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'Rapid reaction secures satisfactory result' - ECCO Sko CEO
25
Mar '09
ECCO Sko A/S increased its turnover strengthened its cash flow and closed 2008 with a markedly improved equity ratio. ”We are very pleased with the 2008 results,” says CEO for ECCO Sko A/S, Dieter Kasprzak.

”This is partly due to the success of our new collections and partly due to the fact that as early as the beginning of 2008 we realised that times would become difficult and therefore we adapted to the situation. We have continuously reduced our capacity and costs. The efforts made by the management and the employees have been amazing.”

ECCO group's primary results (EBIT) were DKK 827M (Compared to DKK 833M in 2007). Earnings before tax were DKK 746M (Compared to DKK 756M in 2007). Earnings after tax and minorities were DKK 527M (Compared to DKK 538M in 2007).

By the end of 2008, the group's total assets amounted to DKK 4,397M; an increase of DKK 182M corresponding to 4%. The equity was increased by 16% from DKK 2,073M by the end of 2007 to DKK 2,473M by the end of 2008. The solvency ratio has increased from 49.2% to 56.3%, which supports ECCO's overall objective of retaining the largest possible financial independence.

“The 2008 results are a good foundation for the next couple of years, which we expect to be very difficult. Consequently, we will continue to reduce our costs. Even so, we estimate that 2009 results will be considerably lower than in 2008,” emphasises Dieter Kasprzak.

“But times of crisis also offer opportunities,” says ECCO's CEO. “As an example, we are looking at expanding the number of stores and in this way targeting sales activities in order to win market shares and generally creating an even stronger brand for ECCO.”

ECCO Sko A/S


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