Reebok 2008 Annual Report Download - page 45

adidas Group Annual Report 2008 041
Shareholder structure 1)
1) In December 2008.
North America 30%
Other, undisclosed
holdings 28%
Rest of Europe 28%
Germany 10%
Recommendation split 1)
1) At year-end 2008.
Source: Bloomberg.
Increasingly international investor base
Based on the amount of invitations to our AGM in May 2008,
we estimate that adidas AG currently has around 70,000
shareholders. In our latest ownership analysis conducted in
December 2008, we identifi ed 72% of our shares outstanding.
Shareholdings in the North American market account for 30%
of our total shares outstanding. Identifi ed German institu-
tional investors hold 10% of shares outstanding. The share-
holdings in the rest of Europe excluding Germany amount to
28%, while 1% of institutional shareholders were identifi ed in
other regions of the world. adidas Group Management, which
comprises current members of the Executive and Supervisory
Boards, holds 3% in total see Corporate Governance, p. 026.
Undisclosed holdings, which also include private investors,
account for the remaining 28%.
Voting rights notifi cations received
All voting rights notifi cations in accordance with § 21, section 1
of the German Securities Trading Act (Wertpapierhandels-
gesetz – WpHG) received in 2008 can be viewed on our
corporate website at www.adidas-Group.com /shareholdings.
Further information can also be found in the Notes section of
this Annual Report see Note 21, p. 176.
adidas Group receives strong analyst support
The adidas Group continued to receive strong analyst sup-
port in 2008. Around 30 analysts regularly published research
reports on adidas AG. In 2008, Commerzbank initiated coverage
while Merrill Lynch shifted reporting on our share to Europe
from North America. Most of the coverage on the adidas AG
share now takes place in Europe. The majority of analysts are
confi dent about the medium- and long-term potential of our
Group. This is refl ected in the recommendation split for our
share as at December 31, 2008. 53% of analysts recommended
investors to “buy” our share in their last publication during the
12-month period (2007: 84%). 34% advised to hold our share
(2007: 16%). 13% of the analysts recommended a “sell” rating
(2007: 0%).
Award-winning Investor Relations activities
adidas AG strives to maintain continuous close contact to insti-
tutional and private shareholders as well as analysts. In 2008,
Management and the Investor Relations team spent more than
30 days on roadshows and presented at numerous national
and international conferences. At the Annual General Meeting
in May 2008, we conducted a private shareholder survey
refl ecting high satisfaction with our share as an investment
as well as our Investor Relations services.
In June, nearly 40 analysts and investors joined the Group’s
CFO Robin J. Stalker and the Investor Relations team for an
Investor Field Trip to China. Store visits as well as extensive
presentations outlined the Group’s strategy in Asia.
The print version of our 2007 Annual Report ranked strongly,
taking fi rst place in the DAX-30 and the overall ranking by the
“manager magazin” competition “The Best Annual Reports”.
Extensive fi nancial information available online
We offer extensive information around our share as well as the
Group’s strategy and fi nancial results on our corporate website
at www. adidas-Group.com / investors. Our event calendar
lists all conferences we attend and provides all presentations
for download. In addition to live webcasts of all major events
such as our Analyst Conferences, the Annual General Meeting
and our Investor Day, we also offer podcasts of our quarterly
conference calls. In January 2008, we launched an event
reminder service to ensure timely notifi cation about upcoming
corporate events to interested shareholders.
Buy 53%
Sell 13%
Rest of
the world 1%
Management 3%
Hold 34%