ECCO 2023 ANNUAL REPORT STRONG PERFORMANCE OF ECCO’S CORE BUSINESS Following the approval of the 2023 Annual Report by the Supervisory Board on March 12 th 2024, subject to formal approval at the Annual General Meeting held later this year, ECCO Sko A/S has released its Annual Report for 2023. The result is considered to be satisfactory. In 2023, ECCO grew net sales across channels and markets with 6.5% at constant currency rates. Profit before tax increased 2% to EUR 90m (2022: EUR 88.2m). The most significant impacts on the 2023 result were: - Overall contribution margins increased to 63.3% against 59.5% in 2022 from improved pricing and lower direct costs, most notably a reduction in freight costs. - Cashflow from operating activities improved significantly by EUR 170.6m to EUR 127.5m (2022: EUR -43.1m) from planned working capital improvements, in particular a significant reduction in inventory levels. - Profit before amortisation and depreciation increased 11% to EUR 191.5m (2022: EUR 173.2m). - The significantly stronger operating result was tapered by higher interest rates and adverse foreign currency impact. ECCO continued the transformation commenced in 2022, centering around strengthening the brand, improving our operations, and building a stronger financial platform. Concerning 2024, ECCO expects to continue sales growth and further improve profitability and cashflow. 13 March 2024 ECCO Sko A/S The Supervisory Board and Managing Board See 2023 Annual Report by ECCO Sko A/S on https://media.ecco.com/GroupCommunication/ecco_annual_report_2023 Restricted
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