Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12 months of 2023 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for 12 months of 2023 compared to 12 months of 2022 and 31.12.2023 compared to 31.12.2022 were as follows:

in thousands of EUR 12m 2023 12m 2022 Change
Revenue 58 597 57 667 1.6%
Gross Profit 33 743 30 884 9.3%
Operating profit 17 973 14 665 22.6%
EBITDA 21 120 18 283 15.5%
Net profit for the period 11 107 12 544 -11.5%
Net profit attributable equity holders of the Parent company 9 927 11 796 -15.8%
Earnings per share (EUR) 0,28 0,33 -15.2%
Operating cash flow for the period 11 703 14 062 -16.8%
       
in thousands of EUR 31.12.2023 31.12.2022 Change
Total assets 72 252 63 991 12.9%
Total current assets 59 395 50 309 18.1%
Total equity attributable to equity holders of the Parent company 54 120 44 786 20.8%
Cash and cash equivalents 32 878 25 909 26.9%
       
Margin analysis, % 12m 2023 12m 2022 Change
Gross profit 57.6 53.6 7.5%
Operating profit 30.7 25.4 20.9%
EBITDA 36.0 31.7 13.6%
Net profit 19.0 21.8 -12.8%
Net profit attributable to equity holders of the Parent company 16.9 20.5 -17.6%
       
Financial ratios, % 31.12.2023 31.12.2022 Change
ROA 14.5 19.0 -23.7%
ROE 20.2 28.1 -28.1%
Price to earnings ratio (P/E) 4.1 3.4 20.6%
Current ratio 5.8 5.1 13.7%
Quick ratio 3.4 2.8 21.4%

Financial performance

The Group`s sales amounted 58 597 thousand EUR during 12 months of 2023, representing a 1.6% increase as compared to the same period of previous year. Overall, wholesale increased by 2.8%, measured in EUR.

The Group’s gross profit during 12 months of 2023 amounted to 33 743 thousand EUR and increase by 9.3% compared to previous year. The gross margin during 12 months of 2023 increased by 7.5% compared to 12 months of 2022. The cost of sold goods decreased by 7.2%.

Consolidated operating profit for 12 months of 2023 amounted to 17 973 thousand EUR, compared to 14 665 thousand EUR for 12 months of 2022, increase by 22.6%. The consolidated operating profit margin was 30.7% for 12 months of 2023 (25.4% for 12 months of 2022). Consolidated EBITDA for 12 months of 2023 increased by 15.5% and amounted to 21 120 thousand EUR, which is 36.0% in margin terms (18 283 thousand EUR and 31.7% for 12 months of 2022).

Reported consolidated net profit attributable to equity holders of the Parent company for 12 months of 2023 amounted to 9 927 thousand EUR, compared to net profit of 11 796 thousand EUR for 12 months of 2022, net profit margin attributable to equity holders of the Parent company for 12months of 2023 was 16.9% against net profit 20.5% for 12 months of 2022.

Financial position

As of 31 December 2023 consolidated assets amounted to 72 252 thousand EUR representing increase by 12.9% as compared to the position as of 31 December 2022.

Trade and other receivables increased by 310 thousand EUR as compared to 31 December 2022 and amounted to        1 354 thousand EUR as of 31 December 2023. Inventory balance increased by 1 676 thousand EUR and amounted to 23 940 thousand EUR as of 31 December 2023.

Equity attributable to equity holders of the Parent company increased by 9 334 thousand EUR and amounted to             54 120 thousand EUR as of 31 December 2023. Current liabilities increased by 384 thousand EUR during 12 months of 2023.

Investments

During 12 months of 2023 the Group’s investments into property, plant and equipment totalled 1 133 thousand EUR, in previous year same period 445 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 2023, the Group employed 1 626 employees, including 500 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2022 there were 1 616 employees, including 499 people in retail operations.

Total salaries and related taxes during 12 months of 2023 amounted to 13 267 thousand EUR ( 12 759 thousand EUR in 12 months of 2022). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 552 thousand EUR.

Decisions made by governing bodies during 12 months 2023

On the 24th of May 2023, 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 24, 2023, in the information system NASDAQ OMX Tallinn   https://view.news.eu.nasdaq.com/view?id=bc3e622810054b7a49a4f706f81ac5063&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 Päevaleht.

On June 15, 2023 Silvano Fashion Group held its regular Annual General Meeting of Shareholders.  The Meeting adopted the following decisions:

 • Approved the 2022 Annual Report;

 • Left the net profit undistributed and included the net profit of the financial year 2022 in retained earnings.

The protocol of the general meeting was 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 31.12.2023 31.12.2022
    Unaudited Audited
ASSETS      
Current assets      
Cash and cash equivalents 2 32 878 25 909
Trade and other receivables 3 1 354 1 044
Prepayments and other tax receivables 3 1 115 971
Current loans granted   29 10
Other assets   79 111
Inventories 4 23 940 22 264
Total current assets   59 395 50 309
       
Non-current assets      
Non-current receivables   292 301
Investments in associates   85 82
Investments in other shares   213 259
Deferred tax asset   2 155 2 166
Intangible assets   579 585
Investment property   899 1 041
Property, plant and equipment 5 8 634 9 248
Total non-current assets   12 857 13 682
TOTAL ASSETS   72 252 63 991
       
LIABILITIES AND EQUITY      
Current liabilities      
Current lease liabilities   2 162 2 373
Trade and other payables 6 7 377 5 837
Tax liabilities   747 1 692
Total current liabilities   10 286 9 902
       
Non-current liabilities      
Deferred tax liability   736 1 039
Non-current lease liabilities   4 321 4 041
Non-current provisions   46 41
Total non-current liabilities   5 103 5 121
Total liabilities   15 389 15 023
       
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   -20 002 -19 409
Retained earnings   64 249 54 322
Total equity attributable to equity holders of the Parent company   54 120 44 786
Non-controlling interest   2 743 4 182
Total equity   56 863 48 968
TOTAL EQUITY AND LIABILITIES   72 252 63 991

Consolidated Income Statement

in thousands of EUR Note 4Q 2023 4Q 2022 12m 2023 12m 2022
    Unaudited Unaudited Unaudited Audited
Revenue from contracts with customers 9 11 858 13 693 58 597 57 667
Cost of goods sold   -6 193 -4 875 -24 854 -26 783
Gross Profit   5 665 8 818 33 743 30 884
           
Distribution expenses   -2 501 -3 023 -10 572 -11 143
Administrative expenses   -1 198 -1 255 -4 501 -4 391
Other operating income   92 176 286 525
Other operating expenses   -352 -662 -983 -1 210
Operating profit   1 706 4 054 17 973 14 665
           
Currency exchange income/(expense)   237 -3 919 -3 345 1 117
Other finance income/(expenses)   93 -350 -93 -453
Net finance income   330 -4 269 -3 438 664
           
Profit (loss) from associates using equity method   5 2 24 1
Profit before tax   2 041 -213 14 559 15 330
           
Income tax expense   224 241 -3 452 -2 786
           
Profit for the period   2 265 28 11 107 12 544
Attributable to :          
   Equity holders of the Parent company   2 015 -39 9 927 11 796
   Non-controlling interest   250 67 1 180 748
           
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) 8 0,06 0,00 0,28 0,33

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 4Q 2023 4Q 2022 12m 2023 12m 2022
    Unaudited Unaudited Unaudited Audited
           
Profit for the period   2 265 28 11 107 12 544
           
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods :          
Exchange differences on translation of foreign operations   -2 799 -3 052 -2 520 -877
Total other comprehensive income for the period   -2 799 -3 052 -2 520 -877
           
Total comprehensive income (loss) for the period   -534 -3 024 8 587 11 667
Attributable to :          
   Equity holders of the Parent company   1 625 -3 307 9 334 10 638
   Non-controlling interest   -2 159 283 -747 1 029

Consolidated Statement of Cash Flows

in thousands of EUR Note 12m 2023 12m 2022
    Unaudited Audited
Cash flow from operating activities      
Profit for the period   11 107 12 544
Adjustments for:      
  Depreciation and amortization of non-current assets   3 147 3 618
  Share of profit of equity accounted investees   -24 -1
  Gains/Losses on the sale of property, plant and equipment   1 8
  Net finance income / costs   3 438 -664
  Provision for impairment losses on trade receivables   54 2
  Provision for inventories   1 198 683
  Income tax expense   3 452 2 786
Change in inventories   -7 845 -1 358
Change in trade and other receivables   -839 199
Change in trade and other payables   2 530 -667
Income tax paid   -4 516 -3 088
Net cash flow from operating activities   11 703 14 062
       
Cash flow from investing activities      
Interest received   601 38
Dividends received   11 3
Proceeds from disposal of property, plant and equipment   39 58
Loans granted   -19 -8
Acquisition of property, plant and equipment   -1 133 -445
Acquisition of intangible assets   -144 -113
Net cash flow from investing activities   -645 -467
       
Cash flow from financing activities      
Payment of principal portion of lease liabilities   -2 307 -2 634
Interest paid on lease liabilities   -688 -546
Dividends paid   -692 -560
Net cash flow from financing activities   -3 687 -3 740
       
Net increase in cash and cash equivalents   7 371 9 855
Cash and cash equivalents at the beginning of period   25 909 17 098
Effect of translation to presentation currency   -845 -509
Effect of exchange rate fluctuations on cash held   443 -535
Cash and cash equivalents at the end of period   32 878 25 909

AS Silvano Fashion Group
Phone: +372 6845 000
Email: info@silvanofashon.com

Attachment

  • SFG Q4 2023 ENG vers 28.02

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