AS Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 9m of 2025 (unaudited
Selected Financial Indicators
Summarized selected financial indicators of the Group for 09 months of 2025
compared to 09 months of 2024 and 30.09.2025 compared to 31.12.2024 were as
follows:
-------------------------------------------------------------------------------
in thousands of EUR 09m 2025 09m 2024 Change
-------------------------------------------------------------------------------
Revenue 44 379 46 489 -4.5%
Gross Profit 24 230 27 232 -11.0%
Operating profit 10 258 14 452 -29.0%
EBITDA 12 810 16 724 -23.4%
Net profit for the period 8 985 10 705 -16.1%
Net profit attributable equity holders of the
Parent company 8 281 9 711 -14.7%
Earnings per share (EUR) 0,23 0,27 -14.8%
Operating cash flow for the period 6 866 11 251 -39.0%
-------------------------------------------------------------------------------
in thousands of EUR 30.09.2025 31.12.2024 Change
-------------------------------------------------------------------------------
Total assets 91 827 84 489 8.7%
Total current assets 78 210 70 871 10.4%
Total equity attributable to equity holders of
the Parent company 74 672 65 993 13.2%
Cash and cash equivalents 7 664 7 683 -0.2%
Short-term deposits over 3 months 37 747 32 007 17.9%
-------------------------------------------------------------------------------
Margin analysis, % 09m 2025 09m 2024 Change
-------------------------------------------------------------------------------
Gross profit 54.6 58.6 -6.8%
Operating profit 23.1 31.1 -25.7%
EBITDA 28.9 36.0 -19.7%
Net profit 20.2 23.0 -12.2%
Net profit attributable to equity holders of the
Parent company 18.7 20.9 -10.5%
-------------------------------------------------------------------------------
Financial ratios, % 30.09.2025 31.12.2024 Change
-------------------------------------------------------------------------------
ROA 12.2 15.8 -22.8%
ROE 15.4 20.6 -25.2%
Price to earnings ratio (P/E) 4.1 3.0 36.7%
Current ratio 10.7 6.6 62.1%
Quick ratio 6.7 4.0 67.5%
Financial performance
The Group`s sales amounted 44 379 thousand EUR during 09 months of 2025,
representing a 4.5% decrease as compared to the same period of previous year.
Overall, wholesale decreased by 12.0%, measured in EUR.
The Group's gross profit during 09 months of 2025 amounted to 24 230 thousand
EUR and decrease by 11.0% compared to previous year. The gross margin during 09
months of 2025 decreased by 6.8% compared to 09 months of 2024. The cost of sold
goods increased by 4.6%.
Consolidated operating profit for 09 months of 2025 amounted to 10 258 thousand
EUR, compared to 14 452 thousand EUR for 09 months of 2024, decrease by 29.0%.
The consolidated operating profit margin was 23.1% for 09 months of 2025 (31.1%
for 09 months of 2024). Consolidated EBITDA for 09 months of 2025 decreased by
23.4% and amounted to 12 810 thousand EUR, which is 28.9% in margin terms (16
724 thousand EUR and 36.0% for 09 months of 2024).
Reported consolidated net profit attributable to equity holders of the Parent
company for 09 months of 2025 amounted 8 281 thousand EUR, compared to net
profit of 9 711 thousand EUR for 09 months of 2024, net profit margin
attributable to equity holders of the Parent company for 09 months of 2025 was
18.7% against net profit margin 20.9% for 09 months of 2024.
Financial position
As of 30 September 2025, consolidated assets amounted to 91 827 thousand EUR
representing increase by 8.7% as compared to the position as of 31 December
2024.
Trade and other receivables increased by 566 thousand EUR as compared to 31
December 2024 and amounted to 1 772 thousand EUR as of 30 September
2025. Inventory balance increased by 1 339 thousand EUR and amounted to 29 644
thousand EUR as of 30 September 2025.
Equity attributable to equity holders of the Parent company increased by 8 679
thousand EUR and amounted to 74 672 thousand EUR as of 30 September
2025. Current liabilities decreased by 3 409 thousand EUR during 09 months of
2025.
Investments
During 09 months of 2025 the Group's investments into property, plant and
equipment totalled 562 thousand EUR, in previous year same 830 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 2025, the Group employed 1 643 employees, including 547
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 09 months of 2025 amounted 11 648
thousand EUR (10 612 thousand EUR in 09 months 2024). The remuneration of key
management of the Group, including the key executives of all subsidiaries,
totalled 665 thousand EUR.
Consolidated Statement of Financial Position
-------------------------------------------------------------------------------
in thousands of EUR Note 30.09.2025 31.12.2024
-------------------------------------------------------------------------------
Unaudited Audited
ASSETS
Current assets
Cash and cash equivalents 2 7 664 7 683
Short-term deposits over 3 months 2 37 747 32 007
Trade and other receivables 3 1 772 1 206
Prepayments and other tax receivables 3 1 331 1 603
Other assets 52 67
Inventories 4 29 644 28 305
Total current assets 78 210 70 871
Non-current assets
Non-current receivables 321 271
Investments in associates 90 92
Investments in other shares 213 208
Deferred tax asset 3 508 3 347
Intangible assets 650 649
Investment property 835 837
Property, plant and equipment 5 8 000 8 214
Total non-current assets 13 617 13 618
TOTAL ASSETS 91 827 84 489
LIABILITIES AND EQUITY
Current liabilities
Current lease liabilities 720 2 252
Trade and other payables 6 4 218 7 031
Tax liabilities 2 359 1 423
Total current liabilities 7 297 10 706
Non-current liabilities
Deferred tax liability 730 715
Non-current lease liabilities 4 985 3 694
Non-current provisions 44 43
Total non-current liabilities 5 759 4 452
Total liabilities 13 056 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 -20 097 -20 495
Retained earnings 84 896 76 615
Total equity attributable to equity holders of the
Parent company 74 672 65 993
Non-controlling interest 4 099 3 338
Total equity 78 771 69 331
TOTAL EQUITY AND LIABILITIES 91 827 84 489
Consolidated Income Statement
-------------------------------------------------------------------------------
in thousands of EUR Note 3Q 2025 3Q 2024 09m 2025 09m 2024
-------------------------------------------------------------------------------
Unaudited Unaudited Unaudited Unaudited
Revenue from contracts with
customers 9 15 951 16 344 44 379 46 489
Cost of goods sold -6 812 -6 301 -20 149 -19 257
Gross Profit 9 139 10 043 24 230 27 232
Distribution expenses -3 431 -2 950 -9 661 -8 723
Administrative expenses -1 328 -1 086 -4 000 -3 540
Other operating income 102 71 260 178
Other operating expenses -185 -188 -571 -695
Operating profit 4 297 5 890 10 258 14 452
Currency exchange
income/(expense) -701 -1 280 737 -415
Other finance income/(expenses) 133 329 347 401
Net finance income -568 -951 1 084 -14
Profit (loss) from associates
using equity method -1 2 -13 16
Profit before tax 3 728 4 941 11 329 14 454
Income tax expense -1 022 -2 022 -2 344 -3 749
Profit for the period 2 706 2 919 8 985 10 705
Attributable to :
Equity holders of the Parent
company 2 500 2 658 8 281 9 711
Non-controlling interest 206 261 704 994
Earnings per share from profit
attributable to equity holders of
the Parent company, both basic
and diluted (EUR) 8 0,07 0,07 0,23 0,27
Consolidated Statement of Comprehensive Income
-------------------------------------------------------------------------------
in thousands of EUR Note 3Q 2025 3Q 2024 09m 2025 09m 2024
-------------------------------------------------------------------------------
Unaudited Unaudited Unaudited Unaudited
Profit for the period 2 706 2 919 8 985 10 705
Other comprehensive income (loss)
that will be reclassified to
profit or loss in subsequent
periods:
Exchange differences on translation of
foreign operations -764 -563 455 -157
Total other comprehensive income
for the period -764 -563 455 -157
Total comprehensive income (loss)
for the period 1 942 2 356 9 440 10 548
Attributable to:
Equity holders of the Parent
company 1 820 2 308 8 679 9 621
Non-controlling interest 122 48 761 927
Consolidated Statement of Cash Flows
-------------------------------------------------------------------------------
in thousands of EUR Note 09m 2025 09m 2024
-------------------------------------------------------------------------------
Cash flow from operating activities Unaudited Unaudited
Profit for the period 8 985 10 705
Adjustments for:
Depreciation and amortization of non-current assets 2 552 2 272
Share of profit of equity accounted investees 13 -16
Gains/Losses on the sale of property, plant and
equipment 1 7
Net finance income / costs -1 084 14
Provision for impairment losses on trade
receivables 1 -1
Provision for inventories 4 2
Income tax expense 2 344 3 749
Change in inventories -1 339 -647
Change in trade and other receivables -329 16
Change in trade and other payables -2 417 -2 021
Interest paid -7 0
Income tax paid -1 858 -2 829
Net cash flow from operating activities 6 866 11 251
Cash flow from investing activities
Interest received 1 011 997
Dividends received 12 8
Purchase of other financial investments -50 400 0
Proceeds from other financial investments 44 700 0
Proceeds from disposal of property, plant and
equipment 1 21
Loans granted -11 0
Proceeds from repayments of loans granted 11 29
Acquisition of property, plant and equipment -562 -830
Acquisition of intangible assets -38 -112
Net cash flow from investing activities -5 276 113
Cash flow from financing activities
Proceeds from borrowings 500 4 000
Repayment of borrowings -500 -4 000
Payment of principal portion of lease liabilities -1 847 -1 659
Interest paid on lease liabilities -660 -553
Dividends paid 0 -610
Net cash flow from financing activities -2 507 -2 822
Net increase/decrease in cash and cash equivalents -917 8 542
Cash and cash equivalents at the beginning of period 2 7 683 32 878
Effect of translation to presentation currency 1 321 -404
Effect of exchange rate fluctuations on cash held 2 -423 -128
Cash and cash equivalents at the end of period 7 664 40 888
AS Silvano Fashion Group
Phone: +372 6845 000
Email: [email protected]