Silvano Fashion Group (SFG1T) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was 58,070 thousand EUR, down 0.9% year-over-year, with gross profit up 1.6% to 34,278 thousand EUR and gross margin rising to 59.0% from 57.6%.

• Net profit for 2024 increased 23.1% to 13,673 thousand EUR, with EPS up 21.4% to 0.34 EUR.

• Russia and Belarus accounted for 85.9% of total sales; local currency sales grew 6.3% in Russia and 14.7% in Belarus.

• Retail revenue rose 6.0% to 22,482 thousand EUR, while wholesale revenue declined 4.9% to 35,517 thousand EUR.

• Total assets increased 16.9% to 84,489 thousand EUR; equity attributable to equity holders rose 21.9% to 65,993 thousand EUR.

Financial highlights

• EBITDA for 2024 was 20,316 thousand EUR, down 3.8% year-over-year; EBITDA margin was 35.0%.

• Operating profit decreased 4.0% to 17,248 thousand EUR; operating margin was 29.7%.

• Net profit margin improved to 23.5% from 19.0% year-over-year.

• Cash and cash equivalents at year-end were 39,690 thousand EUR, up 20.7%.

• Earnings per share increased to 0.34 EUR from 0.28 EUR.

Outlook and guidance

• Focus remains on improving retail profitability and expanding store chains in Russia, subject to availability of reasonably priced sales areas.

• No dividend was distributed for 2023; net profit was retained.