Earnings Release • Feb 28, 2025
Earnings Release
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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:
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%
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%
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%
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:
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 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
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
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
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]
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