Reebok 2009 Annual Report Download - page 3

Financial Highlights 2009 20
09
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01
FINANCIAL HIGHLIGHTS (IFRS)
2009 2008 Change
Operating Highlights (€ in millions)
Net sales 10,381 10,799 (3.9%)
EBITDA 780 1,280 (39.1%)
Operating profit 508 1,070 (52.6%)
Net income attributable to shareholders 245 642 (61.8%)
Key Ratios (%)
Gross margin 45.4% 48.7% (3.3pp)
Operating expenses as a percentage of net sales 42.3% 40.5% 1.7pp
Operating margin 4.9% 9.9% (5.0pp)
Effective tax rate 31.5% 28.8% 2.7pp
Net income attributable to shareholders as a percentage of net sales 2.4% 5.9% (3.6pp)
Operating working capital as a percentage of net sales 1 ) 24.3% 24.5% (0.2pp)
Equity ratio 42.5% 35.5% 7.0pp
Financial leverage 24.3% 64.6% (40.3pp)
Return on equity 6.5% 18.9% (12.4pp)
Balance Sheet and Cash Flow Data (€ in millions)
Total assets 8,875 9,533 (6.9%)
Inventories 1,471 1,995 (26.3%)
Receivables and other current assets 2,038 2,523 (19.2%)
Working capital 1,649 1,290 27.8%
Net borrowings 917 2,189 (58.1%)
Shareholders’ equity 3,771 3,386 11.3%
Capital expenditure 240 380 (36.8%)
Net cash from operating activities 1,198 497 140.9%
Per Share of Common Stock (€)
Basic earnings 1.25 3.25 (61.5%)
Diluted earnings 1.22 3.07 (60.2%)
Operating cash flow 6.11 2.52 142.6%
Dividend 0.35 2 ) 0.50 (30.0%)
Share price at year-end 37.77 27.14 39.2%
Other (at year-end)
Number of employees 39,596 38,982 1.6%
Number of shares outstanding 209,216,186 193,515,512 8.1%
Average number of shares 196,220,166 197,562,346 3 ) (0.7%)
1) Twelve-month trailing average.
2) Subject to Annual General Meeting approval.
3) After deduction of treasury shares.
4) Reflects continuing operations as a result of the divestiture of the Salomon
business segment.
5) Including Reebok, Rockport and Reebok-CCM Hockey from February 1, 2006
onwards.
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03
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS
€ IN MILLIONS
2005 4 )
2006 5 )
2007
2008
2009
383
483
551
642
245
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02
NET SALES
€ IN MILLIONS
2005 4 )
2006 5 )
2007
2008
2009
6,636
10,084
10,299
10,799
10,381