Folli Follie Commercial Manufacturing and Technical Societe Anonyme”
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“FOLLI FOLLIE COMMERCIAL MANUFACTURING AND TECHNICAL SOCIETE ANONYME” REG. NO.: 3027701000 23rd km ATHENS – LAMIA HIGHWAY 145 65, AG. STEFANOS, ATTICA ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD 01.01.2017 TO 31.12.2017 PURSUANT TO LAW 3556/2007 The attached financial statements for the period 01.01.2017-31.12.2017 were approved by the Company’s Board of Directors on April 25th, 2018 and were published by being posted in the internet, at www.ffgroup.com. They have been translated from the original statutory financial statements which have been prepared in Greek language. In the event that differences exist between this translation and the original Greek language financial statements, the Greek language financial statements will still prevail over this document. WorldReginfo - aa444f94-6015-4fa8-bee2-dfbdf4d257a9 CONTENTS A. Statement of the Board of Directors ....................................................................... 5 B. Annual Report of the Board of directors for the fiscal period 01.01.-31.12.2017 ........ 6 C. Independent certified auditors’ accountants report ............................................... 34 D. Financial Statements ........................................................................................... 40 1. Statements of Financial Position for the Group and the Company ........................... 40 1.1 Statement of Financial Position of the Group ................................................................................. 40 1.2 Statement of Financial Position of the Company ............................................................................ 41 2. Statement of Comprehensive Income for the Group and Company......................... 42 2.1 The Group .......................................................................................................... 42 2.2 The Company ..................................................................................................... 43 3 Statement of Changes in Equity for the Group and the Company ........................... 44 3.1 The Group .......................................................................................................... 44 3.2 The Company ..................................................................................................... 45 4 Cash Flow Statement .......................................................................................... 46 E. Information about the Group ............................................................................... 47 1.1 Group Structure .................................................................................................. 47 2 Important accounting policies of the Group .......................................................... 48 2.1 Framework for the preparation of the Financial Statements ................................... 48 2.2 New standards and interpretation ........................................................................ 48 2.3 Consolidation ...................................................................................................... 51 2.3.1 Subsidiaries ........................................................................................................ 51 2.3.2 Associates .......................................................................................................... 51 2.3.3 Currency translations .......................................................................................... 52 2.4 Tangible Assets .................................................................................................. 53 2.5 Investments in property ...................................................................................... 54 2.6 Intangible Assets ................................................................................................ 54 2.6.1 Trademarks and Licenses .................................................................................... 54 2.6.2 Other Intangible Assets ....................................................................................... 54 2.6.3 Assets Impairments ............................................................................................ 55 2.7 Financial Assets .................................................................................................. 55 2.7.1 Initial Recognition ............................................................................................... 55 2.7.2 Financial Assets at fair value through results ........................................................ 55 2.7.3 Investments held until maturity ........................................................................... 55 2.8 Inventories ......................................................................................................... 56 ANNUAL FINANCIAL STATEMENTS FOR THE FISCAL YEAR 01.01-31.12.2017 2 (THE AMOUNTS IN ALL TABLES ARE EXPRESSED IN EURO) WorldReginfo - aa444f94-6015-4fa8-bee2-dfbdf4d257a9 2.9 Loans, receivables from business and other receivables ........................................ 56 2.10 Cash equivalents ................................................................................................. 57 2.11 Share Capital ...................................................................................................... 57 2.12 Financial Obligations ........................................................................................... 57 2.12.1 Initial Recognition ............................................................................................... 57 2.12.2 Financial Obligations (other than loans) ............................................................... 57 2.12.3 Bank Loans ........................................................................................................ 57 2.13 Accounting Income Tax ....................................................................................... 57 2.13.1 Current Income Tax ............................................................................................ 57 2.13.2 Deferred Income Tax .......................................................................................... 58 2.14 Retirement Benefits and Short-term Employee Benefits ......................................... 58 2.14.1 Short-term Benefits ............................................................................................. 58 2.14.2 Benefits payable after leaving service ................................................................... 58 2.14.2.1 Defined Contribution ........................................................................................... 58 2.14.2.2 Defined Benefit Liabilities – Retirement Benefit due to service exit ......................... 58 2.15 Other Provisions ................................................................................................. 59 2.16 Contingent liabilities ............................................................................................ 59 2.17 Contingent assets ............................................................................................... 59 2.18 Leasing .............................................................................................................. 59 2.18.1 Company Group as lessee ................................................................................... 59 2.18.1.1 Finance Leases ................................................................................................... 59 2.18.1.2 Operational Leases ............................................................................................. 60 2.18.2 Group Company as Lessor ................................................................................... 60 2.18.2.1 Operational Leases ............................................................................................. 60 2.19 Revenue Recognition .......................................................................................... 60 2.19.1 Sales of Goods .................................................................................................... 60 2.19.2 Services ............................................................................................................. 60 2.19.3 Dividends ........................................................................................................... 60 2.19.4 Interest Income .................................................................................................. 60 2.19.5 Income from Rents ............................................................................................. 60 3. Financial Information per segment ....................................................................... 61 4. Own-used tangible assets – Investments in real property ...................................... 63 5. Own-used intangible assets – Investments in real property ................................... 66 6. Investments in related entities ............................................................................. 68 7. Investments available for sale ............................................................................. 69 8. Other long-term Assets ....................................................................................... 69 ANNUAL FINANCIAL STATEMENTS FOR THE FISCAL YEAR 01.01-31.12.2017 3 (THE AMOUNTS IN ALL TABLES ARE EXPRESSED IN EURO) WorldReginfo - aa444f94-6015-4fa8-bee2-dfbdf4d257a9 9. Inventories ......................................................................................................... 70 10. Trade Receivables and other Current Assets