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11.05.2018 14:10:00
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Silvano Fashion Group Consolidated Interim Financial Report for Q1 of 2018 (unaudited)
Selected Financial Indicators
Summarized selected financial indicators of the Group for Q1 of 2018 compared to Q1 of 2017 and 31.03.2018 compared to 31.12.2017 were as follows:
| in thousands of EUR | Q1 2018 | Q1 2017 | Change |
| Revenue | 16 157 | 14 542 | 11.1% |
| EBITDA | 5 570 | 2 909 | 91.5% |
| Net profit for the period | 4 062 | 109 | 3 626.6% |
| Net profit attributable equity holders of the Parent company | 3 695 | 50 | 7 290.0% |
| Earnings per share (EUR) | 0,10 | 0,0014 | 7 042,9% |
| Operating cash flow for the period | 4 874 | 2 908 | 67.6% |
| in thousands of EUR | 31.03.2018 | 31.12.2017 | Change |
| Total assets | 48 015 | 52 880 | -9.2% |
| Total current assets | 37 267 | 41 708 | -10.6% |
| Total equity attributable to equity holders of the Parent company | 33 252 | 40 974 | -18.8% |
| Cash and cash equivalents | 15 159 | 21 230 | -28.6% |
| Margin analysis, % | Q1 2018 | Q1 2017 | Change |
| Gross profit | 57,6 | 46,6 | 23.6% |
| EBITDA | 34,5 | 20,0 | 72.5% |
| Net profit | 25,1 | 0,75 | 3 246.7% |
| Net profit attributable to equity holders of the Parent company | 22,9 | 0,34 | 6 635.3% |
| Financial ratios, % | 31.03.2018 | 31.12.2017 | Change |
| ROA | 27,9 | 19,9 | 40.2% |
| ROE | 38,7 | 27,1 | 42.8% |
| Price to earnings ratio (P/E) | 6,8 | 9,5 | -28.4% |
| Current ratio | 3,3 | 4,7 | -29.8% |
| Quick ratio | 1,7 | 2,7 | -37.0% |
Financial performance
The Group`s sales amounted to 16 157 thousand EUR during Q1 of 2018, representing a 11.1% increase as compared to the same period of previous year. Overall, wholesales increased by 15.7%, measured in EUR.
The Group’s reported gross profit margin during Q1 of 2018 continued to improve increasing to 57.6%, reported gross margin was 46.6% in the respective period of previous year. Consolidated operating profit for Q1 of 2018 amounted to 5173 thousand EUR, compared to 2 407 thousand EUR in Q1 of 2017. The consolidated operating profit margin was 32.0% for Q1 of 2018 (16.6% in Q1 of 2017). Consolidated EBITDA for Q1 of 2018 was 5 570 thousand EUR, which is 34.5% in margin terms (2 909 thousand EUR and 20.0% for Q1 of 2017).
Reported consolidated net profit attributable to equity holders of the Parent company for Q1 of 2018 amounted to 3 695 thousand EUR, compared to net profit of 50 thousand EUR in Q1 of 2017, net profit margin attributable to equity holders of the Parent company for Q1 of 2018 was 22.9% against 0.3% in Q1 of 2017.
Financial position
As of 31 March 2018 consolidated assets amounted to 48 015 thousand EUR representing decrease by 9.2% as compared to the position as of 31 December 2017.
Trade and other receivables increased by 1 027 thousand EUR as compared to 31 December 2017 and amounted to 3 743 thousand EUR as of 31 March 2018. Inventory balance increased by 603 thousand EUR and amounted to 18 363 thousand EUR as of 31 March 2018.
Equity attributable to equity holders of the Parent company decreased by 7 722 thousand EUR and amounted to 33 252 thousand EUR as of 31 March 2018. Current liabilities increased by 2 558 thousand EUR during Q1 of 2018.
Investments
Q1 of 2018 the Group’s investments into property, plant and equipment totalled 119 thousand EUR, in previous year same period 160 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 31 March 2018, the Group employed 2 219 employees, including 500 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2017 there were 2 279 employees, including 506 people in retail operations.
Total salaries and related taxes during Q1 of 2018 amounted to 3 238 thousand EUR (3 587 thousand EUR in Q1 of 2017). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 209 thousand EUR.
Decisions made by governing bodies Q1 2018
On January 12, 2018 Silvano Fashion Group Extraordinary Meeting of Shareholders decided to distribute additional dividends in the amount 0.30 EUR per share (record date 25.01.2018, payment completed on 29.01.2018).
Consolidated Statement of Financial Position
| in thousands of EUR | Note | 31.03.2018 | 31.12.2017 |
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 15 159 | 21 230 | |
| Current loans granted | 2 | 2 | |
| Trade and other receivables | 2 | 3 743 | 2 716 |
| Inventories | 3 | 18 363 | 17 760 |
| Total current assets | 37 267 | 41 708 | |
| Non-current assets | |||
| Long-term receivables | 261 | 255 | |
| Investments in associates | 59 | 55 | |
| Available-for-sale investments | 314 | 320 | |
| Deferred tax asset | 912 | 900 | |
| Intangible assets | 221 | 217 | |
| Investment property | 894 | 920 | |
| Property, plant and equipment | 4 | 8 087 | 8 505 |
| Total non-current assets | 10 748 | 11 172 | |
| TOTAL ASSETS | 48 015 | 52 880 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Trade and other payables | 5 | 9 155 | 8 025 |
| Tax liabilities | 2 277 | 849 | |
| Total current liabilities | 11 432 | 8 874 | |
| Non-current liabilities | |||
| Deferred tax liability | 10 | 10 | |
| Long-term provisions | 51 | 52 | |
| Total non-current liabilities | 61 | 62 | |
| Total liabilities | 11 493 | 8 936 | |
| Equity | |||
| Share capital | 6 | 10 800 | 10 800 |
| Share premium | 8 567 | 8 567 | |
| Statutory reserve capital | 1 306 | 1 306 | |
| Revaluation reserve | 710 | 710 | |
| Unrealised exchange rate differences | -16 205 | -15 588 | |
| Retained earnings | 28 074 | 35 179 | |
| Total equity attributable to equity holders of the Parent company | 33 252 | 40 974 | |
| Non-controlling interest | 3 270 | 2 970 | |
| Total equity | 36 522 | 43 944 | |
| TOTAL EQUITY AND LIABILITIES | 48 015 | 52 880 |
Consolidated Income Statement
| in thousands of EUR | Note | Q1 2018 | Q1 2017 |
| Revenue | 8 | 16 157 | 14 542 |
| Cost of goods sold | -6 849 | -7 759 | |
| Gross Profit | 9 308 | 6 783 | |
| Distribution expenses | -2 938 | -2 874 | |
| Administrative expenses | -1 065 | -1 275 | |
| Other operating income | 59 | 43 | |
| Other operating expenses | -191 | -270 | |
| Operating profit | 5 173 | 2 407 | |
| Currency exchange income/(expense) | -40 | -1 198 | |
| Other finance income/(expenses) | 24 | 67 | |
| Net financial income | -16 | -1 131 | |
| Profit (loss) from associates using equity method | 8 | 9 | |
| Profit beforeincome tax | 5 165 | 1 285 | |
| Income tax expense | -1 103 | -1 176 | |
| Profit for the period | 4 062 | 109 | |
| Profit for the period | 4 062 | 109 | |
| Attributable to : | |||
| Equity holders of the Parent company | 3 695 | 50 | |
| Non-controlling interest | 367 | 59 | |
| Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) | 7 | 0,10 | 0,00 |
Consolidated Statement of Comprehensive Income
| in thousands of EUR | Note | Q1 2018 | Q1 2017 | |||
| Profit for the period | 4 062 | 109 | ||||
| Exchange rate differences attributable to foreign operations | -672 | 1 493 | ||||
| Attributable to : | ||||||
| Equity holders of the Parent company | -617 | 1 427 | ||||
| Non-controlling interest | -55 | 66 | ||||
| Total comprehensive income for the period | 3 390 | 1 602 | ||||
| Attributable to : | ||||||
| Equity holders of the Parent company | 3 078 | 1 477 | ||||
| Non-controlling interest | 312 | 125 | ||||
Consolidated Statement of Cash Flows
| in thousands of EUR | Q1 2018 | Q1 2017 |
| Cash flow from operating activities | ||
| Profit for the period | 4 062 | 109 |
| Adjustments for: | ||
| Depreciation and amortization of non-current assets | 397 | 502 |
| Share of profit of equity accounted investees | -8 | -9 |
| (Gains)/ losses on the sale of PPE and IA | 0 | -2 |
| Net finance income / costs | 16 | 1 131 |
| Provision for long-term benefits | -1 | 0 |
| Income tax expense | 1 103 | 1 176 |
| Change in inventories | -603 | -1 824 |
| Change in trade and other receivables | -1 027 | -439 |
| Change in trade and other payables | 1 195 | 2 921 |
| Income tax paid | -260 | -657 |
| Net cash from operating activities | 4 874 | 2 908 |
| Cash flow from investing activities | ||
| Interest received | 14 | 54 |
| Proceeds from disposal of property, plant and equipment | 0 | 3 |
| Acquisition of property, plant and equipment | -119 | -160 |
| Acquisition of intangible assets | -36 | -37 |
| Net cash used in/from investing activities | -141 | -140 |
| Cash flow from financing activities | ||
| Dividends paid | -10 812 | -1 040 |
| Acquisition of own shares | 0 | -958 |
| Net cash used in/ from financing activities | -10 812 | -1 998 |
| Increase in cash and cash equivalents | -6 079 | 770 |
| Cash and cash equivalents at the beginning of period | 21 230 | 22 303 |
| Effect of exchange rate fluctuations on cash held | 8 | 48 |
| Cash and cash equivalents at the end of period | 15 159 | 23 121 |
Jarek Särgava
AS Silvano Fashion Group
Member of the Board
Phone: +372 6845 000
Email: info@silvanofashon.com
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