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12.05.2023 15:00:00

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

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