Folli Follie announces impressive growth rates for the year ending 31st December 2004, achieving its best turnover yet in its history.

In specific, consolidated sales for the period January 1st 2004 to December 31st 2004 increased by 21.4% reaching 194.9 M euro versus 160.6 M euro of the same period in 2003. Consolidated Earnings Before Taxes after Minority Interests were 65.6 M euro, a 16.3% increase compared to 56.4 M euro in December 2003. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 16.5% to 60.7 M euro versus 52.1 M euro in the previous year. The gross margin is 60%, compared to 62.7% of 2003. As regards to the Consolidated Net Profits after Taxes and Minority Interests, Folli Follie estimates that these will come up to 52.2 M euro versus 43.5 M euro, thus presenting an increase of 20% in comparison to 2003.

Parent company Folli Follie S.A.'s consolidated sales reached 35.8 M euro.
Earnings Before Tax grew by 30% from 10 M euro 2003 to 13 M euro in 2004. By analyzing the total sales per region, it appears that Japan accounted for 25%, the rest of Asia 37%, Greece 7%, the rest of Europe 18% and Travel Retail operations reached 13%. According to the sales per product category, jewellery account for 66% of sales, watches account for 28% and accessories account for 6%.

Mr George Koutsolioutsos, Vice President of Folli Follie, stated:
"The negative currency effect due to the strong EURO against US dollar and YEN as well as the various problematic circumstances such as the typhoons in Japan and the changes in the political and social climate of Spain, were undoubtedly factors that influenced the company's performance but did not hinder Folli Follie's impressive growth. It should also be noted that the launch of the diamond jewellery collection was very successful during last year and we are optimistic that in 2005 the company will achieve even higher growth rates due to the strategic strengthening of its sales network and a firm establishment of its brand name".

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 20 countries, has over 283 points of sale, and continues to develop new strategically important markets around the world while strengthening its presence in existing ones.