Annual / Quarterly Financial Statement • Sep 28, 2015
Annual / Quarterly Financial Statement
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The following condensed Financial Statements, notes and information provide a general view of the financial position and financial results of Folli Follie Group. Therefore we advise the reader who wants to have a complete view of the financial state and t making any investment decision or other transaction with the Company, to access the interim financial statements according to the IFRS, as well as the relevant certified auditor's report, whenever required, at the Company's web site (www.follifollie.com)
| Internet address: | www.follifollie.com |
|---|---|
| Certified Auditor Accountant: | Varthalitis Georgios |
| Auditing Company: | BAKER TILLY HELLAS SA |
| Type of Auditors' Report: | Not needed |
Approval Date of the Financial Statem. 14/11/2007
| CASH FLOW STATEMENT (Amounts in Thousand Euro) | BALANCE SHEET (Amounts in Thousand Euro €) | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| THE GROUP | THE COMPANY | THE GROUP | THE COMPANY | ||||||
| Cash Flows related to Operating Activities | 1/1-30/9/2007 | 1/1-30/9/2006 | 1/1-30/9/2007 1/1-30/9/2006 | ASSETS | 30/9/2007 | 31/12/2006 | 30/9/2007 | 31/12/2006 | |
| Net Profit before taxes | 99.968 | 85.469 | 13.142 | 18.186 | Tangible Assets | 85.233 | 84.783 | 32.267 | 32.542 |
| Adjustments in respect of non-cash transactions: | 0 | 0 | 0 | 0 | Intangible Assets | 327.753 | 330.054 | 603 | 627 |
| Depreciation and Amortisation | 9.380 | 5.197 | 820 | 786 | Investments in associates | 0 | 0 | 387.438 | 387.438 |
| Provisions | 1.032 | 855 | 92 | 167 | Deferred income tax assets | 2.362 | 2.109 | 296 | 353 |
| Cash flows from investing activities | -4.814 | -4.606 | -23.159 | -21.419 | Other long term receivables | 9.892 | 6.677 | 301 | 293 |
| Debit interest and similar expenses | 15.491 | 7.579 | 13.567 | 7.989 | Total non-current assets (a) | 425.240 | 423.623 | 420.905 | 421.253 |
| Other non-cash expense/income | Inventories | 143.434 | 125.598 | 13.962 | 13.583 | ||||
| Operating profit before adjustments of working capital | 121.057 | 94.494 | 4.462 | 5.709 | Trade Receivables and other receivables | 177.978 | 164.693 | 17.701 | 18.055 |
| Decrease/(increase) of Inventories | -20.766 | -8.423 | -379 | -659 | Other financial assets at fair value | 0 | 0 | 0 | 0 |
| Decrease/(increase) of Receivables | -20.066 | -14.676 | 470 | 1.198 | through profit or loss | 3.613 | 3.420 | 1.682 | 1.464 |
| Increase/(decrease) of payable accounts (except Banks) | 11.248 | -9.439 | -4.168 | -2.472 | Cash and cash equivalents | 134.995 | 109.311 | 16.907 | 22.403 |
| Interest paid and similar expenses | -13.509 | -8.670 | -10.073 | -8.331 | Total current assets (b) | 460.020 | 403.022 | 50.252 | 55.505 |
| Income Tax paid | -13.216 | -22.004 | -142 | -1.146 | TOTAL ASSETS (a) + (b) | 885.260 | 826.645 | 471.157 | 476.758 |
| Net cash inflows/(outflows) from Operating Activities | 64.748 | 31.282 | -9.830 | -5.701 | EQUITY & LIABILITIES | 0 | 0 | 0 | 0 |
| Cash Flows related to Investing Activities | Long-term borrowings | 402.756 | 406.902 | 334.500 | 341.000 | ||||
| Purchases of subsidiaries, associates and other investments | 0 | -204.465 | 0 | -224.348 | Retirement benefit obligations | 9.095 | 8.477 | 700 | 621 |
| Purchases of tangible and intangible assets | -9.521 | -4.148 | -523 | -301 | Deferred income tax liabilities | 16.604 | 15.247 | 1.118 | 1.251 |
| Proceeds from sale of tangible and intangible assets | 1.104 | 1.020 | 0 | 21 | Provisions for other liabilities and charges | 14.373 | 11.106 | 474 | 524 |
| Proceeds from sale of financial assets | 4.762 | 1.961 | 4.766 | 1.961 | Total non-current liabilities | 442.828 | 441.732 | 336.792 | 343.396 |
| Dividends received | 0 | 0 | 18.176 | 20.990 | Trade payablesand short term borrowings | 88.428 | 103.464 | 4.695 | 9.546 |
| Interest received | 1.868 | 1.091 | 356 | 342 | Other current liabilities | 14.528 | 11.812 | 6.850 | 9.210 |
| Decrease/(increase) of other long-term receivables | -4.139 | -722 | -8 | -15 | Total current liabilities | 102.956 | 115.276 | 11.545 | 18.756 |
| Net cash inflows/(outflows) from Investing Activities | -5.926 | -205.263 | 22.767 | -201.350 | Total Liabilities (a) | 545.784 | 557.008 | 348.337 | 362.152 |
| Cash Flows related to Financing Activities | Share capital | 9.884 | 9.884 | 9.884 | 9.884 | ||||
| Cash received from issue of share capital | Share premium | 62.532 | 62.532 | 62.532 | 62.532 | ||||
| Own Stock | -2.658 | 0 | 0 | 0 | Other reserves | 23.953 | 8.833 | 20.756 | 20.185 |
| Proceeds from Loans | 0 | 294.232 | 0 | 224.005 | Own Stock | -3.998 | -1.340 | -108 | -109 |
| Repayment of Loans | -1.117 | 0 | -12.710 | 0 | Retained earnings | 266.948 | 207.356 | 29.756 | 22.114 |
| Payments for leases | -98 | -478 | -23 | -78 | Exchange differences | -49.683 | -32.706 | 0 | 0 |
| Dividends paid | -22.290 | -28.401 | -5.700 | -7.277 | the Company | -88.928 | -88.928 | 0 | 0 |
| Net cash inflows/(outflows) from Financing Activities | -26.163 | 265.353 | -18.433 | 216.650 | of the Company (b) | 220.708 | 165.631 | 122.820 | 114.606 |
| Net increase/(decrease) in cash and cash equivalents | 32.659 | 91.372 | -5.496 | 9.599 | Minority interest (c) | 118.768 | 104.006 | 0 | 0 |
| Cash and cash equivalents at the beginning of the period | 109.311 | 33.892 | 22.403 | 13.248 | Total Equity (d) = (b)+(c) | 339.476 | 269.637 | 122.820 | 114.606 |
| Exchange rate differences from the conversion of cash equivalents | -6.975 | -2.860 | 0 | 0 | TOTAL EQUITY AND LIABILITIES (e) = (a)+(d) | 885.260 | 826.645 | 471.157 | 476.758 |
| Cash and cash equivalents at the end of the period | 134.995 | 122.404 | 16.907 | 22.847 |
| DATA FROM INCOME STATEMENT OF THE PERIOD (Amounts in Thousand Euro €) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ADDITIONAL RECORDS AND INFORMATION1. The same Accounting Policies have been followed as for the Balance Sheet at 31.12.2006. The Group | THE GROUP | THE COMPANY | THE GROUP | THE COMPANY | ||||||||||
| applies the IFRS from 1 January 2005.2. There are no real liens on non-current assets or property.3. There are no disputed or under arbitration cases of national or administrative courts that may have a material effect on the financial position of the Company.4. Τhe un-audited tax years of the parent company |
1/1-30/9/2007 | 1/1-30/9/2006 | 1/1-30/9/2007 | 1/1-30/9/2006 | 1/7-30/9/2007 | 1/7-30/9/2006 | 1/7-30/9/2007 1/7-30/9/2006 | |||||||
| and its subsidiaries mentioned at the following table 5.Purchases of tangible and intangible assets for the period 1/1-30/09/2007 (Amount in Thousand Euro) : | Sales Revenue | 465.604 | 331.294 | 24.712 | 24.386 | 194.870 | 164.015 | 9.352 | 7.277 | |||||
| a)Group € 9.520 b)Company € 523. | Cost of goods sold | -209.022 | -156.459 | -8.317 | -7.746 | -95.008 | -83.195 | -3.052 | -2.395 | |||||
| 6.The personnel employed in the Group, as at 30.09.2007, amounted to 3.415 and in the Company to 279 persons. | Gross profit | 256.582 | 174.835 | 16.395 | 16.640 | 99.862 | 80.820 | 6.300 | 4.882 | |||||
| 7. The company Hellenic Duty Free Shops and its subsidiary companies, are comprised in the consolidated statements for the current period with the method of full consolidation, however in the same period of 2006 they have been consolidated under the equity method for the first four months and for the last five |
Other Operating income | 11.086 | 13.125 | 1.491 | 1.363 | 3.022 | 6.587 | 635 | 413 | |||||
| months with the method of full consolidation. Also the consolidated statements of the 2006 do not include the results of the company Pilion Ltd as it has been | Administrative expenses | -30.586 | -16.692 | -4.084 | -3.993 | -10.507 | -8.009 | -1.061 | -1.388 | |||||
| acquired in the forth quarter of the year 2006.8.The issue of emphasis mentioned at the Auditor's Review Report concerns the absence of provisions for the | Selling and marketing costs | -125.322 | -81.914 | -9.776 | -8.648 | -48.712 | -39.719 | -3.282 | -2.764 | |||||
| un-audited tax years 9.In the consolidated financial statements are included the following companies: | Other expenses | -1.912 | -1.126 | -545 | -597 | -361 | -188 | -297 | -98 | |||||
| Operating profit | 109.848 | 88.228 | 3.481 | 4.765 | 43.304 | 39.491 | 2.295 | 1.045 | ||||||
| RELATION | UN-AUDITED | Finance results | -9.880 | -2.759 | 9.661 | 13.421 | -4.044 | -4.625 | -3.241 | -4.554 | ||||
| COMPANY | REGISTERED OFFICE % PARTICIPATION | THAT COMMANDED | CONSOLIDATIO N METHOD |
TAX | Profit before taxes (EBT) | 99.968 | 85.469 | 13.142 | 18.186 | 39.260 | 34.866 | -946 | -3.509 | |
| THE CONSOLIDATION | YEARS | Income tax expense | -24.465 | -20.582 | -724 | -1.601 | -9.672 | -9.179 | -385 | 175 | ||||
| FOLLI FOLLIE A.B.E.E. | ATHENS | - | 2006 | Profit for the period (after taxes) | 75.503 | 64.887 | 12.418 | 16.585 | 29.588 | 25.687 | -1.331 | -3.334 | ||
| FOLLI FOLLIE HONG KONG LTD | HONG KONG | 99,99% | Direct | Full | 2000-2006 | Attributable to: | ||||||||
| FOLLI FOLLIE UK LTD | LONDON | 99,99% | Direct | Full | 2005-2006 | Equity holders of the Company | 60.741 | 52.063 | 21.661 | 17.731 | ||||
| FOLLI FOLLIE FRANCE SA | PARIS | 100,00% | Direct | Full | 2006 | Minority interest | -14.762 | -12.824 | -7.927 | -7.956 | ||||
| FOLLI FOLLIE SPAIN SA | MADRID | 100,00% | Direct | Full | 2002-2006 | Earnings (after taxes) per share - basic (expressed in €) | 2 | 2 | 0 | 1 | 1 | 1 | 0 | 0 |
| FOLLI FOLLIE CZECH SRO | PRAGUE | 100,00% | Direct | Full | 2001-2006 | Amortisation - Depreciation | 9.380 | 5.197 | 820 | 786 | 3.168 | 2.722 | 265 | 266 |
| FOLLI FOLLIE POLAND SZOO | WARSAW | 100,00% | Direct | Full | 2001-2006 | Earnings (profit) before taxes, financing and investing | ||||||||
| FOLLI FOLLIE SLOVAKIA SRO | BRATISLAVA | 100,00% | Direct | Full | 2001-2006 | results and depreciation - amortisation (EBITDA) | 119.228 | 93.425 | 4.301 | 5.551 | 46.472 | 42.213 | 2.560 | 1.311 |
| FOLLI FOLLIE GERMANY Gmbh | TRAOUNSTAIN | 100,00% | Direct | Full | 2005-2006 | Earnings (profit) before taxes, financing and investing | ||||||||
| MFK FASHION LTD | NICOSIA | 100,00% | Direct | Full | 2002-2006 | results (EBIT) | 109.848 | 88.228 | 3.481 | 4.765 | 43.304 | 39.491 | 2.295 | 1.045 |
| PLANACO SA | ATHENS | 76,67% | Direct | Full | 2003-2006 | |||||||||
| HELLENIC DUTY FREE SHOPS | ATHENS | 52,28% | Direct | Full | 2005-2006 | DATA FROM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ( Amounts in Thousand Euro ) | ||||||||
| THE GROUP | THE COMPANY |
| COMPANY | REGISTERED OFFICE % PARTICIPATION | CONSOLIDATIO N METHOD |
||||
|---|---|---|---|---|---|---|
| FOLLI FOLLIE HONG KONG LTD | HONG KONG | 99,99% | Direct | Full | 2000-2006 | Attributable to: |
| FOLLI FOLLIE POLAND SZOO | WARSAW | 100,00% | Direct | Full | 2001-2006 | Earnings (profit) before taxes, financing and investing |
| FOLLI FOLLIE GERMANY Gmbh | TRAOUNSTAIN | 100,00% | Direct | Full | 2005-2006 | Earnings (profit) before taxes, financing and investing |
| PLANACO SA | ATHENS | 76,67% | Direct | Full | 2003-2006 | |
| HELLENIC DUTY FREE SHOPS | ATHENS | 52,28% | Direct | Full | 2005-2006 | |
| FOLLI FOLLIE JAPAN LTD | TOKYO | 40,00% | Direct | Full | 2006 | |
| FOLLI FOLLIE TAIWAN LTD | TAIPEI | 99,99% | Indirect | Full | 2006 | Net equity of period Open.Balance (1/1/2007 and 1/1/2006 |
| BLUEFOL HONG KONG LTD | HONG KONG | 99,99% | Indirect | Full | 2001-2006 | Minority interest (Due to :New Subsidiaries / Increase of |
| FOLLI FOLLIE MALAYSIA LTD | KUALA LUMPUR | 99,99% | Indirect | Full | 2004-2006 | Net amounts effected directly Equity(Due to:New |
| LINKS OF LONDON (INTERNATIONAL) LTD | LONDON | 52,27% | Indirect | Full | 2006 | |
| LINKS OF LONDON COM LTD (UK) | LONDON | 52,27% | Indirect | Full | 2006 | |
| LINKS OF LONDON ASIA LTD (HK) | HONG KONG | 52,27% | Indirect | Full | 2006 | |
| LINKS OF LONDON INC (USA) | NEW YORK | 52,27% | Indirect | Full | 2006 | |
| LINKS OF LONDON (FRANCE) | PARIS | 52,27% | Indirect | Full | 2006 | |
| HDFS SKOPJE DOO (F.Y.R.O.M.) | SKOPJE | 52,28% | Indirect | Full | 2004-2006 | |
| HELLENIC TOURIST BUREAU Α.Ε. | ATHENS | 52,28% | Indirect | Full | 2006 | |
| LAPFOL ( JOINT VENTURE) | HONG KONG | 50,00% | Indirect | Proportionate | - | |
| Parent Company's and Group's transactions with related parties, as set out in IAS 24, accumulated from the beginning of the current period from |
| FOLLI FOLLIE JAPAN LTD | TOKYO | 40,00% | Direct | Full | 2006 | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|---|---|---|---|---|
| FOLLI FOLLIE ASIA LTD | HONG KONG | 99,99% | Indirect | Full | 2001-2006 | 30/9/2007 | 30/9/2006 | 30/9/2007 | 30/9/2006 | |
| FOLLI FOLLIE TAIWAN LTD | TAIPEI | 99,99% | Indirect | Full | 2006 | Net equity of period Open.Balance (1/1/2007 and 1/1/2006 respectively) |
269.637 | 161.972 | 114.605 | 109.329 |
| FOLLI FOLLIE KOREA LTD | SEOUL | 99,99% | Indirect | Full | 2006 | Issue of share capital | 0 | 0 | 0 | 0 |
| FOLLI FOLLIE SINGAPORE LTD | SINGAPORE | 99,99% | Indirect | Full | 2004-2006 | Dividends | -3.954 | -8.846 | -3.954 | -8.566 |
| BLUEFOL GUAM LTD | GUAM | 99,99% | Indirect | Full | 2000-2006 | Directors Fees | -250 | -314 | -250 | -250 |
| BLUEFOL HAWAII LTD | HAWAII | 99,99% | Indirect | Full | 2000-2006 | Net income recognised directly in Equity | 18.176 | 0 | 1 | 0 |
| BLUEFOL HONG KONG LTD | HONG KONG | 99,99% | Indirect | Full | 2001-2006 | Minority interest (Due to :New Subsidiaries / Increase of participation ) |
0 | 81.113 | 0 | 0 |
| FOLLI FOLLIE MALAYSIA LTD | KUALA LUMPUR | 99,99% | Indirect | Full | 2004-2006 | Net amounts effected directly Equity(Due to:New Subsidiaries/Increase of participation ) |
0 | 9.440 | 0 | 0 |
| BLUEFOL THAILAND LTD | BANGKOK | 99,99% | Indirect | Full | 2001-2006 | Profit for the period, after taxes | 75.503 | 64.887 | 12.418 | 16.585 |
| FOLLI FOLLIE CHINA (PILION LTD) | SHANGAI | 85,00% | Indirect | Full | 2006 | Adjustment in foreign currency translation differences | -16.978 | -12.196 | 0 | 0 |
| HELLENIC DISTRIBUTIONS SA | ATHENS | 52,27% | Indirect | Full | 2003-2006 | Own Stock | -2.658 | -1.234 | 0 | -109 |
| LINKS (LONDON) LIMITED | LONDON | 52,27% | Indirect | Full | 2006 | Net equity of period Closing Balance | 339.476 | 294.822 | 122.820 | 116.989 |
01.01.2007 to 30.6.2007 (in 000's), are as follows:
| GROUP | COMPANY | |
|---|---|---|
| A) Sales of goods and Services | 0,00 | 9.101,00 |
| B) Acquisitions of goods and Services | 0,00 | 691,00 |
| C) Receivables | 0,00 | 7.870,00 |
| D) Payables | 0,00 | 0,00 |
| E) Directors' and members' of the Board of the | 2.390,00 | 446,00 | |
|---|---|---|---|
| Directors transactions and fees F) Receivables from the Directors' and the members' |
4,00 | 4,00 | |
| of the Board of the Directors G) Payables to the Directors' and the members' of the |
201,00 | 201,00 |
( According to the 2/396/31.08.2006 Hellenic Capital Market decision) Societe Anonyme Register No. 18989/06/B/89/17 23rd Km Athens - Lamia 145 65 Ag.Stefanos Financial Data and Information for the period 01/01/2007 - 30/09/2007
09 2007 ΚΑΤΑΣΤΑΣΕΙΣ round .xls
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