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FOLLI - FOLLIE S.A.
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Announcement
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August 29, 2008 Group sales improved by 52,6% Folli Follie stand alone sales improved by 14 % (currency-adjusted by +27%) Group net income increased by 12% to EUR 52 million Athens, August 28th 2008. Folli Follie S.A. presents first half 2008 financial results by fully consolidating Elmec Sport through HDFS for a six-month period. Sales rose by 52,6% to EUR 413,3 million in the first half of fiscal year 2008 (H1 2007: EUR 270,7 million). Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) rose by 26,4% to EUR 92,0 million from EUR 72,8 million in H1 2007 and Earnings Before Taxes reached EUR 64,1 million compared to EUR 60,7 million in the first half of 2007 (+5,6%). The group recorded net profit after taxes of EUR 51,6 million from EUR 45,9 million the same period last year, representing an increase of 12,4%, despite higher interest expenses compared to the first half of 2007. Net earnings after taxes and minorities rose by 8,5% to EUR 42,4 million from EUR 39,1 million the same period last year. Finally, the profits per share reached EUR 1,29 from EUR 1,19 in H1 2007. Folli Follie (stand alone) results highlights: With regards to Folli Follie S.A. stand alone figures (based on DFS equity method) sales for the period January 1st, to June 30th 2008 rose by 14,3% to EUR 154,2 million (H1 2007: EUR 134,9 million). At comparable exchange rates sales would have increased by 27%. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) reached EUR 51,9 million from EUR 46,3 million the year before increasing by 12,1%. Net sales by geographical region: In an analysis of Folli Follies total sales for the first half 2008 on a stand-alone basis* and by looking at each region, Japan accounted for 13%, the rest of Asia reached 56% of total sales, Europe generated 15% of sales and Travel Retail operations reached a sales participation of 16%. In a breakdown of sales per region at constant currency terms Japan would have reached EUR 21,9 million of sales instead of EUR 19,7 million (+12%), Asia would have reached EUR 97,6 million instead of EUR 86,4 million (+30%) and the Travel retail sector would record EUR 27,9 million of sales instead of EUR 24,7 million (+47%) compared to H 1 2007. Sales per product category: According to the sales per product category in the first half of fiscal year 2008, jewellery accounted for 58%, watches accounted for 36% and accessories for 6% of sales. Folli Follie is a Greek company which designs, manufactures and distributes jewellery, watches and fashion accessories under the Folli Follie brand. Nowadays, Folli Follie is active in 25 countries, has more than 360 points of sale, and continues to develop new strategically important markets around the world while strengthening its presence in existing ones. Mr. George Koutsolioutsos, Vice President of Folli Follie and President of Hellenic Duty Free Shops and Elmec Sport said: "We are extremely pleased with the performance of the First Half Financial Results of the Group. Although we are trading in a difficult market condition and sentiment, especially in Europe the group overcame it by posting a solid growth. The newly formed group includes a variety of product assortment, selective retail and affordable luxury which is attracting continuously a bigger audience. We are confident that our group will continue its successful path also in the second Half, which is our strongest." based on DFS equity method Folli Follie S.A. group results in EUR mn H1 2008 H1 2007 Growth Sales 413,3 270,7 52,6% EBITDA 92,0 72,8 26,4% Gross Margin 52,0% 57,9% EBT 64,1 60,7 5,6% Net Profit 42,4 39,1 8,5% Folli Follie stand alone (Sales breakdown per region) H1 2008 H1 2007 Growth Growth Ex-currency in EUR mn Asia 86,4 75,1 +15% +30% Japan 19,7 19,6 +0,5% +12% Europe 23,4 21,3 +10% +14% Travel Retail 24,7 19,0 +30% +47%.
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