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Selected Financial Indicators
Summarized selected financial indicators of the Group for 9 months of 2022 compared to 9 months of 2021 and 30.09.2022 compared to 31.12.2021 were as follows:
in thousands of EUR | 09m 2022 | 09m 2021 | Change |
Revenue | 43 974 | 36 891 | 19.2% |
Gross Profit | 22 066 | 21 095 | 4.6% |
Operating profit | 10 611 | 12 325 | -13.9% |
EBITDA | 13 180 | 14 744 | -10.6% |
Net profit for the period | 12 516 | 10 518 | 19.0% |
Net profit attributable equity holders of the Parent company | 11 835 | 9 562 | 23.8% |
Earnings per share (EUR) | 0,33 | 0,27 | 22.2% |
Operating cash flow for the period | 12 493 | 12 910 | -3.2% |
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in thousands of EUR | 30.09.2022 | 31.12.2021 | Change |
Total assets | 69 731 | 53 753 | 29.7% |
Total current assets | 52 795 | 40 331 | 30.9% |
Total equity attributable to equity holders of the Parent company | 48 093 | 34 148 | 40.8% |
Cash and cash equivalents | 26 263 | 17 098 | 53.6% |
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Margin analysis, % | 09m 2022 | 09m 2021 | Change |
Gross profit | 50.2 | 57.2 | -12.2% |
Operating profit | 24.1 | 33.4 | -27.8% |
EBITDA | 30.0 | 40.0 | -25.0% |
Net profit | 28.5 | 28.5 | 0.0% |
Net profit attributable to equity holders of the Parent company | 26.9 | 25.9 | 3.9% |
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Financial ratios, % | 30.09.2022 | 31.12.2021 | Change |
ROA | 19.0 | 17.9 | 6.1% |
ROE | 28.8 | 28.7 | 0.3% |
Price to earnings ratio (P/E) | 2.9 | 7.8 | -62.8% |
Current ratio | 6.4 | 4.3 | 48.8% |
Quick ratio | 3.5 | 2.1 | 66.7% |
Financial performance
The Group`s sales amounted to 43 974 thousand EUR during 9 months of 2022, representing a 19.2% increase as compared to the same period of previous year. Overall, retail increased by 32.3%, measured in EUR.
The Group’s gross profit during 9 months of 2022 amounted to 22 066 thousand EUR and increase by 4.6% compared to previous year. The gross margin during 9 months of 2022 decreased to 50.2%, from 57.2% in the respective period of previous year. The cost of sold goods increased by 38.7%.
Consolidated operating profit for 9 months of 2022 amounted to 10 611 thousand EUR, compared to 12 325 thousand EUR in 9 months of 2021, decrease by 13.9%. The consolidated operating profit margin was 24.1% for 9 months of 2022 (33.4% in 9 months of 2021). Consolidated EBITDA for 9 months of 2022 decreased by 10.6% and amounted to 13 180 thousand EUR, which is 30.0% in margin terms (14 744 thousand EUR and 40.0% for 9 months of 2021).
Reported consolidated net profit attributable to equity holders of the Parent company for 9 months of 2022 amounted to 11 835 thousand EUR, compared to net profit of 9 562 thousand EUR in 9 months of 2021, net profit margin attributable to equity holders of the Parent company for 9 months of 2022 was 26.9% against net profit 25.9% in 9 months of 2021.
Financial position
As of 30 September 2022 consolidated assets amounted to 69 731 thousand EUR representing increase by 29.7% as compared to the position as of 31 December 2021.
Trade and other receivables increased by 266 thousand EUR as compared to 31 December 2021 and amounted to 2 591 thousand EUR as of 30 September 2022. Inventory balance increased by 3 022 thousand EUR and amounted to 23 928 thousand EUR as of 30 September 2022.
Equity attributable to equity holders of the Parent company increased by 13 945 thousand EUR and amounted to 48 093 thousand EUR as of 30 September 2022. Current liabilities decreased by 1 148 thousand EUR during 9 months of 2022.
Investments
During 9 months of 2022 the Group’s investments into property, plant and equipment totalled 228 thousand EUR, in previous year same period 177 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 2022, the Group employed 1 601 employees, including 501 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 9 months of 2022 amounted to 8 938 thousand EUR (7 158 thousand EUR in 9 months of 2021). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 497 thousand EUR.
Consolidated Statement of Financial Position
in thousands of EUR | Note | 30.09.2022 | 31.12.2021 |
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| Unaudited | Audited |
ASSETS |
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Current assets |
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Cash and cash equivalents | 2 | 26 263 | 17 098 |
Current loans granted |
| 13 | 2 |
Trade and other receivables | 3 | 2 591 | 2 325 |
Inventories | 4 | 23 928 | 20 906 |
Total current assets |
| 52 795 | 40 331 |
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Non-current assets |
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Long-term receivables |
| 406 | 262 |
Investments in associates |
| 111 | 80 |
Investments in other shares |
| 315 | 262 |
Deferred tax asset |
| 1 575 | 1 226 |
Intangible assets |
| 683 | 535 |
Investment property |
| 1 276 | 1 086 |
Property, plant and equipment | 5 | 12 570 | 9 971 |
Total non-current assets |
| 16 936 | 13 422 |
TOTAL ASSETS |
| 69 731 | 53 753 |
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LIABILITIES AND EQUITY |
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Current liabilities |
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Short-term lease liabilities |
| 1 136 | 2 193 |
Trade and other payables | 6 | 4 343 | 6 504 |
Tax liabilities |
| 2 741 | 671 |
Total current liabilities |
| 8 220 | 9 368 |
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Non-current liabilities |
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Deferred tax liability |
| 2 259 | 1 746 |
Long-term lease liabilities |
| 7 309 | 4 727 |
Long-term provisions |
| 61 | 51 |
Total non-current liabilities |
| 9 629 | 6 524 |
Total liabilities |
| 17 849 | 15 892 |
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Equity | 7 |
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Share capital |
| 3 600 | 3 600 |
Share premium |
| 4 967 | 4 967 |
Statutory reserve capital |
| 1 306 | 1 306 |
Unrealised exchange rate differences |
| -16 141 | -18 251 |
Retained earnings |
| 54 361 | 42 526 |
Total equity attributable to equity holders of the Parent company |
| 48 093 | 34 148 |
Non-controlling interest |
| 3 789 | 3 713 |
Total equity |
| 51 882 | 37 861 |
TOTAL EQUITY AND LIABILITIES |
| 69 731 | 53 753 |
Consolidated Income Statement
in thousands of EUR | Note | 3Q 2022 | 3Q 2021 | 09m 2022 | 09m 2021 |
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| Unaudited | Unaudited | Unaudited | Unaudited |
Revenue from contracts with customers | 9 | 17 604 | 13 666 | 43 974 | 36 891 |
Cost of goods sold |
| -8 423 | -6 232 | -21 908 | -15 796 |
Gross Profit |
| 9 181 | 7 434 | 22 066 | 21 095 |
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Distribution expenses |
| -3 093 | -2 249 | -8 120 | -6 453 |
Administrative expenses |
| -1 094 | -875 | -3 136 | -2 663 |
Other operating income |
| 130 | 247 | 349 | 813 |
Other operating expenses |
| -198 | -173 | -548 | -467 |
Operating profit |
| 4 926 | 4 384 | 10 611 | 12 325 |
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Currency exchange income/(expense) |
| -949 | 347 | 5 036 | 1 407 |
Other finance income/(expense) |
| 127 | -100 | -103 | -316 |
Net finance income/(expense) |
| -822 | 247 | 4 933 | 1 091 |
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Profit (loss) from associates using equity method | 10 | 7 | -1 | 6 | |
Profit before tax |
| 4 114 | 4 638 | 15 543 | 13 422 |
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Income tax expense |
| -1 425 | -816 | -3 027 | -2 904 |
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Profit for the period |
| 2 689 | 3 822 | 12 516 | 10 518 |
Attributable to : |
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Equity holders of the Parent company |
| 2 489 | 3 531 | 11 835 | 9 562 |
Non-controlling interest |
| 200 | 291 | 681 | 956 |
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Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) | 8 | 0,07 | 0,10 | 0,33 | 0,27 |
Consolidated Statement of Comprehensive Income
in thousands of EUR | Note | 3Q 2022 | 3Q 2021 | 09m 2022 | 09m 2021 |
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| Unaudited | Unaudited | Unaudited | Unaudited |
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Profit for the period |
| 2 689 | 3 822 | 12 516 | 10 518 |
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Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods : |
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Exchange differences on translation of foreign operations | 2 894 | 439 | 2 175 | 708 | |
Total other comprehensive income for the period | 2 894 | 439 | 2 175 | 708 | |
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Total comprehensive income (loss) for the period |
| 5 583 | 4 261 | 14 691 | 11 226 |
Attributable to : |
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Equity holders of the Parent company |
| 5 489 | 4 004 | 13 945 | 9 997 |
Non-controlling interest |
| 94 | 257 | 746 | 1 229 |
Consolidated Statement of Cash Flows
in thousands of EUR | Note | 09m 2022 | 09m 2021 |
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| Unaudited | Unaudited |
Cash flow from operating activities |
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Profit for the period |
| 12 516 | 10 518 |
Adjustments for: |
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Depreciation and amortization of non-current assets |
| 2 569 | 2 419 |
Share of profit of equity accounted investees |
| 1 | -6 |
Gains/Losses on the sale of property, plant and equipment |
| 9 | 11 |
Net finance income / costs |
| -522 | -395 |
Provision for impairment losses on trade receivables |
| 0 | 1 |
Provision for inventories |
| 5 | 5 |
Receipt of government grants |
| 0 | 550 |
Movements in provisions and government grants |
| 0 | -550 |
Income tax expense |
| 3 027 | 2 904 |
Change in inventories |
| -3 022 | -1 231 |
Change in trade and other receivables |
| -266 | 32 |
Change in trade and other payables |
| -91 | 330 |
Interest paid |
| 0 | -2 |
Income tax paid |
| -1 733 | -1 676 |
Net cash flow from operating activities |
| 12 493 | 12 910 |
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Cash flow from investing activities |
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Interest received |
| 29 | 14 |
Dividends received |
| 3 | 0 |
Proceeds from disposal of property, plant and equipment |
| 31 | 60 |
Loans granted |
| -11 | 0 |
Acquisition of property, plant and equipment |
| -228 | -177 |
Acquisition of intangible assets |
| -74 | -121 |
Net cash flow from investing activities |
| -250 | -224 |
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Cash flow from financing activities |
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Repayment of borrowings |
| 0 | -800 |
Payment of principal portion of lease liabilities |
| -1 879 | -1 761 |
Interest paid on lease liabilities |
| -356 | -326 |
Dividends paid |
| -670 | -739 |
Net cash flow from financing activities |
| -2 905 | -3 626 |
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Net increase in cash and cash equivalents |
| 9 338 | 9 060 |
Cash and cash equivalents at the beginning of period |
| 17 098 | 8 980 |
Effect of exchange rate fluctuations on cash held |
| -173 | 57 |
Cash and cash equivalents at the end of period |
| 26 263 | 18 097 |
AS Silvano Fashion Group
Phone: +372 6845 000
Email: info@silvanofashion.com
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