Adidas 2002 Annual Report Download - page 156

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Summary of Key Financial Data
154 FINANCIAL ANALYSIS SUPPLEMENTARY INFORMATION
adidas-Salomon SUMMARY OF KEY FINANCIAL DATA: OVERVIEW SINCE IPO
2002 2001 2000 1999 19981) 1997 1996 1995
P&L Data € in millions
Net sales 6,523 6,112 5,835 5,354 5,065 3,425 2,408 1,790
Gross profit 2,819 2,601 2,528 2,352 2,124 1,437 960 710
Operating profit 477 475 437 482 416 316 192 129
Royalty and commission income 46 42 43 35 45 44 49 51
Financial result (87) (102) (94) (84) (115) (16) (6) (24)
Income before taxes 390 376 347 398 319 346 227 151
Income taxes 148 147 140 153 105 95 55 22
Minority interests 14 21 25 18 9 14 12 4
Net income2) 229 208 182 228 205 237 161 125
P&L Ratios
Gross margin 43.2 % 42.6% 43.3% 43.9% 41.9% 41.9% 39.8% 39.7%
SG&A expenses as a percentage of net sales 34.4% 33.3% 34.5% 33.8 % 32.7% 31.8% 30.9% 31.3%
Operating margin 7.3% 7.8% 7.5% 9.0% 8.2% 9.2% 8.0% 6.9%
Effective tax rate 37.9% 39.0% 40.3% 38.4% 33.0% 27.5% 24.0% 14.5%
Net income as a percentage of net sales2) 3.5% 3.4% 3.1% 4.3% 4.0% 6.9% 6.7% 7.0%
Working capital turnover 4.5 4.1 4.1 4.9 (15.5) 319.0 8.5 10.2
Interest coverage 6.4 4.9 4.6 6.1 4.8 21.2 14.1 8.8
Return on equity2) 21.1% 20.5% 22.3% 33.5% 44.2% 33.0% 32.9% 42.5%
Return on capital employed2) 16.8 % 16.7% 17.0% 20.7% 20.5% 35.8% 35.2% 35.0%