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24.11.2023 22:59:00

Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 9 months of 2023 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for 9 months of 2023 compared to 9 months of 2022 and 30.09.2023 compared to 31.12.2022 were as follows:

in thousands of EUR 09m 2023 09m 2022 Change
Revenue 46 739 43 974 6.3%
Gross Profit 28 078 22 066 27.2%
Operating profit 16 267 10 611 53.3%
EBITDA 18 630 13 180 41.4%
Net profit for the period 8 842 12 516 -29.4%
Net profit attributable equity holders of the Parent company 7 912 11 835 -33.1%
Earnings per share (EUR) 0,22 0,33 -33.3%
Operating cash flow for the period 15 369 12 493 23.0%
    
in thousands of EUR 30.09.2023 31.12.2022 Change
Total assets 68 338 63 991 6.8%
Total current assets 56 832 50 309 13.0%
Total equity attributable to equity holders of the Parent company 50 010 44 786 11.7%
Cash and cash equivalents 33 289 25 909 28.5%
    
Margin analysis, % 09m 2023 09m 2022 Change
Gross profit 60.1 50.2 19.7%
Operating profit 34.8 24.1 44.4%
EBITDA 39.9 30.0 33.0%
Net profit 18.9 28.5 -33.7%
Net profit attributable to equity holders of the Parent company 16.9 26.9 -37.2%
 

 
   
Financial ratios, % 30.09.2023 31.12.2022 Change
ROA 11.9 19.0 -37.4%
ROE 16.8 28.1 -40.2%
Price to earnings ratio (P/E) 5.1 3.4 50.0%
Current ratio 7.4 5.1 45.1%
Quick ratio 4.7 2.8 67.9%

Financial performance

The Group`s sales amounted 46 739 thousand EUR during 9 months of 2023, representing a 6.3% increase as compared to the same period of previous year. Overall, wholesale increased by 7.3%, measured in EUR.

The Group’s gross profit during 9 months of 2023 amounted to 28 078 thousand EUR and increase by 27.2% compared to previous year. The gross margin during 9 months of 2023 increased by 19.7% compared to 9 months of 2022. The cost of sold goods decreased by 14.8%.

Consolidated operating profit for 9 months of 2023 amounted to 16 267 thousand EUR, compared to 10 611 thousand EUR for 9 months of 2022, increase by 53.3%. The consolidated operating profit margin was 34.8% for 9 months of 2023 (24.1% for 9 months of 2022). Consolidated EBITDA for 9 months of 2023 increased by 41.4% and amounted to 18 630 thousand EUR, which is 39.9% in margin terms (13 180 thousand EUR and 30.0% for 9 months of 2022).

Reported consolidated net profit attributable to equity holders of the Parent company for 9 months of 2023 amounted to   7 912 thousand EUR, compared to net profit of 11 835 thousand EUR for 9 months of 2022, net profit margin attributable to equity holders of the Parent company for 9 months of 2023 was 16.9% against net profit 26.9% for 9 months of 2022.

Financial position

As of 30 September 2023 consolidated assets amounted to 68 338 thousand EUR representing increase by 6.8% as compared to the position as of 31 December 2022.

Trade and other receivables increased by 449 thousand EUR as compared to 31 December 2022 and amounted to        1 493 thousand EUR as of 30 September 2023. Inventory balance decreased by 1 387 thousand EUR and amounted to     20 877 thousand EUR as of 30 September 2023.

Equity attributable to equity holders of the Parent company increased by 5 224 thousand EUR and amounted to             50 010 thousand EUR as of 30 September 2023. Current liabilities decreased by 2 224 thousand EUR during 9 months of 2023.

Investments

During 9 months of 2023 the Group’s investments into property, plant and equipment totalled 896 thousand EUR, in previous year same period 228 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 2023, the Group employed 1 643 employees, including 509 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 9 months of 2023 amounted to 9 964 thousand EUR ( 8 938 thousand EUR in 9 months of 2022). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 423 thousand EUR.

Decisions made by governing bodies during 9 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 30.09.2023 31.12.2022
   Unaudited Audited
ASSETS    
Current assets    
Cash and cash equivalents 2 33 289 25 909
Trade and other receivables 3 1 493 1 044
Prepayments and other tax receivables               3 1 055 971
Current loans granted   33 10
Other assets   85 111
Inventories 4 20 877 22 264
Total current assets   56 832 50 309
    
Non-current assets    
Non-current receivables   286 301
Investments in associates   79 82
Investments in other shares   218 259
Deferred tax asset   1 924 2 166
Intangible assets   575 585
Investment property   925 1 041
Property, plant and equipment 5 7 499 9 248
Total non-current assets   11 506 13 682
TOTAL ASSETS   68 338 63 991
      
LIABILITIES AND EQUITY    
Current liabilities    
Current lease liabilities   612 2 373
Trade and other payables 6 4 674 5 837
Tax liabilities   2 392 1 692
Total current liabilities   7 678 9 902
    
Non-current liabilities    
Deferred tax liability   883 1 039
Non-current lease liabilities   4 695 4 041
Non-current provisions   34 41
Total non-current liabilities   5 612 5 121
Total liabilities   13 290 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   -22 097 -19 409
Retained earnings   62 234 54 322
Total equity attributable to equity holders of the Parent company   50 010 44 786
Non-controlling interest   5 038 4 182
Total equity   55 048 48 968
TOTAL EQUITY AND LIABILITIES   68 338 63 991

Consolidated Income Statement

in thousands of EUR Note 3Q 2023 3Q 2022 09m 2023 09m 2022
   Unaudited Unaudited Unaudited Unaudited
Revenue from contracts with customers 9 15 332 17 604 46 739 43 974
Cost of goods sold   -6 091 -8 423 -18 661 -21 908
Gross Profit   9 241 9 181 28 078 22 066
          
Distribution expenses   -2 517 -3 093 -8 071 -8 120
Administrative expenses   -1 026 -1 094 -3 303 -3 136
Other operating income   78 130 194 349
Other operating expenses   -190 -198 -631 -548
Operating profit   5 586 4 926 16 267 10 611
           
Currency exchange income/(expense)   -991 -949 -3 582 5 036
Other finance income/(expenses)   -1 127 -186 -103
Net finance income   -992 -822 -3 768 4 933
        
Profit (loss) from associates using equity method   7 10 19 -1
Profit before tax   4 601 4 114 12 518 15 543
        
Income tax expense   -1 181 -1 425 -3 676 -3 027
           
      
Profit for the period   3 420 2 689 8 842 12 516
Attributable to :      
   Equity holders of the Parent company   3 140 2 489 7 912 11 835
   Non-controlling interest   280 200 930 681
          
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) 8 0,09 0,07 0,22 0,33

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 3Q 2023 3Q 2022 09m 2023 09m 2022
   Unaudited Unaudited Unaudited Unaudited
      
Profit for the period   3 420 2 689 8 842 12 516
      
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods:          
Exchange differences on translation of foreign operations -672 2 894 -2 055 2 175
Total other comprehensive income for the period   -672 2 894 -2 055 2 175
          
Total comprehensive income (loss) for the period   2 748 5 583 6 787 14 691
Attributable to :      
   Equity holders of the Parent company   2 612 5 489 5 224 13 945
   Non-controlling interest   136 94 1 563 746

Consolidated Statement of Cash Flows

in thousands of EUR Note 09m 2023 09m 2022
   Unaudited Unaudited
Cash flow from operating activities    
Profit for the period   8 842 12 516
Adjustments for:    
  Depreciation and amortization of non-current assets   2 363 2 569
  Share of profit of equity accounted investees   -19 1
  Gains/Losses on the sale of property, plant and equipment   -3 9
  Net finance income / costs   3 768 -522
  Provision for impairment losses on trade receivables   -3 0
  Provision for inventories   3 5
  Income tax expense   3 676 3 027
Change in inventories   1 387 -3 022
Change in trade and other receivables   -507 -266
Change in trade and other payables   -1 067 -91
Income tax paid   -3 071 -1 733
Net cash flow from operating activities   15 369 12 493
      
Cash flow from investing activities     
Interest received   331 29
Dividends received   11 3
Proceeds from disposal of property, plant and equipment   9 31
Loans granted   -23 -11
Acquisition of property, plant and equipment   -896 -228
Acquisition of intangible assets   -123 -74
Net cash flow from investing activities   -691 -250
      
Cash flow from financing activities     
Payment of principal portion of lease liabilities   -1 689 -1 879
Interest paid on lease liabilities   -521 -356
Dividends paid   -707 -670
Net cash flow from financing activities   -2 917 -2 905
      
Net increase in cash and cash equivalents   11 761 9 338
Cash and cash equivalents at the beginning of period   25 909 17 098
Effect of translation to presentation currency   -4 891 0
Effect of exchange rate fluctuations on cash held   510 -173
Cash and cash equivalents at the end of period   33 289 26 263

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

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