Selected financial indicators
The selected summarized financial indicators of the Group for the 6 months of 2022 compared to the 6 months of 2021 and 30.06.2022 compared to 31.12.2021 were as follows:
| in thousands of euros | 06 m 2022 | 06 m 2021 | CHANGING |
| Income | 26 370 | 23 225 | 13.5% |
| Gross profit | 12 885 | 13 661 | -5.7% |
| Operating profit | 5 685 | 7 941 | -28.4% |
| EBITDA | 7 355 | 9 533 | -22.9% |
| Net profit for the period | 9 827 | 6 696 | 46.8% |
| Net profit attributable to equity holders of the parent company | 9 346 | 6 031 | 55.0% |
| Earnings per share (EUR) | 0.26 | 0.17 | 52.9% |
| Operating cash flow for the period | 5 070 | 8 055 | -37.1% |
| in thousands of euros | 30.06.2022 | 31.12.2021 | CHANGING |
| Total assets | 63 778 | 53 753 | 18.7% |
| Total current assets | 48 491 | 40 331 | 20.2% |
| Total equity attributable to equity holders of the parent company | 42 604 | 34 148 | 24.8% |
| Cash and cash equivalents | 20 491 | 17 098 | 19.8% |
| Margin analysis, % | 06 m 2022 | 06 m 2021 | CHANGING |
| Gross profit | 48.9 | 58.8 | -16.8% |
| Operating profit | 21.6 | 34.2 | -36.8% |
| EBITDA | 27.9 | 41.0 | -32.0% |
| Net profit | 37.3 | 28.8 | 29.5% |
| Net profit attributable to equity holders of the parent company | 35.4 | 26.0 | 36.2% |
| financial reports, % | 30.06.2022 | 31.12.2021 | CHANGING |
| DURING | 22.4 | 17.9 | 25.1% |
| ROE | 34.4 | 28.7 | 19.9% |
| Price to earnings ratio (P/E) | 2.6 | 7.8 | -66.7% |
| Current report | 5.7 | 4.3 | 32.6% |
| Quick report | 2.8 | 2.1 | 33.3% |
Financial performance
The Group’s sales reached 26,370 thousand euros during the 6 months of 2022, representing an increase of 13.5% compared to the same period of the previous year. Overall, retail trade grew by 21.3%, measured in euros.
The gross profit of the Group during the 6 months of 2022 reached 12,885 thousand euros and decreased by 5.7% compared to the previous year. Gross margin during the 6 months of 2022 decreased to 48.9%, from 58.8% in the corresponding period last year. Cost of goods sold increased by 41.0%.
The consolidated operating profit for the 6 months of 2022 reached 5,685 thousand euros, compared to 7,941 thousand euros in the 6 months of 2021, decreasing by 28.4%. Consolidated operating profit margin was 21.6% for 6 months 2022 (34.2% in 6 months 2021). Consolidated EBITDA for the 6 months of 2022 decreased by 22.9% and reached 7,355 thousand euros, which is 27.9% in terms of margin (9,533 thousand euros and 41.0% for the 6 months of 2021).
The reported consolidated net profit attributable to the equity holders of the parent company for the 6 months of 2022 amounted to 9 346 thousand euros, compared to the net profit of 6 031 thousand euros in the 6 months of 2021, the net profit margin attributable to the holders of the capital of the parent company for the 6 months of 2022 was 35.4% against the net profit of 26.0% in the 6 months of 2021.
Financial position
On June 30, 2022, consolidated assets reached 63,778 thousand euros, which represents an increase of 18.7% compared to the position on December 31, 2021.
Trade and other receivables increased by 897 thousand euros compared to December 31, 2021 and reached 3,222 thousand euros on June 30, 2022. Inventory increased by 3,861 thousand euros and reached 24,767 thousand euros on June 30, 2022. .
The capital attributable to the equity holders of the parent company increased by 8 456 thousand euros and reached 42 604 thousand euros on June 30, 2022. Current liabilities decreased by 839 thousand euros during the 6 months of 2022.
investments
During the 6 months of 2022, the Group’s investments in properties, facilities and equipment reached 100 thousand euros, in the same period last year 120 thousand euros. Investments have been made mainly in the opening and renovation of own stores, as well as in equipment and facilities to maintain effective production for future periods.
pERSONNEL
On 30 June 2022, the Group employed 1,607 employees, including 503 people in retail operations. The rest were employed in manufacturing, wholesale, administration and support operations. On 31.12.2021 there were 1,602 employees, including 485 people in retail activities.
The total of salaries and related taxes during the 6 months of 2022 reached 5,641 thousand euros (4,745 thousand euros in the 6 months of 2021). The remuneration of the main management of the Group, including the main managers of all subsidiaries, amounted to 319 thousand euros.
Consolidated Statement of Financial Position
| in thousands of euros | note | 30.06.2022 | 31.12.2021 |
| Not audited | Audited | ||
| aSSETS | |||
| Current properties | |||
| Cash and cash equivalents | 2 | 20 491 | 17 098 |
| Current loans granted | 11 | 2 | |
| Trade receivables and other assets | 3 | 3 222 | 2 325 |
| inventory | 4 | 24 767 | 20 906 |
| Total current assets | 48 491 | 40 331 | |
| Long-term assets | |||
| Long-term receivables | 410 | 262 | |
| Investments in associates | 101 | 80 | |
| Investments in other shares | 283 | 262 | |
| Deferred tax asset | 1616 | 1 226 | |
| Intangible assets | 599 | 535 | |
| Investment property | 1 158 | 1 086 | |
| Property, plant and equipment | 5 | 11 120 | 9 971 |
| Total non-current assets | 15 287 | 13 422 | |
| TOTAL ASSETS | 63 778 | 53 753 | |
| OBLIGATIONS AND CAPACITY | |||
| Current liabilities | |||
| Current lease obligations | 1701 | 2 193 | |
| Trade and other payables | 6 | 4 795 | 6 504 |
| Tax obligations | 2 033 | 671 | |
| Total current liabilities | 8 529 | 9 368 | |
| Long-term liabilities | |||
| Deferred tax liability | 2 152 | 1746 | |
| Long-term lease obligations | 6 073 | 4 727 | |
| Out-of-date provisions | 55 | 51 | |
| Total long-term liabilities | 8 280 | 6 524 | |
| Total liabilities | 16 809 | 15 892 | |
| equity | |||
| Share capital | 7 | 3600 | 3600 |
| Share premium | 4 967 | 4 967 | |
| Legal reserve capital | 1 306 | 1 306 | |
| Unrealized exchange rate differences | -19 141 | -18 251 | |
| Retained earnings | 51 872 | 42 526 | |
| Total equity attributable to equity holders of the parent company | 42 604 | 34 148 | |
| Non-controlling interest | 4 365 | 3 713 | |
| Total capital | 46 969 | 37 861 | |
| TOTAL CAPITAL AND LIABILITIES | 63 778 | 53 753 |
Consolidated Statement of Income
| in thousands of euros | note | 2 TM 2022 | 2 TM 2021 | 06 m 2022 | 06 m 2021 |
| Not audited | Not audited | Not audited | Not audited | ||
| Revenue from contracts with customers | 9 | 15 334 | 12 960 | 26 370 | 23 225 |
| Cost of goods sold | -8 967 | -5 541 | -13 485 | -9 564 | |
| Gross profit | 6 367 | 7 419 | 12 885 | 13 661 | |
| Distribution costs | -2 776 | -2 094 | -5 027 | -4 204 | |
| Administrative expenses | -1 090 | -903 | -2 042 | -1 788 | |
| Other operating income | 129 | 385 | 219 | 566 | |
| Other operating expenses | -166 | -151 | -350 | -294 | |
| Operating profit | 2 464 | 4 656 | 5 685 | 7 941 | |
| Foreign exchange income/(expenses). | 8 455 | 605 | 5 985 | 1 060 | |
| Other financial income/(expenses). | -126 | -106 | -230 | -216 | |
| Net financial income (loss) | 8 329 | 499 | 5 755 | 844 | |
| Profit (loss) from partners using the equity method | 2 | 5 | -11 | -1 | |
| Profit (loss) before tax | 10 795 | 5 160 | 11 429 | 8 784 | |
| Income tax expense | -775 | -1 028 | -1 602 | -2 088 | |
| Profit (loss) for the period | 10 020 | 4 132 | 9 827 | 6 696 | |
| Attributed to: | |||||
| Equity holders of the parent company | 9 612 | 3 770 | 9 346 | 6 031 | |
| Non-controlling interest | 408 | 362 | 481 | 665 | |
| Earnings per share from profit attributable to equity holders of the parent company, both basic and diluted (EUR) | 8 | 0.27 | 0.10 | 0.26 | 0.17 |
Consolidated Statement of Comprehensive Income
| in thousands of euros | note | 2 TM 2022 | 2 TM 2021 | 06 m 2022 | 06 m 2021 |
| Not audited | Not audited | Not audited | Not audited | ||
| Profit for the period | 10 020 | 4 132 | 9 827 | 6 696 | |
| Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods: | |||||
| Exchange differences in the translation of foreign operations | 576 | 40 | -719 | 269 | |
| Total other comprehensive income (loss) for the period | 576 | 40 | -719 | 269 | |
| Total general revenue (loss) for the period | 10 596 | 4 172 | 9 108 | 6 965 | |
| Attributed to: | |||||
| Equity holders of the parent company | 10 294 | 3 829 | 8 456 | 5 993 | |
| Non-controlling interest | 302 | 343 | 652 | 972 | |
Consolidated Statement of Cash Flows
| in thousands of euros | note | 06 m 2022 | 06 m 2021 |
| Not audited | Not audited | ||
| Cash flow from operating activities | |||
| Profit for the period | 9 827 | 6 696 | |
| Adjustments for: | |||
| Depreciation and amortization of fixed assets | 1670 | 1 592 | |
| The portion of the investee’s profit accounted for in equity | 11 | 1 | |
| Gains/Loss from the sale of property, plant and equipment | 1 | 0 | |
| Net financial income/costs | -2000 | -596 | |
| Provision for inventories | 3 | 4 | |
| Receiving government grants | 0 | 450 | |
| Movements in provisions and government grants | 0 | -394 | |
| Income tax expense | 1602 | 2 088 | |
| Change in inventories | -3 861 | -1 469 | |
| Change in trade and other receivables | -897 | -289 | |
| Change in trade and other payables | -347 | 639 | |
| Interest paid | 0 | -2 | |
| Income tax paid | -939 | -665 | |
| Net cash flow from operating activities | 5 070 | 8 055 | |
| Cash flow from investing activities | |||
| Interest received | 12 | 9 | |
| Dividends received | 3 | 0 | |
| Income from the disposal of tangible long-term assets | 8 | 18 | |
| Loans granted | -9 | 0 | |
| Purchase of property, facilities and equipment | -100 | -120 | |
| Purchase of intangible assets | -42 | -82 | |
| Net cash flow from investing activities | -128 | -175 | |
| Cash flow from financial activities | |||
| Repayment of loans | 0 | -800 | |
| Payment of the principal part of the lease obligations | -1 137 | -1 135 | |
| Interest paid on lease obligations | -246 | -224 | |
| Dividends paid | 0 | -717 | |
| Net cash flow from financing activities | -1 383 | -2 876 | |
| Net increase in cash and cash equivalents | 3 559 | 5 004 | |
| Cash and cash equivalents at the beginning of the period | 17 098 | 8 980 | |
| Effect of exchange rate fluctuations on cash held | -166 | 38 | |
| Cash and cash equivalents at the end of the period | 20 491 | 14 022 |
AS Silvano Fashion Group
Phone: +372 6845 000
Email: info@silvanofashon.com
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SFG Consolidated Interim Report for the Second Quarter and 6M of 2022 Unaudited
