Reebok 2008 Annual Report Download - page 4
Download and view the complete annual report
Please find page 4 of the 2008 Reebok annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2 -
3 -
4 -
5 -
6 -
7 -
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
 |
 |
Targets 2008
High-single-digit currency-neutral sales growth
Bring major new concepts, technology evolutions
and revolutions to market
Currency-neutral sales to grow at all brands
and in all regions except North America
Increase gross margin to a level between 47.5 and 48.0 %
Operating margin to be at least 9.5 %
Further reduce operating working capital as a percentage
of sales
Capital expenditure range € 300 million – € 400 million
Maintain or further reduce net borrowings
despite share buyback
Net income to grow at least 15 %
Further increase shareholder value
Outlook 2009
Low- to mid-single-digit currency-neutral sales decline
Bring major new concepts, technology evolutions
and revolutions to market
On a currency-neutral basis:
---- l o w - t o mid-single-digit sales decline for adidas segment
---- a t l e a s t s t a b l e s a l e s f o r Reebok segment
---- l o w-single-digit sales increase at TaylorMade-
adidas Golf
Gross margin decline
Operating margin decline
Reduce operating working capital as a percentage of sales
Capital expenditure range € 300 million – € 400 million
Reduce net borrowings
Net income decline
Further increase shareholder value
Results 2008
Net sales reach € 10.8 billion;
Group currency-neutral sales grow 9 %
Major 2008 product launches:
----
adidasadidas F50 TUNIT ™ football boot, new technologies
in adiSTAR® and adiZero™ running shoe families,
men’s TECHFIT Power WEB, miCoach training system
---- ReebokReebok Premier Verona KFS running shoe, Premier
SmoothFit™ Cushion, Freestyle Cities collection
---- Rockport Rockport Rockport Signature Series
---- TaylorMade-adidas GolfTaylorMade-adidas Golf Tour Burner® TP driver,
r7® CGB MAX Limited driver, my TP ball,
TOUR 360 LTD shoe
Currency-neutral sales increase 14 % at adidas, grow 7 %
at TaylorMade-adidas Golf but decrease 2 % at Reebok;
currency-neutral sales grow in all regions except North
America
Gross margin: 48.7 %
Operating margin: 9.9 %
Operating working capital as a percentage of sales further
reduced to 24.5 %
Capital expenditure: € 380 million
Net borrowings increased to € 2.189 billion;
year-end financial leverage: 64.6%
Highest ever net income attributable to shareholders
at € 642 million (+16 %)
Share buyback programme in an amount of € 409 million
completed in October; unchanged dividend of € 0.50 per share;
adidas AG share price declines 47 %