FF OpsCo Single-Member S.A., the company created to house part of the assets and liabilities of the scandal-hit Folli Follie group, has published its long-delayed financial statements for 2023 and 2024, offering a clearer view of the company’s financial position as it continues to operate under the shadow of one of Greece’s biggest corporate scandals. The release of the financial statements comes at a time when some bondholders of FF OpsCo have publicly questioned the actions and performance of the company’s management, highlighting ongoing tensions between creditors and the company as the restructuring process continues.
According to the financial statements, FF OpsCo reported revenue of €15.8 million in 2024, up from about €3.03 million in 2023, a roughly 421% increase. The rise was driven by higher merchandise sales, product sales and, most significantly, service revenue. Merchandise sales totaled €6.49 million in 2024, compared with €1.24 million a year earlier, while product sales reached €0.67 million from €0.18 million in 2023. Revenue from services rose to €8.65 million from €1.62 million the previous year.
The company generates merchandise sales through retail and wholesale operations via its physical stores and online shops. Service revenue largely comes from services provided to businesses operating within the Factory Outlet Airport and Factory Outlet Piraeus discount shopping centers, which are owned and managed by the company, as well as income from consignment agreements.
Despite the strong increase in revenue, the company remained loss-making. Gross profit reached €11.38 million, corresponding to a gross margin of about 72%, an unusually high level for the fashion retail sector. However, administrative expenses totaled €6.23 million and selling expenses €18.5 million, bringing total administrative and selling expenses to €24.73 million, or roughly 156% of sales.
As a result, FF OpsCo reported operating losses of about €14.16 million and net losses after tax of €15.57 million. EBITDA was also negative, at around €8.39 million, or about minus 53% of sales. The company’s equity remained negative at approximately €6.18 million, while total liabilities stood at about €54.8 million.
The financial statements also underline a key obstacle facing the company: the ongoing freezing of a significant portion of Folli Follie’s assets due to the criminal case involving the former controlling shareholders and their associates. The asset freezes have complicated the implementation of the restructuring agreement with bondholders and continue to affect the company’s operations and liquidity.
In June 2024, an Athens criminal appeals court found key members of the controlling shareholder family guilty of fraud, forgery, market manipulation and money laundering in a first-instance ruling related to the Folli Follie scandal. The court also ordered the confiscation of frozen assets belonging to FF S.A., including two bank accounts with a total balance of about €3 million that were supposed to be transferred to FF OpsCo under the restructuring agreement.
The company has appealed the decision, and the second-instance trial, which will ultimately determine the fate of the frozen assets, began in 2025 and is still ongoing. In the meantime, management says it is continuing efforts to restructure operations by discontinuing unprofitable activities and reducing costs where liquidity allows, while focusing on strengthening liquidity, securing additional working capital and better utilizing its store network in an effort to stabilize and eventually grow the business.
