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Selected financial indicators
The selected financial indicators of the group in 2022 compared to 6 months and 30.06.2022 compared to 31.12.2021 were as follows.
| Thousands of euros | 06 May 2022 | 06 May 2021 | Change |
| Income | 26 370 | 23 225 | 13.5% |
| Total profit | 12 885 | 13 661 | -5.7% |
| Operating profit | 5 685 | 7 941 | -28.4% |
| EBITDA | 7 355 AD | 9 533 | -22.9% |
| Net profit for the period | 9 827 | 6 696 AD | 46.8% |
| Net profit attributable to equity holders of the parent company | 9 346 | 6 031 | 55.0% |
| Revenue per unit (EUR) | 0, 26 | 0, 17 | 52.9% |
| Operating cash flow for the period | 5 070 | 8 055 | -37.1% |
| Thousands of euros | 30.06.2022 | 31.12.2021 | Change |
| Total assets | 63 778 | 53 753 | 18.7% |
| Total current assets | 48 491 | 40 331 | 20.2% |
| The total equity provided to the equity holders of the parent company | 42 604 of the year | 34 148 | 24.8% |
| Cash and cash | 20 491 | 17 098 | 19.8% |
| Margin Analysis, % | 06 May 2022 | 06 May 2021 | Change |
| Total 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 is based on the equity holders of the parent company | 35.4 | 26.0 | 36.2% |
| Financial Ratios, % | 30.06.2022 | 31.12.2021 | Change |
| Long | 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 ratio | 5.7 | 4.3 | 32.6% |
| Quick ratio | 2.8 | 2.1 | 33.3% |
Financial performance
In the year In 2022, the group’s sales reached 26,370 thousand euros, which showed an increase of 13.5% compared to the same period last year. Overall, retail trade increased by 21.3%, measured in euros.
In the year In 2022, the group’s total profit in 6 months was 12,885 thousand euros, which is a decrease of 5.7% compared to last year. In the year Gross margin in the 6 months of 2022 fell to 48.9%, down from 58.8% in the same period last year. The cost of goods sold increased by 41.0%.
Consolidated operating profit for the 6 months of 2022 was 5 685 thousand euros, compared to 7 941 thousand euros for the 6 months of 2021, a decrease of 28.4%. Consolidated operating profit margin was 21.6% for 6 months 2022 (34.2% for 6 months 2021). Consolidated EBITDA for 6 months 2022 decreased by 22.9% and reached 7 355 thousand euros, which is a margin of 27.9% (9 533 thousand euros and 41.0% for 6 months 2021).
In 2022, the consolidated net profit attributable to equity holders of the parent company reached 9 346 thousand euros, while in 2021, the net profit in the 6 months of 2021 reached 6 031 thousand euros. It was 35.4% of the net profit for the 6 months of 2022 and 26.0% for the 6 months of 2021.
Financial position
In the year Consolidated assets on June 30, 2022 were 63,778 thousand euros, an increase of 18.7% compared to December 31, 2021.
Trade and other receivables increased by 897 thousand euros compared to December 31, 2021 and reached 3,222 thousand euros as of June 30, 2022. The inventory increased by 3 861 thousand euros and reached 24 767 thousand euros as of June 30, 2022.
Equity holders of the parent company increased by 8 456 thousand euros and reached 42 604 thousand euros as of June 30, 2022. Current liabilities are reduced by 839 thousand euros in 6 months of 2022.
Investments
In the year In the 6 months of 2022, the group’s investments in property, plant and equipment will total 100 thousand euros, compared to 120 thousand euros in the same period last year. Investments were made mainly in equipment and facilities to open and renovate their own stores and to maintain efficient production in the future.
People
As of June 30, 2022, the group employs 1,607 people, including 503 people in retail operations. The rest were employed in manufacturing, wholesale, administrative and support jobs. On 31.12.2021, there were 1 602 employees, including 485 people in retail operations.
In the year Total payroll and related taxes in the 6 months of 2022 amounted to 5 641 thousand euros (4 745 thousand euros in the 6 months of 2021). The remuneration of the key management of the group, including the CEOs of all subsidiaries, reached a total of 319 thousand euros.
Consolidated statement of financial position
| Thousands of euros | Note | 30.06.2022 | 31.12.2021 |
| Not audited. | Audited | ||
| Properties | |||
| Current assets | |||
| Cash and cash | 2 | 20 491 | 17 098 |
| Term loans are provided. | 11 | 2 | |
| Trade receivables and other assets | 3 | 3 222 | 2 325 AD |
| Goods | 4 | 24 767 | 20 906 |
| Total current assets | 48 491 | 40 331 | |
| Non current assets | |||
| Non-current receipts | 410 | 262 | |
| Investments in partners | 101 | 80 | |
| Investments in other stocks | 283 | 262 | |
| Deferred tax assets | 1 616 | 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 | |
| Liabilities and equity | |||
| Recently, Ada | |||
| Current lease liabilities | 1 701 | 2 193 | |
| Business and other paid | 6 | 4 795 AD | 6 504 |
| Tax liabilities | 2033 | 671 | |
| Total current liabilities | 8 529 | 9 368 | |
| Non-current liabilities | |||
| Deferred tax liability | 2 152 | 1 746 | |
| Noncurrent lease liabilities | 6 073 | 4 727 | |
| Non-current provisions | 55 | 51 | |
| Total non-current liabilities | 8 280 | 6 524 | |
| Total debts | 16 809 | 15 892 | |
| Fairness | |||
| Share capital | 7 | 3 600 | 3 600 |
| Share premium | 4 967 | 4 967 | |
| Statutory reserve capital | 1 306 | 1 306 | |
| Unconfirmed currency differences | -19 141 | -18 251 | |
| Retained earnings | 51 872 | 42 526 | |
| The total equity provided to the equity holders of the parent company | 42 604 of the year | 34 148 | |
| An uncontrollable desire | 4 365 | 3 713 | |
| General equality | 46 969 in the year | 37 861 | |
| Total equity and liabilities | 63 778 | 53 753 |
Consolidated income statement
| Thousands of euros | Note | 2Q 2022 | 2Q 2021 | 06 May 2022 | 06 May 2021 |
| Not audited. | Not audited. | Not audited. | Not audited. | ||
| Revenue from contracts with customers | 9 | 15 334 | 12 960 in the year | 26 370 | 23 225 |
| Cost of goods sold | -8 967 | -5 541 | -13 485 | -9 564 | |
| Total 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/(Expense) | 8 455 AD | 605 | 5 985 | 1 060 | |
| Other financial income/(expense) | -126 | -106 | -230 | -216 | |
| Net financial income (loss) | 8 329 | 499 | 5 755 AD | 844 | |
| Profit (loss) from associates 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 AD | |
| For: | |||||
| Equity holders of the parent company | 9 612 | 3 770 | 9 346 | 6 031 | |
| An uncontrollable desire | 408 | 362 | 481 | 665 | |
| Earnings per share are derived from earnings available to equity holders of the parent company, either basic or diluted (UR). | 8 | 0, 27 | 0, 10 | 0, 26 | 0, 17 |
General income statement
| Thousands of euros | Note | 2Q 2022 | 2Q 2021 | 06 May 2022 | 06 May 2021 |
| Not audited. | Not audited. | Not audited. | Not audited. | ||
| Profit for the period | 10 020 | 4 132 | 9 827 | 6 696 AD | |
| Other comprehensive income (loss) allocated to profit or loss in subsequent periods: | |||||
| Exchange differences in the translation of foreign works | 576 | 40 | -719 | 269 | |
| Total other comprehensive income (loss) for the period | 576 | 40 | -719 | 269 | |
| Total gross income (Loss) for the period | 10 596 | 4 172 | 9 108 | 6 965 | |
| For: | |||||
| Equity holders of the parent company | 10 294 | 3 829 | 8 456 AD | 5 993 | |
| An uncontrollable desire | 302 | 343 | 652 | 972 | |
Consolidated statement of cash flows
| Thousands of euros | Note | 06 May 2022 | 06 May 2021 |
| Not audited. | Not audited. | ||
| Cash flow from operating activities | |||
| Profit for the period | 9 827 | 6 696 AD | |
| Adjustments for: | |||
| Depreciation and amortization of non-current assets | 1 670 | 1 592 AD | |
| Profit share of equity investors | 11 | 1 | |
| Gain/Loss on sale of property, plant and equipment | 1 | 0 | |
| Net financial income / expenses | -2000 | -596 | |
| For the supply of goods | 3 | 4 | |
| Acceptance of government subsidies | 0 | 450 | |
| Activities in supply and government assistance | 0 | -394 | |
| Income tax expense | 1 602 | 2 088 | |
| Change in goods | -3 861 | -1 469 | |
| Change of business and other recipients | -897 | -289 | |
| Change in trade and other fees | -347 | 639 | |
| Interest is paid. | 0 | -2 | |
| Income tax paid. | -939 | -665 | |
| Net cash flow from operating activities | 5 070 | 8 055 | |
| Cash flow from investment activities | |||
| Interest received. | 12 | 9 | |
| Received classes | 3 | 0 | |
| Income from disposal of property, plant and equipment | 8 | 18 | |
| A loan has been granted. | -9 | 0 | |
| Purchase of property, plant and equipment | -100 | -120 | |
| Finding intangible assets | -42 | -82 | |
| Net cash flow from investing activities | -128 | -175 | |
| Cash flow from financing activities | |||
| Paying off loans | 0 | -800 | |
| Payment of the principal portion of lease liabilities | -1 137 | -1 135 | |
| Interest paid on lease liabilities | -246 | -224 | |
| Dividends are 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 at the beginning of the period | 17 098 | 8 980 | |
| Effect of exchange rate fluctuations on cash holdings | -166 | 38 | |
| Cash and cash at the end of the period | 20 491 | 14 022 of the year |
AS Silvano Fashion Group
Phone: +372 6845 000
Email: info@silvanofashon.com
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SFG consolidated interim report for Q2 and 6m 2022 unaudited.
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