CORRECTION: AS Grenardi Group audited annual report for 2023
Correction: AS Grenardi Group standalone audited annual report for 2023 has been amended with independent auditors' report (page 17 and 18). No reporting item has changed in value.
Business results
The year 2023 was exciting and eventful for Grenardi Group. In 2023, the Group pursued a rapid growth strategy and expanded its GIVEN retail chain by 11 shops in the Baltics, 2 of which in Latvia, 3 in Estonia, and 6 in Lithuania. On December 1, 2023, AS GIVEN Jewellery acquired the GRENARDI retail chain and was subsequently renamed AS Grenardi Group after the transaction. With 82 shops and 5 online shops at the end of 2023, AS Grenardi Group became the largest jewellery retail chain in the Baltics.
In 2023, the Group’s net turnover reached EUR 18 million, which is 40% more than in 2022. The growth is primarily driven by the expansion of the GIVEN retail chain, growth in same-store sales, and also by the acquisition of GRENARDI retail chain. In 2023, retail revenue in Latvia accounted for 75%, in Estonia for 14%, but in Lithuania for 11% of the total.
The rapid growth was facilitated by additional financing secured in 2023 through secured and subordinated bonds, totaling EUR 2.6 million, as well as an increase in share capital by EUR 6.5 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 annual profit of EUR 971 thousand (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 loss of EUR 249 thousand and historically highest EBITDA of EUR 2.9 million.
About Grenardi Group
AS Grenardi Group is the parent company of GIVEN and GRENARDI in the Baltics. As of December 31, 2023, AS Grenardi Group operates a total of 82 stores – of which 75 GIVEN chain stores and 7 GRENARDI chain stores. Additionally, the Group has five online stores: 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.
AS Grenardi Group consolidated and standalone audited financial reports for 2023 are attached to the announcement and are also published on NASDAQ Riga and AS Grenardi Group corporate web page https://grenardi.group/en/news/
Dāvis Cēderštrēms
Deputy CFO
info@grenardi.group
Tel: +371 67 796 000
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