Results 2012 - Outlook 2013
Results 2012
|
Outlook 2013
|
| Group sales: |
|
| Group sales of € 14.883 billion; Group currency-neutral sales increase 6% |
On a currency-neutral basis, sales to increase at a mid-single-digit rate |
| Group segment sales: |
|
On a currency-neutral basis:
Wholesale segment sales increase of 2%
Retail segment sales increase of 14%
adidas brand sales increase of 10%
Reebok brand sales decrease of 18%
Other Businesses sales increase of 17%
TaylorMade-adidas Golf sales increase of 20%
|
On a currency-neutral basis, sales to increase:
- at a low-single-digit rate for the Wholesale segment
- at a high-single- to low-double-digit rate for the Retail segment
- at a mid- to high-single-digit rate for Other Businesses
- at a mid-single-digit rate for TaylorMade-adidas Golf
- at a mid- to high-single-digit rate for Rockport
- at a mid- to high-single-digit rate for Reebok-CCM Hockey 2) |
| Gross margin: |
|
| 47.7% |
48.0% to 48.5% |
| Operating margin: 1) |
|
| 8.0% |
Increase to a level approaching 9.0% |
| Average operating working capital (in % of sales): |
|
| 20.0% |
Moderate increase expected |
| Capital expenditure: |
|
| € 434 million |
€ 500 million to € 550 million |
| Net borrowings: |
|
| Net cash of € 448 million; net borrowings/EBITDA ratio –0.3 |
Further reduction of gross borrowings; net borrowings/EBITDA ratio to be maintained below 2 |
| Net income attributable to shareholders: 1) |
|
| Increases 29% to € 791 million; earnings per share increase 29% to € 3.78 |
Basic earnings per share increase at a rate of 12% to 16% to a level between € 4.25 to € 4.40 |
| Shareholder value: |
|
adidas AG share price increases 34%;
dividend of € 1.35 per share
(Subject to Annual General Meeting approval) |
Shareholder value further increase |
1) Excluding goodwill impairment of € 265 million.
2) Previous guidance: at a low-double-digit rate for Reebok-CCM Hockey