Interim / Quarterly Report • Sep 14, 2017
Interim / Quarterly Report
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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
(consolidated and non consolidated) amounts in €
Financial Statements' approval date by the BoD 13 September 2017 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 30.06.2017 31.12.2016 30.06.2017 31.12.2016 2nd Alternate: Indirect method ASSETS 01.01. - 30.06.2017 01.01. - 30.06.2016 01.01. - 30.06.2017 01.01. - 30.06.2016 Property, Plant & Equipment 281.113.352,55 274.258.534,70 47.231.341,89 47.596.164,90 Cash Flows related to Operating Activities Investment Property 74.526.273,35 75.202.118,34 74.526.273,35 75.150.146,14 Net Profit before taxes (Continuing operations) Intangible assets 124.998.065,51 132.022.346,22 41.591.038,38 41.608.367,25 Adjustments 0,00 0,00 0,00 0,00 Participations 594.428,72 676.004,16 213.779.653,83 211.617.157,35 Depreciation and Amortisation 15.121.976,06 17.296.249,52 2.958.514,13 3.013.286,82 Other non-current assets 326.011.064,22 299.149.178,28 179.198.466,94 147.707.691,45 Provisions 1.263.452,78 829.037,95 120.582,00 2.116.646,00 Inventories 619.962.658,92 585.996.587,97 46.723.735,37 40.019.303,51 Exchange differences -132.622.733,55 -20.179.234,89 0,00 0,00 Trade Receivables 621.947.322,46 654.740.733,02 79.391.553,83 82.670.411,55 Results (income, expenses, gains and losses) from investing activities 9.725.268,98 8.756.309,99 4.292,51 -1.045.381,83 Other current assets 603.429.711,73 558.134.064,49 168.183.366,92 122.972.721,68 Interest and related expenses 10.186.078,07 8.155.874,77 7.657.508,62 6.088.030,76 TOTAL ASSETS 2.652.582.877,46 2.580.179.567,18 850.625.430,51 769.341.963,83 Adjustments related to working capital or other operating activities 0,00 0,00 0,00 0,00 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 Other components of equity 1.863.161.949,15 1.831.352.043,40 419.446.456,26 402.466.592,79 Acquisition of minorities 0,00 -240.000,00 0,00 -240.000,00 Total equity attributable to owners of the Parent (a) 1.883.246.412,15 1.851.436.506,40 439.530.919,26 422.551.055,79 Purchases of tangible and intangible assets -23.925.470,57 -60.498.937,07 -1.999.359,12 -939.057,76 Non controlling interests (b) 33.639.984,97 32.926.311,46 0,00 0,00 Proceeds from sale of tangible and intangible assets 173.345,73 1.432.321,96 0,00 1.424.155,00 Total Equity (c) = (a)+(b) 1.916.886.397,12 1.884.362.817,86 439.530.919,26 422.551.055,79 Interest received 152.563,97 240.115,23 23.424,57 80.133,00 Long-term borrowings 419.088.154,34 361.742.555,40 303.088.825,31 251.297.897,98 Dividends received 0,00 0,00 1.000.000,00 0,00 Provisions / Other long terms liabilities 38.254.615,12 44.028.338,41 28.687.024,14 28.299.527,45 Proceeds from sale of financial assets 181.500,00 3.982.363,21 0,00 723.706,14 Short-term borrowings 110.939.028,31 72.519.388,55 39.783.628,67 22.268.773,63 Decrease/(increase) of other long-term receivables -882.580,10 -875.692,67 -1.174.629,97 -1.112.773,88 Other current liabilities 167.414.682,57 217.526.466,96 39.535.033,13 44.924.708,98 Net cash inflows/(outflows) from Investing Activities (b) -25.774.829,45 -56.234.829,34 -2.410.564,52 -3.638.837,50 Total liabilities (d) 735.696.480,34 695.816.749,32 411.094.511,25 346.790.908,04 Financing Activities TOTAL EQUITY AND LIABILITIES (c) + (d) 2.652.582.877,46 2.580.179.567,18 850.625.430,51 769.341.963,83 Capital increase 0,00 0,00 0,00 0,00 Additional notes and information: Dividends paid / Return capital -1.160.796,65 -1.168.457,88 697.503,52 0,00 (a) + (b) + (c) amounts in thousands.000 The Group The Company A) Income 60,64 11.178,70 B)Expenses 2.312,71 4.697,50 C) Receivables 136,51 145.589,64 D) Payables 587,40 289.833,18 The Group The Company
| The Group | The Company | |||
|---|---|---|---|---|
| Cash Flows related to Operating Activities | ||||
| 135.514.355,75 | 123.223.279,77 | -15.061.969,22 | -15.927.281,62 | |
| Net Profit before taxes (Continuing operations) | ||||
| Decrease/(increase) of Inventories | ||||
| Decrease/(increase) of Receivables | -33.966.070,95 | -22.616.772,61 | -6.704.431,86 | -1.634.400,12 |
| -17.118.908,83 | 3.402.898,75 | -3.534.813,79 | -18.752.946,65 | |
| Increase/(decrease) of payable accounts (except Banks) Minus |
-38.360.100,35 0,00 |
-14.409.691,01 0,00 |
-5.842.682,00 0,00 |
3.505.270,51 0,00 |
| Interest paid and similar expenses | -5.422.772,30 | -2.779.770,36 | -3.309.594,16 | -547.220,78 |
| Income Tax paid | -37.103.161,09 | -45.247.347,42 | 0,00 | 0,00 |
| Net cash inflows/(outflows) from Operating Activities (a) | -92.782.615,43 | 56.430.834,46 | -23.712.593,77 | -23.183.996,91 |
| -1.474.188,48 | -275.000,00 | -260.000,00 | -3.575.000,00 | |
| Purchases of subsidiaries, associates and other investments | ||||
| Proceeds from Loans | 127.329.276,30 | 9.495.381,11 | 67.900.000,00 | 0,00 |
| Proceeds from leases | 0,00 | 0,00 | 0,00 | 0,00 |
| Payment of Loans | -18.076.072,65 | -14.908.039,43 | 0,00 | 0,00 |
| Payments for leases | -3.155.670,46 | -4.390.926,66 | -2.350.556,24 | -1.019.107,06 |
| Own Stock | 0,00 | -999.894,66 | 0,00 | -999.894,64 |
| Expenses related to capital increase | 0,00 | 0,00 | 0,00 | 0,00 |
| Net cash inflows/(outflows) from Financing Activities (c) | 104.936.736,54 | -11.971.937,52 | 66.246.947,28 | -2.019.001,70 |
| Net increase / (decrease) in cash and cash equivalents | -13.620.708,34 | -11.775.932,40 | 40.123.788,99 | -28.841.836,11 |
| (a) + (b) + (c) | ||||
| 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 |
| Cash and cash equivalents at end of the Year | 314.563.992,64 | 233.674.768,32 | 69.618.405,59 | 32.441.516,60 |
| DATA FROM STATEMENT OF CHANGES IN EQUITY | ||||
| (consolidated and non consolidated) amounts in € | ||||
| 30.06.2016 |
|---|
| 439.807.735,02 |
| -19.923.861,01 |
| 0,00 |
| 0,00 |
| 0,00 |
| -999.894,64 |
| 418.883.979,37 |
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 - June 30th, 2017
| amounts in thousands.000 | The Group | The Company | |
|---|---|---|---|
| A) Income | 60,64 | 11.178,70 | |
| B)Expenses | 2.312,71 | 4.697,50 | |
| C) Receivables | 136,51 | 145.589,64 | |
| D) Payables | 587,40 | 289.833,18 | |
| E) Directors' and members' of the Board of the Directors transactions and fees | 1.635,14 | 1.544,74 | |
| 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 | 0,76 | 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.
| DATA FROM STATEMENT OF FINANCIAL POSITION | ||
|---|---|---|
| (consolidated and non consolidated) amounts in € | ||
| EQUITY AND LIABILITIES | |||
|---|---|---|---|
| Share capital | 20.084.463,00 | 20.084.463,00 | 20.084.4 |
| Other components of equity | 1.863.161.949,15 | 1.831.352.043,40 | 419.446.4 |
| Total equity attributable to owners of the Parent (a) | 1.883.246.412,15 | 1.851.436.506,40 | 439.530.9 |
| Non controlling interests (b) | 33.639.984,97 | 32.926.311,46 | |
| Total Equity $(c) = (a)+(b)$ | 1.916.886.397,12 | 1.884.362.817,86 | 439.530.9 |
| Long-term borrowings | 419.088.154,34 | 361.742.555,40 | 303.088.8 |
| Provisions / Other long terms liabilities | 38.254.615,12 | 44.028.338,41 | 28.687.0 |
| Short-term borrowings | 110.939.028,31 | 72.519.388,55 | 39.783.6 |
| Other current liabilities | 167.414.682,57 | 217.526.466,96 | 39.535.0 |
| Total liabilities (d) | 735.696.480,34 | 695.816.749,32 | 411.094.5 |
| TOTAL EQUITY AND LIABILITIES (c) + (d) | 2.652.582.877,46 | 2.580.179.567.18 | 850.625.4 |
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 – 30.06.2017 , 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 – 30.06.2017 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 30.06.2017 amounted to 4.951 and the respective number for the Company was 1.125. On 30.06.2016 amounted to 5.062 employees for the Group and 1.148 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 € 272th. , provision for staff compensation € 3.851th., litigations €1.105th. And other provisions amounting to € 460th. b) The Company provisions for unaudited tax years amounting to € 211th., provision for staff compensation € 2.167th , litigations € 1.105th. and other provisions € 307th. 5. On June 30, 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 € 31.577th. refers to valuation profit on available for sale financial assets. For the Group, an amount of €34.516th. refers to valuation profit on available for sale financial assets, an amount of €116.419th. refers to foreign exchange differences (loss) on translating foreign holdings and finally amount of 784th. 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:
ΜΑΚΕΤΑ 300617(ΕΝ).xlsx 14/9/2017 5:18 μμ
| 116.316.076,80 -82.686.586,37 33.629.490,43 31.875.325,42 1.754.165,01 33.629.490,43 1,7261 |
99.329.960,72 -30.674.220,38 68.655.740,34 66.696.499,12 1.959.241,22 68.655.740,34 1,4666 |
-14.597.593,69 31.577.399,74 16.979.806,05 16.979.806,05 0,00 16.979.806,05 -0,2200 |
-15.015.465,85 -4.908.395,14 -19.923.860,99 -19.923.860,99 0,00 -19.923.860,99 -0,2262 |
|---|---|---|---|
| 1.765.408,30 | 1.959.241,22 | 0,00 | 0,00 |
| 114.550.668,50 | 97.370.719,50 | -14.597.593,69 | -15.015.465,85 |
| -15.015.465,85 | |||
| -15.927.281,62 | |||
| -8.327.547,76 | |||
| 325.605.565,88 | 295.092.513,01 | 25.890.024,20 | 25.717.148,21 |
| 723.199.841,95 | 652.669.074,76 | 66.459.839,31 | 68.222.006,55 |
| 152.967.697,31 135.514.355,75 116.316.076,80 |
131.490.007,08 123.223.279,77 99.329.960,72 |
Continuing operations Continuing operations Continuing operations Continuing operations -8.414.736,24 -15.061.969,22 -14.597.593,69 |
THE CHAIRMAN OF THE BOARD
Dimitrios Koutsolioutsos ID Card No. AK-031337
THE CHIEF EXECUTIVE OFFICER
Georgios Koutsolioutsos ID Card No. AB-593469
THE CHIEF FINANCIAL OFFICER
THE CHIEF ACCOUNTANT
Georgios Alavanos ID Card No. AI-518859 Lic. No. OEE 0008211 A' CLASS
EXECUTIVE BOARD MEMBER
Emmanouil Zachariou ID Card No. T005560
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