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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.

We have stepped in a new era in business, where the adoption of strong and actionable policies of sustainable development is no longer an option but a necessity. Stakeholders nowadays demand more than just profits and prioritize not only financial success, but also serious environmental consideration, social responsibility in action, and ethical governance within the company.

We here at GIVEN have developed our own sustainability strategy and already are implementing our first initiatives.

We aim to be a responsible jewelry retail chain frontrunner in the Baltics. As a market leader in the Baltics, we recognize our responsibility to drive sustainability in our industry. Responsible jewelry, to us, means jewelry that is sourced and made without harming people and communities.  We verify this through valuating our supply chain, certifications of good practice and traceability of our products.  We aim to empower and educate our clients, creating demand for more responsible jewelry thought our actions and initiatives such as informing clients on proper jewelry care, exchange of gold, introducing alternative materials in our assortment, and through our corporate social responsibility activities.

We are at the very beginning of our sustainability journey. We don’t call ourselves sustainable yet and there is a long way to go. But every journey begins with a good intention and a first step.

Stay tuned for more news!

In a world where technology and innovations are constantly reshaping our reality, a new sparkling evolution is quietly and confidently taking place in the realm of jewelry: Lab – grown diamonds. These dazzling gems are timeless symbols of love, beauty, and luxury and this is not going to change any time soon. Lab – grown diamonds born in a controlled laboratory environment using advanced techniques that mimic the geological processes, offer a remarkable alternative to natural diamonds. These diamonds possess the same physical, chemical, and optical properties as natural gems, making them indistinguishable to the naked eye. At the same time their environmental footprint is significantly smaller compared to traditional mining practices. Lab- grown diamonds undergo the same grading and certification process, ensuring that these gems meet the highest standards of quality and purity. Also, worth to mention, that the controlled production process and reduced rarity contribute to their comparatively lower prices and are more affordable.

As a responsible jewelry retail chain frontrunner in the Baltics, we have launched GIVEN’s first jewelry collection with lab-grown diamonds – STARDUST. The new collection, which includes rings, earrings, and charms, is a novelty in Latvia both in terms of its size and shape of diamonds.  Each piece of jewelry comes with a certificate that confirms the uniqueness and quality of each stone. STARDUST is a continuation of our commitment to introducing sustainable jewelry into our assortment. We currently offer two collections with lab-grown stones, the first is the collection with moissanite, which we presented in March of this year.

We believe that lab-grown gems are not just a passing trend but rather a fascinating achievement in our quest for a more responsible future.

The retail turnover of GIVEN Group in Q2 2023 amounted to EUR 4.43 million (including VAT) and was 40% higher than in the same period of 2022. In Q2 2023 the retail turnover of GIVEN Group increased by 19% year-to-year in Latvia, by 122% in Estonia and by 401% in Lithuania.

In Q2 2023 GIVEN Group opened 2 new shops in Riga, Latvia and 1 shop in Klaipeda, Lithuania. The new shops in Riga are located in top shopping centres of Riga – Alfa and Spice – and are the second shops in each of the centers. The new shop in Klaipeda is the first retail kiosk type shop for GIVEN Group.

As of June 30, 2023 GIVEN Group operates a chain of 69 shops, 46 of which are in Latvia, 12 in Estonia, and 11 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 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.

GIVEN Group announces the change of coupon rate of the floating-rate bond effective from 31 July 2023.

The new and previous coupon rate for bonds with 3 months interest rate fixing listed on Nasdaq First North is as follows:

• NEW: GIVENFLOT25FA, maturity in July 2025, coupon rate for period from 31 July 2023 until 30 October 2023 (including) is 9.714%.
• PREVIOUS: GIVENFLOT25FA, maturity in July 2025, coupon rate for period from 30 April 2023 until 30 July 2023 (including) is 9.242%.

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 in Baltics. As of June 30, 2023 GIVEN Group operates 69 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.

GIVEN Jewellery AS has published its unaudited quarterly report.

Business results

In 6M 2023 the Group’s revenue reached € 7.2M, which is by 39% more than in 6M 2022. In 6M the Group’s gross profit was € 4.1M and gross margin 57%. The Group’s EBITDA and EBITDA margin for 6M 2023 was € 0.84M and 12% respectively.

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 in Baltics. As of June 30, 2023 GIVEN Group operates 69 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.

AS GIVEN Jewellery unaudited financial report for Q2 2023 is attached to the announcement and is also published on NASDAQ Riga and web page  https://givenjewellery.com.

The retail turnover of GIVEN Group in Q3 2023 amounted to EUR 4.85 million (including VAT) and was 35% higher than in the same period of 2022. In Q3 2023 the retail turnover of GIVEN Group increased by 21% year-to-year in Latvia, by 74% in Estonia and by 157% in Lithuania.

In Q3 2023 GIVEN Group opened 1 new shop in Estonia and 2 shops in Lithuania. The new shop in Estonia is the first GIVEN’s retail kiosk type of shop in Estonia,  located in shopping centre of Tallin – Lasnamäe Centrum. The new shops in Lithuania are opened in top shopping centers of Vilnius - Vilnius Akropolis and Ozas.  

As of Sep 30, 2023 GIVEN Group operates a chain of 72 shops, 46 of which are in Latvia, 13 in Estonia, and 13 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 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.

Notification on the increase of share capital of AS “GIVEN Jewellery”

AS “GIVEN Jewellery”, registration number: 40003844254, legal address: Lielirbes iela 17A, Rīga, LV-2167, Latvia (hereinafter “the Company”), hereby informs that in accordance with the decisions adopted by the shareholders meeting on 11 September 2023 the increase of share capital was approved.

The total payment for newly issued shares amounted to EUR 197’000.00. The share capital was increased by issuing ten new shares each with a nominal value of EUR 0.1 and at a premium of EUR 19’699.90.

After the share capital increase, the Company’s total registered and paid share capital is EUR 1’000’001.30 and paid share premium is EUR 694’406.52.

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 in Baltics. As of September 30, 2023 GIVEN Group operates 72 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.givenjewellery.com.

We inform that on October 16, 2023 the legal address of AS "GIVEN Jewellery" and its subsidiary SIA "GIVEN Latvia" has been changed to Dēļu iela 2, Rīga, LV-1004.  

In November AS GIVEN Jewellery entered into a contract for the acquisition of 100% of shares of the luxury jewellery retail chain SIA Grenardi and its subsidiary OÜ Grenardi Group Estonia (jointly referred to as  – GRENARDI). AS GIVEN Jewellery currently fully owns SIA GIVEN Latvia, OÜ Given Estonia, and UAB GIVEN Lithuania (jointly referred to as – GIVEN Group). The closing date of the transaction is expected to be December 1, 2023.

Established in the year 2000, GRENARDI has been the leading luxury jewellery retail chain in Latvia and Estonia for more than 20 years. GRENARDI offers an extensive assortment of world-renowned luxury jewellery brands and sophisticated private collections. Currently GRENARDI operates 4 shops in Latvia and 3 shops in Estonia. The retail turnover of GRENARDI in 2022 amounted to EUR 7.1 million (including VAT).  

The acquisition of GRENARDI is an organic step in the long-term strategy of GIVEN Group. The main goal of this deal is to strengthen the market position of GIVEN Group, and simultaneously gain synergies from brand awareness, improve collaboration with suppliers, and streamline operational processes. The shared goal of both GIVEN Group and GRENARDI is to be the leading jewellery retailer in the Baltics in both the affordable jewellery and luxury jewellery segments.

The final price of the transaction will be determined on December 1, 2023. The majority of this transaction will be financed by current shareholders by increasing the share capital of AS GIVEN Jewellery. The remaining part is expected to be financed through a combination of new bonds and/or shareholder loans. In accordance with the decisions adopted during the shareholders’ meeting of AS GIVEN Jewellery on 11 November 2023, the share capital will be increased by a total of EUR 6,200,000 until the transaction date (as at September 30, share capital and premium was EUR 1,694,408). More information about the transaction details will follow.

After this acquisition the holding company AS GIVEN Jewellery will be renamed to AS Grenardi Group.

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 in Baltics. As of November 22, 2023, GIVEN Group operates 75 shops in the Baltics and is the largest jewellery retail chain in the region. In addition, 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 at: www.givenjewellery.com.

         Ģirts Rudzītis
         AS GIVEN Jewellery board member

GIVEN Jewellery AS has published its unaudited quarterly report.

Business results

In 9M 2023 the Group’s revenue reached € 11.3M, which is by 37% more than in 9M 2022. In 9M the Group’s gross profit was € 6.5M and gross margin 57%. The Group’s EBITDA and EBITDA margin for 9M 2023 was € 1.5M and 13% respectively.

In 2023 the Group has been 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 in Baltics. As of November 22, 2023, GIVEN Group operates 75 shops in the Baltics and is the largest jewellery retail chain in the region. In addition, 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.

AS GIVEN Jewellery unaudited financial report for Q3 2023 is attached to the announcement and is also published on NASDAQ Riga and web page  https://givenjewellery.com.

Marta Andersone
CFO
[email protected]

Tel.+371 67796000

Notification on the increase of share capital and name change of AS “GIVEN Jewellery”

AS “GIVEN Jewellery” (registration number: 40003844254; legal address: Lielirbes iela 17A, Rīga, LV-2167, Latvia; hereinafter “the Company”) informs that on November 29, 2023 the State Enterprise Register (Uzņēmumu Reģistrs) has approved the increase in the share capital and the changing of the Company’s name in accordance with the decisions adopted in the Company’s shareholders’ meeting on 8 November, 2023.

The total payment for newly issued shares amounted to EUR 6’200’000.00. The share capital was increased by issuing 62’000’000 new shares - each with a nominal value of EUR 0.1. The Company’s name was changed from AS “GIVEN Jewellery” to AS “Grenardi Group”.

After the share capital increase, the Company’s total registered and paid share capital is EUR 7’200’001.30 and paid share premium is EUR 694’406.52.

More detailed information about the acquisition transaction announced on 11 November, 2023 will follow.

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 in Baltics. As of November 22, 2023, GIVEN Group operates 75 shops in the Baltics and is the largest jewellery retail chain in the region. In addition, 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.

         Ģirts Rudzītis
CEO of GIVEN Group
         Tel.+371 67796000

Notification on the changes in the Management Board of AS “Grenardi Group”

AS “Grenardi Group”, registration number: 40003844254, legal address: Dēļu iela 2, Rīga, LV-1004, Latvia (hereinafter “the Company”), hereby informs that in accordance with the decisions adopted in the shareholders meeting on 30 November, 2023 the Company’s Management board has been changed. The changes were approved by the State Enterprise Register on December 7, 2023.

The new board consists of Līga Emma Gulbe and Marta Andersone as Board Members of the Company, and the incumbent Board Member Ģirts Rudzītis has been appointed as Chairman of the Board.

Ģirts Rudzītis is the current Board Member and CEO of AS “Grenardi Group” (previously known as AS “GIVEN Jewellery”) with extensive experience in business development, sales and marketing, and supply chain management. Mr. Rudzītis’ previous experience includes the roles of Business Management Director of the Baltic states and Managing Director of the Baltic Distribution Centre at Schneider Electric. Mr. Rudzītis holds a bachelor’s degree in Business Administration.

Līga Emma Gulbe has been the CEO and Board Member at SIA Grenardi since 2022. She has longstanding experience in the jewellery sector spanning over nine years. She has specialized in procurement operations and holds a diploma in Business Administration.

Marta Andersone has been the CFO of AS “Grenardi Group” since 2021 and has a broad experience in financial and investment project management. She has previous experience working in private equity, fintech, and financial consulting. Her educational background includes a bachelor’s degree in business and economics from the Stockholm School of Economics in Riga and an LL.M in Law & Finance from Riga Graduate School of Law.

About Grenardi Group AS

AS “Grenardi Group” is the parent company of GIVEN and GRENARDI in Baltics. As of November 30, 2023, GIVEN operates 75 shops in the Baltics and is the largest jewellery retail chain in the region. As of November 30, 2023, GRENARDI operates 7 shops in the Baltics.  In addition, the Group has five online shops: www.given.lv, www.given.ee,  www.given.lt, www.grenardi.lv and www.grenardi.ee.

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.

GRENARDI has been the leading luxury jewellery retail chain in Latvia and Estonia for more than 20 years. GRENARDI offers an extensive assortment of world-renowned luxury jewellery brands and sophisticated private collections. 

         Ģirts Rudzītis
Chairman of the Board of AS “Grenardi Group”
         Tel.+371 67796000