Silvano Fashion Group Reports Q2 and 6M 2024 Financial Performance
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Selected Financial Indicators
Summarized selected financial indicators of the Group for the first six months of 2024 compared to the same period in 2023 and the comparison as of June 30, 2024, with December 31, 2023, is presented below.
Financial Performance Overview
The Group's sales amounted to 30,145 thousand EUR during the first six months of 2024, reflecting a 4.0% decrease compared to the same period in the previous year. Overall, wholesale decreased by 7.2%, measured in EUR.
The Group's gross profit during this period was 17,189 thousand EUR, a decline of 8.7% compared to the previous year's results. The gross margin for the first half of the year also decreased by 5.0% when compared with the same timeframe last year. The cost of goods sold increased by 3.1%.
Consolidated operating profit for the six months of 2024 amounted to 8,562 thousand EUR, compared to 10,681 thousand EUR for the same period in 2023, marking a decrease of 19.8%. The operating profit margin stood at 28.4% for the first half of 2024, compared to 34.0% last year. The consolidated EBITDA for this period decreased by 18.1%, totaling 10,055 thousand EUR, corresponding to a margin of 33.4% compared to 39.1% for the first six months of 2023.
Reported consolidated net profit attributable to equity holders of the Parent company for the first half of 2024 reached 7,053 thousand EUR, up from 4,772 thousand EUR for the same period in 2023. The net profit margin attributable to equity holders for this period was 23.4%, compared to 15.2% in the first half of 2023.
Financial Position and Assets
As of June 30, 2024, the Group's total assets were 80,534 thousand EUR, indicating a rise of 11.5% compared to the position as of December 31, 2023.
Trade and other receivables increased by 358 thousand EUR since December 31, 2023, totaling 1,712 thousand EUR as of June 30, 2024. The inventory balance rose by 1,922 thousand EUR, amounting to 25,862 thousand EUR as of the same date.
The equity attributable to equity holders of the Parent company saw an increase of 7,313 thousand EUR, rising to 61,433 thousand EUR as of June 30, 2024, while current liabilities grew by 267 thousand EUR during the first half of 2024.
Investments and Personnel
During the first six months of 2024, the Group invested 476 thousand EUR in property, plant, and equipment, down from 708 thousand EUR in the same period last year. These investments mainly focused on opening and renovating the Group's own stores as well as on upgrading equipment and facilities to ensure efficient production for the future.
As of June 30, 2024, the Group employed 1,625 individuals, including 507 in retail operations, with the remainder in production, wholesale, administration, and support roles. This reflects a slight reduction from 1,626 employees at the end of December 2023.
Total salaries and related taxes during the first half of 2024 amounted to 7,117 thousand EUR, compared to 6,902 thousand EUR in the first half of 2023. The remuneration for key management, which includes top executives of all subsidiaries, totaled 305 thousand EUR.
Corporate Governance Decisions
During the first half of 2024, the AS Silvano Fashion Group put forth several proposals to be resolved by the shareholders without convening a meeting. On March 19, 2024, it proposed a resolution concerning an extraordinary general meeting.
On April 9, 2024, the Extraordinary Meeting of Shareholders appointed Ernst & Young Baltic AS as the auditor for the Group. Additionally, the management board was given the authority to enter into an audit service agreement with the auditing company.
On June 20, 2024, the regular Annual General Meeting of Shareholders adopted significant decisions, including the approval of the 2023 Annual Report and the decision to retain net profit within retained earnings.
Consolidated Statement Highlights
The consolidated statements reveal crucial financial data, including revenue from contracts, cost of goods sold, gross profit, operating profit, and net profit for the first half of 2024. Important financial ratios are also detailed, contributing to a better understanding of the Group's overall performance.
Contact Information
For further inquiries, please contact AS Silvano Fashion Group at:
Phone: +372 6845 000
Email: info@silvanofashion.com
Frequently Asked Questions
What are the key financial indicators reported for Q2 2024?
For Q2 2024, total revenue was 16,241 thousand EUR, with a gross profit of 9,400 thousand EUR and a net profit of 4,870 thousand EUR.
How did sales revenue change compared to the previous year?
The sales revenue for the first six months of 2024 decreased by 4.0% compared to the same period in 2023.
What was the net profit attributed to equity holders in Q2 2024?
The net profit attributable to equity holders of the Parent company for the first half of 2024 was 7,053 thousand EUR.
How did the Group's total assets change in 2024?
Total assets increased by 11.5% from December 31, 2023, to June 30, 2024.
What is the contact number for Silvano Fashion Group?
The contact number for AS Silvano Fashion Group is +372 6845 000.
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