Silvano Fashion Group Consolidated Interim Financial Report for Q2 and 6 months of 2023 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for 6 months of 2023 compared to 6 months of 2022 and 30.06.2023 compared to 31.12.2022 were as follows:

       
in thousands of EUR 06m 2023 06m 2022 Change
Revenue 31 407 26 370 19.1%
Gross Profit 18 837 12 885 46.2%
Operating profit 10 681 5 685 87.9%
EBITDA 12 272 7 355 66.9%
Net profit for the period 5 422 9 827 -44.8%
Net profit attributable equity holders of the Parent company 4 772 9 346 -48.9%
Earnings per share (EUR) 0.13 0.26 -50.0%
Operating cash flow for the period 10 802 5 070 113.1%
       
in thousands of EUR 30.06.2023 31.12.2022 Change
Total assets 67 842 63 991 6.0%
Total current assets 55 309 50 309 9.9%
Total equity attributable to equity holders of the Parent company 47 398 44 786 5.8%
Cash and cash equivalents 31 041 25 909 19.8%
       
Margin analysis, % 06m 2023 06m 2022 Change
Gross profit 60.0 48.9 22.7%
Operating profit 34.0 21.6 57.4%
EBITDA 39.1 27.9 40.1%
Net profit 17.3 37.3 -53.6%
Net profit attributable to equity holders of the Parent company 15.2 35.4 -57.1%
       
Financial ratios, % 30.06.2023 31.12.2022 Change
ROA 10.8 19.0 -43.2%
ROE 15.6 28.1 -44.5%
Price to earnings ratio (P/E) 5.5 3.4 61.8%
Current ratio 5.8 5.1 13.7%
Quick ratio 3.6 2.8 28.6%

Financial performance

The Group`s sales amounted 31 407 thousand EUR during 6 months of 2023, representing a 19.1% increase as compared to the same period of previous year. Overall, retail increased by 20.6%, measured in EUR.

The Group’s gross profit during 6 months of 2023 amounted to 18 837 thousand EUR and increase by 46.2% compared to previous year. The gross margin during 6 months of 2023 increased by 22.7% compared to 6 months of 2022. The cost of sold goods decreased by 6.8%.

Consolidated operating profit for 6 months of 2023 amounted to 10 681 thousand EUR, compared to 5 685 thousand EUR for 6 months of 2022, increase by 87.9%. The consolidated operating profit margin was 34.0% for 6 months of 2023 (21.6% for 6 months of 2022). Consolidated EBITDA for 6 months of 2023 increased by 66.9% and amounted to 12 272 thousand EUR, which is 39.1% in margin terms (7 355 thousand EUR and 27.9% for 6 months of 2022).

Reported consolidated net profit attributable to equity holders of the Parent company for 6 months of 2023 amounted to   4 772 thousand EUR, compared to net profit of 9 346 thousand EUR for 6 months of 2022, net profit margin attributable to equity holders of the Parent company for 6 months of 2023 was 15.2% against net profit 35.4% for 6 months of 2022.

Financial position

As of 30 June 2023 consolidated assets amounted to 67 842 thousand EUR representing increase by 6.0% as compared to the position as of 31 December 2022.

Trade and other receivables increased by 1 195 thousand EUR as compared to 31 December 2022 and amounted to        3 321 thousand EUR as of 30 June 2023. Inventory balance decreased by 1 342 thousand EUR and amounted to     20 922 thousand EUR as of 30 June 2023.

Equity attributable to equity holders of the Parent company increased by 2 612 thousand EUR and amounted to             47 398 thousand EUR as of 30 June 2023. Current liabilities decreased by 288 thousand EUR during 6 months of 2023.

Investments

During 6 months of 2023 the Group’s investments into property, plant and equipment totalled 708 thousand EUR, in previous year same period 100 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 June 2023, the Group employed 1 663 employees, including 527 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 6 months of 2023 amounted to 6 902 thousand EUR ( 5 641 thousand EUR in 6 months of 2022). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 296 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR Note 30.06.2023 31.12.2022
    Unaudited Audited
ASSETS      
Current assets      
Cash and cash equivalents 2 31 041 25 909
Trade and other receivables 3 2 031 1 044
Prepayments and other tax receivables 3 1 184 971
Current loans granted   25 10
Other assets   106 111
Inventories 4 20 922 22 264
Total current assets   55 309 50 309
       
Non-current assets      
Non-current receivables   314 301
Investments in associates   78 82
Investments in other shares   228 259
Deferred tax asset   2 006 2 166
Intangible assets   575 585
Investment property   903 1 041
Property, plant and equipment 5 8 429 9 248
Total non-current assets   12 533 13 682
TOTAL ASSETS   67 842 63 991
       
LIABILITIES AND EQUITY      
Current liabilities      
Current lease liabilities   1 177 2 373
Trade and other payables 6 5 326 5 837
Tax liabilities   3 111 1 692
Total current liabilities   9 614 9 902
       
Non-current liabilities      
Deferred tax liability   921 1 039
Non-current lease liabilities   4 790 4 041
Non-current provisions   36 41
Total non-current liabilities   5 747 5 121
Total liabilities   15 361 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   -21 569 -19 409
Retained earnings   59 094 54 322
Total equity attributable to equity holders of the Parent company   47 398 44 786
Non-controlling interest   5 083 4 182
Total equity   52 481 48 968
TOTAL EQUITY AND LIABILITIES   67 842 63 991

Consolidated Income Statement

in thousands of EUR Note 2Q 2023 2Q 2022 06m 2023 06m 2022
    Unaudited Unaudited Unaudited Unaudited
Revenue from contracts with customers 9 17 266 15 334 31 407 26 370
Cost of goods sold   -6 553 -8 967 -12 570 -13 485
Gross Profit   10 713 6 367 18 837 12 885
           
Distribution expenses   -2 775 -2 776 -5 554 -5 027
Administrative expenses   -1 091 -1 090 -2 277 -2 042
Other operating income   59 129 116 219
Other operating expenses   -188 -166 -441 -350
Operating profit   6 718 2 464 10 681 5 685
           
Currency exchange income/(expense)   -1 492 8 455 -2 591 5 985
Other finance income/(expenses)   -29 -126 -185 -230
Net finance income   -1 521 8 329 -2 776 5 755
           
Profit (loss) from associates using equity method   8 2 12 -11
Profit before tax   5 205 10 795 7 917 11 429
           
Income tax expense   -1 650 -775 -2 495 -1 602
           
Profit for the period   3 555 10 020 5 422 9 827
Attributable to :          
   Equity holders of the Parent company   3 156 9 612 4 772 9 346
   Non-controlling interest   399 408 650 481
           
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) 8 0.09 0.27 0.13 0.26

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 2Q 2023 2Q 2022 06m 2023 06m 2022
    Unaudited Unaudited Unaudited Unaudited
           
Profit for the period   3 555 10 020 5 422 9 827
           
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods          
Exchange differences on translation of foreign operations -624 576 -1 384 -719
Total other comprehensive income for the period   -624 576 -1 384 -719
           
Total comprehensive income (loss) for the period   2 931 10 596 4 038 9 108
Attributable to :          
   Equity holders of the Parent company   2 029 10 294 2 612 8 456
   Non-controlling interest   902 302 1 426 652

Consolidated Statement of Cash Flows

in thousands of EUR Note 06m 2023 06m 2022
    Unaudited Unaudited
Cash flow from operating activities      
Profit for the period   5 422 9 827
Adjustments for:      
  Depreciation and amortization of non-current assets   1 591 1 670
  Share of profit of equity accounted investees   -12 11
  Gains/Losses on the sale of property, plant and equipment   -11 1
  Net finance income / costs   2 776 -2 000
  Provision for impairment losses on trade receivables   -1 0
  Provision for inventories   2 3
  Income tax expense   2 495 1 602
Change in inventories   1 342 -3 861
Change in trade and other receivables   -1 195 -897
Change in trade and other payables   -125 -347
Income tax paid   -1 482 -939
Net cash flow from operating activities   10 802 5 070
       
Cash flow from investing activities      
Interest received   172 12
Dividends received   11 3
Proceeds from disposal of property, plant and equipment   5 8
Loans granted   -15 -9
Acquisition of property, plant and equipment   -708 -100
Acquisition of intangible assets   -88 -42
Net cash flow from investing activities   -623 -128
       
Cash flow from financing activities      
Payment of principal portion of lease liabilities   -1 118 -1 137
Interest paid on lease liabilities   -367 -246
Dividends paid   -525 0
Net cash flow from financing activities   -2 010 -1 383
       
Net increase in cash and cash equivalents   8 169 3 559
Cash and cash equivalents at the beginning of period   25 909 17 098
Effect of translation to presentation currency   -3 452 0
Effect of exchange rate fluctuations on cash held   415 -166
Cash and cash equivalents at the end of period   31 041 20 491

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

Attachment

  • SFG consolidated interim report for Q2 and 6 months of 2023 unaudited
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