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PTA Grupp



Company : PTA Grupp Compartment : Other
ISIN : EE3100001751 Wire : Thomson Reuters ONE
Document type : Periodic information / Half-Year Financial Report    
Publication date : 2/26/2021 10:59:00 PM    

Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12 months of 2020 (unaudited)

Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12 months of 2020 (unaudited)

Selected Financial Indicators

Summarized selected financial indicators of the Group for 12 months of 2020 compared to 12 months of 2019 and 31.12.2020 compared to 31.12.2019 were as follows:

in thousands of EUR 12m 2020 12m 2019 Change
Revenue 38 479 56 943 -32.4%
Gross Profit 23 209 29 651 -21.7%
Operating profit 10 544 12 712 -17.1%
EBITDA 14 111 17 004 -17.0%
Net profit for the period 2 551 11 149 -77.1%
Net profit attributable equity holders of the Parent company 2 231 10 663 -79.1%
Earnings per share (EUR) 0,06 0,30 -80.0%
Operating cash flow for the period 6 356 15 086 -57.9%
    
in thousands of EUR 31.12.2020 31.12.2019 Change
Total assets 42 256 46 309 -8.8%
Total current assets 29 597 27 123 9.1%
Total equity attributable to equity holders of the Parent company 24 504 26 324 -6.9%
Cash and cash equivalents 8 980 5 152 74.3%
    
Margin analysis, % 12m 2020 12m 2019 Change
Gross profit 60,3 52,1 15.7%
Operating profit 27,4 22,3 22.9%
EBITDA 36,7 29,9 22.7%
Net profit 6,6 19,6 -66.3%
Net profit attributable to equity holders of the Parent company 5,8 18,7 -69.0%
    
Financial ratios, % 31.12.2020 31.12.2019 Change
ROA 5,3 22,2 -76.1%
ROE 9,3 38,9 -76.1%
Price to earnings ratio (P/E) 25,2 7,3 245.2%
Current ratio 3,4 2,7 25.9%
Quick ratio 1,3 0,8 62.5%

Financial performance

The Group`s sales amounted to 38 479 thousand EUR during 12 months of  2020, representing a 32.4% decrease as compared to the same period of previous year. Overall, retail decreased by 32.4%, measured in EUR.

The Group’s gross profit during 12 months of 2020 amounted to 23 209 thousand EUR and decrease by 21.7% compared to previous year. The gross margin during 12 months of 2020 increased to 60.3%, from 52.1% in the respective period of previous year.

Consolidated operating profit for 12 months of 2020 amounted to 10 544 thousand EUR, compared to 12 712 thousand EUR in 12 months of  2019, decrease by 17.1%. The consolidated operating profit margin was 27.4% for 12 months of  2020 (22.3% in 12 months of 2019). Consolidated EBITDA for 12 months of 2020 decreased by 17.0% and amounted to 14 111 thousand EUR, which is 36.7% in margin terms (17 004 thousand EUR and 29.9% for 12 months of  2019).

Reported consolidated net profit attributable to equity holders of the Parent company for 12 months of 2020 amounted to 2 231 thousand EUR, compared to net profit of 10 663 thousand EUR in 12 months of  2019, net profit margin attributable to equity holders of the Parent company for 12 months of 2020 was 5.8% against 18.7% in 12 months of  2019.

Financial position

As of 31 December 2020 consolidated assets amounted to 42 256 thousand EUR representing decrease by 8.8% as compared to the position as of 31 December 2019.

Trade and other receivables decreased by 522 thousand EUR as compared to 31 December 2019 and amounted to    2 088 thousand EUR as of 31 December 2020. Inventory balance decreased 832 thousand EUR and amounted to     18 527 thousand EUR as of 31 December 2020.

Equity attributable to equity holders of the Parent company decreased by 1 820 thousand EUR and amounted to            24 504 thousand EUR as of 31 December 2020. Current liabilities decreased by 1 371 thousand EUR during 12 months of 2020.

Investments

During 12 months of  2020 the Group’s investments into property, plant and equipment totalled 289 thousand EUR, in previous year same period 1 216 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 31 December 2020, the Group employed 1 744 employees, including 500 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2019 there were 1 888 employees, including 503 people in retail operations.

Total salaries and related taxes during 12 months of  2020 amounted 9 854 thousand EUR (13 195 thousand EUR in 12 months of 2019). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 710 thousand EUR.

Decisions made by governing bodies during 12 months 2020

On June 30, 2020 Silvano Fashion Group held its regular Annual General Meeting of Shareholders. The Meeting adopted the following decisions.

  • The Meeting approved the 2019 Annual Report.
  • The Meeting decided leave the net profit undistributed and include the net profit of the financial year 2019 in retained earnings.
  • The Meeting decided: To annul Article 5.7 of the Articles of Association which includes: The public limited company may be represented in all legal transactions only by two members of the Management Board jointly. To approve the new Articles of Association of the Company.
  • The Meeting decided: To recall Toomas Tool, Mart Mutso, Risto Mägi, Triin Nellis and Stephan David Balkin from the Supervisory Board of SFG. To elect Toomas Tool as member of the Supervisory Board of SFG for the next 5-year period until June 30, 2025.  To elect Mari Tool as member of the Supervisory Board of SFG for the next 5-year period until June 30, 2025.  To elect Risto Mägi as member of the Supervisory Board of SFG for the next 5-year period until June 30, 2025. To elect Triin Nellis as member of the Supervisory Board of SFG for the next 5-year period until June 30, 2025. To elect Stephan David Balkin as member of the Supervisory Board of SFG for the next 5-year period until June 30, 2025.




Consolidated Statement of Financial Position

in thousands of EUR Note 31.12.2020 31.12.2019
ASSETS    
Current assets    
Cash and cash equivalents   8 980 5 152
Current loans granted   2 2
Trade and other receivables 2 2 088 2 610
Inventories 3 18 527 19 359
Total current assets   29 597 27 123
    
Non-current assets    
Long-term receivables   249 334
Investments in associates   57 82
Available-for-sale investments   238 321
Deferred tax asset   1 032 905
Intangible assets   374 423
Investment property   1 018 869
Property, plant and equipment 4 9 691 16 252
Total non-current assets   12 659 19 186
TOTAL ASSETS   42 256 46 309
    
LIABILITIES AND EQUITY    
Current liabilities    
Current borrowings   400 0
Short-term finance lease obligations   2 121 2 362
Trade and other payables 5 5 583 6 899
Tax liabilities   675 889
Total current liabilities   8 779 10 150
    
Non-current liabilities    
Deferred tax liability   500 14
Long-term borrowings   400 0
Long-term finance lease obligations   4 707 6 333
Long-term provisions   52 61
Total non-current liabilities   5 659 6 408
Total liabilities   14 438 16 558
    
Equity    
Share capital 6 3 600 3 600
Share premium   4 967 4 967
Statutory reserve capital   1 306 1 306
Revaluation reserve   355 355
Unrealised exchange rate differences   -19 748 -15 697
Retained earnings   34 024 31 793
Total equity attributable to equity holders of the Parent company   24 504 26 324
Non-controlling interest   3 314 3 427
Total equity   27 818 29 751
TOTAL EQUITY AND LIABILITIES   42 256 46 309

Consolidated Income Statement

in thousands of EUR Note 4Q 2020 4Q 2019 12m 2020 12m 2019
Revenue 8 8 720 12 132 38 479 56 943
Cost of goods sold   -3 608 -5 138 -15 270 -27 292
Gross Profit   5 112 6 994 23 209 29 651
           
Distribution expenses   -1 940 -2 958 -8 548 -11 714
Administrative expenses   -911 -1 181 -3 779 -4 582
Other operating income   113 81 336 300
Other operating expenses   -200 -314 -674 -943
Operating profit   2 174 2 622 10 544 12 712
           
Currency exchange income/(expense)   214 144 -6 172 3 057
Other finance income/(expenses)   -83 -223 -428 -590
Net financial income   131 -79 -6 600 2 467
        
Profit (loss) from associates using equity method   4 5 1 8
Profit before tax   2 309 2 548 3 945 15 187
        
Income tax expense   -956 -1 163 -1 394 -4 038
        
Profit for the period   1 353 1 385 2 551 11 149
Attributable to :       
   Equity holders of the Parent company   1 231 1 371 2 231 10 663
   Non-controlling interest   122 14 320 486
           
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR)   0,03 0,04 0,06 0,30

Consolidated Statement of Comprehensive Income

in thousands of EUR Note 4Q 2020 4Q 2019 12m 2020 12m 2019
      
Profit for the period   1 353 1 385 2 551 11 149
      
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods   -1 321 -1 035 -4 071 -699
Attributable to :      
   Equity holders of the Parent company   -913 -1 035 -4 051 -1 001
   Non-controlling interest   -408 0 -20 302
          
Total comprehensive income (loss) for the period   32 350 -1 520 10 450
Attributable to :      
   Equity holders of the Parent company   318 336 -1 820 9 662
   Non-controlling interest   -286 14 300 788

Consolidated Statement of Cash Flows

in thousands of EUR Note 12m 2020 12m 2019
Cash flow from operating activities    
Profit for the period   2 551 11 149
Adjustments for:    
  Depreciation and amortization of non-current assets   3 567 4 292
  Share of profit of equity accounted investees   -1 -8
  (Gains)/ losses on the sale of property, plant and equipment   9 50
  Net finance income / costs   560 -2 467
  Provision for impairment losses on trade receivables   20 45
  Provision for inventories   202 263
  Provision for long-term benefits   52 0
  Provision for deferred tax asset   0 678
Income tax expense   1 394 4 038
Change in inventories   832 -1 714
Change in trade and other receivables   427 944
Change in trade and other payables   -1 512 114
Interest paid   -9 0
Income tax paid   -1 736 -2 298
Net cash from operating activities   6 356 15 086
      
Cash flow from investing activities     
Interest received   13 12
Dividends received   46 0
Proceeds from disposal of property, plant and equipment   75 84
Proceeds from repayments of loans granted   0 6
Acquisition of property, plant and equipment   -289 -1 216
Acquisition of intangible assets   -110 -219
Acquisition of subsidiary net of cash acquired   -26 0
Net cash used in/from investing activities   -291 -1 333
      
Cash flow from financing activities     
Proceeds from borrowings   800 0
Repayment of finance lease   -2 495 -2 988
Interest paid  on finance lease   -492 -636
Dividends paid   -413 -7 710
Reduction of share capital   0 -10 800
Net cash used in/ from financing activities   -2 600 -22 134
      
Increase in cash and cash equivalents   3 465 -8 381
Cash and cash equivalents at the beginning of period   5 152 13 603
Effect of exchange rate fluctuations on cash held   363 -70
Cash and cash equivalents at the end of period   8 980 5 152

Jarek Särgava
AS Silvano Fashion Group
Member of the Board
Phone: +372 6845 000
Email: info@silvanofashon.com

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