Selected financial indicators

The summary of the Group’s selected financial indicators for the 9 months 2021 compared to the 9 months 2020 and on September 30, 2021 compared to December 31, 2020 is as follows:

in thousands of euros 09min 2021 09min 2020 Switch
Returned 36,891 29,759 24.0%
Gross profit 21,095 18,097 16.6%
Operating result 12,325 8,370 47.3%
EBITDA 14 744 11 042 33.5%
Net income for the period 10,518 1,198 778.0%
Net income share of shareholders of the Parent Company 9 562 1000 856.2%
Earnings per share (EUR) 0.27 0.03 800.0%
Operating cash flow for the period 12,910 6,620 95.0%
in thousands of euros 30.09.2021 31.12.2020 Switch
Total assets 52 677 42,256 24.7%
Total current assets 39,897 29,597 34.8%
Total equity attributable to shareholders of the Parent Company 34,501 24,504 40.8%
Cash and cash equivalents 18,097 8 980 101.5%
Margin analysis,% 09min 2021 09min 2020 Switch
Gross profit 57.2 60.8 -5.9%
Operating result 33.4 28.1 18.9%
EBITDA 40.0 37.1 7.8%
Net profit 28.5 4.0 612.5%
Net income attributable to shareholders of the Parent Company 25.9 3.4 661.8%
Financial ratios,% 30.09.2021 31.12.2020 Switch
ROA 20.8 3.2 550.0%
DEER 34.1 5.6 508.9%
Price / earnings ratio (P / E) 6.7 41.7 -83.9%
Current ratio 5.2 3.4 52.9%
Quick report 2.6 1.3 100.0%

Financial performance

Group sales amounted to 36,891 thousand euros during the 9 months of 2021, an increase of 24.0% compared to the same period of the previous year. Overall, wholesale trade increased by 29.8%, measured in EUR.

The gross margin of the Group over the 9 months of 2021 amounted to 21,095 thousand euros and increased by 16.6% compared to the previous year. The gross margin in the 9 months of 2021 decreased to 57.2%, compared to 60.8% in the respective period of the previous year. The cost of goods sold increased 35.4%.

Consolidated operating income for the 9 months of 2021 amounted to 12,325 thousand euros, compared to 8,370 thousand euros for the 9 months of 2020, up 47.3%. The consolidated operating margin stood at 33.4% over 9 months 2021 (28.1% over 9 months 2020). Consolidated EBITDA for the 9 months of 2021 increased by 33.5% and amounted to 14,744 thousand euros, or 40.0% in terms of margin (11,042 thousand euros and 37.1% for the 9 months of 2020).

The consolidated net profit attributable to shareholders of the parent company published for the 9 months of 2021 amounts to 9,562 thousand euros, against a net profit of 1,000 thousand euros during the 9 months of 2020, the margin Net profit attributable to shareholders of the parent company for 9 months of 2021 was 25.9% compared to 3.4% in 9 months of 2020.

Financial situation

As of September 30, 2021, consolidated assets amounted to € 52,677 thousand, an increase of 24.7% compared to the situation as of December 31, 2020.

Trade and other receivables decreased by 48 thousand EUR compared to 31 December 2020 and amounted to 2,040 thousand EUR as of 30 September 2021. The inventory balance increased by 1,231 thousand EUR and amounted to 19,758 one thousand EUR as of September 30, 2021.

Equity attributable to shareholders of the parent company increased by € 9,997 thousand and amounted to € 34,501 thousand at September 30, 2021. Current liabilities decreased by € 1,048 thousand over the years. 9 months 2021.

Investments

During the 9 months of 2021, the Group’s investments in property, plant and equipment amounted to 177 thousand euros, compared to 191 thousand euros 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 September 30, 2021, the Group employed 1,633 people, including 490 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 salaries and related taxes during the 9 months of 2021 amounted to 7,158 thousand euros (7,407 thousand euros during the 9 months of 2020). The remuneration of the main executives of the Group, including the principal executives of all the subsidiaries, amounts to 443 thousand euros.

Consolidated statement of financial position

in thousands of euros To note 30.09.2021 31.12.2020
Unaudited Checked
ASSETS
Current assets
Cash and cash equivalents 2 18,097 8 980
Outstanding loans granted 2 2
Customers and other debtors 3 2,040 2,088
Inventories 4 19,758 18,527
Total current assets 39,897 29,597
Non-current assets
Long-term receivables 256 249
Investments in associated companies 67 57
Investments in other actions 258 238
Deferred tax asset 1,077 1,032
Intangible assets 509 374
Investment property 1,079 1,018
Tangible fixed assets 5 9,534 9,691
Total non-current assets 12,780 12 659
TOTAL ASSETS 52 677 42,256
LIABILITIES AND EQUITY
Current liabilities
Short-term loans 0 400
Short-term rental debts 592 2 121
Suppliers and other creditors 6 5 624 5,583
Tax debts 1,515 675
Total current liabilities 7 731 8,779
Non-current liabilities
Deferred tax liability 605 500
Long term loans 0 400
Long-term rental debts 5,979 4,707
Long-term arrangements 57 52
Total non-current liabilities 6 641 5 659
Total responsibilities 14 372 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 -18,429 -18,864
Retained earnings 43,057 33 140
Total equity attributable to shareholders of the Parent Company 34,501 24,504
Non-controlling interest 3,804 3 314
Total equity 38 305 27 818
EQUITY AND TOTAL LIABILITIES 52 677 42,256

Consolidated income statement

in thousands of euros To note 3Q 2021 3Q 2020 09min 2021 09min 2020
Unaudited Unaudited Unaudited Unaudited
Revenue from contracts with customers 9 13 666 12,028 36,891 29,759
Cost of goods sold -6,232 -4,506 -15,796 -11 662
Gross profit 7,434 7,522 21,095 18,097
Broadcast costs -2 249 -2,161 -6,453 -6,608
Administrative expenses -875 -935 -2 663 -2 868
Other exploitation products 247 94 813 223
Other operating expenses -173 -133 -467 -474
Operating result 4 384 4 387 12,325 8,370
Foreign exchange income / (charges) 347 -3 830 1,407 -6 386
Other financial income / (expense) -100 -111 -316 -345
Net financial income 247 -3,941 1,091 -6,731
Profit (loss) of associates according to the equity method 7 -3 6 -3
Profit before tax 4,638 443 13 422 1,636
Income tax expense -816 -115 -2,904 -438
Profit for the period 3 822 328 10,518 1,198
Attributable to:
Shareholders of the parent company 3,531 255 9 562 1000
Non-controlling interest 291 73 956 198
Earnings per share of profit attributable to shareholders of the parent company, both basic and diluted (EUR) 8 0.10 0.01 0.27 0.03

Consolidated statement of comprehensive income

in thousands of euros To note 3Q 2021 3Q 2020 09min 2021 09min 2020
Unaudited Unaudited Unaudited Unaudited
Profit for the period 3 822 328 10,518 1,198
Other comprehensive income items that will be reclassified to income in subsequent periods:
Exchange differences on the conversion of transactions abroad 439 -690 708 -2 749
Total other comprehensive income for the period 439 -690 708 -2 749
Total comprehensive income (loss) for the period 4 261 -362 11 226 -1 551
Attributable to:
Shareholders of the parent company 4,004 -486 9,997 -2 138
Non-controlling interest 257 124 1 229 587

Consolidated statement of cash flows

in thousands of euros To note 09min 2021 09min 2020
Unaudited Unaudited
Cash flow from operating activities
Profit for the period 10,518 1,198
Adjustments for:
Depreciation and amortization of non-current assets 2,419 2,672
Share of profit of associates -6 3
Gains / losses on sale of property, plant and equipment 11 3
Net financial income / expense -395 1,941
Provision for impairment of trade receivables 1 0
Provision for stocks 5 2
Receipt of government grants 550 0
Movements of provisions and public subsidies -550 0
Income tax expense 2,904 438
Inventory change -1 231 2 991
Change in trade and other receivables 32 769
Change in trade payables and other payables 330 -2 255
Interest paid -2 0
Income tax paid -1 676 -1 142
Net cash flow from operating activities 12,910 6,620
Cash flow from investing activities
Interest received 14 ten
Proceeds from disposal of tangible fixed assets 60 34
Acquisition of tangible fixed assets -177 -191
Acquisition of intangible assets -121 -83
Net cash flow from investing activities -224 -230
Cash flow from financing activities
Acquisition of non-controlling interests 0 -26
Loan proceeds 0 400
Repayment of loans -800 0
Payment of principal of rental debts -1 761 -1 619
Interest paid on rental debts -326 -367
Dividends paid -739 -424
Net cash flow from financing activities -3 626 -2,036
Net increase in cash and cash equivalents 9,060 4 354
Cash and cash equivalents at the start of the period 8 980 5,152
Effect of exchange rate fluctuations on cash held 57 350
Cash and cash equivalents at the end of the period 18,097 9 856

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

  • SFG consolidated half-year financial report for the third quarter and the first 9 months of 2021 unaudited