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Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 9m of 2021 (unaudited)

·8-min read

Selected Financial Indicators

Summarized selected financial indicators of the Group for 9 months of 2021 compared to 9 months of 2020 and 30.09.2021 compared to 31.12.2020 were as follows:

in thousands of EUR

09m 2021

09m 2020

Change

Revenue

36 891

29 759

24.0%

Gross Profit

21 095

18 097

16.6%

Operating profit

12 325

8 370

47.3%

EBITDA

14 744

11 042

33.5%

Net profit for the period

10 518

1 198

778.0%

Net profit attributable equity holders of the Parent company

9 562

1 000

856.2%

Earnings per share (EUR)

0,27

0,03

800.0%

Operating cash flow for the period

12 910

6 620

95.0%

in thousands of EUR

30.09.2021

31.12.2020

Change

Total assets

52 677

42 256

24.7%

Total current assets

39 897

29 597

34.8%

Total equity attributable to equity holders of the Parent company

34 501

24 504

40.8%

Cash and cash equivalents

18 097

8 980

101.5%

Margin analysis, %

09m 2021

09m 2020

Change

Gross profit

57.2

60.8

-5.9%

Operating profit

33.4

28.1

18.9%

EBITDA

40.0

37.1

7.8%

Net profit

28.5

4.0

612.5%

Net profit attributable to equity holders of the Parent company

25.9

3.4

661.8%

Financial ratios, %

30.09.2021

31.12.2020

Change

ROA

20.8

3.2

550.0%

ROE

34.1

5.6

508.9%

Price to earnings ratio (P/E)

6.7

41.7

-83.9%

Current ratio

5.2

3.4

52.9%

Quick ratio

2.6

1.3

100.0%

Financial performance

The Group`s sales amounted to 36 891 thousand EUR during 9 months of 2021, representing a 24.0% increase as compared to the same period of previous year. Overall, wholesale increased by 29.8%, measured in EUR.

The Group’s gross profit during 9 months of 2021 amounted to 21 095 thousand EUR and increase by 16.6% compared to previous year. The gross margin during 9 months of 2021 decreased to 57.2%, from 60.8% in the respective period of previous year. The cost of sold goods increased by 35.4%.

Consolidated operating profit for 9 months of 2021 amounted to 12 325 thousand EUR, compared to 8 370 thousand EUR in 9 months of 2020, increase by 47.3%. The consolidated operating profit margin was 33.4% for 9 months of 2021 (28.1% in 9 months of 2020). Consolidated EBITDA for 9 months of 2021 increased by 33.5% and amounted to 14 744 thousand EUR, which is 40.0% in margin terms (11 042 thousand EUR and 37.1% for 9 months of 2020).

Reported consolidated net profit attributable to equity holders of the Parent company for 9 months of 2021 amounted to 9 562 thousand EUR, compared to net profit of 1 000 thousand EUR in 9 months of 2020, net profit margin attributable to equity holders of the Parent company for 9 months of 2021 was 25.9% against 3.4% in 9 months of 2020.

Financial position

As of 30 September 2021 consolidated assets amounted to 52 677 thousand EUR representing increase by 24.7% as compared to the position as of 31 December 2020.

Trade and other receivables decreased by 48 thousand EUR as compared to 31 December 2020 and amounted to 2 040 thousand EUR as of 30 September 2021. Inventory balance increased by 1 231 thousand EUR and amounted to 19 758 thousand EUR as of 30 September 2021.

Equity attributable to equity holders of the Parent company increased by 9 997 thousand EUR and amounted to 34 501 thousand EUR as of 30 September 2021. Current liabilities decreased by 1 048 thousand EUR during 9 months of 2021.

Investments

During 9 months of 2021 the Group’s investments into property, plant and equipment totalled 177 thousand EUR, in previous year same period 191 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 2021, the Group employed 1 633 employees, including 490 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2020 there were 1 744 employees, including 500 people in retail operations.

Total salaries and related taxes during 9 months of 2021 amounted to 7 158 thousand EUR (7 407 thousand EUR in 9 months of 2020). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 443 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR

Note

30.09.2021

31.12.2020

Unaudited

Audited

ASSETS

Current assets

Cash and cash equivalents

2

18 097

8 980

Current loans granted

2

2

Trade and other receivables

3

2 040

2 088

Inventories

4

19 758

18 527

Total current assets

39 897

29 597

Non-current assets

Long-term receivables

256

249

Investments in associates

67

57

Investments in other shares

258

238

Deferred tax asset

1 077

1 032

Intangible assets

509

374

Investment property

1 079

1 018

Property, plant and equipment

5

9 534

9 691

Total non-current assets

12 780

12 659

TOTAL ASSETS

52 677

42 256

LIABILITIES AND EQUITY

Current liabilities

Short-term borrowings

0

400

Short-term lease liabilities

592

2 121

Trade and other payables

6

5 624

5 583

Tax liabilities

1 515

675

Total current liabilities

7 731

8 779

Non-current liabilities

Deferred tax liability

605

500

Long-term borrowings

0

400

Long-term lease liabilities

5 979

4 707

Long-term provisions

57

52

Total non-current liabilities

6 641

5 659

Total liabilities

14 372

14 438

Equity

Share capital

7

3 600

3 600

Share premium

4 967

4 967

Statutory reserve capital

1 306

1 306

Revaluation reserve

0

355

Unrealised exchange rate differences

-18 429

-18 864

Retained earnings

43 057

33 140

Total equity attributable to equity holders of the Parent company

34 501

24 504

Non-controlling interest

3 804

3 314

Total equity

38 305

27 818

TOTAL EQUITY AND LIABILITIES

52 677

42 256

Consolidated Income Statement

in thousands of EUR

Note

3Q 2021

3Q 2020

09m 2021

09m 2020

Unaudited

Unaudited

Unaudited

Unaudited

Revenue from contracts with customers

9

13 666

12 028

36 891

29 759

Cost of goods sold

-6 232

-4 506

-15 796

-11 662

Gross Profit

7 434

7 522

21 095

18 097

Distribution expenses

-2 249

-2 161

-6 453

-6 608

Administrative expenses

-875

-935

-2 663

-2 868

Other operating income

247

94

813

223

Other operating expenses

-173

-133

-467

-474

Operating profit

4 384

4 387

12 325

8 370

Currency exchange income/(expense)

347

-3 830

1 407

-6 386

Other finance income/(expenses)

-100

-111

-316

-345

Net finance income

247

-3 941

1 091

-6 731

Profit (loss) from associates using equity method

7

-3

6

-3

Profit before tax

4 638

443

13 422

1 636

Income tax expense

-816

-115

-2 904

-438

Profit for the period

3 822

328

10 518

1 198

Attributable to :

Equity holders of the Parent company

3 531

255

9 562

1 000

Non-controlling interest

291

73

956

198

Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR)

8

0,10

0,01

0,27

0,03

Consolidated Statement of Comprehensive Income

in thousands of EUR

Note

3Q 2021

3Q 2020

09m 2021

09m 2020

Unaudited

Unaudited

Unaudited

Unaudited

Profit for the period

3 822

328

10 518

1 198

Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods :

Exchange differences on translation of foreign operations

439

-690

708

-2 749

Total other comprehensive income for the period

439

-690

708

-2 749

Total comprehensive income (loss) for the period

4 261

-362

11 226

-1 551

Attributable to :

Equity holders of the Parent company

4 004

-486

9 997

-2 138

Non-controlling interest

257

124

1 229

587

Consolidated Statement of Cash Flows

in thousands of EUR

Note

09m 2021

09m 2020

Unaudited

Unaudited

Cash flow from operating activities

Profit for the period

10 518

1 198

Adjustments for:

Depreciation and amortization of non-current assets

2 419

2 672

Share of profit of equity accounted investees

-6

3

Gains/Losses on the sale of property, plant and equipment

11

3

Net finance income / costs

-395

1 941

Provision for impairment losses on trade receivables

1

0

Provision for inventories

5

2

Receipt of government grants

550

0

Movements in provisions and government grants

-550

0

Income tax expense

2 904

438

Change in inventories

-1 231

2 991

Change in trade and other receivables

32

769

Change in trade and other payables

330

-2 255

Interest paid

-2

0

Income tax paid

-1 676

-1 142

Net cash flow from operating activities

12 910

6 620

Cash flow from investing activities

Interest received

14

10

Proceeds from disposal of property, plant and equipment

60

34

Acquisition of property, plant and equipment

-177

-191

Acquisition of intangible assets

-121

-83

Net cash flow from investing activities

-224

-230

Cash flow from financing activities

Acquisition of non-controlling interests

0

-26

Proceeds from borrowings

0

400

Repayment of borrowings

-800

0

Payment of principal portion of lease liabilities

-1 761

-1 619

Interest paid on lease liabilities

-326

-367

Dividends paid

-739

-424

Net cash flow from financing activities

-3 626

-2 036

Net increase in cash and cash equivalents

9 060

4 354

Cash and cash equivalents at the beginning of period

8 980

5 152

Effect of exchange rate fluctuations on cash held

57

350

Cash and cash equivalents at the end of period

18 097

9 856

Jarek Särgava
AS Silvano Fashion Group
Member of the Board
Phone: +372 6845 000
Email: info@silvanofashon.com

Attachment


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