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
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