Selected financial indicators
The Group’s condensed selected financial indicators for Q1 2022 vs. Q1 2021 and 03.31.2022 vs. 12.31.2021 are as follows:
| in thousands of euros | 03m 2022 | 03m 2021 | Switch |
| Revenue | 11,036 | 10,265 | 7.5% |
| Gross profit | 6,518 | 6,242 | 4.4% |
| Operating result | 3,221 | 3,285 | -1.9% |
| EBITDA | 3,993 | 4,080 | -2.1% |
| Net profit (loss) for the period | -193 | 2,564 | -107.5% |
| Net income attributable to shareholders of the parent company | -266 | 2,261 | -111.8% |
| Earnings per share (EUR) | -0.01 | 0.06 | -116.7% |
| Operating cash flow for the period | 3,143 | 3,589 | -12.4% |
| in thousands of euros | 31.03.2022 | 31.12.2021 | Switch |
| Total assets | 50,694 | 53,753 | -5.7% |
| Total current assets | 38,728 | 40,331 | -4.0% |
| Total equity attributable to shareholders of the parent company | 32,310 | 34 148 | -5.4% |
| Cash and cash equivalents | 17,224 | 17,098 | 0.7% |
| Margin analysis, % | 03m 2022 | 03m 2021 | Switch |
| Gross profit | 59.1 | 60.8 | -2.8% |
| Operating result | 29.2 | 32.0 | -8.8% |
| EBITDA | 36.2 | 39.7 | -8.8% |
| Net profit (loss) | -1.7 | 25.0 | -106.8% |
| Net income attributable to shareholders of the parent company | -2.4 | 22.0 | -110.9% |
| Financial ratios, % | 31.03.2022 | 31.12.2021 | Switch |
| ROA | 12.6 | 17.9 | -29.6% |
| DEER | 19.8 | 28.7 | -31.0% |
| Price/earnings ratio (P/E) | 5.3 | 7.8 | -32.1% |
| Current ratio | 5.0 | 4.3 | 16.3% |
| Quick report | 2.6 | 2.1 | 23.8% |
Financial performance
Group sales amounted to €11,036 thousand during the first quarter of 2022, which represents an increase of 7.5% compared to the same period of the previous year. Overall, retail trade grew by 7.8%, measured in EUR.
The Group’s gross margin during the first quarter of 2022 amounted to 6,518 thousand euros and increased by 4.4% compared to the previous year. Gross margin in the first quarter of 2022 decreased to 59.1% from 60.8% in the respective prior year period. The cost of goods sold increased by 12.3%.
Consolidated operating income for Q1 2022 amounted to EUR 3,221 thousand, compared to EUR 3,285 thousand for Q1 2021, down 1.9%. The consolidated operating profit margin was 29.2% for the first quarter of 2022 (32.0 in the first quarter of 2021). Consolidated EBITDA for Q1 2022 decreased by 2.1% and amounts to EUR 3,993 thousand, or 36.2% in terms of margin (EUR 4,080 thousand and 39.7% for Q1 2021).
The reported consolidated net loss attributable to shareholders of the parent company for the first quarter of 2022 amounted to -266 thousand euros, compared to a net profit of 2,261 thousand euros in the first quarter of 2021, the margin of net loss attributable to parent shareholders for the first quarter of 2022 was -2.4% compared to net profit of 22.0% in the first quarter of 2021.
Financial situation
As of March 31, 2022, consolidated assets amounted to EUR 50,694 thousand, a decrease of 5.7% compared to the situation as of December 31, 2021.
Trade and other receivables increased by EUR 463 thousand compared to December 31, 2021 and amounted to EUR 2,788 thousand as at March 31, 2022. The inventory balance decreased by EUR 2,199 thousand and s amounted to EUR 18,707 thousand as of March 31, 2022.
Equity attributable to shareholders of the parent company decreased by EUR 1,838 thousand and amounted to EUR 32,310 thousand as at March 31, 2022. Current liabilities decreased by EUR 1,594 thousand during the first quarter of 2022.
Investments
During the first quarter of 2022, the Group’s investments in property, plant and equipment amounted to EUR 60,000, compared to EUR 78,000 the previous year at the same period. Investments were made mainly in the opening and renovation of own stores, as well as in equipment and facilities to maintain efficient production for future periods.
Staff
As of March 31, 2022, the Group employed 1,586 people, including 484 people in retail. The rest were employed in production, wholesale, administration and support operations. As of 31.12.2021, there were 1,602 employees, of which 485 people in retail activities.
Total salaries and related taxes during the first quarter of 2022 amounted to 2,546 thousand euros (2,359 thousand euros in the first quarter of 2021). The remuneration of the main managers of the Group, including the main managers of all the subsidiaries, amounts to 144 thousand EUR.
Consolidated statement of financial position
| in thousands of euros | To note | 31.03.2022 | 31.12.2021 |
| Unaudited | Checked | ||
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 2 | 17,224 | 17,098 |
| Outstanding loans granted | 9 | 2 | |
| Trade receivables and other assets | 3 | 2,788 | 2,325 |
| Inventories | 4 | 18,707 | 20,906 |
| Total current assets | 38,728 | 40,331 | |
| Non-current assets | |||
| Non-current receivables | 237 | 262 | |
| Investments in associates | 56 | 80 | |
| Investments in other stocks | 228 | 262 | |
| Deferred tax asset | 1,348 | 1,226 | |
| Intangible assets | 470 | 535 | |
| Investment property | 939 | 1,086 | |
| Fixed assets | 5 | 8,688 | 9,971 |
| Total non-current assets | 11,966 | 13,422 | |
| TOTAL ASSETS | 50,694 | 53,753 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Current rental debts | 1,682 | 2,193 | |
| Suppliers and other creditors | 6 | 4,788 | 6,504 |
| Tax debts | 1,304 | 671 | |
| Total current liabilities | 7,774 | 9,368 | |
| Non-current liabilities | |||
| Deferred tax liability | 1,534 | 1,746 | |
| Non-current rental debts | 4,969 | 4,727 | |
| Non-current provisions | 44 | 51 | |
| Total non-current liabilities | 6,547 | 6,524 | |
| Total responsibilities | 14,321 | 15,892 | |
| Equity | |||
| Share the capital | 7 | 3,600 | 3,600 |
| Premium | 4,967 | 4,967 | |
| Legal reserve capital | 1,306 | 1,306 | |
| Unrealized exchange differences | -19,823 | -18,251 | |
| Retained earnings | 42,260 | 42,526 | |
| Total equity attributable to shareholders of the parent company | 32,310 | 34 148 | |
| Non-controlling interest | 4,063 | 3,713 | |
| Total equity | 36,373 | 37,861 | |
| TOTAL EQUITY AND LIABILITIES | 50,694 | 53,753 |
Consolidated income statement
| in thousands of euros | To note | Q1 2022 | 1Q 2021 |
| Unaudited | Unaudited | ||
| Income from contracts with customers | 9 | 11,036 | 10,265 |
| Cost of Goods Sold | -4,518 | -4,023 | |
| Gross profit | 6,518 | 6,242 | |
| Broadcast fees | -2,251 | -2,110 | |
| Administrative expenses | -952 | -885 | |
| Other exploitation products | 90 | 181 | |
| Other operating expenses | -184 | -143 | |
| Operating result | 3,221 | 3,285 | |
| Exchange income/(expenses) | -2,470 | 455 | |
| Other financial income/(expenses) | -104 | -110 | |
| Net financial income (loss) | -2,574 | 345 | |
| Profit (loss) of associates using the equity method | -13 | -6 | |
| Profit before tax | 634 | 3,624 | |
| income tax expense | -827 | -1,060 | |
| Profit (loss) for the period | -193 | 2,564 | |
| Attributable to: | |||
| Parent company shareholders | -266 | 2,261 | |
| Non-controlling interest | 73 | 303 | |
| Earnings per share from profit attributable to equity holders of the parent, basic and diluted (EUR) | 8 | -0.01 | 0.06 |
Consolidated statement of comprehensive income
| in thousands of euros | To note | Q1 2022 | 1Q 2021 |
| Unaudited | Unaudited | ||
| Profit (loss) for the period | -193 | 2,564 | |
| Other comprehensive income items that will be reclassified to profit or loss in subsequent periods: | |||
| Exchange differences on translation of foreign operations | -1,295 | 229 | |
| Total other comprehensive income for the period | -1,295 | 229 | |
| Total comprehensive income (loss) for the period | -1,488 | 2,793 | |
| Attributable to: | |||
| Parent company shareholders | -1,838 | 2,164 | |
| Non-controlling interest | 350 | 629 | |
Consolidated statement of cash flows
| in thousands of euros | To note | 03m 2022 | 03m 2021 |
| Unaudited | Unaudited | ||
| Cash flow from operating activities | |||
| Profit (loss) for the period | -193 | 2,564 | |
| Adjustments for: | |||
| Depreciation and impairment of non-current assets | 772 | 795 | |
| Share of profit of companies accounted for using the equity method | 13 | 6 | |
| Gains/losses on sale of property, plant and equipment | 2 | 0 | |
| Net financial income/expenses | 2,574 | -604 | |
| Provision for inventory | 0 | 3 | |
| Obtaining government grants | 0 | 150 | |
| Movements in provisions and public subsidies | 0 | -98 | |
| income tax expense | 827 | 1,060 | |
| Change in inventory | 2,199 | -1,124 | |
| Change in trade and other debtors | -772 | -208 | |
| Change in trade and other payables | -1,716 | 1,192 | |
| Interest paid | 0 | -2 | |
| Income tax paid | -563 | -145 | |
| Net cash flow from operating activities | 3,143 | 3,589 | |
| Cash flow from investing activities | |||
| Interest received | 3 | 4 | |
| Dividends received | 1 | 0 | |
| Proceeds from sale of property, plant and equipment | 6 | 0 | |
| Loans granted | -7 | 0 | |
| Acquisition of property, plant and equipment | -60 | -78 | |
| Acquisition of intangible assets | -14 | -48 | |
| Net cash flow from investing activities | -71 | -122 | |
| Cash flow from financing activities | |||
| Repayment of loans | 0 | -800 | |
| Payment of the main part of the lease obligations | -509 | -530 | |
| Interest paid on rental debts | -108 | -114 | |
| Net cash flow from financing activities | -617 | -1,444 | |
| Net increase in cash and cash equivalents | 2,455 | 2,023 | |
| Cash and cash equivalents at the beginning of the period | 7 | 17,098 | 8,980 |
| Effect of conversion into presentation currency | -2,428 | 0 | |
| Effect of exchange rate fluctuations on cash held | 7 | 99 | 21 |
| Cash and cash equivalents at the end of the period | 17,224 | 11,024 |
AS Silvano Fashion Group
Telephone: +372 6845 000
Email: [email protected]
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SFG consolidated interim report for the 1st quarter of 2022 unaudited
