Silvano Fashion Group Consolidated Interim Financial Report For Q2 And 6 Months Of 2022 (Unaudited)

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Selected Financial Indicators

Summarized selected financial indicators of the Group for 6 months of 2022 compared to 6 months of 2021 and 30.06.2022 compared to 31.12.2021 were as follows:

in thousands of EUR	06m 2022	06m 2021	Change
Revenue	26 370	23 225	13.5%
Gross Profit	12 885	13 661	-5.7%
Operating profit	5 685	7 941	-28.4%
EBITDA	7 355	9 533	-22.9%
Net profit for the period	9 827	6 696	46.8%
Net profit attributable equity holders of the Parent company	9 346	6 031	55.0%
Earnings per share (EUR)	0,26	0,17	52.9%
Operating cash flow for the period	5 070	8 055	-37.1%

in thousands of EUR	30.06.2022	31.12.2021	Change
Total assets	63 778	53 753	18.7%
Total current assets	48 491	40 331	20.2%
Total equity attributable to equity holders of the Parent company	42 604	34 148	24.8%
Cash and cash equivalents	20 491	17 098	19.8%

Margin analysis, %	06m 2022	06m 2021	Change
Gross profit	48.9	58.8	-16.8%
Operating profit	21.6	34.2	-36.8%
EBITDA	27.9	41.0	-32.0%
Net profit	37.3	28.8	29.5%
Net profit attributable to equity holders of the Parent company	35.4	26.0	36.2%

Financial ratios, %	30.06.2022	31.12.2021	Change
ROA	22.4	17.9	25.1%
ROE	34.4	28.7	19.9%
Price to earnings ratio (P/E)	2.6	7.8	-66.7%
Current ratio	5.7	4.3	32.6%
Quick ratio	2.8	2.1	33.3%

Financial performance

The Group`s sales amounted to 26 370 thousand EUR during 6 months of 2022, representing a 13.5% increase as compared to the same period of previous year. Overall, retail increased by 21.3%, measured in EUR.

The Group's gross profit during 6 months of 2022 amounted to 12 885 thousand EUR and decrease by 5.7% compared to previous year. The gross margin during 6 months of 2022 decreased to 48.9%, from 58.8% in the respective period of previous year. The cost of sold goods increased by 41.0%.

Consolidated operating profit for 6 months of 2022 amounted to 5 685 thousand EUR, compared to 7 941 thousand EUR in 6 months of 2021, decrease by 28.4%. The consolidated operating profit margin was 21.6% for 6 months of 2022 (34.2% in 6 months of 2021). Consolidated EBITDA for 6 months of 2022 decreased by 22.9% and amounted to 7 355 thousand EUR, which is 27.9% in margin terms (9 533 thousand EUR and 41.0% for 6 months of 2021).

Reported consolidated net profit attributable to equity holders of the Parent company for 6 months of 2022 amounted to 9 346 thousand EUR, compared to net profit of 6 031 thousand EUR in 6 months of 2021, net profit margin attributable to equity holders of the Parent company for 6 months of 2022 was 35.4% against net profit 26.0% in 6 months of 2021.

Financial position

As of 30 June 2022 consolidated assets amounted to 63 778 thousand EUR representing increase by 18.7% as compared to the position as of 31 December 2021.

Trade and other receivables increased by 897 thousand EUR as compared to 31 December 2021 and amounted to 3 222 thousand EUR as of 30 June 2022. Inventory balance increased by 3 861 thousand EUR and amounted to 24 767 thousand EUR as of 30 June 2022.

Equity attributable to equity holders of the Parent company increased by 8 456 thousand EUR and amounted to 42 604 thousand EUR as of 30 June 2022. Current liabilities decreased by 839 thousand EUR during 6 months of 2022.

Investments

During 6 months of 2022 the Group's investments into property, plant and equipment totalled 100 thousand EUR, in previous year same period 120 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 June 2022, the Group employed 1 607 employees, including 503 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 6 months of 2022 amounted to 5 641 thousand EUR (4 745 thousand EUR in 6 months of 2021). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 319 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR	Note	30.06.2022	31.12.2021
		Unaudited	Audited
ASSETS
Current assets
Cash and cash equivalents	2	20 491	17 098
Current loans granted		11	2
Trade receivables and other assets	3	3 222	2 325
Inventories	4	24 767	20 906
Total current assets		48 491	40 331

Non-current assets
Non-current receivables		410	262
Investments in associates		101	80
Investments in other shares		283	262
Deferred tax asset		1 616	1 226
Intangible assets		599	535
Investment property		1 158	1 086
Property, plant and equipment	5	11 120	9 971
Total non-current assets		15 287	13 422
TOTAL ASSETS		63 778	53 753

LIABILITIES AND EQUITY
Current liabilities
Current lease liabilities		1 701	2 193
Trade and other payables	6	4 795	6 504
Tax liabilities		2 033	671
Total current liabilities		8 529	9 368

Non-current liabilities
Deferred tax liability		2 152	1 746
Non-current lease liabilities		6 073	4 727
Non-current provisions		55	51
Total non-current liabilities		8 280	6 524
Total liabilities		16 809	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		-19 141	-18 251
Retained earnings		51 872	42 526
Total equity attributable to equity holders of the Parent company		42 604	34 148
Non-controlling interest		4 365	3 713
Total equity		46 969	37 861
TOTAL EQUITY AND LIABILITIES		63 778	53 753

Consolidated Income Statement

in thousands of EUR	Note	2Q 2022	2Q 2021	06m 2022	06m 2021
		Unaudited	Unaudited	Unaudited	Unaudited

Revenue from contracts with customers	9	15 334	12 960	26 370	23 225
Cost of goods sold		-8 967	-5 541	-13 485	-9 564
Gross Profit		6 367	7 419	12 885	13 661

Distribution expenses		-2 776	-2 094	-5 027	-4 204
Administrative expenses		-1 090	-903	-2 042	-1 788
Other operating income		129	385	219	566
Other operating expenses		-166	-151	-350	-294
Operating profit		2 464	4 656	5 685	7 941

Currency exchange income/(expense)		8 455	605	5 985	1 060
Other finance income/(expenses)		-126	-106	-230	-216
Net finance income (loss)		8 329	499	5 755	844

Profit (loss) from associates using equity method	2	5	-11	-1
Profit (loss) before tax		10 795	5 160	11 429	8 784

Income tax expense		-775	-1 028	-1 602	-2 088

Profit (loss) for the period		10 020	4 132	9 827	6 696
Attributable to :
Equity holders of the Parent company		9 612	3 770	9 346	6 031
Non-controlling interest		408	362	481	665

Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR)	8	0,27	0,10	0,26	0,17

Consolidated Statement of Comprehensive Income

in thousands of EUR	Note	2Q 2022	2Q 2021	06m 2022	06m 2021
		Unaudited	Unaudited	Unaudited	Unaudited

Profit for the period		10 020	4 132	9 827	6 696

Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods :
Exchange differences on translation of foreign operations	576	40	-719	269
Total other comprehensive income(loss) for the period	576	40	-719	269

Total comprehensive income (loss) for the period		10 596	4 172	9 108	6 965
Attributable to :
Equity holders of the Parent company		10 294	3 829	8 456	5 993
Non-controlling interest		302	343	652	972

Consolidated Statement of Cash Flows

in thousands of EUR	Note	06m 2022	06m 2021
		Unaudited	Unaudited
Cash flow from operating activities
Profit for the period		9 827	6 696
Adjustments for:
Depreciation and amortization of non-current assets		1 670	1 592
Share of profit of equity accounted investees		11	1
Gains/Losses on the sale of property, plant and equipment		1	0
Net finance income / costs		-2 000	-596
Provision for inventories		3	4
Receipt of government grants		0	450
Movements in provisions and government grants		0	-394
Income tax expense		1 602	2 088
Change in inventories		-3 861	-1 469
Change in trade and other receivables		-897	-289
Change in trade and other payables		-347	639
Interest paid		0	-2
Income tax paid		-939	-665
Net cash flow from operating activities		5 070	8 055

Cash flow from investing activities
Interest received		12	9
Dividends received		3	0
Proceeds from disposal of property, plant and equipment		8	18
Loans granted		-9	0
Acquisition of property, plant and equipment		-100	-120
Acquisition of intangible assets		-42	-82
Net cash flow from investing activities		-128	-175

Cash flow from financing activities
Repayment of borrowings		0	-800
Payment of principal portion of lease liabilities		-1 137	-1 135
Interest paid on lease liabilities		-246	-224
Dividends paid		0	-717
Net cash flow from financing activities		-1 383	-2 876

Net increase in cash and cash equivalents		3 559	5 004
Cash and cash equivalents at the beginning of period		17 098	8 980
Effect of exchange rate fluctuations on cash held		-166	38
Cash and cash equivalents at the end of period		20 491	14 022

AS Silvano Fashion Group
Phone: +372 6845 000
Email:

Attachment

SFG consolidated interim report for Q2 and 6m of 2022 unaudited

Attachments SFG consolidated interim report for Q2 and 6m of 2022 unaudited...

MENAFN05082022004107003653ID1104650525

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