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ANNUAL2014 REPORT WorldReginfo - 6728b95a-d93c-4584-a68c-42f566e6f118 WorldReginfo - 6728b95a-d93c-4584-a68c-42f566e6f118 ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD 01.01.2014 TO 31.12.2014 “FOLLI-FOLLIE COMMERCIAL MANUFACTURING AND TECHNICAL SOCIETE ANONYME ” REG. NO.: 3027701000 23RD KM ATHENS – LAMIA HIGHWAY 145 65, AG. STEFANOS, ATTICA PURSUANT TO LAW 3556/2007 The attached financial statements for the period 01.01.2014-31.12.2014 were approved by the Company’s Board of Directors on March 27th of 2015 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 - 6728b95a-d93c-4584-a68c-42f566e6f118 4 WorldReginfo - 6728b95a-d93c-4584-a68c-42f566e6f118 ANNUAL REPORT 2014 Chairman's Message 06 Company Profile 08 Statement of the Board of Directors 26 Annual Board of Directors’ Management Report 27 CONTENTS Independent certified auditors’ accountants report 50 Financial Statements 52 Information about the group 59 Information about the article 10 of law 3401/205 95 Condensed Financial Statements Of 2013 96 Report of the rights issue proceeds from share capital increase in cash 98 Report of the funds raised 100 5 WorldReginfo - 6728b95a-d93c-4584-a68c-42f566e6f118 06 CHAIRMAN'S MESSAGE Dear shareholders, During 2014 our Group completed another successful year in all its main activities. We focused on our strategy to expand our own brands and diversify into new markets, whereas our key task was to bolster profitability through improved margins and a low cost base. Our own brands Folli Follie and Links of London exceeded once again our expectations and enforced their brand names around the world. The rising demand for affordable luxury on a global level confirms our strategy and positioning in an industry which continuously gains customers worldwide. The performance of our domestic operations demonstrated impressively how our Group turned challenges into opportunities which resulted into significant market share gains and reinforced our local operations as a leading force for branded retail in Greece and the Balkans. Looking at our financial performance, consolidated Group revenues for the full year 2014 increased by 12,5%. The Group’s Gross profit increased by 12,3%, with the respective gross margin at 50,3%. In the effort to further control and reduce operating expenses, we managed to achieve an increase in the Group’s operating profit of 21,5%. Net profit after minorities reached EUR 141,2 million. The Jewellery, Watches and Accessories activity reported for the Full Year 2014 another record performance confirming the favorable positioning of our brands Folli Follie and Links of London. Revenues grew in 2014 by 10% with EBITDA increasing by 14,4% and the respective margin at 27,8%. The Retail and Wholesale as well as the Department Store activities experienced another year of impressive recovery, translating a growing market share into rising revenues and profitability. Revenues for the activity Retail/Wholesale grew by 28,7% for the year 2014, EBITDA grew by 44% with the respective EBITDA margin at 11%. The same trend can be observed in the Department Store activity where revenues grew by 12,7% and EBITDA by 35,4% with a margin increase from 7,1% to 8,5%. 6 WorldReginfo - 6728b95a-d93c-4584-a68c-42f566e6f118 ANNUAL REPORT 2014 Looking ahead we remain optimistic about the prospects of the Group, supported by strong strategic partners, we managed to strengthen our capital structure and capitalizing on our strong liquidity and successful operating model in case Looking ahead, opportunities arise in the markets we operate. we are optimistic I wish to express my special thanks and appreciation to our customers, our for all our activities. loyal shareholders and colleagues, who achieved with enthusiasm and great commitment these outstanding results. Thank you for your loyalty and support. Yours sincerely, Dimitris Koutsolioutsos Chairman of the Board of Directors 7 WorldReginfo - 6728b95a-d93c-4584-a68c-42f566e6f118 08 COMPANY PROFILE The FF Group operates in more than 28 countries defining new trends in all sectors atwhich it activates. With a dynamic structure and an impressive portfolio the FF Group “accompanies” a customer through all life phases: from early childhood to adulthood one can relate to the FF Group and its brand portfolio. In the FF Group our mission is to bring fashion and the “feel-good factor” to people’s everyday lives through our products and services that breathe luxury, creativity and passion. In the FF Group we treat fashion as a mood enhancer that allows people to follow the lifestyle they dream. From Athens to Hong Kong; from London to Shanghai; from Tokyo to New York, the FF Group creates, shares and houses trend-setting fashion and the most coveted style proposals spreading its unparalleled craziness. 8 WorldReginfo - 6728b95a-d93c-4584-a68c-42f566e6f118 ANNUAL REPORT 2014 The FF Group designs, produces and markets on a global level its two own brands: Folli Follie and award winning British jewelery Links of London. Famed for high quality and breakthrough design, jewellery, watches, accessories and giftware Folli Follie and Links of London have won a place in the hearts of millions of consumers globally. At the same time the Group maintains a leading presence in the department stores field, the retail and wholesale channel within Greece and Europe. “Factory Outlet”, as well as “attica” department stores, are the Group’s department stores in Greece that cover almost 70,000 m2. Moreover, brands such as Ermenegildo Zegna, Juicy Couture, UGG Australia, Guess, Nike, Converse, G-Star Raw, Franklin & Marshall, Samsonite and Technogym have trusted the FF Group with the exclusive distribution of their products. It is worth mentioning that the FF Group has undertaken the exclusive wholesale and retail distribution rights for the Juicy Couture brand in all Continental Europe, UK, Ireland and Cyprus, acquiring an international character and appeal for its ever-growing Fashion Business. At the same time the Group, in the context of its continuous strategic development, has extended its activities in the Beauty & Cosmetics sector, through the distribution of globally acclaimed brands in the Greek market, The FF Group such as Dolce & Gabbana, D&G, Gucci, Hugo Boss and also the Dolce & Gabbana Make-Up Collection. Maintaining a key role in the global travel designs, produces retail sector, even after the sale of Hellenic Duty Free Shops to the Swiss and markets on a Dufry AG, the FF Group became a strategic partner of Dufry by joining the main shareholders of the Swiss Group. Αt the same time Mr. George global level. Koutsolioutsos is member of the Board of Directors of Dufry as elected in the 2014 Annual General Meeting. Dufry is a leading global travel retailer operating almost 1,700 duty-free and duty-paid shops in airports, cruise lines, seaports, railway stations and downtown tourist areas and operates in 63 countries in Europe, Africa, Eurasia, Central America & Caribbean, North America and South America. The FF Group creates fashion globally and has established a strong presence counting more than 900 points of sale worldwide and employing more than 4.800 people worldwide. 9 WorldReginfo - 6728b95a-d93c-4584-a68c-42f566e6f118 10 IMPORtant MILESTONES Folli Follie company is founded in Greece by Mr. Dimitris Koutsolioutsos 1982 and his wife Ketty. First Folli Follie store opens in downtown Athens. Launch of the Folli Follie women’s 1994 watch collection. Folli Follie enters the Japanese market, shop openings in New York, 1995 Hawaii, Guam. Folli Follie listed at the Athens Stock 1997 Exchange. 1998 Entry in key Asian markets. Folli Follie creates subsidiaries in 1999 France and UK. 10 WorldReginfo - 6728b95a-d93c-4584-a68c-42f566e6f118 ANNUAL REPORT 2014 2002 Folli Follie enters key European and Chinese markets and develops the Travel Retail business. 2005 Opening of “attica”, the biggest department store in Greece, in the center of Athens. Raising the stake at HDFS from 24,61% to 52,28%. 2006 HDFS acquires Links of London. Folli Follie obtains the Chinese retail license. 2007 Acquisition of Elmec Sport via HDFS. 2008 Acquisition of Folli Follie’s affiliate in Japan. Merger of the companies Folli Follie S.A., HELLENIC DUTY FREE SHOPS S.A. and Elmec 2010 Sport S.A. all absorbed by HELLENIC DUTY FREE SHOPS S.A. Creation of the Folli Follie Group of Companies. The London Organising Committee of the Olympic and Paralympics Games appoints Links of London, as the Official Jewellerer of London 2012. Fosun International acquires a stake of 9,5% in FF Group through a capital increase 2011 excluding existing shareholders and increases successively its stake to 13,4%. Folli Follie opens new shops in Puerto Rico and Canada. The FF Group gains the exclusive distribution and representation of PROCTER & GAMBLE 2012 PRESTIGE perfumes in Greece. Opening of the third “attica” department store in Thessaloniki. In a joint venture between Duty Free Shops and Setur Servis Turistik A.S. a lease contract for the operation of the Tourist Port of Mytilene is signed for 40 years. In October, FF Group announces that it has signed an agreement to sell 51% of the travel retail business in the Swiss Dufry AG. In April the sale of the 51% stake of the travel retail business to Dufry AG. is completed. During December, the Group announced the sale of the remain- ing 49% of the travel retail 2013 business to Dufry AG and enters as a strategic investor to Dufry AG. FF Group announces exclusive wholesale and retail distribution rights for the Juicy Couture 2014 brand in all Continental Europe, UK, Ireland and Cyprus.

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