Folli Follie in the 6M of 2006

“Folli Follie’s Financial Results for the first semester 2006 according to the International Financial Reporting Standards (IFRS)”

Athens, August 28th 2006.
 The release of Folli Follie’s financial group results for the first half year 2006, mark the beginning of a new era since it increased its stake in Hellenic Duty Free Shops.

Consolidated Sales for the period January 1st 2006 to June 30th compared to same period last year increased by 66% and reached 167,3  M€ vs 100,7 M€. 
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) reaching 51,2 M€ from 36,1 M€, an increase of 41,8% and Earnings Before Taxes was 50,6 M€ compared to 36,7 M€ (+37,8%). 
Finally, Net Profit after Taxes amounted to 39,2 M€ from 29,1 M€, representing an increase of 34,7%. The profits per share reached 1,04 € from 0,89 € increasing by 16,9%.

It should be noted that the figures issued by the Folli Follie Group are not comparable to previous releases, as Hellenic Duty Free Shops have been fully consolidated since May 2006.

With regard to the parent company Folli Follie S.A., Sales amount to 17,1 M€ from 19,2 M€, which represent a decrease of 10,9% in comparison to the same period in 2005. At the same time Profit after Taxes increased by 47,4% reaching 19,9 M€ compared to 13,5 M€ in 2005.

In an analysis of Folli Follie’s total sales on a stand-alone basis and by looking at each region, Japan accounted for 16,9%, the rest of Asia 53,6%, Europe 15,6% and Travel Retail operations reached 13,7%. According to the sales per product category, jewellery account for 64% of sales, watches account for 30% and accessories account for 6%.

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 23 countries, has more than 300 points of sale, and continues to develop new strategically important markets around the world while strengthening its presence in existing ones.