Adidas 1997 Annual Report Download - page 35

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33
Year ended December 31,
1997 1996 1995
(Note)
Net sales (17) 6,698,277 4,709,432 3,500,240
Cost of sales 3,888,717 2,832,797 2,110,899
Gross profit 2,809,560 1,876,635 1,389,341
Selling, general and administrative expenses 2,128,286 1,454,298 1,095,096
Depreciation and amortization (2), (6), (7) 80,242 62,120 51,418
Income from operations 601,032 360,217 242,827
Royalty and commission income 85,279 96,802 100,245
Financial result (15) (31,020) (12,614) (46,987)
Extraordinary income (21) 21,690 0 0
Income before taxes 676,981 444,405 296,085
Income taxes (16) 185,853 106,755 42,853
Net income before minority interests 491,128 337,650 253,232
Minority interests (26,174) (23,581) (8,318)
Net income 464,954 314,069 244,914
Net income per ordinary share (in DM) 10.25 6.93 5.40
See accompanying notes to the consolidated financial statements
adidas-Salomon AG and Subsidiaries
Consolidated Income Statements
(in thousands of DM)