Silvano Fashion Group Consolidated Interim Financial Report for Q1 of 2025 (unaudited)
Selected Financial Indicators
Summarized selected financial indicators of the Group for Q1of 2025 compared to Q1of 2024 and 31.03.2025 compared to 31.12.2024 were as follows:
| in thousands of EUR | 03m 2025 | 03m 2024 | Change |
| Revenue | 12 016 | 13 904 | -13.6% |
| Gross Profit | 5 844 | 7 789 | -25.0% |
| Operating profit | 1 402 | 3 548 | -60.5% |
| EBITDA | 2 165 | 4 298 | -49.6% |
| Net profit for the period | 2 969 | 2 916 | 1.8% |
| Net profit attributable equity holders of the Parent company | 2 752 | 2 554 | 7.8% |
| Earnings per share (EUR) | 0,08 | 0,07 | 14.3% |
| Operating cash flow for the period | -2 618 | 1 753 | -249.3% |
| in thousands of EUR | 31.03.2025 | 31.12.2024 | Change |
| Total assets | 89 449 | 84 489 | 5.9% |
| Total current assets | 75 130 | 70 871 | 6.0% |
| Total equity attributable to equity holders of the Parent company | 70 389 | 65 993 | 6.7% |
| Cash and cash equivalents | 2 348 | 7 683 | -69.4% |
| Short-term deposits over 3 months | 36 971 | 32 007 | 15.5% |
| Margin analysis, % | 03m 2025 | 03m 2024 | Change |
| Gross profit | 48.6 | 56.0 | -13.2% |
| Operating profit | 11.7 | 25.5 | -54.1% |
| EBITDA | 18.0 | 30.9 | -41.7% |
| Net profit | 24.7 | 21.0 | 17.6% |
| Net profit attributable to equity holders of the Parent company | 22.9 | 18.4 | 24.5% |
| Financial ratios, % | 31.03.2025 | 31.12.2024 | Change |
| ROA | 15.0 | 15.3 | -2.0% |
| ROE | 19.2 | 20.0 | -4.0% |
| Price to earnings ratio (P/E) | 3.6 | 3.0 | 20.0% |
| Current ratio | 7.2 | 6.6 | 9.1% |
| Quick ratio | 4.1 | 4.0 | 2.5% |
Financial performance
The Group`s sales amounted 12 016 thousand EUR during Q1of 2025, representing a 13.6% decrease as compared to the same period of previous year. Overall, wholesale decreased by 24.0%, measured in EUR.
The Group’s gross profit during Q1of 2025 amounted to 5 844 thousand EUR and decrease by 25.0% compared to previous year. The gross margin during Q1of 2025 decreased by 13.2% compared to Q1of 2024. The cost of sold goods increased by 0.9%.
Consolidated operating profit for Q1of 2025 amounted to 1 402 thousand EUR, compared to 3 548 thousand EUR for Q1of 2024, decrease by 60.5%. The consolidated operating profit margin was 11.7% for Q1of 2025 (25.5% for Q1of 2024). Consolidated EBITDA for Q1of 2025 decreased by 49.6% and amounted to 2 165 thousand EUR, which is 18.0% in margin terms (4 298 thousand EUR and 30.9% for Q1of 2024).
Reported consolidated net profit attributable to equity holders of the Parent company for Q1of 2025 amounted 2 752 thousand EUR, compared to net profit of 2 554 thousand EUR for Q1of 2024, net profit margin attributable to equity holders of the Parent company for Q1of 2025 was 22.9% against net profit 18.4% for Q1of 2024.
Financial position
As of 31March 2025 consolidated assets amounted to 89 449 thousand EUR representing increase by 5.9% as compared to the position as of 31 December 2024.
Trade and other receivables increased by 501 thousand EUR as compared to 31 December 2024 and amounted to 1 707 thousand EUR as of 31March 2025. Inventory balance increased by 3 835 thousand EUR and amounted to 32 140 thousand EUR as of 31 March 2025.
Equity attributable to equity holders of the Parent company increased by 4 396 thousand EUR and amounted to 70 389 thousand EUR as of 31 March 2025. Current liabilities decreased by 221 thousand EUR during Q1of 2025.
Investments
During Q1 of 2025 the Group’s investments into property, plant and equipment totalled 90 thousand EUR, in previous year same 278 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 March 2025, the Group employed 1 642 employees, including 517 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2024 there were 1 655 employees, including 518 people in retail operations.
Total salaries and related taxes during Q1of 2025 amounted 3 929 thousand EUR ( 3 509 thousand EUR in Q1 2024). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 208 thousand EUR.
Consolidated Statement of Financial Position
| in thousands of EUR | Note | 31.03.2025 | 31.12.2024 |
| Unaudited | Unaudited | ||
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 2 | 2 348 | 7 683 |
| Short-term deposits over 3 months | 2 | 36 971 | 32 007 |
| Trade and other receivables | 3 | 1 707 | 1 206 |
| Prepayments and other tax receivables | 3 | 1 872 | 1 603 |
| Current loans granted | 11 | 0 | |
| Other assets | 81 | 67 | |
| Inventories | 4 | 32 140 | 28 305 |
| Total current assets | 75 130 | 70 871 | |
| Non-current assets | |||
| Non-current receivables | 319 | 271 | |
| Investments in associates | 101 | 92 | |
| Investments in other shares | 225 | 208 | |
| Deferred tax asset | 3 751 | 3 347 | |
| Intangible assets | 699 | 649 | |
| Investment property | 895 | 837 | |
| Property, plant and equipment | 5 | 8 329 | 8 214 |
| Total non-current assets | 14 319 | 13 618 | |
| TOTAL ASSETS | 89 449 | 84 489 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Current lease liabilities | 1 887 | 2 252 | |
| Trade and other payables | 6 | 7 013 | 7 031 |
| Tax liabilities | 1 585 | 1 423 | |
| Total current liabilities | 10 485 | 10 706 | |
| Non-current liabilities | |||
| Deferred tax liability | 770 | 715 | |
| Non-current lease liabilities | 3 934 | 3 694 | |
| Non-current provisions | 46 | 43 | |
| Total non-current liabilities | 4 750 | 4 452 | |
| Total liabilities | 15 235 | 15 158 | |
| 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 | -18 851 | -20 495 | |
| Retained earnings | 79 367 | 76 615 | |
| Total equity attributable to equity holders of the Parent company | 70 389 | 65 993 | |
| Non-controlling interest | 3 825 | 3 338 | |
| Total equity | 74 214 | 69 331 | |
| TOTAL EQUITY AND LIABILITIES | 89 449 | 84 489 |
Consolidated Income Statement
| in thousands of EUR | Note | 1Q 2025 | 1Q 2024 |
| Unaudited | Unaudited | ||
| Revenue from contracts with customers | 9 | 12 016 | 13 904 |
| Cost of goods sold | -6 172 | -6 115 | |
| Gross Profit | 5 844 | 7 789 | |
| Distribution expenses | -3 020 | -2 772 | |
| Administrative expenses | -1 283 | -1 263 | |
| Other operating income | 63 | 48 | |
| Other operating expenses | -202 | -254 | |
| Operating profit | 1 402 | 3 548 | |
| Currency exchange income/(expense) | 1 833 | -51 | |
| Other finance income/(expenses) | 112 | 128 | |
| Net finance income | 1 945 | 77 | |
| Profit (loss) from associates using equity method | -7 | 16 | |
| Profit before tax | 3 340 | 3 641 | |
| Income tax expense | -371 | -725 | |
| Profit for the period | 2 969 | 2 916 | |
| Attributable to: | |||
| Equity holders of the Parent company | 2 752 | 2 554 | |
| Non-controlling interest | 217 | 362 | |
| Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) | 8 | 0,08 | 0,07 |
Consolidated Statement of Comprehensive Income
| in thousands of EUR | Note | 1Q 2025 | 1Q 2024 |
| Unaudited | Unaudited | ||
| Profit for the period | 2 969 | 2 916 | |
| Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods: | |||
| Exchange differences on translation of foreign operations | 1 914 | -264 | |
| Total other comprehensive income for the period | 1 914 | -264 | |
| Total comprehensive income (loss) for the period | 4 883 | 2 652 | |
| Attributable to: | |||
| Equity holders of the Parent company | 4 396 | 2 264 | |
| Non-controlling interest | 487 | 388 | |
Consolidated Statement of Cash Flows
| in thousands of EUR | Note | 03m 2025 | 03m 2024 |
| Cash flow from operating activities | Unaudited | Unaudited | |
| Profit for the period | 2 969 | 2 916 | |
| Adjustments for: | |||
| Depreciation and amortization of non-current assets | 763 | 750 | |
| Share of profit of equity accounted investees | 7 | -16 | |
| Gains/Losses on the sale of property, plant and equipment | 0 | 8 | |
| Net finance income / costs | -1 945 | -77 | |
| Provision for impairment losses on trade receivables | 4 | 0 | |
| Provision for inventories | 1 | 0 | |
| Income tax expense | 371 | 725 | |
| Change in inventories | -3 835 | -91 | |
| Change in trade and other receivables | -501 | -925 | |
| Change in trade and other payables | -188 | -1 148 | |
| Interest paid | -4 | 0 | |
| Income tax paid | -260 | -389 | |
| Net cash flow from operating activities | -2 618 | 1 753 | |
| Cash flow from investing activities | |||
| Interest received | 249 | 319 | |
| Dividends received | 12 | 8 | |
| Purchase of other financial investments | -16 400 | 0 | |
| Proceeds of other financial investments | 11 500 | 0 | |
| Proceeds from disposal of property, plant and equipment | 1 | 12 | |
| Loans granted | -11 | 0 | |
| Proceeds from repayments of loans granted | 0 | 9 | |
| Acquisition of property, plant and equipment | -90 | -278 | |
| Acquisition of intangible assets | -20 | -12 | |
| Net cash flow from investing activities | -4 759 | 58 | |
| Cash flow from financing activities | |||
| Proceeds from borrowings | 500 | 4 003 | |
| Repayment of borrowings | -500 | 0 | |
| Payment of principal portion of lease liabilities | -566 | -495 | |
| Interest paid on lease liabilities | -208 | -195 | |
| Dividends paid | 0 | -624 | |
| Net cash flow from financing activities | -774 | 2 689 | |
| Net increase/decrease in cash and cash equivalents | -8 151 | 4 500 | |
| Cash and cash equivalents at the beginning of period | 7 683 | 32 878 | |
| Effect of translation to presentation currency | 2 919 | 189 | |
| Effect of exchange rate fluctuations on cash held | -103 | -62 | |
| Cash and cash equivalents at the end of period | 2 348 | 37 505 |
AS Silvano Fashion Group
Phone: +372 6845 000
Email: info@silvanofashion.com
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