Ten-Year Overview

 
               
 

2010

2009

2008

2007

20061)

2005

2004

2003

2002

2001

Income Statement Data (€ in millions)

  
                 

Net sales2)

11,990

10,381

10,799

10,299

10,084

6,636

5,860

6,267

6,523

6,112

Gross profit2)

5,730

4,712

5,256

4,882

4,495

3,197

2,813

2,814

2,819

2,601

Royalty and commission income2)

100

86

89

102

90

47

42

42

46

42

Other operating income2)

110

100

103

80

55

36

n/a

n/a

n/a

n/a

Other operating expenses2)

5,046

4,390

4,378

4,115

3,759

2,573

n/a

n/a

n/a

n/a

EBITDA2)

1,159

780

1,280

1,165

1,078

806

716

652

622

620

Operating profit2) 3)

894

508

1,070

949

881

707

584

490

477

475

Financial result 2) 4)

(88)

(150)

(166)

(135)

(158)

(52)

(59)

(49)

(87)

(102)

Income before taxes2) 4)

806

358

904

815

723

655

526

438

390

376

Income taxes2)

238

113

260

260

227

221

193

167

148

147

Net income attributable to non-controlling interests2) 4)

(1)

0

(2)

(4)

(13)

(8)

(7)

(11)

(14)

(21)

Net income attributable to shareholders5)

567

245

642

551

483

383

314

260

229

208
 
 
                 

Income Statement Ratios

  
                 

Gross margin2)

47.8%

45.4%

48.7%

47.4%

44.6%

48.2%

48.0%

44.9%

43.2%

42.6%

Operating margin2) 3)

7.5%

4.9%

9.9%

9.2%

8.7%

10.7%

10.0%

7.8%

7.3%

7.8%

Interest coverage2)

10.1

3.9

7.4

6.8

5.9

18.4

10.2

8.4

6.4

4.9

Effective tax rate2)

29.5%

31.5%

28.8%

31.8%

31.4%

33.7%

36.7%

38.0%

37.9%

39.0%

Net income attributable to shareholders as a percentage of net sales5)

4.7%

2.4%

5.9%

5.4%

4.8%

5.8%

5.4%

4.2%

3.5%

3.4%
 
 
                 

Net sales by brand (€ in millions)

  
                 

adidas

8,714

7,520

7,821

7,113

6,626

5,861

5,174

4,950

5,105

4,825

Reebok

1,913

1,603

1,717

1,831

1,979

—

—

—

—

—

TaylorMade-adidas Golf

909

831

812

804

856

709

633

637

707

545

Rockport

252

232

243

291

293

—

—

—

—

—

Reebok-CCM Hockey

200

177

188

210

202

—

—

—

—

—
 
 
                 

Net sales by product category (€ in millions)

  
                 

Footwear2)

5,389

4,642

4,919

4,751

4,733

2,978

2,620

2,767

2,851

2,650

Apparel2)

5,380

4,663

4,775

4,426

4,105

2,798

2,462

2,222

2,288

2,212

Hardware2)

1,221

1,076

1,105

1,121

1,246

860

778

1,278

1,385

1,250

Balance Sheet Data (€ in millions)

  
                 

Total assets4)

10,618

8,875

9,533

8,325

8,379

5,750

4,434

4,188

4,261

4,183

Inventories

2,119

1,471

1,995

1,629

1,607

1,230

1,155

1,164

1,190

1,273

Receivables and other current assets

2,324

2,038

2,523

2,048

1,913

1,551

1,425

1,335

1,560

1,520

Working capital4)

1,972

1,649

1,290

1,522

1,733

2,644

1,336

1,433

1,445

1,485

Net borrowings

221

917

2,189

1,766

2,231

(551)

665

1,018

1,498

1,679

Shareholders’ equity4)

4,616

3,771

3,386

3,023

2,828

2,684

1,544

1,285

1,081

1,015

Balance Sheet Ratios

  
                 

Net borrowings/EBITDA2)

0.2

1.2

1.7

1.5

2.1

(0.7)

0.9

1.6

2.4

2.7

Financial leverage4)

4.8%

24.3%

64.6%

58.4%

78.9%

(20.5%)

43.1%

79.2%

138.5%

165.5%

Equity ratio4)

43.5%

42.5%

35.5%

36.3%

33.8%

46.7%

34.8%

30.7%

25.4%

24.3%

Equity-to-fixed-assets ratio4)

97.4%

85.9%

73.6%

72.2%

63.5%

194.0%

110.4%

91.1%

75.4%

77.8%

Asset coverage I4)

141.5%

137.4%

127.7%

136.1%

138.7%

284.1%

194.1%

197.6%

196.9%

209.3%

Asset coverage II4)

97.7%

102.9%

89.1%

98.0%

102.0%

150.4%

106.3%

108.3%

107.6%

105.9%

Fixed asset intensity of investments

44.6%

49.5%

48.2%

50.3%

53.2%

24.1%

31.6%

33.7%

33.7%

31.2%

Current asset intensity of investments

55.4%

50.5%

51.8%

49.7%

46.8%

75.9%

68.4%

66.3%

66.3%

68.8%

Liquidity I4)

35.5%

30.0%

10.5%

14.5%

15.8%

92.0%

26.8%

20.8%

5.5%

6.1%

Liquidity II4)

78.2%

80.4%

55.1%

70.3%

80.4%

148.0%

88.4%

100.8%

99.1%

96.0%

Liquidity III4)

132.4%

132.2%

109.8%

132.6%

153.7%

219.4%

156.4%

187.4%

185.3%

187.4%

Working capital turnover4)

6.1

6.3

8.4

6.8

5.8

2.6

4.4

4.4

4.5

4.1

Return on equity4) 5)

12.3%

6.5%

18.9%

18.2%

17.1%

14.3%

20.4%

20.2%

21.1%

20.5%

Return on capital employed4) 5)

20.2%

11.3%

19.8%

20.2%

17.6%

49.3%

27.5%

22.1%

16.8%

16.7%
 
 
                 

Data Per Share6)

  
                 

Share price at year-end (in €)

48.89

37.77

27.14

51.26

37.73

40.00

29.69

22.58

20.58

21.08

Basic earnings5) (in €)

2.71

1.25

3.25

2.71

2.37

2.05

1.72

1.43

1.26

1.15

Diluted earnings5) (in €)

2.71

1.22

3.07

2.57

2.25

1.93

1.64

1.43

1.26

1.15

Price/earnings ratio at year-end

18.0

31.0

8.8

19.9

16.8

20.7

18.1

15.8

16.3

18.3

Market capitalisation at year-end (€ in millions)

10,229

7,902

5,252

10,438

7,679

8,122

5,446

4,104

3,738

3,823

Operating cash flow (in €)

4.28

6.11

2.52

3.83

3.74

1.88

3.17

3.58

2.94

2.12

Dividend (in €)

0.807)

0.35

0.50

0.50

0.42

0.33

0.33

0.25

0.25

0.23

Dividend payout ratio (in %)

29.5

29.8

15.1

18.0

17.7

17.2

18.9

17.5

19.8

20.0

Number of shares outstanding at year-end (in thousands)

209,216

209,216

193,516

203,629

203,537

203,047

183,436

181,816

181,692

181,396
 
 
                 

Employees

  
                 

Number of employees at year-end2)

42,541

39,596

38,982

31,344

26,376

15,935

14,254

15,686

14,716

13,941

Personnel expenses2) (€ in millions)

1,521

1,352

1,283

1,186

1,087

706

637

709

758

695











Rounding differences may arise in percentages and totals.
1) Including Reebok, Reebok-CCM Hockey and Rockport 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.
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