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

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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:

       
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=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 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]

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