>
-Berry Declares Quarterly Dividend-Resumen: Precisely refuerza su oferta de Location Intelligence con la adquisición de Transerve-Curative Insurance Company’s Financial Strength Affirmed with A- (Excellent) Rating from AM Best and Infusion of $100 Million Demonstrates Curative’s Long-Term Commitment to Its Innovative Health Plan-Riveron Study Reveals Optimistic Outlook for Corporate Development in 2023-Stewart Information Services Corporation Announces Fourth Quarter 2022 Earnings Conference Call-Lake Shore Bancorp, Inc. Announces Full Year 2022 and Fourth Quarter Financial Results-Allied Announces Fourth-Quarter and Year-End Results-First Guaranty Reports Net Income of $28.9 Million for the Year 2022 and Fourth Quarter 2022 Net Income of $5.1 Million; Earnings Per Common Share Increased to $2.48 for the Year 2022 Compared to $2.42 for the Year 2021-QUAINT OAK BANCORP, INC. ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS-Fidus Investment Corporation Announces Deemed Distribution of $1.65 per Share and U.S. Federal Income Tax Treatment of 2022 Dividends-Global Insulated Gate Bipolar Transistor [IGBT] Market Size To Grow USD 10 Billion By 2030 | CAGR 9%-U.S. Physical Therapy, Inc. Schedules Fourth Quarter and Year Ended 2022 Earnings Release and Conference Call-CRCAM Alpes Provence : mise à disposition de l’Avis financier au 31 décembre 2022-CRCAM Alpes Provence : Avis financier au 31 décembre 2022-Global Silicone Polymer Market Size To Surpass $35.90 Billion By 2030 | CAGR 6.4%-Crédit Agricole Brie Picardie : Résultats financiers au 31 décembre 2022-Alchimie Has Successfully Completed the First Phase of Its Transition and Announces 2022 Sales of €22 Million and the Achievement of Operational Profitability-Global Wireless Sensors Market Size To Grow USD 149 Billion By 2030 | CAGR of 19%-Global Radar Sensor Market Size To Grow USD 43.5 Billion By 2030 | CAGR 18.6%-Global Digital TV SoC Market Is Expected to Reach $28.2 Billion by 2031: Says AMR

Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 9 months of 2022 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for 9 months of 2022 compared to 9 months of 2021 and 30.09.2022 compared to 31.12.2021 were as follows:

in thousands of EUR 09m 2022 09m 2021 Change
Revenue 43 974 36 891 19.2%
Gross Profit 22 066 21 095 4.6%
Operating profit 10 611 12 325 -13.9%
EBITDA 13 180 14 744 -10.6%
Net profit for the period 12 516 10 518 19.0%
Net profit attributable equity holders of the Parent company 11 835 9 562 23.8%
Earnings per share (EUR) 0,33 0,27 22.2%
Operating cash flow for the period 12 493 12 910 -3.2%
       
in thousands of EUR 30.09.2022 31.12.2021 Change
Total assets 69 731 53 753 29.7%
Total current assets 52 795 40 331 30.9%
Total equity attributable to equity holders of the Parent company 48 093 34 148 40.8%
Cash and cash equivalents 26 263 17 098 53.6%
       
Margin analysis, % 09m 2022 09m 2021 Change
Gross profit 50.2 57.2 -12.2%
Operating profit 24.1 33.4 -27.8%
EBITDA 30.0 40.0 -25.0%
Net profit 28.5 28.5 0.0%
Net profit attributable to equity holders of the Parent company 26.9 25.9 3.9%
       
Financial ratios, % 30.09.2022 31.12.2021 Change
ROA 19.0 17.9 6.1%
ROE 28.8 28.7 0.3%
Price to earnings ratio (P/E) 2.9 7.8 -62.8%
Current ratio 6.4 4.3 48.8%
Quick ratio 3.5 2.1 66.7%

Financial performance

The Group`s sales amounted to 43 974 thousand EUR during 9 months of 2022, representing a 19.2% increase as compared to the same period of previous year. Overall, retail increased by 32.3%, measured in EUR.

The Group’s gross profit during 9 months of 2022 amounted to 22 066 thousand EUR and increase by 4.6% compared to previous year. The gross margin during 9 months of 2022 decreased to 50.2%, from 57.2% in the respective period of previous year. The cost of sold goods increased by 38.7%.

Consolidated operating profit for 9 months of 2022 amounted to 10 611 thousand EUR, compared to 12 325 thousand EUR in 9 months of 2021, decrease by 13.9%. The consolidated operating profit margin was 24.1% for 9 months of 2022 (33.4% in 9 months of 2021). Consolidated EBITDA for 9 months of 2022 decreased by 10.6% and amounted to 13 180 thousand EUR, which is 30.0% in margin terms (14 744 thousand EUR and 40.0% for 9 months of 2021).

Reported consolidated net profit attributable to equity holders of the Parent company for 9 months of 2022 amounted to 11 835 thousand EUR, compared to net profit of 9 562 thousand EUR in 9 months of 2021, net profit margin attributable to equity holders of the Parent company for 9 months of 2022 was 26.9% against net profit 25.9% in 9 months of 2021.

Financial position

As of 30 September 2022 consolidated assets amounted to 69 731 thousand EUR representing increase by 29.7% as compared to the position as of 31 December 2021.

Trade and other receivables increased by 266 thousand EUR as compared to 31 December 2021 and amounted to        2 591 thousand EUR as of 30 September 2022. Inventory balance increased by 3 022 thousand EUR and amounted to 23 928 thousand EUR as of 30 September 2022.

Equity attributable to equity holders of the Parent company increased by 13 945 thousand EUR and amounted to            48 093 thousand EUR as of 30 September 2022. Current liabilities decreased by 1 148 thousand EUR during 9 months of 2022.

Investments

During 9 months of 2022 the Group’s investments into property, plant and equipment totalled 228 thousand EUR, in previous year same period 177 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 30 September 2022, the Group employed 1 601 employees, including 501 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 9 months of 2022 amounted to 8 938 thousand EUR (7 158 thousand EUR in 9 months of 2021). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 497 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR Note 30.09.2022 31.12.2021
    Unaudited Audited
ASSETS      
Current assets      
Cash and cash equivalents 2 26 263 17 098
Current loans granted   13 2
Trade and other receivables 3 2 591 2 325
Inventories 4 23 928 20 906
Total current assets   52 795 40 331
       
Non-current assets      
Long-term receivables   406 262
Investments in associates   111 80
Investments in other shares   315 262
Deferred tax asset   1 575 1 226
Intangible assets   683 535
Investment property   1 276 1 086
Property, plant and equipment 5 12 570 9 971
Total non-current assets   16 936 13 422
TOTAL ASSETS   69 731 53 753
       
LIABILITIES AND EQUITY      
Current liabilities      
Short-term lease liabilities   1 136 2 193
Trade and other payables 6 4 343 6 504
Tax liabilities   2 741 671
Total current liabilities   8 220 9 368
       
Non-current liabilities      
Deferred tax liability   2 259 1 746
Long-term lease liabilities   7 309 4 727
Long-term provisions   61 51
Total non-current liabilities   9 629 6 524
Total liabilities   17 849 15 892
       
Equity 7    
Share capital   3 600 3 600
Share premium   4 967 4 967
Statutory reserve capital   1 306 1 306
Unrealised exchange rate differences   -16 141 -18 251
Retained earnings   54 361 42 526
Total equity attributable to equity holders of the Parent company   48 093 34 148
Non-controlling interest   3 789 3 713
Total equity   51 882 37 861
TOTAL EQUITY AND LIABILITIES   69 731 53 753

Consolidated Income Statement

in thousands of EUR Note 3Q 2022 3Q 2021 09m 2022 09m 2021
    Unaudited Unaudited Unaudited Unaudited
Revenue from contracts with customers 9 17 604 13 666 43 974 36 891
Cost of goods sold   -8 423 -6 232 -21 908 -15 796
Gross Profit   9 181 7 434 22 066 21 095
           
Distribution expenses   -3 093 -2 249 -8 120 -6 453
Administrative expenses   -1 094 -875 -3 136 -2 663
Other operating income   130 247 349 813
Other operating expenses   -198 -173 -548 -467
Operating profit   4 926 4 384 10 611 12 325
           
Currency exchange income/(expense)   -949 347 5 036 1 407
Other finance income/(expense)   127 -100 -103 -316
Net finance income/(expense)   -822 247 4 933 1 091
           
Profit (loss) from associates using equity method 10 7 -1 6
Profit before tax   4 114 4 638 15 543 13 422
           
Income tax expense   -1 425 -816 -3 027 -2 904
           
Profit for the period   2 689 3 822 12 516 10 518
Attributable to :          
   Equity holders of the Parent company   2 489 3 531 11 835 9 562
   Non-controlling interest   200 291 681 956
           
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) 8 0,07 0,10 0,33 0,27

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 3Q 2022 3Q 2021 09m 2022 09m 2021
    Unaudited Unaudited Unaudited Unaudited
           
Profit for the period   2 689 3 822 12 516 10 518
           
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods :          
Exchange differences on translation of foreign operations 2 894 439 2 175 708
Total other comprehensive income for the period 2 894 439 2 175 708
           
Total comprehensive income (loss) for the period   5 583 4 261 14 691 11 226
Attributable to :          
   Equity holders of the Parent company   5 489 4 004 13 945 9 997
   Non-controlling interest   94 257 746 1 229

Consolidated Statement of Cash Flows

in thousands of EUR Note 09m 2022 09m 2021
    Unaudited Unaudited
Cash flow from operating activities      
Profit for the period   12 516 10 518
Adjustments for:      
  Depreciation and amortization of non-current assets   2 569 2 419
  Share of profit of equity accounted investees   1 -6
  Gains/Losses on the sale of property, plant and equipment   9 11
  Net finance income / costs   -522 -395
  Provision for impairment losses on trade receivables   0 1
  Provision for inventories   5 5
  Receipt of government grants   0 550
  Movements in provisions and government grants   0 -550
  Income tax expense   3 027 2 904
Change in inventories   -3 022 -1 231
Change in trade and other receivables   -266 32
Change in trade and other payables   -91 330
Interest paid   0 -2
Income tax paid   -1 733 -1 676
Net cash flow from operating activities   12 493 12 910
       
Cash flow from investing activities      
Interest received   29 14
Dividends received   3 0
Proceeds from disposal of property, plant and equipment   31 60
Loans granted   -11 0
Acquisition of property, plant and equipment   -228 -177
Acquisition of intangible assets   -74 -121
Net cash flow from investing activities   -250 -224
       
Cash flow from financing activities      
Repayment of borrowings   0 -800
Payment of principal portion of lease liabilities   -1 879 -1 761
Interest paid on lease liabilities   -356 -326
Dividends paid   -670 -739
Net cash flow from financing activities   -2 905 -3 626
       
Net increase in cash and cash equivalents   9 338 9 060
Cash and cash equivalents at the beginning of period   17 098 8 980
Effect of exchange rate fluctuations on cash held   -173 57
Cash and cash equivalents at the end of period   26 263 18 097

AS Silvano Fashion Group

Phone: +372 6845 000

Email: info@silvanofashion.com

Leave a Comment