ECCO SKO A/S - CVR: 45349918

2022, EUR

02.06.2023

Bruttoresultat

Na.

Primær drift

-15.617'

Årets resultat

39.652'

Aktiver

1.462''

Kortfristede aktiver

461''

Egenkapital

491''

Afkastningsgrad

-1 %

Soliditetsgrad

34 %

Likviditetsgrad

82 %

Resultat

02.06.2023

Årsrapport	2022 02.06.2023	2021 25.05.2022	2020 02.06.2021	2019 28.05.2020	2018 31.05.2019	2017 31.05.2018	2016 29.05.2017	2015 27.05.2016
Nettoomsætning	729.167.000	598.743.000	616.796.000	723.306.000	743.534.000	726.104.000	719.966.000	674.029.000
Resultat af primær drift	-15.617.000	-50.531.000	2.784.000	49.162.000	51.273.000	22.558.000	23.893.000	43.824.000
Indtægter af kapitalandele (tilknyttede og associerede)	0	0	0	0	0	0	0	0
Finansielle indtægter	10.366.000	7.602.000	3.576.000	5.585.000	5.022.000	5.372.000	0	0
Finansieringsomkostninger	-14.496.000	-6.655.000	-2.565.000	-4.821.000	-4.763.000	-4.814.000	5.493.000	1.469.000
Andre finansielle omkostninger	0	0	0	0	0	0	0	0
Resultat før skat	35.850.000	-36.604.000	-11.644.000	125.254.000	131.166.000	114.212.000	110.216.000	125.742.000
Resultat	39.652.000	-23.954.000	-6.413.000	112.334.000	122.653.000	109.259.000	104.214.000	114.492.000
Forslag til udbytte	-25.000.000	-25.000.000	-40.000.000	-72.000.000	-91.000.000	-94.000.000	-84.000.000	0

Aktiver

02.06.2023

Årsrapport	2022 02.06.2023	2021 25.05.2022	2020 02.06.2021	2019 28.05.2020	2018 31.05.2019	2017 31.05.2018	2016 29.05.2017	2015 27.05.2016
Kortfristede varebeholdninger	81.498.000	59.506.000	57.654.000	67.160.000	71.534.000	67.308.000	72.132.000	76.888.000
Kortfristede tilgodehavender fra salg og tjenesteydelser	379.113.000	152.469.000	216.880.000	140.460.000	135.996.000	139.080.000	128.579.000	118.009.000
Likvider	409.000	881.000	597.000	11.675.000	25.070.000	5.964.000	2.203.000	7.394.000
Kortfristede aktiver	461.020.000	212.856.000	275.131.000	219.295.000	232.600.000	212.352.000	202.914.000	202.291.000
Immaterielle aktiver og goodwill	32.306.000	27.187.000	23.971.000	17.316.000	15.143.000	12.250.000	8.569.000	8.589.000
Finansielle anlægsaktiver	929.026.000	848.635.000	738.743.000	631.855.000	582.911.000	538.204.000	595.667.000	573.536.000
Materielle aktiver	39.687.000	41.240.000	40.774.000	30.147.000	29.353.000	30.863.000	36.513.000	36.828.000
Langfristede aktiver	1.001.019.000	917.062.000	803.486.000	679.318.000	627.407.000	581.317.000	640.749.000	618.953.000
Aktiver	1.462.039.000	1.129.918.000	1.078.618.000	898.613.000	860.007.000	793.669.000	843.663.000	821.244.000

Aktiver

02.06.2023

Passiver

02.06.2023

Årsrapport	2022 02.06.2023	2021 25.05.2022	2020 02.06.2021	2019 28.05.2020	2018 31.05.2019	2017 31.05.2018	2016 29.05.2017	2015 27.05.2016
Forslag til udbytte	25.000.000	25.000.000	40.000.000	72.000.000	91.000.000	94.000.000	84.000.000	0
Egenkapital	491.118.000	498.436.000	539.877.000	648.754.000	617.366.000	592.123.000	595.551.000	579.376.000
Hensatte forpligtelser	0	0	0	0	0	0	0	12.180.000
Langfristet gæld til banker	0	0	0	61.208.000	57.615.000	46.714.000	100.417.000	77.603.000
Anden langfristet gæld	0	0	3.434.000	1.192.000	0	0	0	0
Leverandører af varer og tjenesteydelser	21.096.000	20.007.000	12.641.000	15.694.000	13.997.000	11.694.000	14.385.000	15.303.000
Kortfristede forpligtelser	560.709.000	450.298.000	333.308.000	187.459.000	185.026.000	154.832.000	147.695.000	164.265.000
Gældsforpligtelser	0	631.482.000	538.741.000	249.859.000	242.641.000	201.546.000	248.112.000	241.868.000
Forpligtelser	0	631.482.000	538.741.000	249.859.000	242.641.000	201.546.000	248.112.000	241.868.000
Passiver	1.462.039.000	1.129.918.000	1.078.618.000	898.613.000	860.007.000	793.669.000	843.663.000	821.244.000

Passiver

02.06.2023

Nøgletal

02.06.2023

Årsrapport	2022 02.06.2023	2021 25.05.2022	2020 02.06.2021	2019 28.05.2020	2018 31.05.2019	2017 31.05.2018	2016 29.05.2017	2015 27.05.2016
Afkastningsgrad	-1,1 %	-4,5 %	0,3 %	5,5 %	6,0 %	2,8 %	2,8 %	5,3 %
Dækningsgrad
Resultatgrad	5,4 %	-4,0 %	-1,0 %	15,5 %	16,5 %	15,0 %	14,5 %	17,0 %
Varelagerets omsætningshastighed	8,9	10,1	10,7	10,8	10,4	10,8	10,0	8,8
Egenkapitals-forretning	8,1 %	-4,8 %	-1,2 %	17,3 %	19,9 %	18,5 %	17,5 %	19,8 %
Payout-ratio	63,0 %	-104,4 %	-623,7 %	64,1 %	74,2 %	86,0 %	80,6 %	Na.
Gældsdæknings-nøgletal	-107,7 %	-759,3 %	108,5 %	1.019,7 %	1.076,5 %	468,6 %	-435,0 %	-2.983,3 %
Soliditestgrad	33,6 %	44,1 %	50,1 %	72,2 %	71,8 %	74,6 %	70,6 %	70,5 %
Likviditetsgrad	82,2 %	47,3 %	82,5 %	117,0 %	125,7 %	137,1 %	137,4 %	123,1 %

Resultat

02.06.2023

Gæld

02.06.2023

Årsrapport

02.06.2023

Nyeste:01.01.2022- 31.12.2022(offentliggjort: 02.06.2023)

Beretning

02.06.2023

Dato for ledelsens godkendelse af årsrapporten:2023-03-16

Ledelsespåtegning:Statement by the ManagementToday, the Managing Board and the Supervisory Board have discussed and approved the annual report of ECCO Sko A/S for the financial year 1 January - 31 December 2022. The annual report has been prepared in accord- ance with the Danish Financial Statements Act. In our opinion, the consolidated financial state- ments and the Parent Company financial state- ments give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022, and of the results of the Group’s and the Parent Company’s operations and the consolidated cashflows for the financial year 1 January – 31 December 2022. Further, in our opinion, the Management’s review gives a fair view of the developments in the Group’s and the Parent Company’s operations and financial state, and the results of the Group’s and the Parent Company’s operations and finan- cial position. We recommend that the annual report be ap- proved at the Annual General Meeting.

Management's review

Beskrivelse af virksomhedens væsentligste aktiviteter:PRINCIPAL ACTIVITIESThe purpose of the company is manufacturing footwear and accessories for sale in the wholesale and retail business, other production and trade activities as decided by the board of directors, and having ownership of subsidiaries within production and sales. DEVELOPMENT IN ACTIVITIES AND FINANCIAL MATTERSSales and profitability increased in 2022 despite another year of volatility and complexity. Inflation, geopolitical tension, and continued supply chain challenges with high transportation costs created a challenging environment. In January 2022, the controlling interest in ECCO Europe AG was acquired and consequently, the European sales activities are fully consolidated in the Group financial statements for 2022. Sales for the year grew by 30% to EUR 1,585. 8m with comparable growth including consolidated European sales entities being 18%. Profit before tax increased by 106% to EUR 88. 2m, an improvement corresponding to the outlook presented last year. Shø sales grew in large part from stronger price realisation. This eased margin pressure from high freight costs and raw material price inflation. Growth both in sales and profitability was also achieved in the business segments of leather goods as well as shø-related accessories. Leather sales were flat to prior year, although with slightly higher contribution margins. Investments for the year 2022 were EUR 75. 7m, a 16% reduction versus prior year in part from less capital allocation towards new store openings as part of a review of the retail store portfolio. The Group ended the year with higher levels of working capital from increased inventory. Long lead times on transportation caused a high level of inventory in transit. Furthermore, inventory was produced earlier to ensure strong delivery performance in 2023. As a result primarily of the higher inventory levels, cashflow from operating activities decreased to EUR -43m. ECCO ended the financial year having a continued strong financial position. The year-end cash positionwas EUR 300m (in line with the EUR 297m in 2021) and the solvency ratio ended at 31. 2%. PROFIT & LOSSIn 2022, ECCO achieved a strong growth across all sales channels. Performance in direct-to-consumer channels was especially encouraging, partly lifted by very few COVID restrictions versus prior year. E-commerce sales grew substantially and retail sales almost doubled growth as sales were improved by stronger price realisation and increasing traffic to stores. The increase in capacity costs was mostly caused by activity-driven costs like indirect productioncosts from higher production levels and higher sales in the direct-to-consumer channels. Inflation has affected cost levels adversely, in particular energy costs. The strong sales growth across all sales channels ultimately resulted in a substantial improvement in profitability realising a profit before tax of EUR 88. 2m. BALANCE SHEET & CASHFLOWThe higher levels of inventory, which were caused primarily by longer transportation lead times, adversely affected net working capital resulting in a negative operating cashflow of EUR -43m. Cashflow from investing activities was EUR 75. 7m. Major investments were related to the continued digital transformation of the ECCO Group as well as selected retail expansion in high-growth regions. Furthermore, solar panel investments have been made across ECCO’s production footprint. Despite the overall higher level of invested capital, the stronger earnings resulted in an increased return on assets of 5. 9% from 3. 1% in 2021.