Financial Highlights: Five-Year Overview
| |
2010 |
2009 |
2008 |
2007 |
20061) |
| Income Statement Data (€ in millions) |
|
|
|
|
|
| Net sales |
11,990 |
10,381 |
10,799 |
10,299 |
10,084 |
| Gross profit |
5,730 |
4,712 |
5,256 |
4,882 |
4,495 |
| Royalty and commission income |
100 |
86 |
89 |
102 |
90 |
| Other operating income |
110 |
100 |
103 |
80 |
55 |
| Other operating expenses |
5,046 |
4,390 |
4,378 |
4,115 |
3,759 |
| EBITDA |
1,159 |
780 |
1,280 |
1,165 |
1,078 |
| Operating profit |
894 |
508 |
1,070 |
949 |
881 |
| Financial result |
(88) |
(150) |
(166) |
(135) |
(158) |
| Income before taxes |
806 |
358 |
904 |
815 |
723 |
| Income taxes |
238 |
113 |
260 |
260 |
227 |
| Net income attributable to non-controlling interests |
(1) |
0 |
(2) |
(4) |
(13) |
| Net income attributable to shareholders2) |
567 |
245 |
642 |
551 |
483 |
| Income Statement Ratios |
|
|
|
|
|
| Gross margin |
47.8% |
45.4% |
48.7% |
47.4% |
44.6% |
| Operating margin |
7.5% |
4.9% |
9.9% |
9.2% |
8.7% |
| Interest coverage |
10.1 |
3.9 |
7.4 |
6.8 |
5.9 |
| Effective tax rate |
29.5% |
31.5% |
28.8% |
31.8% |
31.4% |
| Net income attributable to shareholders as percentage of net sales2) |
4.7% |
2.4% |
5.9% |
5.4% |
4.8% |
| Net sales by brand (€ in millions) |
|
|
|
|
|
| adidas |
8,714 |
7,520 |
7,821 |
7,113 |
6,626 |
| Reebok |
1,913 |
1,603 |
1,717 |
1,831 |
1,979 |
| TaylorMade-adidas Golf |
909 |
831 |
812 |
804 |
856 |
| Rockport |
252 |
232 |
243 |
291 |
293 |
| Reebok-CCM Hockey |
200 |
177 |
188 |
210 |
202 |
| Net sales by product category (€ in millions) |
|
|
|
|
|
| Footwear |
5,389 |
4,642 |
4,919 |
4,751 |
4,733 |
| Apparel |
5,380 |
4,663 |
4,775 |
4,426 |
4,105 |
| Hardware |
1,221 |
1,076 |
1,105 |
1,121 |
1,246 |
| Balance Sheet Data (€ in millions) |
|
|
|
|
|
| Total assets |
10,618 |
8,875 |
9,533 |
8,325 |
8,379 |
| Inventories |
2,119 |
1,471 |
1,995 |
1,629 |
1,607 |
| Receivables and other current assets |
2,324 |
2,038 |
2,523 |
2,048 |
1,913 |
| Working capital |
1,972 |
1,649 |
1,290 |
1,522 |
1,733 |
| Net borrowings |
221 |
917 |
2,189 |
1,766 |
2,231 |
| Shareholders' equity |
4,616 |
3,771 |
3,386 |
3,023 |
2,828 |
| Balance Sheet Ratios |
|
|
|
|
|
| Net borrowings / EBITDA |
0.2 |
1.2 |
1.7 |
1.5 |
2.1 |
| Financial leverage |
4.8% |
24.3% |
64.6% |
58.4% |
78.9% |
| Equity ratio |
43.5% |
42.5% |
35.5% |
36.3% |
33.8% |
| Equity-to-fixed-assets ratio |
97.4% |
85.9% |
73.6% |
72.2% |
63.5% |
| Asset coverage I |
141.5% |
137.4% |
127.7% |
136.1% |
138.7% |
| Asset coverage II |
97.7% |
102.9% |
89.1% |
98.0% |
102.0% |
| Fixed asset intensity of investments |
44.6% |
49.5% |
48.2% |
50.3% |
53.2% |
| Current asset intensity of investments |
55.4% |
50.5% |
51.8% |
49.7% |
46.8% |
| Liquidity I |
35.5% |
30.0% |
10.5% |
14.5% |
15.8% |
| Liquidity II |
78.2% |
80.4% |
55.1% |
70.3% |
80.4% |
| Liquidity III |
132.4% |
132.2% |
109.8% |
132.6% |
153.7% |
| Working capital turnover |
6.1 |
6.3 |
8.4 |
6.8 |
5.8 |
| Return on equity2) |
12.3% |
6.5% |
18.9% |
18.2% |
17.1% |
| Return on capital employed2) |
20.2% |
11.3% |
19.8% |
20.2% |
17.6% |
| Data Per Share3) |
|
|
|
|
|
| Share price at year-end (in €) |
48.89 |
37.77 |
27.14 |
51.26 |
37.73 |
| Basic earnings2) (in €) |
2.71 |
1.25 |
3.25 |
2.71 |
2.37 |
| Diluted earnings2) (in €) |
2.71 |
1.22 |
3.07 |
2.57 |
2.25 |
| Price / earnings ratio at year-end |
18.0 |
31.0 |
8.8 |
19.9 |
16.8 |
| Market capitalisation at year-end (€ in millions) |
10,229 |
7,902 |
5,252 |
10,438 |
7,679 |
| Operating cash flow (in €) |
4.28 |
6.11 |
2.52 |
3.83 |
3.74 |
| Dividend (in €) |
0.804) |
0.35 |
0.50 |
0.50 |
0.42 |
| Dividend payout ratio (in %) |
29.5 |
29.8 |
15.1 |
18.0 |
17.7 |
Number of shares outstanding at year-end
(in thousands) |
209,216 |
209,216 |
193,516 |
203,629 |
203,537 |
| Employees |
|
|
|
|
|
| Number of employees at year-end |
42,541 |
39,596 |
38,982 |
31,344 |
26,376 |
| Personnel expenses (€ in millions) |
1,521 |
1,352 |
1,283 |
1,186 |
1,087 |