Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12 months of 2022 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for 12 months of 2022 compared to 12 months of 2021 and 31.12.2022 compared to 31.12.2021 were as follows:

Financial performance

The Group`s sales amounted to 57 667 thousand EUR during 12 months of 2022, representing a 23.5% increase as compared to the same period of previous year. Overall, retail increased by 35.2%, measured in EUR.

The Group’s gross profit during 12 months of 2022 amounted to 30 884 thousand EUR and increase by 21.5% compared to previous year. The gross margin during 12 months of 2022 decreased to 53.6%, from 54.4% in the respective period of previous year. The cost of sold goods increased by 25.9%.

Consolidated operating profit for 12 months of 2022 amounted to 14 665 thousand EUR, compared to 13 005 thousand EUR for 12 months of 2021, increase by 12.8%. The consolidated operating profit margin was 25.4% for 12 months of 2022 (27.9% for 12 months of 2021). Consolidated EBITDA for 12 months of 2022 increased by 12.6% and amounted to 18 283 thousand EUR, which is 31.7% in margin terms (16 242 thousand EUR and 34.8% for 12 months of 2021).

Reported consolidated net profit attributable to equity holders of the Parent company for 12 months of 2022 amounted to 11 796 thousand EUR, compared to net profit of 9 031 thousand EUR for 12 months of 2021, net profit margin attributable to equity holders of the Parent company for 12 months of 2022 was 20.5% against net profit 19.3% for 12 months of 2021.

Financial position

As of 31 December 2022 consolidated assets amounted to 63 991 thousand EUR representing increase by 19.0% as compared to the position as of 31 December 2021.

Trade and other receivables decreased by 199 thousand EUR as compared to 31 December 2021 and amounted to        2 126 thousand EUR as of 31 December 2022. Inventory balance increased by 1 358 thousand EUR and amounted to 22 264 thousand EUR as of 31 December 2022.

Equity attributable to equity holders of the Parent company increased by 10 638 thousand EUR and amounted to            44 786 thousand EUR as of 31 December 2022. Current liabilities increased by 534 thousand EUR during 12 months of 2022.

Investments

During 12 months of 2022 the Group’s investments into property, plant and equipment totalled 445 thousand EUR, in previous year same period 312 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 December 2022, the Group employed 1 616 employees, including 499 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2021 there were 1 602 employees, including 485 people in retail operations.

Total salaries and related taxes during 12 months of 2022 amounted to 12 759 thousand EUR (9 388 thousand EUR in 12 months of 2021). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 677 thousand EUR.

Consolidated Statement of Financial Position

Consolidated Income Statement

Consolidated Statement of Comprehensive Income

Consolidated Statement of Cash Flows

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

Attachment

• SFG consolidated interim report for Q4 and 12m for 2022 unaudited