewellery brand that stands for joy, beauty, love, creativity, and sustainability by expressing this in its jewellery – through design, unique collections of brands, and carefully considered details, making the valuable accessible.

AS GIVEN Jewellery is the parent company of GIVEN in Baltics. As of March 31, 2023 there were 44 retail shops in Latvia, 12 in Estonia and 10 in Lithuania.

GIVEN offers jewellery for women, men, and children to bring joyful accents to everyday life and to highlight the most important moments in life, as well as interest-free instalment payments, gold exchange and other services. Read more www.given.lv

AS GIVEN Jewellery consolidated and standalone audited financial reports for 2022 is attached to the announcement and is also published on NASDAQ Riga and web page https://givenjewellery.com/.