FOLLI - FOLLIE
Press Release - Annual General Shareholders Meeting
Folli Follie held its Annual Shareholder's Meeting today at its central headquarters in Agios Stefanos, Athens. The Meeting involved, amongst other issues, the announcement of the financial results for the year 2005, the new financial targets and the company's future plans. The General Shareholder's Meeting decided upon all issues of the daily agenda, such as the following: 1. The financial statements of the company year 1.1.-2005-31.12.2005 as well as the reports of the Board and of the Auditors were approved. 2. The Members of the Board of Directors and the Statutory Auditors-Accountants were released from any liability for the company year 1.1.2005-31.12.2005. 3. From the amount reserved for the disposal of the net profits of the company, year 1.1.2005-31.12.2005, an ordinary reserve amounting to 488.413,62 euro, a tax free reserve amounting to 5.995,66 euro, as well as the distribution of a dividend of 0,26 Euro per share was approved. Beneficiaries of the dividend are share holders of the company holding shares at the closing of the Athens Exchange trading session of 21.07.2006. The payment of the dividend will commence on the 1/08/2006 through the PIRAEUS BANK. 4. Mr. George Varthalitis was elected as ordinary auditor and Mr. John Kalogeropoulos was elected as substitute Auditor, both members of the BAKER TILLY HELLAS A.E. 5. For the year 2006 the amount of 250.000 Euro was approved to be paid to the members of the Board of Directors as the same it is written in the amount of "Fees paid to the Board of Directors" in the allocation Board. During the Annual General Shareholders Meeting the company's Vice President Mr. George Koutsolioutsos referred to the achievements of 2005 and to the prospects of the year 2006. In particular Mr. Koutsolioutsos said: "Our strategic goal for 2006 is to further enhance Folli Follie?s sales network, while special emphasis will also be given to the launch of male watches. Emphasis will also be given to continuously strengthen its business in the travel retail sector. With regard to the increase of the company's participation in HDFS (Hellenic Duty Free Shops) Mr. Koutsolioutsos added: "This concerns a strategic move bringing advantages to both companies due to existing synergies, which will also be further strengthened in the future". Finally the company's Vice President referred once again to the positive growth of the company, foreseeing a turnover of 10% and an increase of EBITDA to 8% for the year 2006. Folli Follie is a Greek company which designs, manufactures and distributes jewellery, watches and fashion accessories under the Folli Follie brand. The Folli Follie brand's core values are "affordable, fashionable luxury". Folli Follie operates in 22 countries at 315 points of sale.