CONTENTS MANAGEMENT REVIEW ECCO at a glance 2 CEO’s report 3 2017 highlights 4 Five year summary 6 Financial review 7 Corporate Governance 10 ECCO’s Code of Conduct 11 Environment 12 Community Engagement 15 Ethics and Gender 17 Market development 19 Focus on China 23 Focus on Japan 24 Brand and products 27 ECCO Casual 28 ECCO Formal 31 ECCO Outdoor 32 ECCO Kids 35 ECCO Golf 36 ECCO Accessories 38 Global Shoe Production 41 ECCO Leather 42 W-21 and K-9 experimental stores 44 NextGen 45 Risk factors and risk management 46 ANNUAL ACCOUNTS 2017 Statement by the management 50 Independent auditor’s report 52 Income statement 2017 54 Balance sheet as of 31 December 2017 55 Changes in equity statement 2017 57 Consolidated cashflow statement 2017 58 Notes on the Group and Parent Company accounts 59 ECCO Group structure as of 31 December 2017 76
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