Adidas 2000 Annual Report Download - page 108
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104
(euros in millions)
2000 1999 1998 2) 1997 1) 1996 1)
P&L Data
Net sales 5,835 5,354 5,065 3,425 2,408
Gross profit 2,528 2,352 2,124 1,437 960
Operating profit 437 482 416 316 192
Royalty and commission income 43 35 45 44 49
Financial result (94) (84) (115) (16) (6)
Income before taxes and minority interests 347 398 319 346 227
Income taxes 140 153 105 95 55
Minority interests 25 18 9 14 12
Net income 3) 182 228 205 237 161
P&L Ratios
Gross margin 43.3% 43.9% 41.9% 41.9% 39.8%
SG&A expenses as a percentage of net sales 34.5% 33.8% 32.7% 31.8% 30.9%
Operating margin 7.5% 9.0% 8.2% 9.2% 8.0%
Effective tax rate 40.3% 38.4% 33.0% 27.5% 24.0%
Net income as a percentage of net sales 3) 3.1% 4.3% 4.0% 6.9% 6.7%
Working capital turnover 4.1 4.9 (15.5) 319.0 8.5
Interest coverage 4.6 6.1 4.8 21.2 14.1
Return on equity 3) 22.3% 33.5% 44.2% 33.0% 32.9%
Return on capital employed 3) 17.0% 20.7% 20.5% 35.8% 35.2%
Financial Highlights: Five Year Overview