Market announcement
AS Silvano Fashion Group
LEI code
529900JNG41RRJKJYB65
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
11215
Attachments
Submission date and time
18.05.2024 23:59:00
Content of announcement in Estonian
Title
Silvano Fashion Group 2024.aasta I kvartali konsolideeritud vahearuanne (auditeerimata)
Message
Põhilised finantsnäitajad
Kontserni 2024. aasta I kvartali (võrrelduna 2023. aasta I kvartaliga) ja
31.03.2024 (võrrelduna 31.12.2023) põhilised finantsnäitajad on järgmised:
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tuhandetes eurodes I kvartal 2024 I kvartal 2023 Muutus
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Müügitulu 13 904 14 141 -1,7%
Brutokasum 7 789 8 124 -4,1%
Ärikasum 3 548 3 963 -10,5%
EBITDA 4 298 4 761 -9,7%
Aruandeperioodi puhaskasum 2 916 1 867 56,2%
Puhaskasum, emaettevõtte
omanike osa 2 554 1 616 58,0%
Kasum aktsia kohta
(eurodes) 0,07 0,04 75,0%
Äritegevuse rahavoog
perioodil 1 753 4 133 -57,6%
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tuhandetes eurodes 31.03.2024 31.12.2023 Muutus
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Varad kokku 78 038 72 252 8,0%
Käibevarad kokku 65 157 59 395 9,7%
Omakapital kokku, emaettevõtte omanike osa 56 384 54 120 4,2%
Raha ja raha ekvivalendid 37 505 32 878 14,1%
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Rentaablusanalüüs, % I kvartal 2024 I kvartal 2023 Muutus
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Brutokasum 56,0 57,4 -2,4%
Ärikasum 25,5 28,0 -8,9%
EBITDA 30,9 33,7 -8,3%
Puhaskasum 21,0 13,2 59,1%
Puhaskasum, emaettevõtte omanike osa 18,4 11,4 61,4%
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Finantssuhtarvud, % 31.03.2024 31.12.2023 Muutus
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ROA 15,2 14,5 4,8%
ROE 20,9 20,2 3,5%
Hinna/ kasumi suhe 3,7 4,1 -9,8%
Lühiajaliste kohustuste kattekordaja 4,7 5,8 -19,0%
Likviidsuskordaja 3,0 3,4 -11,8%
Majandustulemused
Kontserni 2024. aasta I kvartali käive moodustas 13 904 tuhat eurot, vähenedes
eelmise aasta sama perioodiga võrreldes 1,7% võrra. Jaemüügi käive vähenes
5,1% võrra, mõõdetuna eurodes.
Kontserni 2024. aasta I kvartali brutokasum oli 7 789 tuhat eurot, vähenedes
eelmise aastaga võrreldes 4,1%. Perioodi brutokasumi marginaal vähenes 2024.
aasta I kvartali jooksul 2,4% võrra, võrreldes eelmise aasta sama perioodiga.
Müüdud toodangu kulu suurenes 1,6% võrra.
2024. aasta I kvartali konsolideeritud ärikasum vähenes 10,5% ja ulatus 3 548
tuhande euroni võrreldes 2023. aasta I kvartali konsolideeritud ärikasumiga
summas 3 963 tuhat eurot. 2024. aasta I kvartali ärikasumi rentaablus oli 25,5%
võrreldes 28,0%-ga eelmise aasta samal perioodil. Konsolideeritud EBITDA vähenes
9,7% ja moodustas 2024. aasta I kvartaliga 4 298 tuhat eurot, mis tähendab
30,9% rentaablust (4 761 tuhat eurot ja 33,7% eelmise aasta samal perioodil).
Ettevõtte puhaskasum emaettevõtte aktsionäridele moodustas 2024. aasta I
kvartaliga 2 554 tuhat eurot võrreldes puhaskasumiga 1 616 tuhat eurot 2023.
aasta I kvartaliga, puhaskasumi marginaal emaettevõtte aktsionäridele moodustas
2024. aasta I kvartaliga 18,4% võrreldes puhaskasumiga 11,4%-ga eelmise aasta
samal perioodil.
Finantsseisund
Seisuga 31. märts 2024 ulatus kontserni konsolideeritud varade maht 78 038
tuhande euroni, suurenedes 8,0% võrreldes 31. detsembriga 2023.
Võrreldes 31. detsembriga 2023 suurenesid nõuded ostjate vastu ja muud nõuded
925 tuhande euro võrra ja moodustasid 2024. aasta 31. märtsi seisuga 2 279
tuhat eurot. Varude saldo suurenes 91 tuhande euro võrra ning 2024. aasta 31.
märtsi seisuga moodustas 24 031 tuhat eurot.
Emaettevõtte aktsionäride osa omakapitalis suurenes 2 264 tuhande euro võrra,
ulatudes 2024. aasta 31. märtsi seisuga 56 384 tuhande euroni. Lühiajalised
kohustused suurenesid 2024.aasta I kvartaliga 3 473 tuhande euro võrra.
Investeeringud
Kontserni 2024. aasta I kvartali investeeringute kogumaht materiaalsesse
põhivarasse, tehasesse ja seadmetesse moodustas 278 tuhat eurot, 314 tuhat eurot
eelmise aasta samal perioodil. Investeeringud teostati peamiselt oma poodide
avamisse ja renoveerimisse, samuti seadmetesse ja hoonetesse tootmise
efektiivsuse säilitamiseks tulevastes perioodides.
Personal
2024. aasta 31.märtsi seisuga oli kontsernil 1 650 töötajat, neist 518 töötas
jaemüügi segmendis. Ülejäänud töötajad tegutsesid tootmise, hulgimüügi-, haldus-
ja tugiteenuste valdkondades. 31.12.2023 seisuga oli 1 626 töötajat, neist 500
töötas jaemüügi segmendis.
Kontserni 2024. aasta I kvartali palgakulu koos maksudega oli 3 509 tuhat eurot
(3 492 tuhat eurot 2023.aasta I kvartal). Kontserni juhtkonna võtmeisikute
töötasud, sealhulgas tütarettevõtete võtmeisikute tasud, moodustasid kokku 163
tuhat eurot.
Juhtimisorganite otsused 2024. aasta 4 kuu jooksul
AS Silvano Fashion Group tegi 19. märtsil 2024 aktsionäridele ettepaneku võtta
vastu aktsionäride erikorralise üldkoosoleku otsused koosolekut kokku kutsumata.
Koosoleku kokkukutsumise teade ilmus 19.03.2024.a. Tallinna Väärtpaberibörsi
kodulehel aadressil
https://view.news.eu.nasdaq.com/view?id=b77cafc430f1ac23a81813069a95a15cd&lang=e
t&src=listed Varssavi Väärtpaberibörsi infosüsteemis, Aktsiaselts Silvano
Fashion Group kodulehel aadressil
https://www.silvanofashion.com/et/investorid/ettevotte-teated/ ja ajalehes
"Eesti Päevaleht".
9. aprillil 2024 toimus AS Silvano Fashion Group aktsionäride erakorraline
üldkoosolek. Koosolekul võeti vastu järgmised otsused:
1.1. Nimetada AS-i Silvano Fashion Group audiitoriks audiitorühing Ernst&Young
Baltic AS (registrikood 10877299, asukohaga Rävala puiestee 4, 10143 Tallinn);
1.2. Volitada AS-i Silvano Fashion Group juhatust sõlmima audiitorühinguga AS-ga
Ernst&Young Baltic audiitorteenuse leping AS-i Silvano Fashion Group 2023.a.
majandustegevuse auditeerimiseks.
Konsolideeritud finantsseisundi aruanne
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tuhandetes eurodes Lisad 31.03.2024 31.12.2023
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Auditeerimata Auditeeritud
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VARAD
Käibevara
Raha ja rahalähendid 2 37 505 32 878
Nõuded ostjate vastu ja muud nõuded 3 2 279 1 354
Ettemaksed ja muud maksunõuded 3 1 233 1 115
Antud lühiajalised laenud 20 29
Muud varad 89 79
Varud 4 24 031 23 940
Käibevara kokku 65 157 59 395
Põhivara
Pikaajalised nõuded 283 292
Investeeringud sidusettevõtetesse 102 85
Investeeringud muudesse osadesse ja
aktsiatesse 215 213
Edasilükkunud tulumaksuvara 2 256 2 155
Immateriaalne põhivara 583 579
Kinnisvarainvesteeringud 887 899
Materiaalne põhivara 5 8 555 8 634
Põhivara kokku 12 881 12 857
VARAD KOKKU 78 038 72 252
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Saadud laenud 4 003 0
Lühiajalised rendikohustused 6 1 735 2 162
Võlad tarnijatele ja muud
võlad 5 556 7 377
Maksukohustised 2 465 747
Lühiajalised kohustused kokku 13 759 10 286
Pikaajalised kohustused
Edasilükkunud tulumaksukohustis 746 736
Pikaajalised rendikohustused 4 596 4 321
Pikaajalised eraldised 46 46
Pikaajalised kohustused kokku 5 388 5 103
Kohustused kokku 19 147 15 389
Omakapital
Aktsiakapital 7 3 600 3 600
Ülekurss 4 967 4 967
Kohustuslik reservkapital 1 306 1 306
Realiseerimata kursivahed -20 292 -20 002
Jaotamata kasum 66 803 64 249
Omakapital kokku, emaettevõtte omanike osa 56 384 54 120
Vähemusosalus 2 507 2 743
Omakapital kokku 58 891 56 863
OMAKAPITAL JA KOHUSTUSED KOKKU 78 038 72 252
Konsolideeritud kasumiaruanne
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I kvartal I kvartal
tuhandetes eurodes Lisad 2024 2023
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Auditeerimata Auditeerimata
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Kliendilepingutest saadav
tulu 9 13 904 14 141
Müüdud toodangu kulu -6 115 -6 017
Brutokasum 7 789 8 124
Turustuskulud -2 772 -2 779
Üldhalduskulud -1 263 -1 186
Muud äritulud 48 57
Muud ärikulud -254 -253
Ärikasum 3 548 3 963
Tulu/(kulu) valuutakursi
muutustest -51 -1 099
Muud finantstu/(kulu) 128 -156
Finantstulud /(-kulud)
kokku 77 -1 255
Kasum (kahjum)
sidusettevõtetest
kapitaliosaluse meetodil 16 4
Kasum enne tulumaksu 3 641 2 712
Tulumaksukulu -725 -845
Aruandeperioodi kasum 2 916 1 867
Sealhulgas:
Emaettevõte omanike osa 2 554 1 616
Vähemusosaluse osa 362 251
Tava- ja lahustatud kasum
emaettevõtte omanike
aktsia kohta (eurodes) 8 0,07 0,04
Konsolideeritud
koondkasumiaruanne
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tuhandetes eurodes Lisad I kvartal 2024 I kvartal 2023
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Auditeerimata Auditeerimata
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Aruandeperioodi kasum 2 916 1 867
Muu koondkasum (kahjum), mida võib
hiljem kasumiaruandesse ümber
klassifitseerida:
Kursivahede mõju välismaiste
äriüksuste tulemuste
ümberarvestamisele -264 -760
Aruandeperioodi muu koondkasum -264 -760
Perioodi koondkasum
(kahjum) kokku 2 652 1 107
Sealhulgas:
Emaettevõtte omanike
osa 2 264 583
Vähemusosaluse osa 388 524
Konsolideeritud rahavoogude aruanne
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tuhandetes eurodes I kvartal I kvartal
Lisad 2024 2023
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Auditeerimata Auditeerimata
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Rahavood äritegevusest
Aruandeaasta kasum 2 916 1 867
Korrigeerimised:
Põhivara kulum 750 798
Kasum kapitaliosaluse meetodil kajastatud
investeeringutelt -16 -4
Kasum/kahjum materiaalse põhivara müügist 8 2
Finantstulud/-kulud kokku -77 1 255
Ebatõenäoliselt laekuvate arvete eraldis 0 -1
Varude eraldis 0 1
Tulumaksukulu 725 845
Varude muutus -91 648
Muutused nõuetes ostjate vastu ja muudes
nõuetes, ettemaksetes ja muudes maksunõuetes -925 -595
Muutused võlgades tarnijatele ja muudes
võlgades -1 148 -282
Makstud tulumaks -389 -401
Rahavood äritegevusest kokku 1 753 4 133
Rahavood investeerimistegevusest
Saadud intressid 319 23
Saadud dividendid 8 11
Materiaalse põhivara müük 12 2
Väljaantud laenud 0 -13
Väljaantud laenude tagasimaksed 9 0
Materiaalse põhivara soetamine -278 -314
Immateriaalse põhivara soetamine -12 -53
Rahavood investeerimistegevusest kokku 58 -344
Rahavood finantseerimistegevusest
Saadud laenud 4 003 0
Rendikohustiste põhiosamaksed -495 -518
Rendikohustistelt tasutud intress -195 -190
Makstud dividendid -624 0
Rahavood finantseerimistegevusest kokku 2 689 -708
Raha ja rahalähendite muutus 4 500 3 081
Raha ja rahalähendid perioodi alguses 2 32 878 25 909
Esitusvaluutasse ümberarvestamise mõju 189 -1 629
Valuutakursside muutuste mõju rahavoogudele -62 212
Raha ja rahalähendid perioodi lõpus 2 37 505 27 573
AS Silvano Fashion Group
Tel: +372 6845 000
Email: [email protected]
Content of announcement in English
Title
Silvano Fashion Group Consolidated Interim Financial Report for Q1 of 2024 (unaudited)
Message
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: ------------------------------------------------------------------------------- in thousands of EUR Q1 2024 Q1 2023 Change ------------------------------------------------------------------------------- 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% ------------------------------------------------------------------------------- in thousands of EUR 31.03.2024 31.12.2023 Change ------------------------------------------------------------------------------- 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% ------------------------------------------------------------------------------- Margin analysis, % Q1 2024 Q1 2023 Change ------------------------------------------------------------------------------- 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% ------------------------------------------------------------------------------- Financial ratios, % 31.03.2024 31.12.2023 Change ------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------- in thousands of EUR Note 31.03.2024 31.12.2023 ------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------- in thousands of EUR Note 1Q 2024 1Q 2023 ------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------- in thousands of EUR Note 1Q 2024 1Q 2023 ------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------- in thousands of EUR Note 1Q 2024 1Q 2023 ------------------------------------------------------------------------------- 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: [email protected]