2007TARGETS |
2007RESULTS |
2008TARGETS
|
| Mid-single-digit currency-neutral sales growth |
Net sales reach € 10.3 billion; Group currency-neutral sales grow 7 % |
High-single-digit currency-neutral sales growth |
| Bring major new concepts, technology evolutions and revolutions to market |
Major 2007 product launches: adidas new technologies in adiSTAR, SuperNova and Response running shoe families, Stella McCartney “Gym / Yoga” collection, TechFit™ apparel Reebok running shoes Trinity KFS II and HATANA, Rbk EDGE Uniform System™ apparel collection Rockport first footwear collection incorporating adidas Torsion ® technology TaylorMade-adidas golf r7 ® SuperQuad drivers, POWERBAND shoe, Clima concept extended to Golf apparel |
Bring major new concepts, technology evolutions and revolutions to market |
| Currency-neutral sales to grow at all brands and in all regions |
Currency-neutral sales increase 12 % at adidas, remain stable at Reebok and grow 9 % on a like-for-like basis at TaylorMade-adidas Golf; currency-neutral sales grow in all regions except North America |
Currency-neutral sales to grow at all brands and in all regions except North America |
| Gross margin range 45 – 47 % | Gross margin: 47.4 % | Gross margin range 47.5 % and 48 % |
| Operating margin around 9 % | Operating margin: 9.2 % | Operating margin to be at least 9.5 % |
| Reduce operating working capital as a percentage of sales to below 25 % |
Operating working capital as a percentage of sales: 25.2 % |
Further reduce operating working capital as a percentage of sales |
| Capital expenditure range € 300 million – € 400 million | Capital expenditure: € 289 million | Capital expenditure range € 300 million – € 400 million |
| Reduce year-end net borrowings to below € 2 billion |
Net borrowings reduced to € 1.766 billion; year-end financial leverage: 58.4 % |
Maintain or further reduce net borrowings despite share buyback |
| Net income growth to approach 15 % |
Highest ever net income attributable to shareholders at € 551 million (+ 14 %) |
Net income to grow at least 15 % |
| Further increase shareholder value | adidas AG share increased 36 %, outperforming DAX-30 and MSCI World Textiles, Apparel and Luxury Goods Index; 19% dividend increase proposed; share buyback program initiated in January 2008 |
Further increase shareholder value |