Reebok 2008 Annual Report Download - page 183

adidas Group Annual Report 2008 179
4) on September 30, 2008, the voting interest of Invesco Inc., Toronto, Canada, in adidas AG fell
below the threshold of 3% and amounted to 2.98% of the voting rights (5,894,813 shares) on this
date. All of these voting rights are attributable to Invesco Inc. in accordance with § 22 section 1
sentence 1 number 6 WpHG in conjunction with § 22 section 1 sentence 2 WpHG.
5) on September 30, 2008, the voting interest of Invesco Holdings Company Limited, London, UK,
in adidas AG fell below the threshold of 3% and amounted to 2.98% of the voting rights (5,894,813
shares) on this date. All of these voting rights are attributable to Invesco Holdings Company
Limited in accordance with § 22 section 1 sentence 1 number 6 WpHG in conjunction with § 22
section 1 sentence 2 WpHG.
6) on September 30, 2008, the voting interest of AIM Funds Management Inc., Toronto, Canada, in
adidas AG fell below the threshold of 3% and amounted to 2.98% of the voting rights (5,894,813
shares) on this date. All of these voting rights are attributable to AIM Funds Management Inc. in
accordance with § 22 section 1 sentence 1 number 6 WpHG.
Due to concerns of the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienst-
leistungsaufsicht – BaFin) regarding formal requirements, the aforementioned notifi cations have
not been disclosed so far.
Fidelity International, Tadworth, Great Britain, informed the Company by letter on December 15,
2008 pursuant to § 21 section 1 sentence 1 WpHG that on December 12, 2008, the voting inter-
est of FMR LLC, Boston, Massachusetts, USA, in adidas AG exceeded the threshold of 3% and
amounted to 3.08% of the voting rights (6,108,384 shares) on this date. All of these voting rights
are attributable to FMR LLC in accordance with § 22 section 1 sentence 1 number 6 WpHG in
conjunction with § 22 section 1 sentence 2 WpHG.
The Capital Research and Management Company, Los Angeles, USA, informed the Company by
letter on January 5, 2009, pursuant to § 21 section 1 sentence 1 WpHG, that on December 19,
2008, their voting interest in adidas AG exceeded the threshold of 5% and amounted to 5.01%
of the voting rights (9,695,127 shares) on this date. All of these voting rights are attributable to
the Capital Research and Management Company, in accordance with § 22 section 1 sentence 1
number 6 WpHG.
Euro Pacifi c Growth Fund, Los Angeles, USA informed the Company by letter on January 19, 2009
in accordance with § 21 section 1 WpHG that on January 13, 2009, their voting interest in adidas
AG exceeded the threshold of 3% and amounted to 3.11% of the voting rights (6,021,253 shares)
on this date.
The Bank of New York Mellon Corporation, New York, USA informed the Company by letter on
February 3, 2009 in accordance with § 21 section 1 WpHG that on January 14, 2009, their voting
interest in adidas AG exceeded the threshold of 3% and amounted to 3.05% of the voting rights
(5,901,424 shares) on this date. All of these voting rights are attributable to the Bank of New York
Mellon Corporation in accordance with § 22 section 1 sentence 1 number 6 WpHG in conjunction
with § 22 section 1 sentence 2 WpHG.
Capital management
The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and
market confi dence and to sustain future development of the business.
The Group seeks to maintain a balance between a higher return on equity that might be possible
with higher levels of borrowings and the advantages and security afforded by a sound capital
position. The primary Group’s fi nancial leverage target is below 50% net debt to equity.
There were no changes in the Group’s approach to capital management during the year.
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 reserves: comprise the cumulative net change of actuarial gains or losses of defi ned
benefi t plans, expenses recognised for share option plans as well as fair values of available-for-
sale fi nancial assets.
— Retained earnings: comprise the accumulated profi ts less dividends paid.
Distributable profi ts 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 2007 was € 0.50 per share (total amount: € 99 million) approved by the 2008
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 2008 to be made from
retained earnings of € 237 million reported as at December 31, 2008. The subsequent
remaining amount will be carried forward.
193,515,512 dividend-entitled shares exist as at December 31, 2008, which would lead to a
dividend payment of € 97 million.