Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12m of 2021 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for 12 months of 2021 compared to 12 months of 2020 and 31.12.2021 compared to 31.12.2020 were as follows:

in thousands of EUR 12m 2021 12m 2020 Change
Revenue 46 686 38 479 21.3%
Gross Profit 25 410 23 209 9.5%
Operating profit 13 005 10 544 23.3%
EBITDA 16 242 14 111 15.1%
Net profit for the period 9 924 1 667 495.3%
Net profit attributable equity holders of the Parent company 9 031 1 347 570.5%
Earnings per share (EUR) 0.25 0.04 525.0%
Operating cash flow for the period 12 996 6 356 104.5%
       
in thousands of EUR 31.12.2021 31.12.2020 Change
Total assets 53 753 42 256 27.2%
Total current assets 40 331 29 597 36.3%
Total equity attributable to equity holders of the Parent company 34 148 24 504 39.4%
Cash and cash equivalents 17 098 8 980 90.4%
       
Margin analysis, % 12m 2021 12m 2020 Change
Gross profit 54.4 60.3 -9.8%
Operating profit 27.9 27.4 1.8%
EBITDA 34.8 36.7 -5.2%
Net profit 21.3 4.3 395.3%
Net profit attributable to equity holders of the Parent company 19.3 3.5 451.4%
       
Financial ratios, % 31.12.2021 31.12.2020 Change
ROA 17.9 3.2 459.4%
ROE 28.7 5.6 412.5%
Price to earnings ratio (P/E) 7.8 41.7 -81.3%
Current ratio 4.3 3.4 26.5%
Quick ratio 2.1 1.3 61.5%

Financial performance

The Group`s sales amounted to 46 686 thousand EUR during 12 months of 2021, representing a 21.3% increase as compared to the same period of previous year. Overall, wholesale increased by 24.5%, measured in EUR.

The Group’s gross profit during 12 months of 2021 amounted to 25 410 thousand EUR and increase by 9.5% compared to previous year. The gross margin during 12 months of 2021 decreased to 54.4%, from 60.3% in the respective period of previous year. The cost of sold goods increased by 39.3%.

Consolidated operating profit for 12 months of 2021 amounted to 13 005 thousand EUR, compared to 10 544 thousand EUR in 12 months of 2020, increase by 23.3%. The consolidated operating profit margin was 27.9% for 12 months of 2021 (27.4 in 12 months of 2020). Consolidated EBITDA for 12 months of 2021 increased by 15.1% and amounted to 16 242 thousand EUR, which is 34.8% in margin terms (14 111 thousand EUR and 36.7% for 12 months of 2020).

Reported consolidated net profit attributable to equity holders of the Parent company for 12 months of 2021 amounted to   9 031 thousand EUR, compared to net profit of 1 347 thousand EUR in 12 months of 2020, net profit margin attributable to equity holders of the Parent company for 12 months of 2021 was 19.3% against 3.5% in 12 months of 2020.

Financial position

As of 31 December 2021 consolidated assets amounted to 53 753 thousand EUR representing increase by 27.2% as compared to the position as of 31 December 2020.

Trade and other receivables increased by 237 thousand EUR as compared to 31 December 2020 and amounted to        2 325 thousand EUR as of 31 December 2021. Inventory balance increased by 2 379 thousand EUR and amounted to 20 906 thousand EUR as of 31 December 2021.

Equity attributable to equity holders of the Parent company increased by 9 644 thousand EUR and amounted to            34 148 thousand EUR as of 31 December 2021. Current liabilities increased by 589 thousand EUR during 12 months of 2021.

Investments

During 12 months of 2021 the Group’s investments into property, plant and equipment totalled 312 thousand EUR, in previous year same period 289 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 December 2021, the Group employed 1 602 employees, including 485 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 12 months of 2021 amounted to 9 388 thousand EUR (9 854 thousand EUR in 12 months of 2020). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 598 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR Note 31.12.2021 31.12.2020
    Unaudited Audited
ASSETS      
Current assets      
Cash and cash equivalents 2 17 098 8 980
Current loans granted   2 2
Trade and other receivables 3 2 325 2 088
Inventories 4 20 906 18 527
Total current assets   40 331 29 597
       
Non-current assets      
Long-term receivables   262 249
Investments in associates   80 57
Investments in other shares   262 238
Deferred tax asset   1 226 1 032
Intangible assets   535 374
Investment property   1 086 1 018
Property, plant and equipment 5 9 971 9 691
Total non-current assets   13 422 12 659
TOTAL ASSETS   53 753 42 256
       
LIABILITIES AND EQUITY      
Current liabilities      
Short-term borrowings   0 400
Short-term lease liabilities   2 193 2 121
Trade and other payables 6 6 504 5 583
Tax liabilities   671 675
Total current liabilities   9 368 8 779
       
Non-current liabilities      
Deferred tax liability   1 746 500
Long-term borrowings   0 400
Long-term lease liabilities   4 727 4 707
Long-term provisions   51 52
Total non-current liabilities   6 524 5 659
Total liabilities   15 892 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   -18 251 -18 864
Retained earnings   42 526 33 140
Total equity attributable to equity holders of the Parent company   34 148 24 504
Non-controlling interest   3 713 3 314
Total equity   37 861 27 818
TOTAL EQUITY AND LIABILITIES   53 753 42 256

Consolidated Income Statement

in thousands of EUR Note 4Q 2021 4Q 2020 12m 2021 12m 2020
    Unaudited Unaudited Unaudited Audited
Revenue from contracts with customers 9 9 795 8 720 46 686 38 479
Cost of goods sold   -5 480 -3 608 -21 276 -15 270
Gross Profit   4 315 5 112 25 410 23 209
           
Distribution expenses   -2 120 -1 940 -8 573 -8 548
Administrative expenses   -892 -911 -3 555 -3 779
Other operating income   -407 113 406 336
Other operating expenses   -216 -200 -683 -674
Operating profit   680 2 174 13 005 10 544
           
Currency exchange income/(expense)   158 324 1 565 -6 062
Other finance income/(expenses)   -116 -83 -432 -428
Net finance income   42 241 1 133 -6 490
           
Profit (loss) from associates using equity method 13 4 19 1
Profit before tax   735 2 419 14 157 4 055
           
Income tax expense   -1 329 -1 950 -4 233 -2 388
           
Profit for the period   -594 469 9 924 1 667
Attributable to :          
   Equity holders of the Parent company   -531 347 9 031 1 347
   Non-controlling interest   -63 122 893 320
           
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) 8 -0.01 0.01 0.25 0.04

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 4Q 2021 4Q 2020 12m 2021 12m 2020
    Unaudited Unaudited Unaudited Audited
           
Profit for the period   -594 469 9 924 1 667
           
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods :          
Exchange differences on translation of foreign operations 161 -437 869 -3 187
Total other comprehensive income for the period 161 -437 869 -3 187
           
Total comprehensive income (loss) for the period   -433 32 10 793 -1 520
Attributable to :          
   Equity holders of the Parent company   -353 318 9 644 -1 820
   Non-controlling interest   -80 -286 1 149 300

Consolidated Statement of Cash Flows

in thousands of EUR Note 12m 2021 12m 2020
    Unaudited Audited
Cash flow from operating activities      
Profit for the period   9 924 1 667
Adjustments for:      
  Depreciation and amortization of non-current assets   3 237 3 567
  Share of profit of equity accounted investees   -19 -1
  Gains/Losses on the sale of property, plant and equipment   24 9
  Net finance income / costs   -1 133 450
  Provision for impairment losses on trade receivables   -1 20
  Provision for inventories   187 202
  Provision for benefits to employees   0 52
  Income tax expense   4 233 2 388
Change in inventories   -1 979 832
Change in trade and other receivables   -237 427
Change in trade and other payables   917 -1 512
Interest paid   -2 -9
Income tax paid   -2 155 -1 736
Net cash flow from operating activities   12 996 6 356
       
Cash flow from investing activities      
Interest received   19 13
Dividends received   0 46
Proceeds from disposal of property, plant and equipment   143 75
Acquisition of property, plant and equipment   -312 -289
Acquisition of intangible assets   -147 -110
Net cash flow from investing activities   -297 -265
       
Cash flow from financing activities      
Acquisition of non-controlling interests   0 -26
Proceeds from borrowings   0 800
Repayment of borrowings   -800 0
Payment of principal portion of lease liabilities   -2 402 -2 003
Interest paid on lease liabilities   -450 -492
Dividends paid   -750 -413
Net cash flow from financing activities   -4 402 -2 134
       
Net increase in cash and cash equivalents   8 297 3 957
Cash and cash equivalents at the beginning of period   8 980 5 152
Effect of translation to presentation currency                                                75 0
Effect of exchange rate fluctuations on cash held   -254 -129
Cash and cash equivalents at the end of period                         17 098 8 980

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

Attachment

  • SFG consolidated interim financial report for Q4 and 12m of 2021 unaudited
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