Silvano Fashion Group Consolidated Interim Financial Report

0

Selected financial indicators

The summary of the Group’s selected financial indicators for 6 months 2021 compared to 6 months 2020 and 06/30/2021 compared to 12/31/2020 is as follows:

in thousands of euros 06min 2021 06min 2020 Change
Income 23 225 17,731 31.0%
Gross profit 13 661 10,575 29.2%
Operating result 7 941 3 983 99.4%
EBITDA 9,533 5,931 60.7%
Net income for the period 6,696 870 669.7%
Net income share of shareholders of the Parent Company 6,031 745 709.5%
Earnings per share (EUR) 0.17 0.02 750.0%
Operating cash flow for the period 8 055 2,742 193.8%
in thousands of euros 06/30/2021 31.12.2020 Change
Total assets 49,446 42,256 17.0%
Total current assets 36,381 29,597 22.9%
Total equity attributable to shareholders of the Parent Company 30,497 24,504 24.5%
Cash and cash equivalents 14,022 8 980 56.1%
Margin analysis,% 06min 2021 06min 2020 Change
Gross profit 58.8 59.6 -1.3%
Operating result 34.2 22.5 52.0%
EBITDA 41.0 33.4 22.8%
Net profit 28.8 4.9 487.8%
Net income attributable to shareholders of the Parent Company 26.0 4.2 519.0%
Financial ratios,% 06/30/2021 31.12.2020 Change
ROA 23.7 3.2 640.6%
DEER 40.2 5.6 617.9%
Price / earnings ratio (P / E) 5.5 41.7 -86.8%
Current ratio 4.0 3.4 17.6%
Quick report 1.8 1.3 38.5%

Financial performance

Group sales amounted to 23,225 thousand euros over the 6 months of 2021, an increase of 31.0% compared to the same period of the previous year. Overall, wholesale trade increased by 40.1%, measured in EUR.

The gross margin of the Group over the 6 months of 2021 amounted to 13,661 thousand euros and increased by 29.2% compared to the previous year. The gross margin in the 6 months of 2021 decreased to 58.8%, compared to 59.6% in the respective period of the previous year. The cost of goods sold increased 33.7%.

Consolidated operating income for the six months of 2021 amounted to € 7,941 thousand, compared to € 3,983 thousand for the six months of 2020, up 99.4%. The consolidated operating margin stands at 34.2% over 6 months 2021 (22.5% over 6 months 2020). Consolidated EBITDA for the 6 months of 2021 increased by 60.7% and amounted to 9,533 thousand euros, or 41.0% in terms of margin (5,931 thousand euros and 33.4% for the 6 months of 2020).

The consolidated net profit attributable to the shareholders of the parent company published for the 6 months of 2021 amounts to 6,031 thousand euros, against a net profit of 745 thousand euros during the 6 months of 2020, the profit margin Net attributable to shareholders of the parent company for 6 months of 2021 was 26.0% compared to 4.2% in 6 months of 2020.

Financial situation

As of June 30, 2021, consolidated assets amounted to 49,446 thousand euros, an increase of 17.0% compared to the situation as of December 31, 2020.

Trade and other receivables increased by 273 thousand EUR compared to 31 December 2020 and amount to 2,361 thousand EUR as of 30 June 2021. The inventory balance increased by 1,469 thousand EUR and amounts to EUR 19,996 thousand as of June 30, 2021.

Equity attributable to shareholders of the parent company increased by € 5,993 thousand and amounted to € 30,497 thousand as of June 30, 2021. Current liabilities increased by € 255 thousand over the 6 month 2021.

Investments

During the 6 months of 2021, the Group’s investments in tangible fixed assets amounted to 120,000 EUR, compared to 133,000 EUR for the same period of the previous year. Investments were made primarily in the opening and renovation of clean stores, as well as in equipment and facilities to maintain efficient production for future periods.

Staff

As of June 30, 2021, the Group employed 1,696 people, including 518 people in retail. The rest were employed in production, wholesale, administration and support operations. As of 12.31.2020, there were 1,744 employees, including 500 people in retail operations.

The total of salaries and related taxes during the 6 months of 2021 amounted to 4,745 thousand euros (5,008 thousand euros during the 6 months of 2020). The remuneration of the main executives of the Group, including the principal executives of all the subsidiaries, amounts to 293 thousand euros.

Consolidated statement of financial position

in thousands of euros To note 06/30/2021 31.12.2020
Unaudited Checked
ASSETS
Current assets
Cash and cash equivalents 2 14,022 8 980
Outstanding loans granted 2 2
Customers and other debtors 3 2,361 2,088
Inventories 4 19,996 18,527
Total current assets 36,381 29,597
Non-current assets
Long-term receivables 268 249
Investments in associated companies 59 57
Investments in other actions 250 238
Deferred tax asset 1,091 1,032
Intangible assets 462 374
Investment property 1,053 1,018
Tangible fixed assets 5 9 882 9,691
Total non-current assets 13,065 12 659
TOTAL ASSETS 49,446 42,256
LIABILITIES AND EQUITY
Current liabilities
Short-term loans 0 400
Short-term rental debts 1,283 2 121
Suppliers and other creditors 6 5 815 5,583
Government grants 56 0
Tax debts 1,880 675
Total current liabilities 9,034 8,779
Non-current liabilities
Deferred tax liability 584 500
Long term loans 0 400
Long-term rental obligations 5,707 4,707
Long-term arrangements 55 52
Total non-current liabilities 6,346 5 659
Total responsibilities 15,380 14,438
Equity
Share the capital 7 3,600 3,600
Sharing bonus 4,967 4,967
Statutory reserve capital 1,306 1,306
Revaluation reserve 0 355
Unrealized exchange differences -18,547 -18,864
Retained earnings 39,171 33 140
Total equity attributable to shareholders of the Parent Company 30,497 24,504
Non-controlling interest 3569 3 314
Total equity 34,066 27 818
EQUITY AND TOTAL LIABILITIES 49,446 42,256

Consolidated income statement

in thousands of euros To note 2Q 2021 2Q 2020 06min 2021 06min 2020
Unaudited Unaudited Unaudited Unaudited
Revenue from contracts with customers 9 12,960 6 185 23 225 17,731
Cost of goods sold -5 541 -2 756 -9,564 -7 156
Gross profit 7,419 3429 13 661 10,575
Broadcast costs -2,094 -1 713 -4 204 -4,447
Administrative expenses -903 -811 -1 788 -1 933
Other exploitation products 385 70 566 129
Other operating expenses -151 -144 -294 -341
Operating result 4,656 831 7 941 3 983
Foreign exchange income / (charges) 605 2,174 1,060 -2,556
Other financial income / (expense) -106 -109 -216 -234
Net financial income 499 2,065 844 -2 790
Profit (loss) of associates using the equity method 5 0 -1 0
Profit before tax 5 160 2,896 8 784 1,193
Income tax expense -1,028 -586 -2,088 -323
Profit for the period 4 132 2310 6,696 870
Attributable to:
Shareholders of the parent company 3,770 2 151 6,031 745
Non-controlling interest 362 159 665 125
Earnings per share of profit attributable to shareholders of the parent company, both basic and diluted (EUR) 8 0.10 0.06 0.17 0.02

Consolidated statement of comprehensive income

in thousands of euros To note 2Q 2021 2Q 2020 06min 2021 06min 2020
Unaudited Unaudited Unaudited Unaudited
Profit for the period 4 132 2310 6,696 870
Other comprehensive income items that will be reclassified to income in subsequent periods:
Exchange differences on the conversion of transactions abroad 40 166 269 -2,059
Total other comprehensive income for the period 40 166 269 -2,059
Total comprehensive income (loss) for the period 4,172 2,476 6 965 -1 189
Attributable to:
Shareholders of the parent company 3 829 2 331 5,993 -1 652
Non-controlling interest 343 145 972 463

Consolidated statement of cash flows

in thousands of euros 06min 2021 06min 2020
Unaudited Unaudited
Cash flow from operating activities
Profit for the period 6,696 870
Adjustments for:
Depreciation and amortization of non-current assets 1,592 1 948
Share of profit of associates 1 0
(Gains) / losses on sale of property, plant and equipment 0 3
Net financial income / expense -596 212
Provision for stocks 4 1
Receipt of government grants 450 0
Movements of provisions and public subsidies -394 0
Income tax expense 2,088 323
Inventory change -1,469 1,114
Change in trade and other receivables -289 219
Change in trade payables and other payables 639 -1 210
Interest paid -2 0
Income tax paid -665 -738
Net cash flow from operating activities 8 055 2,742
Cash flow from investing activities
Interest received 9 7
Proceeds from disposal of tangible fixed assets 18 28
Acquisition of tangible fixed assets -120 -133
Acquisition of intangible assets -82 -67
Net cash flow from investing activities -175 -165
Cash flow from financing activities
Acquisition of non-controlling interests 0 -26
Loan proceeds 0 200
Repayment of loans -800 0
Payment of principal of rental debts -1 135 -1,006
Interest paid on finance lease -224 -255
Dividends paid -717 -474
Net cash flow from financing activities -2 876 -1 561
Increase in cash and cash equivalents 5,004 1,016
Cash and cash equivalents at the start of the period 8 980 5,152
Effect of exchange rate fluctuations on cash held 38 184
Cash and cash equivalents at the end of the period 14,022 6,352

Jarek Sargava
AS Silvano Fashion Group
Member of the board
Telephone: +372 6845 000
Email: [email protected]

  • SFG half-year consolidated financial report for the 2nd and 6th quarters of 2021 unaudited


Source link

Leave A Reply

Your email address will not be published.