Consolidated Income Statement

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adidas AG Consolidated Income Statement (IFRS) € in millions

 

 

Note

 

Year ending
Dec. 31, 2019

 

Year ending
Dec. 31, 20181

 

Change

1

First-time application of IFRS 16 as of January 1, 2019. Prior year figures are not restated.

The accompanying Notes are an integral part of these consolidated financial statements.

Net sales

 

38

 

23,640

 

21,915

 

7.9%

Cost of sales

 

 

 

11,347

 

10,552

 

7.5%

Gross profit

 

 

 

12,293

 

11,363

 

8.2%

(% of net sales)

 

 

 

52.0%

 

51.8%

 

0.2pp

Royalty and commission income

 

 

 

154

 

129

 

19.5%

Other operating income

 

31

 

56

 

48

 

16.6%

Other operating expenses

 

11, 14, 33

 

9,843

 

9,172

 

7.3%

(% of net sales)

 

 

 

41.6%

 

41.9%

 

(0.2pp)

Marketing and point-of-sale expenses

 

 

 

3,042

 

3,001

 

1.4%

(% of net sales)

 

 

 

12.9%

 

13.7%

 

(0.8pp)

Distribution and selling expenses

 

 

 

4,997

 

4,450

 

12.3%

(% of net sales)

 

 

 

21.1%

 

20.3%

 

0.8pp

General and administration expenses

 

 

 

1,652

 

1,576

 

4.8%

(% of net sales)

 

 

 

7.0%

 

7.2%

 

(0.2pp)

Sundry expenses

 

 

 

134

 

105

 

28.3%

(% of net sales)

 

 

 

0.6%

 

0.5%

 

0.1pp

Impairment losses (net) on accounts receivable and contract assets

 

 

 

18

 

41

 

(57.2%)

Operating profit

 

 

 

2,660

 

2,368

 

12.4%

(% of net sales)

 

 

 

11.3%

 

10.8%

 

0.4pp

Financial income

 

34

 

64

 

57

 

11.2%

Financial expenses

 

34

 

166

 

47

 

253.2%

Income before taxes

 

 

 

2,558

 

2,378

 

7.6%

(% of net sales)

 

 

 

10.8%

 

10.9%

 

0.0pp

Income taxes

 

36

 

640

 

669

 

(4.3%)

(% of income before taxes)

 

 

 

25.0%

 

28.1%

 

(3.1pp)

Net income from continuing operations

 

 

 

1,918

 

1,709

 

12.2%

(% of net sales)

 

 

 

8.1%

 

7.8%

 

0.3pp

Gains / (losses) from discontinued operations, net of tax

 

03

 

59

 

(5)

 

n. a.

Net income

 

 

 

1,977

 

1,704

 

16.0%

(% of net sales)

 

 

 

8.4%

 

7.8%

 

0.6pp

Net income attributable to shareholders

 

 

 

1,976

 

1,702

 

16.1%

(% of net sales)

 

 

 

8.4%

 

7.8%

 

0.6pp

Net income attributable to non-controlling interests

 

 

 

2

 

3

 

(35.1%)

 

 

 

 

 

 

 

 

 

Basic earnings per share from continuing operations (in €)

 

37

 

9.70

 

8.46

 

14.7%

Diluted earnings per share from continuing operations (in €)

 

37

 

9.70

 

8.45

 

14.8%

 

 

 

 

 

 

 

 

 

Basic earnings per share from continuing and discontinued operations (in €)

 

37

 

10.00

 

8.44

 

18.5%

Diluted earnings per share from continuing and discontinued operations (in €)

 

37

 

10.00

 

8.42

 

18.7%