Reebok 2007 Annual Report Download - page 90
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086
ANNUAL REPORT 2007 --- adidas Group GROUP MANAGEMENT REPORT – OUR FINANCIAL YEAR -- Group Business Performance - Income Statement
STRONG DECREASE OF NET FINANCIAL EXPENSES Net fi nan-
cial expenses decreased 15 % to € 134 million in 2007 from
€ 158 million in the prior year as a result of lower fi nancial
expenses following the strong reduction of net borrowings.
see Treasury, p. 091
FINANCIAL INCOME DECLINES BY 9 % Financial income
decreased by 9 % to € 36 million in 2007 (2006: € 39 million).
In the prior year, fi nancial income was higher due to a signifi -
cant cash position after the capital increase and the proceeds
related to the divestiture of the Salomon business segment
at the beginning of 2006. Both transactions were completed in
the fourth quarter of 2005.
FINANCIAL EXPENSES DECREASE BY 14 % Financial expenses
decreased 14 % to € 170 million in 2007 (2006: € 197 million),
mainly as a result of signifi cantly lower gross borrowings ver-
sus the prior year.
INCOME BEFORE TAXES INCREASES BY 13 % As a result of the
Group’s operating margin increase and lower net fi nancial
expenses, income before taxes (IBT) as a percentage of sales
increased by 0.7 percentage points to 7.9 % in 2007 from 7.2 %
in 2006. IBT for the adidas Group increased 13 % to € 815 mil-
lion in 2007 from € 723 million in 2006.
NET FINANCIAL EXPENSES
€
in millions INCOME BEFORE TAXES
€
in million
s
2003
2004 1) 2)
2005 2)
2006 3)
200
7
1
) Adjusted to refl ect the application of IAS 32
.
2
) Fi
g
ures refl ect continuin
g
operations as a result of the divestiture of the Salomon
business se
g
ment.
3)
Including Reebok business segment from February 1, 2006 onwards.
Including Greg Norman apparel business from February 1, 2006 to November 30, 2006
.
2003
2004 1) 2)
2005 2)
2006 3)
2007
1
) Adjusted to refl ect the application of IAS 32
.
2) Fi
g
ures refl ect continuin
g
operations as a result of the divestiture of the Salomon
b
usiness se
g
ment
.
3
)
Including Reebok business segment from February 1, 2006 onwards.
I
ncluding Greg Norman apparel business from February 1, 2006 to November 30, 2006.
59 526
52 655
158 723
134
8
15
49 438
INCOME BEFORE TAXES BY QUARTER 1)
€
in milli
o
n
s
Q1 2006
Q
1 200
7
Q2 2006
Q
2 200
7
Q3 2006
Q3
200
7
Q4 2006
Q
4
2007
1)
Includin
g
Reebok business se
g
ment from February 1, 2006 onwards.
I
ncludin
g
Gre
g
Norman apparel business from February 1, 2006 to November
3
0, 2006.
44
1
360
1
5
3
128
191
220
3
0
14