Silvano Fashion Group Consolidated Interim Financial Report for Q1 of 2022 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for Q1 of 2022 compared to Q1 of 2021 and 31.03.2022 compared to 31.12.2021 were as follows:

in thousands of EUR 03m 2022 03m 2021 Change
Revenue 11 036 10 265 7.5%
Gross Profit 6 518 6 242 4.4%
Operating profit 3 221 3 285 -1.9%
EBITDA 3 993 4 080 -2.1%
Net profit (loss) for the period -193 2 564 -107.5%
Net profit (loss) attributable equity holders of the Parent company -266 2 261 -111,8%
Earnings per share (EUR) -0.01 0.06 -116.7%
Operating cash flow for the period 3 143 3 589 -12.4%
       
in thousands of EUR 31.03.2022 31.12.2021 Change
Total assets 50 694 53 753 -5.7%
Total current assets 38 728 40 331 -4.0%
Total equity attributable to equity holders of the Parent company 32 310 34 148 -5.4%
Cash and cash equivalents 17 224 17 098 0.7%
       
Margin analysis, % 03m 2022 03m 2021 Change
Gross profit 59.1 60.8 -2.8%
Operating profit 29.2 32.0 -8.8%
EBITDA 36.2 39.7 -8.8%
Net profit (loss) -1.7 25.0 -106.8%
Net profit (loss) attributable to equity holders of the Parent company -2.4 22.0 -110.9%
       
Financial ratios, % 31.03.2022 31.12.2021 Change
ROA 12.6 17.9 -29.6%
ROE 19.8 28.7 -31.0%
Price to earnings ratio (P/E) 5.3 7.8 -32.1%
Current ratio 5.0 4.3 16.3%
Quick ratio 2.6 2.1 23.8%

Financial performance

The Group`s sales amounted to 11 036 thousand EUR during Q1 of  2022, representing a 7.5% increase as compared to the same period of previous year. Overall, retail increased by 7.8%, measured in EUR.

The Group’s gross profit during Q1 of 2022 amounted to 6 518 thousand EUR and increase by 4.4% compared to previous year. The gross margin during Q1 of 2022 decreased to 59.1%, from 60.8% in the respective period of previous year. The cost of sold goods increased by 12.3%.

Consolidated operating profit for Q1 of 2022 amounted to 3 221 thousand EUR, compared to 3 285 thousand EUR in Q1 of 2021, decrease by 1.9%. The consolidated operating profit margin was 29.2% for Q1 of 2022 (32.0 in Q1 of 2021). Consolidated EBITDA for Q1 of 2022 decreased by 2.1% and amounted to 3 993 thousand EUR, which is 36.2% in margin terms (4 080 thousand EUR and 39.7% for Q1 of 2021).

Reported consolidated net loss attributable to equity holders of the Parent company for Q1 of 2022 amounted to         -266 thousand EUR, compared to net profit of 2 261 thousand EUR in Q1 of 2021, net loss margin attributable to equity holders of the Parent company for Q1 of 2022 was -2.4% against net profit 22.0% in Q1 of 2021.

Financial position

As of 31 March 2022 consolidated assets amounted to 50 694 thousand EUR representing decrease by 5.7% as compared to the position as of 31 December 2021.

Trade and other receivables increased by 463 thousand EUR as compared to 31 December 2021 and amounted to        2 788 thousand EUR as of 31 March 2022. Inventory balance decreased by 2 199 thousand EUR and amounted to      18 707 thousand EUR as of 31 March 2022.

Equity attributable to equity holders of the Parent company decreased by 1 838 thousand EUR and amounted to            32 310 thousand EUR as of 31 March 2022. Current liabilities decreased by 1 594 thousand EUR during Q1 of 2022.

Investments

During Q1 of 2022 the Group’s investments into property, plant and equipment totalled 60 thousand EUR, in previous year same period 78 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 2022, the Group employed 1 586 employees, including 484 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 Q1 of 2022 amounted to 2 546 thousand EUR (2 359 thousand EUR in Q1 of 2021). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 144 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR Note 31.03.2022 31.12.2021
    Unaudited Audited
ASSETS      
Current assets      
Cash and cash equivalents 2 17 224 17 098
Current loans granted   9 2
Trade receivables and other assets 3 2 788 2 325
Inventories 4 18 707 20 906
Total current assets   38 728 40 331
       
Non-current assets      
Non-current receivables   237 262
Investments in associates   56 80
Investments in other shares   228 262
Deferred tax asset   1 348 1 226
Intangible assets   470 535
Investment property   939 1 086
Property, plant and equipment 5 8 688 9 971
Total non-current assets   11 966 13 422
TOTAL ASSETS   50 694 53 753
       
LIABILITIES AND EQUITY      
Current liabilities      
Current lease liabilities   1 682 2 193
Trade and other payables 6 4 788 6 504
Tax liabilities   1 304 671
Total current liabilities   7 774 9 368
       
Non-current liabilities      
Deferred tax liability   1 534 1 746
Non-current lease liabilities   4 969 4 727
Non-current provisions   44 51
Total non-current liabilities   6 547 6 524
Total liabilities   14 321 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   -19 823 -18 251
Retained earnings   42 260 42 526
Total equity attributable to equity holders of the Parent company   32 310 34 148
Non-controlling interest   4 063 3 713
Total equity   36 373 37 861
TOTAL EQUITY AND LIABILITIES   50 694 53 753

 

Consolidated Income Statement

in thousands of EUR Note 1Q 2022 1Q 2021
    Unaudited Unaudited
       
Revenue from contracts with customers 9 11 036 10 265
Cost of goods sold   -4 518 -4 023
Gross Profit   6 518 6 242
       
Distribution expenses   -2 251 -2 110
Administrative expenses   -952 -885
Other operating income   90 181
Other operating expenses   -184 -143
Operating profit   3 221 3 285
       
Currency exchange income/(expense)   -2 470 455
Other finance income/(expenses)   -104 -110
Net finance income (loss)   -2 574 345
       
Profit (loss) from associates using equity method -13 -6
Profit before tax   634 3 624
       
Income tax expense   -827 -1 060
       
Profit (loss) for the period   -193 2 564
Attributable to :      
   Equity holders of the Parent company   -266 2 261
   Non-controlling interest   73 303
       
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) 8 -0,01 0,06

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 1Q 2022 1Q 2021
    Unaudited Unaudited
       
Profit (loss) for the period   -193 2 564
       
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods :      
Exchange differences on translation of foreign operations -1 295 229
Total other comprehensive income(loss) for the period -1 295 229
       
Total comprehensive income (loss) for the period   -1 488 2 793
Attributable to :      
   Equity holders of the Parent company   -1 838 2 164
   Non-controlling interest   350 629

Consolidated Statement of Cash Flows

       
in thousands of EUR Note 03m 2022 03m 2021
    Unaudited Unaudited
Cash flow from operating activities      
Profit (loss) for the period   -193 2 564
Adjustments for:      
  Depreciation and amortization of non-current assets   772 795
  Share of profit of equity accounted investees   13 6
  Gains/Losses on the sale of property, plant and equipment   2 0
  Net finance income / costs   2 574 -604
  Provision for inventories   0 3
  Receipt of government grants   0 150
  Movements in provisions and government grants   0 -98
  Income tax expense   827 1 060
Change in inventories   2 199 -1 124
Change in trade and other receivables   -772 -208
Change in trade and other payables   -1 716 1 192
Interest paid   0 -2
Income tax paid   -563 -145
Net cash flow from operating activities   3 143 3 589
       
Cash flow from investing activities      
Interest received   3 4
Dividends received   1 0
Proceeds from disposal of property, plant and equipment   6 0
Loans granted   -7 0
Acquisition of property, plant and equipment   -60 -78
Acquisition of intangible assets   -14 -48
Net cash flow from investing activities   -71 -122
       
Cash flow from financing activities      
Repayment of borrowings   0 -800
Payment of principal portion of lease liabilities   -509 -530
Interest paid on lease liabilities   -108 -114
Net cash flow from financing activities   -617 -1 444
       
Net increase in cash and cash equivalents   2 455 2 023
Cash and cash equivalents at the beginning of period 7 17 098 8 980
Effect of translation to presentation currency   -2 428 0
Effect of exchange rate fluctuations on cash held 7 99 21
Cash and cash equivalents at the end of period   17 224 11 024

AS Silvano Fashion Group Phone: +372 6845 000 Email: info@silvanofashon.com

Attachment

  • SFG consolidated interim report for Q1 of 2022 unaudited
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