Reebok 2008 Annual Report Download - page 44

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040 To Our Shareholders Our Share
Share ratios at a glance
2008 2007
Basic earnings per share €3.25 2.71
Diluted earnings per share €3.07 2.57
Operating cash fl ow per share €2.52 3.83
Year-end price €27.14 51.26
Year-high €51.63 51.26
Year-low €21.22 34.50
Dividend per share €0.50 1) 0.50
Dividend payout € in millions 97 2) 99
Dividend payout ratio %15 2) 18
Dividend yield %1.84 0.98
Shareholders’ equity per share €17.50 14.85
Price-earnings ratio at year-end 8.8 19.9
Average trading volume
per trading day
shares 1,966,669 2,231,485
DAX-30 ranking 3) at year-end
by market capitalisation 19 21
by turnover 25 22
1) Subject to Annual General Meeting approval.
2) Based on number of shares outstanding at year-end.
3) As reported by Deutsche Börse AG.
Five-year share price development 1)
Dec. 31, 2003 Dec. 31, 2008
250
200
150
100
50
adidas AG
DAX-30
MSCI World Textiles, Apparel & Luxury Goods
1) Index: December 31, 2003 = 100.
Convertible bond trades at a premium
The publicly-traded convertible bond closed the year at
€ 121.00, which is 40% below its prior year level (2007:
€ 202.65). This represents a premium of around 13.6% above
par value of the share.
Dividend proposal at prior year level
The adidas AG Executive and Supervisory Boards will recom-
mend paying a dividend of € 0.50 to our shareholders at the
Annual General Meeting (AGM) on May 7, 2009 (2007: € 0.50).
Subject to the meeting’s approval, the dividend will be paid on
May 8, 2009. Management has decided to maintain the dividend
level in light of the tough business environment and our focus
on reducing net borrowings. The total payout of € 97 million
(2007: € 99 million) refl ects a decrease of our payout ratio to
15% of net income (2007: 18%). The dividend proposal follows
our dividend policy, under which the adidas Group intends to
pay out between 15 and 25% of consolidated net income.
Share buyback programme completed
On January 29, 2008, adidas AG announced a share buyback
programme. The buyback was conducted on the basis of
authorisations given by the Annual General Meetings on May
10, 2007, and May 8, 2008, respectively. Under the programme,
adidas AG shares of up to 5% of the Company’s stock capital
(up to 10,182,248 shares) with an aggregate value of up to
€ 420 million (excluding incidental purchasing costs) could be
repurchased, exclusively via the stock exchange.
On October 27, 2008, adidas AG announced the completion of
the programme. Between January 30 and October 22, 2008,
adidas AG repurchased a total of 10,182,248 shares at an aver-
age price of € 40.21. This represents 5% of the stock capital
at the time the programme started. The total buyback volume
amounted to € 409 million. The repurchased shares were
cancelled, hence increasing earnings per share.