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adidas Group Annual Report 2008 039
Historical performance of the adidas AG share
and important indices at year-end 2008 in %
1 year 3 years 5 years since IPO
adidas AG (47) (32) 20 212
DAX-30 (40) (11) 21 118
MSCI World Textiles,
Apparel & Luxury Goods (42) (22) 9 55
adidas AG share member of important indices
The adidas AG share is included in a variety of high-quality
indices around the world, most importantly the DAX-30
and the MSCI World Textiles, Apparel & Luxury Goods Index.
The DAX-30 is a blue chip stock market index consisting of
the 30 major German companies trading on the Frankfurt
Stock Exchange. The MSCI World Textiles, Apparel & Luxury
Goods Index comprises our Group’s major competitors. At
December 31, 2008, our weighting in the DAX-30, which is
calculated on the basis of free fl oat market capitalisation and
12-month share turnover, was 1.19% (2007: 1.31%). Our lower
weighting compared to the prior year was largely a result of
our decreased market capitalisation and share turnover.
Average daily trading volume of the adidas AG share (excluding
bank trades) declined from 2.2 million in 2007 to 2.0 million
shares in 2008. Within the DAX-30, we ranked 19 on market
capitalisation (2007: 21) and 25 on turnover (2007: 22) at year-
end 2008.
Strong sustainability track record refl ected in
index memberships
In recognition of our social and environmental efforts,
adidas AG is part of several sustainability indices. For the
ninth consecutive time, adidas has been included in the
Dow Jones Sustainability Indexes (DJSI). The index, which
analyses and tracks the social, environmental and fi nancial
performance of more than 300 companies worldwide, rated
adidas for the sixth time in a row as industry leader in sus-
tainability issues and corporate responsibility in the category
“Clothing, Accessories & Footwear”. In addition, adidas
was named “Super Sector Leader” 2008 /2009 in the sector
“ Personal & Household Goods” and thus ranks among the
most sustainable companies worldwide.
In addition, adidas AG was again included in the FTSE4Good
Europe Index. This positive reassessment acknowledges the
Group’s social, environmental and ethical engagement, and
encourages us to continue and intensify our efforts to improve
our sustainability performance. Also, adidas AG was again
included in the Vigeo Group’s Ethibel Excellence Sustainability
Indices (Europe and Global) as well as in the ASPI Eurozone
Index. The Vigeo Group is a leading European supplier of extra-
fi nancial analysis that measures companies’ performance in
the fi elds of sustainable development and social responsibility.
Further, the adidas Group was included for the fourth
consecutive time in the list of The Global 100 Most Sustainable
Corporations in the World. This is a project initiated by
Corporate Knights Inc. with Innovest Strategic Value Advisors
Inc., a research fi rm specialised in analysing extra- fi nancial
drivers of risk and shareholder value. Launched in 2005, the
annual list of The Global 100 Most Sustainable Corporations in
the World is unveiled each year at the World Economic Forum
in Davos.
adidas AG historically outperforms benchmark indices
The adidas Group is committed to continuously enhancing
shareholder value. The long-term development of our share
price refl ects investor confi dence and the growth potential of
our Group. Since our IPO in November 1995, our share has
gained 212%. This represents a clear outperformance of both
the DAX-30 and the MSCI Index, which increased 118% and
55% respectively during the period.
ADR performs in line with common stock
Since its launch on December 30, 2004, our Level 1 American
Depositary Receipt (ADR) facility has enjoyed great popularity
among American investors. Roughly in line with the develop-
ment of our common stock, the Level 1 ADR closed the year
at US $ 19.35, representing a decrease of 48% versus the
prior year (2007: US $ 37.20). The number of Level 1 ADRs
out standing decreased to 8.9 million at year-end 2008 (2007:
11.1 million). However, the average daily trading volume
increased 32% compared to the prior year. Since November
2007, the adidas AG ADR is quoted on the international OTCQX.
This electronic trading forum includes leading international
companies with substantial operating businesses and credible
disclosure policies.
adidas AG high and low share prices per month 1)
Jan. 2008 Dec. 2008
55
45
35
25
30-day moving average High and low share prices
1) Based on intra-day prices.
Source: Bloomberg.
37.88 51.63
41.14 44.50
38.23 42.94
40.05 43.35 40.01 46.94
39.39 46.48
34.36 40.30
38.04 43.90
36.22 41.16
23.01 38.07
21.22 31.23
22.51 27.94