Ten-Year Overview

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Ten-year overview

2019

2018

2017¹

2016

2015

2014

2013

2012

2011²

2010

1	2017 restated according to IAS 8 in the 2018 consolidated financial statements.
2	2011 restated according to IAS 8 in the 2012 consolidated financial statements.
3	2019, 2018, 2017 and 2016 figures reflect continuing operations as a result of the divestiture of the Rockport, TaylorMade, Adams Golf, Ashworth and CCM Hockey businesses.
4	2015, 2014 and 2013 figures reflect continuing operations as a result of the divestiture of the Rockport business.
5	Figures reflect the adjusted consolidated income statement structure introduced in 2018.
6	2015 excluding goodwill impairment of € 34 million.
7	2014 excluding goodwill impairment of € 78 million.
8	2013 excluding goodwill impairment of € 52 million.
9	2012 excluding goodwill impairment of € 265 million.
10	2017 excluding negative one-time tax impact of € 76 million.
11	Includes continuing and discontinued operations.
12	Based on shareholders’ equity.
13	2019 and 2018 figures reflect presentation of interest paid within cash flows from financing activities. Prior year figures are not restated.
14	Subject to Annual General Meeting approval.
15	Based on net income from continuing operations.
16	Based on number of shares outstanding at the date of preparation of the Consolidated Financial Statements.

Income Statement Data (€ in millions)

Net sales^3,4

23,640

21,915

21,218

18,483

16,915

14,534

14,203

14,883

13,322

11,990

Gross profit^3,4

12,293

11,363

10,703

9,100

8,168

6,924

7,001

7,103

6,329

5,730

Royalty and commission income^3,4

154

129

115

105

119

102

103

105

100

Other operating income^3,4,5

119

Other operating expenses^3,4,5

9,843

9,172

8,766

7,741

7,201

6,102

5,883

6,038

5,478

4,981

EBITDA^3,4

3,845

2,882

2,511

1,953

1,475

1,283

1,496

1,445

1,199

1,159

Operating profit^3,4,6,7,8,9

2,660

2,368

2,070

1,582

1,094

961

1,233

1,185

953

894

Net financial result^3,4

(102)

(47)

(46)

(21)

(48)

(68)

(69)

(84)

(88)

Income before taxes^3,4,6,7,8,9

2,558

2,378

2,023

1,536

1,073

913

1,165

1,116

869

806

Income taxes^3,4,10

640

669

668

454

353

271

340

327

261

238

Net income attributable to non-controlling interests

(2)

(5)

(1)

Net income attributable to shareholders^{6,7,8,9,10,11}

1,976

1,702

1,173

1,017

668

568

839

791

613

567

Income Statement Ratios

Gross margin^3,4

52.0%

51.8%

50.4%

49.2%

48.3%

47.6%

49.3%

47.7%

47.5%

47.8%

Operating margin^3,4,6,7,8,9

11.3%

10.8%

9.8%

8.6%

6.5%

6.6%

8.7%

8.0%

7.2%

7.5%

Interest coverage^3,4

24.3

131.6

55.6

32.7

23.8

19.3

24.0

14.6

12.2

10.1

Effective tax rate^{3,4,6,7,8,9,10}

25.0%

28.1%

29.3%

29.6%

32.9%

29.7%

29.2%

29.3%

30.0%

29.5%

Net income attributable to shareholders in % of net sales^{6,7,8,9,10,11}

8.4%

7.8%

5.5%

4.0%

3.9%

5.9%

5.3%

4.6%

4.7%

Net Sales by Brand (€ in millions)

adidas brand

21,505

19,851

18,993

16,334

13,939

11,774

11,059

11,344

9,867

8,714

Reebok brand

1,748

1,687

1,843

1,770

1,751

1,578

1,599

1,667

1,940

1,913

Net Sales by Product Category (€ in millions)

Footwear^3,4

13,521

12,783

12,427

10,132

8,360

6,658

6,587

6,922

6,242

5,389

Apparel^3,4

8,963

8,223

7,747

7,352

6,970

6,279

5,811

6,290

5,733

5,380

Hardware^3,4

1,156

910

1,044

999

1,585

1,597

1,806

1,671

1,347

1,221

Balance Sheet Data (€ in millions)

Total assets

20,680

15,612

14,019

15,176

13,343

12,417

11,599

11,651

11,237

10,618

Inventories

4,085

3,445

3,692

3,763

3,113

2,526

2,634

2,486

2,502

2,119

Receivables and other current assets

4,338

3,734

3,277

3,607

3,003

2,861

2,583

2,444

2,431

2,324

Working capital

2,179

2,979

2,354

2,121

2,133

2,970

2,125

2,504

1,990

1,972

Net cash/(net borrowings)

873

959

484

(103)

(460)

(185)

295

448

(221)

Shareholders’ equity

6,796

6,377

6,032

6,472

5,666

5,624

5,489

5,304

5,137

4,616

Balance Sheet Ratios

Net borrowings/EBITDA^3,4

(0.2)

(0.3)

(0.2)

0.1

0.3

0.1

(0.2)

(0.3)

(0.1)

0.2

Average operating working capital in % of net sales^3,4

18.1%

19.0%

20.4%

21.1%

20.5%

22.4%

21.3%

20.0%

20.4%

20.8%

Financial leverage¹²

(12.8%)

(15.0%)

(8.0%)

1.6%

8.1%

3.3%

(5.4%)

(8.5%)

(1.8%)

4.8%

Equity ratio¹²

32.9%

40.8%

43.0%

42.6%

42.5%

45.3%

47.3%

45.5%

45.7%

43.5%

Equity-to-fixed-assets ratio¹²

69.7%

110.0%

112.2%

102.9%

96.9%

110.9%

115.8%

111.1%

104.6%

97.4%

Asset coverage I¹²

119.7%

151.6%

144.1%

134.0%

136.8%

158.7%

145.0%

152.7%

140.7%

141.5%

Asset coverage II¹²

84.3%

95.1%

85.4%

83.8%

89.3%

105.9%

93.2%

100.4%

93.2%

97.7%

Fixed asset intensity of investments

47.1%

37.1%

38.3%

41.4%

43.8%

40.8%

40.9%

41.0%

43.7%

44.6%

Current asset intensity of investments

52.9%

62.9%

61.7%

58.6%

56.2%

59.2%

59.1%

59.0%

56.3%

55.4%

Liquidity I

28.7%

38.6%

25.5%

22.4%

25.5%

38.6%

34.4%

44.3%

31.6%

35.5%

Liquidity II

58.7%

73.9%

62.3%

54.9%

63.7%

83.0%

72.6%

82.9%

68.3%

78.2%

Liquidity III

105.3%

124.4%

121.0%

110.6%

121.8%

140.7%

128.3%

139.7%

126.0%

132.4%

Working capital turnover^3,4

10.8

7.4

9.0

8.7

7.9

4.9

6.7

5.9

6.7

6.1

Return on equity^11,12

29.1%

26.7%

18.2%

15.7%

11.2%

8.7%

14.3%

9.9%

11.9%

12.3%

Return on capital employed¹¹

45.4%

45.1%

41.2%

24.2%

16.5%

13.8%

23.6%

19.3%

19.9%

20.2%

Data per Share

Share price at year-end (in €)

289.80

182.40

167.15

150.15

89.91

57.62

92.64

67.33

50.26

48.89

Basic earnings^{3,4,6,7,8,9,10} (in €)

9.70

8.46

7.05

5.39

3.54

3.05

3.93

3.78

2.93

2.71

Diluted earnings^{3,4,6,7,8,9,10} (in €)

9.70

8.45

7.00

5.29

3.54

3.05

3.93

3.78

2.93

2.71

Price/earnings ratio at year-end^{3,4,6,7,8,9,10}

29.9

21.6

23.7

27.8

25.4

18.9

23.6

17.8

17.1

18.0

Market capitalization at year-end (€ in millions)

56,792

36,329

34,075

30,254

18,000

11,773

19,382

14,087

10,515

10,229

Net cash generated from operating activities^11,13 (in €)

14.26

13.31

8.14

6.73

5.41

3.36

3.03

4.50

3.86

4.28

Dividend (in €)

3.85¹⁴

3.35

2.60

2.00

1.60

1.50

1.35

1.00

0.80

Dividend payout ratio^{3,4,6,7,8,9,10,15} (in %)

39.2¹⁶

38.9

37.0

37.4

44.5

47.2

38.0

35.8

34.4

29.5

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

195,969

199,171

203,861

201,489

200,197

204,327

209,216

Employees

Number of employees at year-end^3,4

59,533

57,016

56,888

58,902

55,555

53,731

49,808

46,306

46,824

42,541

Personnel expenses^3,4 (€ in millions)

2,720

2,481

2,549

2,373

2,184

1,842

1,833

1,872

1,646

1,521

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Ten-Year Overview

70 years of adidas