Selected financial indicators
The summary of the Group’s selected financial indicators for 6 months 2021 compared to 6 months 2020 and 06/30/2021 compared to 12/31/2020 is as follows:
| in thousands of euros | 06min 2021 | 06min 2020 | Change |
| Income | 23 225 | 17,731 | 31.0% |
| Gross profit | 13 661 | 10,575 | 29.2% |
| Operating result | 7 941 | 3 983 | 99.4% |
| EBITDA | 9,533 | 5,931 | 60.7% |
| Net income for the period | 6,696 | 870 | 669.7% |
| Net income share of shareholders of the Parent Company | 6,031 | 745 | 709.5% |
| Earnings per share (EUR) | 0.17 | 0.02 | 750.0% |
| Operating cash flow for the period | 8 055 | 2,742 | 193.8% |
| in thousands of euros | 06/30/2021 | 31.12.2020 | Change |
| Total assets | 49,446 | 42,256 | 17.0% |
| Total current assets | 36,381 | 29,597 | 22.9% |
| Total equity attributable to shareholders of the Parent Company | 30,497 | 24,504 | 24.5% |
| Cash and cash equivalents | 14,022 | 8 980 | 56.1% |
| Margin analysis,% | 06min 2021 | 06min 2020 | Change |
| Gross profit | 58.8 | 59.6 | -1.3% |
| Operating result | 34.2 | 22.5 | 52.0% |
| EBITDA | 41.0 | 33.4 | 22.8% |
| Net profit | 28.8 | 4.9 | 487.8% |
| Net income attributable to shareholders of the Parent Company | 26.0 | 4.2 | 519.0% |
| Financial ratios,% | 06/30/2021 | 31.12.2020 | Change |
| ROA | 23.7 | 3.2 | 640.6% |
| DEER | 40.2 | 5.6 | 617.9% |
| Price / earnings ratio (P / E) | 5.5 | 41.7 | -86.8% |
| Current ratio | 4.0 | 3.4 | 17.6% |
| Quick report | 1.8 | 1.3 | 38.5% |
Financial performance
Group sales amounted to 23,225 thousand euros over the 6 months of 2021, an increase of 31.0% compared to the same period of the previous year. Overall, wholesale trade increased by 40.1%, measured in EUR.
The gross margin of the Group over the 6 months of 2021 amounted to 13,661 thousand euros and increased by 29.2% compared to the previous year. The gross margin in the 6 months of 2021 decreased to 58.8%, compared to 59.6% in the respective period of the previous year. The cost of goods sold increased 33.7%.
Consolidated operating income for the six months of 2021 amounted to € 7,941 thousand, compared to € 3,983 thousand for the six months of 2020, up 99.4%. The consolidated operating margin stands at 34.2% over 6 months 2021 (22.5% over 6 months 2020). Consolidated EBITDA for the 6 months of 2021 increased by 60.7% and amounted to 9,533 thousand euros, or 41.0% in terms of margin (5,931 thousand euros and 33.4% for the 6 months of 2020).
The consolidated net profit attributable to the shareholders of the parent company published for the 6 months of 2021 amounts to 6,031 thousand euros, against a net profit of 745 thousand euros during the 6 months of 2020, the profit margin Net attributable to shareholders of the parent company for 6 months of 2021 was 26.0% compared to 4.2% in 6 months of 2020.
As of June 30, 2021, consolidated assets amounted to 49,446 thousand euros, an increase of 17.0% compared to the situation as of December 31, 2020.
Trade and other receivables increased by 273 thousand EUR compared to 31 December 2020 and amount to 2,361 thousand EUR as of 30 June 2021. The inventory balance increased by 1,469 thousand EUR and amounts to EUR 19,996 thousand as of June 30, 2021.
Equity attributable to shareholders of the parent company increased by € 5,993 thousand and amounted to € 30,497 thousand as of June 30, 2021. Current liabilities increased by € 255 thousand over the 6 month 2021.
Investments
During the 6 months of 2021, the Group’s investments in tangible fixed assets amounted to 120,000 EUR, compared to 133,000 EUR 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 June 30, 2021, the Group employed 1,696 people, including 518 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 of salaries and related taxes during the 6 months of 2021 amounted to 4,745 thousand euros (5,008 thousand euros during the 6 months of 2020). The remuneration of the main executives of the Group, including the principal executives of all the subsidiaries, amounts to 293 thousand euros.
Consolidated statement of financial position
| in thousands of euros | To note | 06/30/2021 | 31.12.2020 |
| Unaudited | Checked | ||
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 2 | 14,022 | 8 980 |
| Outstanding loans granted | 2 | 2 | |
| Customers and other debtors | 3 | 2,361 | 2,088 |
| Inventories | 4 | 19,996 | 18,527 |
| Total current assets | 36,381 | 29,597 | |
| Non-current assets | |||
| Long-term receivables | 268 | 249 | |
| Investments in associated companies | 59 | 57 | |
| Investments in other actions | 250 | 238 | |
| Deferred tax asset | 1,091 | 1,032 | |
| Intangible assets | 462 | 374 | |
| Investment property | 1,053 | 1,018 | |
| Tangible fixed assets | 5 | 9 882 | 9,691 |
| Total non-current assets | 13,065 | 12 659 | |
| TOTAL ASSETS | 49,446 | 42,256 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Short-term loans | 0 | 400 | |
| Short-term rental debts | 1,283 | 2 121 | |
| Suppliers and other creditors | 6 | 5 815 | 5,583 |
| Government grants | 56 | 0 | |
| Tax debts | 1,880 | 675 | |
| Total current liabilities | 9,034 | 8,779 | |
| Non-current liabilities | |||
| Deferred tax liability | 584 | 500 | |
| Long term loans | 0 | 400 | |
| Long-term rental obligations | 5,707 | 4,707 | |
| Long-term arrangements | 55 | 52 | |
| Total non-current liabilities | 6,346 | 5 659 | |
| Total responsibilities | 15,380 | 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 | -18,547 | -18,864 | |
| Retained earnings | 39,171 | 33 140 | |
| Total equity attributable to shareholders of the Parent Company | 30,497 | 24,504 | |
| Non-controlling interest | 3569 | 3 314 | |
| Total equity | 34,066 | 27 818 | |
| EQUITY AND TOTAL LIABILITIES | 49,446 | 42,256 |
Consolidated income statement
| in thousands of euros | To note | 2Q 2021 | 2Q 2020 | 06min 2021 | 06min 2020 |
| Unaudited | Unaudited | Unaudited | Unaudited | ||
| Revenue from contracts with customers | 9 | 12,960 | 6 185 | 23 225 | 17,731 |
| Cost of goods sold | -5 541 | -2 756 | -9,564 | -7 156 | |
| Gross profit | 7,419 | 3429 | 13 661 | 10,575 | |
| Broadcast costs | -2,094 | -1 713 | -4 204 | -4,447 | |
| Administrative expenses | -903 | -811 | -1 788 | -1 933 | |
| Other exploitation products | 385 | 70 | 566 | 129 | |
| Other operating expenses | -151 | -144 | -294 | -341 | |
| Operating result | 4,656 | 831 | 7 941 | 3 983 | |
| Foreign exchange income / (charges) | 605 | 2,174 | 1,060 | -2,556 | |
| Other financial income / (expense) | -106 | -109 | -216 | -234 | |
| Net financial income | 499 | 2,065 | 844 | -2 790 | |
| Profit (loss) of associates using the equity method | 5 | 0 | -1 | 0 | |
| Profit before tax | 5 160 | 2,896 | 8 784 | 1,193 | |
| Income tax expense | -1,028 | -586 | -2,088 | -323 | |
| Profit for the period | 4 132 | 2310 | 6,696 | 870 | |
| Attributable to: | |||||
| Shareholders of the parent company | 3,770 | 2 151 | 6,031 | 745 | |
| Non-controlling interest | 362 | 159 | 665 | 125 | |
| Earnings per share of profit attributable to shareholders of the parent company, both basic and diluted (EUR) | 8 | 0.10 | 0.06 | 0.17 | 0.02 |
Consolidated statement of comprehensive income
| in thousands of euros | To note | 2Q 2021 | 2Q 2020 | 06min 2021 | 06min 2020 |
| Unaudited | Unaudited | Unaudited | Unaudited | ||
| Profit for the period | 4 132 | 2310 | 6,696 | 870 | |
| Other comprehensive income items that will be reclassified to income in subsequent periods: | |||||
| Exchange differences on the conversion of transactions abroad | 40 | 166 | 269 | -2,059 | |
| Total other comprehensive income for the period | 40 | 166 | 269 | -2,059 | |
| Total comprehensive income (loss) for the period | 4,172 | 2,476 | 6 965 | -1 189 | |
| Attributable to: | |||||
| Shareholders of the parent company | 3 829 | 2 331 | 5,993 | -1 652 | |
| Non-controlling interest | 343 | 145 | 972 | 463 | |
Consolidated statement of cash flows
| in thousands of euros | 06min 2021 | 06min 2020 | |
| Unaudited | Unaudited | ||
| Cash flow from operating activities | |||
| Profit for the period | 6,696 | 870 | |
| Adjustments for: | |||
| Depreciation and amortization of non-current assets | 1,592 | 1 948 | |
| Share of profit of associates | 1 | 0 | |
| (Gains) / losses on sale of property, plant and equipment | 0 | 3 | |
| Net financial income / expense | -596 | 212 | |
| Provision for stocks | 4 | 1 | |
| Receipt of government grants | 450 | 0 | |
| Movements of provisions and public subsidies | -394 | 0 | |
| Income tax expense | 2,088 | 323 | |
| Inventory change | -1,469 | 1,114 | |
| Change in trade and other receivables | -289 | 219 | |
| Change in trade payables and other payables | 639 | -1 210 | |
| Interest paid | -2 | 0 | |
| Income tax paid | -665 | -738 | |
| Net cash flow from operating activities | 8 055 | 2,742 | |
| Cash flow from investing activities | |||
| Interest received | 9 | 7 | |
| Proceeds from disposal of tangible fixed assets | 18 | 28 | |
| Acquisition of tangible fixed assets | -120 | -133 | |
| Acquisition of intangible assets | -82 | -67 | |
| Net cash flow from investing activities | -175 | -165 | |
| Cash flow from financing activities | |||
| Acquisition of non-controlling interests | 0 | -26 | |
| Loan proceeds | 0 | 200 | |
| Repayment of loans | -800 | 0 | |
| Payment of principal of rental debts | -1 135 | -1,006 | |
| Interest paid on finance lease | -224 | -255 | |
| Dividends paid | -717 | -474 | |
| Net cash flow from financing activities | -2 876 | -1 561 | |
| Increase in cash and cash equivalents | 5,004 | 1,016 | |
| Cash and cash equivalents at the start of the period | 8 980 | 5,152 | |
| Effect of exchange rate fluctuations on cash held | 38 | 184 | |
| Cash and cash equivalents at the end of the period | 14,022 | 6,352 |
Jarek Sargava
AS Silvano Fashion Group
Member of the board
Telephone: +372 6845 000
Email: [email protected]
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SFG half-year consolidated financial report for the 2nd and 6th quarters of 2021 unaudited
