Ten-Year Overview

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Ten-year overview

 

 

2020

 

2019

 

20181

 

20172

 

2016

 

2015

 

2014

 

2013

 

2012

 

20113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement Data (€ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales4, 5

 

19,844

 

23,640

 

21,915

 

21,218

 

18,483

 

16,915

 

14,534

 

14,203

 

14,883

 

13,322

Gross profit4, 5

 

9,855

 

12,293

 

11,363

 

10,703

 

9,100

 

8,168

 

6,924

 

7,001

 

7,103

 

6,329

Royalty and commission income4, 5

 

83

 

154

 

129

 

115

 

105

 

119

 

102

 

103

 

105

 

93

Other operating income4, 5, 6

 

42

 

56

 

48

 

17

 

119

 

8

 

37

 

12

 

15

 

9

Other operating expenses4, 5, 6

 

9,229

 

9,843

 

9,172

 

8,766

 

7,741

 

7,201

 

6,102

 

5,883

 

6,038

 

5,478

EBITDA4, 5

 

2,079

 

3,845

 

2,882

 

2,511

 

1,953

 

1,475

 

1,283

 

1,496

 

1,445

 

1,199

Operating profit4, 5, 7, 8, 9, 10

 

751

 

2,660

 

2,368

 

2,070

 

1,582

 

1,094

 

961

 

1,233

 

1,185

 

953

Net financial result4, 5

 

(176)

 

(102)

 

10

 

(47)

 

(46)

 

(21)

 

(48)

 

(68)

 

(69)

 

(84)

Income before taxes4, 5, 7, 8, 9, 10

 

575

 

2,558

 

2,378

 

2,023

 

1,536

 

1,073

 

913

 

1,165

 

1,116

 

869

Income taxes4, 5, 11

 

146

 

640

 

669

 

668

 

454

 

353

 

271

 

340

 

327

 

261

Net income attributable to non-controlling interests

 

11

 

2

 

3

 

3

 

2

 

6

 

6

 

3

 

(2)

 

(5)

Net income attributable to shareholders7, 8, 9, 10, 11, 12

 

432

 

1,976

 

1,702

 

1,173

 

1,017

 

668

 

568

 

839

 

791

 

613

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin4, 5

 

49.7%

 

52.0%

 

51.8%

 

50.4%

 

49.2%

 

48.3%

 

47.6%

 

49.3%

 

47.7%

 

47.5%

Operating margin4, 5, 7, 8, 9, 10

 

3.8%

 

11.3%

 

10.8%

 

9.8%

 

8.6%

 

6.5%

 

6.6%

 

8.7%

 

8.0%

 

7.2%

Interest coverage4, 5

 

5.1

 

24.3

 

131.6

 

55.6

 

32.7

 

23.8

 

19.3

 

24.0

 

14.6

 

12.2

Effective tax rate 4, 5, 7, 8, 9, 10, 11

 

25.4%

 

25.0%

 

28.1%

 

29.3%

 

29.6%

 

32.9%

 

29.7%

 

29.2%

 

29.3%

 

30.0%

Net income attributable to shareholders in % of net sales7, 8, 9, 10, 11, 12

 

2.2%

 

8.4%

 

7.8%

 

5.5%

 

5.5%

 

4.0%

 

3.9%

 

5.9%

 

5.3%

 

4.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Brand (€ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

adidas brand

 

18,095

 

21,505

 

19,851

 

18,993

 

16,334

 

13,939

 

11,774

 

11,059

 

11,344

 

9,867

Reebok brand

 

1,409

 

1,748

 

1,687

 

1,843

 

1,770

 

1,751

 

1,578

 

1,599

 

1,667

 

1,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Product Category (€ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Footwear4, 5

 

11,128

 

13,521

 

12,783

 

12,427

 

10,132

 

8,360

 

6,658

 

6,587

 

6,922

 

6,242

Apparel4, 5

 

7,687

 

8,963

 

8,223

 

7,747

 

7,352

 

6,970

 

6,279

 

5,811

 

6,290

 

5,733

Accessories and gear4, 5

 

1,028

 

1,156

 

910

 

1,044

 

999

 

1,585

 

1,597

 

1,806

 

1,671

 

1,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data (€ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

21,053

 

20,680

 

15,612

 

14,019

 

15,176

 

13,343

 

12,417

 

11,599

 

11,651

 

11,237

Inventories

 

4,397

 

4,085

 

3,445

 

3,692

 

3,763

 

3,113

 

2,526

 

2,634

 

2,486

 

2,502

Receivables and other current assets

 

3,763

 

4,338

 

3,734

 

3,277

 

3,607

 

3,003

 

2,861

 

2,583

 

2,444

 

2,431

Working capital

 

3,328

 

2,179

 

2,979

 

2,354

 

2,121

 

2,133

 

2,970

 

2,125

 

2,504

 

1,990

(Adjusted net borrowings)/adjusted net cash13

 

(3,148)

 

(4,173)

 

959

 

484

 

(103)

 

(460)

 

(185)

 

295

 

448

 

90

Shareholders’ equity

 

6,454

 

6,796

 

6,377

 

6,032

 

6,472

 

5,666

 

5,624

 

5,489

 

5,304

 

5,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net borrowings/EBITDA4, 5, 13

 

1.5

 

1.1

 

(0.3)

 

(0.2)

 

0.1

 

0.3

 

0.1

 

(0.2)

 

(0.3)

 

(0.1)

Average operating working capital in % of net sales4, 5

 

23.5%

 

18.1%

 

19.0%

 

20.4%

 

21.1%

 

20.5%

 

22.4%

 

21.3%

 

20.0%

 

20.4%

Financial leverage13, 14

 

48.8%

 

61.4%

 

(15.0%)

 

(8.0%)

 

1.6%

 

8.1%

 

3.3%

 

(5.4%)

 

(8.5%)

 

(1.8%)

Equity ratio14

 

30.7%

 

32.9%

 

40.8%

 

43.0%

 

42.6%

 

42.5%

 

45.3%

 

47.3%

 

45.5%

 

45.7%

Equity-to-fixed-assets ratio14

 

72.5%

 

69.7%

 

110.0%

 

112.2%

 

102.9%

 

96.9%

 

110.9%

 

115.8%

 

111.1%

 

104.6%

Asset coverage I14

 

134.7%

 

119.7%

 

151.6%

 

144.1%

 

134.0%

 

136.8%

 

158.7%

 

145.0%

 

152.7%

 

140.7%

Asset coverage II14

 

90.2%

 

84.3%

 

95.1%

 

85.4%

 

83.8%

 

89.3%

 

105.9%

 

93.2%

 

100.4%

 

93.2%

Fixed asset intensity of investments

 

42.3%

 

47.1%

 

37.1%

 

38.3%

 

41.4%

 

43.8%

 

40.8%

 

40.9%

 

41.0%

 

43.7%

Current asset intensity of investments

 

57.7%

 

52.9%

 

62.9%

 

61.7%

 

58.6%

 

56.2%

 

59.2%

 

59.1%

 

59.0%

 

56.3%

Liquidity I

 

45.3%

 

28.7%

 

38.6%

 

25.5%

 

22.4%

 

25.5%

 

38.6%

 

34.4%

 

44.3%

 

31.6%

Liquidity II

 

67.4%

 

58.7%

 

73.9%

 

62.3%

 

54.9%

 

63.7%

 

83.0%

 

72.6%

 

82.9%

 

68.3%

Liquidity III

 

117.2%

 

105.3%

 

124.4%

 

121.0%

 

110.6%

 

121.8%

 

140.7%

 

128.3%

 

139.7%

 

126.0%

Working capital turnover4, 5

 

6.0

 

10.8

 

7.4

 

9.0

 

8.7

 

7.9

 

4.9

 

6.7

 

5.9

 

6.7

Return on equity12, 14

 

6.7%

 

29.1%

 

26.7%

 

18.2%

 

15.7%

 

11.2%

 

8.7%

 

14.3%

 

9.9%

 

11.9%

Return on capital employed12

 

12.7%

 

45.4%

 

45.1%

 

41.2%

 

24.2%

 

16.5%

 

13.8%

 

23.6%

 

19.3%

 

19.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Data per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share price at year-end (in €)

 

297.90

 

289.80

 

182.40

 

167.15

 

150.15

 

89.91

 

57.62

 

92.64

 

67.33

 

50.26

Basic earnings4, 5, 7, 8, 9, 10, 11 (in €)

 

2.15

 

9.70

 

8.46

 

7.05

 

5.39

 

3.54

 

3.05

 

3.93

 

3.78

 

2.93

Diluted earnings4, 5, 7, 8, 9, 10, 11 (in €)

 

2.15

 

9.70

 

8.45

 

7.00

 

5.29

 

3.54

 

3.05

 

3.93

 

3.78

 

2.93

Price/earnings ratio at year-end4, 5, 7, 8, 9, 10, 11

 

138.8

 

29.9

 

21.6

 

23.7

 

27.8

 

25.4

 

18.9

 

23.6

 

17.8

 

17.1

Market capitalization at year-end (€ in millions)

 

58,110

 

56,792

 

36,329

 

34,075

 

30,254

 

18,000

 

11,773

 

19,382

 

14,087

 

10,515

Net cash generated from operating activities12, 15 (in €)

 

7.62

 

14.26

 

13.31

 

8.14

 

6.73

 

5.41

 

3.36

 

3.03

 

4.50

 

3.86

Dividend (in €)

 

3.0016

 

0.00

 

3.35

 

2.60

 

2.00

 

1.60

 

1.50

 

1.50

 

1.35

 

1.00

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

 

195,066

 

195,969

 

199,171

 

203,861

 

201,489

 

200,197

 

204,327

 

209,216

 

209,216

 

209,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of employees at year-end4, 5, 17

 

62,285

 

65,194

 

57,016

 

56,888

 

58,902

 

55,555

 

53,731

 

49,808

 

46,306

 

46,824

Personnel expenses4, 5 (€ in millions)

 

2,483

 

2,720

 

2,481

 

2,549

 

2,373

 

2,184

 

1,842

 

1,833

 

1,872

 

1,646

1

Application of IFRS 16 as of January 1, 2019. Prior year figures are not restated.

2

2017 restated according to IAS 8 in the 2018 consolidated financial statements.

3

2011 restated according to IAS 8 in the 2012 consolidated financial statements.

4

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.

5

2015, 2014 and 2013 figures reflect continuing operations as a result of the divestiture of the Rockport business.

6

Figures reflect the adjusted consolidated income statement structure introduced in 2018.

7

2015 excluding goodwill impairment of € 34 million.

8

2014 excluding goodwill impairment of € 78 million.

9

2013 excluding goodwill impairment of € 52 million.

10

2012 excluding goodwill impairment of € 265 million. 11 2017 excluding negative one-time tax impact of € 76 million.

11

2017 excluding negative one-time tax impact of € 76 million.

12

Includes continuing and discontinued operations.

13

First-time application of adjusted net borrowings as of 2020. Only figure for 2019 restated.

14

Based on shareholders’ equity.

15

Since 2018 figures reflect presentation of interest paid within cash flows from financing activities. Prior year figures are not restated.

16

Subject to Annual General Meeting approval.

17

2019 figure restated due to inclusion of temporary contracts of up to six months (2019 headcounts excluding temporary contracts of up to six months: 59,333). Prior year figures are not restated.