Annual Report 2022

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Results

Targets – Results – Outlook

Targets – results – outlook

 

 

2022 Targets1,2

 

2022 Results (vs. prior year)2

 

2023 Outlook

Currency-neutral sales development

 

to increase at a rate
between 11% and 13%

 

1%

 

to decline at a high-single-digit rate

Gross margin

 

to increase to a level of
between 51.5% and 52.0%

 

47.3%
(3.4pp)

 

 

Operating margin/operating profit/loss

 

to increase to a level of
between 10.5% and 11.0%

 

3.0%
(6.4pp)

 

operating loss of € 700 million

Net income from continuing operations (€ in millions)

 

to increase to a level of
between € 1,800 million
and € 1,900 million

 

254
(83%)

 

 

Average operating working capital in % of net sales

 

to decrease to a level
below 20%

 

24.0%
4.0pp

 

to reach a level of between 25% and 26%

Capital expenditure (€ in millions)3

 

to increase to a level of
up to € 900 million

 

695

 

to reach a level of around € 600 million

1

As published on March 9, 2022; the outlook was updated over the course of the year.

2

Figures reflect continuing operations as a result of the reclassification of the Reebok business to discontinued operations.

3

Excluding acquisitions and leases.

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