Quarterly Report • Nov 30, 2024
Quarterly Report
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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:
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%
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%
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%
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=b77cafc430f1ac23a81813069a95a15c
d&lang=en
(https://www.globenewswire.com/Tracker?data=MWyEV7h89lAqde0b6xHNjHVNvjAEUTQde5hn
y6Rf3JAFSQP0itB3axgnzj9YS-iaHJGVu5ZtzLG6R4DnvTRHsT6FnwwWqtPoPkbqCSVb6Ba11_UUH-
5PMRsP-
WNmrndng1gfiw6bnp0V5N1oImDT_BcHdYgOGHmgIOh7EN3HtpdCfTrm4J0Pqx_MdtikKPI_t6Cted4zB
4YqcPOJyPOWLJMrkYiq6TDFPJibJw7czYX7RPKEE_RjYTlIEy53Q3C9) and Warsaw Stock
Exchange, on the website of
SFG https://www.silvanofashion.com/investors/company-announcements/
(https://www.globenewswire.com/Tracker?data=MWyEV7h89lAqde0b6xHNjH0LRcJRFDG_DQcL
mJEZP-IxDxeWBEuKhih4s_GCk39PkIJkedwQWrg1oJ-
HkS1AFAiU_vxocHhNbJtHG2x00KXFgrufzQeafChRa_ghm0b8wbqvdZe4K5lGfTZDrRlB-vV4yOYD-
Eu07QP177hE3Y-4zVgjtpMjeWYnW16KsmZeLxu8BRL9lz4i87XPoAkzQg==) 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:
The decisions of the general meeting were published on the website of AS Silvano
Fashion Group https://www.silvanofashion.com/investors/company-
announcements/
(https://www.globenewswire.com/Tracker?data=eqSvB9FOkm2SGnLhlyRqsUdtOHk18ftuqW7m
_BJ0KJyow4LIfcGFs-
4YoDMKBvcg4mtXZqcgvDDiXxghkxBh50oXe0tnt2toW_vOwXjGvfXV9SjkeRJavBavUEvzQsHZMzg9nD
uFZHClq1_7e-
anBBL6k4lsZCaz2w3tuxnhy0HPb57uqrYj_ngy3LxIWOihCCBz0_SzHHqnFzzG1Z0TkdFtuQ0lsIDCje
ITPyhTwYpbv8SglqkMjn5-k7uk9EhqmDBFXeKBCO8wGpDb8zhXU1vtwUw-phxoJM6RUqkg4cJE2EYze-
49950OcS7oRfiAG-
JA36eDcpihL2YYD2tKlYY7vd9MEpK4JAV35rb_XdPbTsxUEee22Ch2cOVoNdrD7qv9r2_CinNcYm3G7J
bTte_cGyDhKJ7iT9_KCfaJuQstDPQ0ngm3cv9EacHKREOPnnHGJZ3CgfYNP4EVlVqRwA==).
Consolidated Statement of Financial Position
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
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
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
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: [email protected]
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