Silvano Fashion Group Consolidated Interim Financial Report for Q2 and 6m of 2024 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for 6 months of 2024 compared to 6 months of 2023 and 30.06.2024 compared to 31.12.2023 were as follows:

in thousands of EUR 06m 2024 06m 2023 Change
Revenue 30 145 31 407 -4.0%
Gross Profit 17 189 18 837 -8.7%
Operating profit 8 562 10 681 -19.8%
EBITDA 10 055 12 272 -18.1%
Net profit for the period 7 786 5 422 43.6%
Net profit attributable equity holders of the Parent company 7 053 4 772 47.8%
Earnings per share (EUR) 0,20 0,13 53.8%
Operating cash flow for the period 4 137 10 802 -61.7%
       
in thousands of EUR 30.06.2024 31.12.2023 Change
Total assets 80 534 72 252 11.5%
Total current assets 67 483 59 395 13.6%
Total equity attributable to equity holders of the Parent company 61 433 54 120 13.5%
Cash and cash equivalents 38 867 32 878 18.2%
       
Margin analysis, % 06m 2024 06m 2023 Change
Gross profit 57,0 60,0 -5.0%
Operating profit 28,4 34,0 -16.5%
EBITDA 33,4 39,1 -14.6%
Net profit 25,8 17,3 49.1%
Net profit attributable to equity holders of the Parent company 23,4 15,2 53.9%
       
Financial ratios, % 30.06.2024 31.12.2023 Change
ROA 16,3 14,5 12.4%
ROE 22,0 20,2 8.9%
Price to earnings ratio (P/E) 3,1 4,1 -24.4%
Current ratio 6,4 5,8 10.3%
Quick ratio 3,9 3,4 14.7%

Financial performance

The Group`s sales amounted 30 145 thousand EUR during 6 months of 2024, representing a 4.0% decrease as compared to the same period of previous year. Overall, wholesale decreased by 7.2%, measured in EUR.

The Group’s gross profit during 6 months of 2024 amounted to 17 189 thousand EUR and decrease by 8.7% compared to previous year. The gross margin during 6 months of 2024 decreased by 5.0% compared to 6 months of 2023. The cost of sold goods increased by 3.1%.

Consolidated operating profit for 6 months of 2024 amounted to 8 562 thousand EUR, compared to 10 681 thousand EUR for 6 months of 2023, decrease by 19.8%. The consolidated operating profit margin was 28.4% for 6 months of 2024 (34.0% for 6 months of 2023). Consolidated EBITDA for 6 months of 2024 decreased by 18.1% and amounted to 10 055 thousand EUR, which is 33.4% in margin terms (12 272 thousand EUR and 39.1% for 6 months of 2023).

Reported consolidated net profit attributable to equity holders of the Parent company for 6 months of 2024 amounted to    7 053 thousand EUR, compared to net profit of 4 772 thousand EUR for 6 months of 2023, net profit margin attributable to equity holders of the Parent company for 6 months of 2024 was 23.4% against net profit 15.2% for 6 months of 2023.

Financial position

As of 30 June 2024 consolidated assets amounted to 80 534 thousand EUR representing increase by 11.5% as compared to the position as of 31 December 2023.

Trade and other receivables increased by 358 thousand EUR as compared to 31 December 2023 and amounted to        1 712 thousand EUR as of 30 June 2024. Inventory balance increased by 1 922 thousand EUR and amounted to        25 862 thousand EUR as of 30 June 2024.

Equity attributable to equity holders of the Parent company increased by 7 313 thousand EUR and amounted to             61 433 thousand EUR as of 30 June 2024. Current liabilities increased by 267 thousand EUR during 6 months of 2024.

Investments

During 6 months of 2024 the Group’s investments into property, plant and equipment totalled 476 thousand EUR, in previous year same period 708 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 30 June 2024, the Group employed 1 625 employees, including 507 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 6 months of 2024 amounted to 7 117 thousand EUR ( 6 902 thousand EUR in 6 months 2023). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 305 thousand EUR.

Decisions made by governing bodies during 06 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 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.

On the 29th of May 2024, AS Silvano Fashion Group proposed to the shareholders to adopt the resolutions of the annual general meeting of shareholders without convening the meeting.

The notice of the general meeting was published on May 29, 2024, in the information system NASDAQ OMX Tallinn   https://view.news.eu.nasdaq.com/view?id=bc1ccceca27a9390039f730c2b2b98136&lang=en&src=listed

and Warsaw Stock Exchange, on the website of SFG https://www.silvanofashion.com/investors/company-announcements/  and in the daily newspaper Eesti Ekspress.

On June 20, 2024 Silvano Fashion Group held its regular Annual General Meeting of Shareholders.  The Meeting adopted the following decisions:

  1. Approved the 2023 Annual Report;
  2. Left the net profit undistributed and included the net profit of the financial year 2023 in retained earnings.

The decisions of the general meeting was published on the website of AS Silvano Fashion               Group  https://www.silvanofashion.com/investors/company-announcements/.

Consolidated Statement of Financial Position

in thousands of EUR Note 30.06.2024 31.12.2023
    Unaudited Audited
ASSETS      
Current assets      
Cash and cash equivalents 2 38 867 32 878
Trade and other receivables 3 1 712 1 354
Prepayments and other tax receivables 3 917 1 115
Current loans granted   20 29
Other assets   105 79
Inventories 4 25 862 23 940
Total current assets   67 483 59 395
       
Non-current assets      
Non-current receivables   297 292
Investments in associates   109 85
Investments in other shares   223 213
Deferred tax asset   2 375 2 155
Intangible assets   651 579
Investment property   911 899
Property, plant and equipment 5 8 485 8 634
Total non-current assets   13 051 12 857
TOTAL ASSETS   80 534 72 252
       
LIABILITIES AND EQUITY      
Current liabilities      
Current borrowings   2 312 0
Current lease liabilities   1 222 2 162
Trade and other payables 6 4 933 7 377
Tax liabilities   2 086 747
Total current liabilities   10 553 10 286
       
Non-current liabilities      
Deferred tax liability   773 736
Non-current lease liabilities   4 751 4 321
Non-current provisions   48 46
Total non-current liabilities   5 572 5 103
Total liabilities   16 125 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   -19 742 -20 002
Retained earnings   71 302 64 249
Total equity attributable to equity holders of the Parent company   61 433 54 120
Non-controlling interest   2 976 2 743
Total equity   64 409 56 863
TOTAL EQUITY AND LIABILITIES   80 534 72 252

Consolidated Income Statement

in thousands of EUR Note 2Q 2024 2Q 2023 06m 2024 06m 2023
    Unaudited Unaudited Unaudited Unaudited
Revenue from contracts with customers 9 16 241 17 266 30 145 31 407
Cost of goods sold   -6 841 -6 553 -12 956 -12 570
Gross Profit   9 400 10 713 17 189 18 837
           
Distribution expenses   -3 001 -2 775 -5 773 -5 554
Administrative expenses   -1 191 -1 091 -2 454 -2 277
Other operating income   59 59 107 116
Other operating expenses   -253 -188 -507 -441
Operating profit   5 014 6 718 8 562 10 681
           
Currency exchange income/(expense)   916 -1 492 865 -2 591
Other finance income/(expenses)   -56 -29 72 -185
Net finance income   860 -1 521 937 -2 776
           
Profit (loss) from associates using equity method   -2 8 14 12
Profit before tax   5 872 5 205 9 513 7 917
           
Income tax expense   -1 002 -1 650 -1 727 -2 495
           
Profit for the period   4 870 3 555 7 786 5 422
Attributable to :          
   Equity holders of the Parent company   4 499 3 156 7 053 4 772
   Non-controlling interest   371 399 733 650
           
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) 8 0,12 0,09 0,20 0,13

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 2Q 2024 2Q 2023 06m 2024 06m 2023
    Unaudited Unaudited Unaudited Unaudited
           
Profit for the period   4 870 3 555 7 786 5 422
           
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods :          
Exchange differences on translation of foreign operations 670 -624 406 -1 384
Total other comprehensive income for the period   670 -624 406 -1 384
           
Total comprehensive income (loss) for the period   5 540 2 931 8 192 4 038
Attributable to :          
   Equity holders of the Parent company   5 049 2 029 7 313 2 612
   Non-controlling interest   491 902 879 1 426

Consolidated Statement of Cash Flows

in thousands of EUR Note 06m 2024 06m 2023
    Unaudited Unaudited
Cash flow from operating activities      
Profit for the period   7 786 5 422
Adjustments for:      
  Depreciation and amortization of non-current assets   1 493 1 591
  Share of profit of equity accounted investees   -14 -12
  Gains/Losses on the sale of property, plant and equipment   10 -11
  Net finance income / costs   -937 2 776
  Provision for impairment losses on trade receivables   3 -1
  Provision for inventories   1 2
  Income tax expense   1 727 2 495
Change in inventories   -1 922 1 342
Change in trade and other receivables   -358 -1 195
Change in trade and other payables   -1 912 -125
Interest paid   -48 0
Income tax paid   -1 692 -1 482
Net cash flow from operating activities   4 137 10 802
       
Cash flow from investing activities      
Interest received   482 172
Dividends received   8 11
Proceeds from disposal of property, plant and equipment   20 5
Loans granted   0 -15
Proceeds from repayments of loans granted   9 0
Acquisition of property, plant and equipment   -476 -708
Acquisition of intangible assets   -72 -88
Net cash flow from investing activities   -29 -623
       
Cash flow from financing activities      
Proceeds from borrowings   4 000 0
Repayment of borrowings   -1 700 0
Payment of principal portion of lease liabilities   -1 085 -1 118
Interest paid on lease liabilities   -375 -367
Dividends paid   -646 -525
Net cash flow from financing activities   194 -2 010
       
Net increase in cash and cash equivalents   4 302 8 169
Cash and cash equivalents at the beginning of period 2 32 878 25 909
Effect of translation to presentation currency   1 837 -3 452
Effect of exchange rate fluctuations on cash held   -150 415
Cash and cash equivalents at the end of period 2 38 867 31 041

AS Silvano Fashion Group
Phone: +372 6845 000
Email: info@silvanofashion.com

Attachment

  • SFG consolidated interim financial report of Q2 and 6m of 2024 unaudited

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