Selected Financial Indicators
Summarized selected financial indicators of the Group for 6 months of 2023 compared to 6 months of 2022 and
in thousands of EUR | 06m 2023 | 06m 2022 | Change |
Revenue | 31 407 | 26 370 | 19.1% |
Gross Profit | 18 837 | 12 885 | 46.2% |
Operating profit | 10 681 | 5 685 | 87.9% |
EBITDA | 12 272 | 7 355 | 66.9% |
Net profit for the period | 5 422 | 9 827 | -44.8% |
Net profit attributable equity holders of the Parent company | 4 772 | 9 346 | -48.9% |
Earnings per share (EUR) | 0.13 | 0.26 | -50.0% |
Operating cash flow for the period | 10 802 | 5 070 | 113.1% |
in thousands of EUR | Change | ||
Total assets | 67 842 | 63 991 | 6.0% |
Total current assets | 55 309 | 50 309 | 9.9% |
Total equity attributable to equity holders of the Parent company | 47 398 | 44 786 | 5.8% |
Cash and cash equivalents | 31 041 | 25 909 | 19.8% |
Margin analysis, % | 06m 2023 | 06m 2022 | Change |
Gross profit | 60.0 | 48.9 | 22.7% |
Operating profit | 34.0 | 21.6 | 57.4% |
EBITDA | 39.1 | 27.9 | 40.1% |
Net profit | 17.3 | 37.3 | -53.6% |
Net profit attributable to equity holders of the Parent company | 15.2 | 35.4 | -57.1% |
Financial ratios, % | Change | ||
ROA | 10.8 | 19.0 | -43.2% |
ROE | 15.6 | 28.1 | -44.5% |
Price to earnings ratio (P/E) | 5.5 | 3.4 | 61.8% |
Current ratio | 5.8 | 5.1 | 13.7% |
Quick ratio | 3.6 | 2.8 | 28.6% |
Financial performance
The Group`s sales amounted 31
The Group’s gross profit during 6 months of 2023 amounted to 18
Consolidated operating profit for 6 months of 2023 amounted to 10
Reported consolidated net profit attributable to equity holders of the Parent company for 6 months of 2023 amounted to 4
Financial position
As of
Trade and other receivables increased by 1
Equity attributable to equity holders of the Parent company increased by 2
Investments
During 6 months of 2023 the Group’s investments into property, plant and equipment totalled
Personnel
As of
Total salaries and related taxes during 6 months of 2023 amounted to 6
Consolidated Statement of Financial Position
in thousands of EUR | Note | ||
Unaudited | Audited | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 2 | 31 041 | 25 909 |
Trade and other receivables | 3 | 2 031 | 1 044 |
Prepayments and other tax receivables | 3 | 1 184 | 971 |
Current loans granted | 25 | 10 | |
Other assets | 106 | 111 | |
Inventories | 4 | 20 922 | 22 264 |
Total current assets | 55 309 | 50 309 | |
Non-current assets | |||
Non-current receivables | 314 | 301 | |
Investments in associates | 78 | 82 | |
Investments in other shares | 228 | 259 | |
Deferred tax asset | 2 006 | 2 166 | |
Intangible assets | 575 | 585 | |
Investment property | 903 | 1 041 | |
Property, plant and equipment | 5 | 8 429 | 9 248 |
Total non-current assets | 12 533 | 13 682 | |
TOTAL ASSETS | 67 842 | 63 991 | |
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Current lease liabilities | 1 177 | 2 373 | |
Trade and other payables | 6 | 5 326 | 5 837 |
Tax liabilities | 3 111 | 1 692 | |
Total current liabilities | 9 614 | 9 902 | |
Non-current liabilities | |||
Deferred tax liability | 921 | 1 039 | |
Non-current lease liabilities | 4 790 | 4 041 | |
Non-current provisions | 36 | 41 | |
Total non-current liabilities | 5 747 | 5 121 | |
Total liabilities | 15 361 | 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 | -21 569 | -19 409 | |
Retained earnings | 59 094 | 54 322 | |
Total equity attributable to equity holders of the Parent company | 47 398 | 44 786 | |
Non-controlling interest | 5 083 | 4 182 | |
Total equity | 52 481 | 48 968 | |
TOTAL EQUITY AND LIABILITIES | 67 842 | 63 991 |
Consolidated Income Statement
in thousands of EUR | Note | 2Q 2023 | 2Q 2022 | 06m 2023 | 06m 2022 |
Unaudited | Unaudited | Unaudited | Unaudited | ||
Revenue from contracts with customers | 9 | 17 266 | 15 334 | 31 407 | 26 370 |
Cost of goods sold | -6 553 | -8 967 | -12 570 | -13 485 | |
Gross Profit | 10 713 | 6 367 | 18 837 | 12 885 | |
Distribution expenses | -2 775 | -2 776 | -5 554 | -5 027 | |
Administrative expenses | -1 091 | -1 090 | -2 277 | -2 042 | |
Other operating income | 59 | 129 | 116 | 219 | |
Other operating expenses | -188 | -166 | -441 | -350 | |
Operating profit | 6 718 | 2 464 | 10 681 | 5 685 | |
Currency exchange income/(expense) | -1 492 | 8 455 | -2 591 | 5 985 | |
Other finance income/(expenses) | -29 | -126 | -185 | -230 | |
Net finance income | -1 521 | 8 329 | -2 776 | 5 755 | |
Profit (loss) from associates using equity method | 8 | 2 | 12 | -11 | |
Profit before tax | 5 205 | 10 795 | 7 917 | 11 429 | |
Income tax expense | -1 650 | -775 | -2 495 | -1 602 | |
Profit for the period | 3 555 | 10 020 | 5 422 | 9 827 | |
Attributable to : | |||||
Equity holders of the Parent company | 3 156 | 9 612 | 4 772 | 9 346 | |
Non-controlling interest | 399 | 408 | 650 | 481 | |
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) | 8 | 0.09 | 0.27 | 0.13 | 0.26 |
Consolidated Statement of Comprehensive Income
in thousands of EUR | Note | 2Q 2023 | 2Q 2022 | 06m 2023 | 06m 2022 |
Unaudited | Unaudited | Unaudited | Unaudited | ||
Profit for the period | 3 555 | 10 020 | 5 422 | 9 827 | |
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods | |||||
Exchange differences on translation of foreign operations | -624 | 576 | -1 384 | -719 | |
Total other comprehensive income for the period | -624 | 576 | -1 384 | -719 | |
Total comprehensive income (loss) for the period | 2 931 | 10 596 | 4 038 | 9 108 | |
Attributable to : | |||||
Equity holders of the Parent company | 2 029 | 10 294 | 2 612 | 8 456 | |
Non-controlling interest | 902 | 302 | 1 426 | 652 |
Consolidated Statement of Cash Flows
in thousands of EUR | Note | 06m 2023 | 06m 2022 |
Unaudited | Unaudited | ||
Cash flow from operating activities | |||
Profit for the period | 5 422 | 9 827 | |
Adjustments for: | |||
Depreciation and amortization of non-current assets | 1 591 | 1 670 | |
Share of profit of equity accounted investees | -12 | 11 | |
Gains/Losses on the sale of property, plant and equipment | -11 | 1 | |
Net finance income / costs | 2 776 | -2 000 | |
Provision for impairment losses on trade receivables | -1 | 0 | |
Provision for inventories | 2 | 3 | |
Income tax expense | 2 495 | 1 602 | |
Change in inventories | 1 342 | -3 861 | |
Change in trade and other receivables | -1 195 | -897 | |
Change in trade and other payables | -125 | -347 | |
Income tax paid | -1 482 | -939 | |
Net cash flow from operating activities | 10 802 | 5 070 | |
Cash flow from investing activities | |||
Interest received | 172 | 12 | |
Dividends received | 11 | 3 | |
Proceeds from disposal of property, plant and equipment | 5 | 8 | |
Loans granted | -15 | -9 | |
Acquisition of property, plant and equipment | -708 | -100 | |
Acquisition of intangible assets | -88 | -42 | |
Net cash flow from investing activities | -623 | -128 | |
Cash flow from financing activities | |||
Payment of principal portion of lease liabilities | -1 118 | -1 137 | |
Interest paid on lease liabilities | -367 | -246 | |
Dividends paid | -525 | 0 | |
Net cash flow from financing activities | -2 010 | -1 383 | |
Net increase in cash and cash equivalents | 8 169 | 3 559 | |
Cash and cash equivalents at the beginning of period | 25 909 | 17 098 | |
Effect of translation to presentation currency | -3 452 | 0 | |
Effect of exchange rate fluctuations on cash held | 415 | -166 | |
Cash and cash equivalents at the end of period | 31 041 | 20 491 |
Phone: +372 6845 000
Email: info@silvanofashon.com
Attachment
- SFG consolidated interim report for Q2 and 6 months of 2023 unaudited
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