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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Fosun International Limited    0656   HK0656038673

FOSUN INTERNATIONAL LIMITED

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Fosun International : Billion euro hole found in jeweller Folli's 2017 sales

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07/16/2019 | 07:24am EDT
A woman walks past a Folli Follie store in central Athens

ATHENS (Reuters) - Greece's Folli Follie overstated its 2017 revenue by more than 1 billion euros (£903.25 million), an audit by PwC showed on Tuesday, as the jeweller reported a rescue plan proposed by bondholders had collapsed.

ATHENS (Reuters) - Greece's Folli Follie overstated its 2017 revenue by more than 1 billion euros (£903.25 million), an audit by PwC showed on Tuesday, as the jeweller reported a rescue plan proposed by bondholders had collapsed.

Folli instead presented an alternative restructuring proposal for creditors and said it expected court ratification of it by June 2020.

"The board of FF Group is confident that the group has a future if the restructuring proposal is approved and is of the view that the restructuring proposal represents a viable alternative and likely the only viable alternative to the company filing for bankruptcy," it said.

Folli has been in turmoil since a hedge fund report in May last year questioned its accounting.

The shares have been suspended since, Folli has been fined by Greece's securities watchdog and founder Dimitris Koutsolioutsos has resigned. Koutsolioutsos owns a 35 percent stake in Folli, while China's Fosun holds 16 percent, Refinitiv Eikon data shows.

Alongside its new rescue proposal, Folli reported the results of an audit by PwC of its 2017 earnings which showed turnover of 359.2 million euros versus a reported 1.4 billion euros.

It showed a net loss of 136.2 million euros versus a net profit of 216.8 million euros originally reported.

"The consolidated financial statements of 2017 set the basis for the company's future steps" as it continues its worldwide commercial activities and enhances its corporate governance, it said.

It said despite the restated figures the group's net asset value remained positive.

Folli has debt of about 430 million euros due this year and in 2021.

The company distributes international apparel brands in Greece, including Nike and Calvin Klein, along with its luxury jewellery.

It employs 5,000 people at home and abroad, including in China and Japan.

(Reporting by Angeliki Koutantou; editing by Emelia Sithole-Matarise and Jason Neely)

By Angeliki Koutantou

Stocks mentioned in the article
ChangeLast1st jan.
FOLLI FOLLIE CMRCL MFG AND TECHCL CO SA 0.00% 4.8 Delayed Quote.0.00%
FOSUN INTERNATIONAL LIMITED -2.05% 10.52 End-of-day quote.-8.04%
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Financials (CNY)
Sales 2019 121 B
EBIT 2019 26 591 M
Net income 2019 14 946 M
Debt 2019 71 691 M
Yield 2019 3,79%
P/E ratio 2019 5,33x
P/E ratio 2020 4,93x
EV / Sales2019 1,27x
EV / Sales2020 1,35x
Capitalization 81 380 M
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Mean consensus BUY
Number of Analysts 12
Average target price 14,44  CNY
Last Close Price 9,53  CNY
Spread / Highest target 78,9%
Spread / Average Target 51,6%
Spread / Lowest Target 12,8%
EPS Revisions
Managers
NameTitle
Qun Bin Wang Chief Executive Officer & Executive Director
Qi Yu Chen Co-President & Executive Director
Xiao Liang Xu Co-President & Executive Director
Guang Chang Guo Chairman
Can Wang Chief Financial Officer, Executive Director & SVP
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