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Silvano Fashion Group Consolidated Interim Financial Report for Q1 of 2024 (unaudited)

Silvano Fashion Group
Silvano Fashion Group

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.

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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=b77cafc430f1ac23a81813069a95a15cd&lang=en and Warsaw Stock Exchange, on the website of SFG https://www.silvanofashion.com/investors/company-announcements/  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: info@silvanofashion.com

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