Silvano Fashion Group Consolidated Interim Financial Report for Q2 and 6 months of 2022 (unaudited)
August 05 2022 - 2:30AM
Silvano Fashion Group Consolidated Interim Financial Report for Q2
and 6 months of 2022 (unaudited)
Selected Financial Indicators
Summarized selected financial indicators of the
Group for 6 months of 2022 compared to 6 months of 2021 and
30.06.2022 compared to 31.12.2021 were as follows:
in thousands of EUR |
06m 2022 |
06m 2021 |
Change |
Revenue |
26
370 |
23
225 |
13.5% |
Gross Profit |
12
885 |
13
661 |
-5.7% |
Operating profit |
5
685 |
7
941 |
-28.4% |
EBITDA |
7
355 |
9
533 |
-22.9% |
Net profit for the period |
9
827 |
6
696 |
46.8% |
Net profit
attributable equity holders of the Parent company |
9
346 |
6
031 |
55.0% |
Earnings per share (EUR) |
0,26 |
0,17 |
52.9% |
Operating cash flow for the period |
5
070 |
8
055 |
-37.1% |
|
|
|
|
in thousands of EUR |
30.06.2022 |
31.12.2021 |
Change |
Total assets |
63
778 |
53
753 |
18.7% |
Total current assets |
48
491 |
40
331 |
20.2% |
Total equity
attributable to equity holders of the Parent company |
42
604 |
34
148 |
24.8% |
Cash and cash equivalents |
20
491 |
17
098 |
19.8% |
|
|
|
|
Margin analysis, % |
06m 2022 |
06m 2021 |
Change |
Gross profit |
48.9 |
58.8 |
-16.8% |
Operating profit |
21.6 |
34.2 |
-36.8% |
EBITDA |
27.9 |
41.0 |
-32.0% |
Net profit |
37.3 |
28.8 |
29.5% |
Net profit
attributable to equity holders of the Parent company |
35.4 |
26.0 |
36.2% |
|
|
|
|
Financial ratios, % |
30.06.2022 |
31.12.2021 |
Change |
ROA |
22.4 |
17.9 |
25.1% |
ROE |
34.4 |
28.7 |
19.9% |
Price to earnings ratio (P/E) |
2.6 |
7.8 |
-66.7% |
Current ratio |
5.7 |
4.3 |
32.6% |
Quick ratio |
2.8 |
2.1 |
33.3% |
Financial performance
The Group`s sales amounted to 26 370 thousand
EUR during 6 months of 2022, representing a 13.5% increase as
compared to the same period of previous year. Overall, retail
increased by 21.3%, measured in EUR.
The Group’s gross profit during 6 months of 2022
amounted to 12 885 thousand EUR and decrease by 5.7% compared to
previous year. The gross margin during 6 months of 2022 decreased
to 48.9%, from 58.8% in the respective period of previous year. The
cost of sold goods increased by 41.0%.
Consolidated operating profit for 6 months of
2022 amounted to 5 685 thousand EUR, compared to 7 941 thousand EUR
in 6 months of 2021, decrease by 28.4%. The consolidated operating
profit margin was 21.6% for 6 months of 2022 (34.2% in 6 months of
2021). Consolidated EBITDA for 6 months of 2022 decreased by 22.9%
and amounted to 7 355 thousand EUR, which is 27.9% in margin terms
(9 533 thousand EUR and 41.0% for 6 months of 2021).
Reported consolidated net profit attributable to
equity holders of the Parent company for 6 months of 2022 amounted
to 9 346 thousand EUR, compared to net profit of 6 031
thousand EUR in 6 months of 2021, net profit margin attributable to
equity holders of the Parent company for 6 months of 2022 was 35.4%
against net profit 26.0% in 6 months of 2021.
Financial position
As of 30 June 2022 consolidated assets amounted
to 63 778 thousand EUR representing increase by 18.7% as compared
to the position as of 31 December 2021.
Trade and other receivables increased by 897
thousand EUR as compared to 31 December 2021 and amounted
to 3 222 thousand EUR as
of 30 June 2022. Inventory balance increased by 3 861 thousand EUR
and amounted
to
24 767 thousand EUR as of 30 June 2022.
Equity attributable to equity holders of the
Parent company increased by 8 456 thousand EUR and amounted to
42
604 thousand EUR as of 30 June 2022. Current liabilities decreased
by 839 thousand EUR during 6 months of 2022.
Investments
During 6 months of 2022 the Group’s investments
into property, plant and equipment totalled 100 thousand EUR, in
previous year same period 120 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 June 2022, the Group employed 1 607
employees, including 503 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 6 months
of 2022 amounted to 5 641 thousand EUR (4 745 thousand EUR in 6
months of 2021). The remuneration of key management of the Group,
including the key executives of all subsidiaries, totalled 319
thousand EUR.
Consolidated Statement of Financial Position
in thousands of EUR |
Note |
30.06.2022 |
31.12.2021 |
|
|
Unaudited |
Audited |
ASSETS |
|
|
|
Current
assets |
|
|
|
Cash and cash
equivalents |
2 |
20 491 |
17 098 |
Current loans
granted |
|
11 |
2 |
Trade
receivables and other assets |
3 |
3 222 |
2 325 |
Inventories |
4 |
24 767 |
20 906 |
Total
current assets |
|
48 491 |
40 331 |
|
|
|
|
Non-current
assets |
|
|
|
Non-current
receivables |
|
410 |
262 |
Investments in
associates |
|
101 |
80 |
Investments in
other shares |
|
283 |
262 |
Deferred tax
asset |
|
1 616 |
1 226 |
Intangible
assets |
|
599 |
535 |
Investment
property |
|
1 158 |
1 086 |
Property,
plant and equipment |
5 |
11 120 |
9 971 |
Total
non-current assets |
|
15 287 |
13 422 |
TOTAL
ASSETS |
|
63 778 |
53 753 |
|
|
|
|
LIABILITIES
AND EQUITY |
|
|
|
Current
liabilities |
|
|
|
Current lease
liabilities |
|
1 701 |
2 193 |
Trade and
other payables |
6 |
4 795 |
6 504 |
Tax
liabilities |
|
2 033 |
671 |
Total
current liabilities |
|
8 529 |
9 368 |
|
|
|
|
Non-current
liabilities |
|
|
|
Deferred tax
liability |
|
2 152 |
1 746 |
Non-current
lease liabilities |
|
6 073 |
4 727 |
Non-current
provisions |
|
55 |
51 |
Total
non-current liabilities |
|
8 280 |
6 524 |
Total
liabilities |
|
16 809 |
15 892 |
|
|
|
|
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 |
|
-19 141 |
-18 251 |
Retained
earnings |
|
51 872 |
42 526 |
Total
equity attributable to equity holders of the Parent
company |
|
42 604 |
34 148 |
Non-controlling interest |
|
4 365 |
3 713 |
Total
equity |
|
46 969 |
37 861 |
TOTAL
EQUITY AND LIABILITIES |
|
63 778 |
53 753 |
Consolidated Income Statement
in thousands of EUR |
Note |
2Q 2022 |
2Q 2021 |
06m 2022 |
06m 2021 |
|
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
Revenue from contracts with
customers |
9 |
15 334 |
12 960 |
26 370 |
23 225 |
Cost of goods
sold |
|
-8 967 |
-5 541 |
-13 485 |
-9 564 |
Gross
Profit |
|
6 367 |
7 419 |
12 885 |
13 661 |
|
|
|
|
|
|
Distribution
expenses |
|
-2 776 |
-2 094 |
-5 027 |
-4 204 |
Administrative
expenses |
|
-1 090 |
-903 |
-2 042 |
-1 788 |
Other operating
income |
|
129 |
385 |
219 |
566 |
Other operating
expenses |
|
-166 |
-151 |
-350 |
-294 |
Operating
profit |
|
2 464 |
4 656 |
5 685 |
7 941 |
|
|
|
|
|
|
Currency
exchange income/(expense) |
|
8 455 |
605 |
5 985 |
1 060 |
Other finance
income/(expenses) |
|
-126 |
-106 |
-230 |
-216 |
Net finance
income (loss) |
|
8 329 |
499 |
5 755 |
844 |
|
|
|
|
|
|
Profit (loss) from associates using equity method |
2 |
5 |
-11 |
-1 |
Profit
(loss) before tax |
|
10 795 |
5 160 |
11 429 |
8 784 |
|
|
|
|
|
|
Income tax
expense |
|
-775 |
-1 028 |
-1 602 |
-2 088 |
|
|
|
|
|
|
Profit
(loss) for the period |
|
10 020 |
4 132 |
9 827 |
6 696 |
Attributable to
: |
|
|
|
|
|
Equity holders of the Parent company |
|
9 612 |
3 770 |
9 346 |
6 031 |
Non-controlling interest |
|
408 |
362 |
481 |
665 |
|
|
|
|
|
|
Earnings per
share from profit attributable to equity holders of the Parent
company, both basic and diluted (EUR) |
8 |
0,27 |
0,10 |
0,26 |
0,17 |
Consolidated Statement of Comprehensive Income
in thousands of EUR |
Note |
2Q 2022 |
2Q 2021 |
06m 2022 |
06m 2021 |
|
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
Profit for
the period |
|
10 020 |
4 132 |
9 827 |
6 696 |
|
|
|
|
|
|
Other comprehensive income (loss)
that will be reclassified to profit or loss in subsequent periods
: |
|
|
|
|
|
Exchange differences on translation of foreign operations |
576 |
40 |
-719 |
269 |
Total other comprehensive income(loss) for the period |
576 |
40 |
-719 |
269 |
|
|
|
|
|
|
Total comprehensive income
(loss) for the period |
|
10 596 |
4 172 |
9 108 |
6 965 |
Attributable to
: |
|
|
|
|
|
Equity holders of the Parent company |
|
10 294 |
3 829 |
8 456 |
5 993 |
Non-controlling interest |
|
302 |
343 |
652 |
972 |
Consolidated Statement of Cash Flows
in thousands of EUR |
Note |
06m 2022 |
06m 2021 |
|
|
Unaudited |
Unaudited |
Cash flow from operating
activities |
|
|
|
Profit for the period |
|
9
827 |
6
696 |
Adjustments for: |
|
|
|
Depreciation and amortization of
non-current assets |
|
1
670 |
1
592 |
Share of profit of equity
accounted investees |
|
11 |
1 |
Gains/Losses on the sale of property, plant and equipment |
|
1 |
0 |
Net finance income / costs |
|
-2
000 |
-596 |
Provision for inventories |
|
3 |
4 |
Receipt of government grants |
|
0 |
450 |
Movements in provisions and
government grants |
|
0 |
-394 |
Income tax expense |
|
1
602 |
2
088 |
Change in inventories |
|
-3
861 |
-1
469 |
Change in trade and other
receivables |
|
-897 |
-289 |
Change in trade and other payables |
|
-347 |
639 |
Interest paid |
|
0 |
-2 |
Income tax paid |
|
-939 |
-665 |
Net cash flow from operating
activities |
|
5
070 |
8
055 |
|
|
|
|
Cash flow from investing
activities |
|
|
|
Interest received |
|
12 |
9 |
Dividends received |
|
3 |
0 |
Proceeds from disposal of property,
plant and equipment |
|
8 |
18 |
Loans granted |
|
-9 |
0 |
Acquisition of property, plant and
equipment |
|
-100 |
-120 |
Acquisition of intangible assets |
|
-42 |
-82 |
Net cash flow from investing
activities |
|
-128 |
-175 |
|
|
|
|
Cash flow from financing
activities |
|
|
|
Repayment of borrowings |
|
0 |
-800 |
Payment of principal portion of lease
liabilities |
|
-1
137 |
-1
135 |
Interest paid on lease liabilities |
|
-246 |
-224 |
Dividends paid |
|
0 |
-717 |
Net cash flow from financing
activities |
|
-1
383 |
-2
876 |
|
|
|
|
Net increase in cash and cash
equivalents |
|
3
559 |
5
004 |
Cash and cash equivalents at the
beginning of period |
|
17
098 |
8
980 |
Effect of exchange rate fluctuations on
cash held |
|
-166 |
38 |
Cash and cash equivalents at the end
of period |
|
20
491 |
14
022 |
AS Silvano Fashion Group Phone: +372 6845 000 Email:
info@silvanofashon.com
- SFG consolidated interim report for Q2 and 6m of 2022
unaudited
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