Financial Highlights: Five-Year Overview

  2012 2011 2010 2009 2008
Income Statement Data (€ in millions)          
Net sales 3) 14,883 13,322 11,990 10,381 10,799
Gross profit 3) 7,103 6,329 5,730 4,712 5,256
Royalty and commission income 3) 105 93 100 86 89
Other operating income 3) 127 98 110 100 103
Other operating expenses 3) 6,150 5,567 5,046 4,390 4,378
EBITDA 3) 1,445 1,199 1,159 780 1,280
Operating profit 3) 4) 5) 1,185 953 894 508 1,070
Net financial result 3) 6) (69) (84) (88) (150) (166)
Income before taxes 3) 4) 6) 1,116 869 806 358 904
Income taxes 3) 327 261 238 113 260
Net income attributable to non-controlling interests 3) 6) (2) (5) (1) 0 (2)
Net income attributable to shareholders 4) 5) 791 613 567 245 642
           
Income Statement Ratios          
Gross margin 3) 47.7% 47.5% 47.8% 45.4% 48.7%
Operating margin 3) 4) 5) 8.0% 7.2% 7.5% 4.9% 9.9%
Interest coverage 3) 14.6 12.2 10.1 3.9 7.4
Effective tax rate 3) 4) 29.3% 30.0% 29.5% 31.5% 28.8%
Net income attributable to shareholders as a percentage of net sales 4) 5) 5.3% 4.6% 4.7% 2.4% 5.9%
           
Net Sales by brand (€ in millions)          
adidas 11,344 9,867 8,714 7,520 7,821
Reebok 1,667 1,940 1,913 1,603 1,717
TaylorMade-adidas Golf 1,344 1,044 909 831 812
Rockport 285 261 252 232 243
Reebok-CCM Hockey 243 210 200 177 188
           
Net Sales by product category (€ in millions)          
Footwear 3) 6,922 6,242 5,389 4,642 4,919
Apparel 3) 6,290 5,733 5,380 4,663 4,775
Hardware 3) 1,671 1,347 1,221 1,076 1,105
           
Balance Sheet Data (€ in millions)          
Total assets 6) 11,651 11,237 10,618 8,875 9,533
Inventories 2,486 2,502 2,119 1,471 1,995
Receivables and other current assets 2,444 2,431 2,324 2,038 2,523
Working capital 6) 2,504 1,990 1,972 1,649 1,290
Net cash/(net borrowings) 448 90 (221) (917) (2,189)
Shareholders’ equity 6) 5,304 5,137 4,616 3,771 3,386
           
Balance Sheet Ratios          
Net borrowings/EBITDA 3) (0.3) (0.1) 0.2 1.2 1.7
Average operating working capital as a percentage of net sales 20.0% 20.4% 20.8% 24.3% 24.5%
Financial leverage 6) (8.5%) (1.8%) 4.8% 24.3% 64.6%
Equity ratio 6) 45.5% 45.7% 43.5% 42.5% 35.5%
Equity-to-fixed-assets ratio 6) 111.1% 104.6% 97.4% 85.9% 73.6%
Asset Coverage I 6) 152.7% 140.7% 141.5% 137.4% 127.7%
Asset Coverage II 6) 100.4% 93.2% 97.7% 102.9% 89.1%
Fixed asset intensity of investments 41.0% 43.7% 44.6% 49.5% 48.2%
Current asset intensity of investments 59.0% 56.3% 55.4% 50.5% 51.8%
Liquidity I 6) 44.3% 31.6% 35.5% 30.0% 10.5%
Liquidity II 6) 82.9% 68.3% 78.2% 80.4% 55.1%
Liquidity III 6) 139.7% 126.0% 132.4% 132.2% 109.8%
Working capital turnover 6) 5.9 6.7 6.1 6.3 8.4
Return on equity 6) 5) 9.9% 11.9% 12.3% 6.5% 18.9%
Return on capital employed 6) 5) 19.3% 19.9% 20.2% 11.3% 19.8%
           
Data Per Share 6)          
Share price at year-end (in €) 67.33 50.26 48.89 37.77 27.14
Basic earnings 4) 7) (in €) 3.78 2.93 2.71 1.25 3.25
Diluted earnings 4) 7) (in €) 3.78 2.93 2.71 1.22 3.07
Price/earnings ratio at year-end 4) 17.8 17.1 18.0 31.0 8.8
Market capitalisation at year-end (€ in millions) 14,087 10,515 10,229 7,902 5,252
Net cash generated from operating activities (in €) 4.50 3.86 4.28 6.11 2.52
Dividend (in €) 1.35 6) 1.00 0.80 0.35 0.50
Dividend payout ratio 4) (in %) 35.7 34.1 29.5 29.8 15.1
Number of shares outstanding at year-end (in thousands) 209,216 209,216 209,216 209,216 193,516
           
Employees          
Number of employees at year-end 3) 46,306 46,824 42,541 39,596 38,982
Personnel expenses 3) (€ in millions) 1,872 1,646 1,521 1,352 1,283


Rounding differences may arise in percentages and totals.

1) 2011 restated according to IAS 8. Prior years are not restated.
2) Including Reebok, Rockport and Reebok-CCM Hockey from February 1, 2006 onwards.
3) 2004 and 2005 reflect continuing operations as a result of the divestiture of the Salomon business segment.
4) 2012 excludes goodwill impairment of € 265 million.
5) Includes income from continuing and discontinued operations.
6) Subject to Annual General Meeting approval.
Please go to the adidas Group annual reports download page to find our 2012 and previous year’s annual reports: Link
 
 
Last update: May 3rd, 2013