Selected Financial Indicators
Summarized selected financial indicators of the Group for 9 months of 2017
compared to 9 months of 2016 and 30.09.2017 compared to 31.12.2016 were as
follows:
in thousands of EUR 9m 2017 9m 2016 Change
--------------------------------------------------------------------------------
Revenue 50 065 45 642 9.7%
EBITDA 13 149 15 978 -17.7%
Net profit for the period 9 726 9 381 3.7%
Net profit attributable equity holders of the 9 309 9 117 2.1%
Parent company
Earnings per share (EUR) 0.26 0.25 4.0%
Operating cash flow for the period 12 975 12 969 0.0%
in thousands of EUR 30.09.2017 31.12.2016 Change
--------------------------------------------------------------------------------
Total assets 50 941 56 145 -9.3%
Total current assets 39 442 42 677 -7.6%
Total equity attributable to equity holders of 39 257 43 402 -9.6%
the Parent company
Cash and cash equivalents 22 090 22 303 -1.0%
Margin analysis, % 9m 2017 9m 2016 Change
--------------------------------------------------------------------------------
Gross profit 50.4 55.4 -9.0%
EBITDA 26.3 35.0 -24.9%
Net profit 19.4 20.6 -5.8%
Net profit attributable to equity holders of the 18.6 20.0 -7.0%
Parent company
Financial ratios, % 30.09.2017 31.12.2016 Change
--------------------------------------------------------------------------------
ROA 14.1 14.7 -4.1%
ROE 19.1 19.6 -2.6%
Price to earnings ratio (P/E) 12.1 13.2 -8.3%
Current ratio 4.5 4.9 -8.2%
Quick ratio 2.9 3.0 -3.3%
Financial performance
The Group's sales amounted to 50 065 thousand EUR during 9 months of 2017,
representing a 9.7% increase as compared to the same period of previous year.
Overall, wholesales increased by 1.2% and retail sales increased by 33.9%,
measured in EUR.
The Group's reported gross profit margin during 9 months of 2017 continued to
improve decreasing to 50.4%, reported gross margin was 55.4% in the respective
period of previous year. Consolidated operating profit for 9 months of 2017
amounted to 11 763 thousand EUR, compared to 14 626 thousand EUR in 9 months of
2016. The consolidated operating profit margin was 23.5% for 9 months of 2017
(32.0% in 9 months of 2016). Consolidated EBITDA for 9 months of 2017 was 13
149 thousand EUR, which is 26.3% in margin terms (15 978 thousand EUR and 35.0%
for 9 months of 2016).
Reported consolidated net profit attributable to equity holders of the Parent
company for 9 months of 2017 amounted to 9 309 thousand EUR, compared to net
profit of 9 117 thousand EUR in 9 months of 2016, net profit margin
attributable to equity holders of the Parent company for 9 months of 2017 was
18.6% against 20.0% in 9 months of 2016.
Financial position
As of 30 September 2017 consolidated assets amounted to 50 941 thousand EUR
representing an decrease by 9.3% as compared to the position as of 31 December
2016.
Trade and other receivables decreased by 1 172 thousand EUR as compared to 31
December 2016 and amounted to 2 996 thousand EUR as of 30 September 2017.
Inventory balance decreased by 1 833 thousand EUR and amounted to 14 354
thousand EUR as of 30 September 2017.
Equity attributable to equity holders of the Parent company decreased by 4 145
thousand EUR and amounted to 39 257 thousand EUR as of 30 September 2017.
Current liabilities decreased by 55 thousand EUR during 9 months of 2017.
Investments
During 9 months of 2017 the Group's investments into property, plant and
equipment totalled 590 thousand EUR, in previous year same period 571 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 2017, the Group employed 2 301 employees, including 516
people in retail operations. The rest were employed in production, wholesale,
administration and support operations. In 31.12.2016 there were 2 163
employees, including 480 people in retail operations.
Total salaries during 9 months of 2017 amounted to 8 266 thousand EUR (8 798
thousand EUR in 9 months of 2016). The remuneration of key management of the
Group, including the key executives of all subsidiaries, totalled 672 thousand
EUR.
Decisions made by governing bodies during 9 months 2017
On February 2, 2017 Silvano Fashion Group Extraordinary Meeting of Shareholders
decided to change Silvano Fashion Group AS shareholders General Meeting
decision from June 29, 2016 of its share buyback program terms and set the new
maximum price at which Silvano Fashion Group AS may buy back its own shares
within the own share buy-back programme is EUR 3.30 per share.
In connection with expiration of the term of the board member agreement, Kati
Kusmin left the company from May 16, 2017. AS Silvano Fashion Group the
Management Board continues with one member: Jarek Särgava.
On June 29, 2017 Silvano Fashion Group held its regular Annual General Meeting
of Shareholders. The Meeting adopted following decisions.
-- The Meeting approved the 2016 Annual Report.
-- The Meeting decided to distribute dividends in the amount 0.20 EUR per
share (record date 13.07.2017, payment completed on 19.07.2017).
-- The Meeting decided to re-appoint AS PricewaterhouseCoopers as the Group's
auditor for financial year 2017.
-- The Meeting decided to cancel the 1 000 000 own shares acquired within the
own share buy-back programme as approved by the shareholders of AS Silvano
Fashion Group on 29th of June 2016;
-- The Meeting decided to extend authority of the supervisory board member Mr.
Toomas Tool for the next term of authority starting from 1 July 2017 till
30 June 2022.
-- The Meeting decided to continue with the remuneration plan of the
supervisory board members as approved by the annual general meeting held on
30 June 2012.
-- On October 31, 2017, the decrease of share capital of Silvano Fashion Group
AS was registered in the Commercial Register based on the resolutions
adopted by the General Meeting of Shareholders of the Company held on June
29, 2017. The new registered share capital of the Company is 10 800 000
euros, which is divided into 36 000 000 ordinary shares with nominal value
of 0.30 euros per share.
Consolidated Statement of Financial Position
in thousands of EUR Note 30.09.2017 31.12.2016
--------------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 22 090 22 303
Current loans granted 2 19
Trade and other receivables 2 2 996 4 168
Inventories 3 14 354 16 187
Total current assets 39 442 42 677
Non-current assets
Long-term receivables 252 21
Investments in associates 45 19
Available-for-sale investments 326 369
Deferred tax asset 918 1 012
Intangible assets 213 291
Investment property 943 1 091
Property, plant and equipment 4 8 802 10 665
Total non-current assets 11 499 13 468
TOTAL ASSETS 50 941 56 145
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 5 7 000 6 894
Tax liabilities 1 696 1 857
Total current liabilities 8 696 8 751
Non-current liabilities
Deferred tax liability 13 37
Total non-current liabilities 13 37
Total liabilities 8 709 8 788
Equity
Share capital 6 11 100 11 100
Share premium 10 787 10 787
Treasury shares 6 -2 520 -998
Statutory reserve capital 1 306 1 306
Revaluation reserve 710 710
Unrealised exchange rate differences -15 700 -10 968
Retained earnings 33 574 31 465
Total equity attributable to equity holders of the 39 257 43 402
Parent company
Non-controlling interest 2 975 3 955
Total equity 42 232 47 357
TOTAL EQUITY AND LIABILITIES 50 941 56 145
Consolidated Income Statement
in thousands of EUR Note 3Q 3Q 9m 2017 9m 2016
2017 2016
--------------------------------------------------------------------------------
Revenue 8 17 255 15 047 50 065 45 642
Cost of goods sold -8 283 -6 975 -24 846 -20 346
Gross Profit 8 972 8 072 25 219 25 296
Distribution expenses -2 975 -2 420 -9 134 -6 650
Administrative expenses -1 181 -1 216 -3 740 -3 481
Other operating income 75 81 230 250
Other operating expenses -250 -231 -812 -789
Operating profit 4 641 4 286 11 763 14 626
Currency exchange income/(expense) 257 -26 1 132 -2 520
Other finance income/(expenses) 41 43 147 144
Net financial income 298 17 1 279 -2 376
Profit (loss) from associates using 17 0 29 0
equity method
Profit before tax and gain/(loss) on net 4 956 4 303 13 071 12 250
monetary position
Income tax expense -932 -1 055 -3 345 -2 869
Profit for the period 4 024 3 248 9 726 9 381
Attributable to:
Equity holders of the Parent company 3 875 3 131 9 309 9 117
Non-controlling interest 149 117 417 264
Earnings per share from profit 7 0.11 0.08 0.26 0.25
attributable to equity holders of the
Parent company, both basic and diluted
(EUR)
Consolidated Statement of Comprehensive Income
in thousands of EUR Note 3Q 3Q 9m 9m
2017 2016 2017 2016
--------------------------------------------------------------------------------
Profit for the period 4 024 3 248 9 726 9 381
Exchange rate differences attributable to -1 911 100 -5 226 801
foreign operations
Attributable to:
Equity holders of the Parent company -1 730 100 -4 732 927
Non-controlling interest -181 0 -494 -126
Total comprehensive income for the period 2 113 3 348 4 500 10 182
Attributable to:
Equity holders of the Parent company 2 145 3 231 4 577 10 044
Non-controlling interest -32 117 -77 138
Consolidated Statement of Cash Flows
in thousands of EUR 9m 2017 9m 2016
-------------------------------------------------------------------------
Cash flow from operating activities
Profit for the period 9 726 9 381
Adjustments for:
Depreciation and amortization of non-current assets 1 386 1 352
Share of profit of equity accounted investees -29 0
(Gains)/ losses on the sale of PPE and IA 6 -32
Net finance income / costs -1 279 2 376
Provision for impairment losses on trade receivables 0 -5
Income tax expense 3 345 2 869
Change in inventories 1 833 1 226
Change in trade and other receivables 941 347
Change in trade and other payables -2 977 -2 180
Income tax paid -3 291 -2 365
Net cash from operating activities 9 661 12 969
Cash flow from investing activities
Interest received 110 101
Dividends received 1 3
Proceeds from disposal of property, plant and equipment 411 36
Acquisition of property, plant and equipment -590 -573
Acquisition of intangible assets -84 -77
Acquisition of shares of a subsidiary 0 -3
Net cash used in/from investing activities -152 -513
Cash flow from financing activities
Dividends paid -8 098 -5 970
Acquisition of own shares -1 522 -1 505
Net cash used in/ from financing activities -9 620 -7 475
Increase in cash and cash equivalents -111 4 981
Cash and cash equivalents at the beginning of period 22 303 21 274
Effect of exchange rate fluctuations on cash held -102 -158
Cash and cash equivalents at the end of period 22 090 26 097
Jarek Särgava
Member of the Board
AS Silvano Fashion Group
Phone +372 6845 000
E-mail: info@silvanofashion.com
Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=652617Silvano Fashion Group: Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 9 months of 2017 (unaudited)
© 2017 GlobeNewswire
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