|
NET FINANCIAL EXPENSES € in millions |
|
 |
|
| 1) | Adjusted to reflect the application of IAS 32. |
| 2) | Figures reflect continuing operations as a result of the divestiture of the Salomon business segment. |
| 3) | Including Reebok business segment from February 1, 2006 onwards. Including Greg Norman apparel business from February 1, 2006 to November 30, 2006. |
STRONG DECREASE OF NET FINANCIAL EXPENSES
Net financial
expenses decreased 15 % to € 134 million in 2007 from
€ 158 million in the prior year as a result of lower financial
expenses
following the strong reduction of net borrowings.
see Treasury
FINANCIAL INCOME DECLINES BY 9 %
Financial income
decreased
by 9 % to € 36 million in 2007 (2006: € 39 million).
In the prior year, financial income was higher due to a significant
cash position
after the capital increase and the proceeds
related to the divestiture of the Salomon business segment
at the beginning of 2006. Both transactions were completed in
the fourth quarter of 2005.
FINANCIAL EXPENSES DECREASE BY 14 %
Financial expenses
decreased 14 % to € 170 million in 2007 (2006: € 197 million),
mainly as a result of significantly lower gross borrowings versus
the prior year.
INCOME BEFORE TAXES INCREASES BY 13 %
As a result of the
Group’s operating margin increase and lower net financial
expenses,
income before taxes (IBT) as a percentage of sales
increased by 0.7 percentage points to 7.9 % in 2007 from 7.2 %
in 2006. IBT for the adidas Group increased 13 % to € 815 million
in 2007 from € 723 million in 2006.
|
INCOME BEFORE TAXES € in millions |
|
 |
|
| 1) | Adjusted to reflect the application of IAS 32. |
| 2) | Figures reflect continuing operations as a result of the divestiture of the Salomon business segment. |
| 3) | Including Reebok business segment from February 1, 2006 onwards. Including Greg Norman apparel business from February 1, 2006 to November 30, 2006. |
|
INCOME BEFORE TAXES BY QUARTER1) € in millions |
|
 |
|
| 1) | Including Reebok business segment from February 1, 2006 onwards. Including Greg Norman apparel business from February 1, 2006 to November 30, 2006 |
