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.
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.
