Ten-Year Overview

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Ten-year overview

2022

2021

2020

2019

2018¹

2017²

2016

2015

2014

2013

Income Statement Data (€ in millions)

Net sales^3,4,5

22,511

21,234

18,435

23,640

21,915

21,218

18,483

16,915

14,534

14,203

Gross profit^3,4,5

10,644

10,765

9,222

12,293

11,363

10,703

9,100

8,168

6,924

7,001

Royalty and commission income^3,4,5

112

154

129

115

105

119

102

103

Other operating income^3,4,5,6

173

119

Other operating expenses^3,4,5,6

10,260

8,892

8,580

9,843

9,172

8,766

7,741

7,201

6,102

5,883

EBITDA^3,4,5

1,874

3,066

1,967

3,845

2,882

2,511

1,953

1,475

1,283

1,496

Operating profit^{3,4,5,7,8,9,10}

669

1,986

746

2,660

2,368

2,070

1,582

1,094

961

1,233

Net financial result^3,4,5

(281)

(133)

(167)

(102)

(47)

(46)

(21)

(48)

(68)

Income before taxes^{3,4,5,7,8,9,10}

388

1,852

578

2,558

2,378

2,023

1,536

1,073

913

1,165

Income taxes^3,4,5,11

134

360

117

640

669

668

454

353

271

340

Net income attributable to shareholders^{7,8,9,10,11,12}

612

2,116

432

1,976

1,702

1,173

1,017

668

568

839

Income Statement Ratios

Gross margin^3,4,5

47.3%

50.7%

50.0%

52.0%

51.8%

50.4%

49.2%

48.3%

47.6%

49.3%

Operating margin^{3,4,5,7,8,9,10}

3.0%

9.4%

4.0%

11.3%

10.8%

9.8%

8.6%

6.5%

6.6%

8.7%

Effective tax rate^{3,4,5,7,8,9,10,11}

34.5%

19.4%

20.2%

25.0%

28.1%

29.3%

29.6%

32.9%

29.7%

29.2%

Net income attributable to shareholders in % of net sales^{5,7,8,9,10,11,12}

2.7%

10.0%

2.3%

8.4%

7.8%

5.5%

4.0%

3.9%

5.9%

Net Sales by Product Category (€ in millions)

Footwear^3,4,5

12,402

11,336

10,129

13,521

12,783

12,427

10,132

8,360

6,658

6,587

Apparel^3,4,5

8,732

8,710

7,315

8,963

8,223

7,747

7,352

6,970

6,279

5,811

Accessories and gear^3,4,5

1,493

1,187

991

1,156

910

1,044

999

1,585

1,597

1,806

Balance Sheet Data (€ in millions)

Total assets

20,296

22,137

21,053

20,680

15,612

14,019

15,176

13,343

12,417

11,599

Inventories

5,973

4,009

4,397

4,085

3,445

3,692

3,763

3,113

2,526

2,634

Receivables and other current assets

4,961

4,072

3,763

4,338

3,734

3,277

3,607

3,003

2,861

2,583

Working capital

2,475

4,978

3,328

2,179

2,979

2,354

2,121

2,133

2,970

2,125

(Adjusted net borrowings)/ adjusted net cash¹³

(6,047)

(2,082)

(2,424)

(2,676)

959

484

(103)

(460)

(185)

295

Shareholders’ equity

4,991

7,519

6,454

6,796

6,377

6,032

6,472

5,666

5,624

5,489

Balance Sheet Ratios

Adjusted net borrowings/EBITDA^3,4,5,13

3.2

0.7

1.2

0.7

(0.3)

(0.2)

0.1

0.3

0.1

(0.2)

Average operating working capital in % of net sales^3,4,5,14

24.0%

20.0%

25.3%

18.1%

19.0%

20.4%

21.1%

20.5%

22.4%

21.3%

Financial leverage^13,15

121.2%

27.7%

37.6%

39.4%

(15.0%)

(8.0%)

1.6%

8.1%

3.3%

(5.4%)

Equity ratio¹⁵

24.6%

34.0%

30.7%

32.9%

40.8%

43.0%

42.6%

42.5%

45.3%

47.3%

Return on equity^12,15

12.3%

28.1%

6.7%

29.1%

26.7%

18.2%

15.7%

11.2%

8.7%

14.3%

Return on capital employed^5,12

5.3%

21.2%

8.0%

27.9%

45.1%

41.2%

24.2%

16.5%

13.8%

23.6%

Data per Share

Share price at year-end (in €)

127.46

253.20

297.90

289.80

182.40

167.15

150.15

89.91

57.62

92.64

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

1.25

7.47

2.31

9.70

8.46

7.05

5.39

3.54

3.05

3.93

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

1.25

7.47

2.31

9.70

8.45

7.00

5.29

3.54

3.05

3.93

Price/earnings ratio at year-end^{3,4,5,7,8,9,10,11}

102.4

33.9

128.9

29.9

21.6

23.7

27.8

25.4

18.9

23.6

Market capitalization at year-end (€ in millions)

22,756

48,512

58,110

56,792

36,329

34,075

30,254

18,000

11,773

19,382

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

(2.50)

14.79

7.00

14.26

13.31

8.14

6.73

5.41

3.36

3.03

Dividend (in €)

0.70¹⁷

3.30

3.00

0.00

3.35

2.60

2.00

1.60

1.50

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

178,537

191,595

195,066

195,969

199,171

203,861

201,489

200,197

204,327

209,216

Employees

Number of employees at year-end^3,4,18

59,258

61,401

62,285

65,194

57,016

56,888

58,902

55,555

53,731

49,808

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

2,856

2,659

2,325

2,720

2,481

2,549

2,373

2,184

1,842

1,833

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	2022, 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	First-time application of adjusted net borrowings as of 2020. Figures since 2019 were restated to reflect methodology revision in 2022.
14	2021 figures reflect the reclassification of the Reebok business to assets or liabilities held for sale.
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.

Annual Report 2022

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