Folli Follie S.A.

Annual / Quarterly Financial Statement • Apr 26, 2018

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 25 April 2018 Managing Director - Executive member George koutsolioutsos

Certified Auditor Accountant: George I. Varthalitis Executive Member Emmanouil Zachariou

Auditing Company : ECOVIS VNT Auditing s.a. 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					CASH FLOW STATEMENT
	(consolidated and non consolidated) amounts in €					(consolidated and non consolidated) amounts in €
	The Group		The Company
	31.12.2017	31.12.2016	31.12.2017	31.12.2016	2nd Alternate: Indirect method		The Group		The Company
ASSETS							01.01. - 31.12.2017		01.01. - 31.12.2016 01.01. - 31.12.2017 01.01. - 31.12.2016
Property, Plant & Equipment	266.817.155,59	274.258.534,70	46.685.920,09	47.596.164,90
					Cash Flows related to Operating Activities
Investment Property	73.942.734,47	75.202.118,34	73.942.734,47	75.150.146,14			242.038.189,93	253.478.321,88	-29.430.947,61	-25.291.967,46
					Net Profit before taxes (Continuing operations)
Intangible assets	122.091.709,05	132.022.346,22	41.419.675,23	41.608.367,25	Adjustments Depreciation and Amortisation		0,00	0,00	0,00	0,00
Participations Other non-current assets	406.302,11 216.482.721,35	676.004,16 299.149.178,28	221.581.017,38 154.763.050,63	211.617.157,35 147.707.691,45	Provisions		34.301.291,42 18.199.641,70	29.588.757,39 14.592.098,95	6.132.858,01 3.047.525,85	6.195.692,19 10.356.385,44
Inventories	634.997.509,35	585.996.587,97	46.457.928,54	40.019.303,51	Exchange differences		-177.016.313,89	53.826.824,02	0,00	0,00
Trade Receivables	663.959.020,70	654.740.733,02	89.451.263,41	82.670.411,55	Results (income, expenses, gains and losses) from investing activities		-2.446.577,64	-9.252.550,63	-2.325.300,73	-7.111.897,57
Other current assets	796.451.422,42	558.134.064,49	271.486.375,50	122.972.721,68	Interest and related expenses Adjustments related to working capital or other operating activities		22.547.757,71	16.923.705,82	17.715.969,26	12.540.566,44
TOTAL ASSETS	2.775.148.575,04	2.580.179.567,18	945.787.965,25	769.341.963,83	Decrease/(increase) of Inventories		0,00 -51.149.320,54	0,00 -107.116.582,02	0,00 -8.303.625,03	0,00 -3.006.326,26
					Decrease/(increase) of Receivables		-48.301.020,46	-112.232.844,80	-29.010.485,31	-37.471.832,38
					Increase/(decrease) of payable accounts (except Banks)		-1.927.998,07	62.313.918,15	-11.888.892,22	3.980.348,90
					Minus Interest paid and similar expenses		0,00 -13.684.753,81	0,00 -9.621.749,00	0,00 -10.073.271,79	0,00 -3.544.406,14
					Income Tax paid		-43.568.336,26	-52.393.541,27	0,00	0,00
					Net cash inflows/(outflows) from Operating Activities (a)		-21.007.439,91	140.106.358,49	-64.136.169,57	-43.353.436,84
EQUITY AND LIABILITIES					Investing Activities
Share capital	20.084.463,00	20.084.463,00	20.084.463,00	20.084.463,00			-3.473.051,09	-4.771.975,10	-12.920.076,08	-4.100.010,50
					Purchases of subsidiaries, associates and other investments
Other components of equity Total equity attributable to owners of the Parent (a)	1.862.485.908,28 1.882.570.371,28	1.831.352.043,40 1.851.436.506,40	380.173.014,56 400.257.477,56	402.466.592,79 422.551.055,79	Acquisition of minorities Purchases of tangible and intangible assets		0,00 -33.013.113,73	-240.000,00 -98.355.823,78	0,00 -2.475.864,75	-240.000,00 -2.205.149,76
Non controlling interests (b)	36.661.174,70	32.926.311,46	0,00	0,00	Proceeds from sale of tangible and intangible assets		0,00	1.547.218,26	0,00	1.449.568,98
Total Equity (c) = (a)+(b)	1.919.231.545,98	1.884.362.817,86	400.257.477,56	422.551.055,79	Interest received		6.892.794,91	336.550,92	1.066.848,86	180.334,06
Long-term borrowings	496.942.646,00	361.742.555,40	432.570.980,51	251.297.897,98	Dividends received		0,00	0,00	2.000.000,00	723.706,14
Provisions / Other long terms liabilities	56.455.994,83	44.028.338,41	26.232.383,51	28.299.527,45	Proceeds from sale of financial assets		1.193.075,90	4.413.144,27	1.428.150,79	0,00
Short-term borrowings	115.797.621,17	72.519.388,55	48.846.018,13	22.268.773,63	Decrease/(increase) of other long-term receivables		-891.624,36	-1.205.962,38	-101.707,62	-1.137.824,22
Other current liabilities	186.720.767,06	217.526.466,96	37.881.105,54	44.924.708,98	Net cash inflows/(outflows) from Investing Activities (b)		-29.291.918,37	-98.276.847,81	-11.002.648,80	-5.329.375,30
Total liabilities (d)	855.917.029,06	695.816.749,32	545.530.487,69	346.790.908,04	Financing Activities
TOTAL EQUITY AND LIABILITIES (c) + (d)	2.775.148.575,04	2.580.179.567,18	945.787.965,25	769.341.963,83	Capital increase Proceeds from Loans		0,00 164.395.248,05	0,00 47.933.687,33	0,00 197.108.741,19	0,00 20.000.000,00
					Proceeds from leases		5.220.071,27	-4.603.672,98	3.098.888,37	-1.848.857,08
					Own Stock		0,00	-1.257.066,89	0,00	-1.257.066,89
Additional notes and information:					Dividends paid / Return capital		-1.160.796,65	-1.168.457,88	0,00	0,00
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 01.01.2017 – 31.12.2017 , and the percentage with which the					Net cash inflows/(outflows) from Financing Activities (c)		168.454.522,67	40.904.489,58	200.207.629,56	16.894.076,03
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 01.01.2017 – 31.12.2017 2. The unaudited fiscal years of the					Net increase / (decrease) in cash and cash equivalents		118.155.164,39	82.734.000,26	125.068.811,19	-31.788.736,11
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 31.12.2017 amounted to 5.079 and the respective number for the Company was 1.142. On 31.12.2016 amounted to 4.996					(a) + (b) + (c)
employees for the Group and 1.099 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 € 1.030th. , provision for staff compensation € 5.089th., litigations €
992th. And other provisions amounting to € 1.509th. b) The Company provisions for unaudited tax years amounting to € 211th., provision for staff compensation € 2.444th. , litigations € 992th. and other provisions € 386th. 5. On December 31, 2017 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 € 6.997th. refers to valuation profit on available for sale financial assets, and an amount of € 47th.					Cash and cash equivalents at beginning of the Year		328.184.700,98	245.450.700,72	29.494.616,60	61.283.352,71
represents actuarial loss . For the Group, an amount of € 10.530th. refers to valuation profit on available for sale financial assets , an amount of € 6.463th. refers to valuation profit on fixed assets, an amount of € 193.831th. refers to foreign exchange differences
(loss) on translating foreign holdings and finally amount of 88th represents actuarial loss. 7. In the present financial statements a startup company "FOLLI FOLLIE AUSTRALIA LTD" were consolidated for the first time, without significant effect on the amounts of the					Cash and cash equivalents at end of the Year		446.339.865,37	328.184.700,98	154.563.427,79	29.494.616,60
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						DATA FROM STATEMENT OF CHANGES IN EQUITY
parties as defined to IAS 24 are as following:						(consolidated and non consolidated) amounts in €
							The Group		The Company
							31.12.2017	31.12.2016	31.12.2017	31.12.2016
					Equity Opening Balance ( 01.01.2017 and 01.01.2017 respectively)		1.884.362.817,86	1.605.688.983,66	422.551.055,79	439.807.735,02
					Total comprehensive income net of tax		39.894.214,63	281.198.201,62	-22.293.635,65	-15.999.612,34
					Minority interest resulted from Subsidiaries' rates change		0,00	-240.000,00	0,00	0,00
					Dividends payable		0,00	-96.912,88	0,00	0,00
					Other Movements		-5.025.486,51	-930.387,65	57,42	0,00
					Purchase / Sale of own shares		0,00	-1.257.066,89	0,00	-1.257.066,89
					Equity Closing Balance ( 31.12.2017 and 31.12.2016 respectively)		1.919.231.545,98	1.884.362.817,86	400.257.477,56	422.551.055,79
amounts in thousands.000	The Group	The Company
A) Income	411,52	26.483,09

amounts in thousands.000	The Group	The Company
A) Income	411,52	26.483,09
B)Expenses	1.434,22	12.306,45
C) Receivables	1.614,26	171.616,79
D) Payables	0,00	418.481,37
E) Directors' and members' of the Board of the Directors transactions and fees	3.721,68	3.250,80
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	1,62	0,00

(Published according to Law. 2190, article 135, for companies preparing annual financial statements, consolidated or not, according to IFRS)

FOLLI FOLLIE GROUP SA

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, 2017 - December 31th, 2017

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.

	DATA FROM STATEMENT OF COMPREHENSIVE INCOME (consolidated and non consolidated) amounts in €
	The Group			The Company
	01.01. - 31.12.2017 Continuing operations Continuing operations	01.01. - 31.12.2016	01.01. - 31.12.2017 Continuing operations Continuing operations	01.01. - 31.12.2016
Turnover	1.419.274.262,48	1.337.275.219,48	147.078.095,98	146.088.508,88
Gross Profit	633.765.210,07	612.303.060,88	61.302.675,62	60.393.181,10
Profit before tax, financial and investing results (EBIT)	260.567.025,58	262.267.848,52	-14.040.218,26	-10.564.588,85
Profit/Loss (before the tax)	242.038.189,93	253.478.321,88	-29.430.947,61	-25.291.967,46
Profit / Loss after tax (A)	216.820.984,43	226.910.052,17	-29.244.071,16	-24.868.698,27
Attributable to :
Shareholders of the parent company	212.010.655,26	222.466.621,12	-29.244.071,16	-24.868.698,27
Non controlling interests	4.810.329,17	4.443.431,05	0,00	0,00
Total	216.820.984,43	226.910.052,17	-29.244.071,16	-24.868.698,27
Other comprehensive income / expenses net of tax (Β)	-176.926.769,80	54.288.149,45	6.950.435,51	8.869.085,93
Total comprehensive income net of tax (A) + (Β)	39.894.214,63	281.198.201,62	-22.293.635,65	-15.999.612,34
Attributable to :
Shareholders of the parent company	35.083.187,60	276.823.085,00	-22.293.635,65	-15.999.612,34
Non controlling interests	4.811.027,03	4.375.116,62	0,00	0,00
Total	39.894.214,63	281.198.201,62	-22.293.635,65	-15.999.612,34
Basic Earnings/losses (after tax) per share(expressed in €)	3,1947	3,3515	-0,4407	-0,3747
Proposed dividend € Profit before taxes, financing and investing results , depreciation and amortisation (EBITDA)	294.868.317,00	291.856.605,91	-7.907.360,25	-4.368.896,66