Summarized selected financial indicators of the Group for 9 months of 2024 compared to 9 months of 2023 and 30.09.2024 compared to 31.12.2023 were as follows:
in thousands of EUR
09m 2024
09m 2023
Change
Revenue
46 489
46 739
-0.5%
Gross Profit
27 232
28 078
-3.0%
Operating profit
14 452
16 267
-11.2%
EBITDA
16 724
18 630
-10.2%
Net profit for the period
10 705
8 842
21.1%
Net profit attributable equity holders of the Parent company
9 711
7 912
22.7%
Earnings per share (EUR)
0,27
0,22
22.7%
Operating cash flow for the period
11 251
15 369
-26.8%
in thousands of EUR
30.09.2024
31.12.2023
Change
Total assets
80 299
72 252
11.1%
Total current assets
67 978
59 395
14.5%
Total equity attributable to equity holders of the Parent company
63 741
54 120
17.8%
Cash and cash equivalents
40 888
32 878
24.4%
Margin analysis, %
09m 2024
09m 2023
Change
Gross profit
58.6
60.1
-2.5%
Operating profit
31.1
34.8
-10.6%
EBITDA
36.0
39.9
-9.8%
Net profit
23.0
18.9
21.7%
Net profit attributable to equity holders of the Parent company
20.9
16.9
23.7%
Financial ratios, %
30.09.2024
31.12.2023
Change
ROA
15.1
14.5
4.1%
ROE
19.9
20.2
-1.5%
Price to earnings ratio (P/E)
2.9
4.1
-29.3%
Current ratio
8.7
5.8
50.0%
Quick ratio
5.6
3.4
64.7%
Financial performance
The Group`s sales amounted 46 489 thousand EUR during 9 months of 2024, representing a 0.5% 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 9 months of 2024 amounted to 27 232 thousand EUR and decrease by 3.0% compared to previous year. The gross margin during 9 months of 2024 decreased by 2.5% compared to 9 months of 2023. The cost of sold goods increased by 3.2%.
Consolidated operating profit for 9 months of 2024 amounted to 14 452 thousand EUR, compared to 16 267 thousand EUR for 9 months of 2023, decrease by 11.2%. The consolidated operating profit margin was 31.1% for 9 months of 2024 (34.8% for 9 months of 2023). Consolidated EBITDA for 9 months of 2024 decreased by 10.2% and amounted to 16 724 thousand EUR, which is 36.0% in margin terms (18 630 thousand EUR and 39.9% for 9 months of 2023).
Reported consolidated net profit attributable to equity holders of the Parent company for 9 months of 2024 amounted 9 711 thousand EUR, compared to net profit of 7 912 thousand EUR for 9 months of 2023, net profit margin attributable to equity holders of the Parent company for 9 months of 2024 was 20.9% against net profit 16.9% for 9 months of 2023.
Financial position
As of 30 September 2024 consolidated assets amounted to 80 299 thousand EUR representing increase by 11.1% as compared to the position as of 31 December 2023.
Trade and other receivables decreased by 16 thousand EUR as compared to 31 December 2023 and amounted to 1 338 thousand EUR as of 30 September 2024. Inventory balance increased by 647 thousand EUR and amounted to 24 587 thousand EUR as of 30 September 2024.
Equity attributable to equity holders of the Parent company increased by 9 621 thousand EUR and amounted to 63 741 thousand EUR as of 30 September 2024. Current liabilities decreased by 2 483 thousand EUR during 9 months of 2024.
Investments
During 9 months of 2024 the Group’s investments into property, plant and equipment totalled 830 thousand EUR, in previous year same period 896 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 September 2024, the Group employed 1 668 employees, including 514 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 9 months of 2024 amounted 10 612 thousand EUR ( 9 964 thousand EUR in 9 months 2023). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 475 thousand EUR.
Decisions made by governing bodies during 09 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.
