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

18.05.24 22:59 Uhr

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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

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