Ten-Year Overview

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Ten-year overview

 

 

2021

 

2020

 

2019

 

20181

 

20172

 

2016

 

2015

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement Data (€ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales3,4,5

 

21,234

 

18,435

 

23,640

 

21,915

 

21,218

 

18,483

 

16,915

 

14,534

 

14,203

 

14,883

Gross profit3,4,5

 

10,765

 

9,222

 

12,293

 

11,363

 

10,703

 

9,100

 

8,168

 

6,924

 

7,001

 

7,103

Royalty and commission income3,4,5

 

86

 

61

 

154

 

129

 

115

 

105

 

119

 

102

 

103

 

105

Other operating income3,4,5,6

 

28

 

42

 

56

 

48

 

17

 

119

 

8

 

37

 

12

 

15

Other operating expenses3,4,5,6

 

8,892

 

8,580

 

9,843

 

9,172

 

8,766

 

7,741

 

7,201

 

6,102

 

5,883

 

6,038

EBITDA3,4,5

 

3,066

 

1,967

 

3,845

 

2,882

 

2,511

 

1,953

 

1,475

 

1,283

 

1,496

 

1,445

Operating profit3,4,5,7,8,9,10

 

1,986

 

746

 

2,660

 

2,368

 

2,070

 

1,582

 

1,094

 

961

 

1,233

 

1,185

Net financial result3,4,5

 

(133)

 

(167)

 

(102)

 

10

 

(47)

 

(46)

 

(21)

 

(48)

 

(68)

 

(69)

Income before taxes3,4,5,7,8,9,10

 

1,852

 

578

 

2,558

 

2,378

 

2,023

 

1,536

 

1,073

 

913

 

1,165

 

1,116

Income taxes3,4,5,11

 

360

 

117

 

640

 

669

 

668

 

454

 

353

 

271

 

340

 

327

Net income attributable to
non-controlling interests

 

42

 

11

 

2

 

3

 

3

 

2

 

6

 

6

 

3

 

(2)

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

 

2,116

 

432

 

1,976

 

1,702

 

1,173

 

1,017

 

668

 

568

 

839

 

791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin3,4,5

 

50.7%

 

50.0%

 

52.0%

 

51.8%

 

50.4%

 

49.2%

 

48.3%

 

47.6%

 

49.3%

 

47.7%

Operating margin3,4,5,7,8,9,10

 

9.4%

 

4.0%

 

11.3%

 

10.8%

 

9.8%

 

8.6%

 

6.5%

 

6.6%

 

8.7%

 

8.0%

Interest coverage3,4,5

 

19.7

 

5.4

 

24.3

 

131.6

 

55.6

 

32.7

 

23.8

 

19.3

 

24.0

 

14.6

Effective tax rate3,4,5,7,8,9,10,11

 

19.4%

 

20.2%

 

25.0%

 

28.1%

 

29.3%

 

29.6%

 

32.9%

 

29.7%

 

29.2%

 

29.3%

Net income attributable to shareholders
in % of net sales5,7,8,9,10,11,12

 

10.0%

 

2.3%

 

8.4%

 

7.8%

 

5.5%

 

5.5%

 

4.0%

 

3.9%

 

5.9%

 

5.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Product Category (€ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Footwear3,4,5

 

11,336

 

10,129

 

13,521

 

12,783

 

12,427

 

10,132

 

8,360

 

6,658

 

6,587

 

6,922

Apparel3,4,5

 

8,710

 

7,315

 

8,963

 

8,223

 

7,747

 

7,352

 

6,970

 

6,279

 

5,811

 

6,290

Accessories and gear3,4,5

 

1,187

 

991

 

1,156

 

910

 

1,044

 

999

 

1,585

 

1,597

 

1,806

 

1,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data (€ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

22,137

 

21,053

 

20,680

 

15,612

 

14,019

 

15,176

 

13,343

 

12,417

 

11,599

 

11,651

Inventories13

 

4,009

 

4,397

 

4,085

 

3,445

 

3,692

 

3,763

 

3,113

 

2,526

 

2,634

 

2,486

Receivables and other current assets13

 

4,072

 

3,763

 

4,338

 

3,734

 

3,277

 

3,607

 

3,003

 

2,861

 

2,583

 

2,444

Working capital13

 

4,978

 

3,328

 

2,179

 

2,979

 

2,354

 

2,121

 

2,133

 

2,970

 

2,125

 

2,504

(Adjusted net borrowings)/ adjusted net cash13,14

 

(2,963)

 

(3,148)

 

(4,173)

 

959

 

484

 

(103)

 

(460)

 

(185)

 

295

 

448

Shareholders’ equity

 

7,519

 

6,454

 

6,796

 

6,377

 

6,032

 

6,472

 

5,666

 

5,624

 

5,489

 

5,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net borrowings/EBITDA3,4,5,13,14

 

1.0

 

1.6

 

1.1

 

(0.3)

 

(0.2)

 

0.1

 

0.3

 

0.1

 

(0.2)

 

(0.3)

Average operating working capital
in % of net sales3,4,5,13

 

20.0%

 

25.3%

 

18.1%

 

19.0%

 

20.4%

 

21.1%

 

20.5%

 

22.4%

 

21.3%

 

20.0%

Financial leverage13,14,15

 

39.4%

 

48.8%

 

61.4%

 

(15.0%)

 

(8.0%)

 

1.6%

 

8.1%

 

3.3%

 

(5.4%)

 

(8.5%)

Equity ratio15

 

34.0%

 

30.7%

 

32.9%

 

40.8%

 

43.0%

 

42.6%

 

42.5%

 

45.3%

 

47.3%

 

45.5%

Equity-to-fixed-assets ratio13,15

 

91.8%

 

72.5%

 

69.7%

 

110.0%

 

112.2%

 

102.9%

 

96.9%

 

110.9%

 

115.8%

 

111.1%

Asset coverage I13,15

 

156.9%

 

134.7%

 

119.7%

 

151.6%

 

144.1%

 

134.0%

 

136.8%

 

158.7%

 

145.0%

 

152.7%

Asset coverage II13,15

 

105.3%

 

90.2%

 

84.3%

 

95.1%

 

85.4%

 

83.8%

 

89.3%

 

105.9%

 

93.2%

 

100.4%

Fixed asset intensity of investments13

 

37.0%

 

42.3%

 

47.1%

 

37.1%

 

38.3%

 

41.4%

 

43.8%

 

40.8%

 

40.9%

 

41.0%

Current asset intensity of investments13

 

63.0%

 

57.7%

 

52.9%

 

62.9%

 

61.7%

 

58.6%

 

56.2%

 

59.2%

 

59.1%

 

59.0%

Liquidity I13

 

42.7%

 

45.3%

 

28.7%

 

38.6%

 

25.5%

 

22.4%

 

25.5%

 

38.6%

 

34.4%

 

44.3%

Liquidity II13

 

67.0%

 

67.4%

 

58.7%

 

73.9%

 

62.3%

 

54.9%

 

63.7%

 

83.0%

 

72.6%

 

82.9%

Liquidity III13

 

111.7%

 

117.2%

 

105.3%

 

124.4%

 

121.0%

 

110.6%

 

121.8%

 

140.7%

 

128.3%

 

139.7%

Working capital turnover3,4,5,13

 

4.3

 

5.5

 

10.8

 

7.4

 

9.0

 

8.7

 

7.9

 

4.9

 

6.7

 

5.9

Return on equity12,15

 

28.1%

 

6.7%

 

29.1%

 

26.7%

 

18.2%

 

15.7%

 

11.2%

 

8.7%

 

14.3%

 

9.9%

Return on capital employed5,12,13

 

19.3%

 

7.4%

 

45.4%

 

45.1%

 

41.2%

 

24.2%

 

16.5%

 

13.8%

 

23.6%

 

19.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Data per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share price at year-end (in €)

 

253.20

 

297.90

 

289.80

 

182.40

 

167.15

 

150.15

 

89.91

 

57.62

 

92.64

 

67.33

Basic earnings (in €)3,4,5,7,8,9,10,11

 

7.47

 

2.31

 

9.70

 

8.46

 

7.05

 

5.39

 

3.54

 

3.05

 

3.93

 

3.78

Diluted earnings (in €)3,4,5,7,8,9,10,11

 

7.47

 

2.31

 

9.70

 

8.45

 

7.00

 

5.29

 

3.54

 

3.05

 

3.93

 

3.78

Price/earnings ratio at year-end3,4,5,7,8,9,10,11

 

33.9

 

128.9

 

29.9

 

21.6

 

23.7

 

27.8

 

25.4

 

18.9

 

23.6

 

17.8

Market capitalization at year-end (€ in millions)

 

48,512

 

58,110

 

56,792

 

36,329

 

34,075

 

30,254

 

18,000

 

11,773

 

19,382

 

14,087

Net cash generated from operating activities
(in €)5,16

 

14.79

 

7.00

 

14.26

 

13.31

 

8.14

 

6.73

 

5.41

 

3.36

 

3.03

 

4.50

Dividend (in €)

 

3.3017

 

3.00

 

0.00

 

3.35

 

2.60

 

2.00

 

1.60

 

1.50

 

1.50

 

1.35

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

 

191,595

 

195,066

 

195,969

 

199,171

 

203,861

 

201,489

 

200,197

 

204,327

 

209,216

 

209,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of employees at year-end3,4,18,19

 

61,401

 

62,285

 

65,194

 

57,016

 

56,888

 

58,902

 

55,555

 

53,731

 

49,808

 

46,306

Personnel expenses (€ in millions)3,4,5

 

2,451

 

2,483

 

2,720

 

2,481

 

2,549

 

2,373

 

2,184

 

1,842

 

1,833

 

1,872

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

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

2021 and 2020 figures reflect continuing operations as a result of the reclassification of the Reebok business to discontinued operations.

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.

12

Includes continuing and discontinued operations.

13

2021 figures reflect the reclassification of the Reebok business to assets or liabilities held for sale.

14

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

15

Based on shareholders’ equity.

16

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

17

Subject to Annual General Meeting approval.

18

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.

19

Number of employees for 2021 excluding Reebok due to the expected divestiture of the Reebok business.