CONTENTS PAGE MANAGEMENT REVIEW ECCO in 2021 at a glance 4 CEO’s report 5 2021 key events 6 Financial review 8 Five-year summary 11 ECCO’S UNIQUE VALUE CHAIN 12 ECCO Leather 14 ECCO Shoe Production 18 ECCO Leather Goods 21 ECCO Accessories 22 New York Studio 24 ECCO GLOBAL SALES 26 Global sales around the world 28 Global merchandising 34 Meet our consumers 36 Made for walking 41 ECCO’S CULTURE AND VALUES 44 Code of Conduct 46 Corporate governance 47 Code of Conduct audits 48 Human rights and anti-corruption 50 The heart of ECCO 53 Lifelong learning and employment 56 Community engagement 58 Walking for a good cause since 1999 59 Our environment 60 ECCO’S BUSINESS MODEL 64 ECCO’s business model 67 Risk factors and risk management 68 ECCO Annual Accounts 2021 71 Statement by the management 72 Independent auditor’s report 74 Income statement 2021 76 Balance sheet as of 31 December 2021 77 Statement of changes in equity 2021 79 Cashflow statement 2021 80 Notes 81 Group structure as of 31 December 2021 98
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