Selected Financial Indicators
Below is a summary of the selected financial indicators for the Group during the first half of 2024, compared to the same period in 2023, along with a comparison between June 30, 2024, and December 31, 2023.
Financial Performance Overview
In the first six months of 2024, the Group recorded sales of 30,145 thousand EUR, which represents a 4.0% decline from the same period last year. The wholesale segment experienced a more significant drop of 7.2%, measured in EUR.
The gross profit for this period stood at 17,189 thousand EUR, reflecting an 8.7% decrease compared to the previous year's figures. Additionally, the gross margin for the first half of the year fell by 5.0% compared to the same timeframe last year. The cost of goods sold saw an increase of 3.1%.
The consolidated operating profit for the first half of 2024 was 8,562 thousand EUR, down from 10,681 thousand EUR in the same period of 2023, marking a decrease of 19.8%. The operating profit margin was 28.4% for the first half of 2024, compared to 34.0% in the previous year. Furthermore, the consolidated EBITDA decreased by 18.1%, totaling 10,055 thousand EUR, which corresponds to a margin of 33.4%, down from 39.1% for the first six months of 2023.
The consolidated net profit attributable to equity holders of the Parent company for the first half of 2024 was 7,053 thousand EUR, an increase from 4,772 thousand EUR in the same period of 2023. The net profit margin 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 reached 80,534 thousand EUR, reflecting an 11.5% increase compared to the position on December 31, 2023.
Trade and other receivables rose by 358 thousand EUR since December 31, 2023, totaling 1,712 thousand EUR as of June 30, 2024. Additionally, the inventory balance increased by 1,922 thousand EUR, amounting to 25,862 thousand EUR on the same date.
The equity attributable to equity holders of the Parent company grew by 7,313 thousand EUR, reaching 61,433 thousand EUR as of June 30, 2024. Meanwhile, current liabilities increased 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, a decrease from 708 thousand EUR in the same period last year. These investments primarily focused on opening and renovating the Group's own stores, as well as upgrading equipment and facilities to ensure efficient production moving forward.
As of June 30, 2024, the Group employed 1,625 individuals, including 507 in retail operations, while the rest were engaged in production, wholesale, administration, and support roles. This marks a slight decrease from 1,626 employees at the end of December 2023.
Total salaries and related taxes for 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 across all subsidiaries, totaled 305 thousand EUR.
Corporate Governance Decisions
In the first half of 2024, AS Silvano Fashion Group submitted several proposals for shareholder approval without convening a meeting. On March 19, 2024, a resolution was proposed regarding an extraordinary general meeting.
On April 9, 2024, the Extraordinary Meeting of Shareholders appointed Ernst & Young Baltic AS as the Group's auditor. Additionally, the management board was authorized to enter into an audit service agreement with the auditing firm.
On June 20, 2024, the regular Annual General Meeting of Shareholders made several important 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 provide essential financial information, including revenue from contracts, cost of goods sold, gross profit, operating profit, and net profit for the first half of 2024. Key financial ratios are also included, offering a clearer picture of the Group's overall performance.
Contact Information
If you have any questions, please reach out to 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.
