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Financial Highlights: Five-Year Overview

 

2008 2007 20061) 2005 2004

P&L Data EUR in millions

  
Net sales2) 10,799 10,299 10,084 6,636 5,860
Gross profit2) 5,256 4,882 4,495 3,197 2,813
Royalty and commission income2) 89 102 90 47 42
Other operating income2) 103 80 55 36 n/a
Other operating expenses2) 4,378 4,115 3,759 2,573 n/a
Total operating income and expenses2) 4,275 4,035 3,704 2,537 2,236
Operating profit2)3) 1,070 949 881 707 584
Financial result2)4) (166) (135) (158) (52) (59)
Income before taxes2)4) 904 815 723 655 526
Income taxes2) 260 260 227 221 193
Minority interests2)4) (2) (4) (13) (8) (7)
Net income attributable to shareholders5) 642 551 483 383 314

P&L Ratios

  
Gross margin2) 48.7% 47.4% 44.6% 48.2% 48.0%
Other operating income and expenses as a percentage of net sales2) 39.6% 39.2% 36.7% 38.2% 38.2%
Operating margin2)3) 9.9% 9.2% 8.7% 10.7% 10.0%
Interst coverage2) 7.4 6.8 5.9 18.4 10.2
Effective tax rate2) 28.8% 31.8% 31.4% 33.7% 36.7%
Net income attributable to shareholders as percentage of net sales5) 5.9% 5.4% 4.8% 5.8% 5.4%

Balance Sheet Data EUR in millions

  
Total assets4) 9,533 8,325 8,379 5,750 4,434
Inventories 1,995 1,629 1,607 1,230 1,155
Receivables and other current assets 2,523 2,048 1,913 1,551 1,425
Working capital4) 1,290 1,522 1,733 2,644 1,336
Net total borrowings 2,189 1,766 2,231 (551) 665
Shareholders' equity4) 3,386 3,023 2,828 2,684 1,544

Balance Sheet Ratios

  
Financial leverage4) 64.6% 58.4% 78.9% (20.5%) 43.1%
Equity ratio4) 35.5% 36.3% 33.8% 46.7% 34.8%
Equity-to-fixed-assets ratio4) 73.6% 72.2% 63.5% 194.0% 110.4%
Asset coverage I4) 127.7% 136.1% 138.71% 284.1% 194.1%
Asset coverage II4) 89.1% 98.0% 102.0% 150.4% 106.3%
Fixed asset intensity of investments 48.2% 50.3% 53.2% 24.1% 31.6%
Current asset intensity of investments 51.8% 49.7% 46.8% 75.9% 68.4%
Liquidity I4) 10.5% 14.5% 15.8% 92.0% 26.8%
Liquidity II4) 55.1% 70.3% 80.4% 148.0% 88.4%
Liquidity III4) 109.8% 132.6% 153.7% 219.4% 156.4%
Working capital turnover4) 8.4 6.8 5.8 2.6 4.4
Return on equity4)5) 18.9% 18.2% 17.1% 14.3% 20.4%
Return on capital employed4)5) 19.8% 20.2% 17.6% 49.3% 27.5%

Data Per Share6)

  
Basic earnings5) (in €) 3.25 2.71 2.37 2.05 1.72
Diluted earnings5) (in €) 3.07 2.57 2.25 1.93 1.64
Operating cash flow (in €) 2.52 3.83 3.74 1.88 3.17
Dividend (in €) 0.507) 0.50 0.42 0.33 0.33
Dividend payout ratio (in %) 15,18) 18.0 17.7 17.2 18.9
Number of shares outstanding at year-end
(in thousands)		 193,516 203,629 203,537 203,047 183,436

Employees

  
Number of employees at year-end 38,982 31,344 26,376 15,935 14,254
Personnel expenses (EUR in millions) 1,283 1,186 1,087 706 637


1) Including Reebok business segment from February 1, 2006 onwards. Including Greg Norman apparel business from February 1, 2006 to November 30, 2006.
2) 2004 and 2005 reflect continuing operations as a result of the divestiture of the Salomon business segment.
3) Operating profit figures prior to 2004 exclude royalty and commission income and goodwill amortization.
4) 2004 and 2003 figures have been restated due to application of IAS 32 / IAS 39 and amendment to IAS 19.
5) Includes income from continuing and discontinued operations. In 1998 before special effect of € 369 million for acquired in-process research and development – expensed.
6) Figures adjusted for 1: 4 share split conducted on June 6, 2006.
7) Subject to Annual General Meeting approval.
8) Based on number of shares outstanding at year-end.

Updated March 4, 2009.
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