Silvano Fashion Group Consolidated Interim Financial Report for Q1 of 2023 (unaudited)
May 12 2023 - 8:00AM
Silvano Fashion Group Consolidated Interim Financial Report for Q1
of 2023 (unaudited)
Selected Financial Indicators
Summarized selected financial indicators of the
Group for Q1 of 2023 compared to Q1 of 2022 and 31.03.2023 compared
to 31.12.2022 were as follows:
in thousands of EUR |
03m 2023 |
03m 2022 |
Change |
Revenue |
14
141 |
11
036 |
28.1% |
Gross Profit |
8
124 |
6
518 |
24.6% |
Operating profit |
3
963 |
3
221 |
23.0% |
EBITDA |
4
761 |
3
993 |
19.2% |
Net profit (loss) for the period |
1
867 |
-193 |
N/A |
Net profit
(loss) attributable equity holders of the Parent company |
1
616 |
-266 |
N/A |
Earnings per share (EUR) |
0.04 |
-0.01 |
N/A |
Operating cash flow for the period |
4
133 |
3
143 |
31.5% |
|
|
|
|
in thousands of EUR |
31.03.2023 |
31.12.2022 |
Change |
Total assets |
65
068 |
63
991 |
1.7% |
Total current assets |
51
933 |
50
309 |
3.2% |
Total equity
attributable to equity holders of the Parent company |
45
369 |
44
786 |
1.3% |
Cash and cash equivalents |
27
573 |
25
909 |
6.4% |
|
|
|
|
Margin analysis, % |
03m 2023 |
03m 2022 |
Change |
Gross profit |
57.4 |
59.1 |
-2.9% |
Operating profit |
28.0 |
29.2 |
-4.1% |
EBITDA |
33.7 |
36.2 |
-6.9% |
Net profit (loss) |
13.2 |
-1.7 |
N/A |
Net profit
(loss) attributable to equity holders of the Parent company |
11.4 |
-2.4 |
N/A |
|
|
|
|
Financial ratios, % |
31.03.2023 |
31.12.2022 |
Change |
ROA |
20.8 |
19.0 |
9.5% |
ROE |
30.3 |
28.1 |
7.8% |
Price to earnings ratio (P/E) |
2.9 |
3.4 |
-14.7% |
Current ratio |
5.4 |
5.1 |
5.9% |
Quick ratio |
3.2 |
2.8 |
14.3% |
Financial performance
The Group`s sales amounted to 14 141 thousand
EUR during Q1 of 2023, representing a 28.1% increase as compared to
the same period of previous year. Overall, retail increased by
40.1%, measured in EUR.
The Group’s gross profit during Q1 of 2023
amounted to 8 124 thousand EUR and increase by 24.6% compared to
previous year. The gross margin during Q1 of 2023 decreased to
57.4%, from 59.1% in the respective period of previous year. The
cost of sold goods increased by 33.2%.
Consolidated operating profit for Q1 of 2023
amounted to 3 963 thousand EUR, compared to 3 221 thousand EUR for
Q1 of 2022, increase by 23.0%. The consolidated operating profit
margin was 28.0% for Q1 of 2023 (29.2% for Q1 of 2022).
Consolidated EBITDA for Q1 of 2023 increased by 19.2% and amounted
to 4 761 thousand EUR, which is 33.7% in margin terms (3 993
thousand EUR and 36.2% for Q1 of 2022).
Reported consolidated net profit attributable to
equity holders of the Parent company for Q1 of 2023 amounted
to 1 616 thousand EUR, compared to net loss of 266
thousand EUR for Q1 of 2022, net profit margin attributable to
equity holders of the Parent company for Q1 of 2023 was 13.2%
against net loss -1.7% for Q1 of 2022.
Financial position
As of 31 March 2023 consolidated assets amounted
to 65 068 thousand EUR representing increase by 1.7% as compared to
the position as of 31 December 2022.
Trade and other receivables increased by 595
thousand EUR as compared to 31 December 2022 and amounted
to 2 721 thousand EUR as
of 31 March 2023. Inventory balance decreased by 648 thousand EUR
and amounted to 21 616 thousand EUR as of
31 March 2023.
Equity attributable to equity holders of the
Parent company increased by 583 thousand EUR and amounted
to
45 369 thousand EUR as of 31 March 2023. Current liabilities
decreased by 347 thousand EUR during Q1 of 2023.
Investments
During Q1 of 2023 the Group’s investments into
property, plant and equipment totalled 314 thousand EUR, in
previous year same period 60 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 2023, the Group employed 1 643
employees, including 505 people in retail operations. The rest were
employed in production, wholesale, administration and support
operations. In 31.12.2022 there were 1 616 employees, including 499
people in retail operations.
Total salaries and related taxes during Q1 of
2023 amounted to 3 492 thousand EUR ( 2 546 thousand EUR in Q1 of
2022). The remuneration of key management of the Group, including
the key executives of all subsidiaries, totalled 156 thousand
EUR.
Consolidated Statement of Financial Position
in thousands of EUR |
Note |
31.03.2023 |
31.12.2022 |
|
|
Unaudited |
Audited |
ASSETS |
|
|
|
Current
assets |
|
|
|
Cash and cash
equivalents |
2 |
27 573 |
25 909 |
Trade and other
receivables |
3 |
1 672 |
1 044 |
Prepayments and
other tax
receivables |
3 |
956 |
971 |
Current loans
granted |
|
23 |
10 |
Other
assets |
3 |
93 |
111 |
Inventories |
4 |
21 616 |
22 264 |
Total
current assets |
|
51 933 |
50 309 |
|
|
|
|
Non-current
assets |
|
|
|
Non-current
receivables |
|
318 |
301 |
Investments in
associates |
|
80 |
82 |
Investments in
other shares |
|
243 |
259 |
Deferred tax
asset |
|
2 097 |
2 166 |
Intangible
assets |
|
589 |
585 |
Investment
property |
|
970 |
1 041 |
Property, plant
and equipment |
5 |
8 838 |
9 248 |
Total
non-current assets |
|
13 135 |
13 682 |
TOTAL
ASSETS |
|
65 068 |
63 991 |
|
|
|
|
LIABILITIES
AND EQUITY |
|
|
|
Current
liabilities |
|
|
|
Current lease
liabilities |
|
1 824 |
2 373 |
Trade and other
payables |
6 |
5 401 |
5 837 |
Tax
liabilities |
|
2 330 |
1 692 |
Total
current liabilities |
|
9 555 |
9 902 |
|
|
|
|
Non-current
liabilities |
|
|
|
Deferred tax
liability |
|
980 |
1 039 |
Non-current
lease liabilities |
|
4 420 |
4 041 |
Non-current
provisions |
|
38 |
41 |
Total
non-current liabilities |
|
5 438 |
5 121 |
Total
liabilities |
|
14 993 |
15 023 |
|
|
|
|
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 |
|
-20 442 |
-19 409 |
Retained
earnings |
|
55 938 |
54 322 |
Total equity
attributable to equity holders of the Parent company |
|
45 369 |
44 786 |
Non-controlling
interest |
|
4 706 |
4 182 |
Total
equity |
|
50 075 |
48 968 |
TOTAL EQUITY
AND LIABILITIES |
|
65 068 |
63 991 |
Consolidated Income Statement
in thousands of EUR |
Note |
1Q 2023 |
1Q 2022 |
|
|
Unaudited |
Unaudited |
Revenue from contracts with
customers |
9 |
14 141 |
11 036 |
Cost of goods
sold |
|
-6 017 |
-4 518 |
Gross
Profit |
|
8 124 |
6 518 |
|
|
|
|
Distribution
expenses |
|
-2 779 |
-2 251 |
Administrative
expenses |
|
-1 186 |
-952 |
Other
operating income |
|
57 |
90 |
Other
operating expenses |
|
-253 |
-184 |
Operating
profit |
|
3 963 |
3 221 |
|
|
|
|
Currency
exchange income/(expense) |
|
-1 099 |
-2 470 |
Other finance
income/(expenses) |
|
-156 |
-104 |
Net finance
income |
|
-1 255 |
-2 574 |
|
|
|
|
Profit (loss)
from associates using equity method |
|
4 |
-13 |
Profit
before tax |
|
2 712 |
634 |
|
|
|
|
Income tax
expense |
|
-845 |
-827 |
|
|
|
|
Profit for
the period |
|
1 867 |
-193 |
Attributable
to : |
|
|
|
Equity holders of the Parent company |
|
1 616 |
-266 |
Non-controlling interest |
|
251 |
73 |
|
|
|
|
Earnings per
share from profit attributable to equity holders of the Parent
company, both basic and diluted (EUR) |
8 |
0,04 |
-0,01 |
Consolidated Statement of Comprehensive Income
in thousands of EUR |
Note |
1Q 2023 |
1Q 2022 |
|
|
Unaudited |
Unaudited |
|
|
|
|
Profit for
the period |
|
1 867 |
-193 |
|
|
|
|
Other comprehensive income (loss)
that will be reclassified to profit or loss in subsequent
periods: |
|
|
|
Exchange
differences on translation of foreign operations |
|
-760 |
-1 295 |
Total other
comprehensive income for the period |
|
-760 |
-1 295 |
|
|
|
|
Total comprehensive income
(loss) for the period |
|
1 107 |
-1 488 |
Attributable
to : |
|
|
|
Equity holders of the Parent company |
|
583 |
-1 838 |
Non-controlling interest |
|
524 |
350 |
Consolidated Statement of Cash Flows
in thousands of EUR |
Note |
03m 2023 |
03m 2022 |
|
|
Unaudited |
Unaudited |
Cash flow from operating
activities |
|
|
|
Profit for the period |
|
1
867 |
-193 |
Adjustments for: |
|
|
|
Depreciation and amortization of
non-current assets |
|
798 |
772 |
Share of profit of equity
accounted investees |
|
-4 |
13 |
Gains/Losses on the sale of property, plant and equipment |
|
2 |
2 |
Net finance income / costs |
|
1
255 |
2
574 |
Provision for impairment losses
on trade receivables |
|
-1 |
0 |
Provision for inventories |
|
1 |
0 |
Income tax expense |
|
845 |
827 |
Change in inventories |
|
648 |
2
199 |
Change in trade and other
receivables |
|
-595 |
-772 |
Change in trade and other payables |
|
-282 |
-1
716 |
Income tax paid |
|
-401 |
-563 |
Net cash flow from operating
activities |
|
4
133 |
3
143 |
|
|
|
|
Cash flow from investing
activities |
|
|
|
Interest received |
|
23 |
3 |
Dividends received |
|
11 |
1 |
Proceeds from disposal of property,
plant and equipment |
|
2 |
6 |
Loans granted |
|
-13 |
-7 |
Acquisition of property, plant and
equipment |
|
-314 |
-60 |
Acquisition of intangible assets |
|
-53 |
-14 |
Net cash flow from investing
activities |
|
-344 |
-71 |
|
|
|
|
Cash flow from financing
activities |
|
|
|
Payment of principal portion of lease
liabilities |
|
-518 |
-509 |
Interest paid on lease liabilities |
|
-190 |
-108 |
Dividends paid |
|
0 |
0 |
Net cash flow from financing
activities |
|
-708 |
-617 |
|
|
|
|
Net increase in cash and cash
equivalents |
|
3
081 |
2
455 |
Cash and cash equivalents at the
beginning of period |
|
25
909 |
17
098 |
Effect of translation to presentation
currency |
|
-1
629 |
-2
428 |
Effect of exchange rate fluctuations on
cash held |
|
212 |
99 |
Cash and cash equivalents at the end
of period |
|
27
573 |
17
224 |
AS Silvano Fashion Group Phone: +372 6845 000 Email:
info@silvanofashon.com
- SFG consolidated interim report for Q1 of 2023 unaudited
Silvano Fashion Group As (LSE:0FZD)
Historical Stock Chart
From Nov 2024 to Dec 2024
Silvano Fashion Group As (LSE:0FZD)
Historical Stock Chart
From Dec 2023 to Dec 2024