“Folli Follie’s Financial Results for the first quarter 2006 according to the International Financial Reporting Standards (IFRS)”
Athens, May 29th 2006.
Folli Follie accomplished positive growth rates in the first quarter of the year ending March 31st 2006, continuing its steady growth development path.
The profits per share reached 0,50€ against 0,47€ from 2005, an increase of 6%. Net Profit after Taxes amounted to 16,5 M€, posting growth of 6%, compared to 15,6 M€ of the same quarter in 2005. At this point it should be noted that compared to last year’s corresponding results that showed a significant increase of over 40%, this year’s results still show a positive growth.
Consolidated sales for the period January 1st 2006 to March 31st 2006 increased by 16% reaching 61,8 M€ versus 53,3 M€ of the same period in 2005. Consolidated Earnings Before Taxes was 20,6 M€, a 4% increase compared to 19,8 M€ in March 2005.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 4% to 21 M€ versus 20,2 M€ in the previous year.
With regard to the parent company Folli Follie S.A. sales were 10,2 M€, whereas in the first quarter of 2005 they were 11,6 M€. Earnings Before Tax were 2,6 M€, when in 2005 they were 5 M€, a decrease by 48%.
In an analysis of total sales by looking at each region, Japan accounted for 19%, the rest of Asia 51%, Europe 15% and Travel Retail operations reached 15%. According to the sales per product category, jewellery account for 63% of sales, watches account for 31% and accessories account for 6%.
It should be noted that the company’s Annual Shareholders Meeting this year will take place on June 30th 2006.
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 22 countries, has over 300 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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