Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12 months of 2022 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for 12 months of 2022 compared to 12 months of 2021 and 31.12.2022 compared to 31.12.2021 were as follows:

in thousands of EUR 12m 2022 12m 2021 Change
Revenue 57 667 46 686 23.5%
Gross Profit 30 884 25 410 21.5%
Operating profit 14 665 13 005 12.8%
EBITDA 18 283 16 242 12.6%
Net profit for the period 12 544 9 924 26.4%
Net profit attributable equity holders of the Parent company 11 796 9 031 30.6%
Earnings per share (EUR) 0,33 0,25 32.0%
Operating cash flow for the period 14 062 12 996 8.2%
       
in thousands of EUR 31.12.2022 31.12.2021 Change
Total assets 63 991 53 753 19.0%
Total current assets 50 309 40 331 24.7%
Total equity attributable to equity holders of the Parent company 44 786 34 148 31.2%
Cash and cash equivalents 25 909 17 098 51.5%
       
Margin analysis, % 12m 2022 12m 2021 Change
Gross profit 53,6 54,4 -1.5%
Operating profit 25,4 27,9 -9.0%
EBITDA 31,7 34,8 -8.9%
Net profit 21,8 21,3 2.3%
Net profit attributable to equity holders of the Parent company 20,5 19,3 6.2%
       
Financial ratios, % 31.12.2022 31.12.2021 Change
ROA 19,0 17,9 6.1%
ROE 28,1 28,7 -2.1%
Price to earnings ratio (P/E) 3,4 7,8 -56.4%
Current ratio 5,1 4,3 18.6%
Quick ratio 2,8 2,1 33.3%

Financial performance

The Group`s sales amounted to 57 667 thousand EUR during 12 months of 2022, representing a 23.5% increase as compared to the same period of previous year. Overall, retail increased by 35.2%, measured in EUR.

The Group’s gross profit during 12 months of 2022 amounted to 30 884 thousand EUR and increase by 21.5% compared to previous year. The gross margin during 12 months of 2022 decreased to 53.6%, from 54.4% in the respective period of previous year. The cost of sold goods increased by 25.9%.

Consolidated operating profit for 12 months of 2022 amounted to 14 665 thousand EUR, compared to 13 005 thousand EUR for 12 months of 2021, increase by 12.8%. The consolidated operating profit margin was 25.4% for 12 months of 2022 (27.9% for 12 months of 2021). Consolidated EBITDA for 12 months of 2022 increased by 12.6% and amounted to 18 283 thousand EUR, which is 31.7% in margin terms (16 242 thousand EUR and 34.8% for 12 months of 2021).

Reported consolidated net profit attributable to equity holders of the Parent company for 12 months of 2022 amounted to 11 796 thousand EUR, compared to net profit of 9 031 thousand EUR for 12 months of 2021, net profit margin attributable to equity holders of the Parent company for 12 months of 2022 was 20.5% against net profit 19.3% for 12 months of 2021.

Financial position

As of 31 December 2022 consolidated assets amounted to 63 991 thousand EUR representing increase by 19.0% as compared to the position as of 31 December 2021.

Trade and other receivables decreased by 199 thousand EUR as compared to 31 December 2021 and amounted to        2 126 thousand EUR as of 31 December 2022. Inventory balance increased by 1 358 thousand EUR and amounted to 22 264 thousand EUR as of 31 December 2022.

Equity attributable to equity holders of the Parent company increased by 10 638 thousand EUR and amounted to            44 786 thousand EUR as of 31 December 2022. Current liabilities increased by 534 thousand EUR during 12 months of 2022.

Investments

During 12 months of 2022 the Group’s investments into property, plant and equipment totalled 445 thousand EUR, in previous year same period 312 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 December 2022, the Group employed 1 616 employees, including 499 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 12 months of 2022 amounted to 12 759 thousand EUR (9 388 thousand EUR in 12 months of 2021). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 677 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR Note 31.12.2022 31.12.2021
    Unaudited Audited
ASSETS      
Current assets      
Cash and cash equivalents 2 25 909 17 098
Current loans granted   10 2
Trade and other receivables 3 2 126 2 325
Inventories 4 22 264 20 906
Total current assets   50 309 40 331
       
Non-current assets      
Long-term receivables   301 262
Investments in associates   82 80
Investments in other shares   259 262
Deferred tax asset   2 166 1 226
Intangible assets   585 535
Investment property   1 041 1 086
Property, plant and equipment 5 9 248 9 971
Total non-current assets   13 682 13 422
TOTAL ASSETS   63 991 53 753
       
LIABILITIES AND EQUITY      
Current liabilities      
Short-term lease liabilities   2 373 2 193
Trade and other payables   5 837 6 504
Tax liabilities   1 692 671
Total current liabilities   9 902 9 368
       
Non-current liabilities      
Deferred tax liability   1 039 1 746
Long-term lease liabilities   4 041 4 727
Long-term provisions   41 51
Total non-current liabilities   5 121 6 524
Total liabilities   15 023 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   -19 409 -18 251
Retained earnings   54 322 42 526
Total equity attributable to equity holders of the Parent company   44 786 34 148
Non-controlling interest   4 182 3 713
Total equity   48 968 37 861
TOTAL EQUITY AND LIABILITIES   63 991 53 753

Consolidated Income Statement

in thousands of EUR Note 4Q 2022 4Q 2021 12m 2022 12m 2021
    Unaudited Unaudited Unaudited Audited
Revenue from contracts with customers 9 13 693 9 795 57 667 46 686
Cost of goods sold   -4 875 -5 480 -26 783 -21 276
Gross Profit   8 818 4 315 30 884 25 410
           
Distribution expenses   -3 023 -2 120 -11 143 -8 573
Administrative expenses   -1 255 -892 -4 391 -3 555
Other operating income   176 -407 525 406
Other operating expenses   -662 -216 -1 210 -683
Operating profit   4 054 680 14 665 13 005
           
Currency exchange income/(expense)   -3 919 158 1 117 1 565
Other finance income/(expenses)   -350 -116 -453 -432
Net finance income   -4 269 42 664 1 133
           
Profit (loss) from associates using equity method 2 13 1 19
Profit before tax   -213 735 15 330 14 157
           
Income tax expense   241 -1 329 -2 786 -4 233
           
Profit for the period   28 -594 12 544 9 924
Attributable to :          
   Equity holders of the Parent company   -39 -531 11 796 9 031
   Non-controlling interest   67 -63 748 893
           
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) 8 0,00 -0,01 0,33 0,25

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 4Q 2022 4Q 2021 12m 2022 12m 2021
    Unaudited Unaudited Unaudited Audited
           
Profit for the period   28 -594 12 544 9 924
           
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods :          
Exchange differences on translation of foreign operations -3 052 161 -877 869
Total other comprehensive income for the period -3 052 161 -877 869
           
Total comprehensive income (loss) for the period   -3 024 -433 11 667 10 793
Attributable to :          
   Equity holders of the Parent company   -3 307 -353 10 638 9 644
   Non-controlling interest   283 -80 1 029 1 149

Consolidated Statement of Cash Flows

in thousands of EUR Note 12m 2022 12m 2021
    Unaudited Audited
Cash flow from operating activities      
Profit for the period   12 544 9 924
Adjustments for:      
  Depreciation and amortization of non-current assets   3 618 3 237
Impairment losses of non-current assets      
  Share of profit of equity accounted investees   -1 -19
  Gains/Losses on the sale of property, plant and equipment   8 24
  Net finance income / costs   -664 -1 133
  Provision for impairment losses on trade receivables   2 -1
  Provision for inventories   683 187
  Income tax expense   2 786 4 233
Change in inventories   -1 358 -1 979
Change in trade and other receivables   199 -237
Change in trade and other payables   -667 917
Interest paid   0 -2
Income tax paid   -3 088 -2 155
Net cash flow from operating activities   14 062 12 996
       
Cash flow from investing activities      
Interest received   38 19
Dividends received   3 0
Proceeds from disposal of property, plant and equipment   58 143
Loans granted   -8 0
Acquisition of property, plant and equipment   -445 -312
Acquisition of intangible assets   -113 -147
Net cash flow from investing activities   -467 -297
       
Cash flow from financing activities      
Repayment of borrowings   0 -800
Payment of principal portion of lease liabilities   -2 634 -2 402
Interest paid on lease liabilities   -546 -450
Dividends paid   -560 -750
Net cash flow from financing activities   -3 740 -4 402
       
Net increase in cash and cash equivalents   9 855 8 297
Cash and cash equivalents at the beginning of period   17 098 8 980
Effect of translation to presentation currency   -509 75
Effect of exchange rate fluctuations on cash held   -535 -254
Cash and cash equivalents at the end of period   25 909 17 098

AS Silvano Fashion Group Phone: +372 6845 000 Email: info@silvanofashion.com

Attachment

  • SFG consolidated interim report for Q4 and 12m for 2022 unaudited
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