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Five-Year Share Price Development1) |
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| 1) | Index: December 31, 2002 = 100 |
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Recommendation Split 1) |
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| 1) | At year-end 2007. Source: Bloomberg. |
ANALYSTS RAISE RECOMMENDATIONS
The adidas Group continued to receive strong analyst support in 2007. Around 30 analysts
regularly published research reports on adidas AG. In 2007, both Lehman Brothers and Goldman Sachs shifted coverage on our
share to Europe from North America. This follows a similar trend initiated by other banks in 2006, after our acquisition of Reebok,
which strongly consolidated the number of footwear and apparel suppliers in the USA. Now the majority of adidas
coverage takes
place in Europe. Analyst recommendations improved considerably throughout 2007, as confidence grew regarding
our ability to deliver
sustainable operating margin improvement and earnings growth. The majority of analysts are confident about the medium- and longterm
potential of our Group. This is reflected in the recommendation split for our share as of December 31, 2007. 84 % of analysts
recommended investors to “buy” our share in their last publication during the 12-month period (2006: 38 %). 16 % advised to hold
our share (2006: 56 %). No analyst recommended a “sell” rating (2006: 6 %).
Award-Winning Investor Relations Activities
adidas AG strives to maintain continuous close contact to institutional and
private
shareholders as well as analysts. In 2007, Management and the Investor Relations team spent almost twenty full days on
roadshows and presented at numerous national and international conferences. At the AGM in May 2007, we conducted a private
shareholder survey regarding satisfaction with our share as an investment as well as our Investor Relations services. Survey
results illustrated a high level of satisfaction from long-term shareholders and included feedback that more than one third of
shareholders in attendance at our AGM use our Investor Relations website on a regular basis. In August, we held our eighth
Investor Day in Canton, Massachusetts, USA, where Management presented updates on Group and brand strategies. The effectiveness
of our Group’s Investor
Relations activities was highlighted by the Institutional Investor’s 2007 Rankings, where buy-side
participants ranked us as the best Investor Relations program in our sector. Further, adidas AG achieved the number two position
in Extel’s Pan-European Survey 2007 for the luxury goods sector. Our Investor Relations products also ranked strongly. The print
version of our 2006 Annual Report took third place in the DAX-30 by the “manager magazin” competition “The Best Annual
Reports” including the top ranking for content. Our IR Website and Online Annual Report were ranked number one in the consumer
goods industry in the annual MZ awards.
Extensive Financial Information Available Online
We offer extensive information around our share as well as the Group’s
strategy and financial results on our corporate website. 
www.adidas-Group.com/investors Our event calendar lists all conferences we
attend and provides all presentations for download. In addition to live webcasts of all major events such as our Analyst Conference,
the AGM and our Investor Day, we also offer podcasts of our quarterly conference calls. In 2007, we introduced a quarterly online
chat and an RSS feed. In January 2008, we launched an event reminder service to ensure timely notification about upcoming
corporate
events to interested
shareholders.
