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

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

  • SFG consolidated interim financial report for Q3 and 9m of 2021 unaudited
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