As filed with the Securities and Exchange Commission on April 13, 2004 SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 _______________ FORM 20-F _______________ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2003 Commission file number 1-15134 HEAD N.V. (Exact Name of Registrant as Specified in its Charter) The Netherlands (Jurisdiction of Incorporation or Organization) Rotterdam The Netherlands (Address of Principal Executive Offices) Rokin 55 1012 KK Amsterdam The Netherlands +31-20-625-1291 _______________ Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Ordinary Shares of €0.20 each New York Stock Exchange Vienna Stock Exchange _______________ Securities registered or to be registered pursuant to Section 12(g) of the Act: None _______________ Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None _______________ The number of outstanding shares of each of the issuer's classes of capital or common stock as of December 31, 2003: 37,399,442 Ordinary Shares Nominal Value €0.20 each Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 X LNDOCS01/201048.12 TABLE OF CONTENTS SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS ............................................................................................1 ITEM 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS................................................................2 ITEM 2: OFFER STATISTICS AND EXPECTED TIMETABLE..................................................................................................2 ITEM 3: KEY INFORMATION ......................................................................................................................................................2 3.A. Selected Financial Data ........................................................................................................................................................2 3.B. Capitalization and Indebtedness ...........................................................................................................................................4 3.C. Reasons for the Offer and Use of Proceeds..........................................................................................................................4 3.D. Risk Factors..........................................................................................................................................................................4 ITEM 4: INFORMATION ON THE COMPANY ...........................................................................................................................6 4.A. History and Development of the Company ..........................................................................................................................6 4.B. Business Overview ...............................................................................................................................................................7 4.C. Organizational Structure.....................................................................................................................................................23 4.D. Property, Plants and Equipment .........................................................................................................................................23 ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS ..................................................................................24 5.A. Operating Results ...............................................................................................................................................................24 5.B. Liquidity and Capital Resources.........................................................................................................................................33 5.C. Research and Development, Patents and Licenses .............................................................................................................35 5.D. Trend Information ..............................................................................................................................................................35 ITEM 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES ...................................................................................36 6.A. Directors and Senior Management .....................................................................................................................................36 6.B. Compensation.....................................................................................................................................................................39 6.C. Board Practices...................................................................................................................................................................40 6.D. Employees ..........................................................................................................................................................................40 6.E. Share Ownership ................................................................................................................................................................41 ITEM 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS..................................................................42 7.A. Major Shareholders ............................................................................................................................................................42 7.B. Related Party Transactions.................................................................................................................................................42 7.C. Interest of Experts and Counsel..........................................................................................................................................43 ITEM 8: FINANCIAL INFORMATION .......................................................................................................................................43 8.A. Consolidated Statements and Other Financial Information................................................................................................43 8.B. Significant Changes............................................................................................................................................................43 ITEM 9: THE OFFER AND LISTING ..........................................................................................................................................43 9.A. Offer and Listing Details....................................................................................................................................................43 9.B. Plan of Distribution ............................................................................................................................................................44 9.C. Markets...............................................................................................................................................................................44 9.D. Selling Shareholders...........................................................................................................................................................44 9.E. Dilution...............................................................................................................................................................................45 9.F. Expenses of the Issue..........................................................................................................................................................45 ITEM 10: ADDITIONAL INFORMATION ...............................................................................................................................45 10.A. Share Capital ......................................................................................................................................................................45 10.B. Articles of Association .......................................................................................................................................................45 10.C. Material Contracts ..............................................................................................................................................................48 10.D. Exchange Controls .............................................................................................................................................................48 10.E. Taxation..............................................................................................................................................................................49 10.F. Dividends and Paying Agents.............................................................................................................................................56 10.G. Statement by Experts..........................................................................................................................................................56