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