Interim Report • Aug 29, 2025
Interim Report
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AS Silvano Fashion Group Consolidated Interim Financial Report for Q2 and 6m of 2025 (unaudited
Selected Financial Indicators
Summarized selected financial indicators of the Group for 6 months of 2025
compared to 6 months of 2024 and 30.06.2025 compared to 31.12.2024 were as
follows:
Revenue 28 428 30 145 -5.7%
Gross Profit 15 091 17 189 -12.2%
Operating profit 5 961 8 562 -30.4%
EBITDA 7 566 10 055 -24.8%
Net profit for the period 6 279 7 786 -19.4%
Net profit attributable equity holders of the
Parent company 5 781 7 053 -18.0%
Earnings per share (EUR) 0,16 0,20 -20.0%
Operating cash flow for the period 3 481 4 137 -15.9%
Total assets 92 405 84 489 9.4%
Total current assets 78 392 70 871 10.6%
Total equity attributable to equity holders of
the Parent company 72 852 65 993 10.4%
Cash and cash equivalents 5 881 7 683 -23.5%
Short-term deposits over 3 months 37 331 32 007 16.6%
Gross profit 53,1 57,0 -6.8%
Operating profit 21,0 28,4 -26.1%
EBITDA 26,6 33,4 -20.4%
Net profit 22,1 25,8 -14.3%
Net profit attributable to equity holders of the
Parent company 20,3 23,4 -13.2%
ROA 12,8 15,8 -19.0%
ROE 16,3 20,6 -20.9%
Price to earnings ratio (P/E) 4,3 3,0 43.3%
Current ratio 7,5 6,6 13.6%
Quick ratio 4,5 4,0 12.5%
Financial performance
The Group`s sales amounted 28 428 thousand EUR during 06 months of 2025,
representing a 5.7% decrease as compared to the same period of previous year.
Overall, wholesale decreased by 12.7%, measured in EUR.
The Group's gross profit during 06 months of 2025 amounted to 15 091 thousand
EUR and decrease by 12.2% compared to previous year. The gross margin during 06
months of 2025 decreased by 6.8% compared to 06 months of 2024. The cost of sold
goods increased by 2.9%.
Consolidated operating profit for 06 months of 2025 amounted to 5 961 thousand
EUR, compared to 8 562 thousand EUR for 06 months of 2024, decrease by 30.4%.
The consolidated operating profit margin was 21.0% for 06 months of 2025 (28.4%
for 06 months of 2024). Consolidated EBITDA for 06 months of 2025 decreased by
24.8% and amounted to 7 566 thousand EUR, which is 26.6% in margin terms (10
055 thousand EUR and 33.4% for 06 months of 2024).
Reported consolidated net profit attributable to equity holders of the Parent
company for 06 months of 2025 amounted 5 781 thousand EUR, compared to net
profit of 7 053 thousand EUR for 06 months of 2024, net profit margin
attributable to equity holders of the Parent company for 06 months of 2025 was
20.3% against net profit margin 23.4% for 06 months of 2024.
Financial position
As of 30 June 2025, consolidated assets amounted to 92 405 thousand EUR
representing increase by 9.4% as compared to the position as of 31 December
2024.
Trade and other receivables increased by 958 thousand EUR as compared to 31
December 2024 and amounted to 2 164 thousand EUR as of 30 June 2025. Inventory
balance increased by 3 269 thousand EUR and amounted to 31 574 thousand EUR as
of 30 June 2025.
Equity attributable to equity holders of the Parent company increased by 6 859
thousand EUR and amounted to 72 852 thousand EUR as of 30 June 2025. Current
liabilities decreased by 287 thousand EUR during 06 months of 2025.
Investments
During 06 months of 2025 the Group's investments into property, plant and
equipment totalled 368 thousand EUR, in previous year same 476 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 2025, the Group employed 1 644 employees, including 536 people in
retail operations. The rest were employed in production, wholesale,
administration and support operations. In 31.12.2024 there were 1 655
employees, including 518 people in retail operations.
Total salaries and related taxes during 06 months of 2025 amounted 7 885
thousand EUR (7 117 thousand EUR in 06 months 2024). The remuneration of key
management of the Group, including the key executives of all subsidiaries,
totalled 419 thousand EUR.
Consolidated Statement of Financial Position
Unaudited Audited
ASSETS
Current assets
Cash and cash equivalents 2 5 881 7 683
Short-term deposits over 3 months 2 37 331 32 007
Trade and other receivables 3 2 164 1 206
Prepayments and other tax receivables 3 1 357 1 603
Current loans granted 4 0
Other assets 81 67
Inventories 4 31 574 28 305
Total current assets 78 392 70 871
Non-current assets
Non-current receivables 329 271
Investments in associates 96 92
Investments in other shares 217 208
Deferred tax asset 3 676 3 347
Intangible assets 680 649
Investment property 859 837
Property, plant and equipment 5 8 156 8 214
Total non-current assets 14 013 13 618
TOTAL ASSETS 92 405 84 489
LIABILITIES AND EQUITY
Current liabilities
Current lease liabilities 1 285 2 252
Trade and other payables 6 6 593 7 031
Tax liabilities 2 541 1 423
Total current liabilities 10 419 10 706
Non-current liabilities
Deferred tax liability 744 715
Non-current lease liabilities 4 369 3 694
Non-current provisions 44 43
Total non-current liabilities 5 157 4 452
Total liabilities 15 576 15 158
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 -19 417 -20 495
Retained earnings 82 396 76 615
Total equity attributable to equity holders of the
Parent company 72 852 65 993
Non-controlling interest 3 977 3 338
Total equity 76 829 69 331
TOTAL EQUITY AND LIABILITIES 92 405 84 489
Consolidated Income Statement
Unaudited Unaudited Unaudited Unaudited
Revenue from contracts with
customers 9 16 412 16 241 28 428 30 145
Cost of goods sold -7 165 -6 841 -13 337 -12 956
Gross Profit 9 247 9 400 15 091 17 189
Distribution expenses -3 210 -3 001 -6 230 -5 773
Administrative expenses -1 389 -1 191 -2 672 -2 454
Other operating income 95 59 158 107
Other operating expenses -184 -253 -386 -507
Operating profit 4 559 5 014 5 961 8 562
Currency exchange
income/(expense) -395 916 1 438 865
Other finance income/(expenses) 102 -56 214 72
Net finance income -293 860 1 652 937
Profit (loss) from associates
using equity method -5 -2 -12 14
Profit before tax 4 261 5 872 7 601 9 513
Income tax expense -951 -1 002 -1 322 -1 727
Profit for the period 3 310 4 870 6 279 7 786
Attributable to :
Equity holders of the Parent
company 3 029 4 499 5 781 7 053
Non-controlling interest 281 371 498 733
Earnings per share from profit
attributable to equity holders of
the Parent company, both basic
and diluted (EUR) 8 0,08 0,12 0,16 0,20
Consolidated Statement of Comprehensive Income
Unaudited Unaudited Unaudited Unaudited
Profit for the period 3 310 4 870 6 279 7 786
Other comprehensive income (loss)
that will be reclassified to
profit or loss in subsequent
periods:
Exchange differences on translation of
foreign operations -696 670 1 219 406
Total other comprehensive income
for the period -696 670 1 219 406
Total comprehensive income (loss)
for the period 2 614 5 540 7 498 8 192
Attributable to :
Equity holders of the Parent
company 2 462 5 049 6 859 7 313
Non-controlling interest 152 491 639 879
Consolidated Statement of Cash Flows
Cash flow from operating activities Unaudited Unaudited
Profit for the period 6 279 7 786
Adjustments for:
Depreciation and amortization of non-current assets 1 605 1 493
Share of profit of equity accounted investees 12 -14
Gains/Losses on the sale of property, plant and
equipment 1 10
Net finance income / costs -1 652 -937
Provision for impairment losses on trade
receivables 2 3
Provision for inventories 3 1
Income tax expense 1 322 1 727
Change in inventories -3 269 -1 922
Change in trade and other receivables -712 -358
Change in trade and other payables 680 -1 912
Interest paid -7 -48
Income tax paid -783 -1 692
Net cash flow from operating activities 3 481 4 137
Cash flow from investing activities
Interest received 820 482
Dividends received 12 8
Purchase of other financial investments -37 100 0
Proceeds from other financial investments 31 800 0
Proceeds from disposal of property, plant and
equipment 7 20
Loans granted -11 0
Proceeds from repayments of loans granted 7 9
Acquisition of property, plant and equipment -368 -476
Acquisition of intangible assets -38 -72
Net cash flow from investing activities -4 871 -29
Cash flow from financing activities
Proceeds from borrowings 500 4 000
Repayment of borrowings -500 -1 700
Payment of principal portion of lease liabilities -1 207 -1 085
Interest paid on lease liabilities -423 -375
Dividends paid 0 -646
Net cash flow from financing activities -1 630 194
Net increase/decrease in cash and cash equivalents -3 020 4 302
Cash and cash equivalents at the beginning of period 2 7 683 32 878
Effect of translation to presentation currency 1 358 1 837
Effect of exchange rate fluctuations on cash held -140 -150
Cash and cash equivalents at the end of period 5 881 38 867
AS Silvano Fashion Group
Phone: +372 6845 000
Email: [email protected]
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