Annual Report 2023

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Ten-Year Overview

Ten-year overview

 

 

2023

 

2022

 

2021

 

2020

 

2019

 

20181

 

20172

 

2016

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement Data (€ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales3,4

 

21,427

 

22,511

 

21,234

 

18,435

 

23,640

 

21,915

 

21,218

 

18,483

 

16,915

 

14,534

Gross profit3,4

 

10,184

 

10,644

 

10,765

 

9,222

 

12,293

 

11,363

 

10,703

 

9,100

 

8,168

 

6,924

Royalty and commission income3,4

 

83

 

112

 

86

 

61

 

154

 

129

 

115

 

105

 

119

 

102

Other operating income3,4,5

 

71

 

173

 

28

 

42

 

56

 

48

 

17

 

119

 

8

 

37

Other operating expenses3,4,5

 

10,070

 

10,260

 

8,892

 

8,580

 

9,843

 

9,172

 

8,766

 

7,741

 

7,201

 

6,102

EBITDA3,4

 

1,358

 

1,874

 

3,066

 

1,967

 

3,845

 

2,882

 

2,511

 

1,953

 

1,475

 

1,283

Operating profit3,4,6,7

 

268

 

669

 

1,986

 

746

 

2,660

 

2,368

 

2,070

 

1,582

 

1,094

 

961

Net financial result3,4

 

(203)

 

(281)

 

(133)

 

(167)

 

(102)

 

10

 

(47)

 

(46)

 

(21)

 

(48)

Income before taxes3,4,6,7

 

65

 

388

 

1,852

 

578

 

2,558

 

2,378

 

2,023

 

1,536

 

1,073

 

913

Income taxes3,4,8

 

124

 

134

 

360

 

117

 

640

 

669

 

668

 

454

 

353

 

271

Net (loss)/income attributable to shareholders6,7,8,9

 

(75)

 

612

 

2,116

 

432

 

1,976

 

1,702

 

1,173

 

1,017

 

668

 

568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin3,4

 

47.5%

 

47.3%

 

50.7%

 

50.0%

 

52.0%

 

51.8%

 

50.4%

 

49.2%

 

48.3%

 

47.6%

Operating margin3,4,6,7

 

1.3%

 

3.0%

 

9.4%

 

4.0%

 

11.3%

 

10.8%

 

9.8%

 

8.6%

 

6.5%

 

6.6%

Effective tax rate3,4,6,7,8

 

189.2%

 

34.5%

 

19.4%

 

20.2%

 

25.0%

 

28.1%

 

29.3%

 

29.6%

 

32.9%

 

29.7%

Net (loss)/income attributable to shareholders in % of net sales3,4,6,7,8,9

 

(0.4%)

 

2.7%

 

10.0%

 

2.3%

 

8.4%

 

7.8%

 

5.5%

 

5.5%

 

4.0%

 

3.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Product Category (€ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Footwear3,4

 

12,139

 

12,287

 

11,336

 

10,129

 

13,521

 

12,783

 

12,427

 

10,132

 

8,360

 

6,658

Apparel3,4

 

7,806

 

8,731

 

8,710

 

7,315

 

8,963

 

8,223

 

7,747

 

7,352

 

6,970

 

6,279

Accessories and gear3,4

 

1,483

 

1,493

 

1,187

 

991

 

1,156

 

910

 

1,044

 

999

 

1,585

 

1,597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data (€ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

18,020

 

20,296

 

22,137

 

21,053

 

20,680

 

15,612

 

14,019

 

15,176

 

13,343

 

12,417

Inventories

 

4,525

 

5,973

 

4,009

 

4,397

 

4,085

 

3,445

 

3,692

 

3,763

 

3,113

 

2,526

Receivables and other current assets

 

3,819

 

4,961

 

4,072

 

3,763

 

4,338

 

3,734

 

3,277

 

3,607

 

3,003

 

2,861

Working capital

 

1,766

 

2,475

 

4,978

 

3,328

 

2,179

 

2,979

 

2,354

 

2,121

 

2,133

 

2,970

Adjusted (net borrowings)/ net cash10,11

 

(4,518)

 

(6,047)

 

(2,082)

 

(2,424)

 

(2,676)

 

959

 

484

 

(103)

 

(460)

 

(185)

Shareholders’ equity

 

4,580

 

4,991

 

7,519

 

6,454

 

6,796

 

6,377

 

6,032

 

6,472

 

5,666

 

5,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net borrowings/EBITDA3,4,10,11

 

3.3

 

3.2

 

0.7

 

1.2

 

0.7

 

(0.3)

 

(0.2)

 

0.1

 

0.3

 

0.1

Average operating working capital in % of net sales3,4,11

 

25.7%

 

24.0%

 

20.0%

 

25.3%

 

18.1%

 

19.0%

 

20.4%

 

21.1%

 

20.5%

 

22.4%

Financial leverage10,11,12

 

98.6%

 

121.2%

 

27.7%

 

37.6%

 

39.4%

 

(15.0%)

 

(8.0%)

 

1.6%

 

8.1%

 

3.3%

Equity ratio12

 

25.4%

 

24.6%

 

34.0%

 

30.7%

 

32.9%

 

40.8%

 

43.0%

 

42.6%

 

42.5%

 

45.3%

Return on equity9,12

 

(1.6%)

 

12.3%

 

28.1%

 

6.7%

 

29.1%

 

26.7%

 

18.2%

 

15.7%

 

11.2%

 

8.7%

Return on capital employed3,4,9

 

2.8%

 

5.3%

 

21.2%

 

8.0%

 

27.9%

 

45.1%

 

41.2%

 

24.2%

 

16.5%

 

13.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Data per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share price at year-end (in €)

 

184.16

 

127.46

 

253.20

 

297.90

 

289.80

 

182.40

 

167.15

 

150.15

 

89.91

 

57.62

Basic earnings (in €)3,4,6,7,8

 

(0.67)

 

1.25

 

7.47

 

2.31

 

9.70

 

8.46

 

7.05

 

5.39

 

3.54

 

3.05

Diluted earnings (in €)3,4,6,7,8

 

(0.67)

 

1.25

 

7.47

 

2.31

 

9.70

 

8.45

 

7.00

 

5.29

 

3.54

 

3.05

Price/earnings ratio at year-end3,4,6,7,8

 

n.a.

 

102.4

 

33.9

 

128.9

 

29.9

 

21.6

 

23.7

 

27.8

 

25.4

 

18.9

Market capitalization at year-end (€ in millions)

 

32,882

 

22,756

 

48,512

 

58,110

 

56,792

 

36,329

 

34,075

 

30,254

 

18,000

 

11,773

Net cash generated from/(used in) operating activities3,4,13

 

14.73

 

(2.15)

 

14.79

 

7.00

 

14.26

 

13.31

 

8.14

 

6.73

 

5.41

 

3.36

Dividend (in €)

 

0.7014

 

0.70

 

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)

 

178,549

 

178,537

 

191,595

 

195,066

 

195,969

 

199,171

 

203,861

 

201,489

 

200,197

 

204,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of employees at year-end3,4,15

 

59,030

 

59,258

 

61,401

 

62,285

 

65,194

 

57,016

 

56,888

 

58,902

 

55,555

 

53,731

Personnel expenses (€ in millions)3,4

 

2,964

 

2,856

 

2,659

 

2,325

 

2,720

 

2,481

 

2,549

 

2,373

 

2,184

 

1,842

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

2022, 2021 and 2020 figures reflect continuing operations as a result of the divestiture of the Reebok business.

5

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

6

2015 excluding goodwill impairment of € 34 million.

7

2014 excluding goodwill impairment of € 78 million.

8

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

9

Includes continuing and discontinued operations.

10

First-time application of adjusted net borrowings as of 2020. Figures since 2019 were restated to reflect methodology revision in 2022.

11

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

12

Based on shareholders’ equity.

13

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

14

Subject to Annual General Meeting approval.

15

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.

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