Reebok 2007 Annual Report Download - page 181
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177
ANNUAL REPORT 2007 --- adidas Group
RESERVES Reserves within shareholders’ equity are as follows:
-- Capital reserve: comprises the paid premium for the issuance of share capital.
-- Cumulative translation adjustments: this reserve comprises all foreign currency differences
arising from the translation of the fi nancial statements of foreign operations.
-- Hedging reserve: comprises the effective portion of the cumulative net change in the fair value
of cash fl ow hedges related to hedged transactions that have not yet occurred as well as of
hedges of net investments in foreign subsidiaries.
-- Other reserve: comprises the cumulative net change of actuarial gains or losses of defi ned
benefi t plans, expenses recognized for share option plans as well as fair values of available
for-sale fi nancial assets.
DISTRIBUTABLE PROFITS AND DIVIDENDS Distributable profi ts to shareholders are determined
by reference to the retained earnings of adidas AG and calculated under German Commercial Law.
The dividend for 2006 was € 0.42 per share (total amount: € 85.5 million) approved by the
2007 Annual General Meeting. The Executive Board of adidas AG will propose to shareholders
a dividend payment of € 0.50 per dividend-entitled share for the year 2007 to be made from
retained earnings of € 128.5 million reported as at December 31, 2007. The subsequent remain-
ing amount will be carried forward.
203,628,960 dividend-entitled shares exist as at December 31, 2007, which would lead to
a dividend payment of € 101.8 million. adidas AG began a share buyback program on January 30,
2008. As of February 15, 2008, adidas AG has repurchased 1,180,000 shares. As repurchased
shares are not entitled to a dividend payment, the number of shares entitled to a dividend pay-
ment may change until the resolution on the dividend payment. Retained earnings to be allotted
to treasury shares held by adidas AG at that time, will also be carried forward.
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