Geox S.p.A. (GXSBF)
BALANCE SHEET
(source: company's financial statements)
All numbers in thousands of EUR
PERIOD ENDING	1st Q 2008	31-Dec-2007	31-Dec-2006	31-Dec-2005	31-Dec-2004	31-Dec-2003	31-Dec-2002	31-Dec-2001
ASSETS
Intangible assets	59.680	47.322	38.057	33.908	28.700	27.965	0	0
Property, plant and equipment	46.776	43.191	32.070	29.029	22.612	24.489	0	0
Deferred tax assets	16.973	13.914	12.466	8.739	7.371	0	0	0
Non-current financial assets	2.322	1.975	856	0	0	0	0	0
Other non-current assets	13.353	7.426	5.006	6.833	6.667	1.770	0	0
Total non-current assets	139.104	113.828	88.455	78.509	65.350	54.224	0	0
Inventories	134.432	187.059	130.997	107.756	80.184	61.168	0	0
Accounts receivable	273.529	107.997	84.159	74.553	57.511	69.646	0	0
Other non-financial current assets	20.629	19.492	20.108	10.828	9.598	6.960	0	0
Current financial assets	1.116	637	112	2.552	15.682	623	0	0
Cash and cash equivalents	88.136	119.618	84.926	61.513	50.570	13.507	0	0
Total current assets	517.842	434.803	320.302	257.202	213.545	151.904	0	0
Total assets	656.946	548.631	408.757	335.711	278.895	206.128	0	0
LIABILITIES
Employee severance indemnities	2.808	2.834	3.349	2.686	1.615	1.977	0	0
Provisions for liabilities and charges	2.666	2.457	2.294	1.313	7.315	2.350	0	0
Long-term loans	464	1.185	1.829	2.475	15.529	0	0	0
Other long-term payables	1.589	1.887	1.219	1.144	1.500	0	0	0
Total long-term liabilities	7.527	8.363	8.691	7.618	25.959	4.327	0	0
Accounts payable	97.940	127.559	96.860	84.665	64.353	132.125	0	0
Other non-financial current liabilities	17.046	16.240	14.669	11.249	6.681	0	0	0
Taxes payable	66.566	25.214	6.002	15.190	9.669	0	0	0
Current financial liabilities	8.233	9.278	2.638	932	0	828	0	0
Bank borrow. a. curr. port. of long-term loans	25.196	4.973	3.256	12.257	26.355	0	0	0
Total current liabilities	214.981	183.264	123.425	124.293	107.058	132.953	0	0
Total liabilities	222.508	191.627	132.116	131.911	133.017	137.280	0	0
STOCKHOLDER'S EQUITY
Share capital	25.907	25.884	25.884	25.884	25.850	200	0	0
Reserves	329.385	208.142	153.495	102.663	67.277	1.232	0	0
Net income	79.146	122.978	97.262	75.253	52.751	30.699	0	0
Other Stockholder Equity	0	0	0	0	0	36.717	0	0
Total equity	434.438	357.004	276.641	203.800	145.878	68.848	0	0
Total stockholder equity	434.438	357.004	276.641	203.800	145.878	68.848	38.500	18.700
Net tangible assets	374.758	309.682	238.584	169.892	117.178	40.883	38.500	18.700
VALUATION
All numbers in EUR										average
Number of shares outstanding, fully diluted	259.057.474	258.844.000	258.844.000	258.514.333	258.500.000	258.500.000	258.500.000	258.500.000
Book value per share	1,45	1,20	0,92	0,66	0,45	0,16	0,15	0,07
Price of common, end of period	9,81	13,78	11,70	9,33	5,80	no data	no data	no data
Price/book-ratio	6,78	11,52	12,69	14,20	12,80	N/A	N/A	N/A
Current ratio	2,41	2,37	2,60	2,07	1,99	1,14	N/A	N/A		2,03
Debt/equity-ratio	0,51	0,54	0,48	0,65	0,91	1,99	N/A	N/A		0,91
Working capital/debt	1,36	1,31	1,49	1,01	0,80	0,14	N/A	N/A		0,95
Net income		122.978.000	97.262.000	75.253.000	52.751.000	30.699.000	19.400.000	7.500.000
Earnings per share		0,48	0,38	0,29	0,20	0,12	0,08	0,03		0,29
Price/earnings-ratio		29,00	31,14	32,05	28,42	N/A	N/A	N/A
Earnings power value		1.117.981.818	884.200.000	684.118.182	479.554.545	279.081.818	176.363.636	68.181.818
(at an annual return rate of 11%)
EPV per share		4,32	3,42	2,65	1,86	1,08	0,68	0,26
Annual EPS increase		26,44%	29,08%	42,65%	71,83%	58,24%	158,67%	N/A		42,50%
Return on equity		34,45%	35,16%	36,92%	36,16%	44,59%	50,39%	40,11%		37,46%
Return on assets		22,42%	23,79%	22,42%	18,91%	14,89%	N/A	N/A		20,49%
Data prior to the IPO on December 1, 2004,
# of shares prior to 2004 as stated by company.
Data from 2003 taken as starting point.		Average decrease in EPS from 2004-2007:			27,17%
Quarterly data		Projected EPS growth for next 3 years from 2007:			19,26%
(N/A=not applicable)
Fair price determined by a DCF calculation,	at 0% perpetual	at 1% perpetual	at 2% perpetual	at 3% perpetual	at 4% perpetual
using last year's earnings, a projected	EPS growth rate	EPS growth rate	EPS growth rate	EPS growth rate	EPS growth rate
annual EPS growth of 19% over the next 3 years,
and a benchmark return of 11% (e. g. an index):	7,03 €	7,63 €	8,36 €	9,27 €	10,44 €
After deduction of a 50% Margin-of-Safety:	3,52 €	3,82 €	4,18 €	4,64 €	5,22 €
Recent low price (July-14,2008):	6,27 €
Resulting actual Margin-of-Safety:	10,81%	17,82%	25,00%	32,36%	39,94%
Net-net value (current assets - total liabilities):	1,14
Resulting Margin-of-Safety:	-449,98%