Folli Follie in the first half of 2007:
§ Group sales improved by 61,8%
§ Folli Follie stand alone sales improved by 13% (currency-adjusted by 22%)
§ Group net income increased by 14% to EUR 39 million
Athens, August 30th 2007. Folli Follie S.A. presents first half 2007 financial results by fully consolidating Hellenic Duty Free Shops for a six-month period. Due to the consolidation, comparisons on a yearly basis cannot be made, as first half 2006 results contained a full consolidation of Hellenic Duty Free Shops for a two-month period.
Sales rose by 61,8% to EUR 270,7 million in the first half of fiscal year 2007 (H1 2006: EUR 167,3 million).
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) rose by 42,2% to EUR 72,8 million from EUR 51,2 million in H1 2006 and Earnings Before Taxes reached EUR 60,7 million compared to EUR 50,6 million in the first half of 2006 (+20,0%).
The group recorded net profit after taxes of EUR 45,9 million from EUR 39,2 million the same period last year, representing an increase of 17,1%, despite higher interest expenses compared to the first half of 2006 and by taking into account interest expenses with regard to the acquisition of Links of London in July 2006.
Net earnings after taxes and minorities rose by 14% to EUR 39,1 million from EUR 34,3 million the same period last year.
Finally, the profits per share reached EUR 1,19 from EUR 1,04 in H1 2006 showing an increase of 14,4%.
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 2007 rose by 13,1% to EUR 134,9 million (H1 2006: EUR 119,3 million). At comparable exchange rates sales would have increased by 22%.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) reached EUR 46,3 million from EUR 36,5 million the year before increasing by 26,8% supported by rising sales figures and a favourable sales mix towards the higher margined watch segment (from 30% in H1 2006 to 34% in H1 2007).
Net sales by geographical region:
In an analysis of Folli Follies total sales for the first half 2007 on a stand-alone basis* and by looking at each region, Japan accounted for 15% recording a slight decrease of -3%, the rest of Asia reached 55% of total sales and growing by 17%, Europe generated 16% of sales showing an increase of 14% and Travel Retail operations reached a sales participation of 14% growing by 16% compared to the same period last year.
In a breakdown of sales per region at constant currency terms Japan would have reached EUR 22,4 million of sales instead of EUR 19,6 million (+10%), Asia would have reached EUR 81,1 million instead of EUR 75,1 million (+26%) and the Travel retail sector would record EUR 20,5 million of sales instead of EUR 19,0 million (+25%) compared to H 1 2006.
Sales per product category:
According to the sales per product category in the first half of fiscal year 2007, jewellery accounted for 60%, watches accounted for 34% 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 24 countries, has more than 340 points of sale, and continues to develop new strategically important markets around the world while strengthening its presence in existing ones.
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