Folli Follie Group announces the financial results for the Full Year of 2013
Due to the carve out of the travel retail activity and the sale of it, we depict the financial results of the continuing operations for the period ended 31.12.2013 in comparison to the previous year’s reporting period.
Positive performance in a difficult environment in major key markets we operate
- *Revenues of the continuing operations reached € 887.4 mn., increased by 9.6%
- *Operating profits reached € 166.6 mn., increased by 53.9%
- *Profit before taxes, financing and investing results and depreciation, EBITDA reached € 186.6 mn., increased by 44.6%
Financial figures for the FY of 2013 (Non comparable)
- Revenues reached €934.2 mn
- Gross profits reached €470.7 mn
- Operating profits reached €173.4 mn
- Net profits reached € 347.5 mn
- Finally EBITDA reached €194.7 mn
Sales per segment of the continuing operations (post eliminations)
- Revenues from the Jewellery, Watches and Accessories activity increased by 10% to € 642.4 million.
- Revenues from Department stores activity increased by 10% to € 136.1 million.
- Revenues of Retail/Wholesale of footwear and apparel increased by 8.1% reaching € 106.3 million while EBITDA margin reached 9.8% from -6.4% the previous corresponding year.
- Other sales reached €2.5 million.
Mr George Koutsolioutsos CEO of the Folli Follie Group said: “Our Group has once again been able to demonstrate improved revenues and profitability (in all segments of its continuing operations). 2013 financial figures are not comparable due to the carve out of the travel retail sector and the sale to Dufry AG which took place in 2013 in two phases. 2013 was a very important year for the total evolution of our Group. The entrance in the share capital of Dufry as one of the major shareholders, signals the internationalization on a global scale of the travel retail sector and the strategic importance for our Group. Additionally, we managed to decrease significantly our debt, and we currently hold net cash position of € 29 million.
We expect that 2014 will be another difficult year, but due to the diversification of the product portfolio and geographic expansion, the Group will maintain its good momentum. Together with our strategic partners, starting with the Group Fosun, and recently with the Group Dufry and with the Group Koc, we are constantly exploring new partnerships, new markets and synergies, always focusing on maximizing shareholder value".