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