Selected Financial Indicators
Summarized selected financial indicators of the Group for 12 months of 2019 compared to 12 months of 2018 and
in thousands of EUR | 12m 2019 | 12m 2018 | Change |
Revenue | 56 943 | 62 213 | -8.5% |
EBITDA | 17 004 | 19 310 | -11.9% |
Net profit for the period | 11 149 | 11 525 | -3.3% |
Net profit attributable equity holders of the Parent company | 10 663 | 10 796 | -1.2% |
Earnings per share (EUR) | 0,30 | 0,30 | 0.0% |
Operating cash flow for the period | 15 086 | 11 240 | 34.2% |
in thousands of EUR | Change | ||
Total assets | 46 309 | 45 504 | 1.8% |
Total current assets | 27 123 | 34 904 | -22.3% |
Total equity attributable to equity holders of the Parent company | 26 324 | 27 462 | -4.1% |
Cash and cash equivalents | 5 152 | 13 603 | -62.1% |
Margin analysis, % | 12m 2019 | 12m 2018 | Change |
Gross profit | 52,1 | 55,6 | -6.3% |
EBITDA | 29,9 | 31,0 | -3.5% |
Net profit | 19,6 | 18,5 | 5.9% |
Net profit attributable to equity holders of the Parent company | 18,7 | 17,4 | 7.5% |
Financial ratios, % | Change | ||
ROA | 22,2 | 22,9 | -3.1% |
ROE | 38,9 | 34,7 | 12.1% |
Price to earnings ratio (P/E) | 7,3 | 7,7 | -5.2% |
Current ratio | 2,7 | 2,4 | 12.5% |
Quick ratio | 0,8 | 1,2 | -33.3% |
Financial performance
The Group`s sales amounted to 56
The Group’s gross profit during 12 months of 2019 amounted to 29
Consolidated operating profit for 12 months of 2019 amounted to 12
Reported consolidated net profit attributable to equity holders of the Parent company for 12 months of 2019 amounted to 10
Financial position
As of
Trade and other receivables decreased by 1
Equity attributable to equity holders of the Parent company decreased by 1
Investments
During 12 months of 2019 the Group’s investments into property, plant and equipment totalled 1
Personnel
As of
Total salaries and related taxes during 12 months of 2019 amounted to 13
Decisions made by governing bodies after Q4 2019
On
- The Meeting approved the 2018 Annual Report.
- The Meeting decided to distribute dividends in the amount
0.20 EUR per share (record date 16.05.2019).
To pay to the entitled shareholders of
- to pay dividends
- to pay dividends
EUR 0.10 per share by10 October 2019 latest, (payment completed on 29.08.2019); - The Meeting decided to recall Mr.
Ants Susi from the SupervisoryBoard of SFG . The authorities of Mr.Ants Susi as the member of the SupervisoryBoard of SFG shall be deemed to have expired as ofMay 3, 2019 . - The Meeting decided to elect Triin Nellis as the new member of the Supervisory
Board of SFG , whose term of office shall start onMay 3, 2019 and expire onJune 30, 2021 . - The meeting decided to amend the remuneration policy of the supervisory board members, approved by the shareholders’ meeting on
June 30, 2012 as follows:
- to assign monthly gross remuneration of
- to assign monthly gross remuneration of
- The meeting decided to amend section 2.2. of the Articles of Association and reinstate it in the following wording: “All shares of the Company are registered shares. The nominal value of a registered share is 0,20
(twenty) cents . A share grants 1 (one) vote at the General Meeting. “; - The meeting decided:
- The share capital of SFG shall be increased by
- The share capital of SFG shall be increased via a bonus issue on the account of the share premium. The bonus issue shall be carried out on the basis of the 2018 annual report, that has been approved by the shareholders together with the decision on the distribution of profit. The bonus issue shall be carried out on the account of the share premium in the amount of
- The list of shareholders who shall be entitled to participate in the bonus issue shall be fixed as at
On
- To amend section 2.2. of the Articles of Association and reinstate it in the following wording: “All shares of the Company are registered shares. The nominal value of a registered share is 0.10
- The share capital of SFG shall be reduced by a reduction of the nominal value of the shares by
- To reduce the share capital, make a payment to the shareholders in the amount of
- The share capital shall be reduced in connection with the adjustment of the Company's capital structure and finally the Company's share capital shall be consistent with the Company's strategic objectives. The amount of the reduced share capital is in accordance with the requirements arising from law and the Articles of
- The list of shareholders entitled to the payment of share capital shall be fixed on
Consolidated Statement of Financial Position
in thousands of EUR | Note | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 5 152 | 13 603 | |
Current loans granted | 2 | 8 | |
Trade and other receivables | 2 | 2 610 | 3 648 |
Inventories | 3 | 19 359 | 17 645 |
Total current assets | 27 123 | 34 904 | |
Non-current assets | |||
Long-term receivables | 334 | 292 | |
Investments in associates | 82 | 64 | |
Available-for-sale investments | 321 | 305 | |
Deferred tax asset | 905 | 1 433 | |
Intangible assets | 423 | 261 | |
Investment property | 869 | 851 | |
Property, plant and equipment | 4 | 16 252 | 7 394 |
Total non-current assets | 19 186 | 10 600 | |
TOTAL ASSETS | 46 309 | 45 504 | |
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Short-term finance lease obligations | 2 362 | 0 | |
Trade and other payables | 5 | 6 899 | 14 163 |
Tax liabilities | 889 | 662 | |
Total current liabilities | 10 150 | 14 825 | |
Non-current liabilities | |||
Deferred tax liability | 14 | 7 | |
Long-term finance lease obligations | 6 333 | 0 | |
Long-term provisions | 61 | 61 | |
Total non-current liabilities | 6 408 | 68 | |
Total liabilities | 16 558 | 14 893 | |
Equity | |||
Share capital | 6 | 3 600 | 3 600 |
Share premium | 4 967 | 8 567 | |
Statutory reserve capital | 1 306 | 1 306 | |
Revaluation reserve | 355 | 355 | |
Unrealised exchange rate differences | -15 697 | -14 696 | |
Retained earnings | 31 793 | 28 330 | |
Total equity attributable to equity holders of the Parent company | 26 324 | 27 462 | |
Non-controlling interest | 3 427 | 3 149 | |
Total equity | 29 751 | 30 611 | |
TOTAL EQUITY AND LIABILITIES | 46 309 | 45 504 |
Consolidated Income Statement
in thousands of EUR | Note | 4Q 2019 | 4Q 2018 | 12m 2019 | 12m 2018 |
Revenue | 8 | 12 132 | 12 378 | 56 943 | 62 213 |
Cost of goods sold | -5 138 | -6 227 | -27 292 | -27 594 | |
Gross Profit | 6 994 | 6 151 | 29 651 | 34 619 | |
Distribution expenses | -2 958 | -3 007 | -11 714 | -11 963 | |
Administrative expenses | -1 181 | -1 101 | -4 582 | -4 279 | |
Other operating income | 81 | 84 | 300 | 281 | |
Other operating expenses | -314 | -317 | -943 | -922 | |
Operating profit | 2 622 | 1 810 | 12 712 | 17 736 | |
Currency exchange income/(expense) | 144 | -922 | 3 057 | -2 842 | |
Other finance income/(expenses) | -223 | 6 | -590 | 61 | |
Net financial income | -79 | -916 | 2 467 | -2 781 | |
Profit (loss) from associates using equity method | 5 | 2 | 8 | 20 | |
Profit before tax | 2 548 | 896 | 15 187 | 14 975 | |
Income tax expense | -1 163 | -138 | -4 038 | -3 450 | |
Profit for the period | 1 385 | 758 | 11 149 | 11 525 | |
Attributable to : | |||||
Equity holders of the Parent company | 1 371 | 938 | 10 663 | 10 796 | |
Non-controlling interest | 14 | -180 | 486 | 729 | |
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) | 7 | 0,04 | 0,03 | 0,30 | 0,30 |
Consolidated Statement of Comprehensive Income
in thousands of EUR | Note | 4Q 2019 | 4Q 2018 | 12m 2019 | 12m 2018 |
Profit for the period | 1 385 | 758 | 11 149 | 11 525 | |
Exchange rate differences attributable to foreign operations | -1 035 | 707 | -699 | 715 | |
Attributable to : | |||||
Equity holders of the Parent company | -1 035 | 739 | -1 001 | 892 | |
Non-controlling interest | 0 | -32 | 302 | -177 | |
Total comprehensive income for the period | 350 | 1 465 | 10 450 | 12 240 | |
Attributable to : | |||||
Equity holders of the Parent company | 336 | 1 677 | 9 662 | 11 688 | |
Non-controlling interest | 14 | -212 | 788 | 552 |
Consolidated Statement of Cash Flows
in thousands of EUR | 12m 2019 | 12m 2018 |
Cash flow from operating activities | ||
Profit for the period | 11 149 | 11 525 |
Adjustments for: | ||
Depreciation and amortization of non-current assets | 4 292 | 1 574 |
Share of profit of equity accounted investees | -8 | -20 |
(Gains)/ losses on the sale of PPE and IA | 50 | 16 |
Net finance income / costs | -2 467 | 240 |
Provision for impairment losses on trade receivables | 45 | 5 |
Provision for inventories | 263 | 0 |
Provision for long-term benefits | 0 | 9 |
Provision for deferred tax asset | 678 | 0 |
Income tax expense | 4 038 | 3 450 |
Change in inventories | -1 714 | 115 |
Change in trade and other receivables | 944 | -871 |
Change in trade and other payables | 114 | -1 260 |
Income tax paid | -2 298 | -3 543 |
Net cash from operating activities | 15 086 | 11 240 |
Cash flow from investing activities | ||
Interest received | 12 | 31 |
Dividends received | 0 | 3 |
Proceeds from disposal of property, plant and equipment | 84 | 18 |
Proceeds from repayments of loans granted | 6 | 0 |
Acquisition of property, plant and equipment | -1 216 | -497 |
Acquisition of intangible assets | -219 | -156 |
Acquisition of shares of a subsidiary | 0 | -8 |
Net cash used in/from investing activities | -1 333 | -609 |
Cash flow from financing activities | ||
Repayment of finance lease | -2 988 | 0 |
Interest paid of finance lease | -636 | 0 |
Dividends paid | -7 710 | -18 373 |
Reduction of share capital | -10 800 | 0 |
Net cash used in/ from financing activities | -22 134 | -18 373 |
Increase in cash and cash equivalents | -8 381 | -7 742 |
Cash and cash equivalents at the beginning of period | 13 603 | 21 230 |
Effect of exchange rate fluctuations on cash held | -70 | 115 |
Cash and cash equivalents at the end of period | 5 152 | 13 603 |
Jarek Särgava
Member of the Board
Phone: +372 6845 000
Email: info@silvanofashon.com
Attachment
- SFG cosolidated interim financial report for Q4 ad 12m of 2019
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