Silvano Fashion Group Consolidated Interim Financial Report for Q1 of 2024 (unaudited)
18 Mayo 2024 - 3:59PM
UK Regulatory
Silvano Fashion Group Consolidated Interim Financial Report for Q1
of 2024 (unaudited)
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=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
- SFG consolidated interim financial report for Q1 of 2024
unaudited
Silvano Fashion Group As (LSE:0FZD)
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