Folli Follie S.A.

Annual / Quarterly Financial Statement • Oct 1, 2015

The following data and information aim to provide a general briefing for the financial position and the results of operations of "FOLLI - FOLLIE" S.A.and the Group. Therefore, it is recommended, to any reader, before proceeding to any kind of investment d with the Company , to visit the Company's web site, at the address www.follifollie.com where are posted the Financial Statements prepared according to the International Financial Reporting Standards as well as the relevant Certified Auditors Report .

Supervisory Authority: MINISTRY OF DEVELOPMENT/General Secretariat of Commerce, Board of Directors:

Supervisory Authority:	MINISTRY OF DEVELOPMENT/General Secretariat of Commerce,	Board of Directors:
Internet address:	www.follifollie.com	Chairman , Executive Member	Dimitrios Koutsolioutos -
Certified Auditor Accountant:	Varthalitis Georgios	Vice Chairman ,Executive Member	Georgios Koutsolioutsos
Auditing Company:	BAKER TILLY HELLAS SA	Executive Member	Aikaterini Koutsolioutsou
Type of Auditors' Report:	Unqualified opinion with emphasis	Non Executive Member	Zaharias Mantzavinos - Law Chiu Chuen

Internet address:	www.follifollie.com	Chairman , Executive Member	Dimitrios Koutsolioutos -
Certified Auditor Accountant:	Varthalitis Georgios	Vice Chairman ,Executive Member	Georgios Koutsolioutsos
Auditing Company:	BAKER TILLY HELLAS SA	Executive Member	Aikaterini Koutsolioutsou
Type of Auditors' Report:	Unqualified opinion with emphasis	Non Executive Member	Zaharias Mantzavinos - Law Chiu Chuen
Approval Date of the Financial Statem.	11/3/2008	Independent Non Executive Member	Elias Kouloukountis - Haralambos Papadopoulos

Equity holders of the Company	72.712	65.161		EQUITY & LIABILITIES

	DATA FROM INCOME STATEMENT OF THE PERIOD (Amounts in Thousand Euro €)					BALANCE SHEET (Amounts in Thousand Euro €)
			THE GROUP	THE COMPANY			THE GROUP		THE COMPANY
Sales Revenue		1/1-31/12/2007 706.157	1/1-31/12/2006 484.399	1/1-31/12/2007 33.978	1/1-31/12/2006 35.032	ASSETS Tangible Assets	31/12/2007 199.153	31/12/2006 84.784	31/12/2007 32.462	31/12/2006 32.541
Cost of goods sold		-329.922	-223.689	-10.905	-12.018	Intangible Assets	460.676	330.053	727	627
Gross profit		376.235	260.710	23.073	23.014	Investments in associates	0	0	387.438	387.438
Other Operating income		20.709	16.831	2.093	1.968	Deferred income tax assets	3.703	2.109	316	353
Administrative expenses		-51.343	-27.590	-5.654	-5.518	Other long term receivables	12.567	6.677	295	294
Selling and marketing costs		-197.881	-134.369	-13.706	-12.224	Total non-current assets (a)	676.099	423.623	421.238	421.253
Other expenses		-3.949 143.771	-2.304 113.278	-970 4.836	-1.015 6.225	Inventories	209.190 244.508	125.598 164.693	15.573 19.821	13.583 18.055
Operating profit Finance results		-18.244	-7.251	5.868	9.433	Trade Receivables and other receivables Other financial assets at fair value	0	0	0	0
Profit before taxes (EBT)		125.527	106.027	10.704	15.658	through profit or loss	3.342	3.420	1.629	1.464
Income tax expense		-35.946	-24.302	-2.179	-1.457	Cash and cash equivalents	91.509	109.311	14.443	22.403
Profit for the period (after taxes)		89.581	81.725	8.525	14.201	Total current assets (b)	548.549	403.022	51.466	55.505
Attributable to:						TOTAL ASSETS (a) + (b)	1.224.648	826.645	472.704	476.758
Equity holders of the Company		72.712	65.161			EQUITY & LIABILITIES
Minority interest		-16.869 2,21	-16.564 1,98	0,26	0,43	Long-term borrowings	547.902 10.272	406.902 8.477	334.500 674	341.000 621
Earnings (after taxes) per share - basic (expressed in €) Amortisation - Depreciation		14.137	7.952	1.090	1.054	Retirement benefit obligations Deferred income tax liabilities	18.092	15.247	1.168	1.251
Earnings (profit) before taxes, financing and investing						Provisions for other liabilities and charges	10.420	11.106	439	524
results and depreciation - amortisation (EBITDA)		157.908	121.230	5.926	7.279	Total non-current liabilities	586.686	441.732	336.781	343.396
Earnings (profit) before taxes, financing and investing						Trade payablesand short term borrowings	162.186	103.464	8.755	9.546
results (EBIT)		143.771	113.278	4.836	6.225	Other current liabilities	122.027	11.812	8.116	9.210
Proposed Dividend per share - (in €)				0,10	0,12	Total current liabilities	284.213	115.276	16.871	18.756
ADDITIONAL RECORDS AND INFORMATION1. The same Accounting Policies have been followed as for the Balance Sheet at 31.12.2006. The Group 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						Total Liabilities (a) Share capital	870.899 9.884	557.008 9.884	353.652 9.884	362.152 9.884
have a material effect on the financial position of the Company.4. Τhe un-audited tax years of the parent company and its subsidiaries mentioned at the following table 5.The affiliated company Company "HDFS S.Α." acquired 51.84% of "ELMEC SPORT S.A." on October 05, 2007, and after submitting a Public Offer, on 31.12.2007 acquired the						Share premium	62.532	62.532	62.532	62.532
91.12%, and thus participates indirectly in ELMEC's subsidiaries as stated in note.The effect of this consolidation in Sales,Profit after taxes and total Equity, is less than 25% 9.						Other reserves	25.443	8.833	16.887	20.185
Moreover the current period includes the financial results of the group of the companies of "ELMEC SPORT S.A." since 05.10.2007, which were not included in the financial results of the previous fiscal period 6.The issue of emphasis mentioned at the Auditor's Review Report concerns the absence of provisions for the un-audited tax years.7.The						Own Stock	-7.899	-1.340	-108	-109
personnel employed in the Group, as at 31.12.2007, amounted to 5.310 and in the Company to 285 persons. 8. The company Hellenic Duty Free Shops and its subsidiary						Retained earnings	277.332	207.356	29.857	22.114
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. 9.In the consolidated financial statements are included the following companies:						Exchange differences	-59.102	-32.706	0	0
						Other capital and reserves attributable to equity holders of the Company Total capital and reserves attributable to equity holders of the Company	-88.928	-88.928	0	0
		%	RELATION	CONSOLIDATI	UN-AUDITED	(b)	219.262	165.631	119.052	114.606
COMPANY	REGISTERED OFFICE	PARTICIPATIO N	THAT COMMANDED	ON METHOD	TAX	Minority interest (c)	134.487	104.006	0	0
			THE CONSOLIDATION		YEARS	Total Equity (d) = (b)+(c)	353.749	269.637	119.052	114.606
FOLLI FOLLIE S.A.	GREECE	-			2006-2007	TOTAL EQUITY AND LIABILITIES (e) = (a)+(d)	1.224.648	826.645	472.704	476.758
FOLLI FOLLIE HONG KONG LTD	HONG KONG	99,99%	Direct	Full	2000-2007
FOLLI FOLLIE UK LTD FOLLI FOLLIE FRANCE SA	GREAT BRITAIN FRANCE	99,99% 100,00%	Direct Direct	Full Full	2005-2007 2006-2007	CASH FLOW STATEMENT (Amounts in Thousand Euro)	THE GROUP		THE COMPANY
FOLLI FOLLIE SPAIN SA	SPAIN	100,00%	Direct	Full	2002-2007	Cash Flows related to Operating Activities	1/1-31/12/2007	1/1-31/12/2006	1/1-31/12/2007	1/1-31/12/2006
FOLLI FOLLIE CZECH SRO	CZECH REP.	100,00%	Direct	Full	2001-2007	Net Profit before taxes	125.527	106.027	10.704	15.658
FOLLI FOLLIE POLAND SZOO	POLAND	100,00%	Direct	Full	2001-2007	Adjustments in respect of non-cash transactions:	0	0	0	0
FOLLI FOLLIE SLOVAKIA SRO	SLOVAKIA	100,00%	Direct	Full	2001-2007	Depreciation and Amortisation	14.137	7.952	1.090	1.054
FOLLI FOLLIE GERMANY Gmbh	GERMANY	100,00%	Direct	Full	2005-2007	Provisions	1.381	1.068	114	233
MFK FASHION LTD	CYPRUS	100,00%	Direct	Full	2002-2007	Cash flows from investing activities	-10.495	-6.006	-23.524	-21.501
PLANACO SA	GREECE	76,67%	Direct	Full	2003-2007	Debit interest and similar expenses	28.478	8.030	17.653	7.952
HELLENIC DUTY FREE SHOPS	GREECE	52,28%	Direct	Full	2005-2007	Other non-cash expense/income
FOLLI FOLLIE JAPAN LTD	JAPAN	40,00%	Direct	Full	2006-2007	Operating profit before adjustments of working capital	159.028	117.071	6.037	3.396
FOLLI FOLLIE ASIA LTD FOLLI FOLLIE TAIWAN LTD	HONG KONG TAIWAN	99,99% 99,99%	Indirect Indirect	Full Full	2001-2007 2006-2007	Decrease/(increase) of Inventories Decrease/(increase) of Receivables	-19.705 -18.106	5.493 -27.213	-1.990 -1.640	551 5.049
FOLLI FOLLIE KOREA LTD	S.KOREA	99,99%	Indirect	Full	2006-2007	Increase/(decrease) of payable accounts (except Banks)	13.691	-30.445	-576	-529
FOLLI FOLLIE SINGAPORE LTD	SINGAPORE	99,99%	Indirect	Full	2004-2007	Interest paid and similar expenses	-23.561	-10.648	-12.990	-8.433
BLUEFOL GUAM LTD	GUAM	99,99%	Indirect	Full	2000-2007	Income Tax paid	-33.474	-29.617	-557	-3.287
BLUEFOL HAWAII LTD	HAWAII	99,99%	Indirect	Full	2000-2007	Net cash inflows/(outflows) from Operating Activities	77.873	24.641	-11.716	-3.253
BLUEFOL HONG KONG LTD	HONG KONG	99,99%	Indirect	Full	2001-2007	Cash Flows related to Investing Activities
FOLLI FOLLIE MALAYSIA LTD	MALAYSIA	99,99%	Indirect	Full	2004-2007	Purchases of subsidiaries, associates and other investments	-180.737	-209.320	0	-227.789
FOLLI FOLLIE THAILAND LTD	THAILAND	99,99%	Indirect	Full	2001-2007	Purchases of tangible and intangible assets	-25.138	-8.794	-1.112	-927
FOLLI FOLLIE CHINA (PILION LTD)	CHINA	85,00%	Indirect	Full	2006-2007	Proceeds from sale of tangible and intangible assets	2.756	1.430	2	21
HELLENIC DISTRIBUTIONS SA	GREECE	52,27%	Indirect	Full	2006-2007	Proceeds from sale of financial assets	5.180	2.071	5.180	1.961
LINKS (LONDON) LIMITED LINKS OF LONDON (INTERNATIONAL) LTD	GREAT BRITAIN GREAT BRITAIN	52,27% 52,27%	Indirect Indirect	Full Full	2006-2007 2006-2007	Dividends received Interest received	0 4.337	0 2.618	18.176 453	20.990 481
LINKS OF LONDON COM LTD (UK)	GREAT BRITAIN	52,27%	Indirect	Full	2006-2007	Decrease/(increase) of other long-term receivables	-6.552	3.292	-1	-20
LINKS OF LONDON ASIA LTD (HK)	HONG KONG	52,27%	Indirect	Full	2006-2007	Net cash inflows/(outflows) from Investing Activities	-200.154	-208.703	22.698	-205.283
LINKS OF LONDON INC (USA)	U.S.A.	52,27%	Indirect	Full	2006-2007	Cash Flows related to Financing Activities
LINKS OF LONDON (FRANCE)	FRANCE	52,27%	Indirect	Full	2006-2007	Cash received from issue of share capital
HDFS SKOPJE DOO (F.Y.R.O.M.)	F.Y.R.O.M.	52,28%	Indirect	Full	2004-2007	Own Stock	-6.560	-1.340	0	-109
HELLENIC TOURIST BUREAU Α.Ε.	GREECE	52,28%	Indirect	Full	2006-2007	Proceeds from Loans	141.262	294.234	0	225.845
LAPFOL ( JOINT VENTURE)	HONG KONG	50,00%	Indirect	Proportionate	2007	Repayment of Loans	0	0	-12.710	0
ELMEC SPORT ABETE FACTORY OUTLET A.E.E	GREECE GREECE	47,64% 47,64%	Indirect Indirect	Full Full	2007 2007	Payments for leases Dividends paid	-125 -22.791	-584 -29.552	-31 -6.201	-118 -7.928
FACTORY OUTLET AIRPORT A.E.E	GREECE	47,64%	Indirect	Full	2006-2007	Net cash inflows/(outflows) from Financing Activities	111.786	262.758	-18.942	217.690
ELMEC ROMANIA SRL	ROMANIA	47,64%	Indirect	Full	2007	Net increase/(decrease) in cash and cash equivalents	-10.495	78.696	-7.960	9.154
ELMEC SPORT BULGARIA EOOD	BULGARIA	47,64%	Indirect	Full	2001-2007	Cash and cash equivalents at the beginning of the period	109.311	33.892	22.403	13.248
CHRONOSPORT A.E.	GREECE	23,82%	Indirect	Full	2003-2007	Exchange rate differences from the conversion of cash equivalents	-7.307	-3.277	0	0
MOUSTAKIS S.A. LOGISTICS EXPRESS A.E.	GREECE GREECE	47,64% 47,64%	Indirect Indirect	Full Full	2002-2007 2007	Cash and cash equivalents at the end of the period	91.509	109.311	14.443	22.402
ATTIKA DEPT.STORES SA	GREECE	23,80%	Indirect	Full	2007	DATA FROM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ( Amounts in Thousand Euro )
IPIROTIKI S.A.	GREECE	47,59%	Indirect	Full	2003-2007		THE GROUP		THE COMPANY
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							31/12/2007	31/12/2006	31/12/2007	31/12/2006
01.01.2007 to 31.12.2007 (in 000's), are as follows:						Net equity of period Open.Balance (1/1/2007 and 1/1/2006 respectively)	269.637	161.972	114.605	109.329
	GROUP	COMPANY				Dividends	-3.954	-43.611	-3.954	-8.565
A) Sales of goods and Services B) Acquisitions of goods and Services	0	9.236				Directors Fees	-250	-314	-250	-250
C) Receivables	216	1.278				Net income recognised directly in Equity	18.063	0	126	0
D) Payables	0	7.081				Minority interest (Due to :New Subsidiaries / Increase of participation ) Net amounts effected directly Equity(Due to:New Subsidiaries/Increase of	13.611	81.600	0	0
	201	145				participation )	0	9.440	0	0
E) Directors' and members' of the Board of the Directors	3.973	303				Profit for the period, after taxes	89.581	81.725	8.525	14.201
transactions and fees F) Receivables from the Directors' and the members' of the	38	3				Adjustment in foreign currency translation differences	-26.379	-19.835	0	0
Board of the Directors G) Payables to the Directors' and the members' of the Board	182	51				Own Stock	-6.560	-1.340	0	-109

		%	RELATION
COMPANY	REGISTERED OFFICE	PARTICIPATIO		CONSOLIDATI	UN-AUDITED
		N		ON METHOD
FOLLI FOLLIE HONG KONG LTD	HONG KONG	99,99%	Direct	Full	2000-2007
FOLLI FOLLIE UK LTD	GREAT BRITAIN	99,99%	Direct	Full	2005-2007
FOLLI FOLLIE FRANCE SA	FRANCE	100,00%	Direct	Full	2006-2007
HELLENIC DUTY FREE SHOPS	GREECE	52,28%	Direct	Full	2005-2007	Other non-cash expense/income
BLUEFOL HONG KONG LTD	HONG KONG	99,99%	Indirect	Full	2001-2007	Cash Flows related to Investing Activities
LINKS OF LONDON INC (USA)	U.S.A.	52,27%	Indirect	Full	2006-2007	Cash Flows related to Financing Activities
LINKS OF LONDON (FRANCE)	FRANCE	52,27%	Indirect	Full	2006-2007	Cash received from issue of share capital
LOGISTICS EXPRESS A.E.	GREECE	47,64%	Indirect	Full	2007
ATTIKA DEPT.STORES SA	GREECE	23,80%	Indirect	Full	2007
IPIROTIKI S.A.	GREECE	47,59%	Indirect	Full	2003-2007
D) Payables
	201	145
E) Directors' and members' of the Board of the Directors
transactions and fees F) Receivables from the Directors' and the members' of the
Board of the Directors G) Payables to the Directors' and the members' of the Board

Net equity of period Closing Balance 353.749 269.637 119.052 114.606

(Published according to L. 2190, article 135 for enterprises that prepare annual financial statements, on a consolidated and parent basis, according to International Financial Reporting Standards - IFRS) 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 - 31/12/2007

"FOLLI - FOLLIE" SA