Annual Report 2022

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Asia-Pacific

Sales in Asia-Pacific improved 4% on a currency-neutral basis. In euro terms, sales in Asia-Pacific were up 3% to € 2,241 million from € 2,180 million in 2021. On a currency-neutral basis, this development was driven by strong double-digit growth in Performance due to exceptional growth in Outdoor and excellent increases in Football and Running. Revenues in Lifestyle declined at a low-single-digit rate in 2022.

Net sales in Asia-Pacific

+4%

C.N.

€ 2,241 million

Asia-Pacific at a glance € in millions1

 

 

2022

 

2021

 

Change

 

Change (currency-neutral)

Net sales

 

2,241

 

2,180

 

3%

 

4%

Gross margin

 

52.9%

 

51.3%

 

1.6pp

 

–

Segmental operating profit

 

486

 

457

 

6%

 

–

Segmental operating margin

 

21.7%

 

20.9%

 

0.7pp

 

–

1

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

Gross margin in Asia-Pacific increased 1.6 percentage points to 52.9% (2021: 51.3%), mainly driven by less promotional activity, a favorable currency development, and positive pricing effects. At the same time, a less favorable category mix weighed on the gross margin development. Operating expenses were up 7% to € 721 million versus € 677 million in 2021, reflecting similar increases in both marketing expenditure and operating overhead costs. Operating expenses as a percentage of sales were up 1.1 percentage points to 32.2% (2021: 31.1%). Operating profit in Asia-Pacific increased 6% to € 486 million from € 457 million in 2021. Operating margin was up 0.7 percentage points to 21.7% versus 20.9% in 2021.

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More about the Outlook
Lifestyle
Under the ‘Lifestyle’ category, we subsume all footwear, apparel, and ‘accessories and gear’ products that are born from sport and worn for style. ‘adidas Originals,’ which is inspired by sport and worn on the street, is at the heart of the ‘Lifestyle’ category.
Marketing expenditure
Expenditure that relates to point-of-sale and marketing investments. While point-of-sale investments include expenses for advertising and promotion initiatives at the point of sale as well as store fittings and furniture, marketing investments relate to sponsorship contracts with teams and individual athletes as well as to advertising, events and other communication activities. Marketing overhead expenses are not included in marketing expenditure.
Operating overhead Costs
Expenses which are not directly attributable to the products or services sold, such as distribution and selling as well as general and administration costs, but not including marketing and point-of-sale expenses.
Performance
Under the ‘Performance’ category, we subsume all footwear, apparel and ‘accessories and gear’ products which are of a more technical nature, built for sport and worn for sport. These are, among others, products from our most important sport categories: Football, Training, Running, and Outdoor.

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Reference
This Group Management Report is a combined management report. It contains the Group Management Report of the adidas Group and the Management Report of adidas AG.
The Declaration on Corporate Governance is part of the Annual Report.
Declaration on Corporate Governance