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ECCO Sko A/SCONTENTS MANAGEMENT REVIEW ECCO’s future 2 ECCO in 2019 at a glance 4 CEO’s report 5 Five year summary 6 Financial review 7 2019 highlights 10 Major ECCO acquisition in Russia 13 ECCO sales in Greater China (EGC) 16 ECCO sales in Asia Pacific (EAP) 17 ECCO sales in Europe & Middle East 18 ECCO sales in the Americas 20 Worldwide status on shop openings and shop closings 21 ECCO products 23 ECCO Women’s 24 ECCO Men’s 27 ECCO Kids 28 ECCO Outdoor 30 ECCO Golf 33 Product collaborations 34 ECCO shoe production 35 ECCO Leather 38 ECCO Tannery Group 40 ECCO and the environment 41 Renewable energy 42 Use of natural resources 43 Recycling 45 Environmental statistics 46 Code of Conduct audits 49 Corporate Governance 50 ECCO Code of Conduct 51 ECCO’s people 52 Community engagement 54 Risk factors and risk management 58 ECCO ANNUAL ACCOUNTS 2019 Statement by the management 62 Independent auditor’s report 64 Income statement 2019 66 Balance sheet as of 31 December 2019 67 Changes in equity statement 2019 69 Consolidated cashflow statement 2019 70 Notes 71 Group structure as of 31 December 2019 88Page 2Page 4