Silvano Fashion Group Consolidated Interim Financial Report for Q1 of 2024
(unaudited)
Selected Financial Indicators
Summarized selected financial indicators of the Group for Q1 of 2024 compared to
Q1 of 2023 and 31.03.2024 compared to 31.12.2023 were as follows:
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in thousands of EUR Q1 2024 Q1 2023 Change
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Revenue 13 904 14 141 -1.7%
Gross Profit 7 789 8 124 -4.1%
Operating profit 3 548 3 963 -10.5%
EBITDA 4 298 4 761 -9.7%
Net profit for the period 2 916 1 867 56.2%
Net profit attributable equity holders of the
Parent company 2 554 1 616 58.0%
Earnings per share (EUR) 0.07 0.04 75.0%
Operating cash flow for the period 1 753 4 133 -57.6%
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in thousands of EUR 31.03.2024 31.12.2023 Change
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Total assets 78 038 72 252 8.0%
Total current assets 65 157 59 395 9.7%
Total equity attributable to equity holders of
the Parent company 56 384 54 120 4.2%
Cash and cash equivalents 37 505 32 878 14.1%
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Margin analysis, % Q1 2024 Q1 2023 Change
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Gross profit 56.0 57.4 -2.4%
Operating profit 25.5 28.0 -8.9%
EBITDA 30.9 33.7 -8.3%
Net profit 21.0 13.2 59.1%
Net profit attributable to equity holders of the
Parent company 18.4 11.4 61.4%
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Financial ratios, % 31.03.2024 31.12.2023 Change
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ROA 15.2 14.5 4.8%
ROE 20.9 20.2 3.5%
Price to earnings ratio (P/E) 3.7 4.1 -9.8%
Current ratio 4.7 5.8 -19.0%
Quick ratio 3.0 3.4 -11.8%
Financial performance
The Group`s sales amounted 13 904 thousand EUR during Q1 of 2024, representing a
1.7% decrease as compared to the same period of previous year. Overall, retail
decreased by 5.1%, measured in EUR.
The Group's gross profit during Q1 of 2024 amounted to 7 789 thousand EUR and
decrease by 4.1% compared to previous year. The gross margin during Q1 of 2024
decreased by 2.4% compared to Q1 of 2023. The cost of sold goods increased by
1.6%.
Consolidated operating profit for Q1 of 2024 amounted to 3 548 thousand EUR,
compared to 3 963 thousand EUR for Q1 of 2023, decrease by 10.5%. The
consolidated operating profit margin was 25.5% for Q1 of 2024 (28.0% for Q1 of
2023). Consolidated EBITDA for Q1 of 2024 decreased by 9.7% and amounted to
4 298 thousand EUR, which is 30.9% in margin terms (4 761 thousand EUR and
33.7% for Q1 of 2023).
Reported consolidated net profit attributable to equity holders of the Parent
company for Q1 of 2024 amounted to 2 554 thousand EUR, compared to net profit
of 1 616 thousand EUR for Q1 of 2023, net profit margin attributable to equity
holders of the Parent company for Q1 of 2024 was 18.4% against net profit 11.4%
for Q1 of 2023.
Financial position
As of 31 March 2024 consolidated assets amounted to 78 038 thousand EUR
representing increase by 8.0% as compared to the position as of 31 December
2023.
Trade and other receivables increased by 925 thousand EUR as compared to 31
December 2023 and amounted to 2 279 thousand EUR as of 31 March 2024.
Inventory balance increased by 91 thousand EUR and amounted to 24 031 thousand
EUR as of 31 March 2024.
Equity attributable to equity holders of the Parent company increased by 2 264
thousand EUR and amounted to 56 384 thousand EUR as of 31 March
2024. Current liabilities increased by 3 473 thousand EUR during Q1 of 2024.
Investments
During Q1 of 2024 the Group's investments into property, plant and equipment
totalled 278 thousand EUR, in previous year same period 314 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 March 2024, the Group employed 1 650 employees, including 518 people in
retail operations. The rest were employed in production, wholesale,
administration and support operations. In 31.12.2023 there were 1 626 employees,
including 500 people in retail operations.
Total salaries and related taxes during Q1 of 2024 amounted to 3 509 thousand
EUR ( 3 492 thousand EUR in Q1 2023). The remuneration of key management of the
Group, including the key executives of all subsidiaries, totalled 163 thousand
EUR.
Decisions made by governing bodies during 04 months 2024
On the 19th of March 2024, the AS Silvano Fashion Group proposed to the
shareholders to adopt the resolution of the extraordinary general meeting of
shareholders stated below without convening the meeting.
The notice of the general meeting was published on March 19, 2024, in the
information system NASDAQ OMX
Tallinn https://view.news.eu.nasdaq.com/view?id=b77cafc430f1ac23a81813069a95a15c
d&lang=en
(https://www.globenewswire.com/Tracker?data=MWyEV7h89lAqde0b6xHNjHVNvjAEUTQde5hn
y6Rf3JAFSQP0itB3axgnzj9YS-iaHJGVu5ZtzLG6R4DnvTRHsT6FnwwWqtPoPkbqCSVb6Ba11_UUH-
5PMRsP-
WNmrndng1gfiw6bnp0V5N1oImDT_BcHdYgOGHmgIOh7EN3HtpdCfTrm4J0Pqx_MdtikKPI_t6Cted4zB
4YqcPOJyPOWLJMrkYiq6TDFPJibJw7czYX7RPKEE_RjYTlIEy53Q3C9) and Warsaw Stock
Exchange, on the website of
SFG https://www.silvanofashion.com/investors/company-announcements/
(https://www.globenewswire.com/Tracker?data=MWyEV7h89lAqde0b6xHNjH0LRcJRFDG_DQcL
mJEZP-IxDxeWBEuKhih4s_GCk39PkIJkedwQWrg1oJ-
HkS1AFAiU_vxocHhNbJtHG2x00KXFgrufzQeafChRa_ghm0b8wbqvdZe4K5lGfTZDrRlB-vV4yOYD-
Eu07QP177hE3Y-4zVgjtpMjeWYnW16KsmZeLxu8BRL9lz4i87XPoAkzQg==) and in the daily
newspaper Eesti Päevaleht.
On April 9, 2024 Silvano Fashion Group Extraordinary Meeting of Shareholders
adopted the following decisions:
1.1. To appoint the auditing company Ernst & Young Baltic AS (registry code
10877299, located at Rävala puiestee 4, 10143 Tallinn) as the auditor of AS
Silvano Fashion Group;
1.2. To authorize the Management Board of AS Silvano Fashion Group to enter into
an audit service agreement with the auditing company AS Ernst & Young Baltic for
auditing the economic activities of AS Silvano Fashion Group 2023.
Consolidated Statement of Financial Position
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in thousands of EUR Note 31.03.2024 31.12.2023
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Unaudited Audited
ASSETS
Current assets
Cash and cash equivalents 2 37 505 32 878
Trade and other receivables 3 2 279 1 354
Prepayments and other tax receivables 3 1 233 1 115
Current loans granted 20 29
Other assets 89 79
Inventories 4 24 031 23 940
Total current assets 65 157 59 395
Non-current assets
Non-current receivables 283 292
Investments in associates 102 85
Investments in other shares 215 213
Deferred tax asset 2 256 2 155
Intangible assets 583 579
Investment property 887 899
Property, plant and equipment 5 8 555 8 634
Total non-current assets 12 881 12 857
TOTAL ASSETS 78 038 72 252
LIABILITIES AND EQUITY
Current liabilities
Current borrowings 4 003 0
Current lease liabilities 6 1 735 2 162
Trade and other payables 5 556 7 377
Tax liabilities 2 465 747
Total current liabilities 13 759 10 286
Non-current liabilities
Deferred tax liability 746 736
Non-current lease liabilities 4 596 4 321
Non-current provisions 46 46
Total non-current liabilities 5 388 5 103
Total liabilities 19 147 15 389
Equity
Share capital 7 3 600 3 600
Share premium 4 967 4 967
Statutory reserve capital 1 306 1 306
Unrealised exchange rate differences -20 292 -20 002
Retained earnings 66 803 64 249
Total equity attributable to equity holders of the
Parent company 56 384 54 120
Non-controlling interest 2 507 2 743
Total equity 58 891 56 863
TOTAL EQUITY AND LIABILITIES 78 038 72 252
Consolidated Income Statement
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in thousands of EUR Note 1Q 2024 1Q 2023
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Unaudited Unaudited
Revenue from contracts with customers 9 13 904 14 141
Cost of goods sold -6 115 -6 017
Gross Profit 7 789 8 124
Distribution expenses -2 772 -2 779
Administrative expenses -1 263 -1 186
Other operating income 48 57
Other operating expenses -254 -253
Operating profit 3 548 3 963
Currency exchange income/(expense) -51 -1 099
Other finance income/(expenses) 128 -156
Net finance income 77 -1 255
Profit (loss) from associates using equity method 16 4
Profit before tax 3 641 2 712
Income tax expense -725 -845
Profit for the period 2 916 1 867
Attributable to :
Equity holders of the Parent company 2 554 1 616
Non-controlling interest 362 251
Earnings per share from profit attributable to equity
holders of the Parent company, both basic and diluted
(EUR) 8 0,07 0,04
Consolidated Statement of Comprehensive Income
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in thousands of EUR Note 1Q 2024 1Q 2023
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Unaudited Unaudited
Profit for the period 2 916 1 867
Other comprehensive income (loss) that will be
reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign
operations -264 -760
Total other comprehensive income for the period -264 -760
Total comprehensive income (loss) for the period 2 652 1 107
Attributable to :
Equity holders of the Parent company 2 264 583
Non-controlling interest 388 524
Consolidated Statement of Cash Flows
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in thousands of EUR Note 1Q 2024 1Q 2023
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Unaudited Unaudited
Cash flow from operating activities
Profit for the period 2 916 1 867
Adjustments for:
Depreciation and amortization of non-current assets 750 798
Share of profit of equity accounted investees -16 -4
Gains/Losses on the sale of property, plant and
equipment 8 2
Net finance income / costs -77 1 255
Provision for impairment losses on trade
receivables 0 -1
Provision for inventories 0 1
Income tax expense 725 845
Change in inventories -91 648
Change in trade and other receivables -925 -595
Change in trade and other payables -1 148 -282
Income tax paid -389 -401
Net cash flow from operating activities 1 753 4 133
Cash flow from investing activities
Interest received 319 23
Dividends received 8 11
Proceeds from disposal of property, plant and
equipment 12 2
Loans granted 0 -13
Proceeds from repayments of loans granted 9 0
Acquisition of property, plant and equipment -278 -314
Acquisition of intangible assets -12 -53
Net cash flow from investing activities 58 -344
Cash flow from financing activities
Proceeds from borrowings 4 003 0
Payment of principal portion of lease liabilities -495 -518
Interest paid on lease liabilities -195 -190
Dividends paid -624 0
Net cash flow from financing activities 2 689 -708
Net increase in cash and cash equivalents 4 500 3 081
Cash and cash equivalents at the beginning of period 2 32 878 25 909
Effect of translation to presentation currency 189 -1 629
Effect of exchange rate fluctuations on cash held -62 212
Cash and cash equivalents at the end of period 2 37 505 27 573
AS Silvano Fashion Group
Phone: +372 6845 000
Email: info@silvanofashion.com
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