Selected Financial Indicators
Summarized selected financial indicators of the Group for 9 months of 2023 compared to 9 months of 2022 and
in thousands of EUR | 09m 2023 | 09m 2022 | Change |
Revenue | 46 739 | 43 974 | 6.3% |
Gross Profit | 28 078 | 22 066 | 27.2% |
Operating profit | 16 267 | 10 611 | 53.3% |
EBITDA | 18 630 | 13 180 | 41.4% |
Net profit for the period | 8 842 | 12 516 | -29.4% |
Net profit attributable equity holders of the Parent company | 7 912 | 11 835 | -33.1% |
Earnings per share (EUR) | 0,22 | 0,33 | -33.3% |
Operating cash flow for the period | 15 369 | 12 493 | 23.0% |
in thousands of EUR | Change | ||
Total assets | 68 338 | 63 991 | 6.8% |
Total current assets | 56 832 | 50 309 | 13.0% |
Total equity attributable to equity holders of the Parent company | 50 010 | 44 786 | 11.7% |
Cash and cash equivalents | 33 289 | 25 909 | 28.5% |
Margin analysis, % | 09m 2023 | 09m 2022 | Change |
Gross profit | 60.1 | 50.2 | 19.7% |
Operating profit | 34.8 | 24.1 | 44.4% |
EBITDA | 39.9 | 30.0 | 33.0% |
Net profit | 18.9 | 28.5 | -33.7% |
Net profit attributable to equity holders of the Parent company | 16.9 | 26.9 | -37.2% |
| |||
Financial ratios, % | Change | ||
ROA | 11.9 | 19.0 | -37.4% |
ROE | 16.8 | 28.1 | -40.2% |
Price to earnings ratio (P/E) | 5.1 | 3.4 | 50.0% |
Current ratio | 7.4 | 5.1 | 45.1% |
Quick ratio | 4.7 | 2.8 | 67.9% |
Financial performance
The Group`s sales amounted 46
The Group’s gross profit during 9 months of 2023 amounted to 28
Consolidated operating profit for 9 months of 2023 amounted to 16
Reported consolidated net profit attributable to equity holders of the Parent company for 9 months of 2023 amounted to 7
Financial position
As of
Trade and other receivables increased by
Equity attributable to equity holders of the Parent company increased by 5
Investments
During 9 months of 2023 the Group’s investments into property, plant and equipment totalled
Personnel
As of
Total salaries and related taxes during 9 months of 2023 amounted to 9
Decisions made by governing bodies during 9 months 2023
On the 24th of
The notice of the general meeting was published on
and Warsaw Stock Exchange, on the website of SFG https://www.silvanofashion.com/investors/company-announcements/ and in the daily newspaper Eesti Päevaleht.
On
• Approved the 2022 Annual Report;
• Left the net profit undistributed and included the net profit of the financial year 2022 in retained earnings.
The protocol of the general meeting was published on the website of AS Silvano Fashion Group https://www.silvanofashion.com/investors/company-announcements/.
Consolidated Statement of Financial Position
in thousands of EUR | Note | ||
Unaudited | Audited | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 2 | 33 289 | 25 909 |
Trade and other receivables | 3 | 1 493 | 1 044 |
Prepayments and other tax receivables | 3 | 1 055 | 971 |
Current loans granted | 33 | 10 | |
Other assets | 85 | 111 | |
Inventories | 4 | 20 877 | 22 264 |
Total current assets | 56 832 | 50 309 | |
Non-current assets | |||
Non-current receivables | 286 | 301 | |
Investments in associates | 79 | 82 | |
Investments in other shares | 218 | 259 | |
Deferred tax asset | 1 924 | 2 166 | |
Intangible assets | 575 | 585 | |
Investment property | 925 | 1 041 | |
Property, plant and equipment | 5 | 7 499 | 9 248 |
Total non-current assets | 11 506 | 13 682 | |
TOTAL ASSETS | 68 338 | 63 991 | |
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Current lease liabilities | 612 | 2 373 | |
Trade and other payables | 6 | 4 674 | 5 837 |
Tax liabilities | 2 392 | 1 692 | |
Total current liabilities | 7 678 | 9 902 | |
Non-current liabilities | |||
Deferred tax liability | 883 | 1 039 | |
Non-current lease liabilities | 4 695 | 4 041 | |
Non-current provisions | 34 | 41 | |
Total non-current liabilities | 5 612 | 5 121 | |
Total liabilities | 13 290 | 15 023 | |
Equity | |||
Share capital | 7 | 3 600 | 3 600 |
Share premium | 4 967 | 4 967 | |
Statutory reserve capital | 1 306 | 1 306 | |
Unrealised exchange rate differences | -22 097 | -19 409 | |
Retained earnings | 62 234 | 54 322 | |
Total equity attributable to equity holders of the Parent company | 50 010 | 44 786 | |
Non-controlling interest | 5 038 | 4 182 | |
Total equity | 55 048 | 48 968 | |
TOTAL EQUITY AND LIABILITIES | 68 338 | 63 991 |
Consolidated Income Statement
in thousands of EUR | Note | 3Q 2023 | 3Q 2022 | 09m 2023 | 09m 2022 |
Unaudited | Unaudited | Unaudited | Unaudited | ||
Revenue from contracts with customers | 9 | 15 332 | 17 604 | 46 739 | 43 974 |
Cost of goods sold | -6 091 | -8 423 | -18 661 | -21 908 | |
Gross Profit | 9 241 | 9 181 | 28 078 | 22 066 | |
Distribution expenses | -2 517 | -3 093 | -8 071 | -8 120 | |
Administrative expenses | -1 026 | -1 094 | -3 303 | -3 136 | |
Other operating income | 78 | 130 | 194 | 349 | |
Other operating expenses | -190 | -198 | -631 | -548 | |
Operating profit | 5 586 | 4 926 | 16 267 | 10 611 | |
Currency exchange income/(expense) | -991 | -949 | -3 582 | 5 036 | |
Other finance income/(expenses) | -1 | 127 | -186 | -103 | |
Net finance income | -992 | -822 | -3 768 | 4 933 | |
Profit (loss) from associates using equity method | 7 | 10 | 19 | -1 | |
Profit before tax | 4 601 | 4 114 | 12 518 | 15 543 | |
Income tax expense | -1 181 | -1 425 | -3 676 | -3 027 | |
Profit for the period | 3 420 | 2 689 | 8 842 | 12 516 | |
Attributable to : | |||||
Equity holders of the Parent company | 3 140 | 2 489 | 7 912 | 11 835 | |
Non-controlling interest | 280 | 200 | 930 | 681 | |
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) | 8 | 0,09 | 0,07 | 0,22 | 0,33 |
Consolidated Statement of Comprehensive Income
in thousands of EUR | Note | 3Q 2023 | 3Q 2022 | 09m 2023 | 09m 2022 |
Unaudited | Unaudited | Unaudited | Unaudited | ||
Profit for the period | 3 420 | 2 689 | 8 842 | 12 516 | |
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods: | |||||
Exchange differences on translation of foreign operations | -672 | 2 894 | -2 055 | 2 175 | |
Total other comprehensive income for the period | -672 | 2 894 | -2 055 | 2 175 | |
Total comprehensive income (loss) for the period | 2 748 | 5 583 | 6 787 | 14 691 | |
Attributable to : | |||||
Equity holders of the Parent company | 2 612 | 5 489 | 5 224 | 13 945 | |
Non-controlling interest | 136 | 94 | 1 563 | 746 |
Consolidated Statement of Cash Flows
in thousands of EUR | Note | 09m 2023 | 09m 2022 |
Unaudited | Unaudited | ||
Cash flow from operating activities | |||
Profit for the period | 8 842 | 12 516 | |
Adjustments for: | |||
Depreciation and amortization of non-current assets | 2 363 | 2 569 | |
Share of profit of equity accounted investees | -19 | 1 | |
Gains/Losses on the sale of property, plant and equipment | -3 | 9 | |
Net finance income / costs | 3 768 | -522 | |
Provision for impairment losses on trade receivables | -3 | 0 | |
Provision for inventories | 3 | 5 | |
Income tax expense | 3 676 | 3 027 | |
Change in inventories | 1 387 | -3 022 | |
Change in trade and other receivables | -507 | -266 | |
Change in trade and other payables | -1 067 | -91 | |
Income tax paid | -3 071 | -1 733 | |
Net cash flow from operating activities | 15 369 | 12 493 | |
Cash flow from investing activities | |||
Interest received | 331 | 29 | |
Dividends received | 11 | 3 | |
Proceeds from disposal of property, plant and equipment | 9 | 31 | |
Loans granted | -23 | -11 | |
Acquisition of property, plant and equipment | -896 | -228 | |
Acquisition of intangible assets | -123 | -74 | |
Net cash flow from investing activities | -691 | -250 | |
Cash flow from financing activities | |||
Payment of principal portion of lease liabilities | -1 689 | -1 879 | |
Interest paid on lease liabilities | -521 | -356 | |
Dividends paid | -707 | -670 | |
Net cash flow from financing activities | -2 917 | -2 905 | |
Net increase in cash and cash equivalents | 11 761 | 9 338 | |
Cash and cash equivalents at the beginning of period | 25 909 | 17 098 | |
Effect of translation to presentation currency | -4 891 | 0 | |
Effect of exchange rate fluctuations on cash held | 510 | -173 | |
Cash and cash equivalents at the end of period | 33 289 | 26 263 |
Phone: +372 6845 000
Email: info@silvanofashon.com
Attachment
- SFG consolidated interim report for Q3 and 9m of 2023 unaudited
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