Annual / Quarterly Financial Statement • Apr 12, 2017
Annual / Quarterly Financial Statement
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Company Information Members of the Board Directors:
Supervisory Authority: MINISTRY OF DEVELOPMENT/General Secretariat of Commerce, Chairman - Executive Member Dimitris koutsolioutsos
Website address: http://www.ffgroup.com Vice President - Executive Member Kaiti koutsolioutsos
Financial Statements' approval date by the BoD April 7th 2017 Managing Director - Executive member George koutsolioutsos
Certified Auditor Accountant: George I. Varthalitis Executive Member Emmanouil Zachariou Auditing Company : ECOVIS VNT Auditing SA Executive Member Eirini Nioti
Type of Auditors' Review Report: Assent Executive Member Jiannong Qian Non-Executive Member Elias Koukoutsas Non-Executive Member Elias Kouloukountis Non-Executive Member Zacharias Μantzavinos Independent non-Executive Member Evaggelos Koumanakos Independent non-Executive Member Perikles Stamatiadis
| DATA FROM STATEMENT OF FINANCIAL POSITION (consolidated and non consolidated) amounts in € |
CASH FLOW STATEMENT (consolidated and non consolidated) amounts in € |
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|---|---|---|---|---|---|---|---|---|---|
| The Group | The Company | ||||||||
| 31.12.2016 | 31.12.2015 | 31.12.2016 | 31.12.2015 | 2nd Alternate: Indirect method | The Group | The Company | |||
| ASSETS | 01.01. - 31.12.2016 | 01.01. - 31.12.2015 01.01. - 31.12.2016 01.01. - 31.12.2015 | |||||||
| Property, Plant & Equipment | 274.258.534,70 | 197.018.259,62 | 47.596.164,90 | 45.929.766,18 | |||||
| Cash Flows related to Operating Activities | |||||||||
| Investment Property | 75.202.118,34 | 75.285.901,43 | 75.150.146,14 | 75.285.901,43 | 253.478.321,88 | 225.270.681,90 | -25.291.967,46 | -16.173.584,42 | |
| Intangible assets | 132.022.346,22 | 137.454.797,28 | 41.608.367,25 | 41.895.396,29 | Net Profit before taxes (Continuing operations) Adjustments |
0,00 | 0,00 | 0,00 | 0,00 |
| Participations | 676.004,16 | 631.023,17 | 211.617.157,35 | 216.220.996,29 | Depreciation and Amortisation | 29.588.757,39 | 26.463.865,57 | 6.195.692,19 | 6.040.182,68 |
| Other non-current assets | 299.149.178,28 | 240.289.322,72 | 147.707.691,45 | 138.836.301,99 | Provisions | 14.592.098,95 | 1.357.037,35 | 10.356.385,44 | 771.501,00 |
| Inventories | 585.996.587,97 | 490.327.968,61 | 40.019.303,51 | 37.671.158,84 | Exchange differences | 53.826.824,02 | 82.638.468,65 | 0,00 | 0,00 |
| Trade Receivables Other current assets |
654.740.733,02 558.134.064,49 |
585.865.489,69 480.736.278,30 |
82.670.411,55 122.972.721,68 |
72.146.994,77 128.212.017,13 |
Results (income, expenses, gains and losses) from investing activities Interest and related expenses |
-9.252.550,63 16.923.705,82 |
1.387.454,73 14.093.081,20 |
-7.111.897,57 12.540.566,44 |
3.030.151,80 11.690.852,55 |
| TOTAL ASSETS | 2.580.179.567,18 | 2.207.609.040,82 | 769.341.963,83 | 756.198.532,92 | Adjustments related to working capital or other operating activities | 0,00 | 0,00 | 0,00 | 0,00 |
| Decrease/(increase) of Inventories | -107.116.582,02 | -117.619.726,53 | -3.006.326,26 | -1.871.235,00 | |||||
| Decrease/(increase) of Receivables | -112.232.844,80 | -97.210.083,62 | -37.471.832,38 | -30.710.329,39 | |||||
| Increase/(decrease) of payable accounts (except Banks) Minus |
62.313.918,15 0,00 |
-30.687.906,32 0,00 |
3.980.348,90 0,00 |
-9.468.319,07 0,00 |
|||||
| Interest paid and similar expenses | -9.621.749,00 | -7.668.166,60 | -3.544.406,14 | -5.265.937,95 | |||||
| Income Tax paid | -52.393.541,27 | -40.163.843,09 | 0,00 | -3.762.116,94 | |||||
| Net cash inflows/(outflows) from Operating Activities (a) | 140.106.358,49 | 57.860.863,24 | -43.353.436,84 | -45.718.834,74 | |||||
| EQUITY AND LIABILITIES | Investing Activities | ||||||||
| Share capital | 20.084.463,00 | 20.084.463,00 | 20.084.463,00 | 20.084.463,00 | Purchases of subsidiaries, associates and other investments | -4.771.975,10 | -48.363.629,00 | -4.100.010,50 | -9.070.150,89 |
| Other components of equity | 1.831.352.043,40 | 1.555.883.746,56 | 402.466.592,79 | 419.723.272,02 | Acquisition of minorities | -240.000,00 | 0,00 | -240.000,00 | 0,00 |
| Total equity attributable to owners of the Parent (a) | 1.851.436.506,40 | 1.575.968.209,56 | 422.551.055,79 | 439.807.735,02 | Purchases of tangible and intangible assets | -98.355.823,78 | -66.032.272,07 | -2.205.149,76 | -3.438.861,04 |
| Non controlling interests (b) | 32.926.311,46 | 29.720.774,10 | 0,00 | 0,00 | Proceeds from sale of tangible and intangible assets | 1.547.218,26 | 1.537.180,69 | 1.449.568,98 | 22.627,45 |
| Total Equity (c) = (a)+(b) | 1.884.362.817,86 | 1.605.688.983,66 | 422.551.055,79 | 439.807.735,02 | Interest received | 336.550,92 | 1.865.952,54 | 180.334,06 | 423.743,98 |
| Long-term borrowings | 361.742.555,40 | 332.643.035,38 | 251.297.897,98 | 242.066.785,17 | Dividends received | 0,00 | 0,00 | 723.706,14 | 1.000.000,00 |
| Provisions / Other long terms liabilities Short-term borrowings |
44.028.338,41 72.519.388,55 |
42.920.078,06 45.035.170,21 |
28.299.527,45 22.268.773,63 |
29.496.077,76 6.361.030,07 |
Proceeds from sale of financial assets Decrease/(increase) of other long-term receivables |
4.413.144,27 -1.205.962,38 |
27.695.440,83 -14.015.996,21 |
0,00 -1.137.824,22 |
-1.794.629,17 -50.035,02 |
| Other current liabilities | 217.526.466,96 | 181.321.773,51 | 44.924.708,98 | 38.466.904,90 | Net cash inflows/(outflows) from Investing Activities (b) | -98.276.847,81 | -97.313.323,22 | -5.329.375,30 | -12.907.304,69 |
| Total liabilities (d) | 695.816.749,32 | 601.920.057,16 | 346.790.908,04 | 316.390.797,90 | Financing Activities | ||||
| TOTAL EQUITY AND LIABILITIES (c) + (d) | 2.580.179.567,18 | 2.207.609.040,82 | 769.341.963,83 | 756.198.532,92 | Capital increase | 0,00 | 0,00 | 0,00 | 0,00 |
| Proceeds from Loans | 50.132.836,41 | 40.840.592,76 | 20.000.000,00 | 0,00 | |||||
| Proceeds from leases Payment of Loans |
588.600,32 -2.199.149,08 |
3.623.278,05 -25.380.703,57 |
0,00 0,00 |
0,00 0,00 |
|||||
| Payments for leases | -5.192.273,30 | -4.157.693,90 | -1.848.857,08 | -1.796.581,21 | |||||
| Own Stock | -1.257.066,89 | -4.918.066,64 | -1.257.066,89 | -4.918.066,64 | |||||
| Expenses related to capital increase | 0,00 | -174.490,50 | 0,00 | -145.971,73 | |||||
| Additional notes and information: | Dividends paid / Return capital Net cash inflows/(outflows) from Financing Activities (c) |
-1.168.457,88 | -21.962.578,77 | 0,00 | -19.981.978,77 | ||||
| 1. In the Note 1.1 of the financial statements are mentioned a. The name and country of the registered office of each of the companies included in the consolidated financial statements for the Period 01.01.2016 – 31.12.2016 , and the percentage with which the | 40.904.489,58 | -12.129.662,57 | 16.894.076,03 | -26.842.598,35 | |||||
| company participated, directly or indirectly, in their equity and b. The consolidation method applied for each company included in the consolidated financial statements for the statements for the Period 01.01.2016 – 31.12.2016 2. The unaudited fiscal years of the | Net increase / (decrease) in cash and cash equivalents | 82.734.000,26 | -51.582.122,55 | -31.788.736,11 | -85.468.737,78 | ||||
| parent company and its subsidiaries are listed in Note B.15 of the financial statements. 3. The number of employees by the Group as of 31.12.2016 amounted to 4.996 and the respective number for the Company was 1.099. On 31.12.2015 amounted to 5.162 employees for the Group and 1.104 for the Company. 4. In the financial statements are included the following provisions in total: a) For the Group provisions for unaudited tax years amounting to € 289th. , provision for staff compensation € 4.443th., litigations |
(a) + (b) + (c) | ||||||||
| €1.105th. And other provisions amounting to € 454th. b) The Company provisions for unaudited tax years amounting to € 211th., provision for staff compensation € 2.290th. , litigations € 1.105th. and other provisions € 307th. 5. On December 31, 2016 the | Cash and cash equivalents at beginning of the Year | 245.450.700,72 | 297.032.823,27 | 61.283.352,71 | 146.752.090,49 | ||||
| Company held 584.083 own shares. | |||||||||
| 6. The amounts mentioned in "Other comprehensive income / expenses after taxes" are as following: For the Company an amount of € 8.965th. refers to valuation profit on available for sale financial assets, and an amount of € 96th. represents actuarial loss . For | Cash and cash equivalents at end of the Year | 328.184.700,98 | 245.450.700,72 | 29.494.616,60 | 61.283.352,71 | ||||
| the Group, an amount of € 9.208th. refers to valuation profit on available for sale financial assets , an amount of € 231th. refers to financial instruments valuation loss, an amount of € 45.540th. refers to foreign exchange differences (profit) on translating foreign holdings , an amount of € 55th. refers to income from deferred income tax relating to components of other comprehensive income and finally amount of 284th. represents actuarial loss. 7. In the present financial statements a startup company "FF GROUP FINANCE |
|||||||||
| LUXEMBOURG II SA" and the newly acquired company "SALES MANAGER HELLAS LTD" were consolidated for the first time, without significant effect on the amounts of the consolidated annual statements.8. All transactions (inflows and outflows) from the | DATA FROM STATEMENT OF CHANGES IN EQUITY (consolidated and non consolidated) amounts in € |
||||||||
| beginning of the year, as well as the balances of receivables and payables at the end of the period of the Group and the Company, which have resulted from transactions with related parties as defined to IAS 24 are as following: | The Group | The Company | |||||||
| 31.12.2016 | 31.12.2015 | 31.12.2016 | 31.12.2015 | ||||||
| Equity Opening Balance ( 01.01.2016 and 01.01.2015 respectively) | 1.605.688.983,66 | 1.360.856.728,84 | 439.807.735,02 | 500.376.553,10 | |||||
| Total comprehensive income net of tax Minority interest resulted from Subsidiaries' rates change |
281.198.201,62 -240.000,00 |
269.375.130,49 0,00 |
-15.999.612,34 0,00 |
-35.504.779,71 0,00 |
|||||
| Dividends payable | -96.912,88 | -6.729.843,06 | 0,00 | -6.729.843,06 | |||||
| Other Movements | -930.387,65 | -12.894.965,97 | 0,00 | -13.416.128,67 | |||||
| Purchase / Sale of own shares | -1.257.066,89 | -4.918.066,64 | -1.257.066,89 | -4.918.066,64 | |||||
| Equity Closing Balance ( 31.12.2016 and 31.12.2015 respectively) | 1.884.362.817,86 | 1.605.688.983,65 | 422.551.055,79 | 439.807.735,02 | |||||
| amounts in thousands.000 | The Group | The Company | |||||||
| A) Income | 83,78 | 26.243,26 | |||||||
| B)Expenses | 3.348,45 | 10.124,41 | |||||||
| C) Receivables | 390,63 | 128.451,20 |
| The Group | The Company | |||
|---|---|---|---|---|
| Cash Flows related to Operating Activities | ||||
| 253.478.321,88 | 225.270.681,90 | -25.291.967,46 | -16.173.584,42 | |
| Net Profit before taxes (Continuing operations) | ||||
| Decrease/(increase) of Inventories | -107.116.582,02 | -117.619.726,53 | -3.006.326,26 | -1.871.235,00 |
| Decrease/(increase) of Receivables | -112.232.844,80 | -97.210.083,62 | -37.471.832,38 | -30.710.329,39 |
| Increase/(decrease) of payable accounts (except Banks) | 62.313.918,15 | -30.687.906,32 | 3.980.348,90 | -9.468.319,07 |
| Minus | 0,00 | 0,00 | 0,00 | 0,00 |
| Interest paid and similar expenses | -9.621.749,00 | -7.668.166,60 | -3.544.406,14 | -5.265.937,95 |
| Income Tax paid | -52.393.541,27 | -40.163.843,09 | 0,00 | -3.762.116,94 |
| Net cash inflows/(outflows) from Operating Activities (a) | 140.106.358,49 | 57.860.863,24 | -43.353.436,84 | -45.718.834,74 |
| Purchases of subsidiaries, associates and other investments | -4.771.975,10 | -48.363.629,00 | -4.100.010,50 | -9.070.150,89 |
| Proceeds from Loans | 50.132.836,41 | 40.840.592,76 | 20.000.000,00 | 0,00 |
| Proceeds from leases | 588.600,32 | 3.623.278,05 | 0,00 | 0,00 |
| Payment of Loans | -2.199.149,08 | -25.380.703,57 | 0,00 | 0,00 |
| Payments for leases | -5.192.273,30 | -4.157.693,90 | -1.848.857,08 | -1.796.581,21 |
| Own Stock | -1.257.066,89 | -4.918.066,64 | -1.257.066,89 | -4.918.066,64 |
| Expenses related to capital increase | 0,00 | -174.490,50 | 0,00 | -145.971,73 |
| Net cash inflows/(outflows) from Financing Activities (c) | 40.904.489,58 | -12.129.662,57 | 16.894.076,03 | -26.842.598,35 |
| Net increase / (decrease) in cash and cash equivalents | 82.734.000,26 | -51.582.122,55 | -31.788.736,11 | -85.468.737,78 |
| (a) + (b) + (c) | ||||
| Cash and cash equivalents at beginning of the Year | 245.450.700,72 | 297.032.823,27 | 61.283.352,71 | 146.752.090,49 |
| Cash and cash equivalents at end of the Year | 328.184.700,98 | 245.450.700,72 | 29.494.616,60 | 61.283.352,71 |
| The Group | The Company | ||||
|---|---|---|---|---|---|
| 31.12.2016 | 31.12.2015 | 31.12.2016 | 31.12.2015 | ||
| Equity Opening Balance ( 01.01.2016 and 01.01.2015 respectively) | 1.605.688.983,66 | 1.360.856.728,84 | 439.807.735,02 | 500.376.553,10 | |
| Total comprehensive income net of tax | 281.198.201,62 | 269.375.130,49 | -15.999.612,34 | -35.504.779,71 | |
| Minority interest resulted from Subsidiaries' rates change | -240.000,00 | 0,00 | 0,00 | 0,00 | |
| Dividends payable | -96.912,88 | -6.729.843,06 | 0,00 | -6.729.843,06 | |
| Other Movements | -930.387,65 | -12.894.965,97 | 0,00 | -13.416.128,67 | |
| Purchase / Sale of own shares | -1.257.066,89 | -4.918.066,64 | -1.257.066,89 | -4.918.066,64 | |
| Equity Closing Balance ( 31.12.2016 and 31.12.2015 respectively) | 1.884.362.817,86 | 1.605.688.983,65 | 422.551.055,79 | 439.807.735,02 | |
| amounts in thousands.000 | The Group | The Company | ||
|---|---|---|---|---|
| A) Income | 83,78 | 26.243,26 | ||
| B)Expenses | 3.348,45 | 10.124,41 | ||
| C) Receivables | 390,63 | 128.451,20 | ||
| D) Payables | 169,83 | 235.270,05 | ||
| E) Directors' and members' of the Board of the Directors transactions and fees | 3.651,81 | 3.292,83 | ||
| F) Receivables from the Directors' and the members' of the BoD | 0,00 | 0,00 | ||
| G) Payables to the Directors' and the members' of the BoD | 78,11 | 0,00 | ||
| DATA FROM STATEMENT OF COMPREHENSIVE INCOME | ||||
| (consolidated and non consolidated) amounts in € |
The following data and information that result from Financial statements aim to provide a general briefing for the financial position and the results of operations of FOLLI FOLLIE S.A, with trade mark "FF GROUP",and the Group. It is therefore recommended, to any reader, before proceeding to any kind of investment decision or other transaction with the Company, to visit Company's web site, where the Financial Statements are posted, as well as the relevant Certified Auditors Review Report whenever that is required by the law.
General Commercial Registry Number: 3027701000 (previous Registration No:14216/06/B/86/06) 23rd Km Athens - Lamia 145 65 Ag.Stefanos Financial Data and Information for the Period
January 1st, 2016 - December 31th, 2016
| (consolidated and non consolidated) amounts in € | |||||
|---|---|---|---|---|---|
| The Group | The Company | ||||
| 31.12.2016 | 31.12.2015 | 31.12.2016 | 31.12.2015 | 2nd Alternate: Indirect method | |
| Property, Plant & Equipment | 274.258.534,70 | 197.018.259,62 | 47.596.164,90 | 45.929.766,18 | Cash Flows related to Operating Activities |
| Investment Property | 75.202.118,34 | 75.285.901,43 | 75.150.146,14 | 75.285.901,43 | |
| Net Profit before taxes (Continuing operations) | |||||
| EQUITY AND LIABILITIES | Investing Activities | ||||
| Share capital | 20.084.463,00 | 20.084.463,00 | 20.084.463,00 | 20.084.463,00 | Purchases of subsidiaries, associates and other investments |
| Total liabilities (d) | 695.816.749,32 | 601.920.057,16 | 346.790.908,04 | 316.390.797,90 | Financing Activities |
| 1. In the Note 1.1 of the financial statements are mentioned a. The name and country of the registered office of each of the companies included in the consolidated financial statements for the Period 01.01.2016 – 31.12.2016 , and the percentage with which the | |||||
| company participated, directly or indirectly, in their equity and b. The consolidation method applied for each company included in the consolidated financial statements for the statements for the Period 01.01.2016 – 31.12.2016 2. The unaudited fiscal years of the parent company and its subsidiaries are listed in Note B.15 of the financial statements. 3. The number of employees by the Group as of 31.12.2016 amounted to 4.996 and the respective number for the Company was 1.099. On 31.12.2015 amounted to 5.162 |
|||||
| employees for the Group and 1.104 for the Company. 4. In the financial statements are included the following provisions in total: a) For the Group provisions for unaudited tax years amounting to € 289th. , provision for staff compensation € 4.443th., litigations | (a) + (b) + (c) | ||||
| €1.105th. And other provisions amounting to € 454th. b) The Company provisions for unaudited tax years amounting to € 211th., provision for staff compensation € 2.290th. , litigations € 1.105th. and other provisions € 307th. 5. On December 31, 2016 the | |||||
| Company held 584.083 own shares. | |||||
| 6. The amounts mentioned in "Other comprehensive income / expenses after taxes" are as following: For the Company an amount of € 8.965th. refers to valuation profit on available for sale financial assets, and an amount of € 96th. represents actuarial loss . For the Group, an amount of € 9.208th. refers to valuation profit on available for sale financial assets , an amount of € 231th. refers to financial instruments valuation loss, an amount of € 45.540th. refers to foreign exchange differences (profit) on translating foreign |
|||||
| holdings , an amount of € 55th. refers to income from deferred income tax relating to components of other comprehensive income and finally amount of 284th. represents actuarial loss. 7. In the present financial statements a startup company "FF GROUP FINANCE | |||||
| LUXEMBOURG II SA" and the newly acquired company "SALES MANAGER HELLAS LTD" were consolidated for the first time, without significant effect on the amounts of the consolidated annual statements.8. All transactions (inflows and outflows) from the | |||||
| beginning of the year, as well as the balances of receivables and payables at the end of the period of the Group and the Company, which have resulted from transactions with related parties as defined to IAS 24 are as following: | |||||
| amounts in thousands.000 | The Group | The Company | |||
| A) Income | 83,78 | 26.243,26 | |||
| B)Expenses | 3.348,45 | 10.124,41 | |||
| C) Receivables | 390,63 | 128.451,20 |
IFRS Package FF GROUP 311216(EN).xlsx 12/4/2017 5:45 μμ
| 291.856.605,91 | 265.006.626,25 | -4.368.896,66 | 5.141.618,75 |
|---|---|---|---|
| 3,3515 | 2,7444 | -0,3747 | -0,2994 |
| 281.198.201,62 | 269.375.130,19 | -15.999.612,34 | -35.504.779,71 |
| 4.375.116,62 | 4.048.646,96 | 0,00 | 0,00 |
| 276.823.085,00 | 265.326.483,23 | -15.999.612,34 | -35.504.779,71 |
| -35.504.779,71 | |||
| -15.578.754,09 | |||
| 226.910.052,17 | 186.633.435,05 | -24.868.698,27 | -19.926.025,62 |
| 4.443.431,05 | 3.994.240,40 | 0,00 | 0,00 |
| 222.466.621,12 | 182.639.194,65 | -24.868.698,27 | -19.926.025,62 |
| 226.910.052,17 | 186.633.435,35 | -24.868.698,27 | -19.926.025,62 |
| 253.478.321,88 | 225.270.681,90 | -25.291.967,46 | -16.173.584,42 |
| 262.267.848,52 | 238.542.760,68 | -10.564.588,85 | -898.563,93 |
| 612.303.060,88 | 581.228.168,04 | 60.393.181,10 | 66.015.350,88 |
| 1.337.275.219,48 | 1.193.043.273,00 | 146.088.508,88 | 152.730.393,64 |
| 54.288.149,45 281.198.201,62 |
82.741.695,14 269.375.130,49 |
8.869.085,93 -15.999.612,34 |
Ο ΔΙΕΥΘΥΝΤΗΣ ΛΟΓΙΣΤΗΡΙΟΥ
ΓΕΩΡΓΙΟΣ ΑΛΑΒΑΝΟΣ Α.Δ.Τ. ΑΙ 518859 ΑΡ.ΑΔ. Ο.Ε.Ε. 0008211 Α' ΤΑΞΗΣ
Ο ΠΡΟΕΔΡΟΣ ΤΟΥ Δ.Σ.
ΔΗΜΗΤΡΙΟΣ ΚΟΥΤΣΟΛΙΟΥΤΣΟΣ Α.Δ.Τ AK 031337
Ο ΔΙΕΥΘΥΝΩΝ ΣΥΜΒΟΥΛΟΣ
ΓΕΩΡΓΙΟΣ ΚΟΥΤΣΟΛΙΟΥΤΣΟΣ Α.Δ.Τ. ΑΒ 593469
ΤΟ ΕΚΤΕΛΕΣΙΚΟ ΜΕΛΟΣ
ΕΜΜΑΝΟΥΗΛ ΖΑΧΑΡΙΟΥ Α.Δ.Τ. T005560
Ο ΟΙΚΟΝΟΜΙΚΟΣ ΔΙΕΥΘΥΝΤΗΣ
ΦΡΑΓΚΙΣΚΟΣ ΓΡΑΤΣΩΝΗΣ Α.Δ.Τ. AB017181
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