Fourlis S A : Press Release - Clarifications on the agreement to sell the "Intersport" business in Turkey
January 26, 2023
Share
PRESS RELEASE
Clarifications on the agreement to sell the "Intersport" business in Turkey
Further to the announcement of 26 January 2023 regarding the agreement to sell the "Intersport" business in Turkey, Fourlis Group clarifies the following:
The transaction was based on an Enterprise Value (EV) of approximately € 3.0 million and the final price was set at approximately € 1.5 million, after taking into account net debt and its equivalents.
As stipulated in the share purchase agreement (SPA), the final price will be determined 60 days after signing, based on the audited financial statements for the year 2022. It is noted that no material variation is expected.
At the signing of the share purchase agreement, 83% of the price, i.e. approximately € 1.25 million, was paid, while the balance will be paid in 2 years from the signing of the agreement.
The transaction is expected to have a net positive effect of approximately € 0.5 million on the Fourlis Group consolidated financial statements, which will be reflected in the results in the first quarter of 2023. Sales of the activity in Turkey in 2022 were € 12.8 million, with zero Profit Before Tax (PBT), while there is no impact on the financial statements of the parent company Fourlis Holdings S.A..
The above clarifications are provided in response to a query from the Capital Market Commission.
Fourlis SA published this content on 27 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2023 09:57:02 UTC.
Fourlis SA is a Greece-based investment holding company. Along with its subsidiaries, the Company is active in two operating segments: Retail Trading of Home Furniture and Household Goods, through the franchise of IKEA stores in Greece, Cyprus and Bulgaria; Retail Trading of Sporting Goods, through the franchise of INTERSPORT stores in Greece, Cyprus, Bulgaria, Turkey and Romania and THE ATHLETEâS FOOT stores in Greece and Turkey. The Companyâs direct subsidiaries include HOUSEMARKET SA, HM HOUSEMARKET CYPRUS LIMITED, HOUSE MARKET BULGARIA EAD, TRADE LOGISTICS SA, Intersport Athletics SA, Intersport Athletics Cyprus Limited, Genco Trade SRL (Romania), Genco Bulgaria EOOD and Intersport Atletik in Turkey.
FOURLIS HOLDINGS S.A. 
