Annual Report 2009 - Ecco

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Group structure as of 31 December 2009 ECCO Sko A/S Subsidiaries, Sales Europe West & East Europe Central Americas Asia/Pacific THE NETHERLANDS ECCO Europe West B.V. THE NETHERLANDS ECCO Shoes Netherlands B.V. UK ECCO Shoes UK Limited BELGIUM ECCO Belgium N.V. FRANCE ECCO France Diffusion S.a.r.l. PORTUGAL ECCO (Portugal) Sales Comercialização de Sapatos, Lda. SPAIN ECCO Shoes Iberica, S.L. ITALY ECCO Scarpe Italia S.r.l. POLAND ECCO Europe East and Middle East Sp. z o.o. POLAND ECCO Shoes Poland Sp. z o.o. THE CZECH REP. ECCO Boty Ceská republika s.r.o. SLOVAKIA ECCO Shoes Slovakia, s.r.o. HUNGARY ECCO Hungary Kft. CYPRUS ECCO Cyprus Limited DENMARK ECCO Middle East A/S UNITED ARAB EMIRATES ECCO Middle East A/S (Branch) LATVIA ECCO Baltic SIA ECCO Shoe Factories SLOVAKIA ECCO Slovakia, a.s. INDONESIA PT. ECCO Indonesia THAILAND ECCO (Thailand) Co., Ltd. SINGAPORE ECCO China Holding (Singapore) Pte. Ltd. CHINA ECCO (Xiamen) Co., Ltd. SWEDEN ECCO Sverige AB DENMARK Salgsselskabet ECCO Danmark A/S DENMARK ECCO Retail A/S NORWAY ECCO Norge A/S FINLAND Oy ECCO-Suomi Ab GERMANY ECCO Schuhe GmbH AUSTRIA ECCO Trading GmbH SWITZERLAND ECCO Schuhe Schweiz GmbH Subsidiaries, Production USA ECCO USA, Inc. ECCO Leather THE NETHERLANDS ECCO Leather B.V. USA ECCO Retail LLC USA ECCO Internet, Inc. CANADA ECCO Shoes Canada, Inc. THE NETHERLANDS ECCO Tannery (Holland) B.V. INDONESIA PT. ECCO Tannery Indonesia THAILAND ECCO Tannery (Thailand) Co., Ltd. SINGAPORE ECCO Tannery Holding (Singapore) Pte. Ltd. CHINA ECCO Tannery (Xiamen) Co., Ltd. CHINA Danna Leather (Xiamen) Co., Ltd. HONG KONG ECCO Asia Pacific Limited HONG KONG ECCO Shoes Hong Kong Limited Accessories: SWITZERLAND ECCO Shoes International AG E-store: DENMARK ECCO e-store ApS MACAO ECCO Macao Limited TAIWAN ESHK Ltd. Taiwan Branch SINGAPORE ECCO Singapore Pte. Ltd. AUSTRALIA ECCO Shoes Pacific Pty. Ltd. NEW ZEALAND ECCO Shoes (NZ) Limited INDIA ECCO India Trading Private Limited SINGAPORE ECCO China Wholesale Holding (Singapore) Pte. Ltd. Product Development: PORTUGAL Ecco’let (Portugal) – Fábrica de Sapatos, Lda. CHINA ECCO (Shanghai) Co., Ltd. JAPAN ECCO Retail Japan Pte. Ltd. Dormant companies have been left out ECCO’s Annual Report 2009 / Group structure as of 31 December 2009 13
14 The Markets in 2009 The market conditions for global shoe sales have been very challenging throughout 2009. Although a degree of recovery was experienced in certain markets during the year, the negative impact of the economic crisis led to a slowdown in all ECCO’s sales regions. The main challenges included lower consumer traffic and spending in the markets, cash-flow constraints and fluctuating currencies. In particular, the U.S. showed a significant downturn in consumer spending. The effects of the financial crisis not only led to lower spending but also to decreased average sale per customer. ECCO’s Annual Report 2009 / The Markets in 2009 ECCO recognised the same pattern in the UK where the market has also been very tough throughout the year. Russia and the Ukraine were also deeply affected by the crisis. The local currencies of Russia and the Ukraine lost significant ground against the euro. Both currencies fluctuated with losses of 30% - 50% against the euro compared to the beginning of 2009. On the positive side, markets such as Scandinavia and Asia recovered in the third quarter and increased sales by the end of the year. Composition of sales by geography in 2009 (in %) Europe Central 35.3% Europe West & East 38.9% Americas 17.0% Asia/Pacific 8.8% 17.0% ��Europe Central ��Europe West & East ��Americas ��Asia/Pacific 38.9% The most positive highlights of the year were in Poland and Canada. The store expansion strategy of recent years was the main reason for record growth in these markets in 2009. Another highlight from the smaller markets was ECCO Italy, which continued to expand its business in a very competitive and difficult market situation. By the end of the year there were some indications that the economy might stabilise further, but ECCO expects that the market situation will still be difficult over the next few years. 8.8% 35.3%
Page 1 and 2: ECCO ECCO Sko A/S Sko A/S Industriv
Page 3 and 4: 2 ECCO’s Annual Report 2009 /
Page 5 and 6: 4 ECCO achieved acceptable profits
Page 9 and 10: 8 Annual result Total income for 20
Page 11 and 12: 10 The ECCO organisation The ECCO o
Page 13: 12 ECCO’s Annual Report 2009 /
Page 17 and 18: 16 The staff is trained to give the
Page 19 and 20: 18 ECCO’s new store concept start
Page 21 and 22: 20 Customer service is priority num
Page 23 and 24: 22 At all ECCO’s factories, emplo
Page 25 and 26: 24 ECCO’s designers work closely
Page 27 and 28: 26 ECCO’s Thailand factory celebr
Page 29 and 30: 28 A team of designers, leather buy
Page 33 and 34: 32 Hunting down imitation ECCO shoe
Page 35 and 36: 34 Financial matters Financial risk
Page 38 and 39: ECCO’s Annual Accounts 2009 ECCO
Page 40 and 41: Independent auditors’ report To t
Page 42 and 43: eceive a joint taxation contributio
Page 44 and 45: Income statement for the year ended
Page 46 and 47: Balance sheet as of 31 December 200
Page 48 and 49: Notes to the Group and Parent Compa
Page 56: Notes to the Group and Parent Compa
Page 59 and 60: 58 ECCO’s Code of Conduct & Envir
Page 61 and 62: 60 ECCO’s Code of Conduct & Envir
Page 63 and 64: 62 In 2009, the participants of ECC
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64 ECCO’s Code of Conduct & Envir
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66 The environment and working envi
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68 ECCO group policy on the environ
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70 2009 Statements from ECCO units
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72 2009 Statements from ECCO units
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Annual Report 2009 - Ecco

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