Folli Follie Group on Thursday said that its debt increased by 178 million euros in 2017 due to the issue of a bond loan worth 150 million Swiss francs and by 50 million euros as a result of a syndicated loan with foreign credit institutions.
In an announcement, the company said that this amount was mainly used to strengthen the company’s cash flow with a view to repaying the company’s convertible bond of 250 million euros maturing in July 2019 and also for general commercial purposes.
FF Group noted that exchange differences in 2017 amounted to 177 million euros and concern the translation of the Group’s balance sheet items into the published currency (Euro). The combination of the large participation of the Group’s trading activities in the US dollar with the large drop of this currency during the year caused this unprecedented amount of exchange rate differences.
The announcement also said that in respect of interest in 2017, which amounted to 4.1 million euros and comes from the group’s assets throughout the year (ranging between 250 – 500 million), this reflected the very low deposit rates of both the dollar, the euro and the Swiss franc.
The above data is provided in addition to our previous announcements, in order to make clear how misleading the report in question is, FF Group said in the announcement.
It added that the POS it mentioned operate in free-standing boutiques, shop-in-shop, counters, as well as POS in airport locations. Parallel to this, Folli Follie brand’s wholesale turnover includes revenues which are not represented by operating POS (i.e. corporate gifts, online marketplaces, as well as airline in-flight sales).
Finally, FF Group said that the company is already cooperating with the Hellenic Capital Market Commission on all issues mentioned in the Commission’s press release dated May 7th, 2018.