Silvano Fashion Group Consolidated Interim Financial Report

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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]

  • SFG consolidated interim report for the 1st quarter of 2022 unaudited

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