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ANNUAL REPORT 2004

ANNUAL REPORT 2004

THE SUCCESS OF AN IDEA
In just ten years, Geox has become the leading
footwear brand in Italy and the fourth in
the world*. Its success is based on a simple
but brilliant idea: the shoe that breathes.
Thanks to the insight of its founder, Mario
Moretti Polegato, and the protection of over
30 patents registered in Italy and extended
internationally, Geox has revolutionized the
footwear sector.
Research and innovation, design and product
quality, international character, communication
and a fl exible business model are
the keys of a winning formula for a company
that is establishing itself worldwide.
Geox: ideas and actions in movement.
* Lifestyle-casual footwear sector, 2003 data. Source:
Shoeintelligence.

A SUCCESS BASED ON INNOVATION
Since its inception, Geox has distinguished
itself on the market thanks to its constant focus
on products characterized by the application
of innovative technological solutions,
such as the shoe that breathes. It is a shoe
with a micro-perforated rubber sole and a
special waterproof and transpiring membrane,
which allows feet to breath while protecting
them by keeping water out.
The development of the “breathing technology”
has become Geox’s mission. After shoes
with rubber soles, the company has developed
other technological solutions to make
leather soles waterproof and allow a natural
dissipation of heat from apparel. These innovative
systems are the result of a steadfast
commitment to the strategic aspect of
Research and Development and joint projects
with prestigious universities and research
centers in Italy and abroad.

A BRAND FOR THE WHOLE FAMILY
The GEOX products are characterized by
innovative technological solutions but also
by comfort and a style that is in line with the
latest fashion trends.
The Company’s design center analyzes the
new consumption trends, explores materials
and ideas and designs a wide range of
shoes in the classic, casual and sport lines
for men, women and kids, making Geox a
family brand.

AN ITALIAN INVENTION WITH AN
INTERNATIONAL VOCATION
Geox is a wholly Italian idea but with a
strong international vocation. Over the last
few years, Geox has registered constant international
growth and now operates in over
60 countries worldwide. 45% of its turnover
is achieved abroad, mainly in Germany,
France, Spain and USA. Merit also goes to
the accurate distribution strategy. In order to
optimize the commercial penetration in the
individual markets, Geox distributes its product
through around 9,000 multi-brand selling
points but also through a network of single
brand shops, fl agships of the Geox
brand in the most important cities around the
world. Featuring an exclusive format and the
innovative concept of a ‘showcase shop‘, the
number of Geox shops is growing steadily
(278 as at 12/31/2004).

HIGH BRAND AWARENESS
Geox invests around 10% of its turnover in
promotion. Thanks to an effective, clearly
defi ned strategy implemented directly by the
company that focuses on the benefi ts of perspiration,
consumers of every age associate
Geox with the concept of “breathing”. Its
communication strategy involves various media
and consists of advertising campaigns
targeting kids, women and men.

Geox S.p.A. Annual Report 2004
Registered Office: Via Feltrina Centro 16 - Biadene di Montebelluna (Treviso, Italy)
Share Capital Euro 25,850,000 fully paid up
Taxpayer Code and Treviso Register of Companies no. 03348440268

Chairman’s letter to the Shareholders 15
Company officers 17
Consolidated economic, financial and operational highlights 19
Directors’ report 21
Geox on the Stock Exchange 22
The listing on the Stock Exchange 22
Stock performance 23
Control of the Company 24
Shares owned by Directors and Auditors 24
Relations with related parties 24
Corporate Governance and Ethical Committee 25
Relations with institutional investors and other shareholders 26
IAS/IFRS 26
Stock Option Plan 27
The Group’s current structure 29
The Group’s activity 33
The critical factors for success 34
Research and development 35
The production system 35
Capital expenditure 36
The distribution system 37
Human Resources 38
Geox School 38
The strategy 39
The Group’s economic performance 41
The Group’s financial performance 44
Economic and financial performance of Geox S.p.A. 47
Treasury shares 48
Treatment of personal data 48
Foreseeable evolution and relevant subsequent events 48
Resolution proposal 49
Consolidated Financial Statements 51
Consolidated Balance Sheet 52
Consolidated Income Statements 54
Notes to the Consolidated Financial Statements 57
Auditors’ Report on the Consolidated Financial Statements 89
Financial Statements of Geox S.p.A. 91
Balance Sheet 92
Income Statements 94
Notes to the Financial Statements 97
Auditors’ Report on the Financial Statements 134
Report by the Board of Statutory Auditors 135
Company’s data and information for Shareholders 136
13
Index

Dear Shareholders,
Chairman’s letter to the Shareholders
Chairman’s letter to the Shareholders
The year 2004 will remain in the history of Geox as the year in which we achieved the important target
of listing on the Stock Exchange. December 1, 2004 was the first day our shares were admitted to be listed.
With an opening price of Euro 4.6, the shares closed the first trading day at Euro 5.48, an increase of almost
20%. The success of the listing is a source of great satisfaction for me but it is also the success of a group of
people who, together with me, believed in an idea and in a few years they were able to turn that idea into
an efficient and international business model, which generates income for the shareholders but also for the countries in which it
operates.
Our most important asset is technology. Technology is key for our business. It is the tool that enabled us to emerge thanks to an
innovative product and to grow rapidly within a mature market like footwear. But Geox’s technology is much more than the insight
that started off this project. It is a set of ideas and knowledge that we have developed over the years believing and investing in
Research. It is a capital base made of patents – there are over 30 – but also, indeed above all, of people, skills and relationships
with the scientific world.
Another value in which I firmly believe, which has stayed with me since the very beginning of this adventure is team work.
Comparing ideas, sharing one’s thoughts and beliefs but also one’s doubts and perplexities helps overcome any obstacle when the
members of a team are inspired by the same values and motivated towards achieving a common goal. Training the younger
generations and passing on the company’s values are key elements for the development of teamwork. It is for this reason that we
have established the Geox School, where every year we train graduates who, at the end of the course, become company
employees.
2004 was another year of remarkable growth. The Group’s turnover grew by 34%, reaching Euro 340.1 million. Particularly
significant was the performance of the international markets (+60%), which in 2004 generated a turnover in percentage similar to
the turnover registered for the domestic market (45% and 55%, respectively). Remarkable was also the performance of the Italian
market where, despite the consolidated leadership, Geox achieved 17% growth, notwithstanding the weak economic conditions,
with particular impact on the consumption of footwear and apparel. Together with sales, all other income indexes have also
improved. The Group’s net profit was Euro 52,6 million, equivalent to 15.5% of the turnover, with an increase of 71% compared to
2003. The volume growth and the entry into new markets created the need for further investments in resources supporting the
business. This, however, did not distract us from the goal of keeping all our industrial and commercial structures light, lean and
flexible, able to review the operational processes regularly in order to improve their efficiency. The productivity of our operations and
the constant monitoring of costs must remain key factors in our development strategy.
There is a challenging future ahead of us, as challenging and ambitious as the targets we set ourselves. The technology that
allows the feet and body to breathe and the customer perception of the practical benefits of this technology enabled us to achieve
important results. The footwear market is very broad, as broad as the apparel market, and growth potential is still enormous. Our
strategy for the next few years will focus on strengthening further our leadership in Italy and aiming at becoming leader also in the
most important European countries. We will continue to invest in the USA and we will attack new markets that show great potential,
as in the case of Japan. The development of the retail operation and the expansion of the network of Geox Shops in all the main
countries worldwide will remain a key feature of our strategy.
I know that it will not be easy – it has not been easy to achieve the results that we are presenting you today. But I am confident
because I know I can rely on a solid organization, consisting of skilled and experienced professionals moved by great enthusiasm.
My task, and the task of all the managers, will be to not waste these values.
Mario Moretti Polegato
15

Board of Directors
Position and indication of independent status (if applicable) Name and Surname
Chairman Mario Moretti Polegato
Director and Managing Director Diego Bolzonello (*)
Director Enrico Moretti Polegato
Independent Director Umberto Paolucci (**)
Independent Director Francesco Gianni
Independent Director Alessandro Antonio Giusti
Independent Director Bruno Barel
Independent Director Giuseppe Gravina
Independent Director Renato Alberini
Company officers
(*) Powers and responsibilities for ordinary and extraordinary administration, within the limits indicated by the law and by the Articles of Association, in compliance with
the powers of the Shareholders’ Meeting, of the Board of Director and of the Executive Committee, in accordance with the resolution approved by the Board of Directors on
10/20/2004 and subsequent amendments and additions.
(**) In accordance with the resolution approved by the Board of Directors on 04/06/2005.
Board of Statutory Auditors
Position Name and Surname
Chairman Fabrizio Colombo
Statutory Auditor Achille Frattini
Statutory Auditor Andrea Luca Rosati
Alternate Auditor Giulia Massari
Alternate Auditor Laura Gualtieri
Independent Auditing Company
Reconta Ernst & Young S.p.A.
17

Main economic consolidated reclassified data of the Group:
Consolidated economic, financial and operational highlights
(millions of Euro) 2004 2003 2002 2001
Net revenues 340.1 100.0% 254.1 100.0% 180.3 100.0% 147.6 100.0%
% of growth 34% 41% 22% 61%
EBITDA 87.4 25.7% 50.0 19.7% 31.2 17.3% 16.1 10.9%
EBIT 72.6 21.3% 38.7 15.2% 23.9 13.3% 11.9 8.1%
Net income 52.6 15.5% 30.7 12.1% 19.4 10.8% 7.5 5.1%
Earnings per share (in Euro) 0.20 0.12(*) 0.08(*) 0.03(*)
(*)Calculated for comparison purposes on 258,500,000 shares outstanding as at December 31, 2004.
Group’s main financial consolidated reclassified data:
(millions of Euro) 2004 2003 2002 2001
Net financial position 24.4 (40.4) (37.5) (34.0)
Shareholders’ equity 150.4 68.9 38.5 18.7
Group’s main operational consolidated reclassified data:
(millions of Euro) 2004 2003 2002 2001
Operating cash flow
57.1 25.8 15.5 6.6
Net capital expenditure (30.4) (28.6) (18.7) (14.8)
Free cash flow 26.7 (2.8) (3.2) (8.2)
19

Directors’ report

Geox on the Stock Exchange
The listing on the Stock Exchange
On December 1, 2004 the shares of Geox S.p.A, the Group’s operational holding company, were admitted on the listing of the
Mercato Telematico Azionario (Electronic Equity Market) of the Milan Stock Exchange. The floating stock was composed by
74,750,000 shares (29% of the share capital).
The Global Offer consisted in 65,000,000 shares, of which 8,500,000 shares coming from a Share capital increase – which
excluded the stock option in accordance with the Art. 2441, sub-section 5 of the Italian Civil Code, deliberated by the Extraordinary
Shareholders’ Meeting held on July 27, 2004 – and 56,500,000 shares sold by the Shareholder LIR S.r.l..
The placing of the shares was done through:
(A) an IPO of 16,250,250 shares (of which 183,750 subscribed by employees as part of the stock reserved to them), equivalent
to 25% of the number of shares offered to everyone in Italy as part of the Global Offer. Professional investors and foreign
institutional investors could not take advantage of the IPO. They could only take part in the institutional placing as described
below.
(B) a contextual institutional placement of 48,749,750 shares, equivalent to 75% of the number of shares offered as part of the
Global Offer was offered to professional investors in Italy and to institutional investors abroad, in accordance with the
Regulation S of the 1933 United States Securities Act del 1933, as subsequently amended, and in the United States of America
according with Rule 144 A of the Securities Act, with exclusion of Australia, Canada and Japan, except for the exemptions
provided for by the applicable laws.
The Selling Shareholder granted joint bookrunners a purchase option at offer price of further 9,750,000 shares – equivalent to 15%
of the shares offered within the Global offer – assigned to the recipients of the Institutional Placing (from now on, called
“Greenshoe”).
As previously mentioned, the exercising of the Greenshoe meant that the total number of Shares offered as part of the placing was
74,750,000.

Stock performance
The stock was offered to the market on December 1, 2004 at a price of Euro 4.60. The first opening price was Euro 5.06. During
December 2004 the Geox stock had a clearly positive performance that reached the top quotation of Euro 5.73 on December 31
2004, with an increase of 24.6% on the offer price.
The following table provides a summary of the stock performance and market information for 2004:
Stock-performance and market information 2004
Earnings per share [Euro] 0.20
Shareholders’ equity per share [Euro] 0.58
Dividend per share [Euro] 0.06 [*]
Pay out ratio [%] 29.47
Dividend yield al 31.12 [%] 1.05
Price at Dec. 31 [Euro] 5.73
Maximum electronic price [Euro] 5.90
Minimum electronic price [Euro] 5.27
Price per share / Earning per share 28.14
Price per share / Shareholders’ equity per share 9.85
Stock exchange capitalization [thousands of Euro] 1,480,947
Average number of outstanding shares 258,500,000
Number of shares constituting the share capital 258,500,000
[*] Proposed
Geox Mibtel
Teleborsa
12/1/04 12/8/04 12/16/04 12/23/04 12/31/04
10.38%
5.00%
-0.38%
Directors’ report
23

Control of the Company
LIR S.r.l. holds a controlling interest of the share capital of Geox S.p.A. with a shareholding of 71.083%. LIR S.r.l., with registered
office in Montebelluna (Treviso, Italy) is a holding company entirely owned by Mario Moretti Polegato and Enrico Moretti Polegato
(who own, respectively, 85% and 15% of the share capital).
The shareholding of Geox S.p.A. on the basis of the number of shares owned is indicated below:
Breakdown of shareholding (*) Number of shareholders Number of shares
from 1 to 4,999 shares 17,076 12,973,437
from 5,000 to 9,999 shares 430 3,247,090
10,000 shares and over 174 241,965,293
Non-classified shares - 314,180
Total 17,680 258,500,000
(*) Based on the latest survey by ISTFID made on February 17, 2005.
Shares owned by Directors and Auditors
As previously mentioned, Mr. Mario Moretti Polegato and Enrico Moretti Polegato have the direct ownership of the entire share
capital of LIR S.r.l., parent company of Geox S.p.A.
The other Directors and Auditors have declared in specific declarations received by the company that during 2004 they did not hold
other company share except for the shareholdings indicated below:
Name and Surname Number of
Geox S.p.A.
shares owned
as at 12/31/
2003
Number
of Geox
S.p.A. shares
purchased in
2004
Number of
Geox S.p.A.
shares sold in
2004
Number of
Geox S.p.A.
shares owned
as at 12/31/
2004
Type of
possession
Diego Bolzonello - 30,000 - 30,000 ownership
Relations with related parties
The Group has relationships with the parent company (LIR S.r.l.) and with third parties that are directly or indirectly linked with the
Majority Shareholder by shared interests. The business relationship held with those parties is based on total transparency and on
market conditions.
The financial and economic relations held in 2004 are summarized below:
Company
(in thousands of Euro)
Costs in
2004
Revenues
in
2004
Payables
as at
12/31/04
Receivables
as at
12/31/04
LIR S.r.l. 1,301 198 27 4
Domicapital S.r.l. 1,267 5 - 5
Ca’ D’Oro S.r.l. 248 26 13 -
I.M. S.r.l. 214 - 57 -
Nottingrom Srl 1,182 153 596 73
Shoe Factory Sro 94 93 9 53
Total 4,306 475 702 134
The data indicated in the above table refer to business relationships with the exception of the interests payable from LIR S.r.l. for Euro
175 thousand, from Nottingrom S.r.l. for Euro 79 thousand and from Shoe Factory Sro for Euro 15 thousand. This interest income is
included in the above balance.

The following table gives a chronological breakdown of the shareholding purchase and sale transactions and of the subsequent
transfer of funding contracts with related parties that occurred during the fiscal year:
Seller Buyer Object Price
(Euro)
Contract date
Technic Development Slovacchia Sro Domicapital S.r.l. 100% of Shoe Factory
Sro
610,000 01/28/04
Technic Development Slovacchia Sro Domicapital S.r.l. Funding towards Shoe
Factory Sro
169,278 01/28/04
Geox Holding BV Domicapital S.r.l. 99% of Nottingrom S.r.l. 297,000 03/30/04
Geox Holding BV Domicapital S.r.l. Funding towards
Nottingrom S.r.l.
LIR S.r.l. Geox S.p.A. 1% of Technic
Development Romania
8,889,273 03/30/04
5 06/28/04
The amount of the above transactions was determined considering the Shareholders’ equity of the company whose shareholding was
transferred.
Geox Holding B.V. and Technic Development Slovakia Sro, contextually to the transfer of shareholdings of the estate companies,
transferred to Domicapital S.r.l. also the loans that had been granted for the building and refurbishment of their production plants.
These transfers were made at face value.
The Group also agreed the sale of products with the “Geox” brand to mono-brand shops, which are owned by an Executive of the
Group itself. These transactions were concluded at market conditions and are not relevant in consideration of the overall amount of
the contract.
No Board member or Director is in debt with the Group.
Corporate Governance and Ethical Committee
In 2004, as part of the admission process to the Mercato Telematico Azionario completed on December 1, 2004, the corporate
governance system of Geox S.p.A. was aligned to the principles indicated in the Self-Governance Code (“the Code”), amended in
July 2002 and promoted by Borsa Italiana S.p.A. (the private company which manages the Italian Stock Exchange).
More specifically, during the meeting on December 9, 2004 The Board of Director, composed mainly by non-executive and
independent directors in accordance with the Self-Governance Code, agreed the setting up of the Executive Committee, of the
Internal Audit and Control Committee and of the Remuneration Committee.
These committees are an internal extension of the Board of Directors and their aim is to improve the effectiveness and strategic
capacity of the Board.
As indicated by the Self-Governance Code, the key competences of the Board of Directors have not been delegated to any
Committee. These include the functions that cannot be delegated as specified by the law or by the Articles of Association and the
responsibilities listed in paragraph 1.2 of the Code. To this purpose the areas of responsibilities that have an economic, financial
and operational relevance were identified.
In the same meeting on December 9, 2004 the Board of Directors approved the rules for internal and for external communication of
documents owned by the Company and information about the Company, with particular focus on price-sensitive information. The
Board approved also the procedure relating to the fairness criteria underpinning operations with related parties.
It is worth reminding also that the Company approved its own code of conduct on internal dealing, in compliance with the guidelines
given by Borsa Italiana S.p.A.
In the course of 2004, the Company started a process of developing an Organization and Management Model in accordance with
the Italian Legislative Decree no. 231 of 2001. The purpose of this process is to create a structured and organic body of procedures
and audit activities aimed at preventing, as much as possible, behaviors that constitute legal offence and for which the Company
would be considered liable.
For more information about Corporate Governance, see the report prepared according to the specifications indicated in art. IA.2.13
of the “Regulation of the Markets Organized and Managed by Borsa Italiana S.p.A.”, which contains instructions on how to
implement a corporate government system and how to comply with the regulations. This report will be filed with Borsa Italiana as
specified by the law.
The Board of Directors also set up a Business Ethics Committee in order to guide and promote commitment and ethical behavior
throughout the company. This Committee is composed by Mario Moretti Polegato, Joaquin Navarro-Valls and Umberto Paolucci.
Directors’ report
25

Relations with institutional investors and other shareholders
The Investor Relations function, in compliance also with the criteria of fairness, clarity and equal access to information as specified
in the “Guide to Market Disclosure” prepared by Borsa Italiana S.p.A., provides in the Investor Relation section of the web site
www.geox.com information and documents about the Company, with particular reference on price-sensitive information.
This document can be found in the Investor Relations section of www.geox.com.
IAS/IFRS
In 2004, Geox launched a specific project aimed at implementing international accounting standards through the setting up of a
dedicated workgroup.
Analysis is being carried out to identify the main differences between Italian accounting principles and the IAS/IFRS, with a view to
quantifying the most significant consequences thereof in terms of the consolidated financial statements of the Geox Group, in light
of the differences found.
The project was aimed at attaining the following goals:
1. identify the main differences between Italian accounting principles and the IAS/IFRS, including those applicable to the first
opening financial statements (January 1, 2004, the transition date) and the quantification of their impact;
2. implement the administrative processes and corporate IT systems required to allow for annual and infra-annual financial
statements to be prepared in accordance with IAS/IFRS principles.
In accordance with I.A.S. 1, the financial statements prepared to IAS/IFRS must include, in terms of comparison, data pertaining to
the financial year preceding the period of reference. The financial statements at December 31, 2005 will be the first to be prepared
by the Geox Group in accordance with international accounting standards and will therefore include, for comparison purposes, the
financial statements as at December 31, 2004, drawn up to the IAS/IFRS standards.
The current analysis is leading to the identification of certain differences between Italian accounting principles and IAS/IFRS at full
regime, assuming the implementation of the Exposure Drafts currently available and excluding the differences arising from the first
application of the international principles.
At the moment of preparing this Report, the most salient difference that have emerged and applied to the consolidated financial
statements of Geox are illustrated below:
• goodwill and consolidation difference: these items will no longer be subjected to straight line depreciation carried in the
income statement but will be subject to an annual impairment test aimed at highlighting any loss in value;
• stock options: IFRS 2 classifies stock options under the category of “equity settled sharebased-payment transactions” or
“goods and services purchased against payment using instruments representing capital”; in particular, on the basis of this
principle, stock options must be valued at their grant date, at fair value, and be carried in the income statement as a cost that
is counterbalanced by an increase in net shareholders’ equity;
• severance indemnity: Under Italian accounting principles, liabilities by way of severance indemnity due to employees (TFR)
on the basis of the nominal debt accumulated as at the date of closure of the accounting period, must be carried in the financial
statements. Under IAS/IFRS, severance indemnity falls into the category of benefit plans subject to actuarial valuation aimed at
expressing the current value of the benefit accumulated by employees at the date of closure of the accounting period, and
payable to them at the end of the employment relationship;
• derivatives: under IAS/IFRS, all derivatives must be carried in the financial statements at their ‘fair value’. The way in which
derivatives are carried in the financial statements varies depending on the features of the derivatives in question (hedging and
non-hedging derivative contracts);
• extraordinary items: under IAS/IFRS extraordinary items may no longer be carried in the financial statements;
• departures from accounting principles under special laws: under IAS/IFRS, no account must be taken of the interference
generated by special laws and tax regulations.
Furthermore, studies are underway in respect to other differences between accounting principles.
In light of the differences found, projects will be set up to establish operating procedures and valuation criteria applicable to each
company.

Stock Option Plan
On July 27, 2004, the Extraordinary Shareholders’ Meeting resolved a divisible increase of Share Capital with exclusion of the stock
option right in accordance with art. 2441, sub-section 5 and 8 of the Italian Civil Code, for a maximum face value of Euro 800,000
through emission of up to 8,000,000 ordinary shares with a face value of Euro 0.10 each and at a price no lower than Euro 1.20,
therefore with a premium no lower than Euro 1.10. These shares will be allocated to one ore more bonus schemes dedicated to
Directors, employees and collaborators of the Company and/or of subsidiary companies, in compliance with art. 2359, sub-section
1, number 1 of the Italian Civil Code. The purpose of this allocation is to provide an incentive for employees’ productivity, increase
their loyalty towards the company and stimulate the improvement of relations within the company.
The Plan, approved by the Board of Directors on November 30, 2004, includes initially just one stock option allocation phase to be
carried out from November 2004. As at December 31, 2004, already 2,850,000 stock options had been allocated. The stock
options price was set at Euro 4.6, equivalent to the offer price at the quotation phase.
The Board of Directors can subsequently approved other stock option allocation, pursuant to the Share Capital increase resolved by
the Extraordinary Shareholders’ Meeting on July 27, 2004.
The cycle consists in a vesting period of the stock options of 5 (five) years starting from the allocation date and an exercise period
of further 5 (five) years. The options can also be exercised in accordance with the following criteria and for the following tranches:
• 1/3 (one third) of the Options allocated (first tranche) can be exercised from the approval date of the Consolidated Financial
Statements for the fiscal year ending on December 31, 2007 and in any case, no sooner than January 31, 2008;
• 1/3 (one third) of the Options allocated (second tranche) can be exercised from the approval date of the Consolidated
Financial Statements for the fiscal year ending on December 31, 2008 and in any case, no sooner than January 31, 2009;
• 1/3 (one third) of the Options allocated (third tranche) can be exercised from the approval date of the Consolidated Financial
Statements for the fiscal year ending on December 31, 2009 and in any case, no sooner than January 31, 2010.
The exercise period for all the Options will expire on December 31, 2014. The Stock Options that have not vested or have not been
exercised by the expiration date, will be considered extinct at any effect with mutual freeing of the Company and of the interested
Shareholder from any obligation and liability.
The exercise of the Options, tranche by tranche, is dependent upon achieving the performance targets accrued in the respective
vesting periods, with reference to the Earning Before Interest and Taxes index, as illustrated by the Consolidated Industrial Plan of
the Geox Group.
Below is a summary of the stock options allocated to the Group’s Managers and Directors:
Options held at the start of the fiscal year Options allocated during the fiscal year
(A) (B) (1) (2) (3) (4) (5) (6)
Name and
Surname
Diego
Bolzonello
Position Number of
options
Managing
Director
Average
exercise
price
Average
expiry
Number of
options
Average
exercise
price
Average
expiry
- - - 1,100,000 Euro 4.6 2008
Options allocated during the fiscal year Options
expired
during the
year
Options held at the end of the fiscal year
(A) (7) (8) (9) (10) (11)=1+4-7-10 (12) (13)
Name and
Surname
Diego
Bolzonello
Number of
options
Average
exercise
price
Average Number of
market
options
price
in the fiscal year
Number of
options
Average
exercise
price
Average
expiry
- - - - 1,100,000 Euro 4.6 2008
Directors’ report
27

The current Group structure
Below is the Group Structure as at December 31, 2004 [1]:
Geox
Deutschland
(Germany)
Geox
UK
(UK)
Geox
Suisse
(Switzerland)
Geox
Japan KK
(Japan)
Geox
USA Inc
(USA)
100%
100%
100%
100%
100%
100%
Geox Retail
Inc
(USA)
100%
Geox Respira
SL
(Spain)
100%
100%
100%
100%
100%
Geox
Sweden
(Sweden)
Geox
France
(France)
Geox
Canada Inc
(Canada)
Geox
Retail
(France)
Geox Retail
Holland
(Holland)
100%
Geox Asia
Pacific Ltd
(Honk Kong)
Geox
S.p.A.
Technic
Development
(Romania)
Wortec
S.r.l.
(Italy)
99%
Notech
(Hungary)
99%
99%
85%
Technic
Development
(Slovakia)
Technical/Production Companies
Distribution and Marketing Companies
(1) Geox Suisse SA holds the remaining 1% interest in Notech and Geox S.p.A. holds the remaining interest in each of Notech’s subsidiaries.
Directors’ report
29

The current configuration of the Geox Group is the end point of a reorganization process that was completed in the first half of 2004
whose aim was to rationalize the company structure in order to make it coherent and suited to the organization of the Group’s
economic activities and to its development, particularly on foreign markets.
In summary, as a result of the reorganization the structure was streamlined, the control chain within the Geox Group was shortened
and Geox S.p.A. became the Group’s new operational holding company. The main phases of the reorganization were:
• the merger by incorporation of the parent company Geox Holding B.V. into Geox S.p.A.
Geox S.p.A. was entirely owned by Geox Holding B.V. The merger became effective for civil, accountancy and tax
purposes on June 30, 2004. As a first step, Geox Holding B.V. incorporated the subsidiary Geox Retail Netherlands B.V.
and then merged into Geox S.p.A. through a reverse merger. Geox S.p.A. became the new holding company as a result
of this operation;
• disposal of estate companies
In the first half of 2004, the Group sold the estate companies Nottingrom S.r.l. and Shoe Factory Holding Sro to related
companies. The said companies are owners of production plants located respectively in Romania and Slovakia, which
continue to be used by the Group on the basis of lease contracts;
• the transfer of the company branch in charge of managing and coordinating the Group.
LIR S.r.l., which was the parent company of Geox Holding B.V. until the reverse merger into Geox S.p.A., assumed
subsequently the role of family holding. In this next context, the company transferred to Geox S.p.A. the company branch
in charge of managing and coordinating the Group.
Geox S.p.A. is the new operational holding company of the Group and holds 100% of all the shareholdings owned by Geox
Holding B.V. until December 31, 2003. Among its various activities, Geox S.p.A. deals with marketing products in Italy and in
Europe. During 2004 the company intensified the development, coordination and management of the mono-brand shop network.
The network consists of directly-owned and franchised shops.
The companies controlled by Geox S.p.A. operate in a similar context, i.e.:
Geox Deutschland GmbH opened the first Geox shops in Germany and leased their management to a third party. The company
provides also customer service to the parent company and controls the sales network in the country of reference. The German market
is rapidly expanding and its volume required the employment of new staff in the sales team. So the company appointed a local Sales
Manager and employed sales representatives to work along the existing network of sales agents.
Geox Respira SL (Spain), fitted the first Geox Shop in Spain. Shops were opened in Madrid and Barcelona. The Spanish market
is also expanding rapidly and its volume required the employment of new staff for the sales team. So the company appointed a local
Sales Manager and employed sales representatives to work along the existing network of sales agents.
Geox France oversees and coordinates the sales agents network in France. In addition, it supplies customer services to the parent
company. The French market is also expanding rapidly and its volume required the employment of new staff for the sales team. So
the company appointed a local Sales Manager and employed sales representatives to work along the existing network of sales
agents. Geox France is also in charge of developing the network of franchisees.
Geox Retail France manages the mono-brand shops in France and a selling corner in one of the most prestigious shopping malls
in Paris.
Geox USA Inc. is the company through which the Group started its penetration into the North American market. The first business
relationships concluded at the end of the last fiscal year with the most important department stores are starting to give encouraging
results, especially with regards to sell-out figures and in terms of response by the end consumer. The American market is one of the
reference points for future development. Here we are currently going through a experimental phase in which contacts are made and
analysis are carried out in order to identify the strategy that will allow us to penetrate into this market achieving the same growth
rates that the Company is registering in those markets where the initial experimental phase was successfully completed and
subsequently followed by the actual penetration. The growth of volumes was well supported by the outsourcing of the logistics
function and by the implementation of electronic communication systems that are a standard procedure on that market.
The company, through the subsidiary Geox Retail Inc., is currently opening a network of shops in the United States. During the
fiscal year 2004, a shop was inaugurated in Manhattan (77 Madison Avenue) and two shops were opened in shopping malls in
Garden State and Roosevelt (NY).
Geox Suisse opened the first Geox Shops in Switzerland (Basel and Lausanne). On behalf of the parent company, Geox Suisse

imports and distributes the products on the Swiss territory.
Geox UK opened the first Geox Shop in London. The British market is in expansion. So this year, the company appointed a local
Sales Manager and employed sales representatives to work alongside the existing network of sales agents
Geox Sweden opened the first Geox Shop in Stockholm.
Geox Canada Inc. is the commercial branch that has been tasked, since the latter half of 2003, to develop the Canadian market.
This function was previously carried out in exclusive by a distributor.
Geox Japan KK is the commercial branch that has been tasked, since the latter half of 2003, to develop the Japanese market.
This function was previously carried out by a licensee. The company also manages the first mono-brand Geox shop in Tokyo.
Geox Retail Holland B.V., a newly-established company, took over from Geox Retail Netherland B.V. the management of the
shop in Amsterdam following the merger of the latter into Geox Holding B.V.
Geox Asia Pacific Ltd, was set up in September 2004 to manage the business development in the South-East Pacific.
Notech Kft (Hungary) is the company that oversees the Group’s production activities in Europe. The company purchases raw
materials mainly in Italy – in order to guarantee the highest quality standards – and processes them at the production plants under
its control (Technic Development Romania and Technic Development Slovakia) and in others owned by third-party producers. Notech
uses its own technical staff to coordinate plant production activities and to assess the quality of the finished product.
Technic Development Romania is a production company that operates in an industrial plant under leashold from Nottingrom,
a related company that employed 1,301 staff at the end of the fiscal year. The company organized the plant that now carries out
the entire production cycle of the shoes (cutting, hemming and assembling) as well as produces most of the rubber and leather soles
used also by other production plants of the Group. At the end of the production cycle, the finished goods undergo quality tests and
if they passed, they are packed and sent to Italy, where Geox S.p.A. deals with their distribution to clients. At busy production times,
the company outsources some of the production phases and is therefore able to include some external parties into the planning of
the production.
Technic Development Slovakia is a production company that operates in an industrial plant under leasehold from Shoe Factory,
a related company that employed 516 staff at the end of the fiscal year.
Wortec S.r.l. is the Group’s company specialised in procurement of raw materials, industrial equipment and machinery used for
production.
The Group is therefore making good progress towards building a flexible system integrated from a management and IT point of view,
based on the need to change and organized according to a network logic, which will enable us to face the future challenges
represented by significant increase in buying and selling volumes.
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31

The Group’s activity
Geox S.p.A. is the operational holding company of a Group that develops, produces, promotes and distributes footwear and
apparel characterized by the application of innovative and technological solution that guarantees perspiration and impermeability.
Geox’s innovation, protected by over 30 different original patents registered in Italy and extended internationally, is based on the
research and development of soles that guarantee perspiration for rubber outsoles and impermeability for leather ones thanks to a
special membrane that lets sweat out but does not let water in.
Geox produces classic, casual and sport footwear for men, women and kids within the medium to medium-high price range. The
GEOX brand is therefore a family brand that offers a wide range of products for the entire family, each of which is characterized
by innovation, comfort and a style that is in line with the latest fashion trends.
In Italy, the Group is leader of the classic and casual footwear market according to a survey made by ACNielsen SITA in the first
half of 2004 and its presence is growing abroad as well. In 2004, around 45% of consolidated revenues in the footwear sector was
achieved on the main foreign markets, including Germany, France, Spain and USA.
Moreover, according to a classification made by Shoeintelligence, a specialized magazine, in 2003 GEOX was the first Italian
brand and the fourth brand internationally in the ‘lifestyle casual’ footwear sector on the international market.
The incredible success obtained since the very beginning is due to the technological characteristics of “Geox” shoes. The Geox
products, thanks to a patented system registered worldwide, are designed to improve the foot’s comfort in a way that can be
immediately perceived by the customer.
The exclusive solution adopted by GEOX to solve the problem of the non-breathability of rubber soles consists in a combination of
three different elements: a micro-perforated outsole, a micro-perforated insole and a membrane that, as indicated in the patent
registration, “lets sweat out but does not let water in”. The micro-porous membrane combined with the micro-holes on the outsole
obtains the effect of letting vapour out and, at the same time, keeping water out. The great success, achieved in just 10 years since
the start of this project, can be explained also considering that approximately 90% of the world population uses shoes with rubber
soles.
However, even in the production of shoes with leather soles, GEOX distinguishes itself by using an innovative patented system that
makes the soles waterproof but does not alter leather’s natural permeability to vapour.
According to a study by Datamonitor carried out in May 2004 and related to 2003, the global footwear market is worth
approximately Euro 240 billion. This figure includes traditional footwear as well as technical-sport shoes and refers to all price
ranges.
On the basis of estimates supplied by ACNielsen SITA, GFK, NTS - Taylor Nelson and NPD with regards to the consumption of only
traditional shoes – i.e. excluding technical-sport shoes – a more in-depth analysis was carried out in the main countries where Geox
currently operates (Italy, Germany, France, Spain, UK and USA) focusing on the price range in which Geox positions its footwear.
The result was that in those countries 192 million pairs of shoes are consumed every year, creating a market worth around Euro 13.3
billion. In summary, the market in which Geox operates offers a huge growth potential for the Group, not just in the new markets but
also in those countries in which it already operates as confirmed by the research mentioned above.
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33

The key factors for success
Geox owes its success to a few key points that, considered globally, distinguish this Group from the others operating in the footwear
sector in Italy and worldwide. These key points are:
Technology
Ongoing focus on the product characterized by the application of innovative and technological solutions developed by Geox and
protected by patent.
Focus on the consumer
Cross-sectional positioning of its products, with a wide range of footwear for men, women and kids priced in the medium and
medium-high price range of the market characterized by abroad consumer base (family brand).
Brand awarness
High level of awareness for the GEOX brand thanks to an effective communication strategy. The consumer associates the brand with
the concept of “breathing”.
International character
Growing presence on international markets thanks to the replicability of the business model developed in Italy.
Distribution
A network of mono-brand GEOX shops in Italy and abroad developed, on the basis of the distribution structure of each country, in
correlation with the widespread network of multi-brand clients. The goal of both networks is to optimize the commercial penetration
into the single markets and, at the same time, promote the GEOX brand consistently among end consumers.
Supply chain
Flexibility of a decentralized business model, operating mostly in outsourcing, that is able to manage the production and logistic
cycle effectively while keeping the control over the critical phases of the value chain withing the Company, in order to assess product
quality and delivery times.

Research and development
Geox’s research and development activities has focused on ergonomics applied to footwear with the objective of improving comfort
and on the research of materials for shoes as well as apparel. The challenge can be easily summarized as the passage from the
initial strapline “Geox, the shoes that breathes” to the current evolution of the company’s philosophy, “Geox breathes”.
During the fiscal year the laboratory was further expanded and upgraded and now boasts technologically-advanced equipment and
unusual instruments for the footwear sector.
All the physical, mechanical and chemical characterizations necessary to validate the materials are carried out internally, so that
Geox can guarantee a compliance with adequate quality standards and with the demands of the market, which will lead to
satisfying our customers.
The evaluation and research of new materials employed for moulding soles has allowed us to improve the end product even further.
The result is a light, non-slippery, abrasion-resistant outsole with high quality outer finishing.
In addition, the ongoing research of materials and finished goods has allowed us to improve the transpiration capacity of our
footwear maintaining complete impermeability of the sole.
The finished product underwent a series of tests aimed at simulating the stress and tear-and-wear conditions of a shoe through its life
cycle. Thanks to the use of patented and specifically-built machinery our shoes can be tested in tough conditions and so we can
assess their performance.
Particularly significant are the improvements to the perspiration capacity of the membranes in use and to their mechanic resistance,
which guarantees safety and comfort.
We paid special attention to thermophysiology studies and to the mapping of the temperature distribution in the human body, so that
we could trial new technical solutions for footwear and apparel. Knowing where most of the body heat is concentrated helped us
choose specific materials that increase their perspirations capacity under stress conditions. To conduct these studies we worked with
the most important Universities in Italy and private research centres of excellence.
With regards to apparel, we developed innovative aeration solutions that provide a natural dissipation of the heat produced by the
human body and reduce humidity, thus improving the body’s wellbeing.
The production system
The organization of Geox’s production system is such that it guarantees the achievement of three strategic objectives, i.e.:
• maintaining high quality standards;
• constantly improving flexibility and time to market;
• increasing productivity and reducing costs.
Each phase of the production process is constantly monitored by Geox, even when the monitoring is carried out by third parties. The
monitoring includes the initial stages in the processing of hides (from wet-blue to dressed leather) and in soles production.
Production takes place in two factories owned by the Group located in Romania (Technic Development Romania) and Slovakia
(Technic Development Slovakia). These plants produce around 20% of the total, whereas the remaining 80% is produced by thirdparties’
factories, mainly in China, Vietnam, Indonesia and Brazil.
The Group selects third-party producers with great accuracy, considering the technical competences of the partner company, its
quality standards and its capacity to cope with the production volumes within the deadlines set.
The goods produced by all the production plants are subsequently consolidated at the Group’s distribution centers situated in
Cusignana (Treviso, Italy) for Europe and in Edison (NJ) for the US market.
In 2004, the Group produced around 10.4 million pairs of shoes and 0.5 million garments from approximately 35 production sites
overall.
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35

Capital expenditure
The following table illustrated the amounts of net consolidated capital expenditure made in the fiscal years 2003 and 2004.
(in thousands of Euro) 2004 2003
Intangible fixed assets 21,543 17,685
Tangible fixed assets 9,283 11,582
30,826 29,267
Acquisition of business net of the net financial position acquired 495 -
Disposals (964) (674)
Net capital expenditure 30,357 28,593
The consolidated capital expenditure made in 2004 are summarized below:
(in thousands of Euro) Intangible
fixed assets
Tangible
fixed assets
Listing on the Stock Exchange (*) 7,939 - 7,939
Costs from merger with Geox Holding B.V. (*) 349 - 349
Acquisition of company branch from LIR S.r.l. (*) 200 - 200
Trademarks and patents (*) 952 - 952
Opening and refurbishing of Geox Shops 8,895 2,372 11,267
Industrial equipment - 5,337 5,337
Offices and office furniture 1,293 426 1,719
Information technology 1,832 947 2,779
Other 83 201 284
Total 21,543 9,283 30,826
(*) Investiments made entirely by Geox S.p.A.
Of the total consolidated capital expenditure, in 2004 the holding company Geox S.p.A. made investments for a total of Euro
24,883 thousand. Of these, Euro 18,294 thousand consisted mainly of investments in intangible fixed assets relating to the costs
indicated in the above table, to investments associated with Geox shops (Euro 6,088 thousand) and to investments for the
improvement of the company’s IT systems (Euro 1,111 thousand). Euro 6,589 thousand were invested in tangible fixed assets
relating mainly to plants and machinery, moulds and equipment for the production of soles and uppers. This amount includes Euro
343 thousand used to increase the tangible fixed assets in compliance with the changes to the financial statements introduced with
the reform of Italy’s company law, with particular reference to the elimination of tax interference.
In the same period Geox S.p.A. made further investments for the acquisition of business for Euro 495 thousand and disposals for
Euro 487 thousand.
The total of net capital expenditure of Geox S.p.A. is therefore Euro 24,891 thousand.
Total

The distribution system
In 2004, the Group continued with its diversified distribution strategy, characterized by a calibrated mix of multi-brand and monobrand
allowing us to penetrate quickly into individual markets and promote the GEOX brand to end consumers. The Group uses also
licensees and distributors to which it entrusts the production and marketing of Geox products in areas not yet considered strategic.
In this context, particular important is given to the mono-brand network, which is composed by franchised shops and directly-owned
shops (DOS). Thanks to the franchising the Group can develop its sales network reducing fixed costs and investments. The opening
of DOS meets the need for a presence of flagship Geox shops in strategic places and the need to receive daily information such as
sold quantities and available stock, useful for their operational management.
The growth trend of the mono-brand network is progressing according to plan and is summarized below:
Geographical
Area
1997 1998 1999 2000 2001 2001 2003 2004
Italy 1 2 10 30 67 102 129 166
Europe - - - - 4 25 48 76
America - - - - 1 1 - 3
Other - - - - - 2 21 33
Total 1 2 10 30 72 130 198 278
At the end of 2004, the Group investment directly in 71 shops in Italy (of which 40 are directly owned) and 29 abroad (of which
19 directly owned).
New shops were opened in some of the most important shopping centers in Italy like Bologna, Reggio Emilia, Cinisello Balsamo,
Savona, Vicenza and historical cities such as Palermo, Pesaro, Milano, Genova, etc.
Outside Italy, new shops were inaugurated in New York (at the prestigious corner between Madison Avenue and 57 th St.) in Tokyo
(Ginza), Brussels, Cologne, Madrid and so on.
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37

Human resources
As at December 31, 2004, the Group had 2,491 employees broken down as follows:
Job Role 2001 2002 2003 2004
Workers 1,295 1,845 1,993 1,856
Office employees 215 316 470 568
Middle management 23 30 49 49
Senior Managers 10 9 13 18
Total 1,543 2,200 2,525 2,491
Geographical area 2001 2002 2003 2004
Italy 326 403 433 516
Romania 1,208 1,435 1,529 1,301
Slovakia - 340 477 516
Other 9 22 86 158
Total 1,543 2,200 2,525 2,491
It is important to point out that the decrease in staff recorded in Romania between 2003 and 2004 was connected to the reorganization
of the production cycle and to the improvement of productivity.
Over time, the Group has organized its Middle and Senior Management so that they are capable of minimizing the risks linked with
the lack of human resources which is often experienced during period of fast growth.
The Group went through a thorough restructure, as a result of which we gave more prominence to existing staff and we employed new
staff from medium and large-sized companies who had experience of managing a rapidly growing organization with remarkable
operational volumes. We also used highly-qualified professional services.
Despite the growth, the Group is still focused on those organizational principle that are at the basis of its success, i.e. a very flat structure
where speed of reaction, immediate transfer of information and flexibility are essential.
This way, the Group created and is still creating new jobs, especially in Italy, in a context which is showing signs of a slow-down on the
employment front.
The quality of human resources is a critical factor for achieving the targets set in the medium-term plans. As the Group is becoming more
international and is penetrating new markets, often remote ones, it is necessary to employ high quality people who can interact with the
head office, share its style and its concept of management efficiency.
Of the 516 people employed as at December 31, 2004 by the Group, 461 were employed by Geox S.p.A. (14 senior managers, 29
middle managers, 345 office employees and 73 workers).
Geox School
The Company believes that training human resources is a fundamental investment for the development of the Group’s activity. In order
to promote staff training, in 2001 Geox S.p.A. opened the Geox School, aimed at developing the skills of young resources which will
then become part of the Group. The training focuses on the company’s ethos, the characteristics of GEOX products and the development
needs of the Group’s business.
Every year the Company selects between 10 and 15 graduates or young people with little professional experience who are offered a
place in the training scheme of the Geox School, which lasts from 4 to 6 months. A tutor is assigned to each trainee, who is asked to
complete a specific project. The course include days of lectures (on technology applied to products, on production and on commercial
and marketing aspects of the Group) and the same amount of practical days in which the trainees can work on their project under the
supervision of the tutor.
Depending on the type of training delivered to each trainee at the GEOX School, the course includes also professional development
initiatives such as days spent in shops or branches or at one of the Group’s production plants. In the 2004/2005 edition of the GEOX
School, the Company intends to pay particular attention to the professional development in the commercial department.
The initiative was promoted by Group’s suppliers, professionals, University professors and leading figures of the entrepreneurial world
who have taken part as external lecturers.

The strategy
The main strategic lines that lead the development of the Geox business are the following:
Consolidation of the leadership achieved in Italy
Geox is the leading company in the Italian footwear market and covers the entire national territory thanks to a combination of multibrand
clients and mono-brand Geox shops. Geox is planning to consolidate and strengthen its leadership through the following
guidelines:
• opening of new Geox Shops, mainly franchised, in high traffic areas such as town centers and major shopping malls and
expanding the size of the existing shops. In 2004 Geox opened 37 Geox Shops in Italy, of which 4 directly owned (DOS) and
33 franchisees;
• raising commercial penetration and loyalty of multi-brand clients through the increasing use of the formula of ‘corners’ and
‘shop in shop’ according to a format already identified.
International expansion
During 2004, around 45% of the Group’s consolidated revenues of the footwear sector was achieved in foreign countries, mainly
in those markets considered strategic such as Germany, France, Spain, Belgium, Netherlands, Luxemburg, Switzerland, Austria
and USA. The Group is planning to develop further its presence abroad by continuing to increase its presence in those countries
according to the following directions:
• expand the number of customers served, increase commercial penetration and loyalty of existing customers;
• open new Geox Shops in the main city centers and commercial malls;
• balance the sales mix by incresing sales of men’s and women’s lines rather than those for kids.
Product innovation
The innovation of our products is fundamental if Geox wants to consolidate its competitive advantage. The Company is planning
to develop its research and patents and to implement solutions that can further improve perspiration and impermeability
impermeability through the use of specific materials.
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39

The Group’s economic trend
Below is the reclassified consolidated Income Statements for 2004:
(in thousands of Euro) 2004 2003
Net revenues 340,050 100.0% 254,052 100.0%
% of growth 34% 41%
Gross profit (*) 198,599 58.4% 143,673 56.6%
Distribution costs (20,929) (6.1%) (16,136) (6.4%)
Overheads (59,758) (17.6%) (50,718) (20.0%)
Advertising and promotion (30,558) (9.0%) (26,788) (10.5%)
EBITDA 87,354 25.7% 50,031 19.7%
Depreciation and amortization (14,726) (4.4%) (11,373) (4.5%)
EBIT 72,628 21.3% 38,658 15.2%
Net financial/extraordinary charges (4,312) (1.2%) (4,863) (1.9%)
Income before tax 68,316 20.1% 33,795 13.3%
Income tax (15,691) (4.6%) (3,096) (1.2%)
Tax rate 23.0% 9.2%
Net income 52,625 15.5% 30,699 12.1%
Earnings per share (in Euro) 0.20 0.12 (**)
(*) Net revenues minus direct cost of goods sold (raw materials, inbound freights and customs duties, labor, external processing and other direct costs).
(**) Calculated for comparison purposes on 258,500,000 shares outstanding as at December 31, 2004.
The Group’s turnover was Euro 340.1 million, with an increase of 34% compared to Euro 254.1 million registered in 2003. The
increase was mainly due to the following factors:
• positive results of the selling campaigns, in line with the Group’s expectations as a consequence of the penetration strategy
on the Italian market (through the development of the mono-brand channel) and on the most strategic international markets
(Germany, France, Iberian Peninsula, BeNeLux and USA);
• a particularly favorable sell-out to the Group’s clients (multi-brand and mono-brand shops) that generated a significant volume
of re-stocking orders, particularly with regards to the 2004 Spring/Summer season.
Footwear represented over 95% of the consolidated revenues, with a growth of 33% compared to the previous fiscal year. The
consolidated revenues of footwear, worth Euro 324,874 thousand, is equivalent to the sale of around 9 million pairs of shoes. Italy
remains the main market with 55% of the total footwear revenues and showed a growth of 17%. The turnover generated by
international markets grew by 60%.
(in thousands of Euro) 2004 % 2003 % Var. %
Footwear:
Italy 179,055 55% 153,559 63% 17%
Germany 38,041 12% 24,309 10% 56%
Iberian peninsula 27,104 8% 14,116 6% 92%
France 22,974 7% 15,959 7% 44%
BeNeLux 17,459 5% 8,960 4% 95%
USA 12,179 4% 10,955 4% 11%
Austria 7,240 2% 5,021 2% 44%
Switzerland 5,311 2% 2,631 1% 102%
Other countries 15,511 5% 9,417 4% 65%
Total footwear 324,874 100% 96% 244,927 100% 96% 33%
Apparel 12,216 3% 6,634 3% 84%
Other revenues 2,960 1% 2,491 1% 19%
Total 340,050 100% 254,052 100% 34%
Directors’ report
41

Revenues by distribution channel saw a particularly significant growth of the Geox Shop channel (franchising and DOS). In 2004
this channel generated 23% of the total revenues for footwear.
(in thousands of Euro) 2004 % 2003 % Var. %
Multi-brand 248,653 77% 198,329 81% 25%
Franchising 46,682 14% 31,704 13% 47%
DOS 29,539 9% 14,894 6% 98%
Total footwear 324,874 100% 244,927 100% 33%
Revenues by type of consumers showed a balancing of the 3 lines (men’s, women’s and kids’) with a gradual shift of the mix towards
the adult end, characterized by higher average prices. However, the breakdown by consumer for the Italian market is totally different
from the one for international markets.
In Italy, men’s and women’s lines represent the largest proportion of revenues (75.9%). Abroad, conversely, the kids’ line, which is
the main driver of commercial penetration into new markets, has still got a considerable weight (43.7%). The Group’s policy is to
gradually grow men’s and women’s lines abroad.
(in thousands of Euro) 2004 % 2003 % Var. %
Kid 106,915 33% 83,707 34% 28%
Man 100,495 31% 75,231 31% 34%
Woman 117,464 36% 85,989 35% 37%
Total footwear 324,874 100% 244,927 100% 33%
The increase of revenues in Italy from Euro 153,559 thousand to Euro 179,055 thousand (+16.6%) was predominantly associated
with the development of the mono-brand channels (DOS and franchising) and to a lesser extent with the multi-brand channel. Sales
of the mono-brand network went from Euro 38,701 thousand to Euro 58,939 thousand (+52.3%). The number of selling points grew
further in 2004. The number of mono-brand shops grew from 129 in 2003 to 166 in 2004. The sales of the existing shops were
higher than those registered in the same period of the previous year. In 2004, the turnover achieved by the DOS that had been open
for at least 12 months registered a growth of 22%. Sales of the multi-brand network went from Euro 114,858 thousand to Euro
120,116 thousand (+4.6%), mainly as a result of the increase in sales to existing multi-brand clients.
As for the foreign markets, in 2004 the Group continued its commercial penetration, especially through the development of the multibrand
channel.
Worth mentioning are the revenues increase achieved in Germany (Euro 13,732 thousand, up 56.5% compared to the same period
of last year), Iberian peninsula (Euro 12,988 thousand, +92.0%), Belgium Netherlands and Luxemburg (Euro 8,499 thousand,
+94.9%) and France (Euro 7,015 thousand, +44.0%).
The multi-brand channels on the international markets increased by 54.0%, from Euro 83,471 thousand to Euro 128,537 thousand.
Sales of the mono-brand channel were worth Euro 17,282 thousand versus Euro 7,897 thousand registered in the previous 12
months (+118.8%).
The important increase in revenues on the international markets (+60%) means that the growth opportunities in those countries are
very high. This opinion is confirmed by market analyses carried out in the most important European countries, which show a growth
potential for those countries at least as high as the potential for the Italian market.
When the Group started to sell on international markets in the second half of 2000, considerable resources were utilized to set up
the sales team and to create awareness among consumers of the technology behind our product through advertising. After the first
years, in which these costs represented a heavy burden on the profitability of those countries, the fiscal year 2004 saw a
consolidation of investments previously made and the achievement of extremely positive economic results. Thanks to the growth of
the turnover, through the mechanism of the operating leverage, we were able to obtain higher results compared to 2003 in terms of
EBITDA.

The table below breaks down the EBITDA for 2004 and 2003 divided into the main geographical areas in which the Group
operates:
(in thousands of Euro) 2004 % 2003 %
Italy Revenues 179,055 100.0% 153,559 100.0%
EBITDA 65,989 36.9% 51,467 33.5%
Germany Revenues 38,041 100.0% 24,309 100.0%
EBITDA 6,897 18.1% 1,281 5.3%
France Revenues 22,974 100.0% 15,959 100.0%
EBITDA 3,617 15.7% (422) (2.6%)
BeNeLux Revenues 17,459 100.0% 8,959 100.0%
EBITDA 3,660 21.0% 443 4.9%
Austria Revenues 7,240 100.0% 5,021 100.0%
EBITDA 1,619 22.4% 895 17.8%
Switzerland Revenues 5,311 100.0% 2,631 100.0%
EBITDA 1,105 20.8% 313 11.9%
Iberian peninsula Revenues 27,104 100.0% 14,116 100.0%
EBITDA 4,675 17.2% (393) (2.8%)
USA Revenues 12,179 100.0% 10,955 100.0%
EBITDA (4,653) (38.2%) (4,481) (40.9%)
Others Revenues 15,511 100.0% 9,419 100.0%
EBITDA (399) (2.6%) (618) (6.6%)
Total footwear Revenues 324,875 100.0% 244,927 100.0%
EBITDA 82,510 25.4% 48,486 19.8%
Apparel Revenues 12,215 100.0% 6,634 100.0%
EBITDA 3,004 24.6% 405 6.1%
Other revenues Revenues 2,960 100.0% 2,491 100.0%
EBITDA 1,839 62.2% 1,140 45.8%
Total Revenues 340,050 100.0% 254,052 100.0%
EBITDA 87,354 25.7% 50,031 19.7%
The improvement of the Group’s profitability in terms of EBITDA from Euro 50,031 thousand to Euro 87,356 thousand (+74,6%), in
addition to having a lever effect on the foreign markets (see above), can be also explained with an improvement of the first industrial
margin, which went up from Euro 143,673 thousand to Euro 198,599 thousand (+38,2%), with an incidence on revenues going
from 56.6% to 58.4% (+1,8%). This improvement was made possible by the reduction of the incidence of the cost of goods sold
achieved thanks to an optimization of production sources and of procurement and a monitoring of all the critical phases in the
production process, including the transformation of the main materials (soles and leather).
The result of operating profitability (EBITDA and EBIT) translated into an improvement of the net profit, which grew from Euro 30,699
thousand to Euro 52,625 thousand (+71.4%) with an incidence on revenues from 12.1% to 15.5% (+3.4%). The tax rate for 2004
was 23%, compared to 9.2% of 2003.
Following the listing, the Company can benefit from tax incentives introduced by the Legislative Decree no. 269 of September 30,
2003, converted by the Law no. 326 approved on November 24, 2003.According to that law, for the tax year 2004 and the two
subsequent years, the rate of the IRES (Corporate Income tax) is reduced from 33% to 20% for a maximum taxable income of Euro
30 million for each year. Another tax relief is the one established by the same Legislative Decree, in art. 1, sub-section 1, point D),
which allows companies to deduct the costs borne for the admission to the Listing from the taxable income, but only for 2004.
However, on February 18, 2004 the European Commission notified the Italian Ministry for Foreign Affairs about its decision, in
relation to tax reliefs, to assess whether the said incentives are compatible with the EU legislation with regards to State aids (in
accordance with art. 88, 2nd paragraph of the EU Treaty). Depending on the decision by the EU, the tax reliefs contained by the
Legislative Decree mentioned above may be abrogated.
For this reason, the Company decided to calculate its tax burden as if there were no relief. If we had taken the relief into account,
the Group’s operating income taxes for the year recorded on the Income Statements worth Euro 15.7 million would have been lower
by Euro 5.4 million and so it would have come to a total of Euro 10.3 million. The net result for 2004 would have been higher by
the same amount, therefore totalling Euro 21.1 million.
Directors’ report
43

The Group’s financial performance
The table below summarizes the reclassified consolidated fixed assets:
Summary of balance sheet
(in thousands of Euro)
12/31/2004 12/31/2003
Intangible fixed assets 42,269 27,965
Tangible fixed assets 17,155 24,489
Other fixed assets 7,096 8,620
Fixed assets 66,520 61,074
Net working capital 68,885 50,742
Invested capital 135,405 111,816
Severance indemnities and reserves for liabilities and charges 9,396 2,579
Net financial position (24,368) 40,389
Shareholders’ equity 150,377 68,848
Invested capital 135,405 111,816
Compared to the fiscal year 2003, the Group’s financial position shows an important growth of the Shareholders’ equity – from Euro
68.8 million to Euro 150.4 million – and a positive net financial position for Euro 24.4 million versus a negative position for Euro
40.4 million at the end of 2003. Both these figures include the effect worth Euro 39.1 million of the Share Capital increase following
the listing of Geox S.p.A. on the Stock Exchange.
The clear improvement of the net shareholders’ equity can be ascribed to the remarkable cash generation that created a free cash
flow of Euro 26.7 million.
The table below shows the consolidated financial statements:
(in thousands of Euro) 2004 2003
Net profit 52,625 30,699
Depreciation and amortization 14,727 11,373
Other non-cash adjustments 5,815 (311)
Change in net working capital (16,139) (15,971)
Operating cash flow 57,028 25,790
Capital expenditure (30,357) (28,593)
Free cash flow 26,671 (2,803)
Disposal of real estate 9,258 -
Dividends (10,000) -
Increase of share capital 39,058 -
Change in net financial position 64,987 (2,803)
Net financial position, beginning of the year (40,389) (37,472)
Effect of exchange rate changes (230) (114)
Net financial position, end of the year 24,368 (40,389)
The table below shows the components of net financial position for 2004 and 2003:
(in thousands of Euro) 12/31/2004 12/31/2003
Cash and banks deposits 50,570 13,507
Other current financial activities 15,682 623
Bank borrowings (3,930) (11,161)
Current portion of loans (22,425) (11,841)
Short term dept from other financial institutions - (280)
Short term loan to parent companies - 4,550
Short-term net financial position 39,897 (4,602)
Bank loans (15,529) (35,787)
Long-term net financial position (15,529) (35,787)
Net financial position 24,368 (40,389)

In 2004 the quotas of loans shifted from long to short-term.
In the previous fiscal years, we deemed it appropriate to convert from short to medium-term the minimum annual constant
indebtedness amount on consideration of the investments made in 2003 and forecast for 2004 in order to develop the network of
mono-brand shops. In view of the Group’s excellent economic trend, the cash received as a result of the Share Capital increase and
of the expectations of cash generation, we decided not to refinance this facility at medium-long term and to gradually extinguish it
according to the plan, without drawing on the short-term borrowings of the financial system.
It is noted that the borrowings, despite having a very seasonal trend, are entirely covered, even in the moments of maximum
exposure, by just the cash orders relating to the Italian market paid into the bank. Moreover, these receivables are 100% insured
with a prime company that belongs to one of the most important banking groups in Italy. Instead, the turnover achieved abroad is
never part of advances and so represents a constant liquidity reserve that gradually accrues with the revenue.
The table below shows the evolution of the net current assets for 2003 and 2004, also in relation with the turnover of the year of
reference.
(in thousands of Euro) 12/31/2004 % of total
revenues
12/31/2003 % of total
revenues
Receivables from customers 57,842 17.0% 46,116 18.2%
Inventory 79,509 23.4% 61,168 24.1%
Other current assets 13,738 4.0% 17,343 6.8%
Accounts payable (64,353) (18.9%) (56,591) (22.3%)
Other current liabilities (17,851) (5.2%) (17,294) (6.8%)
Net working capital 68,885 20.3% 50,742 20.0%
Directors’ report
45

Economic and financial performance of Geox S.p.A.
Below are the main economic figures of Geox S.p.A. for 2004.:
(in thousands of Euro) 2004 2003
Net revenues 325,766 100.0% 247,382 100.0%
EBITDA 73,607 22.6% 36,306 14.7%
EBIT 40,259 12.4% 6,620 2.7%
Net income (loss) 31,486 9.7% (367) (0.1%)
The trend of net revenues of Geox S.p.A. appears to mirror the trend of the entire Group for the years under consideration. This is
because Geox S.p.A. directly served all the markets in which the Group operated, except for North America and Japan. Geox USA
and Geox Japan, the Group’s only two distribution branches, operated on those two markets.
The results for 2004 show, similarly to what happened to the Group, a clear improvement of every profitability indicator.
The following tables summarize the main financial data of Geox S.p.A.:
(in thousands of Euro) 2004 2003
Net financial position 21,437 (44,177)
Shareholders’ equity 307,458 223,948
(in thousands of Euro) 2004 2003
Operating cash flow 74,656 5,733
Investments in shareholdings(*) (32,260) (291)
Capital expenditure (24,891) (16,943)
Free cash flow 17,505 (11,501)
(*) These refer mainly to the shareholdings owned by Geox Holding B.V. purchased before the merger with that company.
The summary data show a clear improvement of all the indicators relating to the equity and financial structure of the company. More
specifically, as already shown for the consolidated Financial Statements, the values of the shareholders’ equity as well as the net
financial position include the effect, worth Euro 39.1 million, of the Share capital increase consequent to the listing.
The clear improvement of the net financial position, which showed a negative Euro 44.2 million as at December 31, 2003, can be
attributed also to the significant cash generation. In 2004, the free cash flow was Euro 17.5 million.
The relations entertained during 2004 by Geox S.p.A. with other companies of the Group are summarized below:
Company
(in thousands of Euro)
Commercial
costs
Commerc.
revenues
Financial
revenues
Commercial
debt
Commerc.
credit
Financial
credit
Geox France Sarl 2,279,174 18,378 41,197 1,593,225 212,446 1,956,893
Geox Sweden AB 196,107 168,753 17,295 221,461 8,259 466,538
Geox UK Ltd. 526,241 238,588 14,244 526,241 273,569 614,465
Geox Deutschland GmbH 2,230,954 795,023 61,121 2,599,657 637,255 2,711,002
Geox Suisse S.A. 234,535 4,467,950 - 333,333 916,483 -
Geox Respira S.A. 589,000 1,053,373 16,290 589,000 1,078,712 538,207
Geox Japan K.K. 150,376 64,969 29,942 150,376 78,478 1,889,180
Geox Canada 2,967 306,291 13,423 5,247 626,698 594,794
Geox Retail France 510,802 1,688,115 33,287 510,802 1,407,117 2,753,787
Notech 70,174,805 667,339 10,000,000 23,648,383 3,351,953 10,000,000
Geox USA Inc. 5,400 2,599,234 - 4,314 6,241,116 -
Technic Development Romania 200 39,414 - 21,309 47,522 -
Technic Development Slovakia 454 43,678 - 817 - -
Wortec S.r.l. 14,222,556 956,276 2,055 4,551,419 541,780 -
Geox Retail USA 513,756 2,545 - 513,756 21,554 -
Geox Asia Pacific Ltd. - - 294 - - 50,294
Geox Retail Holland B.V. 72,900 286,288 4,478 72,900 286,288 249,478
Geox Retail Netherlands B.V. - 213,585 - - - -
Geox Retail Netherlands Branch 402,683 - - - - -
Geox Holding B.V. - - 179,590 - - -
Directors’ report
47

Treasury shares
In accordance with art. 40 of the Legislative Decree no. 127, 2 D, the Group does not directly or indirectly hold own shares or
shares of parent companies and that during the fiscal year did not buy nor sell own shares or shares of parent companies.
Personal data protection (Legislative Decree 196/03)
In light of the new law, the Group has almost completed the process that will lead to the compliance with regards to personal data
protection. The deadline for adjusting to the new law has been set for the time being for December 2005.
Foreseable evolution and relevant subsequent events
The first months of 2005 confirm the favorable trend registered in the last fiscal year. Following the selling campaign for the 2005
Spring/Summer season, the order portfolio has registered a growth of around 30% compared to the same period of 2004. These
data lead the mangement to be confident that the Group will be able to achieve results in 2005 that will show a net improvement if
compared to 2004.
In early 2005 we inaugurated the shop in Vienna and concluded a contract in relation to the opening of a shop in Manhattan at the
corner between Madison Avenue and 57th St. This shop, which will replace the one located nearby, is larger than the previous
one.

Financial statements as at December 31, 2004 of Geox S.p.A.
Resolution proposal
Dear Shareholders,
At the end of our report, trusting in your consent to the approach and criteria adopted in preparing the Financial Statements as at
12/31/2004, we recommend:
1. the approval of the Financial Statements as at December 31, 2004;
2. the appropriation to Extraordinary Reserve of the merger surplus of Euro 12,965,042 resulting from the merger by
incorporation of Geox Holding B.V. into Geox S.p.A.;
3. the distribution of the net profit worth Euro 31,486,380 in the following way:
- Euro 1,574,319 as Legal Reserve;
- Euro 8,363,221 to cover the losses registered in previous fiscal years;
- pay to Shareholders a gross dividend of Euro 0.06 for each of the 258,500,000 outstanding shares, for a total amount of
Euro 15,510,000;
- Euro 6,038,840 as Extraordinary Reserve.
Biadene di Montebelluna, February 28, 2005
On behalf of the Board of Directors
The Chairman
Dr. Mario Moretti Polegato
Directors’ report
49

Consolidated Financial Statements

(in thousands of Euro)
Consolidated balance sheet - assets 12/31/2004 12/31/2003
A) Unpaid Share Capital
B) Fixed assets
I. Intangible fixed assets
1) Formation and start-up costs 8,154 77
2) Research & development and advertising costs - -
3) Industrial patents and intellectual property rights 1,854 1,698
4) Concessions, licenses and trademarks and similar rights 2,428 1,816
5) Goodwill and consolidation difference 16,059 15,820
6) Intangible assets in progress and payments on account 662 -
7) Other intangible fixed assets 13,112 8,554
Total intangible fixed assets 42,269 27,965
II. Tangible fixed assets
1) Lands and buildings - 7,801
2) Plants and machinery 5,106 5,897
3) Industrial and commercial equipment 3,631 3,459
4) Other tangible fixed assets 8,236 7,104
5) Tangible assets in progress and payments on account 182 228
Total tangible fixed assets 17,155 24,489
III. Long-term investments
2) Receivables
d) Others receivables 2,325 1,770
- within one year 236 68
- over one year 2,089 1,702
Total long-term investments 2,325 1,770
Total fixed assets 61,749 54,224
C) Current assets
I. Inventory
1) Raw materials, ancillaries and consumables 19,424 19,268
2) Work-in-progress and unfinished products 1,140 29
3) Contracts in progress - 186
4) Finished goods and goods for resale 58,945 41,685
Total inventory 79,509 61,168
II. Receivables
1) Trade receivables 60,618 47,864
- within one year 60,618 47,864
- over one year - -
4) From parent companies - 4,550
4-bis) Tax receivables 5,392 11,073
- within one year 5,392 11,073
- over one year - -
4-ter) Deferred income tax assets 4,569 3,886
- within one year 4,140 2,309
- over one year 429 1,577
5) Others receivables 2,182 2,273
- within one year 2,182 2,273
- over one year - -
Total receivables 72,761 69,646
III. Financial current assets not constituting fixed assets
6) Other securities 15,682 623
Total financial current assets not constituting fixed assets 15,682 623
IV. Cash and banks deposits
1) Bank and postal accounts 50,477 13,463
2) Checks 9 6
3) Cash and cash equivalents 83 38
Total cash and banks deposits 50,569 13,507
Total current assets 218,521 144,944
D) Accrued income and prepaid expenses
- various 6,366 6,960
Total accrued income and prepaid expenses 6,366 6,960
TOTAL ASSET 286,636 206,128

(in thousands of Euro)
Consolidated Financial Statements
Consolidated balance sheet - Liabilities and shareholders’ equity 12/31/2004 12/31/2003
A) Shareholders’ equity
I. Share capital 25,850 200
II. Share premium reserve 38,208 715
III. Revaluation reserve - 1,608
IV. Legal reserve 40 -
V. Statutory reserves - -
VI. Reserve for own shares in portfolio - -
VII. Other reserves 363 (1,091)
VIII. Profit (loss) carried forward 33,292 36,717
IX. Net profit for the fiscal year 52,625 30,699
Total shareholders’ equity 150,378 68,848
X. Share capital and third-party reserves - -
XI. Third parties’ profit (loss) for the fiscal year - -
Total shareholders’ equity of third parties - -
Total shareholders’ equity 150,378 68,848
B) Reserves for liabilities and charges
1) Severance indemnities and similar obligations 1,004 603
2) Tax reserves 6,281 -
3) Other 2,776 1,747
Total reserves for liabilities and charges 10,061 2,350
C) Employees’ severance indemnity 2,111 1,977
D) Payables
4) Payables to banks 39,530 58,788
- due within one year 25,396 23,002
- due beyond one year 14,134 35,786
5) Payables towards other financial institutions 2,356 280
- due within one year 960 280
- due beyond one year 1,396 -
7) Accounts payable 64,353 56,591
- due within one year 64,353 56,591
11) Payables to parent companies - 1,239
- due within one year - 1,239
12) Taxes payables 9,669 10,463
- due within one year 9,669 10,463
13) Social security charges 1,686 1,298
- due within one year 1,686 1,298
14) Other payables 5,738 3,466
- due within one year 5,738 3,466
Total payables 123,332 132,125
E) Accrued expenses and deferred income
- agio on loans (debentures or others) - -
- various 754 828
Total accrued expenses and deferred income 754 828
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 286,636 206,128
Memorandum accounts
Risks assumed by the company:
Personal guarantees 4,494 5,453
Risks deriving from credit transfers 1,457 3,750
Commitments undertaken by the company:
Takeover rights for lease contracts 4,993 5,849
Currency bought forward 36,159 22,507
Currency sold forward 1,866 -
Foreign exchange options 40,395 22,241
Other 2,400 -
Total 91,764 59,800
53

(in thousands of Euro)
Consolidated income statements 2004 2003
A) Value of production
1) Revenues from sales and services 340,050 254,052
2) Inventory change for work-in-progress, unfinished and finished products 20,031 20,322
4) Work performed for own purposes and capitalized 7 86
5) Other revenues and income 22,728 17,809
Total value of production 382,816 292,269
B) Costs of production
6) For raw materials, ancillaries, consumables and finished goods 147,719 118,877
7) Related to services 95,664 86,866
8) For use of assets owned by others 11,425 6,613
9) For employees
a) Wages and salaries 25,436 21,930
b) Social charges 7,203 4,666
c) Severance indemnity 1,114 917
10) Depreciation/amortization and write-downs
33,753 27,513
a) Amortization of intangible fixed assets 6,939 5,085
b) Depreciation of tangible fixed assets 6,970 6,288
c) Other write-downs of fixed assets 818 -
d) Write-down of receivables included in current and liquid assets 75 98
14,802 11,471
11) Change in inventory of raw materials, ancillaries, consumables and goods 1,696 (1,046)
12) Risk provisions 298 472
13) Other provisions 2,843 1,439
14) Other operating expenses 1,987 1,406
Total costs of production 310,187 253,611
Operating margin (A-B) 72,629 38,658
C) Financial income and expenses
16) Other financial income:
c) From securities included in current assets 28 17
d) Other income:
- other 870 781
Total other financial income 898 798
17) Interest payable and similar charges
- other financial expenses (5,067) (4,656)
17) bis Profit and loss on foreign exchange (164) (918)
Total interest payable and similar charges (5,231) (5,574)
Total financial income and charges (4,333) (4,776)
D) Value adjustments in respect of capital expenditure
18) Revaluations - -
19) Write-downs - -
Total value adjustments in respect of investments of capital expenditure - -
E) Extraordinary income and charges
20) Income:
- other extraordinary income 33 56
21) Charges 13 143
Total extraordinary income and charges 20 (87)
Pre-tax income (A-B±C±D±E) 68,316 33,795
22) Income taxes 15,691 3,096
23) PROFIT (LOSS) FOR THE FISCAL YEAR 52,625 30,699
24) Profit (loss) for the fiscal year pertaining to third parties - -
25) PROFIT (LOSS) FOR THE FISCAL YEAR 52,625 30,699

Consolidated Financial Statements
55

Notes to the Consolidated Financial Statements

Foreword
In order to interpret the economic and financial data reported on the Financial Statements correctly, it is worth noting that the Group’s
structure at the time of preparing these financial statements was the result of a series of restructure activities which were completed
in the first half of 2004, aimed at rationalizing the Group’s structure (see also the Directors’ report as at December 31, 2004).
Until December 31, 2003 the Group was controlled by Geox Holding B.V. On June 30, 2004, following the reverse merger of Geox
Holding B.V. (the Group’s parent company prior to the merger) into Geox S.p.A., the latter became the Group’s operational holding
company.
The economic and financial status of the Geox Group as at December 31, 2004 fully reflects the operations described above.
As the reverse merger operation generated a shortening of the original control chain, the consolidated economic and financial status
of Geox S.p.A. (the holding company after the merger) as at December 31, 2004 appear coherently and consistently comparable
with the Consolidated Financial Statements of Geox Holding B.V. (the holding company prior to the merger) for the fiscal year ended
on December 31, 2004 which was prepared for the purpose of the stock exchange listing operation.
The main extraordinary transactions that led to the Group’s restructure were the following:
• transfer of the real estate companies Nottingrom and Shoe Factory from the Group to related companies;
• The transfer of all the remaining shareholdings (except for Geox Retail Netherlands) from Geox Holding to the then subsidiary
Geox S.p.A.
• the simultaneous merger of Geox Retail Netherlands, Geox Holding and Geox S.p.A. with Geox S.p.A., a company resulting
from the reverse merger operation;
• the transfer of a company branch (in charge with the management and coordination of the Group) from LIR S.r.l. to the
subsidiary Geox S.p.A.
With regards to the effect of the above operations on the Group’s accountancy, we can say that:
• the transfer of real estate shareholdings (Nottingrom and Shoe Factory) to related companies, having taken place at the
contribution value of the real estate companies to the Consolidated Financial Statements, did not generate capital losses or
gains in the Statements themselves. The transfer was followed by the stipulation of lease contracts for the use of the real estate
by the Group. Therefore, the amortization/depreciation, the financial expenses and all the other costs related to running the
real estate companies recorded on the Group’s Consolidated Income Statements were replaced, starting from the transfer date,
by leases. The difference between the leases and the amortization/depreciation, financial expenses and all other running costs
resulted in slightly higher lease costs on an annual basis for around Euro 50 thousand, so the difference was deemed not
significant;
• the transfer of all the remaining shareholdings from Geox Holding to Geox S.p.A. except for Geox Retail Netherlands did
not have any effect on the consolidated Income Statement as the capital gains and the capital losses offset each other;
• the merger of Geox Retail Netherlands, Geox Holding and Geox, which led to Geox S.p.A. becoming the result of the
merger, did not determine any variations in relation to the historical data, as the merger was neutral for the purposes of the
consolidated financial statements, which continue to apply the historical values;
• the transfer of the company branch (in charge with the management and coordination of the Group) from LIR S.r.l. to the
subsidiary Geox, did not have an impact on the Income Statements up to June 30, 2004, date in which the operations took
place. Consequently, all the costs borne by LIR until that date were debited to the Group’s companies according to the same
principles used for the fiscal year ending on December 31, 2003. Starting from July 1, 2004 – i.e. following the transfer of the
company branch – the Group started to record those costs in the Income Statements mainly as personnel costs, rather than costs
for services supplied by third parties. From an equity point of view, the transfer of the company branch that took place on June
30, 2004 did not have a significant effect, as it represented only around 0.5% of the total consolidated assets and 0.1% of the
total consolidated shareholders’ equity.
Moreover, on July 27, 2004 the Extraordinary Shareholders’ Meeting resolved to give the Board of Directors the powers to take
whatever action was necessary and appropriate so that the shares of Geox S.p.A. could be listed on Mercato Telematico Azionario
(Electronic Equity Market). The Public Offering was completed on December 1, 2004. For a description of the Public Offering, please
refer to the Directors’ Report in the Group’s Consolidated Financial Statements.
With regards to the nature of the corporate activity, the relevant post-balance sheet events, relations with related companies and
information about the various sectors and geographical areas in which the Group operates, please refer to the Director’s report.

Structure and contents of the consolidated financial statements
Notes to the Consolidated Financial Statements
The Financial Statements consist of a consolidated Balance Sheet, a consolidated Income Statement and of these Notes. The
Financial Statements were prepared by the Board of Directors on the basis of the Accounting records updated to December 31,
2004 and are accompanied by the Directors’ report, which provides information on the performance of the Geox Group. This report
is presented together with the report on the operations of the parent company Geox S.p.A. The report was prepared in accordance
with the laws governing consolidated financial statements, which were recently amended by the Legislative Decree no. 6/2003
(“Reform of company law”). These regulations were interpreted and integrated by the Accounting principles issued by the “Consiglio
Nazionale dei Dottori Commercialisti e dei Ragionieri” (Italian Association of Accountants and Bookkeepers).
The Balance Sheet and the Income Statements are compared with the figures of the Financial Statements as at December 31, 2003
of Geox Holding B.V. The year 2004 is the first fiscal year in which Geox S.p.A. was obliged to prepare the Consolidated Financial
Statements. Last year, although the company held controlling interests, it was exempted from this obligation, in accordance with
Article 27, sub-section 3 of the Legislative Decree 127/91 as it was indirectly controlled by a company that was legally obliged to
prepare the consolidate financial statements. Following the operations highlighted in the previous paragraph, the Consolidated
Financial Statements of Geox S.p.A. for 2004 are compared with those prepared by the former parent company Geox Holding B.V.
in order to provide a homogeneous comparison of the economic, financial and operational figures for 2004 with those registered
in 2003, in compliance with Article 29, sub-section 3 of the Legislative Decree 127/91. As previously mentioned, the Consolidated
Financial Statements of Geox Holding B.V. had been prepared with the purpose of applying for the listing of Geox S.p.A. on the
Stock Exchange.
The Consolidated Financial Statements represent the Group’s financial, economic and operational performance.
These are accompanied by the prospect containing the variations in the consolidated net shareholders’ equity and by the
consolidated cash flow statement prepared in accordance with the Accounting principles issued by the “Consiglio Nazionale dei
Dottori Commercialisti e dei Ragionieri”.
The values indicated in the Notes and in the financial statements are expressed in thousands of Euros.
The Group’s activity
The Geox Group produces (directly and through third-party suppliers) and sells to retailers and end consumers footwear and apparel
of the “Geox” brand. It also licenses the use of its brand to third parties in those markets where the Group has chosen not to have
a direct presence. The licensees deal with the production and the marketing on the basis of license contracts which include the
payment of royalties. A more detailed description of the Group’s activity is provided in the Directors’ report.
Scope of consolidation
The Consolidated Financial Statements for the year ending on December 31, 2004 includes all the Italian and foreign companies of
which the parent company holds, directly or indirectly, a majority stake or a majority capital share. The companies were consolidated
in accordance with the global integration method.
During the fiscal year, the following companies entered the scope of consolidation:
• Geox Retail Holland, which manages the research, purchase and restructuring of corporations with the aim of converting
them into mono-brand shops in the reference market. These companies, once they have become Geox Shops, are managed
directly or franchised to local partners;
• Geox Asia Pacific, a company set up on September 1, 2004 with the purpose of developing the market in South-East Asia.
As a result of the merger previously mentioned, the incorporated Geox Holding B.V. and Geox Retail Netherlands are no longer
listed among the companies included in the scope of consolidation. In order to provide a fair representation of the economic result
for the fiscal year, we consolidated the Income Statements for the first half of 2004 of both companies. Nottingrom S.r.l. and Shoe
Factory Sro, owners of two industrial plants located in Romania and Slovakia respectively, left the scope of consolidation following
their sale to a related company.
59

Consolidation criteria
The Financial Statements of the subsidiaries within the scope of consolidation were consolidated on the basis of the global integration
methods, according to which all the items of their accountancy statements are entirely incorporated regardless of the percentage of
shares owned by the Group.
If the companies included in the scope of consolidation were subject to different obligations, we have chosen the reporting method
that provided the clearest, truest and most fair representation of the financial statements.
More specifically, with regards to the subsidiary companies included in the scope of consolidation:
• the book value of the shareholdings included in the scope of consolidation was eliminated against the shareholders’ equity
of the investee company according to the global integration method. Where the direct or indirect equity investment is lower than
100%, only the quota of the result and of net shareholders’ equity pertaining to third parties is attributed.
• If there was a positive difference between the acquisition cost and the book value of the net shareholders’ equity of the
investee companies at the moment of the acquisition of the shareholding, the difference was allocated to specific activities of
the acquired companies on the basis of their current value as at the acquisition date. The remaining part (if applicable) was
allocated to Goodwill and consolidation difference and amortized on a straight-line basis according to the future usefulness of
the investment;
• If the difference after the elimination is a negative amount, it is entered as an item of the shareholders’ equity called
“Consolidation reserve” or, if it results from an unfavorable economic forecast, in “Provisions for contingencies and other
liabilities”.
We also wrote off:
• payables and receivables, costs and revenues, profits and losses resulting from operations within the Group, in consideration
of the relative tax effects.
• those items entered only with the specific purpose of obtaining a fiscal benefit.
• the effects of extraordinary transactions involving one or more Group’s companies (e.g. mergers, assignments, etc.)
Euro conversion of the financial statements in a foreign currency
The financial statements of foreign companies expressed in currencies other than the Euro are converted into Euros in the following
way:
• the items on the income statement are converted at the average exchange rate for the period, whereas the items of the
balance sheet – excluding the result for that period and the net shareholders’ equity – are converted at the exchange rate
registered at the end of the period.
• the items of the shareholders’ equity are converted at historical exchange rates.
The conversion balance resulting from the difference between the shareholders’ equity converted at historical exchange rates and
the assets and liabilities of the balance sheet converted at the exchange rate registered at period end is entered into the consolidated
shareholders’ equity under “Translation reserves”, which is classified within the items “Other reserves”.
The exchange rates applied correspond to the rates given by the Ufficio Italiano Cambi (Italian Foreign Exchange Office) and are
indicated below:
Currency Average
for 2004
On
12/31/2003
Average
for 2003
On
12/31/2003
US Dollar 1.2439 1.3621 1.1312 1.2630
Romanian Leu 40,509.7 39,390 37,550.6 41,158
Swiss Franc 1.5438 1.5429 1.5212 1.5579
Slovakian Crowns 40.02 38.74 41.49 41.17
Swedish Crowns 9.1244 9.0206 9.1242 9.080
British Pound Sterling 0.6787 0.7050 0.6919 0.7048
Canadian Dollar 1.6168 1.6416 1.5816 1.6234
Japanese Yen 134.45 139.65 130.97 135.05

Valuation criteria
Notes to the Consolidated Financial Statements
The accounting principles, the valuation criteria and the presentation methods adopted for the preparation of the Consolidated
Financial Statements are those indicated by the Italian Civil Code and take into account the accounting principles issued by the
Consiglio Nazionale dei Dottori Commercialisti e dei Ragionieri (Italian Associations of Accountants and Bookkeepers) and by the
Organismo Italiano di Contabilità (Italian Accounting Standard Setter).
Intangible fixed assets
Intangible fixed assets are entered at the purchase or production cost, including accessory charges, and amortized on a straight-line
basis for the period of their projected useful life considering the shorter infra-annual period. Below is a list of the projected useful life:
Formation and start-up costs 5 years
Research & development and advertising costs 5 years
Geox trademarks and patents 10 years
Other industrial patents and intellectual property rights 3-5 years
Goodwill 10 years
Other (including improvements on leased assets and shop contracts takeover indemnities) duration of contract
Formation and start-up costs
Formation and start-up costs are entered in the assets of the Balance Sheet at cost value and directly amortized for no longer than
five years. They refer mainly to expenses connected with the merger and to quotation charges.
Research & development and advertising costs
Research costs for the ordinary protection of the products and of production processes are entered on the income statements in the
period in which they were borne.
Industrial patents and intellectual property rights
Geox trademarks and patents
The amortization period of Geox trademarks and patents registration charges has been set in 10 years. This duration was agreed
in consideration of ongoing research and development activities carried out by the company, which creates the need to register new
technological solutions in replacement of previous one that have become obsolete before the expiry of the maximum period indicated
by the law on industrial properties.
Other industrial patents and use of know-how
They refer mainly to the implementation and personalization costs of the STEALTH management software and of the shops
management software.
The amortization has been calculated in 3 fiscal years on a straight-line basis except for the STEALTH software, which is amortized
in five years in consideration of its future use.
Goodwill
Goodwill refers to capital gains resulting from the purchase of companies and shops, directly owned or franchised. We believe that
the purchase of companies and shops will provide the Group with a projected useful life of approximately 10 years. This useful life
is standard useful life applied in the reference sector.
Other
Improvements of third-party goods are amortized for the difference between the projected useful life of the improvement and the
remaining duration of the lease contract of the improved goods.
The indemnities paid for taking over shop contracts and other similar indemnities are amortized based on the remaining duration of
the relative contract.
If there is a permanent loss of the intangible fixed assets, the loss is depreciated; if, in the following fiscal years, the reasons for the
depreciation cease to exist, the original value will be reinstated.
Tangible fixed assets
Tangible fixed assets are entered at their purchase or building cost including accessory charges. For some fixed assets, the purchase
or building cost may be adjusted pursuant to specific laws on monetary revaluation, as indicated in the relative enclosed
document.
61

Fixed assets are depreciated on a straight-line basis on the basis of economic-technical rates determined in relation to the projected
useful life of the goods. These rates are reduced to a half for those assets that became operational during the period.
The applied rates are indicated below:
Buildings 3.0%
Plants and machinery 12.5%
Shops’ equipment 15.0%
Industrial and commercial equipment 25.0%
Shops’ fittings 20.0%
Moulds 50.0%
Fixtures and office furnishings 12.0%
Shops fixtures and furnishings 30.0%
Electronic machines 20.0%
Cars 25.0%
Internal means of transport 20.0%
If there is a permanent loss of value for the fixed assets, regardless of the depreciation already recorded, the fixed asset is
depreciated by an amount equivalent to the loss of value. If, in the following fiscal years, the reasons for this depreciation cease to
exist, the original value will be reinstated.
Ordinary maintenance costs are entered on the income statements for their full amount. The maintenance costs characterized by
constant increases are attributed to the assets to which they refer and amortized in relation to the projected useful life of the assets.
The fixed assets acquired through financial lease contracts are recorded according to the financial method and entered among the
assets and depreciated at rates that are consistent with those applied to similar owned goods. At the same time, a financial debt is
entered and reduced by the equity quotas paid. The financial expenses and the depreciation allowance accrued are entered in the
Income Statements.
Inventory
Inventory is valuated at the lesser cost between the cost of purchase and production and the estimated realizable value. The
acquisition cost for raw materials is determined on the basis of the weighted average costs of the period including the accessory
charges incurred for the purchase.
The acquisition or production cost of finished goods and goods for resale is determined on the basis of the weighted average costs
for the period including the accessory charges and the direct and indirect production costs for the reasonably attributable part.
Stocks that are obsolete or characterized by a long turnover period are written down on the basis of their possible useful life or sale
value.
Receivables
Receivables are entered according to the presumed realizable value. The adjustment of their face value to the lower realizable value
is made by allocating a specific adjustment provision for that item.
Other current securities
Securities are entered at purchase cost written down, if appropriate, in order to adjust it to the presumed realizable value, which can
be obtained from the market performance at the end of the period. If the reasons for the write-down cease to exist in the following
fiscal years, the original value will be reinstated.
Cash and banks deposits
Cash at bank and on hand, which consists of the money held in bank current accounts and of cash on hand, is entered for the amount
actually available at the end of the period.
Accrued income and prepaid expenses
These are calculated on an accrual basis.
Reserves for liabilities and charges
The reserves for liabilities and charges are allocated to cover losses and payables that are certain or likely but whose amount or
occurrence was still undetermined at period end. The allocations reflect the best possible estimates on the basis of the information
available. The possible risks of a liability are indicated in the notes to the accounts but no allocation is made.

Severance indemnity
Notes to the Consolidated Financial Statements
The severance indemnity, an entitlement of employers working for Italian companies, is allocated to cover the entire liability accrued
in favor of staff at the period end, in accordance with civil and employment laws. This liability is calculated on the basis of the
duration of employment, of the employer’s category and salary and is paid upon termination of the employment. This indemnity is
periodically revaluated in line with the increases of the cost of living.
Payables
Payables are entered at their face value.
Acknowledgement of revenues
Revenues are shown net of returned goods, discounts, allowances, premiums and taxes directly related to the sale of goods and the
supply of services.
Revenues for goods sold are recorded upon transfer of ownership, which generally corresponds to the delivery or the shipping of the
goods.
Financial revenues are entered on an accrual basis.
Accounting of costs and expenses
Costs and expenses are accounted according to the competence principle.
Contributions to period accounts
Contributions to period accounts are entered directly on the income statements in the period when the documents confirming the
granting of contributions was received, which is subsequent to the period when expense was borne. These contributions are not
subject to restrictions in relation to their use or refunds.
Current, deferred and advanced taxes
Current, deferred and advanced taxes are recorded on the basis of the estimated taxable income in accordance with current tax
standards of each country. They are exposed net of the down payments, withholdings and credits in the item “tax payables” or, if
the balance is in credit, in the item “tax receivables” of the current assets.
Deferred taxes
Deferred or advanced taxes are calculated, on the basis of the tax rates as at the closing date of the financial statements, as the
temporary difference between assets and liabilities in the civil balance sheets and their equivalent fiscal values and also on the further
difference generated by consolidation adjustments. Advanced taxes, including the benefit of tax losses brought forward, are shown
when there is a reasonable expectation that the benefit will be realized. Deferred taxes on tax-suspension reserves of consolidated
companies are shown when these reserves are expected to be distributed, or in any case used, and the distribution or use will
generate a tax liability. Deferred tax liabilities are entered in the item “deferred tax fund” and prepaid taxes assets are entered in
“receivables for prepaid taxes”. These amounts are offset when there is a legal right to do so.
Derivative contracts
The Group uses derivative financial products to manage the risk of fluctuation of interest rates and exchange rates of foreign currency
in relation to specific assets or liabilities or assets and liabilities. The premium or discount on forward contracts (difference between
the spot exchange rate and the forward exchange rate set at the start of the contract) are entered for competence. With regards to
the interest risks hedging instruments, the difference of interest rates are recorded on the Income Statements according to the accrual
criterion among financial income and charges. The derivative contracts that are still open at the end of each period are valued in
line with the covered assets and liabilities.
Risks, commitments and guarantees
The risks, commitments and guarantees still outstanding at period end are entered in the item Memorandum Accounts.
Conversion criteria of the foreign currency items
Receivables and payables originally expressed in a foreign currency are converted into Euro at the exchange rate of the day when
the transaction was completed and adjusted considering the cover contracts for payables to suppliers still outstanding at the end of
the period. The unrealized differences generated by the exchange rates adjustment are entered in the Income Statements under
financial income and financial expenses. The net profit that may result is allocated to a specific reserve that cannot be distributed
until the realization of the difference. The exchange rate differences realized upon collection of receivables and payment of amounts
owed in foreign currency are also entered in the Income Statements among financial income and financial expenses.
63

Notes to the main items among assets
B) Fixed assets
B-I) Intangible fixed assets
The following table shows the movements of intangible fixed assets in 2004.
Balance at
12/31/2004
Balance at
12/31/2003
Change
Formation and start-up costs 8,154 77 8,077
Industrial patents and intellectual property rights 1,854 1,698 156
Concessions, licenses and trademarks and similar rights 2,428 1,816 612
Goodwill and consolidation differences 16,059 15,820 239
Intangible assets in progress and payments on account 662 - 662
Other intangible fixed assets 13,112 8,554 4,558
Total 42,269 27,965 14,304
12/31/2003 Acquisitions
and
capitalizations
Conversiondifferences
Amortization
and writedowns
Disposal Other
movements
12/31/2004
Formation and start-up costs 77 8,311 - (234) - - 8,154
Industrial patents and intellectual property rights 1,698 1,170 - (1,048) (48) 82 1,854
Concessions, licenses and trademarks 1,816 953 9 (349) - (1) 2,428
Goodwill and consolidation differences 15,820 2,468 - (2,149) (80) - 16,059
Intangible assets in progress and payments on
account
- 662 - - - - 662
Other intangible fixed assets 8,554 7,979 6 (3,303) (30) (94) 13,112
Total intangible fixed assets 27,965 21,543 15 (7,083) (158) (13) 42,269
Intangible fixed assets as at December 31, 2004 were Euro 42,269 thousand, after direct amortization for Euro 6,939 thousand,
depreciations for Euro 144 thousand, investments for Euro 21,543 thousand and net disinvestments for Euro 158 thousand (as
described in the annex enclosed to these Notes).
The main investments made during the period refer to:
- start-up and expansion costs for Euro 8,311 thousand;
- purchase of software for Euro 1,170 thousand;
- expenses for extension and protection of trademarks and patents for Euro 953 thousand;
- goodwill paid for the purchase of companies, subsequently converted into Geox Shops for Euro 2,268 thousand and for the
company branch in charge of the management acquired by the parent company Lir S.r.l. for euro 200 thousand;
- improvements on third-party goods for Euro 3,274 thousand;
- amounts paid for taking over lease contracts of shops subsequently converted into Geox Shops for Euro 4,647 thousand;
The intangible fixed assets include Euro 118 thousand related to software purchased as a collateral of the acquisition of the company
branch from LIR S.r.l. which was completed on June 30, 2004.
This item includes Euro 662 thousand of intangible assets in progress and prepaid expenses for the purchase of software that will
start to be used in 2005 and for the takeover of lease contracts for shops that will be converted into Geox Shops in 2005.
B-I-1) “Formation and start-up costs ”
They refer mainly to the charges relating to the listing of the company (Euro 7.9 million) and to costs borne by Geox S.p.A. in

Notes to the Consolidated Financial Statements
connection with the merger with Geox Holding B.V. (Euro 0.3 million). These costs are entered among fixed assets and amortized
for a few years longer than their projected useful life, for a period not shorter than the amortization one, calculated over 5 years in
constant quotas.
Capitalized quotation costs refer mainly to the fees (Euro 1,270 thousand), charges for advisors (Euro 1,635 thousand), charges for
tax diligence, legal and audit charges (Euro 2,296 thousand), advertising and communication (Euro 2,099 thousand) and other
expenses (Euro 639 thousand).
The quotation costs were amortized for just a month, as the company was listed starting from December 1, 2004.
B-I-3) “Industrial patents and intellectual property rights (application software)”
These costs are connected with the granting of the Geox patent and with the software.
The increase associated with the software was due mainly to the implementation costs incurred for the improvement to the
management software, which is used for acquiring orders from agents, fulfilling restocking orders via the web, controlling transport
costs, creating clients’ packing lists, managing purchase orders, managing new commercial branches and for personalizing the
management software of Italian and foreign shop network.
During the fiscal year we also renovated the Office area, including communication and safety, in terms of technology as well as IT.
The write-downs are a consequence of the amortization calculated in 3 fiscal years on a straight-line basis except for the STEALTH
software, which is amortized in five years in consideration of its future use. This item was also increased by Euro 118 thousand
related to the acquisition of balances resulting from the transfer of the company branch from LIR S.r.l. to Geox S.p.A., as we
mentioned in the foreword.
B-I-4) “Concessions, licenses, trademarks, patents and similar rights”
This item refers mainly to the costs associated with registering the Geox trademarks in the countries where the Group operates.
B-I-5) “Goodwill and consolidation differences”
The item includes the cost for acquiring companies which were then converted into mono-brand shops.
A part of these shops are managed directly by Geox S.p.A., the others are franchised to third parties.
The item includes also Euro 350 thousand (gross of amortization) for the cost of goodwill in relation to the purchase of Pol Scarpe
Sportive S.r.l. by the subsidiary Wortec S.r.l. completed in 2003. The purpose of the acquired company was marketing products and
materials to the footwear and apparel sector.
In the course of 2004 we invested Euro 2,268 thousand to acquire shops, including those located in Cinisello Balsamo, Milan –
Corso Buenos Aires, Udine – town center, Udine – Città Fiera shopping mall, Vicenza and two shops in France, one in Chesnay and
the other in Saint Laurent Du Var.
This item saw also an increase of Euro 200 thousand for the goodwill costs related to the purchase from LIR S.r.l. of a company
branch who supplies consultancy, coordination and management services to the Group.
B-I-6) “Intangible assets in progress and payments on account”
This item includes the costs for the purchase of software, mainly used to increase capacity of the management control system which
will start to be used in 2005 and expenses following the takeover of lease contracts for shops that will be converted into Geox shops
in 2005.
65

B-I-7) “Other intangible fixed assets”
These include:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Deferred charges (shops) 7,489 3,748 3,741
Accessory charges on loans 120 212 (92)
Improvement to third-party goods 5,457 4,556 901
Other 46 38 8
Total 13,112 8,554 4,558
The item “Other intangible fixed assets” was increased mainly by:
- Euro 4,647 thousand paid to obtain availability of leased commercial units and for their refurbishment by taking over existing
lease contracts or by obtaining the recession by the leaseholder so that new lease contracts could be concluded. These
commercial units were then converted into Geox shops. As a result of these investments we opened shops inside the shopping
malls in: Sassari, Casal Bertone, Vicenza, Savona, Bologna (Gran Reno shopping center) and in the town centers of Genoa,
Perugia, Palermo, Reggio Emilia, Milan, Bergamo, Ferrara, Terni, Bari, Reggio Calabria, Cosenza and Klagenfurt. We also
inaugurated two shops in France and one in Cologne (Germany). Their amortization was calculated on a straight-line based on
the remaining duration of the lease contracts.
- Euro 3,274 thousand for improvements on leased industrial and commercial real estate used as shops, offices, production
plants and warehouses. Investments were made in Italy for Euro 2,212 thousand and abroad for Euro 1,062 thousand, which
refer to industrial real estate and offices (for Euro 1,295 thousand) and to commercial units used as Geox shops (for Euro 1,979
thousand).
The “accessory charges on loans” refer to fees paid in 2002 and associated with the checks, the organization and payment of
medium and long-term financing. The amortization is calculated on the basis of the duration of the loan contracts (expiring in
2006).
In 2004 we wrote down improvements for Euro 144 thousand in relation to the New York shop, following its relocation to a larger unit.
B-II) Tangible fixed assets
Balance at
12/31/2004
Balance at
12/31/2003
Change
Lands and buildings - 7,801 (7,801)
Plants and machinery 5,106 5,897 (791)
Industrial and commercial equipment 3,631 3,459 172
Other tangible assets 8,236 7,104 1,132
Intangible assets in progress and payments on account 182 228 (46)
Total 17,155 24,489 (7,334)
The following table shows the movements of tangible fixed assets in 2004:
12/31/2003 Acquisitions
and
capitalizations
Conversion
differences
Depreciation
and
writedowns
Disposal Other
movements
12/31/2004
Lands and buildings 7,801 - - - - (7,801) -
Plants and machinery 5,897 860 11 (951) (269) (442) 5,106
Industrial and commercial equipment 3,459 4,500 - (4,118) (210) - 3,631
Other tangible assets 7,104 3,742 21 (2,575) (107) 51 8,236
Intangible assets in progress and payments
on account
228 181 - - (23) (204) 182
Total tangible fixed assets 24,489 9,283 32 (7,644) (609) (8,396) 17,155

Notes to the Consolidated Financial Statements
Tangible fixed assets as at December 31, 2004 were worth Euro 17,155 thousand after depreciations for Euro 6,970 thousand,
write-downs for Euro 674 thousand, investments for Euro 9,283 thousand and net disinvestments for Euro 609 thousand.
The column “other movements” refers to company transactions described in the Foreword generated by the exit from the scope of
consolidation of the real estate companies Nottingrom S.r.l. and Shoe Factory Holding Sro following their transfer to related parties
completed in early 2004, the purchase from LIR S.r.l. of the company branch in charge with the Group’s management and
coordination and the merger of Geox Holding B.V. into Geox S.p.A.
The investments made involved mainly:
- the purchase of plants and equipment for the automatic sorting of parcels to be shipped, for mass production and preparation
of samples. The purchase was made by Geox S.p.A. (for Euro 363 thousand) and by Notech Kft. (for Euro 523 thousand);
- the purchase of industrial equipment (mainly moulds for soles) by Geox S.p.A. (Euro 3,224 thousand), Wortec S.r.l. (Euro
485 thousand) and by Notech Kft. (Euro 768 thousand);
The tangible fixed assets include Euro 20 thousand of industrial equipment and Euro 218 thousand of plants and equipment leased
from Geox S.p.A. and recorded according to the financial method.
The item “industrial and commercial equipment” was decreased by Euro 669 thousand following the complete write-down of moulds
still available on December 31, 2004 but no longer in use.
The item “other assets” is composed as follows:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Electronic machines 1,641 1,335 306
Fixtures and furnishings 6,436 5,328 1,108
Motor vehicles and internal means of transport 146 192 (46)
Other assets 13 249 (236)
Total 8,236 7,104 1,132
The relevant acquisitions refer to fixtures and furnishings for Geox shops in Italy and abroad (Euro 2,444 thousand), office and show
room furniture (Euro 163 thousand) and purchase of hardware (Euro 731 thousand).
The item “Intangible assets in progress and payments on account” include the purchase of a hardware by IBM that will enable us to
expand the AS 400 system when it will become operational in early 2005.
B-III-2) “Receivables from others”
These include:
The receivables from others, compared to those recorded as at December 31, 2003 are listed below.
Balance at
12/31/2004
Balance at
12/31/2003
Change
Receivables from others due within 12 months 236 68 168
Receivables from others due beyond 12 months 2,089 1,702 387
Total 2,325 1,770 555
The receivables from others due within one year refer to preliminary amounts paid for the purchase of company branches with the
purpose of opening new selling points in Italy and abroad.
The receivables from others due beyond one year refer mainly to guarantee deposits for consumption and lease contracts for shops.
All the receivables due over one year will be due within 5 years.
67

C) Current assets
C-I) Inventory
The composition of this item is illustrated in the following table:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Raw materials 19,424 19,268 156
Work-in-progress and unfinished products 1,140 29 1,111
Contracts in progress - 186 (186)
Finished goods and goods for resale 58,252 41,685 16,567
Furniture and office equipment 693 - 693
Total 79,509 61,168 18,341
The stock of finished products includes also goods in travel purchased in the Far-East.
The value of the inventory does not substantially differ from the current costs at the end of the fiscal year.
The item “Furniture and equipment” refers to the purchase of furniture which will be re-sold to franchisee opening new Geox Shops.
The increase of inventories for finished products and goods for resale is explained by the increase in volumes thanks to the growth
of the Group.
Inventory is net of the stock depreciation reserve, which is considered appropriate for a cautious valuation of finished products of
the previous collections and of raw materials no longer in use. Below are the movements of the stock depreciation reserve:
Balance at January 1, 2004 1,758
Allocations 2,752
Use (1,758)
Balance at December 31, 2004 2,752
The depreciation reflects the adjustment to the market value (based on statistical data) following the sale of stock. It is also noted that
there is no significant difference between the valuation in the financial statements and the net realizable value.
C-II) Receivables
This item shows an overall total of Euro 72.761 thousand (Euro 69,646 thousand as at December 31, 2003) with an increase by
Euro 3,115 thousand. The conditions for collection have not changed.
C-II-1) “Trade receivables”
Balance at
12/31/2004
Balance at
12/31/2003
Change
Gross value 61,055 48,275 12,780
Value adjustments (437) (411) (26)
Net value 60,618 47,864 12,754
Receivables from customers went up by Euro 12, 754 thousand compared to December 31, 2003 following the growth of revenues.
These receivables include around Euro 41 million of bank receipts paid in subject to collection but not yet expired at period end.
The receivables, worth Euro 61,055 thousand, can be broken down as follows:
- Italy: Euro 47,327 thousand
- EU: Euro 5,944 thousand
- Outside EU: Euro 7,784 thousand
The Group continues to apply the management practice that so far has enabled it to grow despite the very high rates. According to

Notes to the Consolidated Financial Statements
this practice, a client’s order is not fulfilled until they have fully paid the goods of the previous collection. This management logic
allows us to limit the investment in current assets despite the fast growth.
The receivables are adjusted to their presumed realizable value by allocating a specific reserve calculated by reviewing each credit
rating. The reserve at period end represents a cautious estimate of the existing risk. The movements of this reserve is illustrated
below:
Balance at January 1, 2004 411
Allocations 76
Use (50)
Balance at December 31, 2004 437
It is worth pointing out that the clients insolvency risk is almost non-existent as we have concluded contracts with factoring and
credit insurance companies whereby the transfer of credits is limited to a request to the factor of assuming the risk on the clients
within the overdraft previously agreed. The transfer becomes actually without recourse only after the factor has been formally
notified that the client did not make the payment within the terms agreed. In light of these clauses, the contract can be substantially
considered a credit insurance, which becomes an actual credit transfer without recourse only after a formal notification of missed
payment.
For this reason, the receivables transferred are kept among the assets of the balance sheet. Below is the information about the receivables
as at December 31, 2004:
- receivables for which a collateral was requested in 2004 are worth Euro 326,446 thousand in Italy and Switzerland and
Euro 10,933 thousand in the USA;
- the clients that were actually transferred without recourse, for which we received a payment from the insurance company in
2004 were worth Euro 867 thousand.
C-II-4) “Receivables from parent companies”
The receivables from parent companies were completely paid by LIR S.r.l. in 2004.
C-II-4 - bis) “Tax receivables”
Tax receivables were Euro 5,392 thousand, as shown below:
Within one year Balance at
12/31/2004
Balance at
12/31/2003
Change
- provisions for taxation receivables 529 137 392
- from VAT authorities 4,863 10,935 (6,072)
- severance indemnity tax credit - 1 (1)
Total 5,392 11,073 (5,681)
VAT receivables refer mainly to the parent company Geox S.p.A. and relate to the VAT paid on finished products imported from
Eastern Europe and the Far East. These receivables will be used to offset the VAT due on next year’s sales.
C-II-4 - ter) “Deferred income tax assets”
The receivables for deferred income tax assets came to Euro 4,569 thousand, as indicated below.
Within one year
Balance at
12/31/2004
Balance at
12/31/2003
Change
- receivables for deferred income tax assets 4,140 2,309 1,831
Over one year
- receivables for deferred income tax assets 429 1,577 (1,148)
Total 4,569 3,886 683
69

The table shows the dynamics of the receivables for prepaid taxes, a description of the items and the temporal difference from
which the receivable emerged. Receivables for prepaid taxes are shown net of the deferred tax fund referring to the same
periods:
12/31/2004 12/31/2003
Tax losses carried forward 2,753 3,529
Stock depreciation reserve and returns 1,581 1,380
Receivables 20 31
Supplementary client indemnity 191 217
Representation expenses 81 66
Mould depreciation 249 -
Other 35 -
Total deferred tax assets 4,910 5,223
Advanced amortizations (105) (132)
Imi contribution (71) (62)
Dividends (165) -
Other - (16)
Total deferred tax liabilities (341) (210)
Balance of deferred tax 4,569 5,013
Write-down - (1,127)
Total deferred tax 4,569 3,886
The tax loss recorded by the parent company Geox S.p.A. was used to offset the tax profit of the period. In addition, with regards
to the foreign subsidiaries, in 2004 we entered deferred tax receivable on the back losses that gave reasonable certainty that they
will be collected. The prepaid taxes on tax losses brought forward as at December 31, 2004 were Euro 2,753 thousand and
referred to Geox USA (Euro 1,442 thousand), Geox Japan (Euro 524 thousand), Geox Canada (Euro 290 thousand) and other
Group companies (Euro 497 thousand).
The parent company calculated the deferred taxes – for the corporate income tax – applying the ordinary tax rate of 33%. If it had
applied the reduced rate of 20% to which listed companies are entitled (see paragraph on “tax payables”), the result would have
shown lower receivables for tax deferred for Euro 950 thousand.
The receivables for prepaid taxes due beyond one year are due within 5 years.
C-II-5) “Other receivables”
Others receivables from were Euro 2,182 thousand, as shown below:
Balance at
12/31/2004
Balance at
12/31/2003
Change
- from suppliers for advance payments 221 149 72
- other receivables 1,961 2,124 (163)
Total 2,182 2,273 (91)
The item “other receivables” includes:
• Euro 230 thousand for a contribution pertaining to the year 2002 granted (but not yet paid) by the Istituto S. Paolo Imi for
the purpose of developing a research project on footwear with leather soles;
• a receivable from an Italian factor for Euro 507 thousand representing the value of claims transferred but not yet repaid and
Euro 122 thousand from an US factor;
• a receivable from a factor for Euro 149 thousand representing the difference between the face value of the receivables
transferred with recourse by Wortec S.r.l. to a factoring company and the value of the advance payment received. With
regards to the accounting principle applied, we chose the one that considers the loss of credit availability and the

Notes to the Consolidated Financial Statements
financial benefit obtained more relevant than the permanent risk of recourse of receivables. This risk was correctly
highlighted in the memorandum accounts.
- an insurance refund yet to be collected for Euro 374 thousand;
- a deposit payment for a preliminary contract related to the purchase of a company branch for Euro 350 thousand.
C-III) Financial activities not constituting fixed assets
C-III-6) “Other securities”
This item worth Euro 15,682 thousand consists of a cash investment in BNL bonds for Euro 15,000 thousand made by Geox S.p.A.
whose first interest coupon becomes payable in March 2005 at the rate of 2.305% and of securities under deposit purchased by
the subsidiary Wortec S.r.l. (Euro 682 thousand). Wortec S.r.l. purchased those securities as collateral for a surety granted by a bank
in favor of the Romanian customs office in consideration of the large number of temporary imports of raw materials that are
processed in the country. Temporary imports are exempt from VAT and customs duties.
At the time of preparing these Notes, the parent company Geox S.p.A. disinvested the BNL bonds due to treasury needs and
collected their face value.
Securities are not quoted.
C-IV) Cash and banks deposits
The amount of Euro 50,569 thousand refers to money available in current accounts for Euro 50,477 thousand, bank checks for Euro
9 thousand and cash liquidity for Euro 83 thousand. The money available in the current account refer to temporary availability
waiting to be used to pay suppliers. The increase in cash is due to cash flows generated by the operations and to the income resulting
from the share capital increase approved at the same time as the subscription public offering (Euro 39,058 thousand). The liquidity
on current accounts receives an interest from a minimum of 2% to a maximum of 2.55%, depending on the duration of the time
deposit. The maximum deposit time is one month, expiring on January 21, 2005.
D) Accrued income and prepaid expenses
The prepaid expenses as at December 31, 2004 were Euro 6,340 thousand, with accrued income worth Euro 26 thousand. Below
is the composition of this item.
Prepaid expenses
Balance at
12/31/2004
Balance at
12/31/2003
Change
- taxes on contribution 5,341 6,104 (763)
- lease repayments 469 153 316
- Payments of phone expenses 27 21 6
- commercial information 142 86 56
- Computer maintenance 53 64 (11)
- advertising 49 326 (277)
- other prepaid expenses 259 206 53
Subtotal 6,340 6,960 (620)
Accrued income
- other 26 - 26
Subtotal 26 - 26
Total 6,366 6,960 (594)
The item “taxes on contribution” includes the fiscal charges pertaining to future periods connected with the company restructure
implemented in 2001. This cost is connected, through the technique of prepaid expenses, with the future tax benefits resulting from
the company restructure, which will manifest over a period of ten years. The amount referring to the next fiscal year is Euro 763
thousand, the one referring to a period between one and five years is Euro 3,052 thousand while Euro 1,526 refer to a period
beyond five years.
71

Notes to the main liability items
A) Shareholders’ equity
The movements of the items composing the shareholders’ equity for 2004 are indicated in the enclosed prospect. The prospect
illustrates also the reclassifications necessary to highlight the effects of the reverse merger mentioned earlier on the net shareholders’
equity. Below is a comment on the main items.
A-I) “Share capital”
The Share Capital as at December 31, 2004 amounted to Euro 25,850 thousand and is fully paid up.
This item cannot be compared to the previous period because, as previously indicated, following the merger by incorporation of
Geox Holding B.V. into Geox S.p.A., the ideal items of the shareholders’ equity were reclassified in order to represent the share
capital of Geox S.p.A. resulting from the merger and, now, parent company of the Group.
The share capital is composed by 258,500,000 shares with a face value of Euro 0.10 each.
On December 1, 2004 the subscription public offer was completed. As a result the share capital was increased by Euro 850
thousand – going from Euro 25,000 thousand to Euro 25,850 thousand – by issuing 8,500,000 new shares.
A-II) “Share premium reserve”
This provision saw an increase of Euro 38,208 thousand following the public offering of the shares mentioned earlier. More
specifically, 8,316,250 shares were subscribed at the price of Euro 4.60 while 183,750 shares were subscribed by Group’s
employees at a price of Euro 4.37 with a discount of 5% reserved to staff.
A-III) “Revaluation reserve”
The revaluation reserve deriving from the application of international accounting principles for countries with hyperinflation
(Romania) was written off in 2004 following the transfer of the real estate company.
A-IV) “Legal reserve”
This item cannot be compared to the previous period because the legal reserve was created, following the reclassification already
mentioned, using a part of the profit of the previous years carried forward in order to represent the reserve amount available for
Geox S.p.A.
This reserve cannot be distributed.
A-VII) “Other reserves”
The other reserves are created by the translation reserve of financial statements expressed in currencies other than the Euro.
These reserves cannot be distributed.
A-VIII) “Profit carried forward”
This item includes the results of previous fiscal years.
During 2004, this item was decreased by Euro 10,000 thousand following the distribution of dividend income to the parent
company LIR S.r.l. deliberated by Geox Holding B.V.
The table below is a comparison between shareholders’ equity and operating result of the parent company with the consolidated
shareholders’ equity and operating result:

Description Profit (loss) for
the fiscal year
2004
Shareholders’ equity and profit (loss) for the fiscal year of
the parent company
Notes to the Consolidated Financial Statements
Shareholders’
equity
12/31/2004
Profit (loss) for
the fiscal year
2003
Shareholders’
equity
12/31/2003
31,486 307,458 (489) 229,481
Effect of the reverse merger on the shareholders’ equity after the merger - (25,222) - -
Shareholders’ equity and profit (loss) for the fiscal year of
the parent company net of transactions within the Group
Elimination of adjustments and allocations created only in application of
tax standards
Difference between book value and proportional value of subsidiaries’
shareholders equity
31,486 282,236 (489) 229,481
(307) - 7 275
- (16,893) 218 434
Proportional profit (loss) achieved by investee companies 37,975 37,975 7,263 7,263
Capital gains attributed to assets on the date of acquisition of the investee
companies
- - (6) 299
Consolidation differences (41) 241 (38) 266
Elimination of the effect of other transactions performed between
consolidate companies
Adjustments made to adapt the accounting principles to those of the
Group
(16,149) (154,320) 21,813 (173,411)
(37) 1,137 1,817 4,184
Other adjustments (302) 2 114 57
Shareholders’ equity and consolidated profit (loss) 52,625 150,378 30,699 68,848
These amounts are net of tax effects.
B) Reserves for liabilities and charges
The reserves for liabilities and charges were Euro 10,061 thousand, as indicated in the table.
Balance at
12/31/2003
Use Allocations Other Balance at
12/31/2004
Supplementary client indemnity fund 603 (69) 470 - 1,004
Tax reserve - - 6,281 - 6,281
Returned goods fund and credit note risks 1,260 (1,198) 2,373 (2) 2,433
Other 487 (442) 298 - 343
Total 2,350 (1,709) 9,422 (2) 10,061
The “Supplementary client indemnity fund” is allocated on the basis of normative forecasts and collective economic agreements
regarding situations that may interrupt the mandate given to agents.
The tax reserve, amounting to Euro 6,281 thousand, represents the difference between the rate of 33% of the IRES (corporate income
tax) and the rate of 20% set by the Legislative Decree no. 269 of September 30, 2003 converted by the Law no. 326 of November
24, 2003 to which listed companies are entitled. We will comment on these in more detail in the sections dedicated to tax payables
and taxes on the Income statements.
The returned goods reserve is the best estimate of the charges following the return of goods by clients for sales made up to December
31, 2004.
The reserve for other risks represents an estimate of the lawsuits still underway.
There are no potential liabilities deemed likely that need to be mentioned in these Notes.
73

C) Employees’ severance indemnity
The liability for severance indemnity as at December 31, 2004 was Euro 2,111 thousand, as shown below.
Balance at 12/31/2003 1,977
Increase for new employees 177
Used for termination of employment contracts (584)
Advances granted during the fiscal year (537)
Allocations during fiscal year 1,078
Balance at 12/31/2004 2,111
The allocation for the severance indemnities indicated in the Income Statements for Euro 1,114 thousand results from the sum of the
period allocation (Euro 1,078 thousand) with the indemnity accrued and liquidated in the period (Euro 36 thousand).
The increase due to staff acquisition from the parent company refers to the transfer of company branch from LIR S.r.l. to Geox S.p.A.,
as mentioned before.
The prepayments made to employees refer mainly to the incentive given to the staff to buy company shares (within their entitlement)
during the public offering using the severance indemnity fund net of taxes.
D) Payables
The amount of payables as at December 31, 2004, was Euro 123.332 thousand with a decrease of Euro 8,793 thousand compared
to December 31, 2003. The payables refer to the items commented on below.
D-4) “Payables to banks”
Payables to banks were worth Euro 39,530 thousand, as indicated in the statement.
Balance at
12/31/2004
Within
1 year
From
1 to 5 years
Over
5 years
Balance at
12/31/2003
- sole account 820 820 - - 8,151
- order advances account 3,110 3,110 - - 3,010
- notes advances account - - - - -
- loans 35,600 21,466 13,514 620 47,627
Total 39,530 25,396 13,514 620 58,788
The item “sole account” refers to the advances of bank receipts effectively managed by banking institutions without the need for a
contextual crediting in current account. This can be done, within the overdraft limit granted on bank receipts presented, using solely
the current account.
The item “order advances account” refers to the amounts used for orders of Italian clients. According to internal rules, the company
can advance orders up to a maximum 50% of the bank receipts that company plans to pay into that bank.
The loans refer to:
• a loan by Banca Sella for Euro 672 thousand with repayment due on July 2006 used to fund the acquisition and refurbishment
of a commercial company located in Milan, in Corso Vercelli, subsequently converted into a Geox Shop.
• a loan by a pool headed by Efibanca S.p.A. for the remaining Euro 33,000 with repayment due by six-monthly instalments
until 04/24/2006. The purpose of the operation was to strengthen the financial structure of the company so that it can support
the growth along internal lines and, if applicable, external lines in a situation of financial balance. The loans included the
possibility to extinguish the loan earlier without penalties in case of listing of the company, provided that the paying off occurs
near the date when the six-monthly instalment is due. The closest due date is April 24.
• loan by S. Paolo IMI for Euro 1,928 thousand issue on December 3, 2002 and due on November 18, 2011 used to fund a

esearch and development project for leather soles.
Notes to the Consolidated Financial Statements
As highlighted in the enclosed cash flow statements, commented in the Directors’ report, the increase of share capital due to the
listing, had the effect of bringing forward the achievement of a net financial position earlier than envisaged. Considering the strong
cash generation of the operations, this financial position would have otherwise been obtained thanks to short-term self-financing. The
growth of the Group occurs within a virtuous circle in which shareholders’ equity and medium-term loans cover the existing noncurrent
assets and the investments for the future, suppliers fund the inventory and banks fund trade receivables, which are in any case
entirely insured.
D-5) “Payables towards other financial institutions”
Payables towards other financial institutions were worth Euro 2,356 thousand, as indicated in the related prospect.
Balance at
12/31/2004
Balance at
12/31/2003
Change
Other 2,206 53 2,153
Payables to lease companies 150 227 (77)
Total 2,356 280 2,076
Payables towards leasing companies is represented by the instalments not yet due for the equipment and machinery entered in the
financial statements according to the financial method. The leases will expire in 2006.
The item “Other payables” represents mainly:
• a 12-month loan granted by IBM Italia Servizi Finanziari for an original amount of Euro 46 thousand repayable in 4
instalments; the balance as at December 31, 2004 was Euro 46 thousand;
• a loan with Simest, originally concluded by LIR S.r.l. for Euro 1,746 thousand in order to fund a foreign commercial
penetration program, subsequently acquired by Geox S.p.A. as a result of the transfer of the company branch between Geox
S.p.A. and LIR S.r.l. completed on June 30, 2004. The loan is due in 2009.
• a 12-month non-interest bearing loan granted by IBM Italia Servizi Finanziari for Euro 88 thousand repayable in 4 instalments;
the balance as at December 31, 2004 was Euro 88 thousand;
• a 18-month non-interest bearing loan granted by IBM Italia Servizi Finanziari for Euro 267 thousand repayable in 6
instalments; the balance as at December 31, 2004 was Euro 88 thousand;
• a loan granted by the Ministry of Industry for Euro 48 thousand due in April 2008. A quota of this loan worth Euro 38
thousand will be due beyond the following fiscal year.
The loans agreed with IBM were granted in relation to investments in hardware and software.
D-7) ”Account payable”
Payables to suppliers as at December 31, 2004 amounted to Euro 64,353 thousand, with an increase of Euro 7,762 thousand in
comparison with December 31, 2003. These payables are due beyond the next fiscal year.
The Group subscribed the forward purchases of currency and options on exchange rates. These cover operations were taken into
account when determining the balance of the payables towards suppliers.
The payables towards suppliers for Euro 64,353 thousand can be broken down as follows:
- Italy: Euro 32,562 thousand
- EU: Euro 3,489 thousand
- Outside EU: Euro 28,302 thousand
D-11) “Payables to parent companies”
The payables to parent companies represented the debt that the Group had towards LIR S.r.l. These payables were completely written
off during the year.
75

D-12) “Taxes payable”
Taxes payable were Euro 9,669 as at December 31, 2004. Their breakdown is indicated in the relative statement.
Payables to tax authorities:
Balance at
12/31/2004
Balance at
12/31/2003
Change
- Income taxes for the year 8,029 9,811 (1,782)
- Withholding taxes 1,184 634 550
- VAT payable 455 - 455
- other 1 18 (17)
Total 9,669 10,463 (794)
Following the listing, Geox S.p.A. could benefit from tax incentives introduced by the Legislative Decree no. 269 of September 30,
2003 and converted by the Law no. 326 of November 24, 2003. According to the decree, the company listed in a stock exchange
market of a EU member-state after October 2, 2003 and until December 31, 2004, the rate of the corporate income tax (IRES) is
reduced to 20% for the tax period of the listing and in the following two years. The maximum taxable income subject to reduce tax
rate is Euro 30 million for each fiscal year. Another incentive is the one established by the same Decree, which allows companies to
deduct the costs borne for the admission to the listing from the taxable income, but only for 2004.
The amount of the corporate income tax payable was calculated by the parent company applying the reduced tax rate according to
the mechanism described above.
However, the European Commission notified the Italian Ministry for Foreign Affairs about its decision to assess whether the said
incentives are compatible with the EU legislation with regards to State aids. As the decree might be abrogated as a result of the EU
procedure, the parent company prudentially allocated the difference between the tax amount obtained applying ordinary tax rate
(33%) and the one obtained applying the reduced one (20%) as well as the effect of the lifting of the tax relief on the expenses born
for the listing into the tax fund .
The tax payables will be due within the next fiscal year.
D-13) “Social security charges”
They refer mainly to social security payments pertaining to the fiscal year 2004 and paid in 2005.
D-14) “Other payables”
The item “other payables”, worth Euro 5,738 thousand, refer mainly to payables towards employees for December salaries and
premiums and for annual leave accrued but not yet used as at December 31, 2004 (for Euro 2,764 thousand) and to guarantee
deposits for Euro 1,801 thousand, received by third parties as a collateral for company lease contracts (Geox Shops).
Payables towards personnel are due within the next fiscal year
E) Accrued expenses and deferred income
Balance at
12/31/2004
Balance at
12/31/2003
Change
- Accrued expenses 715 773 (58)
- Deferred income 39 55 (16)
Total 754 828 (74)
Accrued liabilities refer mainly to interest on loans (Euro 219 thousand), interest on exchange rate risk cover operations (Euro 212
thousand) and to the difference of swap interest rates (Euro 149 thousand).
This item includes the deferred income on the contribution for expenses and research mentioned previously (Euro 38 thousand).

Memorandum accounts
Risks assumed by the company:
Personal guarantees
Notes to the Consolidated Financial Statements
- surety granted to the leaseholder of the shop in Hamburg as a collateral for rental payments by the subsidiary Geox
Deutschland GmbH. The annual rental is Euro 180 thousand;
- commitments for Euro 782 thousand as a guarantee to solvency of Geox USA Inc. within the limits of the overdraft of
$970,000;
- surety for Euro 2,532 thousand granted by Geox S.p.A. to Assicuratrice Edile S.p.A. expiring on December 31, 2004 in
relation with an insurance guarantee for a VAT refund obtained by a related company;
- commitments for Euro 1,000 thousand as a guarantee to solvency of Geox Japan KK within the limits of the overdraft.
Risks deriving from credit transfers
- recourse risks towards factoring companies for the amount of the receivables transferred to the factoring company on 12/
31/2004 with the recourse clause (Euro 1,457 thousand);
Commitments undertaken by the company:
Takeover rights for lease contracts
- the company concluded a preliminary contract for taking over a real estate leasing contract in case the leaseholder, i.e. a
related company, should not pay the rentals related to industrial real estate the company uses on the basis of lease contracts.
The remaining rentals due are Euro 4,993 thousand.
Currency bought forward
- Euro 36,159 thousand ($45,000,000 at the average exchange rate of around 1.24) connected with the cover of purchase
of shoes from the Far East expressed in US Dollars.
Currency sold forward
- Euro 1,866 thousand ($2,500,000 at the average exchange rate of 1.34) connected with the sale cover of Dollars.
Foreign exchange options
Other
- right to purchase Euro 40,395 (equivalent to $50,000,000 at the average exchange rate of 1,24) connecting with the
purchase cover of footwear from the Far East expressed in US Dollars.
- the parent company concluded deeds for the lease of company branches to be converted into shops. These deeds are
currently on hold. In case the deeds are executed, Geox S.p.A. will pay Euro 800 thousand as consideration;
- the parent company concluded a preliminary contract for the purchase of a company branch whose consideration has been
agreed in Euro 1,950 thousand of which 350 thousand already paid as a deposit.
77

Notes to the main items of the Income Statements
A) Value of production
A-1) “Revenues from sales and services”
Revenues from sales and services came to a total of Euro 340,050, as indicated in the relative statement.
2004 2003 Change
Typical revenue 336,873 251,174 85,699
Revenue from raw materials 982 1,054 (72)
Other revenues 2,195 1,824 371
Total 340,050 254,052 85,998
The turnover saw an increase by Euro 85,998 thousand. The breakdown of the revenues from sales of company products as at
December 31, 2003 by activity sector as well as by geographical area is provided in the tables below and in the Directors’
report.
The revenues from raw materials refer exclusively to the sale to third parties. The sale of raw materials to suppliers from which the
company subsequently purchased the finished product were more appropriately classified in the item “Other revenues” (A5)
Revenues by activity sector
The breakdown of revenues by activity sector is as follows:
2004 2003 Change
Shoes 294,983 229,608 65,375
Clothing 11,002 5,983 5,019
Shops takings 30,888 15,583 15,305
Total 336,873 251,174 85,699
Revenues by geographical area
The revenues from sales and services by geographical area can be broken down as follows:
2004 2003 Change
Italy 191,271 159,474 31,797
Abroad 148,779 94,578 54,201
Total 340,050 254,052 85,998
Further details on the breakdown of revenues can be found in the Directors’ Report.
A-5) “Other revenues and income”
The composition of this item is shown in the following table:
2004 2003 Change
Ordinary revaluations 122 149 (27)
Sale of promotional material (31) 280 (311)
Extraordinary income 322 314 8
Insurance indemnities 407 20 387
Expenses and research contribution 17 28 (11)
Rent income 3,813 2,657 1,156
Sundry income 4,192 2,121 2,071
Manufacturings 265 431 (166)
Revenue from raw materials 9,416 10,338 (922)
Use of funds 1,164 511 653
Sale of sundry goods 3,041 960 2,081
Total 22,728 17,809 4,919

Asset rentals refer to Geox shops owned by the Group and franchised to third parties.
Notes to the Consolidated Financial Statements
The item “other income” includes the recharges made to suppliers in the Far East for penalties worth Euro 2,046 thousand, recharges
made for re-processing worth Euro 270 thousand and Euro 1,070 thousand for “expenses to be redebited” whose balancing entry
is in the item “Other operating expenses” (B14).
Revenues connected with raw materials refer to the sale, mainly to suppliers in the Far East, of patented soles and membranes that
will be used to produce finished products subsequently bought by the Group. We deemed appropriate to classify these revenues
under this item in order to highlight more clearly the true revenues related to Geox-branded products.
The use of funds refers to the reserve for returned goods. The item “sale of sundry goods” includes the sale of furniture, of information
packs on Geox Shops franchised to third parties, of machinery and assets by the subsidiary Wortec.
B) Costs of production
B-6) “For raw materials, ancillaries, consumables and finished goods”
The costs for purchases of goods came to a total of Euro 147,719 thousand as indicated in the relative table.
2004 2003 Change
Raw materials 35,703 42,999 (7,296)
Finished goods 101,858 64,638 37,220
Products for samples collections 1,407 1,631 (224)
Promotional material 943 1,527 (584)
Consumable materials and equipment 2,236 1,961 275
Other purchases 5,572 6,121 (549)
Total 147,719 118,877 28,842
These costs are indicated net of returned goods, allowances, discounts and adjustments.
The purchase of finished products for the Far East were concluded in Dollars and include duties and custom certificates. The Group
created cover operations in order to guarantee the exchange rates used in the exchange rate lists. Consequently, we reclassified in
this item all the exchange rate difference on purchases originated by the difference between the exchange rate of the cover and the
actual exchange rate applied for the transaction.
The item “other purchases” includes purchase of fuels and heating oil for Euro 291 thousand, stationery for Euro 151 thousand,
purchase of packaging material for Euro 1,343 thousand, equipment and moulds by the subsidiary Wortec S.r.l. from third-party
suppliers for Euro 1,405 thousand and production equipment for Euro 673 thousand.
The item includes also the purchase of furniture for Euro 1,692 thousand by the parent company, which in 2004 started buying
fixtures and furnishings for mono-brand Geox shops directly. These fixtures and furnishings are capitalized in the case of shops
owned to be managed directly or franchised to third parties, or sold if the shop is furnished directly by the franchisee. The purchases
re treated as inventory like goods and are included in the year end inventories as undistributed stock.
B-7) “Related to services”
The costs for the purchase of services, whose composition is indicated in the related table, were worth Euro 95,664 thousand.
2004 2003 Change
Salaries to members of the Board of Directors 73 131 (58)
Technical services 19,603 21,357 (1,754)
Telephone 1,084 856 228
Transport - Duties 15,607 11,913 3,694
Services and consultancy 7,082 7,780 (698)
Credit and other insurances 2,431 1,906 525
Commissions 9,495 8,198 1,297
Traveling indemnity 3,249 2,960 289
Auditors’ fees 116 93 23
Other 36,924 31,672 5,252
Total 95,664 86,866 8,798
79

Technical services refer to the costs of external processing made by the subsidiaries Notech and Technic Development Romania and
to the costs for quality controls.
The commissions payable refer mainly to the costs borne by the parent company Geox S.p.A.
The other services include advertising and promotion costs that refer to the production of advertising campaigns and to TV and press
advertising, in Italy and abroad. The item includes also bank fees, maintenance expenses, software assistance costs and utilities.
The salaries paid to directors and statutory auditors of Geox S.p.A. for the fiscal year 2004 are shown below. These amounts include
also the fees for the performance of their function also in other companies included in the scope of consolidation.
Name and
Surname
Mario Moretti
Polegato
Diego Bolzonello Managing
Director
Stefano
Romito
Enrico Moretti
Polegato
Position Period in
which the
position was
held
Position
end date
Remuneration
for the position
held in the
company
preparing
the financial
statements in
Euro
Nonmonetary
benefits
Bonuses
and other
incentives
Other
payments
Chairman Fiscal year 2004 (*) 25,000 - - -
Director Until
07/27/2004
Director From
07/27/2004
Francesco Gianni Director From
07/27/2004
Umberto Paolucci Director Starting from
12/01/2004
Alessandro
Antonio Giusti
Bruno
Barel
Giuseppe
Gravina
Renato
Alberini
Giuseppe
Fabiane
Director From
12/01/2004
Director From
12/01/2004
Director From
12/01/2004
Director From
12/01/2004
Chairman of Until
the Board of
Statutory Auditors
10/20/2004
Paola Pascoli Statutory Auditor Until
10/20/2004
Stefano Bordin Statutory Auditor Until
10/20/2004
Fabrizio
Colombo
Chairman of From
the Board of
Statutory Auditors
10/20/2004
Achille Frattini Statutory Auditor From
10/20/2004
Andrea Luca
Rosati
Statutory Auditor From
10/20/2004
Fiscal year 2004 (*) 10,010 1,668 - 211,000
(*) In office until the approval of the Financial Statements for the year ending on December 31, 2006..
- 17,981 - - 13,198
(*) - - - -
(*) - - - -
(*) - - - -
(*) - - - -
(*) - - - -
(*) - - - -
(*) - - - -
- 43,486 - - 5,881
- 29,412 - - 3,921
- 29,412 - - 3,921
(*) - - - -
(*) - - - -
(*) - - - -
The Board of Directors and the Board of Statutory Auditors currently in office were appointed on December 1, 2004 and October
20, 2004 respectively.

B-8) “For use of assets owned by others”
Notes to the Consolidated Financial Statements
The costs for use of assets owned by others were Euro 11,425 thousand and refer mainly to the rentals of the selling points directly
managed by the commercial companies or leased to third parties and to rentals of instrumental and civil real estate. Their increase
is the direct consequence of the increase in the number of Geox shops directly managed or leased to third parties and of new
industrial warehouses rented.
B-9) “For employees”
Costs for employees increased from Euro 27,513 thousand to Euro 33,753 thousand, with a net difference of Euro 6,240 thousand
due to the increase in the number of staff connected with the strengthening of the policy that the company is pursuing in order to cope
with the growth of the operations. The breakdown of these costs is indicated in the Income Statements.
The average number of employees by category is illustrated in the following table:
2004 2003 Change
Senior Managers 13 11 2
Office employees 544 465 79
Workers/ Clerical workers 2,048 1,949 99
Total 2,605 2,425 180
B-10) “Depreciation/amortization and write-downs”
For details of the depreciations and amortizations see the related annex.
B-10-c) “Other write-downs in the carrying value of non-current assets”
This item includes the write-down made by Geox S.p.A. of moulds no longer in use as well as the write-down performed by the
subsidiary Geox Retail Inc. (the US branch) in relation to the New York shop, which will be closed and relocated in larger
premises.
B-10-d) “Write-downs of receivables included in the current and liquid assets”
As already mentioned when commenting the item “trade receivables”, this amount corresponds to the write-down of receivables that
we thought it was appropriate to allocate in an adequate proportion to the risk of the receivable.
B-12) “Risk provisions”
These are the allocations to the provision account (Euro 298 thousand).
B-13) “Other provisions”
This item includes the allocations the client indemnity provision (Euro 470 thousand) and to the reserve for returned goods and
creditnotes that the company forecasts to be issuing (Euro 2,373 thousand).
B-14) “Other operating expenses”
The item “other operating expenses” were worth Euro 1,987 thousand, as indicated in the table.
2004 2003 Change
Contingent liabilities 290 282 8
Ordinary capital losses 47 90 (43)
Other expenses 1,102 645 457
Non-deductible costs 11 15 (4)
Non-income taxes 244 163 81
Contributions to associations 42 10 32
Donations 46 27 19
Other charges 205 174 31
Total 1,987 1,406 581
81

C) Financial income and expensees
C-16) “Other financial income”
The item “other financial income” was worth Euro 898 thousand, as illustrated in the table.
From securities included in current assets:
2004 2003 Change
Interest income on securities 28 17 11
Total 28 17 11
Other sundry income:
Bank interest receivable 236 34 202
Interest income from clients 36 336 (300)
Other financial income 598 411 187
Total 870 781 89
It includes interest on loans towards parent companies (LIR S.r.l.) for Euro 174,516 and financial discounts obtained by suppliers by
bringing forward the payment deadlines for invoices payables.
C-17) “Interest payable and similar charges”
Other financial income was Euro 5,067 thousand, as shown in the table.
2004 2003 Change
Bank interest receivable and charges 899 1,911 (1,012)
Interest expenses on loans 1,353 1,415 (62)
Sundry interest expenses 945 275 670
Discounts and financial allowances 1,870 1,055 815
Total 5,067 4,656 411
Other interest payable included Euro 109 thousand for exchange rates covering operations and Euro 815 thousand for rates
covering operations.
The growth of financial charges was mainly due to the cash discounts for payments received by foreign purchase groups. Their
increase was connected to the turnover increase.
C-17bis) “Profit and loss on foreign exchange”
2004 2003 Change
Difference receivable in foreign exchange 3,402 2,143 1,259
Difference payable in foreign exchange (3,566) (3,061) (505)
Total (164) (918) 754
Income taxes for the fiscal year
The income taxes are determined considering the prepaid income and the deferred income that emerged in the period. Prepaid taxes
refer to costs and expenses pertaining to the period but deductible only in subsequent fiscal years and to tax losses for which there
is a high degree of certainly with regards to their recovery.
Below is the detail of the taxes:
2004 2003 Change
Current Italian taxes 14,943 2,006 12,937
Current foreign taxes 1,000 1,095 (95)
Annual fiscal charge in relation to the company restructure
implemented in 2001
763 763 -
Total current taxes 16,706 3,864 12,842
Deferred Italian taxes 584 488 96
Deferred foreign taxes (1,599) (1,256) (343)
Total deferred taxes (1,015) (768) (247)
Total taxes 15,691 3,096 12,595

Notes to the Consolidated Financial Statements
As already mentioned in the section on tax payables, the Company prudentially decided to calculate its tax burden as if the tax
benefits introduced by the Legislative Decree no. 269 of September 30, 2003 and converted by the Law no. 326 approved on
November 24, 2003 did not exist. The tax burden for 2004, if we had taken the tax incentives into account, would have been lower
for Euro 5.4 million.
The table below illustrates the reconciliation between the Group’s actual and theoretical tax charges, calculated on the basis of the
tax rate currently used in Italy (the country of the parent company Geox S.p.A., the most significant company of the Group which
became parent company in 2004):
2004 % 2003 %
Profit or loss before tax 68,316 100.0% 33,795 100.0%
Theoretical tax (*) 22,544 33.0% 11,490 34.0%
Actual taxes 15,691 23.0% 3,096 9.2%
This difference can be explained considering: (6,853) (10.0%) (8,394) (24.8%)
1) different tax rates applied by other countries (2,330) (3.4%) (3,994) (11.8%)
2) effect on amortization of trademarks and patents assignment (6,575) (9.6%) (6,797) (20.1%)
3) tax losses for the current fiscal year considered unrecoverable - 0.0% 1,126 3.3%
4) tax losses from previous fiscal years considered recoverable during
this year
5) permanent differences:
(1,162) (1.7%) (1,216) (3.6%)
i) IRAP (Regional Business Tax) and other local taxes 3,314 4.9% 1,736 5.1%
ii) fiscal effect on taxation of dividends 165 0.2% - 0.0%
iii) taxes from previous fiscal years (tax amnesties) - 0.0% 628 1.9%
iv) other non-deductible costs / untaxed income (265) (0.4%) 123 0.4%
Total difference (6,853) (10.0%) (8,394) (24.8%)
(*) Theoretical taxes are calculated applying rates by Geox, the Group’s parent company, starting from June 30, 2004 (IRPEG, Tax on Corporations’ Income, for 2003, IRES,
new Tax on Corporations’ Income for 2004).
These Financial Statements are a true and fair representation of the financial position and of the economic result for the fiscal year
2004.
Biadene di Montebelluna (Treviso), February 28, 2005
On behalf of the Board of Directors
The Chairman
Dr. Mario Moretti Polegato
83

ANNEXES
The following annexes contain additional information to that exposed in the Notes to the Consolidated Financial Statements, of which
they are an integral part.
This information is contained in the following annexes:
- Consolidated Statement of Cash Flow
- Summary of variations of the items in the Consolidated Intangible Fixed Assets
- Summary of variations of the items in the Consolidated Tangible Fixed Assets
- Summary of variations of the Consolidated Shareholders’ Equity
- List of companies consolidated using the line-by-line method

Annex no.1
Reclassified cash flow statements
(In thousands of Euro)
Cash flows generated by operations
Notes to the Consolidated Financial Statements
2004 2003
Net Profit 52,625 30,699
Adjustments to link net profit to assets liquid assets generated by (used for) operations:
Amortization and Write-downs 14,727 11,373
Allocation for (use of) deferred tax fund and other funds 5,858 (783)
Employees severance indemnities matured during the year - net (43) 472
Variation in current assets and liabilities
20,542 11,062
Trade receivables (11,678) (14,678)
Accrued income and prepaid expenses and other assets 5,459 (5,077)
Inventory (18,341) (20,970)
Account payable 7,549 16,434
Accrued liabilities and deferred income 1,290 27
Tax fund (794) 8,915
Variations in long-term assets and liabilities
(16,515) (15,349)
Other long-term assets 376 (622)
376 (622)
Cash flows generated by operations 57,028 25,790
Cash flows generated by capital expenditure
Capital expenditure in intangible fixed assets (21,543) (17,685)
Capital expenditure in tangible fixed assets (9,283) (11,582)
(30,826) (29,267)
Acquisition of business net of the net financial position acquired (495) -
Disposals 964 674
Transfer of real estate activity 9,258 -
Cash flows used for capital expenditure (21,099) (28,593)
Cash flows from financial activities
Dividends (10,000) -
Increase of share capital 39,058 -
Cash flows used for financial activity 29,058 -
(Increase) decrease of net indebtedness 64,987 (2,803)
Net financial position at start of the financial year (40,389) (37,472)
Impact of translation differences on net financial position (230) (114)
Net financial position at the end of the financial year 24,368 (40,389)
(in thousands of Euro) 12/31/2004 12/31/2003
Cash and banks deposits 50,570 13,507
Other current financial activities 15,682 623
Bank borrowings (3,930) (11,161)
Current portion of loans (22,425) (11,841)
Short term dept from other financial institutions - (280)
Short term loan to parent companies - 4,550
Short-term net financial position 39,897 (4,602)
Bank loans (15,529) (35,787)
Long-term net financial position (15,529) (35,787)
Net financial position 24,368 (40,389)
85

Annex no. 2
Statement of changes in consolidated intangible fixed assets at december 31, 2004
(in thousands of Euro)
Starting situation
Formation
and start up
costs
R&D and
Advertising
Costs
Industrial
Patent
Rights and
Use of
Intellectual
Property
Concessions,
Licences,
Trademarks
and Similar
Rights
Goodwill Intangible
assets in
progress
and
payment on
acconts
Other
Intangible
Fixed
Assets
Original cost 208 731 3,581 2,944 19,427 - 12,050 38,940
Revaluation - - - - - - - -
Write-downs - - - - - - - -
Tramslation
differences
Progressive
amortization
Balance at
01/01/2004
Movements recorded
during the year
(3) - (1) (10) - - (73) (87)
(127) (731) (1,883) (1,117) (3,607) - (3,423) (10,888)
77 - 1,698 1,816 15,820 - 8,554 27,965
Acquisitions 8,311 - 1,170 953 2,468 662 7,979 21,543
Merger
Original cost - - - - - - 10 10
Progressive
amortization
Departure from
consolidation area
- - - - - - - -
Original cost - - (2) - - - (177) (179)
Progressive
amortization
Exchange rate
differences
Total
- - 1 - - - - 1
- - - 9 - - 6 15
Net disposals - - (48) - (80) - (31) (158)
Amortzation during
the year
New classifications/
Other movements
Acquisition of
company branch
(235) - (1,048) (349) (2,149) - (3,158) (6,939)
- - - - - - 72 72
Original cost - - 118 - - - - 118
Progressive
amortization
- - (33) - - - - (33)
Write-downs - - - - - - (144) (144)
End situation
Original cost 8,519 731 4,818 3,896 21,815 662 19,904 60,345
Revaluations - - - - - - - -
Write-downs - - - - - - (144) (144)
Translation differences (3) - (1) (2) - - (67) (72)
Progressive
amortization
Balance at
12/31/2004
(362) (731) (2,963) (1,466) (5,756) - (6,581) (17,860)
8,154 - 1,854 2,428 16,059 662 13,112 42,269

Annex no. 3
Statement of changes in consolidated tangible fixed assets at december 31, 2004
(in thousands of Euro)
Fixed Assets Land and
Buildings
Starting situation
Plants and
Machinery
Industrial and
Commercial
Equipment
Notes to the Consolidated Financial Statements
Other
Tangible
Assets
Tangible assets
in pro-gress
and payment
on acconts
Original cost 6,685 8,882 10,171 11,489 228 37,456
Revaluation 1,636 70 - 1 - 1,707
Exchange rate differences - - - - - -
Depreciation reserves (520) (3,055) (6,712) (4,386) - (14,672)
Balance at 01/01/2004 7,801 5,897 3,459 7,104 228 24,489
Movements recorded during the year:
Acquisitions - 860 4,500 3,742 181 9,283
Merger
Original cost - - - (110) - (110)
Progressive depreciation - - - 28 - 28
Departure from
consolidation area
Original cost (6,619) (508) (1) (27) (205) (7,359)
Progressive depreciation 454 134 - 3 - 592
Exchange rate differences - 12 - 21 - 33
Net disposals - (269) (210) (107) (23) (609)
Depreciation - (951) (3,449) (2,571) - (6,970)
Write-downs - - (669) (5) - (674)
New classifications (1) (1) - 1 1 -
Acquisition of company branch
Original cost - - - 193 - 193
Progressive depreciation - - - (37) - (37)
Revaluations at historical cost (1,636) (70) - (1) - (1,707)
Revaluation of depreciation Reserves - - - - - -
End situation:
Original cost 65 8,965 14,461 15,181 182 38,854
Write-downs - - (669) (5) - (674)
Exchange rate differences - 12 - 21 - 33
Depreciation reserves (65) (3,871) (10,161) (6,961) - (21,059)
Balance at 12/31/2004 - 5,106 3,631 8,236 182 17,155
Total
87

Annex no. 4
List of movements in consolidated shareholders’ equity as at december 31, 2004
(in thousands of Euro)
Balance at December 31,
2003
Share
capital
Legal
reserve
Premium
reserve
Translationadjustment
Revaluation
reserve
Profit
(loss)
carried
forward
Profit
(loss)
for fiscal
year
Group’s
shareholders’
equity
200 - 715 (1,091) 1,608 36,717 30,699 68,848
Allocation of result for 2003 - - - - - 30,699 (30,699) -
Translation differences - - - (182) - - - (182)
Dividend distribution - - - - - (10,000) - (10,000)
Disposal of Nottingrom - - - 1,614 (1,608) (6) - -
Disposal of Shoe Factory - - - 22 - (22) - -
Increase in listing 850 - 38,208 - - - - 39,058
Other movements - - - - - 29 - 29
Profit (loss) for the fiscal year 2004 - - - - - - 52,625 52,625
New classifications following
the merger *
Balance at December 31,
2004
24,800 40 (715) - - (24,125) - -
25,850 40 38,208 363 - 33,292 52,625 150,378
* Following the mentioned merger by incorporation of Geox B.V. into Geox S.p.A. the ideal items of the shareholders’ equity were reclassified in order to represent the Share
Capital and the Legal Reserve of Geox S.p.A. as a result of the merger
Annex no. 5
List of companies consolidated using the line-by-line method as at december 31, 2004
Company Name Head Office Fiscal year
end date
Currency
Share
Capital
% of
direct
ownership
% of
indirect
ownership
Total Consolidation
Method
Geox S.p.A. Montebelluna (Treviso, Italy) 12/31/2004 Euro 25,850,000 - - - -
Wortec Srl Montebelluna (Treviso, Italy) 12/31/2004 Euro 1,000,000 1.00% 99.00% 100.00% line-by-line
Notech N.H. Kft Budapest (Hungary) 12/31/2004 Euro 40,024 99.00% 1.00% 100.00% line-by-line
Technic Development Srl Timisoara (Romania) 12/31/2004 LEI 10,000,000 1.00% 99.00% 100.00% line-by-line
Geox USA Inc. Delaware (USA) 12/31/2004 USD 1 100.00% - 100.00% line-by-line
Geox Retail, Inc USA 12/31/2004 USD 50 - 100.00% 100.00% line-by-line
Geox Retail France France 12/31/2004 Euro 1,000,000 100.00% - 100.00% line-by-line
Technic Development
Slovakia Sro
Geox Uk Ltd
Geox Respira S.L
Geox Sweden AB
Geox France Sarl
Geox Suisse S.A.
Slovakia 12/31/2004 SIK 200,000 15.00% 85.00% 100.00% line-by-line
UK
Spain
Sweden
France
Switzerland
Geox Deutschland Gmbh Germany
Geox Canada Inc.
Geox Japan KK
Canada
Japan
New companies included in the consolidation:
12/31/2004 GBP 150,000 100.00% - 100.00% line-by-line
12/31/2004 Euro 200,000 100.00% - 100.00% line-by-line
12/31/2004 SEK 2,295,000 100.00% - 100.00% line-by-line
12/31/2004 Euro 7,630 100.00% - 100.00% line-by-line
12/31/2004 CHF 200,000 100.00% - 100.00% line-by-line
12/31/2004 Euro 500,000 100.00% 100.00% line-by-line
12/31/2004
12/31/2004
Cad 100 100.00% - 100.00% line-by-line
JPY 30,000,000 100.00% - 100.00% line-by-line
Geox Retail Holland Netherlands 12/31/2004 Euro 20,000 100.00% - 100.00% line-by-line
Geox Asia Pacific Hong Kong 12/31/2004 USD 1,282 100.00% - 100.00% line-by-line

Relazione della società di revisione al bilancio consolidato
89

Financial Statements of Geox S.p.A.

(in Euro)
Balance sheet - Assets 2004 2003
A) Unpaid share Capital
B) Fixed assets
I. Intangible fixed assets
1) Formation and start-up costs 8,101,537 30,493
2) Research & development and advertising costs - -
3) Industrial patents and intellectual property rights 1,793,866 1,684,612
4) Concessions, licenses and trademarks and similar rights 157,792,077 179,334,940
5) Goodwill 13,062,974 11,057,128
6) Intangible assets in progress and payments on account 369,258 -
7) Other intangible fixed assets 10,654,496 6,698,058
Total intangible fixed assets 191,774,208 198,805,231
II. Tangible fixed assets
1) Lands and buildings - -
2) Plant and machinery 1,742,451 1,580,554
3) Industrial and commercial equipment 2,338,939 1,857,423
4) Other tangible fixed assets 5,581,388 4,709,858
5) Tangible assets in progress and payments on account 181,992 -
Total tangible fixed assets 9,844,770 8,147,835
III. Long-term investments
1) Shareholdings in:
a) subsidiary companies 32,750,974 397,413
d) other companies 106 93,992
2) Receivables
d) Other receivables
- within one year 8,649 23,883
- over beyond one year 615,887 454,706
Total long-term investments 33,375,616 969,994
Total fixed assets 234,994,594 207,923,060
C) Current assets
I. Inventory
1) Raw materials, ancillaries and consumables 554,517 291,313
4) Finished goods and goods for resale 57,025,496 38,863,182
Total inventory 57,580,013 39,154,495
II. Receivables
1) Trade receivables
- within one year 57,699,957 44,590,824
2) From subsidiary companies
- within one year 37,553,868 7,586,435
3) From affiliated and associated companies
- within one year - 11,461,814
4) From parent companies
- within one year - 17,995,457
4-bis) Tax receivables
- within one year 4,329,651 10,329,440
4-ter) Deferred income tax assets
- within one year 2,090,734 1,353,347
- over one year 428,750 1,576,659
5) Other receivables
- within one year 1,449,560 1,035,201
Total receivables 103,552,520 95,929,177
III. Financial current assets
6) Other securities 15,000,000 -
Total financial current assets 15,000,000 -
IV. Cash and banks deposits
1) Banks and postal accounts 44,142,281 6,555,988
2) Checks 5,500 5,500
3) Cash and cash equivalents 29,182 24,901
Total cash and banks deposits 44,176,963 6,586,389
Total current assets 220,309,496 141,670,061
D) Accrued income and prepaid expenses
- various 732,769 721,099
Total accrued income and prepaid expenses 732,769 721,099
TOTAL ASSETS 456,036,859 350,314,220

Financial Statements of Geox S.p.A.
(in Euro)
Balance sheet - Liabilities and shareholders’ equity 2004 2003
A) Shareholders’ equity
I. Share Capital 25,850,000 25,000,000
II. Share premium reserve 244,677,996 206,470,258
III. Revaluation reserve - -
IV. Legal reserve 39,611 39,611
VII. Other reserves
- Extraordinary reserve 731,189 731,189
- Payment towards settlement 149,859 149,859
- Conversion reserve (78,904) (79,614)
- Euro rounding-up reserve 4 (3)
- Merger surplus 12,965,042 -
VIII. Profit (loss) carried forward (8,363,221) (7,996,384)
IX. Net profit for the fiscal year 31,486,380 (366,835)
Total shareholders’ equity 307,457,956 223,948,081
B) Reserves for liabilities and charges
1) Severance indemnities and similar obligations 874,362 582,875
2) Tax and deferred tax reserves 6,281,048 -
3) Other 2,711,269 1,665,350
Total reserves for liabilities and charges 9,866,679 2,248,225
C) Employees’ severance indemnity 1,629,504 1,581,036
D) Payables
4) Payables to banks
- due within one year 21,466,386 19,821,436
- due beyond one year 14,133,563 35,438,749
5) Payables towards other financial institutions
- due within one year 781,702 52,797
- due beyond one year 1,357,958 -
7) Account payable
- due within one year 49,294,041 32,747,433
9) Payables to subsidiaries
- due within one year 35,342,240 2,939,787
10) Amounts owed to affiliated companies
- due within one year - 24,155,040
11) Payables to parent companies
- due within one year - 992,529
12) Taxes payables
- due within one year 8,641,600 2,398,784
13) Social security charges
- due within one year 935,244 678,814
14) Other payables
- due within one year 3,007,155 1,624,453
- due beyond one year 1,499,808 1,127,808
Total payables 136,459,697 121,977,630
E) Accrued expenses and deferred income
various 623,023 559,248
Total accrued expenses and deferred income 623,023 559,248
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 456,036,859 350,314,220
Memorandum accounts 2004 2003
Risks assumed by the company:
Personal guarantees 4,494,000 5,452,530
Commitments undertaken by the company:
Leasing contracts 163,889 270,088
Takeover rights for lease contracts 4,993,312 5,849,000
Other commitments 2,400,000 -
Currency bought forward 36,158,978 22,506,884
Currency sold forward 1,865,803 -
Foreign exchange options 40,394,849 22,247,810
Total memorandum accounts 90,470,831 56,326,312
93

(in Euro)
Income Statements 2004 2003
A) Value of production
1) Revenues from sales and services 325,766,032 247,381,897
2) Inventory change for work-in-progress, unfinished and finished products 18,162,314 17,186,189
5) Other revenue and income 21,029,900 15,043,523
Total value of production 364,958,246 279,611,609
B) Costs of production
6) For raw materials, ancillaries, consumables and finished goods 183,715,387 154,911,661
7) Related to services 78,537,498 63,784,278
8) For use of assets owned by others 6,872,502 4,759,283
9) For employees
a) Wages and salaries 13,294,894 12,370,847
b) Social charges 3,928,467 3,549,608
c) Severance indemnity 908,959 815,841
10) Depreciation/amortization and write-downs
a) Amortization of intangible fixed assets 28,194,601 26,534,573
b) Depreciation of tangible fixed assets 4,484,140 3,151,301
c) Other devaluations of fixed assets 668,878 -
d) Write-down of receivables included in current and liquid assets 44,169 93,351
11) Change in inventory of raw materials, ancillaries, consumables and goods (263,204) 171,035
12) Risk provisions 297,807 389,628
13) Other provisions 2,688,637 1,439,265
14) Other operating expenses 1,326,108 1,021,173
Total costs of production 324,698,843 272,991,844
Operating margin (A-B) 40,259,403 6,619,765
C) Financial income and expenses
15) Income from equity investments:
- from subsidiary companies 10,000,000 -
Total income from equity investments 10,000,000 -
16) Other financial income
c) From securities included in current assets 13,262 -
d) Other income 866,888 814,423
- from subsidiary companies 233,625 121,603
- from affiliated companies - 3,917
- from parent companies 354,107 376,204
Total other financial income 10,880,150 814,423
17) Interest payable and similar charges (4,650,866) (4,045,092)
17-bis) Profit and loss on foreign exchange (280,111) (872,458)
Total interest payable and similar charges (4,930,977) (4,917,550)
Total financial income and charges 5,949,173 (4,103,127)

(in Euro)
Financial Statements of Geox S.p.A.
Income Statements (continued) 2004 2003
D) Value adjustments in respect of investments
19) Write-downs
a) Shareholdings - (218,318)
Tota value adjustments in respect of investments - (218,318)
E) Extraordinary income and charges
20) Income
21) Charges
- other extraordinary income 342,844 -
- other extraordinary charges 127,709 -
Total of extraordinary income and charges 215,135 -
Result before tax (A-B±C±D±E) 46,423,711 2,298,320
22) Income taxes
Current taxes 14,654,202 2,264,003
Deferred taxes 214,032 65,146
Prepaid taxes 69,097 336,006
Total taxes 14,937,331 2,665,155
23) PROFIT (LOSS) FOR THE FISCAL YEAR 31,486,380 (366,835)
It is hereby stated that the above financial statements are true, fair and written in accordance with the accounting records.
On behalf of the Board of Directors
The Chairman
Dr. Mario Moretti Polegato
95

Notes to the Financial Statements

Foreword
The current configuration of the Geox Group is the end point of a reorganization process that was completed in the first half of 2004
whose aim was to rationalize the company structure in order to make it coherent and suited to the organization of the Group’s
economic activities and to its development, particularly on foreign markets.
As a result of this reorganization process, Geox S.p.A. became the new holding company of the Group. The most significant
operations performed were the following:
Reverse merger of the parent company Geox Holding B.V. into Geox S.p.A.
Geox S.p.A. was entirely owned by Geox Holding B.V. On June 30, 2004 the act of merger was registered at the Register of
Companies. With this act, Geox Holding B.V., after transferring to Geox S.p.A. all its shareholdings in Group companies and the
incorporation of Geox Retail Netherlands B.V., which had made some investments in Italy to open some mono-brand shops, was
incorporated through a reverse merger into Geox S.p.A. The merger became effective for civil, accountancy and tax purposes on
the registration date of the merger act.
Transfer of the company branch in charge of managing and coordinating the Group
LIR S.r.l., which was the parent company of Geox Holding B.V. until its reverse merger into Geox S.p.A., assumed subsequently the
role of family holding. On June 30, 2004, LIR S.r.l. transferred to Geox S.p.A. its company branch in charge of providing consultancy
coordination and management services to the Group with the purpose of transferring the necessary resources, including the IT
systems, to enable the new holding company to perform the activity of managing and coordinating the Group.
Listing of the Company
On July 27, 2004 the Extraordinary Shareholders’ Meeting resolved to give the Board of Directors the powers to take whatever
action was necessary and appropriate so that the shares of Geox S.p.A. could be listed on Mercato Telematico Azionario (Electronic
Equity Market).
The public offer was completed on December 1, 2004, which was part of a Global Offer aimed at the admission of the company
to negotiations on the Mercato Telematico Azionario (Electronic Equity Market) of a maximum of 65,000,000 shares, of which a
maximum of 8,500,000 shares coming from a Share Capital increase of Geox S.p.A. – which excluded the stock option in
accordance with the Art. 2441, sub-section 5 of the Italian Civil Code, deliberated by the Extraordinary Shareholders’ Meeting held
on July 27, 2004 – and a maximum of 56,500,000 shares sold by the Shareholder “LIR S.r.l.”.
The Selling Shareholder LIR S.r.l. granted joint bookrunners a purchase option at offer price of further 9,750,000 shares (called
“Greenshoe”).
The exercising of the Greenshoe meant that the total number of shares offered represented 29% of the Company’s Share Capital.
With regards to the nature of the corporate activity, the relevant post-balance sheet events, relations with related companies and
information about the various sectors and geographical areas in which the Group operates, please refer to the Director’s report.
Structure and content of the financial statements
The Financial Statements was prepared in accordance with the provisions of the Italian Civil Code and is composed by:
- the Balance Sheet, prepared according to the structure indicated by articles 2424 and 2424-bis of the Italian Civil Code;
- the Income Statements, prepared according to the structure indicated by articles 2425 and 2425-bis of the Italian Civil
Code;
- the Notes to the Financial Statements, which provides the information required by art. 2427 of the Italian Civil Code, by the
Legislative Decree no. 127/1991 or by other laws. The Notes contain also additional information which we consider necessary in
order to give a true and fair representation of the Group, even if this information is not specifically required by the provisions of the
law.
The report was prepared in accordance with the laws governing consolidated financial statements, which were recently amended
by the Legislative Decree no. 6/2003 (“Reform of company law”). These regulations were interpreted and integrated by the
Accounting principles issued by the Consigli Nazionali dei Dottori Commercialisti e dei Ragionieri (Italian Association of Accountants
and Bookkeepers) and by the Organismo italiano di contabilità (Italian Accounting Standard Setter).
The Balance Sheet and the Income Statements were compared with the figures reported on December 31, 2003.
The enclosed statements present the financial and economic position of the Company.
These are accompanied by the statements containing the variations in the consolidated shareholders’ equity and by the consolidated

cash flow statement.
Notes to the Financial Statements
In accordance with art. 2424-ter of the Italian Civil Code, the items on the Balance Sheet or on the Income Statements were not grouped
together.
Principles adopted for the preparation of the financial statements
The Financial Statements were prepared in compliance with the principles indicated in art. 2423-bis of the Italian Civil Code. More
specifically:
- the individual items were valuated in a cautionary way and assuming the continuation of the company’s activity;
- for the valuation we took account of the risks and of the losses pertaining to the year, even if they became known only after
the end of the fiscal year.
Accounting principles and valuation criteria
The valuation criteria adopted in accordance with art. 2426 of the Italian Civil Code and taking into account also the accounting
principles issued by the Italian Association of Accountants and Bookkeepers were as follows:
Intangible fixed assets
Intangible fixed assets are entered at the purchase or production cost, including accessory charges, and amortized on a straight-line
basis for the period of their projected useful life with the approval of the Board of Statutory Auditors, where necessary.
Below are the amortization periods adopted for the various items constituting the intangible fixed assets:
Formation and start-up costs 5 years
Research & development and advertising costs 5 years
Industrial patents and intellectual property rights 3/5 years
Geox trademarks and patents 10 years
Goodwill 10 years
Other Duration of contract
If there is a durable loss of value for the fixed assets, the fixed asset is amortized. If, in the following fiscal years, the reasons for this
amortization cease to exist, the original value will be reinstated.
Formation and start-up costs
Formation and start-up costs are entered in the assets of the Balance Sheet at cost value and directly amortized for no longer than
five years.
Industrial patents and know-how rights
Geox trademarks and patents
The amortization period of Geox trademarks and patents was set in 10 years in consideration of ongoing research and development
activities carried out by the company, which creates the need to register new technological solutions in replacement of previous one
that have become obsolete before the expiry of the maximum period indicated by the law on industrial properties.
Industrial patents and intellectual property rights
They refer mainly to the implementation and personalization costs of the STEALTH management software and of the management
software of the shops’ network.
The write-downs are a consequence of the amortization calculated in 3 fiscal years on a straight-line basis except for the STEALTH
software, which is amortized in five years in consideration of its future use.
Concessions, licenses and trademarks and similar rights
This item refers mainly to the costs associated with the registration of the GEOX trademark in the countries where the Group
operates.
99

Goodwill
Goodwill refers to capital gains resulting from the purchase of companies and shops, directly managed or franchised. Their useful
life was estimated in 10 years, because we believe that the purchase of companies and shops will provide a useful life to the Group
for that time span and also because it is the standard useful life adopted in the reference sector.
Other
Improvements of third-party goods are amortized for the difference between the projected useful life of the improvement and the
remaining duration of the lease contract of the improved goods.
The indemnities paid for taking over shop contracts and other similar indemnities are amortized based on the remaining duration of
the relative contract.
Tangible fixed assets
Tangible fixed assets are entered at their purchase or building cost including accessory charges for the reasonably attributable part.
Fixed assets are depreciated on a straight-line basis on the basis of economic-technical rates determined in relation to the projected
useful life of the goods. These rates are reduced to a half for those assets that became operational during the period.
Below are the applied rates, which are deemed representative of the projected useful life of the assets:
Plants and machinary 12.50%
Shops’ equipment 15.00%
Industrial and commercial equipment 25.00%
Shops’ fittings 20.00%
Moulds 50.00%
Fixtures and furnishings 12.00%
Shops fixtures and furnishings 30.00%
Electronic machines 20.00%
Cars 25.00%
Internal means of transport 20.00%
If there is a durable loss of value for the fixed assets, regardless of the depreciation already recorded, the fixed asset is depreciated
by an amount equivalent to the loss of value. If, in the following fiscal years, the reasons for this depreciation cease to exist, the
original value will be reinstated.
Long-term investments
The shareholdings are valuated at cost; receivables at the presumed realizable value. The value of the shareholdings entered in the
Financial Statements is determined on the basis of the purchase or subscription price or of the value attributed to the goods conferred.
The cost is reduced in case of permanent value losses registered by the investee companies for which there are no foreseeable profits
of such an entity that can absorb them. If the reasons for the write-down ceased to exist in the following fiscal years, the original
value would be reinstated.
Inventory
Inventory is valuated at the lesser cost between the cost of purchase and production and the estimated realizable value. The
acquisition cost for raw materials is determined on the basis of the weighted average costs of the period including the accessory
charges incurred for the purchase.
The acquisition or production cost of finished goods and goods for resale is determined on the basis of the weighted average costs
for the period including the accessory charges and the direct and indirect production costs for the reasonably attributable part.
Stocks that are obsolete or stocks characterized by a long turnover period are written down on the basis of their possible useful life
or sale value.
Receivables
Receivables are entered according to the presumed realizable value. The adjustment of their face value to the lower realizable value
is made by allocating a specific adjustment reserve for that item.

Other securities that do not constitute fixed assets
Notes to the Financial Statements
Securities are entered at purchase cost reduced (if necessary) in order to adjust it to the presumed realizable value, which can be
obtained from the market performance at the end of the period. If the reasons for the write-down ceased to exist in the following fiscal
years, the original value would be reinstated.
Cash and banks deposits
Cash and banks deposits, which consists of the money held in bank current accounts and of cash in hand, is entered for the amount
actually available at the end of the period.
Accrued income and prepaid expenses
Quotas of expenses or income that extend over two or more fiscal years are entered in this item on an accrual basis and in
accordance with the correlation between costs and revenues.
Reserves for liabilities and charges
The reserves for liabilities and charges are allocated to cover losses or payables of a determined nature that are certain or likely but
whose amount or occurrence was still undetermined at period end.
The allocations reflect the best possible estimates on the basis of the information available at the time of preparing the Financial
Statements.
The possible risks of a liability are indicated in the Notes to the Financial Statements but no allocation is made on a specific reserve
for risks and charges.
Employees’ severance indemnity
This indemnity reflects the liability accrued in favor of staff at the period end, in accordance with current civil and employment
laws.
This liability is subject to revaluation by way of indexes set by the current legislation.
The corresponding debt is entered at face value.
Payables
Payables are entered at their face value.
Accounting of revenues
Revenues are shown net of returned goods, discounts, allowances, premiums and taxes directly related to the sale of goods and the
supply of services.
Revenues for goods sold are recorded upon transfer of ownership, which generally corresponds to the delivery or the shipping of the
goods.
Financial revenues and those revenues deriving from the provision of services are entered on an accrual basis.
Accounting of costs and expenses
Costs and expenses are accounted according to the competence principle.
Contributions to period accounts
Contributions to period accounts are entered directly on the income statement in the period when the documents confirming the
granting of contributions was received. These contributions are not subject to restrictions in relation to their use or refunds.
Dividends
Dividends are accounted in the period in which their distribution was deliberated.
Income taxes for the fiscal year
They are recorded on the basis of the estimated taxable income in accordance with current tax standards of each country. They are
booked net of the down payments, withholdings and tax credits in the item “tax payables” or, if the balance is in credit, in the item
“tax receivables” of the current assets.
101

Deferred taxes
Deferred or advanced taxes are calculated, on the basis of the tax rates as at the closing date of the Financial Statements, as the
temporary difference between assets and liabilities in the civil Balance Sheets and their equivalent fiscal values. Advanced taxes,
including the benefit of tax losses brought forward, are shown when there is a reasonable expectation that the benefit will be
realized. Deferred tax liabilities and prepaid taxes assets are entered in the item “receivables for prepaid taxes”. No allocation of
deferred tax was made in relation to the tax that the company will have to pay on the distribution of undistributed profit obtained by
the subsidiaries, because we believe it is fair to do so in the fiscal year in which the distribution of reserves is deliberated.
Derivative contracts
Geox S.p.A uses derivative financial products to manage the fluctuation risk of interest rates and exchange rates of foreign currency
in relation to specific assets or liabilities or assets and liabilities group. The premium or discount on forward contracts (difference
between the spot exchange rate and the forward exchange rate set at the start of the contract) are entered on an accrual basis. With
regards to the interest risks hedging instruments, the difference of interest rates are recorded on the Income Statements according to
the accrual criterion among financial income and charges. The derivative contracts that are still open at the end of each period are
valued in line with the covered assets and liabilities.
Risks, commitments and guarantees
Risks, commitments and guarantees still outstanding at period end are entered in the item Memorandum Accounts.
Conversion criteria of the foreign currency items
Receivables and payables originally expressed in a foreign currency are converted into Euro at the exchange rate of the day the
transaction was completed and adjusted considering the hedging contracts for payables to suppliers still outstanding at the end of
the period. The unrealized differences generated by the exchange rates adjustment are entered in the Income Statement under item
“C17 bis”. The net profit that may result is allocated to a specific reserve that cannot be distributed until the realization of the
difference. The exchange rate differences realized upon collection of receivables and payment of amounts owed in foreign currency
are also entered in the Income Statements in the item “C17 bis”.
Other information
All the values shown in the statements of the Annual Report and in the summary tables of these Notes are expressed in Euro.
Conversion of the Financial Statements of the Swiss branch into Euro
The exchange rates applied for converting the Financial Statements of the Swiss branch into Euro were as follows. They correspond
to the rates given by the Ufficio Italiano Cambi (Italian Foreign Exchange Office):
Currency At 12/31/2004 Average at 12/31/2004 At 12/31/2003
Swiss Franc 1.5429 1.54382 1.5579
Departures from accounting principles in accordance with art. 2423, sub-section 4 of the Civil Code
It was not necessary to depart from the accounting principles in accordance with art. 2423, sub-section 4 of the Civil Code, because
we considered the application of the valuation criteria established by the legislator suitable to give a true and fair representation of
the financial position and of the economic result.
Shareholdings in subsidiaries and affiliated companies
The company owns shareholdings in subsidiaries or affiliated companies, which we will write about later on.
It does not own and did not purchase or sell, during the fiscal year, either directly or through trustee company or other individuals, own
shares or stocks of parent companies.
Elimination of tax interference
In compliance with the changes introduced by the reform of Italian company law in relation to Financial Statements, with particular
reference to the elimination of tax interference, the Company increased in these Notes the value of the tangible fixed assets in proportion
to the effect of the accounting of advance depreciations made in previous periods. Consequently, as indicated by the Italian Accounting
Standard Setter, the Company increased the value of tangible fixed assets as at December 31, 2004 by Euro 343 thousand and
recorded an extraordinary income of the same amount as a balancing entry. At the same time, the Company allocated a deferred tax
fund for Euro 127 thousand.

The table below summarizes the effects of the reversal of tax-driven adjustments:
2004
Operating
profit (loss)
Notes to the Financial Statements
2003
Operating
profit (loss)
Share capital
and equity
reserves
Amounts before reversal of tax-driven adjustments 31,270 (367) 224,315
Tax interference, gross of deferred tax
1. Allocations for advanced deprec/amort reserve 343 (58) 401
Total gross interference 343 (58) 401
related deferred tax (127) 26 (153)
Total interference, net of deferred tax 216 (32) 248
Amounts after reversal of tax-driven adjustments 31,486 (399) 224,563
Accounting of the lease operations
As at December 31, 2004 two financial lease contracts were underway. One was related to industrial plants and equipment, the
other to fixtures and furnishings for a Geox shop. If the lease operations had been considered as purchase of goods with
corresponding loans issued by leasing institutes and with depreciations made applying the same criteria as those used for the
technical assets, the shareholders’ equity and the period result would not have been significantly different from those shown in the
Financial Statements.
Extraordinary transactions
The extraordinary transactions mentioned in the foreword led to the acquisition of the following asset values:
Merger with Geox Holding B.V.:
Acquisition values
Intangible fixed assets 2,934,608
Tangible fixed assets 242,177
Shareholdings 231,860,324
Other investments 13,103
Receivables from Geox S.p.A. 22,075,020
Other receivables 54,255
Accruals and deferred income 23,329
Cash at bank and in hand 9,051,156
Total asset 266,253,972
Net shareholders’ equity 244,825,367
Payables to Geox S.p.A. 13,154,740
Other payables 8,273,865
Total liabilities 266,253,972
from which:
Shareholding 231,860,324
Net shareholders’ equity 244,825,367
Merger surplus 12,965,043
Acquisition of company branch from LIR S.r.l.:
Acquisition values
Intangible fixed assets 284,666
Tangible fixed assets 155,917
Receivables from Geox S.p.A. 400,000
Receivables 90,786
Prepayments and accrued income 14,741
Total asset 946,110
Severance indemnity 178,056
Payables to Geox S.p.A. 135,038
Other payables 553,110
Accruals and deferred income 1,680
Total liabilities 867,884
Disposal price 78,226
103

Supply chain research project
In 2002 the Company applied for a loan from the Ministry of Industry, Commerce and Craftsmanship as a contribution (created by
art. 14 of the Law 46/1982) towards the expenses attributable to the supply chain research project. The primary aim of this project
is reviewing the organizational processes and, in particular, improving the role of supply chain as an innovation tool and as a
support to the competitive advantage acquired.
After the investments in the Research & Development unit made in 2003, which culminated with the introduction of an information
management system connected with the product development process, in 2004 we made interventions in the following units:
- Production, through organizational changes aimed at reducing product throughput times
- Commercial, through the implementation of electronic client order acquisition systems.
- Retail, through the introduction of a demand planning system and a CRM system.
The total of costs associated with this project for 2004 was around Euro 650 thousand for personnel, Euro 237 thousand for
consultancy and Euro 390 thousand for other costs.
Analysis of the items in the balance sheet
B) Fixed assets
In order to makes its reading easier, the Balance Sheet is accompanied by a table that provides the following information for each
group of fixed assets: historical cost, previous amortization/depreciation, movements made in the year and current amortization/
depreciation.
No fixed asset was revaluated or devaluated in previous fiscal years while during the fiscal year in exam, assets owned by the
Company falling in the category of “industrial equipment – moulds” were devaluated.
B-I) Intangible fixed assets
B-I-1) “Formation and start-up costs”
These include:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Expansion costs 8,101,537 30,493 8,071,044
Total 8,101,537 30,493 8,071,044
These costs are entered among fixed assets and amortized for a few years longer than their projected useful life, for a period not
shorter than the amortization one, calculated over 5 years in constant quotas.
The increase in comparison with 2003 was due to the capitalization of the costs borne for the above-mentioned merger (for Euro
347,741) and for the admission to the listing on the Electronic Equity Market in Milan (for Euro 7,939,301). These costs refer mainly
to fees (Euro 1,270 thousand), charges for advisors (Euro 1,635 thousand), charges for tax diligence, legal and audit charges (Euro
2,296 thousand), advertising and communication (Euro 2,099 thousand) and other expenses (Euro 639 thousand).
The quotation costs were amortized for 1/12 of the annual quota, as the company was listed starting from December 1, 2004.
The residual value to be amortized is completely covered by the available reserves.
B-I-3) “Industrial patents and intellectual property rights”
These include:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Industrial patents rights 37,208 54,277 (17,069)
Application software 1,756,658 1,630,335 126,323
Total 1,793,866 1,684,612 109,254
The increase was due mainly to the implementation costs incurred for the improvement to the management software used for:

Notes to the Financial Statements
acquiring orders from agents, fulfilling restocking orders via the web, controlling transport costs, creating clients’ packing lists,
managing purchase orders, managing new commercial branches and for personalizing the management software of Italian and
foreign shop network.
During the fiscal year we also renovated the Office area from a technology and IT point of view, the entire infrastructure related to
the Office area, communication and safety.
The write-downs are a consequence of the amortization calculated in 3 fiscal years on a straight-line basis except for the STEALTH
software, which is amortized in five years in consideration of its future use.
This item was also increased by Euro 118,020 related to the acquisition of balances resulting from the transfer of the company
branch from LIR S.r.l. to Geox S.p.A., as we mentioned in the foreword.
B-I-4) “Concessions, licenses and trademarks and similar rights”
Balance at
12/31/2004
Balance at
12/31/2003
Change
Concessions, licenses and trademarks and similar rights 22,235 25,040 (2,805)
Trademarks and patents 157,769,842 179,309,900 (21,540,058)
Total 157,792,077 179,334,940 (21,542,863)
This item is worth Euro 157,792,077 and refers mainly to the residual value of the company branch transfer implemented in 2001
by Geox Holding B.V. This transfer included all the Geox trademarks and patents. From an economic-corporate point of view,
trademarks and patents are classified in the Balance Sheet as one group denominated “Geox trademarks and patents” because, in
acceptance of the interpretation by the valuer in charge of the estimate, the success of the Geox trademark and of the innovative
technical solutions (patents) cannot be separated in the mind of the consumer and therefore must be considered closely-connected
and indivisible elements for the Company’s future economic useful life.
The decrease in comparison with December 31, 2004 was due to the combined effect of the annual amortization, which is
calculated in constant quotas over 10 fiscal years, and of the capitalization for Euro 952,544 of the registration, protection and
extension costs of trademarks and patents in various countries worldwide.
B-I-5) “Goodwill”
Balance at
12/31/2004
Balance at
12/31/2003
Change
Goodwill 13,062,974 11,057,128 2,005,846
Total 13,062,974 11,057,128 2,005,846
Goodwill costs refer to the purchase of company branches in charge of the marketing of the Geox trademark through mono-brand
shops in Italy and abroad. Among the main selling point acquisitions of 2004, we opened new shops in Cinisello Balsamo, Milan
– Corso Buenos Aires, Udine – town center, Udine – Città Fiera shopping mall and Vicenza.
This item saw also an increase worth Euro 200 thousand for the goodwill costs related to the purchase from LIR S.r.l. of a company
branch.
The item was also increased by Euro 2,991,581 following the merger by incorporation of Geox Retail Netherland B.V. in relation
to the goodwill entered in the financial statements of the incorporated company (Roma – Via Nazionale, Torino – Via Roma, Bologna
– Via Rizzoli).
B-I-6) “Intangible assets in progress and payments on account”
These include:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Intangible assets in progress and payments on account 369,258 - 369,258
Total 369,258 - 369,258
This item includes the costs for the purchase of software, mainly used to increase capacity of the management control system which
will start to be used in 2005 and expenses following the takeover of lease contracts for shops that will be converted into Geox shops
in 2005.
105

B-I-7) “Other intangible fixed assets”
These include:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Deferred charges (shops) 6,073,285 2,510,622 3,562,663
Accessory charges on loans 120,032 211,744 (91,712)
Improvements to third-party goods 4,438,319 3,947,116 491,203
Other 22,860 28,576 (5,716)
Total 10,654,496 6,698,058 3,956,438
The “deferred charges (shops)” refer to the amounts paid to obtain availability of leased commercial units by taking over existing
lease contracts or obtaining the recession by the leaseholder so that new lease contracts could be concluded. These commercial units
were then converted into Geox shops. These charges were amortized based on the remaining duration of the lease contracts. The
increase by Euro 4,353,954 refers to the opening of shops in the following shopping malls: Sassari, Casal Bertone, Vicenza (Le
Piramidi shopping center), Savona (Il Gabbiano shopping center), Bologna (Gran Reno shopping center) and in the town centers of
Genoa, Perugia, Palermo, Reggio Emilia, Milan (Corso Buenos Aires), Bergamo, Ferrara, Terni, Bari, Reggio Calabria, Cosenza and
Klagenfurt.
The amortization for the fiscal year was Euro 791,290.
The “accessory charges on loans” refer to fees associated with the checks, the organization and payment of medium and long-term
loans. The amortization is calculated on the basis of the duration of the loan agreement (expiring in 2006).
The “Improvements on third-party goods” are related to improvements on leased industrial and commercial real estates. Their
amortization is calculated on a straight line based on the remaining duration of the lease contracts. The increases refer to industrial
real estate and offices (for approximately Euro 1,295 thousand) and to commercial units used as Geox shops (for Euro 917
thousand).
“Other intangible fixed assets” refer to the amounts paid for the mediation on the lease takeover for the warehouse located in
Giavera del Montello. The decrease can be attributed to the amortization quota.
This item was also increased by Euro 248,340 related to the acquisition of balances resulting from the merger mentioned earlier for
the purpose of making improvements to commercial units.
B-II) Tangible fixed assets
The information required by art. 2427, sub-section 1, no. 2 of the Civil Code are summarized in the annex enclosed to these
Notes.
The variations occurred during the fiscal year for each of the assets are indicated below:
B-II-2) “Plants and machinery”
This item includes:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Plants and machinery 1,742,451 1,580,554 161,897
Total 1,742,451 1,580,554 161,897
The increase can be attributed to investments made worth Euro 362,716, disinvestments and amortization for Euro 342,232,
acquisition of equity balance arising from the above-mentioned merger for Euro 82,136 and to the reversal of amortization prepaid
in previous fiscal years for Euro 68,000 following the elimination of tax interference in accordance with the changes introduced by
the reform of Italian company law with regards to financial statements, as previously mentioned.
These increases refer mainly to the completion of the automatic sorting machine for parcels to be shipped, located at the Cusignana
plant and to other equipment at the Head Office in Signoressa.

B-II-3) “Industrial and commercial equipment”
These include:
Balance at
12/31/2004
Notes to the Financial Statements
Balance at
12/31/2003
Change
Moulds 2,146,687 1,606,093 540,594
Fair stands 117,000 163,504 (46,504)
Sundry small equipment 75,252 87,826 (12,574)
Total 2,338,939 1,857,423 481,516
The key acquisitions refer to the purchase of moulds for Euro 3,205,835 used for the production of soles and uppers.
The moulds were carefully valuated and as a result, the Company created a “mould depreciation reserve” amounting to Euro
668,878 calculated on all the moulds that were not used in 2004.
B-II-4) “Other assets”
These include:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Furniture and ordinary office machines 4,078,255 3,564,641 513,614
Electronic machines, computers and telephones 1,462,485 1,077,471 385,014
Motor vehicles and trucks 39,062 65,103 (26,041)
Internal means of transport 1,586 2,643 (1,057)
Total 5,581,388 4,709,858 871,530
The most relevant acquisitions refer mainly to the purchase of fixtures and furnishing for the Geox shops and show rooms for Euro
1,662,840, purchase of office furniture for Euro 162,717 and hardware for Euro 872,660. The amortization attributed to this
fiscal year was Euro 2,105,436 calculated on all the amortizable assets as at 12/31/2004 applying the rates considered
representative of their economic-technical useful life – as specified in the comments to the item “Tangible fixed assets” in the section
on valuation criteria. The increases include also Euro 202,038 for the acquisition of equity balances resulting from the abovementioned
merger and Euro 192,714 for the acquisition of equity balances deriving from the acquisition of a company branch,
as mentioned earlier.
The items is further increased by Euro 271,844 following the elimination of tax interference as an effect of accounting of advance
depreciations made in previous periods in compliance with the changes introduced by the reform of Italian company law with
regards to Financial Statements.
B-II-5) “Intangible assets in progress and payments on account”
These include:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Other intangible assets in progress and payments on account 181,992 - 181,992
Total 181,992 - 181,992
The item includes the purchase of a hardware by IBM that will enable us to expand the AS 400 system when it starts to be used in
2005.
107

B-III) Long-term investments
B-III-1) “Shareholdings”
Shareholdings in subsidiary companies Balance at
12/31/2004
Balance at
12/31/2003
Change
Geox Deutschland GmbH 509,954 34,954 475,000
Geox Sweden A.B. 252,130 11,887 240,243
Geox France 7,630 7,630 -
Geox Suisse S.A. 136,846 136,846 -
TDR 3 - 3
TDS 677 - 677
Wortec S.r.l. 13,000 - 13,000
Geox Respira S. A. 206,031 206,031 -
Geox Japan K. K. 2,214 - 2,214
Geox USA Inc. 4,404,129 - 4,404,129
Geox Canada Inc. 65 65 -
Geox Retail France 376,176 - 376,176
Notech 26,605,692 - 26,605,692
Geox Retail Holland B.V. 9,642 - 9,642
Geox Asia Pacific Ltd. 1,053 - 1,053
Geox UK Ltd. 225,732 - 225,732
Total 32,750,974 397,413 32,353,561
The current configuration of the Geox Group is the end point of a reorganization process whose aim was to rationalize the company
structure in order to make it coherent and suited to the organization of the Group’s economic activities and to its development,
particularly on foreign markets.
In summary, as a result of the reorganization the structure was streamlined, the control chain within the Geox Group was shortened
and Geox S.p.A. became the Group’s new operational holding company.
Geox Holding B.V. transferred all its shareholdings to Geox S.p.A. before being incorporated.
Following this structural change, Geox S.p.A. became the parent company and now holds 100% of all the subsidiaries, directly and
indirectly.
The Company capitalized some subsidiaries in order to provide them with adequate financial instruments with which they can
develop the business in their country. More specifically, Euro 225, 732 were transferred to Geox UK, Euro 475,000 to Geox
Deutschland and Euro 240,242 to Geox Sweden.
Moreover, during the year the Company set up Geox Retail Holland B.V., which manages the research, purchasing and restructuring
of trading companies with the aim of converting them into mono-brand shops in the Dutch market. These companies, once they have
become Geox Shops, are managed directly or franchised to local partners.
Geox Asia Pacific was set up in September 2004 with the purpose of developing the market in South-East Asia.
In accordance with Art. 2426, point 3 of the Civil Code, wherever the book value of the shareholdings is higher than the
shareholders’ equity, the shareholding was not depreciated as it was assumed that they do not represent permanent value
losses.
Shareholdings in other companies Balance at
12/31/2004
Balance at
12/31/2003
Change
Geox Usa Inc. - 93,886 (93,886)
Conai 5 5 -
Le Torri d’Europa S.C. Arl. 101 101 -
Total 106 93,992 (93,886)

Notes to the Financial Statements
The membership fee for the Consorzio Imballaggi CONAI (packaging consortium) and for the consortium of the “Le Torri d’Europa”
shopping center were recorded in this item. The decrease in the item “Shareholdings in other companies” is connected to the fact
that the equity investment in Geox USA Inc. went from 2% to 100% as a result of the company restructure mentioned earlier and it
was therefore more adequately reclassified in the item “shareholdings in subsidiaries”.
B-III-2) “Receivables from others”
Within 1 year Between 1
and 5 years
Over 5 years Balance at
12/31/2004
Balance at
12/31/2003
Change
Guarantee deposits 8,649 615,887 - 624,536 478,589 145,947
Total 8,649 615,887 - 624,536 478,589 145,947
This item includes:
- guarantee deposits for utilities, rentals, car hire, etc. (Euro 332,675);
- guarantee deposits on preliminary amounts paid for the purchase of company branches with the purpose of opening new
selling points in Italy (Euro 291,861).
C) Current assets
C-I) Inventory
This inventory refers to:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Raw materials, ancillaries and consumables 554,517 291,313 263,204
Finished goods and samples 34,535,258 27,071,509 7,463,749
Fixtures and furnishings 692,848 - 692,848
Goods in travel 21,797,390 11,791,673 10,005,717
Total 57,580,013 39,154,495 18,425,518
The increase of inventories for finished products and goods for resale is explained by the increase in volumes thanks to the growth
of the Company.
The stock of finished products and samples was entered net of an adequate stock depreciation reserve, which reflects the depreciation
of obsolete products (i.e. of previous collections) for Euro 2,968,921.
The movements of this reserve are as follows:
Balance at
12/31/2003
Use Allocation Balance at
12/31/2004
Stock depreciation fund 2,028,657 (2,028,657) 2,968,921 2,968,921
Total 2,028,657 2,028,657 2,968,921 2,968,921
The depreciation is mainly related to fine products belonging to previous collections. The depreciation reflects the adjustment to the
market value (based on statistical data) following the sale of stock. It is also noted that there is no significant difference between the
valuation in the financial statements and the net realizable value.
The item “Furniture and equipment” refers to the purchase of furniture which will be re-sold to franchisee opening new Geox Shops.
C-II) Receivables
C-II-1) “Trade receivables”
These receivables are broken down as follows:
Balance at Balance at Change
12/31/2004 12/31/2003
Clients and invoices to be issued 16,721,578 19,039,001 (2,317,423)
Credit notes to be issued (22,394) (23,553) 1,159
Portfolio for collection 41,232,881 25,778,593 15,454,288
Receivables in litigation 15,043 34,215 (19,172)
Bills in the portfolio 132,239 125,669 6,570
Total 58,079,347 44,953,925 13,125,422
Bad debt reserve (379,390) (363,101) (16,289)
Net value 57,699,957 44,590,824 13,109,133
109

The item clients and invoices to be emitted net of credits worth Euro 16,699,184” is broken down as follows:
- Italian clients - Euro 7,577,169
- EU clients - Euro 3,719,657
- Clients outside EU – Euro 5,402,358
The depreciation reserve increased as a result of the allocation that we believe was appropriate to make, in adequate proportion to
the risk on the receivables.
The movements of the bad debt reserve can be analyzed as follows:
Balance at
12/31/2003
Use Allocations Foreign
exchange
difference
Balance at
12/31/2004
Deductible bad debt reserve 1,377 (1,377) 1,332 - 1,332
Taxed bad debt reserve 361,724 (27,370) 42,837 867 378,058
Total 363,101 (28,747) 44,169 867 379,390
The clients insolvency risk is almost non-existent as we have concluded contracts with an important Italian factoring company
whereby the transfer of credits is limited to a request to the factor of assuming the risk on the clients within the overdraft previously
agreed. The transfer becomes actually without recourse only after the factor has been formally informed that the client did not make
the payment within the terms agreed. In light of these clauses, the contract can be substantially considered a credit insurance, which
becomes an actual credit transfer without recourse only after a formal notification of missed payment.
For this reason, the receivables are kept among the assets of the Balance Sheet. These Notes provide the following information about
the receivables as at December 31, 2004:
- receivables for which a collateral was requested in 2004 were Euro 321,247,348;
- the clients actually transferred without recourse for which we received payment from the insurance company in 2004 were
worth Euro 844,151.
All the receivables from clients are due beyond one year.

C-II-2) “Receivables from subsidiary companies”
Trade
Receivables
Loans Balance at
12/31/2004
Notes to the Financial Statements
Balance at
12/31/2003
Change
Geox France Sarl 212,446 1,956,893 2,169,339 1,218,345 950,994
Geox Sweden AB 8,259 466,538 474,797 784,011 (309,214)
Geox UK Ltd. 273,569 614,465 888,034 625,661 262,373
Geox Deutschland Gmbh 637,255 2,711,002 3,348,257 2,027,073 1,321,184
Geox Suisse S.A. 916,483 - 916,483 1,231,258 (314,775)
Geox Respira S.A. 1,078,712 538,207 1,616,919 1,071,441 545,478
Geox Japan K.K. 78,478 1,889,180 1,967,658 55,605 1,912,053
Geox Canada 626,698 594,794 1,221,492 573,041 648,451
Geox Retail France 1,407,117 2,753,787 4,160,904 - 4,160,904
Notech 3,351,953 10,000,000 13,351,953 - 13,351,953
Geox Usa Inc. 6,241,116 - 6,241,116 - 6,241,116
Tecnic Development Romania 47,522 - 47,522 - 47,522
Wortec S.r.l. 541,780 - 541,780 - 541,780
Geox Retail Usa 21,554 - 21,554 - 21,554
Geox Asia Pacific Ltd. - 50,294 50,294 - 50,294
Geox Retail Holland B.V. 286,288 249,478 535,766 - 535,766
Total 15,729,230 21,824,638 37,553,868 7,586,435 29,967,433
Trade receivables were Euro 15,729,230 and refer mainly to goods supplied. Financial receivables came to Euro 21,824,638 of
which Euro 11,824,638 for loans with interest at market rates and Euro 10,000,000 for dividends deliberated by the subsidiary
Notech but not yet paid to Geox S.p.A.
Loans were granted in relation to the activity carried out by the subsidiaries in the development of the network of franchised shop
abroad.
The comparison with the previous fiscal year is not significant unless the next item is taken into account (C-II-3 “Receivables from
affiliated and associated companies”).
No write-downs were made on these receivables and there are no receivables due beyond one year.
C-II-3) “Receivables from affiliated and associated companies”
These include:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Geox Retail France - 139,082 (139,082)
Notech - 4,181,341 (4,181,341)
Geox USA Inc. - 6,342,960 (6,342,960)
Technic Development Romania - 8,108 (8,108)
Wortec S.r.l. - 427,243 (427,243)
Technic Development Slovakia - 2,107 (2,107)
Geox Retail Netherlands B.V. - 360,409 (360,409)
Nottingrom - 564 (564)
Total - 11,461,814 (11,461,814)
The decrease of receivables from affiliated companies in comparison to 2003 is due to the fact that, following the company
restructure mentioned earlier, Geox S.p.A. became the parent company holding 100% of the subsidiaries. The balance of receivables
for 2004 was more appropriately reclassified among the receivables from subsidiaries, as mentioned above.
111

C-II-4) “Receivables from parent companies”
Balance at
12/31/2004
Balance at
12/31/2003
Change
Geox Holding B.V. - 13,445,457 (13,445,457)
LIR S.r.l. - 4,550,000 (4,550,000)
Total - 17,995,457 (17,995,457)
The decrease of receivables from Geox Holding B.V. is due to the fact that, following the merger between Geox S.p.A. and Geox
Holding B.V., the mutual relationship of receivables and payables was written off.
Financial and commercial receivables towards the parent company LIR S.r.l. were completely collected in September 2004.
C-II-4 - bis) “Tax receivables”
These include:
Within one year
Balance at
12/31/2004
Balance at
12/31/2003
Change
- from VAT authorities 3,023,924 9,856,365 (6,832,441)
- VAT from abroad claimed back 804,980 195,517 609,463
- receivables for tax paid abroad 500,747 277,558 223,189
Total 4,329,651 10,329,440 (5,999,789)
The receivables for taxes paid abroad include Euro 442,425 arising from taxes that the Swiss branch paid directly to the foreign
country which are likely to be collected in Italy, in order to avoid double taxation (in accordance with art. 165 of the Italian Tax
Code).
C-II-4 - ter) “Deferred income tax assets”
These include:
Within one year
Receivables from tax authorities
Balance at
12/31/2004
Balance at
12/31/2003
Change
- receivables for deferred tax assets 2,090,734 1,353,347 737,387
Total 2,090,734 1,353,347 737,387
Due beyond one year
Receivables from tax authorities
- receivables for deferred tax assets 428,750 1,576,659 (1,147,909)
Total 428,750 1,576,659 (1,147,909)
In the last few fiscal years, the Company created a receivable for deferred tax assets, in application of the accounting principle.
In the course of 2004, this receivable was adjusted on the basis of its use and of the new allocations following the temporary
differences created.
Deferred tax assets are those accrued on costs and expenses (clients’ indemnity towards agents, write-down of receivables and stock
depreciation) pertaining to the current year and to the previous years but deductible in the following fiscal years, which are very
likely to be recovered. The tax loss recorded in the previous fiscal years was used in its entirety to offset the tax profit of the fiscal
year.
In the year the Company also allocated deferred tax liabilities on an expense contribution issued by San Paolo IMI, which will be
taxed in the fiscal year of the payment, and on dividends deliberated by the subsidiary Notech but not yet paid, which will be taxed
on the moment of actual payment. Deferred tax liabilities were allocated contextually to the elimination of tax inference, which was

connected to the amortization advanced in the previous fiscal years.
Below is the list of movements of the receivable for deferred tax assets:
Within
1 year
Notes to the Financial Statements
Between 1
and 5 years
Balance at 01/01/2004 1,353,347 1,576,659 2,930,006
Variation of deferred taxes receivable for 2004 1,013,982 (1,147,909) (133,927)
Variation of deferred taxes payable for 2004 (276,595) - (276,595)
Total 2,090,734 428,750 2,519,484
The breakdown of the receivable for deferred taxes is illustrated below:
(in thousands of Euro)
Balance at
12/31/2004
total
Balance at
12/31/2003
Stock depreciation reserve and returns 1,997 1,225
Receivables 87 90
Supplementary client indemnity 191 217
Reinstatement of advanced amortizations/depreciation (105) -
Representation expenses 81 72
Imi contribution (71) (65)
Dividend distribution (165) -
Mould depreciation 249 -
Tax losses carried forward - 1,110
Other 255 281
Total deferred taxes 2,519 2,930
Consistently with the tax rate used to calculate the tax burden for the current fiscal year, the Company calculated the deferred taxes – for
the Corporation tax – applying the ordinary tax rate of 33%. If it had applied the reduced rate of 20% to which listed companies are
entitled (see paragraph on “tax payables”), the result would have shown lower receivables for tax deferred for Euro 851,389.
The receivables for prepaid taxes due beyond one year are due within 5 years.
C-II-5) “Others receivables”
These include:
Within one year:
Other receivables:
Balance at
12/31/2004
Balance at
12/31/2003
Change
- from suppliers for advance payments 106,301 133,566 (27,265)
- other receivables 1,343,259 901,635 441,624
Total 1,449,560 1,035,201 414,359
Sundry receivables include Euro 229,816 for a contribution pertaining to the year 2002 granted (but not yet paid) by the Istituto S.
Paolo IMI for the purpose of developing a research project on “New waterproof and breathable leather-sole footwear and related
pilot production test”. This item includes also a receivable towards a factor for Euro 506,731 and a receivable for insurance
indemnity worth Euro 253,118.
113

C-III) Financial current assets
C-III-6) “Other securities”
Balance at
12/31/2004
Balance at
12/31/2003
Change
Other securities 15,000,000 - 15,000,000
Total 15,000,000 - 15,000,000
This item worth Euro 15,000,000 consists of a cash investment in BNL bonds (non-listed securities) whose first interest coupon
becomes payable in March 2005 at the rate of 2.305%.
As at today, these securities have been disinvested obtaining a liquidity of Euro 15 million.
C-IV) Cash and banks deposits
Balance at
12/31/2004
Balance at
12/31/2003
Change
Banks and postal accounts 44,142,281 6,555,988 37,586,293
Checks 5,500 5,500 -
Cash and cash equivalents 29,182 24,901 4,281
Total 44,176,963 6,586,389 37,590,574
The money available in bank accounts, checks and cash on hand are accounted in this item. The money available in the current
account refer to temporary availability waiting to be used to pay suppliers. The increase in cash is due to cash flows generated by
the operations and to the income (Euro 39,057,737) resulting from the share capital increase approved at the same time as the
subscription public offering.
The liquidity on current accounts receives an interest from a minimum of 2% to a maximum of 2.55%, depending on the duration of
the time deposit. The maximum deposit time is one month, expiring on January 21, 2005.
D) Accrued income and prepaid expenses
This item includes:
Accrued income
Balance at
12/31/2004
Balance at
12/31/2003
Change
- lease repayments 271,948 99,924 172,024
- Payments of phone expenses 26,534 20,765 5,769
- commercial information 141,592 85,909 55,683
- Computer maintenance 53,397 64,086 (10,689)
- advertising 48,841 325,751 (276,910)
- other accrued income 164,569 124,664 39,905
Total prepayments and accrued income 706,881 721,099 (14,218)
Prepaid expenses
- other 25,888 - 25,888
Total 732,769 721,099 11,670
Accrued income and prepaid expenses are within one year.

Notes to the main liability items
A) Shareholders’ equity
The movements of the items composing the net shareholders’ equity for 2004 are indicated in the enclosed annex.
Below is a comment on the items constituting the shareholders’ equity.
A-I) “Share Capital”
Notes to the Financial Statements
The Share Capital of Euro 25,850,000 is fully subscribed and paid up and consists of 258,500,000 shares with a face value of
Euro 0.10 each.
On December 1, 2004 the subscription public offer was completed. As a result the Share Capital was increased by Euro 850,000
– going from Euro 25,000,000 to Euro 25,850,000 – through the issuing of 8,500,000 new shares.
A-II) “Share premium reserve”
This provision saw an increase of Euro 38,207,738 following the public offering of the shares mentioned earlier. More specifically,
8,316,250 shares were subscribed at the price of Euro 4.60 while 183,750 shares were subscribed by Group’s employees at a
price of Euro 4.37 with a discount of 5% reserved to staff.
A-IV) “Legal reserve”
This reserve remained unchanged. It was previously increased through the allocation of part of the profit of the fiscal year 2001 as
deliberated by the Shareholders’ Meeting held on 05/20/2002 that approved the Financial Statements. This reserve cannot be
distributed.
A-VII) “Other reserves”
This item includes:
• the shareholders payment reserve for loss settlements (Euro 149,859);
• the Extraordinary Reserve (Euro 731,189);
• the conversion reserve (Euro 78,904) generated by the inclusion into the Financial Statements of the balance registered by
the Swiss branch. This reserve cannot be distributed;
• the rounding-up reserve (Euro 4);
• the merger surplus (Euro 12,965,042).
The stock option agreed for the listing is adequately described in the Directors’ report.
B) Reserves for liabilities and charges
The composition and the movements of these reserves are as follows:
Balance at
12/31/2003
Use Allocations Balance at
12/31/2004
Supplementary client indemnity fund 582,875 (68,626) 360,113 874,362
Tax fund - - 6,281,048 6,281,048
Returned goods fund and credit note risks 1,259,967 (1,197,509) 2,328,524 2,390,982
Risks fund 405,383 (382,903) 297,807 320,287
Total 2,248,225 (1,649,038) 9,267,492 9,866,679
The “Supplementary client indemnity fund” decreased as a result of the use occurred in the fiscal year and increased following the
allocation made at period end.
The “Reserve for return goods” reflects the cautious valuation of the goods that may be returned by the clients in relation to products
bought during the fiscal year.
The “Risks reserve” reflects the best possible estimate of the lawsuits underway.
115

The tax reserve, amounting to Euro 6,281,048, was created with the allocation of the difference between the rate of 33% of the IRES
(corporate tax) and the rate of 20% set by the Legislative Decree no. 269 of September 30, 2003 converted by the Law no. 326 of
November 24, 2003 to which listed companies are entitled. We will comment on these in more detail in the sections dedicated to tax
payables and taxes on the Income Statements.
There are no potential liabilities deemed likely that need to be mentioned in these Notes.
C) Employees’ severance indemnity
This item registered the following movements:
Balance at 12/31/2003 1,581,036
Increase for acquisition of employees from parent company 178,057
Used for termination of employment contracts (440,095)
Reversal of 0.50% deduction (60,646)
Reversal of 11% substitute tax (4,578)
Payments of additional social security (45,002)
Advances to employees (488,227)
Allocations during fiscal year 908,959
Balance at 12/31/2004 1,629,504
The item is indicated net of the advance payments made to employees.
The increase due to staff acquisition from the parent company refers to the transfer of company branch from LIR S.r.l. to Geox S.p.A.,
as mentioned before. The prepayments made to employees refer mainly to the incentive given to the staff to buy company shares
(within their entitlement) during the public offering using the severance indemnity fund net of taxes.
D) Payables
The composition and the movements of this group are as follows:
D-4) “Payables to banks”
It includes:
Within 1 year Between 1
and 5 years
Over 5 years Balance at
12/31/2004
Balance at
12/31/2003
Change
- sole accounts 64 - - 64 7,689,530 (7,689,466)
- order advances accounts 103 - - 103 1,364 (1,261)
- loans 21,466,219 13,513,609 619,954 35,599,782 47,569,291 (11,969,509)
Total 21,466,386 13,513,609 619,954 35,599,949 55,260,185 (19,660,236)
The writing-off of the payables from banks referring to advance payments on orders or portfolio advances on current account is a
direct consequence of the cash flows resulting from the typical activity and from the Share Capital increase following the listing on
the Stock Exchange.
The loans refer to:
- a loan by Banca Sella for Euro 671,944 expiring on July 2006 used to fund the acquisition and refurbishment of a
commercial company located in Milan, in Corso Vercelli, subsequently converted into a Geox Shop.
- a loan by a pool headed by Efibanca S.p.A. for the remaining Euro 33,000,000 with repayment due on 04/24/2006. The
purpose of the operation was to strengthen the financial structure of the company so that it can support the growth along internal
lines and, if applicable, external lines in a situation of financial balance. The loan included the possibility to extinguish it earlier
without penalties in case of listing of the company, provided that the paying off occurs near the date when the six-monthly
instalment is due. The closest due date is April 24, 2005.
- loan by S. Paolo Imi for Euro 1,927,838 issued on December 3, 2002 and due on November 18, 2011 used to fund a
research and development project for leather soles.

D-5) “Payables towards other financial institutions”
This item worth Euro 2,139,660, of which Euro 781,702 within the year and Euro 1,357,958 beyond one year is composed by:
Notes to the Financial Statements
• a 12-month loan granted by IBM Italia Servizi Finanziari for an original amount of Euro 45,664 repayable in 4 instalments;
the balance as at December 31, 2004 is Euro 45,664;
• a low-rate loan with Simest, originally concluded by LIR S.r.l. for Euro 1,745,946 in order to fund a foreign commercial
penetration program, subsequently acquired by Geox S.p.A. as a result of the transfer of the company branch between Geox
S.p.A. and LIR S.r.l. completed on June 30, 2004. The loan is due in 2009;
• a 12-month non-interest bearing loan granted by IBM Italia Servizi Finanziari for Euro 88,044 in 4 instalments; the balance
as at December 31, 2004 is Euro 88,044;
• a 12-month non-interest bearing loan granted by IBM Italia Servizi Finanziari for Euro 266,603 repayable in 6 instalments;
the balance as at December 31, 2004 is Euro 260,006.
The loans agreed with IBM were granted in relation to investments in hardware and software.
D-7) ”Account payable ”
This item consists of:
Balance at
12/31/2004
Balance at
12/31/2003
Change
Suppliers from Italy (including invoices requested) 21,141,660 15,865,645 5,276,015
Suppliers from abroad (including invoices requested) 28,316,047 17,079,693 11,236,354
Suppliers for advance payments - 3,515 (3,515)
Credit notes to be received (163,666) (201,420) 37,754
Total 49,294,041 32,747,433 16,546,608
The payables refer to finished goods and services. Their increase is connected with the growth of operational volumes.
The Group subscribed forward purchases of currency and options on exchange rates. These hedging operations were taken into
account when determining the balance of the payables towards suppliers.
This payables are due within one year.
D-9) “Amounts owed to subsidiaries”
Balance at
12/31/2004
Balance at
12/31/2003
Change
Geox Suisse 333,333 173,310 160,023
Geox Deutschland GmbH 2,599,657 1,058,762 1,540,895
Geox UK Ltd. 526,241 119,892 406,349
Geox Sweden AB 221,461 218,695 2,766
Geox France Sarl 1,593,225 1,014,128 579,097
Geox Respira S.A. 589,000 355,000 234,000
Wortec S.r.l. 4,551,419 - 4,551,419
Notech 23,648,383 - 23,648,383
Technic Development Slovakia 817 - 817
Technic Development Romania 21,309 - 21,309
Geox USA Inc. 4,314 - 4,314
Geox Retail USA 513,756 - 513,756
Geox Canada 5,247 - 5,247
Geox Retail France 510,802 - 510,802
Geox Japan K.K. 150,376 - 150,376
Geox Retail Holland B.V. 72,900 - 72,900
Total 35,342,240 2,939,787 32,402,453
117

These payable are of a trading nature and refer mainly to the purchase of finished products, and to the services of customer care,
coordination of the network of agents, P.R. and development of the network of franchised shops that the branches provide to Geox
S.p.A. The increase in the payables towards subsidiaries is connected with the corporate restructure that led to Geox S.p.A.
becoming the parent company and controlling, directly or indirectly, the companies that were classified as associated companies in
the previous fiscal year. The comparison with the previous fiscal year, therefore, is significant only if read in conjunction with the next
paragraph. These payables are due within one year.
D-10) “amount owned to affiliated companies”
Balance at
12/31/2004
Balance at
12/31/2003
Change
Wortec S. r. l. - 4,346,530 (4,346,530)
Notech - 19,471,250 (19,471,250)
Technic Development Slovakia - 1,609 (1,609)
Geox USA Inc. - 34,759 (34,759)
Geox Retail Netherlands B.V. - 300,892 (300,892)
Total - 24,155,040 (24,155,040)
The decrease of receivables from affiliated companies in comparison to 2003 is due to the fact that, following the company
restructure mentioned earlier, Geox S.p.A. became the parent company holding 100% of the subsidiaries. The balance of payables
for 2004 was more appropriately reclassified among the payables from subsidiaries, as mentioned in the previous paragraph.
D-11) “Payables to parent companies”
Balance at
12/31/2004
Balance at
12/31/2003
Change
LIR S.r.l. - 992,529 (992,529)
Total - 992,529 (992,529)
Payables towards the parent company LIR S.r.l. were completely written off in the first half of 2004.
D-12) “Taxes payable”
These include:
Payables to tax authorities
Balance at
12/31/2004
Balance at
12/31/2003
Change
- Tax 7,718,545 1,904,776 5,813,769
- VAT Belgian Branch 11,997 - 11,997
- Withholding taxes 911,058 494,008 417,050
Total 8,641,600 2,398,784 6,242,816
The tax payable represents a reasonable estimate of the burden for IRES (Corporate Income Tax) and IRAP (Regional Business Tax)
net of the advances and of the deductions made.
Following the listing, Geox S.p.A. could benefit from tax incentives introduced by the Legislative Decree no. 269 of September 30, 2003
and converted by the Law no. 326 of November 24, 2003. According to the decree, the company listed in a stock exchange market of
a member-state of the European Union after October 2, 2003 and until December 31, 2004, the rate of the corporate income tax (IRES)
is reduced to 20% for the tax period of the listing and in the following two years. The maximum taxable income subject to reduce tax rate
is Euro 30 million for each fiscal year. Another incentive is the one established by the same Decree, which allows companies to deduct
from the taxable income an amount equivalent to the costs borne for the admission to the listing, but only for 2004.
The amount of the Corporate Income Tax payable was calculated applying the reduced tax rate according to the mechanism
described above.
However, the European Commission notified the Italian Ministry for Foreign Affairs about its decision to assess whether the said

Notes to the Financial Statements
incentives are compatible with the EU legislation with regards to State aids. As the decree might be abrogated as a result of the EU
procedure, the parent company prudentially allocated in the tax fund the difference between the tax amount obtained applying
ordinary tax rate (33%) and the one obtained applying the reduced one (20%) as well as the effect of the lifting of the tax relief on
the expenses born for the listing.
The IRPEF (Personal Income Tax) withheld refers to the amounts that the company deducted from the salaries of employees and
consultants in its capacity as “tax withholding agent”.
D-13) “Social security charges”
These include:
Balance at
12/31/2004
Balance at
12/31/2003
Change
- towards INPS, INPDAI, PREVINDAI, FASI 885,379 630,366 255,013
- towards ENASARCO 53,564 44,026 9,538
- towards INAIL (3,699) 4,422 (8,121)
Tota 935,244 678,814 256,430
This item refers to amounts due at period end to Social Security in relation to December salaries, wages and services.
These payables will be due beyond the next fiscal year.
D-14) “Other payables”
These include:
Balance at
12/31/2004
Balance at
12/31/2003
Change
- towards employees 1,705,395 1,324,672 380,723
- other payables 2,801,568 1,427,589 1,373,979
Total 4,506,963 2,752,261 1,754,702
Payables to employees include Euro 908,506 for salaries not yet paid, Euro 644,142 for annual leave accrued but not yet used,
Euro 91,203 for fourteenth-month pay and Euro 61,544 for bonuses not yet paid. All these amounts are inclusive of their related
contributions. Sundry payables include Euro 1,800,716 for guarantee deposits received by third parties as collateral for company
lease contracts (Geox Shop).
These payables are due within the year for Euro 3,007,155 and beyond one year for Euro 1,499,808.
E) Accrued expenses and deferred income
As at December 31, this group is composed by:
Deferred income
Balance at
12/31/2004
Balance at
12/31/2003
Change
- Expenses and research contribution 38,005 54,927 (16,922)
Total 38,005 54,927 (16,922)
Accrued expenses
- interest payable on foreign exchange covering 212,018 82,183 129,835
- interest payable on loans 218,718 256,494 (37,776)
- interest rate swap differential 149,362 161,530 (12,168)
- liabilities accrued by branch 4,920 4,114 806
Total 623,023 559,248 63,775
Accrued expenses and deferred income are within one year.
119

Commitments risks and memorandum accounts
Risks assumed by the company:
Personal guarantees
• surety granted to the leaseholder of the shop in Hamburg as a collateral for rental payments by the subsidiary Geox
Deutschland GmbH. The annual rental is Euro 180,000;
• commitments for Euro 782 thousand as a guarantee to solvency of Geox USA Inc. within the limits of the overdraft of
$970,000 (equivalent to Euro 782,000);
• surety for Euro 2,532,000 granted by Geox S.p.A. to Assicuratrice Edile S.p.A. expiring on December 31, 2004 in relation
with an insurance guarantee for a VAT refund obtained by a related company;
• commitments by Geox S.p.A. to guarantee solvency of Geox Japan KK within the limits of the overdraft of Euro 1,000,000.
Commitments undertaken by the company:
Leasing contracts
This item, worth Euro 163,889, represent the total value of the expiring leasing payments, to be paid to the leaseholder and the final
redemption indicated by the lease contract (Euro 4,346).
Takeover rights for lease contracts
The company concluded a preliminary contract for taking over a real estate leasing contract if the leaseholder, i.e. a related
company, should not pay the rentals related to industrial real estate which the company uses on the basis of lease contracts. The
remaining rentals due is worth Euro 4,993,312.
Other commitments
• the Company concluded private deeds related to the lease of company branches to be converted into shops. These deeds are
currently on hold. In case the deeds are executed, Geox S.p.A. will pay Euro 800,000 as consideration.
• the parent company concluded a preliminary contract for the purchase of a company branch whose consideration has been
agreed in Euro 1,950,000 of which Euro 350,000 already paid as a deposit.
Currency bought forward:
• worth Euro 36,158,978 ($45,000,000 at the average exchange rate of around 1.24) connected with the hedging of
purchases in the Far East expressed in US Dollars.
Currency sale forward:
• worth Euro 1,865,803 ($2,500,000 at the average exchange rate of 1.34).
Foreign exchange options:
• purchase options worth Euro 40,394,849 ($50,000,000 at the average exchange rate of 1.24).

Analysis of the items in the income statements
(in Euro)
A) Value of production
A-1) “Revenues from sales and services”
It includes:
Notes to the Financial Statements
2004 2003 Change
Typical revenues 335,319,282 253,034,243 82,285,039
Raw materials 1,001,939 1,052,824 (50,885)
Discounts, returns and adjustments (13,626,379) (9,232,719) (4,393,660)
Other revenue 3,071,190 2,527,549 543,641
Total 325,766,032 247,381,897 78,384,135
The revenues from raw materials refer exclusively to sales to clients. The sales to suppliers from which the company subsequently
purchases the finished product were more appropriately classified in the item “Other revenues” (A5).
These typical revenues net of returned goods, allowances, discounts and adjustments are classified as follows:
2004 2003 Change
Shoes 288,127,977 224,515,607 63,612,370
Clothing 10,979,611 5,997,501 4,982,110
Other (605) (113) (492)
Shops takings 22,706,611 13,441,780 9,264,831
Total 321,813,594 243,954,775 77,858,819
Revenues by geographical area
2004 2003 Change
Italy 191,271,000 159,474,187 31,796,813
Abroad 134,495,032 87,907,710 46,587,322
Total 325,766,032 247,381,897 78,384,135
Further details on the breakdown of revenues can be found in the Directors’ Report.
A-2) “Inventory change for work-in-progress, unfinished and finished products”
The item “Inventory change for work-in-progress, unfinished and finished products” of Euro 18,162,314 includes a reserve for
inventory write-downs (Euro 2,968,921) and for inventory use (Euro 2,028,657).
A-5) “Other revenues and income”
This item consists of:
2004 2003 Change
Ordinary revaluations 66,323 138,231 (71,908)
Sale of promotional material 38,985 289,360 (250,375)
Extraordinary income 283,449 262,421 21,028
Insurance indemnities 287,147 16,853 270,294
Expenses and research contribution 16,922 28,182 (11,260)
Rent income 3,155,464 1,743,547 1,411,917
Sundry income 5,039,482 4,575,688 463,794
Manufacturings 331,897 403,955 (72,058)
Services and consultancy 124,897 - 124,897
Sale of raw materials 8,901,786 6,458,148 2,443,638
Sale of sundry goods 1,619,736 616,533 1,003,203
Use of funds 1,163,812 510,605 653,207
Total 21,029,900 15,043,523 5,986,377
121

Asset rentals refer to mono-brand shops opened by the Company and then franchised to third parties. These shops are located in the
town center of Trieste, Lodi, Arezzo, Monza, Bergamo, Lecco, Ferrara, Catania, Pavia, Roma, San Donà di Piave (Venice), Turin,
Messina, Vienna, Villach, Palermo, Milan (several sale points), Savona, Leghorn, Palermo, Sassari, Terni, Klagenfurt, Genoa, Bari,
Reggio Calabria and in the shopping malls in Carugate (Milan), Rozzano (Milan), Bonola (Milan) Curno (Bergamo), Novate
Milanese (Milan) and Cinisello (Milan). The increase is connected with the opening of new shops franchised to third parties.
The item “other income” includes Euro 2,036,966 for recharges made to associated companies in relation to services and sundry
costs, Euro 355,793 for “expenses to be redebited” whose balancing entry is in the item “Other operating expenses” (B14), Euro
1,990,034 for recharges made to suppliers in the Far East as a result of penalties and Euro 269,524 for recharges due to reprocessing.
Revenues connected with raw materials refer to the sale to suppliers in the Far East of patented soles and membranes, which will be
used to produce finished products subsequently bought by the Company. We deemed appropriate to classify these revenues under
this item in order to highlight more clearly the true revenues related to Geox-branded products within the item “typical revenues”.
The item “sale of sundry goods” includes the sale of furniture, of information packs on Geox Shops franchised to third parties.
The item “reserves used” refers to the use of the “Reserve for returned goods”.
B) Costs of production
B-6) “For raw materials, ancillaries, consumables and finished goods”
These include costs for the purchase of:
2004 2003 Change
Raw materials 11,057,263 8,133,946 2,923,317
Finished goods 153,868,994 132,000,940 21,868,054
Foreign exchange differences on purchases 3,786,193 4,859,313 (1,073,120)
Products for samples collections 2,700,775 1,889,963 810,812
Duties and customs certificates 7,817,831 4,742,854 3,074,977
Promotional material 939,976 1,516,703 (576,727)
Consumable materials and equipment 1,441,697 1,442,935 (1,238)
Production equipment 22,426 19,738 2,688
Fuel for motor vehicles 69,277 83,090 (13,813)
Fuel for heating 64,678 54,621 10,057
Stationery 122,182 72,466 49,716
Packaging 131,715 95,092 36,623
Shops fixtures and furnishings 1,692,380 - 1,692,380
Total 183,715,387 154,911,661 28,803,726
The costs are indicated net of returned goods, allowances, discounts and adjustments.
The purchase of finished products from the Far East were concluded in US Dollars. The Group created hedging operations in order
to guarantee the exchange rates used in the exchange rate lists. Consequently, we reclassified in this item all the exchange rate
difference on purchases originated by the difference between the spot exchange rate of the hedging and the actual exchange rate
applied for the transaction.
The increase of “costs for raw materials” is directly associated with the production increase. The considerable amount of duties and
customs expenses is due to the fact that almost all the purchases come from countries outside the European Union.
In 2004 the Company started buying fixtures and furnishings for mono-brand Geox shops directly. These fixtures and furnishings are
capitalized in the case of shops owned to be managed directly or franchised to third parties, or sold if the shop is furnished directly
by the franchisee. The purchases are treated as inventory like goods and are included in the year end inventories as undistributed
stock.

B-7) “Related to services”
These include:
Notes to the Financial Statements
2004 2003 Change
Salaries to members of the Board of Directors 52,991 111,017 (58,026)
Out of factory manufacturings 3,863,746 2,724,898 1,138,848
Telephone 691,640 617,876 73,764
Transport and duties 13,394,352 9,757,518 3,636,834
Services and consultancy 12,649,080 8,383,979 4,265,101
Statutory auditors’ fees 102,310 79,696 22,614
Credit and other insurances 2,109,448 1,622,435 487,013
Advertising and promotions 27,657,430 25,702,721 1,954,709
Representation expenses 373,560 286,063 87,497
Maintenance 480,160 347,239 132,921
Various, commercial information 1,156,451 1,099,134 57,317
Commissions 10,615,855 8,793,085 1,822,770
Traveling indemnities 1,941,552 2,048,896 (107,344)
Software assistance 698,736 293,542 405,194
ENEL (National Electricity Board) 348,075 280,982 67,093
Bank services 1,071,993 710,109 361,884
Temporary work 75,002 115,336 (40,334)
Altro 1,255,117 809,752 445,365
Total 78,537,498 63,784,278 14,753,220
The most relevant expenses are connected with the advertising and sale of the product.
The costs for “services and consultancy” include the costs borne for consultancy on samples and production, for legal, tax and
administrative consultancy, commercial and marketing consultancy and consultancy services supplied by subsidiary and associated
companies.
The item “Other costs” includes sundry expenses for samples, production, administration, fees paid to coordinated and ongoing
collaborators and lunch vouchers.
123

The salaries of Directors and Statutory auditors, as provided for by the current laws, are indicated below.
Name
and Surname
Position Period in which
the position was
held
Position end
date
Basic salary
(in Euro)
Nonmonetary
benefits
Other
payments
Mario Moretti Polegato Chairman Fiscal year 2004 (*) 25,000 - -
Diego Bolzonello Managing Director Fiscal year 2004 (*) 10,010 1,668 211,000
Stefano Romito Director Until 07/27/2004 - 17,981 - 13,198
Enrico Moretti Polegato Director
From 07/27/2004
(*) - - -
Francesco Gianni Director From 12/01/2004 (*) - - -
Umberto Paolucci Director From 12/01/2004 (*) - - -
Alessandro Antonio
Giusti
Director From 12/01/2004 (*) - - -
Bruno Barel Director From 12/01/2004 (*) - - -
Giuseppe Gravina Director From 12/01/2004 (*) - - -
Renato Alberini Director From 12/01/2004 (*) - - -
Giuseppe Fabiane Chairman of the Board of
Statutory Auditors
Until 10/20/2004 - 43,486 - -
Paola Pascoli Statutory Auditor Until 10/20/2004 - 29,412 - -
Stefano Bordin Statutory Auditor Until 10/20/2004 - 29,412 - -
Fabrizio Colombo Chairman of the Board of
Statutory Auditors
From 10/20/2004 (*) - - -
Achille Frattini Statutory Auditor From 10/20/2004 (*) - - -
Andrea Luca Rosati Statutory Auditor From 10/20/2004 (*) - - -
(*) In office until the approval of the Financial Statements for the year ending on December 31, 2006.
B-8) “Costs for use of assets owned by others”
These consist of:
2004 2003 Change
Rent expenses 6,249,495 4,194,651 2,054,844
Leases and rentals 543,886 541,908 1,978
Royalties 79,121 22,724 56,397
Total 6,872,502 4,759,283 2,113,219
- rental expenses in relation to shops (Euro 2,938,678) and instrumental and civil real estate (Euro 3,310,817);
- leases for equipment (Euro 94,517), car hire (Euro 413,885) and sundry (Euro 35,484).

B-9) “For employees”
The average number of staff employed is shown below:
Notes to the Financial Statements
2004 2003 Change
Senior Managers 10 8 2
Office employees 352 314 38
Clerical workers / Workers 71 77 (6)
Total 433 399 34
The breakdown of these costs is indicated in the Income Statements.
B-10-a-b) “Depreciation and amortization”
Details of the depreciation and amortization are illustrated in the specific annexes.
B-10-c) “Other devaluations of fixed assets”
As already mentioned when commenting the item “industrial and commercial equipment”, this amount corresponds to the write-down
of the residual value of moulds in use as at December 31, 2004.
B-10-d) “Write-down of receivables included in current and liquid assets”
As already mentioned when commenting the item “receivables from clients”, the amount allocated corresponds to the write-down of
receivables that we thought it was appropriate to allocate in an adequate proportion to the risk of the receivable.
B-11) “Change in inventory of raw materials, ancillaries, consumables and goods”
This item includes the variation in the inventory of raw materials for Euro 263,204.
B-12) “Risk provisions”
These are the allocations to the risks provision account (Euro 297,807).
B-13) “Other provisions”
This item includes the allocations to the client indemnity provision related to agents (Euro 360,114) and to the reserve for returned
goods (Euro 2,328,523).
B-14) “Other operating expenses”
These include:
2004 2003 Change
Non-income taxes 61,811 50,850 10,961
Contributions to associations 32,131 9,374 22,757
Other expenses 922,783 634,095 288,688
Contingent liabilities 208,642 217,979 (9,337)
Non-deductible costs 7,435 11,606 (4,171)
Ordinary capital losses 46,206 70,811 (24,605)
Donations 45,994 26,458 19,536
Other charges 1,106 - 1,106
Total 1,326,108 1,021,173 304,935
The item “other expenses” includes “expenses to be redebited” for Euro 900,974 whose balancing entry is in the item “Other
revenues and income” (A5) among sundry revenues.
125

C) Financial income and charges
C-15) “Income from equity investments”
This includes Euro 10,000,000 in connection with dividends distributed by the subsidiary Notech.
C-16) “Other financial income”
The item “income other than the previous” includes:
From securities included in current assets
2004 2003 Change
Interest income on securities 13,262 - 13,262
Total 13,262 - 13,262
Other sundry income
Bank interest receivable 224,111 20,945 203,166
Interest income from clients 36,204 19,130 17,074
Other interest 606,573 774,348 (167,775)
Total 866,888 814,423 52,465
“Other interests” includes interest on loans towards parent companies (LIR S.r.l.) for Euro 174,516, towards Geox Holding B.V. (Euro
179,589.84) and towards subsidiaries (Euro 233,625.47).
C-17) “Interest payable and similar charges”
These include:
Other receivables
2004 2003 Change
Bank interest receivable and charges 661,739 916,775 (255,036)
Interest payable on loans 1,332,020 1,353,560 (21,540)
Sundry interest payable 932,898 719,001 213,897
Discounts and financial allowances 1,724,209 1,055,756 668,453
Total 4,650,866 4,045,092 605,774
Sundry interest payable includes Euro 109,867 for exchange rates covering operations and Euro 815,225 for rates covering
operations.
C-17-bis) “Profit and loss on foreign exchange”
These include:
2004 2003 Change
Difference receivable in foreign exchange 2,766,569 1,685,561 1,081,008
Difference payable in foreign exchange (3,046,680) (2,558,019) (488,661)
Total (280,111) (872,458) 592,347
The differences on exchange rates include Euro 526,202 as allocated liability deriving from the adjustments of the balance in foreign
currency to the year end exchange rates.

E) Extraordinary income and expenses
E-20) “Extraordinary income”
Notes to the Financial Statements
In compliance with the changes introduced by the reform of Italian company law with regards to Financial Statements, with particular
reference to the elimination of tax interference, the Company increased the value of the tangible fixed assets in proportion to the
effect of the accounting of advance depreciations made in previous periods. Consequently, the Company increased the value of
tangible fixed assets as at December 31, 2004 by Euro 283 thousand and recorded an extraordinary income for Euro 342,844
and depreciation for Euro 60,000 as balancing entry.
E-21) “Extraordinary expenses”
The item “Extraordinary income” of Euro 342,844 – as mentioned in the previous paragraph – included deferred tax liabilities for
Euro 127,709. This accounting principle is the one suggested by the Italian Accounting Standard Setter (OIC).
E-22) “Income taxes”
These include:
2004 2003 Change
Current income taxes 14,654,202 2,264,003 12,390,199
Deferred taxes 283,129 401,152 (118,023)
Total 14,937,331 2,665,155 12,272,176
The income taxes are determined considering the deferred tax assets and liabilities that emerged during the year. The deferred tax
assets refer to costs and expenses pertaining to the period but deductible only in subsequent fiscal years. The deferred tax liabilities
refer to revenues pertaining to the period that will be taxed in the following fiscal year.
Current and deferred taxes were calculated applying the ordinary IRES rate (33%) because, according to the cautious valuation of
the administrators, there is not enough certainty about the tax incentives introduced with the Decree September 30, 2003 no. 269
and converted by the Law November 24, 2003, no. 326. For more details see paragraph on “Tax payables”.
The following table highlights the reconciliation between the actual tax burden and the theoretical one:
(in thousands of Euro) 2004 %
Profit or loss before tax 46,551 100.0%
Theoretical tax (*) 15,362 33.0%
Actual tax 14,937 32.1%
This difference can be explained considering: (425) (0.9%)
1) IRAP (Regional Business Tax) and other local taxes 3,134 6.7%
2) fiscal effect on taxation of dividends (3,135) (6.7%)
3) Other permanent differences (424) (0.9%)
Total difference (425) (0.9%)
(*) Theoretical taxes are calculated applying the IRES (Corporate tax) rate (33%).
Biadene di Montebelluna (Treviso), February 28, 2005
On behalf of the Board of Directors
The Chairman
Dr. Mario Moretti Polegato
127

Additional Statements
The additional statements contain additional information to that exposed in the Notes to the Consolidated Financial Statements, to
the Balance Sheet and Income Statements, of which they are an integral part.
- Cash flow statement
- Change in consolidated intangible fixed assets
- Change in consolidated tangible fixed assets
- Variations of the Shareholders’ Equity
- List of shareholdings

Annex no. 1
Cash flow statement
(in thousands of Euro)
Cash flows generated by operations
Notes to the Financial Statements
2004 2003
Net Profit 31,486 (367)
Adjustments to link Net Profit to Assets Liquid assets generated (used) by operations:
Amortization and write-downs 33,349 29,687
Allocation for (use of) deferred tax reserve and other reserves 8,029 1,016
Severance indemnities matured during the year - net (128) 212
Variation in current assets and liabilities
41,250 30,915
Trade receivables (30,842) (22,041)
Accrued income and prepaid expenses and other assets 5,670 (5,613)
Inventories (18,426) (17,015)
Account payable 45,664 18,145
Accrued liabilities and deferred income and other liabilities 2,013 469
Tax reserve (2,031) 1,328
Variations in long-term assets and liabilities
2,048 (24,727)
Other long-term assets (128) (88)
(128) (88)
Cash flows generated by operations 74,656 5,733
Cash flows generated by investments
Capital expenditure in intangible fixed assets (18,294) (12,299)
Capital expenditure in tangible fixed assets (6,589) (5,014)
Capital expenditure in shareholdings (32,260) (291)
(57,143) (17,604)
Disposals 487 370
Acquisition of business net of the net financial position acquired (495) -
Cash flows used for investments (57,151) (17,234)
Cash flows from financial activities
Increase of share capital 39,058 -
Cash flows generated by financial activities 39,058 -
Variation in the net financial position 56,563 (11,501)
Net financial position at start of the fiscal year (44,177) (32,654)
Impact of the merger with Geox Holding BV on net financial position 9,051 -
Impact of translation differences on net financial position - (22)
Net financial position at the end of the fiscal year 21,437 (44,177)
(in thousands of Euro)
31-12-2004 31-12-2003
Cash and banks deposits 44,177 6,586
Other current financial activities 15,000 -
Bank borrowings - (7,691)
Current portion of loans (22,248) (12,183)
Short term loan to parent companies - 4,550
Short-term net financial position 36,929 (8,738)
Bank loans (15,492) (35,439)
Long-term net financial position (15,492) (35,439)
Net financial position 21,437 (44,177)
129

Annex no. 2
Geox S.p.A. - Intangible fixed assets
Statement of changes in consolidated intangible fixed assets at 12/31/2004
(in Euro)
Starting situation
Formation
and start-up
costs
Research &
development
and
advertising
costs
Industrial
patents
and use of
intellectual
property
rights
Concessions,
licences,
trademarks
and similar
rights
Goodwill Intangible
assets
in progress
and
paym. on
accounts
Other
intangible
fixed assets
Original cost 111,041 731,019 3,541,350 224,084,571 14,052,853 9,450,110 251,970,944
Revaluations - - - - - - - -
Write-downs - - - - - - - -
Translation
differences
Progressive
amortization
Balance
at 12/31/2004
Movements recorded
during the year:
- - - - - - - -
(80,548) (731,019) (1,856,738) (44,749,631) (2,995,725) - (2,752,052) (53,165,713)
30,493 - 1,684,612 179,334,940 11,057,128 - 6,698,058 198,805,231
Acquisitions 8,288,484 1,110,884 952,544 1,017,222 369,258 6,555,453 18,293,845
Merger
Historical cost - - 3,718 - 2,991,581 - 248,340 3,243,639
Amortization reserve - - (1,136) - (274,029) - (33,866) (309,031)
Translation
differences
Total
- - - 8,726 - - - 8,726
Net disposals - - (47,805) - (79,787) - (30,675) (158,267)
Amortization during
the year
Acquisition of
company branch
from Geox Int.
(217,440) (1,041,073) (22,504,133) (1,649,141) (2,782,814) (28,194,601)
Historical cost - - 118,020 - - - - 118,020
Amortization reserve - - (33,354) - - - - (33,354)
Revaluations - - - - - - - -
Final situation:
Original cost 8,399,525 731,019 4,726,167 225,045,841 17,981,869 369,258 16,223,228 273,476,907
Revaluations - - - - - - - -
Write-downs - - - - - - - -
Translation
differences
Progressive
amortization
Balance
at 12/31/2004
- - - - - - - -
(297,988) (731,019) (2,932,301) (67,253,764) (4,918,895) - (5,568,732) (81,702,699)
8,101,537 - 1,793,866 157,792,077 13,062,974 369,258 10,654,496 191,774,208

Annex no. 3
Changes in consolidated tangible fixed assets as at 12/31/2004
(in Euro)
Fixed assets Lands and
Buildings
Starting situation
Plants and
Machinery
Industrial
and
Commercial
Equipment
Other
Tangible
assets
Notes to the Financial Statements
Intangible
assets
In progress
and
Advances
Historical cost - 2,334,583 5,052,342 8,364,106 - 15,751,031
Revaluations - - - - - -
Translation differences - - - - - -
Depreciation funds - (754,029) (3,194,919) (3,654,248) - (7,603,196)
Balance at 12/31/2003 - 1,580,554 1,857,423 4,709,858 - 8,147,835
Movements recorded during the year:
Acquisitions - 362,716 3,223,874 2,477,283 181,992 6,245,865
Merger -
Historical cost - 82,136 9,336 202,038 - 293,510
Depreciation reserve - (8,723) (991) (41,618) - (51,332)
Exchange rate differences - - - 58 - 58
Net disposals - (28,569) (19,784) (88,226) - (136,579)
Depreciation - (313,663) (2,065,041) (2,105,436) - (4,484,140)
New classifications - 68,000 3,000 271,844 - 342,844
Acquisition of company branch
from Geox int.
Historical cost - - - 192,714 - 192,714
Depreciation reserve - - - (37,127) - (37,127)
Write-downs - - (668,878) - - (668,878)
Final situation
Original cost - 2,818,866 8,268,768 11,419,817 181,992 22,689,443
Write-downs - - (668,878) - - (668,878)
Translation differences - - - - - -
Depreciation reserve - (1,076,415) (5,260,951) (5,838,429) - (12,175,795)
Balance at 12/31/2004 - 1,742,451 2,338,939 5,581,388 181,992 9,844,770
Total
131

Annex no. 4
List of movements of net shareholders’ equity
(in Euro)
Description
Share
capital
Reserve
from
share
premium
Merger
surplus
Legal
reserve
Extraordinary
reserve
Payment
towards
settlement
Translationadjustment
Profit
(loss)
carried
forward
Euro
rounding-up
reserve
Profit
(loss) for
the fiscal
year
Total
shareholders’
equity
Balance at
01/01/2004
25,000,000 206,470,258 - 39,611 731,189 149,859 (79,614) (7,996,384) (3) (366,835) 223,948,081
Allocation
of operating
profit/loss from
last fiscal year
Surplus from
merger with
Geox holding
b.V.
Translation
adjustment
for branch
equipment
fund
Increases from
quotation
Operating
result for the
year ending
12/31/2004
Euro
rounding-up
- - - - - - - (366,835) - 366,835 -
- - 12,965,042 - - - - - - - 12,965,042
- - - - - - 710 - - - 710
850,000 38,207,738 - - - - - - - - 39,057,738
- - - - - - - - - 31,486,380 31,486,380
- - - - - - - (2) 7 - 5
Balance at
12/31/2004
25,850,000 244,677,996 12,965,042 39,611 731,189 149,859 (78,904) (8,363,221) 4 31,486,380 307,457,956

Annex no. 5
List of shareholdings held in subsidiary companies for the fiscal year ending on December 31, 2004
Company Name Head Office Currency
Subsidiary companies
Share
capital
Net
capital and
reserves
(Euro)
Profit (Loss)
for the fiscal
year (Euro)
Notes to the Financial Statements
Shareholding
owned
directly indirectly
Book value
(Euro)
- Geox Deutschland GmbH Ratingen, Germany EUR 500,000 563,573 5,352 100.00% - 509,954
- Geox Respira SA Barcelona, Spain EUR 200,000 235,673 15,682 100.00% - 206,031
- Geox Sweden AB Stockholm, Sweden SEK 2,295,000 284,829 13,560 100.00% - 252,130
- Geox France Sarl Sallanches, France EUR 7,630 55,839 9,528 100.00% - 7,630
- Geox Suisse SA Lugano, Switzerland CHF 200,000 146,129 13,251 100.00% - 136,846
- Geox UK Ltd. London, UK GBP 150,000 228,119 18,060 100.00% - 225,732
- Geox Japan K.K. Tokyo, Japan JPY 30,000,000 (995,423) (1,014,966) 100.00% - 2,214
- Geox Canada Ontario, Canada CAD 100 (724,831) (475,170) 100.00% - 65
- Notech Budapest (Hungary) EUR 40,024 28,406,809 11,800,717 99.00% 1.00% 26,605,692
- Geox Usa Inc. Newark, USA USD 1 1,870,472 919,075 100.00% 4,404,129
- Tecnich Development
Romania
- Tecnich Development
Slovacchia
Timisoara (Romania) LEI 10,000,000 (382,924) 452,919 1.00% 99.00% 3
Prievidza, Slovakia SKK 200,000 (498,913) 705,830 15.00% 85.00% 677
- Wortec S.r.l. Signoressa, Italia EUR 1,000,000 1,394,376 118,644 1.00% 99.00% 13,000
- Geox Retail France Parigi, Francia EUR 1,000,000 383,147 26,528 100.00% - 376,176
- Geox Retail Usa Newark, Usa USD 1 (468,124) 37,092 - 100.00% -
- Geox Retail Holland B.V. Amsterdam,
Netherlands
EUR 20,000 4,512 2,370 100.00% - 9,642
- Geox Asia Pacific Ltd. Hong Kong USD 1,282 (21,354) (24,416) 100.00% - 1,053
133

Auditors’ report on the financial statements

Dear Shareholders,
Since our appointment on October 20, 2004, we have carried out the audits required by law, in accordance also with the principles
of conduct for boards of statutory auditors established by the Italian Association of Accountants and Bookkeepers.
In particular:
• we monitored the compliance with the law, with the Articles of Association and the principles of proper administration;
• we attended the meetings of the Shareholders, of the Board of Directors and of the Executive Committee and we obtained
from the Directors information on the general management trend, on its foreseeable evolution and also on operations and
transactions with the most significant equity, economic and financial impact made by the company making sure that the
operations approved and put in place did not appear as clearly incautious, hazardous, in potential conflict of interests or in
conflict with resolutions of Shareholders or such as to compromise the integrity of the company’s assets;
• we acknowledged and supervised, for the part under our responsibility, on the adequacy of the Company’s organizational
structure through direct observation, by collecting information and by meeting with representatives of the independent auditing
company Reconta Ernst & Young S.p.A., also with the aim of a reciprocal exchange of data and information. In this respect,
we have no particular remarks to report;
• we evaluated and supervised the adequacy of the internal audit system, of the activity carried out by the team in charge of
internal audit, of the administration and accounting system and the reliability of this to represent correctly the transactions, by
collecting information, by examining company’s documents and the work performed by the independent auditing company;
• we evaluated and supervised the adequacy of the instructions given by the company to subsidiaries. These instructions
enabled the subsidiaries to provide the parent company with timely information, necessary to comply with the communication
obligations pursuant to the law;
• we verified the compliance with the laws with regards to the preparation of the Financial Statements, of the Consolidated
Financial Statements as at December 31, 2004 and of the Directors’ report through direct examinations and the information
received by the independent auditing company.
During the surveillance activity described above, no omissions, censurable events and/or irregularities or significant events to be
reported to control authorities or in this report were noted. Following recommendations established by CONSOB, the Board of
Statutory Auditors report the following:
• no atypical or unusual transactions were noted, including those inter-group or with related parties;
• the information provided by the Board of Directors, also with particular reference to operations inter-group or with related parties
is considered adequate. These operations, in particular, have to be considered connected with the achievement of the company’s
purpose. The nature and the economic effect of said ordinary operations are indicated in the Notes to the Financial Statements
and are consistent and meet the needs of the company. With this regard, no potential conflicts of interest or performance of
operations that can significantly have an impact on the economic, equity and financial position of the company were noted;
• the company substantially adhered to the self-governance code prepared by the Italian Committee on Corporate Governance
for listed companies, as indicated in the specific report prepared by the Board of Directors;
• since its appointment, the Board of Statutory Auditors:
- had meetings and information exchanges with representatives of Reconta Ernst & Young S.p.A. and, notwithstanding the fact
that the audit report on the Financial Statements and on the Consolidated Financial Statements has not yet been completed,
has reasons to expect an opinion without remarks;
- did not express opinions in accordance with Articles No. 2389, sub-section 3 of the Italian Civil Code and 159 of the
Legislative Decree No. 58/98;
• since the listing of the company (December 1, 2004) and until the end of the fiscal year:
- 1 meeting of the Board of Directors, 1 meeting of the Executive Committee and 1 meeting of the Board of Statutory Auditors
were held;
- the company did not assign further tasks to Reconta Ernst & Young S.p.A. apart from the one related to auditing its Financial
Statements, Consolidated Financial Statements and the half-year report, and neither did it assign tasks to other subjects
connected to the company through ongoing relationships and forming part of the international network of the Group.
Therefore, while informing you that no complaints in accordance with Art. 2408 of the Civil Code or statements were received by
the Board of Statutory Auditors, we express favorable opinion for the approval of the Financial Statements as at December 31, 2004
showing an operating profit of Euro 31,486,380. We acknowledge and agree with the proposal by the Board of Directors of
distributing the dividend, also in consideration of the equity reserves available.
Milan, April 4, 2005
Report by the Board of Statutory Auditors
THE BOARD OF STATUTORY AUDITORS
Fabrizio Colombo
Achille Frattini
Andrea Rosati
135

Registered Office
Via Feltrina Centro 16
31030 Biadene di Montebelluna (Treviso), Italy
Legal data
Share Capital: Euro 25,850,000 fully paid up
Economic and Administrative Database no. 265360
Treviso Commercial Register and Taxpayer’s Code no. 03348440268
Press and Communication Department
thanai.bernardini@geox.com
Tel. +39 0423 282529
Fax +39 0423 282125
Investor Relations
livio.libralesso@geox.com
luciano.santel@geox.com
Tel. +39 0423 2822
Fax +39 0423 282384
Company’s data and information for Shareholders

Geox S.p.A.
via Feltrina Centro, 16
31030 Biadene di Montebelluna (TV) - Italy
tel. +39 0423 2822
fax +39 0423 282125
www.geox.com