Financial Highlights: Five-Year Overview
| |
2011 |
2010 |
2009 |
2008 |
2007 |
| Income Statement Data (€ in millions) |
|
|
|
|
|
| Net sales 2) |
13,344 |
11,990 |
10,381 |
10,799 |
10,299 |
| Gross profit 2) |
6,344 |
5,730 |
4,712 |
5,256 |
4,882 |
| Royalty and commission income 2) |
93 |
100 |
86 |
89 |
102 |
| Other operating income 2) |
98 |
110 |
100 |
103 |
80 |
| Other operating expenses 2) |
5,524 |
5,046 |
4,390 |
4,378 |
4,115 |
| EBITDA 2) |
1,257 |
1,159 |
780 |
1,280 |
1,165 |
| Operating profit 2) 3) |
1,011 |
894 |
508 |
1,070 |
949 |
| Net financial result 2) 4) |
(84) |
(88) |
(150) |
(166) |
(135) |
| Income before taxes 2) 4) |
927 |
806 |
358 |
904 |
815 |
| Income taxes 2) |
257 |
238 |
113 |
260 |
260 |
| Net income attributable to non-controlling interests 2) 4) |
1 |
(1) |
0 |
(2) |
(4) |
| Net income attributable to shareholders 5) |
671 |
567 |
245 |
642 |
551 |
| |
|
|
|
|
|
| Income Statement Ratios |
|
|
|
|
|
| Gross margin 2) |
47.5% |
47.8% |
45.4% |
48.7% |
47.4% |
| Operating margin 2) 3) |
7.6% |
7.5% |
4.9% |
9.9% |
9.2% |
| Interest coverage 2) |
13.0 |
10.1 |
3.9 |
7.4 |
6.8 |
| Effective tax rate 2) |
27.7% |
29.5% |
31.5% |
28.8% |
31.8% |
| Net income attributable to shareholders as a percentage of net sales 5) |
5.0% |
4.7% |
2.4% |
5.9% |
5.4% |
| |
|
|
|
|
|
| Net sales by Brand (€ in millions) |
|
|
|
|
|
| adidas |
9,867 |
8,714 |
7,520 |
7,821 |
7,113 |
| Reebok |
1,962 |
1,913 |
1,603 |
1,717 |
1,831 |
| TaylorMade-adidas Golf |
1,044 |
909 |
831 |
812 |
804 |
| Rockport |
261 |
252 |
232 |
243 |
291 |
| Reebok-CCM Hockey |
210 |
200 |
177 |
188 |
210 |
| |
|
|
|
|
|
| Net sales by Product Category (€ in millions) |
|
|
|
|
|
| Footwear 2) |
6,275 |
5,389 |
4,642 |
4,919 |
4,751 |
| Apparel 2) |
5,734 |
5,380 |
4,663 |
4,775 |
4,426 |
| Hardware 2) |
1,335 |
1,221 |
1,076 |
1,105 |
1,121 |
| |
|
|
|
|
|
| Balance Sheet Data (€ in millions) |
|
|
|
|
|
| Total assets 4) |
11,380 |
10,618 |
8,875 |
9,533 |
8,325 |
| Inventories |
2,482 |
2,119 |
1,471 |
1,995 |
1,629 |
| Receivables and other current assets |
2,558 |
2,324 |
2,038 |
2,523 |
2,048 |
| Working capital 4) |
2,154 |
1,972 |
1,649 |
1,290 |
1,522 |
| Net cash/(net borrowings) |
90 |
(221) |
(917) |
(2,189) |
(1,766) |
| Shareholders’ equity 4) |
5,327 |
4,616 |
3,771 |
3,386 |
3,023 |
| |
|
|
|
|
|
| Balance Sheet Ratios |
|
|
|
|
|
| Net borrowings/EBITDA 2) |
(0.1) |
0.2 |
1.2 |
1.7 |
1.5 |
| Average operating working capital as a percentage of net sales |
20.8% |
20.8% |
24.3% |
24.5% |
25.2% |
| Financial leverage 4) |
-1.7% |
4.8% |
24.3% |
64.6% |
58.4% |
| Equity ratio 4) |
46.8% |
43.5% |
42.5% |
35.5% |
36.3% |
| Equity-to-fixed-assets ratio 4) |
107.7% |
97.4% |
85.9% |
73.6% |
72.2% |
| Asset Coverage I 4) |
143.5% |
141.5% |
137.4% |
127.7% |
136.1% |
| Asset Coverage II 4) |
95.5% |
97.7% |
102.9% |
89.1% |
98.0% |
| Fixed asset intensity of investments |
43.5% |
44.6% |
49.5% |
48.2% |
50.3% |
| Current asset intensity of investments |
56.5% |
55.4% |
50.5% |
51.8% |
49.7% |
| Liquidity I 4) |
32.0% |
35.5% |
30.0% |
10.5% |
14.5% |
| Liquidity II 4) |
71.9% |
78.2% |
80.4% |
55.1% |
70.3% |
| Liquidity III 4) |
129.9% |
132.4% |
132.2% |
109.8% |
132.6% |
| Working capital turnover 4) |
6.2 |
6.1 |
6.3 |
8.4 |
6.8 |
| Return on equity 4) 5) |
12.6% |
12.3% |
6.5% |
18.9% |
18.2% |
| Return on capital employed 4) 5) |
20.7% |
20.2% |
11.3% |
19.8% |
20.2% |
| |
|
|
|
|
|
| Data Per Share 6) |
|
|
|
|
|
| Share price at year-end (in €) |
50.26 |
48.89 |
37.77 |
27.14 |
51.26 |
| Basic earnings (in €) 5) |
3.20 |
2.71 |
1.25 |
3.25 |
2.71 |
| Diluted earnings (in €) 5) |
3.20 |
2.71 |
1.22 |
3.07 |
2.57 |
| Price/earnings ratio at year-end |
15.7 |
18.0 |
31.0 |
8.8 |
19.9 |
| Market capitalisation at year-end (€ in millions) |
10,758 |
10,229 |
7,902 |
5,252 |
10,438 |
| Net cash generated from operating activities (in €) |
3.79 |
4.28 |
6.11 |
2.52 |
3.83 |
| Dividend (in €) |
1.00 7) |
0.80 |
0.35 |
0.50 |
0.50 |
| Dividend payout ratio (in %) |
31.2 |
29.5 |
29.8 |
15.1 |
18.0 |
| Number of shares outstanding at year-end (in thousands) |
209,216 |
209,216 |
209,216 |
193,516 |
203,629 |
| |
|
|
|
|
|
| Employees |
|
|
|
|
|
| Number of employees at year-end 2) |
46,824 |
42,541 |
39,596 |
38,982 |
31,344 |
| Personnel expenses (€ in millions) 2) |
1,646 |
1,521 |
1,352 |
1,283 |
1,186 |
1) Including Reebok, Rockport and Reebok-CCM Hockey from February 1, 2006 onwards.
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 amortisation.
4) 2003 and 2004 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.
6) Figures adjusted for 1:4 share split conducted on June 6, 2006.
7) Subject to Annual General Meeting approval.
Rounding differences may arise in percentages and totals.