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RNS - Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12m of 2024 (unaudited)

Company: Silvano Fashion Group Date: 2025-02-28 Language: English Register to download
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# Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12m of 2024 (unaudited)

Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12m of
2024 (unaudited)

Selected Financial Indicators

Summarized  selected financial  indicators of  the Group  for 12 months of 2024
compared  to  12 months  of  2023 and  31.12.2024 compared to 31.12.2023 were as
follows:


-------------------------------------------------------------------------------
 in thousands of EUR                                 12m 2024   12m 2023 Change
-------------------------------------------------------------------------------
 Revenue                                               58 070     58 597  -0.9%

 Gross Profit                                          34 278     33 743   1.6%

 Operating profit                                      17 248     17 973  -4.0%

 EBITDA                                                20 316     21 120  -3.8%

 Net profit for the period                             13 673     11 107  23.1%

 Net profit attributable equity holders of the
 Parent company                                        12 366      9 927  24.6%

 Earnings per share (EUR)                                0,34       0,28  21.4%

 Operating cash flow for the period                    11 164     11 703  -4.6%


-------------------------------------------------------------------------------
 in thousands of EUR                               31.12.2024 31.12.2023 Change
-------------------------------------------------------------------------------
 Total assets                                          84 489     72 252  16.9%

 Total current assets                                  70 871     59 395  19.3%

 Total equity attributable to equity holders of
 the Parent company                                    65 993     54 120  21.9%

 Cash and cash equivalents                             39 690     32 878  20.7%


-------------------------------------------------------------------------------
 Margin analysis, %                                  12m 2024   12m 2023 Change
-------------------------------------------------------------------------------
 Gross profit                                            59.0       57.6   2.4%

 Operating profit                                        29.7       30.7  -3.3%

 EBITDA                                                  35.0       36.0  -2.8%

 Net profit                                              23.5       19.0  23.7%

 Net profit attributable to equity holders of the
 Parent company                                          21.3       16.9  26.0%


-------------------------------------------------------------------------------
 Financial ratios, %                               31.12.2024 31.12.2023 Change
-------------------------------------------------------------------------------
 ROA                                                     15.3       14.5   5.5%

 ROE                                                     20.0       20.2  -1.0%

 Price to earnings ratio (P/E)                            3.0        4.1 -26.8%

 Current ratio                                            6.6        5.8  13.8%

 Quick ratio                                              4.0        3.4  17.6%

Financial performance

The  Group\`s  sales  amounted  58 070 thousand  EUR  during  12 months of 2024,
representing  a 0.9% 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 12 months of  2024 amounted to 34 278 thousand
EUR  and increase by 1.6% compared to previous year. The gross margin during 12
months of 2024 increased by 2.4% compared to 12 months of 2023. The cost of sold
goods decreased by 4.3%.

Consolidated  operating profit for 12 months of 2024 amounted to 17 248 thousand
EUR,  compared to 17 973 thousand EUR for  12 months of 2023, decrease by 4.0%.
The  consolidated operating profit margin was 29.7% for 12 months of 2024 (30.7%
for  12 months of 2023). Consolidated EBITDA  for 12 months of 2024 decreased by
3.8% and  amounted to  20 316 thousand EUR,  which is  35.0% in margin terms (21
120 thousand EUR and 36.0% for 12 months of 2023).

Reported  consolidated net profit  attributable to equity  holders of the Parent
company  for  12 months  of  2024 amounted  12 366 thousand EUR, compared to net
profit   of   9 927 thousand  EUR  for  12 months  of  2023, net  profit  margin
attributable  to equity holders of the  Parent company for 12 months of 2024 was
21.3% against net profit 16.9% for 12 months of 2023.

Financial position

As  of  31 December  2024 consolidated  assets  amounted  to 84 489 thousand EUR
representing  increase by  16.9% as compared  to the  position as of 31 December
2023.

Trade  and other  receivables decreased  by 148 thousand  EUR as compared to 31
December 2023 and amounted to        1 206 thousand EUR as of 31 December 2024.
Inventory  balance  increased  by  4 365 thousand  EUR  and  amounted to 28 305
thousand EUR as of 31 December 2024.

Equity attributable to equity holders of the Parent company increased by 11 873
thousand  EUR and amounted to              65 993 thousand EUR as of 31 December
2024. Current  liabilities  increased  by  420 thousand  EUR during 12 months of
2024.

Investments

During  12 months  of  2024 the  Group's  investments  into  property, plant and
equipment totalled 942 thousand EUR, in previous year same period 1 133 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 December 2024, the Group employed 1 655 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  12 months of 2024 amounted 14 155
thousand  EUR ( 13 266 thousand EUR in  12 months 2023). The remuneration of key
management  of  the  Group,  including  the  key executives of all subsidiaries,
totalled 679 thousand EUR.

Decisions made by governing bodies during 12 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=e
n&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/
(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

-------------------------------------------------------------------------------
 in thousands of EUR                                 Note 31.12.2024 31.12.2023
-------------------------------------------------------------------------------
                                                           Unaudited    Audited

 ASSETS

 Current assets

 Cash and cash equivalents                            2        7 683     32 878

 Short-term deposits over 3 months                    2       32 007          0

 Trade and other receivables                          3        1 206      1 354

 Prepayments and other tax
 receivables                                          3        1 603      1 115

 Current loans granted                                             0         29

 Other assets                                                     67         79

 Inventories                                          4       28 305     23 940

 Total current assets                                         70 871     59 395



 Non-current assets

 Non-current receivables                              8          271        292

 Investments in associates                                        92         85

 Investments in other shares                                     208        213

 Deferred tax asset                                            3 347      2 155

 Intangible assets                                               649        579

 Investment property                                             837        899

 Property, plant and equipment                        5        8 214      8 634

 Total non-current assets                                     13 618     12 857

 TOTAL ASSETS                                                 84 489     72 252



 LIABILITIES AND EQUITY

 Current liabilities

 Current lease liabilities                                     2 252      2 162

 Trade and other payables                             6        7 031      7 377

 Tax liabilities                                               1 423        747

 Total current liabilities                                    10 706     10 286



 Non-current liabilities

 Deferred tax liability                                          715        736

 Non-current lease liabilities                                 3 694      4 321

 Non-current provisions                                           43         46

 Total non-current liabilities                                 4 452      5 103

 Total liabilities                                            15 158     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                        -20 495    -20 002

 Retained earnings                                            76 615     64 249

 Total equity attributable to equity holders of the
 Parent company                                               65 993     54 120

 Non-controlling interest                                      3 338      2 743

 Total equity                                                 69 331     56 863

 TOTAL EQUITY AND LIABILITIES                                 84 489     72 252

Consolidated Income Statement

-------------------------------------------------------------------------------
 in thousands of EUR                Note  4Q 2024   4Q 2023  12m 2024  12m 2023
-------------------------------------------------------------------------------
                                         Unaudited Unaudited Unaudited  Audited

 Revenue from contracts with
 customers                           9      11 581    11 858    58 070   58 597

 Cost of goods sold                         -4 535    -6 193   -23 792  -24 854

 Gross Profit                                7 046     5 665    34 278   33 743



 Distribution expenses                      -2 637    -2 501   -11 360  -10 572

 Administrative expenses                    -1 441    -1 198    -4 981   -4 501

 Other operating income                         91        92       269      286

 Other operating expenses                     -263      -352      -958     -983

 Operating profit                            2 796     1 706    17 248   17 973



 Currency exchange income/(expense)           -458       237      -873   -3 345

 Other finance income/(expenses)               455        93       856      -93

 Net finance income/(expenses)                  -3       330       -17   -3 438



 Profit (loss) from associates
 using equity method                            -2         5        14       24

 Profit before tax                           2 791     2 041    17 245   14 559



 Income tax expense                            177       224    -3 572   -3 452



 Profit for the period                       2 968     2 265    13 673   11 107

 Attributable to :

    Equity holders of the Parent
 company                                     2 655     2 015    12 366    9 927

    Non-controlling interest                   313       250     1 307    1 180



 Earnings per share from profit
 attributable to equity holders of
 the Parent company, both basic and
 diluted (EUR)                       8        0,07      0,06      0,34     0,28

Consolidated Statement of Comprehensive Income

-------------------------------------------------------------------------------
 in thousands of EUR                Note   4Q 2024   4Q 2023  12m 2024 12m 2023
-------------------------------------------------------------------------------
                                         Unaudited Unaudited Unaudited Audited



 Profit for the period                       2 968     2 265    13 673   11 107



 Other comprehensive income (loss)
 that will be reclassified to
 profit or loss in subsequent
 periods:

 Exchange differences on translation of
 foreign operations                           -445    -2 799      -602   -2 520

 Total other comprehensive income
 for the period                               -445    -2 799      -602   -2 520



 Total comprehensive income (loss)
 for the period                              2 523      -534    13 071    8 587

 Attributable to :

    Equity holders of the Parent
 company                                     2 252     1 625    11 873    9 334

    Non-controlling interest                   271    -2 159     1 198     -747

Consolidated Statement of Cash Flows

-------------------------------------------------------------------------------
 in thousands of EUR                                   Note   12m 2024 12m 2023
-------------------------------------------------------------------------------
 Cash flow from operating activities                         Unaudited  Audited

 Profit for the period                                          13 673   11 107

 Adjustments for:

   Depreciation and amortization of non-current assets 11,13     3 068    3 147

 Impairment losses of non-current assets

   Share of profit of equity accounted investees                   -14      -24

   Gains/Losses on the sale of property, plant and
 equipment                                                13         7        1

   Net finance income / costs                                       17    3 438

   Provision for impairment losses on trade
 receivables                                            5,19       -18       54

   Provision for inventories                               9        91    1 198

   Income tax expense                                     14     3 572    3 452

 Change in inventories                                     9    -4 365   -7 845

 Change in trade and other receivables                  8,14      -271     -839

 Change in trade and other payables                     8,14       280    2 530

 Interest paid                                                     -54        0

 Income tax paid                                                -4 822   -4 516

 Net cash flow from operating activities                        11 164   11 703



 Cash flow from investing activities

 Interest received                                               1 391      601

 Dividends received                                                  8       11

 Purchase of other financial investments                       -31 800        0

  incl purchase of deposits with maturities greater than 3
 months                                                        -31 800        0

 Proceeds from disposal of property, plant and
 equipment                                                13        22       39

 Loans granted                                                       0      -19

 Proceeds from repayments of loans granted                          29        0

 Acquisition of property, plant and equipment             13      -942   -1 133

 Acquisition of intangible assets                         11      -147     -144

 Net cash flow from investing activities                       -31 439     -645



 Cash flow from financing activities

 Proceeds from borrowings                                  8     4 000        0

 Repayment of borrowings                                   8    -4 000        0

 Payment of principal portion of lease liabilities              -2 318   -2 307

 Interest paid on lease liabilities                               -739     -688

 Dividends paid                                                   -603     -692

 Net cash flow from financing activities                        -3 660   -3 687



 Net increase/decrease in cash and cash equivalents            -23 935    7 371

 Change of deposits with maturities greater than 3
 months                                                         32 007        0

 Total change                                                    8 072    7 371

 Cash and cash equivalents at the beginning of period      7    32 878   25 909

 Effect of translation to presentation currency                 -1 095     -845

 Effect of exchange rate fluctuations on cash held         7      -165      443

 Cash and cash equivalents at the end of period                  7 683   32 878

 Deposits with maturities greater than 3 months at the end
 of period                                                      32 007        0

 Total at the end of the period                                 39 690   32 878

AS Silvano Fashion Group
Phone: +372 6845 000
Email: \[email protected\]