| Selected Financial Indicators Summarized selected financial indicators of the Group for 9 months of 2021 compared to 9 months of 2020 and 30.09.2021 compared to 31.12.2020 were as follows: in thousands of EUR 09m 2021 09m 2020 Change Revenue 36 891 29 759 24.0% Gross Profit 21 095 18 097 16.6% Operating profit 12 325 8 370 47.3% EBITDA 14 744 11 042 33.5% Net profit for the period 10 518 1 198 778.0% Net profit attributable equity holders of the Parent company 9 562 1 000 856.2% Earnings per share (EUR) 0,27 0,03 800.0% Operating cash flow for the period 12 910 6 620 95.0% in thousands of EUR 30.09.2021 31.12.2020 Change Total assets 52 677 42 256 24.7% Total current assets 39 897 29 597 34.8% Total equity attributable to equity holders of the Parent company 34 501 24 504 40.8% Cash and cash equivalents 18 097 8 980 101.5% Margin analysis, % 09m 2021 09m 2020 Change Gross profit 57.2 60.8 -5.9% Operating profit 33.4 28.1 18.9% EBITDA 40.0 37.1 7.8% Net profit 28.5 4.0 612.5% Net profit attributable to equity holders of the Parent company 25.9 3.4 661.8% Financial ratios, % 30.09.2021 31.12.2020 Change ROA 20.8 3.2 550.0% ROE 34.1 5.6 508.9% Price to earnings ratio (P/E) 6.7 41.7 -83.9% Current ratio 5.2 3.4 52.9% Quick ratio 2.6 1.3 100.0% Financial performance The Group`s sales amounted to 36 891 thousand EUR during 9 months of 2021, representing a 24.0% increase as compared to the same period of previous year. Overall, wholesale increased by 29.8%, measured in EUR. The Group’s gross profit during 9 months of 2021 amounted to 21 095 thousand EUR and increase by 16.6% compared to previous year. The gross margin during 9 months of 2021 decreased to 57.2%, from 60.8% in the respective period of previous year. The cost of sold goods increased by 35.4%. Consolidated operating profit for 9 months of 2021 amounted to 12 325 thousand EUR, compared to 8 370 thousand EUR in 9 months of 2020, increase by 47.3%. The consolidated operating profit margin was 33.4% for 9 months of 2021 (28.1% in 9 months of 2020). Consolidated EBITDA for 9 months of 2021 increased by 33.5% and amounted to 14 744 thousand EUR, which is 40.0% in margin terms (11 042 thousand EUR and 37.1% for 9 months of 2020). Reported consolidated net profit attributable to equity holders of the Parent company for 9 months of 2021 amounted to 9 562 thousand EUR, compared to net profit of 1 000 thousand EUR in 9 months of 2020, net profit margin attributable to equity holders of the Parent company for 9 months of 2021 was 25.9% against 3.4% in 9 months of 2020. Financial position As of 30 September 2021 consolidated assets amounted to 52 677 thousand EUR representing increase by 24.7% as compared to the position as of 31 December 2020. Trade and other receivables decreased by 48 thousand EUR as compared to 31 December 2020 and amounted to 2 040 thousand EUR as of 30 September 2021. Inventory balance increased by 1 231 thousand EUR and amounted to 19 758 thousand EUR as of 30 September 2021. Equity attributable to equity holders of the Parent company increased by 9 997 thousand EUR and amounted to 34 501 thousand EUR as of 30 September 2021. Current liabilities decreased by 1 048 thousand EUR during 9 months of 2021. Investments During 9 months of 2021 the Group’s investments into property, plant and equipment totalled 177 thousand EUR, in previous year same period 191 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 30 September 2021, the Group employed 1 633 employees, including 490 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2020 there were 1 744 employees, including 500 people in retail operations. Total salaries and related taxes during 9 months of 2021 amounted to 7 158 thousand EUR (7 407 thousand EUR in 9 months of 2020). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 443 thousand EUR. Consolidated Statement of Financial Position in thousands of EUR Note 30.09.2021 31.12.2020 Unaudited Audited ASSETS Current assets Cash and cash equivalents 2 18 097 8 980 Current loans granted 2 2 Trade and other receivables 3 2 040 2 088 Inventories 4 19 758 18 527 Total current assets 39 897 29 597 Non-current assets Long-term receivables 256 249 Investments in associates 67 57 Investments in other shares 258 238 Deferred tax asset 1 077 1 032 Intangible assets 509 374 Investment property 1 079 1 018 Property, plant and equipment 5 9 534 9 691 Total non-current assets 12 780 12 659 TOTAL ASSETS 52 677 42 256 LIABILITIES AND EQUITY Current liabilities Short-term borrowings 0 400 Short-term lease liabilities 592 2 121 Trade and other payables 6 5 624 5 583 Tax liabilities 1 515 675 Total current liabilities 7 731 8 779 Non-current liabilities Deferred tax liability 605 500 Long-term borrowings 0 400 Long-term lease liabilities 5 979 4 707 Long-term provisions 57 52 Total non-current liabilities 6 641 5 659 Total liabilities 14 372 14 438 Equity Share capital 7 3 600 3 600 Share premium 4 967 4 967 Statutory reserve capital 1 306 1 306 Revaluation reserve 0 355 Unrealised exchange rate differences -18 429 -18 864 Retained earnings 43 057 33 140 Total equity attributable to equity holders of the Parent company 34 501 24 504 Non-controlling interest 3 804 3 314 Total equity 38 305 27 818 TOTAL EQUITY AND LIABILITIES 52 677 42 256 Consolidated Income Statement in thousands of EUR Note 3Q 2021 3Q 2020 09m 2021 09m 2020 Unaudited Unaudited Unaudited Unaudited Revenue from contracts with customers 9 13 666 12 028 36 891 29 759 Cost of goods sold -6 232 -4 506 -15 796 -11 662 Gross Profit 7 434 7 522 21 095 18 097 Distribution expenses -2 249 -2 161 -6 453 -6 608 Administrative expenses -875 -935 -2 663 -2 868 Other operating income 247 94 813 223 Other operating expenses -173 -133 -467 -474 Operating profit 4 384 4 387 12 325 8 370 Currency exchange income/(expense) 347 -3 830 1 407 -6 386 Other finance income/(expenses) -100 -111 -316 -345 Net finance income 247 -3 941 1 091 -6 731 Profit (loss) from associates using equity method 7 -3 6 -3 Profit before tax 4 638 443 13 422 1 636 Income tax expense -816 -115 -2 904 -438 Profit for the period 3 822 328 10 518 1 198 Attributable to : Equity holders of the Parent company 3 531 255 9 562 1 000 Non-controlling interest 291 73 956 198 Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) 8 0,10 0,01 0,27 0,03 Consolidated Statement of Comprehensive Income in thousands of EUR Note 3Q 2021 3Q 2020 09m 2021 09m 2020 Unaudited Unaudited Unaudited Unaudited Profit for the period 3 822 328 10 518 1 198 Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods : Exchange differences on translation of foreign operations 439 -690 708 -2 749 Total other comprehensive income for the period 439 -690 708 -2 749 Total comprehensive income (loss) for the period 4 261 -362 11 226 -1 551 Attributable to : Equity holders of the Parent company 4 004 -486 9 997 -2 138 Non-controlling interest 257 124 1 229 587 Consolidated Statement of Cash Flows in thousands of EUR Note 09m 2021 09m 2020 Unaudited Unaudited Cash flow from operating activities Profit for the period 10 518 1 198 Adjustments for: Depreciation and amortization of non-current assets 2 419 2 672 Share of profit of equity accounted investees -6 3 Gains/Losses on the sale of property, plant and equipment 11 3 Net finance income / costs -395 1 941 Provision for impairment losses on trade receivables 1 0 Provision for inventories 5 2 Receipt of government grants 550 0 Movements in provisions and government grants -550 0 Income tax expense 2 904 438 Change in inventories -1 231 2 991 Change in trade and other receivables 32 769 Change in trade and other payables 330 -2 255 Interest paid -2 0 Income tax paid -1 676 -1 142 Net cash flow from operating activities 12 910 6 620 Cash flow from investing activities Interest received 14 10 Proceeds from disposal of property, plant and equipment 60 34 Acquisition of property, plant and equipment -177 -191 Acquisition of intangible assets -121 -83 Net cash flow from investing activities -224 -230 Cash flow from financing activities Acquisition of non-controlling interests 0 -26 Proceeds from borrowings 0 400 Repayment of borrowings -800 0 Payment of principal portion of lease liabilities -1 761 -1 619 Interest paid on lease liabilities -326 -367 Dividends paid -739 -424 Net cash flow from financing activities -3 626 -2 036 Net increase in cash and cash equivalents 9 060 4 354 Cash and cash equivalents at the beginning of period 8 980 5 152 Effect of exchange rate fluctuations on cash held 57 350 Cash and cash equivalents at the end of period 18 097 9 856 Jarek Särgava AS Silvano Fashion Group Member of the Board Phone: +372 6845 000 Email: [email protected] | |
