Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 9m of 2024 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for 9 months of 2024 compared to 9 months of 2023 and 30.09.2024 compared to 31.12.2023 were as follows:

in thousands of EUR 09m 2024 09m 2023 Change
Revenue 46 489 46 739 -0.5%
Gross Profit 27 232 28 078 -3.0%
Operating profit 14 452 16 267 -11.2%
EBITDA 16 724 18 630 -10.2%
Net profit for the period 10 705 8 842 21.1%
Net profit attributable equity holders of the Parent company 9 711 7 912 22.7%
Earnings per share (EUR) 0,27 0,22 22.7%
Operating cash flow for the period 11 251 15 369 -26.8%
       
in thousands of EUR 30.09.2024 31.12.2023 Change
Total assets 80 299 72 252 11.1%
Total current assets 67 978 59 395 14.5%
Total equity attributable to equity holders of the Parent company 63 741 54 120 17.8%
Cash and cash equivalents 40 888 32 878 24.4%
       
Margin analysis, % 09m 2024 09m 2023 Change
Gross profit 58.6 60.1 -2.5%
Operating profit 31.1 34.8 -10.6%
EBITDA 36.0 39.9 -9.8%
Net profit 23.0 18.9 21.7%
Net profit attributable to equity holders of the Parent company 20.9 16.9 23.7%
       
Financial ratios, % 30.09.2024 31.12.2023 Change
ROA 15.1 14.5 4.1%
ROE 19.9 20.2 -1.5%
Price to earnings ratio (P/E) 2.9 4.1 -29.3%
Current ratio 8.7 5.8 50.0%
Quick ratio 5.6 3.4 64.7%

Financial performance

The Group`s sales amounted 46 489 thousand EUR during 9 months of 2024, representing a 0.5% decrease as compared to the same period of previous year. Overall, wholesale decreased by 4.9%, measured in EUR.

The Group’s gross profit during 9 months of 2024 amounted to 27 232 thousand EUR and decrease by 3.0% compared to previous year. The gross margin during 9 months of 2024 decreased by 2.5% compared to 9 months of 2023. The cost of sold goods increased by 3.2%.

Consolidated operating profit for 9 months of 2024 amounted to 14 452 thousand EUR, compared to 16 267 thousand EUR for 9 months of 2023, decrease by 11.2%. The consolidated operating profit margin was 31.1% for 9 months of 2024 (34.8% for 9 months of 2023). Consolidated EBITDA for 9 months of 2024 decreased by 10.2% and amounted to 16 724 thousand EUR, which is 36.0% in margin terms (18 630 thousand EUR and 39.9% for 9 months of 2023).

Reported consolidated net profit attributable to equity holders of the Parent company for 9 months of 2024 amounted 9 711 thousand EUR, compared to net profit of 7 912 thousand EUR for 9 months of 2023, net profit margin attributable to equity holders of the Parent company for 9 months of 2024 was 20.9% against net profit 16.9% for 9 months of 2023.

Financial position

As of 30 September 2024 consolidated assets amounted to 80 299 thousand EUR representing increase by 11.1% as compared to the position as of 31 December 2023.

Trade and other receivables decreased by 16 thousand EUR as compared to 31 December 2023 and amounted to        1 338 thousand EUR as of 30 September 2024. Inventory balance increased by 647 thousand EUR and amounted to        24 587 thousand EUR as of 30 September 2024.

Equity attributable to equity holders of the Parent company increased by 9 621 thousand EUR and amounted to             63 741 thousand EUR as of 30 September 2024. Current liabilities decreased by 2 483 thousand EUR during 9 months of 2024.

Investments

During 9 months of 2024 the Group’s investments into property, plant and equipment totalled 830 thousand EUR, in previous year same period 896 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 September 2024, the Group employed 1 668 employees, including 514 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 9 months of 2024 amounted 10 612 thousand EUR ( 9 964 thousand EUR in 9 months 2023). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 475 thousand EUR.

Decisions made by governing bodies during 09 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. To approve the 2023 Annual Report;
  2. To left the net profit undistributed and to include the net profit of the financial year 2023 in retained earnings.

The decisions of the general meeting were 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 30.09.2024 31.12.2023
    Unaudited Audited
ASSETS      
Current assets      
Cash and cash equivalents 2 40 888 32 878
Trade and other receivables 3 1 338 1 354
Prepayments and other tax receivables 3 1 082 1 115
Current loans granted   0 29
Other assets   83 79
Inventories 4 24 587 23 940
Total current assets   67 978 59 395
       
Non-current assets      
Non-current receivables   278 292
Investments in associates   99 85
Investments in other shares   211 213
Deferred tax asset   2 292 2 155
Intangible assets   637 579
Investment property   852 899
Property, plant and equipment 5 7 952 8 634
Total non-current assets   12 321 12 857
TOTAL ASSETS   80 299 72 252
       
LIABILITIES AND EQUITY      
Current liabilities      
Current lease liabilities   629 2 162
Trade and other payables 6 4 933 7 377
Tax liabilities   2 241 747
Total current liabilities   7 803 10 286
       
Non-current liabilities      
Deferred tax liability   730 736
Non-current lease liabilities   4 920 4 321
Non-current provisions   45 46
Total non-current liabilities   5 695 5 103
Total liabilities   13 498 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   -20 092 -20 002
Retained earnings   73 960 64 249
Total equity attributable to equity holders of the Parent company   63 741 54 120
Non-controlling interest   3 060 2 743
Total equity   66 801 56 863
TOTAL EQUITY AND LIABILITIES   80 299 72 252

Consolidated Income Statement

in thousands of EUR Note 3Q 2024 3Q 2023 09m 2024 09m 2023
    Unaudited Unaudited Unaudited Unaudited
Revenue from contracts with customers 9 16 344 15 332 46 489 46 739
Cost of goods sold   -6 301 -6 091 -19 257 -18 661
Gross Profit   10 043 9 241 27 232 28 078
           
Distribution expenses   -2 950 -2 517 -8 723 -8 071
Administrative expenses   -1 086 -1 026 -3 540 -3 303
Other operating income   71 78 178 194
Other operating expenses   -188 -190 -695 -631
Operating profit   5 890 5 586 14 452 16 267
           
Currency exchange income/(expense)   -1 280 -991 -415 -3 582
Other finance income/(expenses)   329 -1 401 -186
Net finance income   -951 -992 -14 -3 768
           
Profit (loss) from associates using equity method   2 7 16 19
Profit before tax   4 941 4 601 14 454 12 518
           
Income tax expense   -2 022 -1 181 -3 749 -3 676
           
Profit for the period   2 919 3 420 10 705 8 842
Attributable to :          
   Equity holders of the Parent company   2 658 3 140 9 711 7 912
   Non-controlling interest   261 280 994 930
           
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR)   0,07 0,09 0,27 0,22

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 3Q 2024 3Q 2023 09m 2024 09m 2023
    Unaudited Unaudited Unaudited Unaudited
           
Profit for the period   2 919 3 420 10 705 8 842
           
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods:          
Exchange differences on translation of foreign operations -563 -672 -157 -2 055
Total other comprehensive income for the period   -563 -672 -157 -2 055
           
Total comprehensive income (loss) for the period   2 356 2 748 10 548 6 787
Attributable to :          
   Equity holders of the Parent company   2 308 2 612 9 621 5 224
   Non-controlling interest   48 136 927 1 563

Consolidated Statement of Cash Flows

in thousands of EUR Note 09m 2024 09m 2023
    Unaudited Unaudited
Cash flow from operating activities      
Profit for the period   10 705 8 842
Adjustments for:      
  Depreciation and amortization of non-current assets   2 272 2 363
  Share of profit of equity accounted investees   -16 -19
  Gains/Losses on the sale of property, plant and equipment   7 -3
  Net finance income / costs   14 3 768
  Provision for impairment losses on trade receivables   -1 -3
  Provision for inventories   2 3
  Income tax expense   3 749 3 676
Change in inventories   -647 1 387
Change in trade and other receivables   16 -507
Change in trade and other payables   -2 021 -1 067
Income tax paid   -2 829 -3 071
Net cash flow from operating activities   11 251 15 369
       
Cash flow from investing activities      
Interest received   997 331
Dividends received   8 11
Proceeds from disposal of property, plant and equipment   21 9
Loans granted   0 -23
Proceeds from repayments of loans granted   29 0
Acquisition of property, plant and equipment   -830 -896
Acquisition of intangible assets   -112 -123
Net cash flow from investing activities   113 -691
       
Cash flow from financing activities      
Proceeds from borrowings   4 000 0
Repayment of borrowings   -4 000 0
Payment of principal portion of lease liabilities   -1 659 -1 689
Interest paid on lease liabilities   -553 -521
Dividends paid   -610 -707
Net cash flow from financing activities   -2 822 -2 917
       
Net increase in cash and cash equivalents   8 542 11 761
Cash and cash equivalents at the beginning of period 2 32 878 25 909
Effect of translation to presentation currency   -404 -4 891
Effect of exchange rate fluctuations on cash held   -128 510
Cash and cash equivalents at the end of period   40 888 33 289

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

Attachment

  • SFG consolidated interim financial report of Q3 and 9m of 2024 unaudited

Silvano Fashion Group As (LSE:0FZD)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024 Click aqui para mais gráficos Silvano Fashion Group As.
Silvano Fashion Group As (LSE:0FZD)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024 Click aqui para mais gráficos Silvano Fashion Group As.