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Silvano Fashion Group Consolidated Interim Financial Report for Q1 of 2021 (unaudited)

·8-min read

Selected Financial Indicators

Summarized selected financial indicators of the Group for Q1 of 2021 compared to Q1 of 2020 and 31.03.2021 compared to 31.12.2020 were as follows:

in thousands of EUR

1Q 2021

1Q 2020

Change

Revenue

10 265

11 546

-11.1%

Gross Profit

6 242

7 146

-12.7%

Operating profit

3 285

3 152

4.2%

EBITDA

4 080

4 248

-4.0%

Net profit for the period

2 564

-1 440

278.1%

Net profit attributable equity holders of the Parent company

2 261

-1 406

260.8%

Earnings per share (EUR)

0,06

-0,04

250.0%

Operating cash flow for the period

3 589

1 876

91.3%

in thousands of EUR

31.03.2021

31.12.2020

Change

Total assets

46 279

42 256

9.5%

Total current assets

32 959

29 597

11.4%

Total equity attributable to equity holders of the Parent company

26 668

24 504

8.8%

Cash and cash equivalents

11 024

8 980

22.8%

Margin analysis, %

1Q 2021

1Q 2020

Change

Gross profit

60,8

61,9

-1.8%

Operating profit

32,0

27,3

17.2%

EBITDA

39,7

36,8

7.9%

Net profit

25,0

-12,5

300.0%

Net profit attributable to equity holders of the Parent company

22,0

-12,2

280.3%

Financial ratios, %

31.03.2021

31.12.2020

Change

ROA

13,9

3,2

334.4%

ROE

24,0

5,6

328.6%

Price to earnings ratio (P/E)

9,5

41,7

-77.2%

Current ratio

3,2

3,4

-5.9%

Quick ratio

1,3

1,3

-0.0%

Financial performance

The Group`s sales amounted to 10 265 thousand EUR during Q1 of 2021, representing a 11.1% decrease as compared to the same period of previous year. Overall, retail decreased by 18.6%, measured in EUR.

The Group’s gross profit during Q1 of 2021 amounted to 6 242 thousand EUR and decrease by 12.7% compared to previous year. The gross margin during Q1 of 2021 decreased to 60.8%, from 61.9% in the respective period of previous year. The cost of sold goods decreased by 8.6%.

Consolidated operating profit for Q1 of 2021 amounted to 3 285 thousand EUR, compared to 3 152 thousand EUR in Q1 of 2020, increase by 4.2%. The consolidated operating profit margin was 32.0% for Q1 of 2021 (27.3% in Q1 of 2020). Consolidated EBITDA for Q1 of 2021 decreased by 4.0% and amounted to 4 080 thousand EUR, which is 39.7% in margin terms (4 248 thousand EUR and 36.8% for Q1 of 2020).

Reported consolidated net profit attributable to equity holders of the Parent company for Q1 of 2021 amounted to 2 261 thousand EUR, compared to net loss of – 1 406 thousand EUR in Q1 of 2020, net profit (loss) margin attributable to equity holders of the Parent company for Q1 of 2021 was 22.0% against -12.2% in Q1 of 2020.

Financial position

As of 31 March 2021 consolidated assets amounted to 46 279 thousand EUR representing increase by 9.5% as compared to the position as of 31 December 2020.

Trade and other receivables increased by 194 thousand EUR as compared to 31 December 2020 and amounted to 2 282 thousand EUR as of 31 March 2021. Inventory balance increased by 1 124 thousand EUR and amounted to 19 651 thousand EUR as of 31 March 2021.

Equity attributable to equity holders of the Parent company increased by 2 164 thousand EUR and amounted to 26 668 thousand EUR as of 31 March 2021. Current liabilities increased by 1 479 thousand EUR during Q1 of 2021.

Investments

During Q1 of 2021 the Group’s investments into property, plant and equipment totalled 78 thousand EUR, in previous year same period 96 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 31 March 2021, the Group employed 1 734 employees, including 510 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 Q1 of 2021 amounted to 2 359 thousand EUR (3 145 thousand EUR in Q1 of 2020). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 148 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR

Note

31.03.2021

31.12.2020

Unaudited

Audited

ASSETS

Current assets

Cash and cash equivalents

2

11 024

8 980

Current loans granted

2

2

Trade and other receivables

3

2 282

2 088

Inventories

4

19 651

18 527

Total current assets

32 959

29 597

Non-current assets

Long-term receivables

250

249

Investments in associates

53

57

Investments in other shares

245

238

Deferred tax asset

1 071

1 032

Intangible assets

426

374

Investment property

1 039

1 018

Property, plant and equipment

5

10 236

9 691

Total non-current assets

13 320

12 659

TOTAL ASSETS

46 279

42 256

LIABILITIES AND EQUITY

Current liabilities

Short-term borrowings

0

400

Short-term lease liabilities

1 881

2 121

Trade and other payables

6

6 363

5 583

Goverment Grants

52

0

Tax liabilities

1 962

675

Total current liabilities

10 258

8 779

Non-current liabilities

Deferred tax liability

531

500

Long-term borrowings

0

400

Long-term lease obligations

5 518

4 707

Long-term provisions

54

52

Total non-current liabilities

6 103

5 659

Total liabilities

16 361

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

355

355

Unrealised exchange rate differences

-18 961

-18 864

Retained earnings

35 401

33 140

Total equity attributable to equity holders of the Parent company

26 668

24 504

Non-controlling interest

3 250

3 314

Total equity

29 918

27 818

TOTAL EQUITY AND LIABILITIES

46 279

42 256

Consolidated Income Statement

in thousands of EUR

Note

Q1 2021

Q1 2020

Unaudited

Unaudited

Revenue from contracts with customers

9

10 265

11 546

Cost of goods sold

-4 023

-4 400

Gross Profit

6 242

7 146

Distribution expenses

-2 110

-2 734

Administrative expenses

-885

-1 122

Other operating income

181

59

Other operating expenses

-143

-197

Operating profit

3 285

3 152

Currency exchange income/(expense)

455

-4 730

Other finance income/(expenses)

-110

-125

Net financial income/(expenses)

345

-4 855

Profit (loss) from associates using equity method

-6

0

Profit before tax

3 624

-1 703

Income tax expense

-1 060

263

Profit for the period

2 564

-1 440

Attributable to :

Equity holders of the Parent company

2 261

-1 406

Non-controlling interest

303

-34

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

0.06

-0.04

Consolidated Statement of Comprehensive Income

in thousands of EUR

Note

Q1 2021

Q1 2020

Unaudited

Unaudited

Profit for the period

2 564

-1 440

Other comprehensive income for the period

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

Exchange differences on translation of foreign operations

229

-2 225

Total other comprehensive income for the period

229

-2 225

Total comprehensive income (loss) for the period

2 793

-3 665

Attributable to :

Equity holders of the Parent company

2 164

-3 983

Non-controlling interest

629

318

Consolidated Statement of Cash Flows

in thousands of EUR

Note

1Q 2021

1Q 2020

Unaudited

Unaudited

Cash flow from operating activities

Profit for the period

2 564

-1 440

Adjustments for:

Depreciation and amortization of non-current assets

795

1 096

Share of profit of equity accounted investees

6

0

(Gains)/ losses on the sale of property, plant and equipment

0

2

Net finance income / costs

-604

305

Provision for inventories

3

1

Receipt of government grants

150

0

Movements in provisions and government grants

-98

0

Income tax expense

1 060

-263

Change in inventories

-1 124

2 137

Change in trade and other receivables

-208

243

Change in trade and other payables

1 192

-86

Interest paid

-2

0

Income tax paid

-145

-119

Net cash from operating activities

3 589

1 876

Cash flow from investing activities

Interest received

4

5

Proceeds from disposal of property, plant and equipment

0

28

Acquisition of property, plant and equipment

-78

-96

Acquisition of intangible assets

-48

-50

Net cash flow from investing activities

-122

-113

Cash flow from financing activities

Acquisition of non-controlling interests

0

-26

Repayment from borrowings

-800

0

Payment of principal portion of lease liabilities

-530

-682

Interest paid on finance lease

-114

-136

Net cash flow from financing activities

-1 444

-844

Increase in cash and cash equivalents

2 023

919

Cash and cash equivalents at the beginning of period

8 980

5 152

Effect of exchange rate fluctuations on cash held

21

279

Cash and cash equivalents at the end of period

11 024

6 350

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

Attachment


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