AS Silvano Fashion : Quarterly Earnings

May 03, 2024 at 03:37 am

AS Silvano Fashion Group	Consolidated Annual Report 2023

AS Silvano Fashion Group

Consolidated Annual Report 2023

(translation of Estonian original)

Beginning of the reporting period	1 January 2023
End of the reporting period	31 December 2023
Business name	AS Silvano Fashion Group
Registration number	10175491
Legal address	Tulika 17, 10613, Tallinn, Estonia
Telephone	+372 684 5000
Fax	+372 684 5300
E-mail	info@silvanofashion.com
Website	www.silvanofashion.com
Core activities	Design, manufacturing and distribution of women's
	lingerie
Auditor	Ernst & Young Baltic AS

This version of our report is a translation from the original, which was prepared in Estonian. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.

Translation of the Group's consolidated financial statements in PDF-format without European Single Electronic Format (ESEF) markups. The original document is submitted in machine-readable .xhtml format to the Nasdaq Tallinn Stock Exchange and digitally signed (link: https://nasdaqbaltic.com/statistics/en/instrument/EE3100001751/reports).

AS Silvano Fashion Group	Consolidated Annual Report 2023

Table of contents
MANAGEMENT REPORT	3
Corporate Governance Report	14
Corporate Social Responsibility	19
Remuneration report	22
Management Board´s confirmation to the Management Report	23
CONSOLIDATED FINANCIAL STATEMENTS	24
Management´s Board confirmation to the Consolidated Financial Statements	24
Consolidated Statement of Financial Position	25
Consolidated Income Statement	26
Consolidated Statement of Comprehensive Income	26
Consolidated Statement of Cash Flows	27
Consolidated Statement of Changes in Equity	28
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	29
Note 1 General information	29
Note 2 Material accounting policies	29
Note 3 Significant accounting estimates, judgments and uncertainties	37
Note 4 Fair value estimation	39
Note 5 Financial risk management	40
Note 6 Group entities	46
Note 7 Cash and cash equivalents	48
Note 8 Financial assets and financial liabilities	48
Note 9 Trade and other receivables	49
Note 10 Prepayments and tax receivables	49
Note 11 Inventories	49
Note 12 Investments in other shares	49
Note 13 Intangible assets	50
Note 14 Investment property	51
Note 15 Property, plant and equipment	52
Note 16 Trade and other payables	53
Note 17 Taxes	54
Note 18 Equity	56
Note 19 Earnings per share	57
Note 20 Revenue from contracts with customers	57
Note 21 Cost of goods sold	57
Note 22 Distribution expenses	58
Note 23 Administrative expenses	58
Note 24 Other operating expenses	59
Note 25 Net finance income/(expense)	59
Note 26 Leases	59
Note 27 Operating segments	61
Note 28 Transactions with related parties	63
Note 29 Events after the reporting date	64
Note 30 Separate financial information of the Parent company	65
DECLARATION OF THE MANAGEMENT BOARD	70
INDEPENDENT AUDITOR'S REPORT	71
PROFIT ALLOCATION PROPOSAL	77
DECLARATION OF THE SUPERVISORY BOARD	78

AS Silvano Fashion Group	Consolidated Annual Report 2023

MANAGEMENT REPORT

General information about AS Silvano Fashion Group

AS Silvano Fashion Group (hereinafter "the Group") is a holding company that controls group of enterprises involved in the design, manufacturing, wholesale, franchise and retail sales of ladies' lingerie. The Group's income is generated by sales of Milavitsa, Alisee, Aveline, Lauma Lingerie, Laumelle and Hidalgo branded products through wholesales channel, franchised sales and own retail operated via Milavitsa and Lauma Lingerie retail stores. In 2023 and 2022 key sales markets for the Group were Russia, Belarus, other CIS countries and the Baltics.

The parent company of the Group is AS Silvano Fashion Group (hereinafter "the Parent company"), which is domiciled in Estonia. AS Silvano Fashion Group registered address is Tulika 17, Tallinn, Estonia.

The shares of AS Silvano Fashion Group are listed on the Nasdaq OMX Tallinn Stock Exchange and on the Warsaw Stock Exchange.

As of 31 December 2023 the Group employed 1 626 people (as of 31 December 2022: 1 616 people).

The Group comprises the following companies:

			Ownership	Ownership
			interest	interest
	Location	Main activity	31.12.2023	31.12.2022
Parent company
AS Silvano Fashion Group	Estonia	Holding
Entities belonging to the
Silvano Fashion Group:
CJSC Silvano Fashion*	Russia	Retail and wholesale	100%	100%
LLC Silvano Fashion	Belarus	Retail and wholesale	~100%	~100%
LLC Silvano Fashion	Ukraine	Wholesale	100%	100%
SIA Silvano Fashion	Latvia	Retail	100%	100%
CJSC Milavitsa	Belarus	Manufacturing and wholesale	85.02%	85.02%
JSC Sewing firm Yunona**	Belarus	Manufacturing and wholesale	58.33%	58.33%
LLC Gimil***	Belarus	Manufacturing and wholesale	100%	100%
JSC Lauma Lingerie	Latvia	Manufacturing and wholesale	100%	100%
Alisee SARL	Monaco	Holding	99%	99%
JSC Metropolitan Trade	Russia	Holding	100%	100%
Company Milavitsa ****
LLC Baltsped logistik	Belarus	Logistics	50%	50%

CJSC Silvano Fashion is 100% owned by JSC Metropolitan Trade Company Milavitsa (same was effective as of 31.12.2022).
JSC Sewing firm Yunona is owned by AS Silvano Fashion Group with the share of 49.27% and SIA Silvano Fashion with the share of 9.07%, the rest of the 41.66% shares belongs to the investors outside the consolidation group (same was effective as of 31.12.2022).
LLC Gimil is owned by AS Silvano Fashion Group with the share of 99.80% and SIA Silvano Fashion with the share of 0.20% (same was effective as of 31.12.2022).
JSC Metropolitan Trade Company Milavitsa is owned by AS Silvano Fashion Group and SIA Silvano Fashion, each holding 50% (same was effective as of 31.12.2022).

In addition, as of 31.12.2023 the subsidiary of AS Silvano Fashion Group, CJSC Milavitsa, had investment in associate LLC Trade house "Milavitsa" Novosibirsk with a 25% ownership interest (same was effective as of 31.12.2022).

Group strategy is focused on the implementation of the proven business model of a vertically-integrated fashion group with brand management, strong retail operations, its own flexible production facilities and outsourcing expertise, differentiated independent sources of raw materials, and integral logistics. The Group aims to create value by offering a wide variety of lingerie in an attractive environment with good service, excellent quality and reasonable prices.

AS Silvano Fashion Group	Consolidated Annual Report 2023

Selected financial and non-financial indicators

Summarized selected financial indicators of the Group for 12 months of 2023 compared to 12 months of 2022 and

31 December 2023 compared to 31 December 2022 were as follows:

in thousands of EUR	12m 2023	12m 2022	Change
Revenue	58 597	57 667	1.6%
Gross Profit	33 743	30 884	9.3%
Operating profit	17 973	14 665	22.6%
EBITDA	21 120	18 283	15.5%
Net profit for the period	11 107	12 544	-11.5%
Net profit attributable to equity holders of the Parent company	9 927	11 796	-15.8%
Earnings per share (EUR)	0,28	0,33	-15.2%
Operating cash flow for the period	11 703	14 062	-16.8%

in thousands of EUR	31.12.2023	31.12.2022	Change
Total assets	72 252	63 991	12.9%
Total current assets	59 395	50 309	18.1%
Total equity attributable to equity holders of the Parent	54 120	44 786	20.8%
company

Cash and cash equivalents	32 878	25 909	26.9%

Margin analysis, %	12m 2023	12m 2022	Change
Gross profit	57.6	53.6	7.5%
Operating profit	30.7	25.4	20.9%
EBITDA	36.0	31.7	13.6%
Net profit	19.0	21.8	-12.8%
Net profit attributable to equity holders of the Parent company	16.9	20.5	-17.6%

Financial ratios, %	31.12.2023	31.12.2022	Change
ROA	14.5	19.0	-23.7%
ROE	20.2	28.1	-28.1%
Price to earnings ratio (P/E)	4.1	3.4	20.6%
Current ratio	5.8	5.1	13.7%
Quick ratio	3.4	2.8	21.4%

Underlying formulas:

EBITDA = net profit for the period + depreciation and amortization -/+ net finance income/expense + income tax expense Gross profit margin = gross profit / revenue

Operating profit margin = operating profit / revenue EBITDA margin = EBITDA / revenue

Net profit margin = net profit / revenue

Net profit margin attributable to equity holders of the Parent company = net profit attributable to equity holders of the Parent company / revenue

ROA (return on assets) = net profit attributable to equity holders of the Parent company / average total assets

ROE (return on equity) = net profit attributable to equity holders of the Parent company / average equity attributable to equity holders of the Parent company

Earnings per share = net profit attributable to equity holders of the Parent company / weighted average number of ordinary shares Price to earnings ratio (P/E) = Share price at the end of reporting period / earnings per share, calculated based on the net profit attributable to equity holders of the Parent company

Current ratio = current assets / current liabilities

Quick ratio = (current assets - inventories) / current liabilities

AS Silvano Fashion Group	Consolidated Annual Report 2023

Own & franchise store locations, geography

Group-managed stores and franchised stores at the end of 2023:

	Own	Franchise	Total
Russia	58	334	392
Belarus	59	0	59
Baltics	5	20	25
Other regions	0	94	94
Total	122	448	570

At the end of the reporting period the Group and its franchising partners operated 540 Milavitsa and 30 Lauma Lingerie brand stores, including 122 stores operated directly by the Group. At the end of 2022 there was a total of 114 of Group-managed stores and 454 franchise stores.

Total selling area of Group-managed stores as of 31 December 2023 reached 11 322 (31 December 2022: 10 774) square meters with the following breakout by prime locations:

	31.12.2023	31.12.2022	Change
Russia	4 544	4 018	13.09%
Belarus	6 473	6 387	1.35%
Baltics	305	369	-17.34%
Total	11 322	10 774	5.09%

Business environment in 2023

Core operating markets for the AS Silvano Fashion Group in 2023 and 2022 were Russia, Belarus, other CIS countries and the Baltics. The Group's results for the 12 months of 2023 were determined by the situation in the economy of the main markets - Russia and Belarus. In addition, the whole Group's operations were impacted by situation in Ukraine. It had a significant impact not only on the money and capital markets, but also on the movement of goods, commercial trade, and supply chains, as well as on energy supplies.

In Belarus the economy appeared robust halfway through 2023: Cumulative GDP growth reached level of 3.9% in 2023. Easing growth in the mining and manufacturing sectors was offset by a quicker rise in construction activity and a smaller fall in agricultural output. Moreover, private spending was likely resilient in the year; retail sales growth strengthened despite an uptick in inflation and cooling wage growth. Meanwhile, goods exports rose by 4.7% comparing to 2022, reflecting an expected growth moderation in key partner Russia.

The annual inflation rate in 2023 in Belarus stopped at 5.8% in December of 2023 comparing the December 2022. Consumer prices rose the most for services (8.1%) and food (6.8%), offsetting muted growth for non-food goods (2.9%).

GDP growth in Russia accelerated to 3.6% in 2023, marking the strongest outturn since 2021. Growth in both household spending and fixed investment neared double-digit territory in Q3 and underpinned the overall upturn. Turning to Q4, growth seems to have decelerated. After cooling in October, economic activity growth slowed further to a seven-month low of 4.4% in November amid softer expansions in industrial output and retail sales. This was partly due to rising inflation and a weaker rouble, which prompted authorities to tighten financing conditions. In October, exports decreased at a faster pace year on year, while imports slid into contraction. That said, December PMI readings pointed to healthy operating conditions at the tail-end of 2023.

Monthly inflation rate in Russia was 0.73% in December 2023. That is 0.38 less than it was in November 2023 and 0.05 less than in December 2022. At the same time, 2023 year to date inflation rate is 7.42%.

2023 has been a turbulent year for the Baltic region. Negative economic sentiment was influenced by higher interest rates in the eurozone.

Notwithstanding the macroeconomic and geopolitical shocks, the Group's business continues to be strong and resilient as the Group was able to adapt to rapidly changing environment. The management of the Group monitored the situation closely during the reporting year and will continue to keep a close eye on the development of the geopolitical situation in Eastern Europe and the potential implications for the Group.

AS Silvano Fashion Group	Consolidated Annual Report 2023

Business outlook

Group`s business is built on good quality, reasonably priced and known to our current target markets lingerie products. Our business is sustainable and is built on solid brands. Further to this, the Group has a strong distribution network with a total of 570 shops, of which 122 are managed by ourselves.

AS Silvano Fashion Group is well positioned given its strong brands, very good product range, reasonable price point, a focus on the functional segment of lingerie products. More specifically, AS Silvano Fashion Group will focus on the following:

The Group will continue building leaner organizational structure in order to make management of the Group more transparent and efficient;
Group`s distribution companies (Russia, Belarus, Latvia) will focus on the development of sales network, opening new stores and supporting of franchise businesses in order to increase sales and profitability;
Group`s manufacturing companies will continue with optimization of product portfolio in order to streamline purchasing and manufacturing activities and be in line with market trends;
The Group will continue with optimization of operational costs and personnel.
The Group is open to partnerships, which could widen range of Group`s activities or sales geography.

On the store openings, we try to shift the mind-set of our partners from quantity to quality that should ultimately increase the profitability of their business, and reduce the risk of failure. We advocate for store openings, since it allows us and our franchise partners to control revenue stream better.

Russia Economic Outlook

The Group's sales on the Russian market totalled 34 692 thousand EUR, decrease is 1.5% compared to 12 months of 2022. Local currency sales increased by 29.1% during 12 months of 2023 compared to the same 12 months of 2022. At the end of the reporting period, there were a total of 58 stores operated by the Group itself (as of 31 December 2022: 49 stores). The Group will focus on improving profitability of its retail business, we will also continue to expand our store chain there depending on the availability of reasonably priced sales areas.

Belarus Economic Outlook

The Group's sales in Belarus in the 12 months of 2023 were 15 013 thousand EUR and increased by 2.7% compared to the 12 months of 2022. Sales in local currency increased by 17.8% during the same period. At the end of the reporting period, there were a total of 59 stores operated by the Group itself (as of 31 December 2022: 59 stores).

Ukraine Economic Outlook

The Group's sales in Ukraine in the 12 month of 2023 were 161 thousand EUR and decreased by 30.9% compared to the 12 month of 2022. Local currency sales decreased by 16.0% during 12 months of 2023 compared to the same 12 months of 2022.

Financial risks

The operations of the Group may be accompanied by a variety of financial risks, including the credit risk, liquidity risk, risk of changing interest rates and exchange rates having the most significant impact. Financial risk management falls within the sphere of competence of the Group's Management Board which seeks to minimize potential adverse effects of financial risks on the financial performance of the Group and includes the identification and measurement of the risks and checking the efficiency of the alleviation measures. The purposes of financial risk management are the alleviation of financial risks and the reduction of the volatility of the financial results. The financial risk management of the Group is guided by the risk management strategy established in the Group. The Supervisory Board of the Group is in charge for supervision of the measures taken by the Management Board to alleviate the risks. More information on the financial risks is disclosed in the Note 5 Financial Risk Management to the Consolidated Financial Statements.

Financial performance

Overall, Group sales grew by 1.6% compared to 12 months of 2022. The low growth in sales of underwear was affected by the situation caused by the weakening of the rouble in August 2023. Overall, Wholesale increased by 2.8%, measured in EUR.

The Group's gross profit during 12 months of 2023 amounted to 33 743 thousand EUR and increase by 9.3% compared to previous year. The gross margin during 12 months of 2023 increased by 7.5% compared to 12 months of 2022. The cost of sold goods decreased by 7.2%. Decrease in cost of goods sold is caused by the fact that material purchases are made in Belarusian roubles, which were weakening during 2023.

AS Silvano Fashion Group	Consolidated Annual Report 2023

Consolidated operating profit for 12 months of 2023 amounted to 17 973 thousand EUR, compared to 14 665 thousand EUR for 12 months of 2022, increase by 22.6%. The consolidated operating profit margin was 30.7% for 12 months of 2023 (25.4% for 12 months of 2022). Consolidated EBITDA for 12 months of 2023 increased by 15.5% and amounted to 21 120 thousand EUR, which is 36.0% in margin terms (18 283 thousand EUR and 31.7% for 12 months of 2022).

Reported consolidated net profit attributable to equity holders of the Parent company for 12 months of 2023 amounted to 9 927 thousand EUR, compared to net profit of 11 796 thousand EUR for 12 months of 2022, net profit margin attributable to equity holders of the Parent company for 12 months of 2023 was 16.9% against net profit 20.5% for 12 months of 2022.

Financial position

As of 31 December 2023 consolidated assets amounted to 72 252 thousand EUR representing increase by 12.9% as compared to the position as of 31 December 2022. The main driver of this change is significant increase in highly liquid assets. The Group continued to accumulate additional liquidity in the form of cash throughout 2023 and as at 31 December 2023 has increased its cash reserves located in Estonia by EUR 7 434 thousands or 33.3%.

Inventory balance increased by 1 676 thousand EUR and amounted to 23 940 thousand EUR as of 31 December 2023. The growth is caused by overall inflation and quantitative increase in inventories. Trade and other receivables increased by 310 thousand EUR as compared to 31 December 2022 and amounted to 1 354 thousand EUR as of 31 December 2023.

Equity attributable to equity holders of the Parent company increased by 9 334 thousand EUR and amounted to 54 120 thousand EUR as of 31 December 2023. Current liabilities increased by 384 thousand EUR during 12 months of 2023.

Sales structure

Sales by markets

Group sales in its 2 major markets - Russia and Belarus - were 84.8% of its total sales in 2023.

	12m 2023	12m 2022	Change	Change, %
Russia, th RUB	3 163 150	2 451 014	712 136	29.1%
Belarus, th BYN	48 725	41 350	7 375	17.8%

Group sales results by markets measured in EUR are presented below:

	12m 2023	12m 2022	Change,	Change, %	12m 2023,	12m 2022,
in thousands of EUR			EUR		% of sales	% of sales
Russia	34 692	35 215	-523	-1.5%	59.2%	61.1%
Belarus	15 013	14 619	394	2.7%	25.6%	25.3%
Ukraine	161	233	-72	-30.9%	0.3%	0.4%
Baltics	1 443	1 490	-47	-3.2%	2.5%	2.6%
Kazakhstan	3 698	3 175	523	16.5%	6.3%	5.5%
Moldova	1 537	1 176	361	30.7%	2.6%	2.0%
Other markets	2 053	1 759	294	16.7%	3.5%	3.1%
Total	58 597	57 667	930	1.6%	100.0%	100.0%
Sales by business segments

	12m 2023	12m 2022	Change,	Change, %	12m 2023,	12m 2022,
in thousands of EUR			EUR		% of sales	% of sales
Wholesale	37 335	36 323	1 012	2.8%	63.7%	63.0%
Retail	21 203	21 304	-101	-0.5%	36.2%	36.9%
Other operations	59	40	19	47.5%	0.1%	0.1%
Total	58 597	57 667	930	1.6%	100.0%	100.0%

The main wholesale regions were Russia and Belarus.

AS Silvano Fashion Group	Consolidated Annual Report 2023

Investments

During 12 months of 2023 the Group's investments into property, plant and equipment totalled 1 133 thousand EUR, in previous year same period 445 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. During 12 months of 2023 the Group has opened 14 new stores (12 stores in Russia and 2 stores in Belarus) and closed 4 stores (3 stores in Russia and 1 store in Belarus).

The Group is planning to invest during year 2024 around 1 160 thousand EUR to existing operations, of which about half is planned to open new stores and the renovation of existing retail stores, and the second half mainly for the updates of the software programs and renew production technology and equipment.

Research & development achievements

The Group carries out research, development and innovation activities in all areas of its business with the aim of improving the manufacturing and distribution processes and developing technologies that facilitate business management, either using its own resources or with the help of third parties.

In the reporting year, we continued to implement new parts of the 1C: ERP Enterprise Management 2 for Belarus software. The following were put into trial operation:

a subsystem for recording production processes of the sewing shop;
unit for recording cutting production labor costs;
subsystem for recording production processes of cooperation;
subsystem for accounting and quality control of the sewing workshop and logistics center;
interaction subsystem for information exchange with the logistics center;
subsystem for calculating the production cost of finished products;
reporting of the financial and economic block;
HR and payroll accounting subsystem.

The implementation made it possible to optimize part of the Group's business processes in Belarus, obtain advanced analytical data, and make the work of employees easier. Total amount of utilized investments in 2023 for the implementation of the software product amounted to 139 thousand euros. As of the end of 2023, the implementation of the project is 91% ready.

Seasonality of business

The operations of AS Silvano Fashion Group are not exposed to major seasonal fluctuations. As is common for clothing and fashion business, especially lingerie segment, the fourth quarter is lower than average sales (respectively -19% of the average quarterly revenue in 2023). The second and third quarters was slightly higher than quarterly average revenue (+ 18% and +5% in 2023).

Half year results are fairly equal, in recent years. A similar trend is also part of the operating profit.

Silvano Fashion Group revenue 2022 and 2023 (th EUR)

70 000									35%

60 000		28%						58 597	30%
								25%


50 000									20%

40 000		13%						15%
						10%


30 000									5%
	17 266						2%	0%

			15 332
20 000	14 141					-5%
			11 858
								-10%
10 000
					-13%	-13%		-15%


-								-20%

Q1		Q2		Q3	Q4	12m

				2023	2022		2023 vs 2022

AS Silvano Fashion Group	Consolidated Annual Report 2023

Share of quarterly revenue (% of total year)

45%

40%

35%
	30%	31%

30%	24%	26%	26%
25%		24%

	19%	20%
20%

15%

10%

2023 2022

Personnel

As of 31 December 2023, the Group employed 1 626 employees, including 500 people in retail operations. The rest were employed in production, wholesale, administration and support operations. As of 31 December 2022 there were 1 616 employees, including 499 people in retail operations.

Total gross salaries and related taxes during 12 months of 2023 amounted to 13 266 thousand EUR (12 757 thousand EUR in 12 months of 2022).

The teams of the AS Silvano Fashion Group companies comprise of highly-qualified and professional specialists who have long-term experience in the women's lingerie industry. To meet the growing demands of its business the Group pays careful attention to the development of all levels of management and to the training of own personnel and subcontractors, who need to meet common Group requirements and perform in line with the overall strategy of the Group.

AS Silvano Fashion Group continually works with its employees and business partners to ensure the sustained success of the Group. The objective of the human resources policy of Silvano Fashion Group is to value, develop and respect the Group's employees based on common principles, involving human resources management and planning, well thought out recruitment and selection processes, followed by purposeful and motivational development and the establishment of an environment that supports it. We are guided by the principle that success is based on loyal, committed, ethical and result-oriented employees.

Key events during 2023 until the release of Annual Report

On June 15th, 2023 AS Silvano Fashion Group held its regular Annual General Meeting of Shareholders. The Meeting adopted the following decisions.

The Meeting approved the 2022 Consolidated Annual Report.
The Meeting decided to leave the net profit undistributed and include the net profit of the financial year 2022 in retained earnings.

In the reporting year AS Silvano Fashion Group has continued broadening its on-site store network in Russia. In particular, in 2023, the Group opened 12 (including 4 stores in Saint Petersburg, 2 stores in Pskov, 1 store in Murmansk, 1 store in Petrozavodsk and 4 in Moscow) and closed 3 stores (including 2 stores in Moscow and 1 store in Sochi).

AS Silvano Fashion GroupConsolidated Annual Report 2023

Shares of AS Silvano Fashion Group

	Nasdaq OMX Tallinn Stock Exchange	Warsaw Stock Exchange
ISIN	EE3100001751	EE3100001751
Ticker	SFG1T	SFG
List/segment	BALTIC MAIN LIST	MAIN LIST
Issuer	Silvano Fashion Group (SFG)	Silvano Fashion Group (SFG)
Nominal value	0.10 EUR	0.10 EUR
Total number of securities	36,000,000	36,000,000
Number of listed securities	36,000,000	36,000,000
Listing date	20.05.1997	23.07.2007

As of 31 December 2023, the registered share capital of AS Silvano Fashion Group amounted to 3 600 thousand EUR divided into 36 000 000 ordinary shares with a nominal value of 0.1 EUR each. The share register is electronic and maintained at the Estonian Central Register of Securities. The Group has been listed on Nasdaq OMX Tallinn Stock Exchange since 20 May 1997 I-list and since 21 November 2006 main list and on Warsaw Stock Exchange since 23 July 2007.

Ordinary shareholders are entitled to receive dividends when the company distributes them. Each ordinary share gives one vote at the general meeting of shareholders of AS Silvano Fashion Group. The shares are freely transferable, there are no restrictions imposed on them by the articles of association likewise there are no restrictions imposed on the transfer of securities concluded between the company and its shareholders. There are no known restrictions imposed on the transfer of securities laid down in the contracts between the shareholders.

Information on shares of AS Silvano Fashion Group

Key share details

2019

2020

2021

2022

2023

Number of shares outstanding at year end Weighted average number of shares Year-end share price, in EUR Earnings per share, in EUR

Dividend per share, in EUR Dividend / Net profit Price to earnings ratio (P/E)

36 000 000	36 000 000	36 000 000	36 000 000	36 000 000
36 000 000	36 000 000	36 000 000	36 000 000	36 000 000
2.17	1.56	1.965	1.12	1.13
0.3	0.04	0.25	0.33	0.28
n/a	n/a	n/a	n/a	n/a
n/a	n/a	n/a	n/a	n/a
7.23	39.00	7.86	3.39	4.10

Share price performance and trading history

In 2023, AS Silvano Fashion Group share price increased by 0.9% and the Group's market capitalization increased by EUR 0.36 million.

Nasdaq OMX Tallinn Stock Exchange	2019	2020	2021	2022	2023
trading history

High, in EUR	2.76	2.34	2.195	2.078	1.204
Low, in EUR	2.08	1.37	1.55	0.6601	0.99
Last, in EUR	2.17	1.56	1.965	1.12	1.13
Traded volume	3 443 297	5 504 119	6 319 071	5 992 900	3 170 330
Turnover, in EUR million	7.96	9.35	10.95	6.55	3.52
Market capitalization, in EUR million	78.12	56.16	70.74	40.32	40.68

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Silvano Fashion Group AS published this content on 03 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 07:36:04 UTC.

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05-18	AS Silvano Fashion Group Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
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AS Silvano Fashion Group Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022	22-11-27	CI
AS Silvano Fashion Group Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022	22-11-27	CI
AS Silvano Fashion Group Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022	22-08-05	CI
AS Silvano Fashion Group Auditor Raises 'Going Concern' Doubt	22-06-20	CI
AS Silvano Fashion Group Reports Earnings Results for the First Quarter Ended March 31, 2022	22-05-20	CI
AS Silvano Fashion Group Reports Earnings Results for the Fourth Quarter Ended December 31, 2021	22-02-27	CI
AS Silvano Fashion Group Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021	21-11-03	CI
As Silvano Fashion Group Reports Earnings Results for the Second Quarter Ended June 30, 2021	21-08-06	CI
As Silvano Fashion Group Reports Earnings Results for the First Quarter Ended March 31, 2021	21-05-21	CI
As Silvano Fashion Group Reports Earnings Results for the Fourth Quarter Ended December 31, 2020	21-02-26	CI
As Silvano Fashion Group Reports Earnings Results for the Third Quarter Ended September 30, 2020	20-11-27	CI
As Silvano Fashion Group Reports Earnings Results for the Second Quarter Ended June 30, 2020	20-08-14	CI
As Silvano Fashion Group Reports Earnings Results for the First Quarter Ended March 31, 2020	20-05-29	CI
As Silvano Fashion Group Reports Earnings Results for the Fourth Quarter Ended December 31, 2019	20-02-28	CI
As Silvano Fashion Group Reports Earnings Results for the Third Quarter Ended September 30, 2019	19-11-23	CI
As Silvano Fashion Group Reports Earnings Results for the Second Quarter Ended June 30, 2019	19-08-23	CI

	1st Jan change	Capi.
AS SILVANO FASHION GROUP	-5.31%	42.31M
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED	+23.72%	414M
SHENZHEN HUIJIE GROUP CO., LTD.	-15.46%	403M
SABINA	-4.85%	232M
SHINYOUNGWACOAL,INC.	-1.17%	61.09M
COSMO LADY (CHINA) HOLDINGS COMPANY LIMITED	-16.32%	55.66M

AS Silvano Fashion Group

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