Reebok 2009 Annual Report Download - page 46

42 TO OUR SHAREHOLDERS Our Share
Our ShareOur Share
In 2009, the adidas AG share as well as international stock markets recovered significantly from prior year declines. Negative
impacts of recessionary pressures, low consumer confidence and rising unemployment at the beginning of the year were more
than offset by major economic indicators signalling an accelerating economic recovery over the course of the year. Supported
by rising confidence in our Group’s medium-term prospects, the adidas AG share increased 39% in 2009. It thereby significantly
outperformed the DAX-30, which gained 24% over the same period. As a result of the decline in the Group’s net income
attributable to shareholders in 2009, we intend to propose a lower dividend per share at our 2010 Annual General Meeting
compared to the prior year.
N °-
01
THE ADIDAS AG SHARE
Number of shares outstanding
2009 average 196,220,166
At year-end 2009 1 ) 209,216,186
Type of share No-par-value share
Free float 100%
Initial Public Offering November 17, 1995
Share split June 6, 2006 (in a ratio of 1: 4)
Stock exchange All German stock exchanges
Stock registration number (ISIN) DE0005003404
Stock symbol ADS, ADSG.DE
Important indices DAX-30
MSCI World Textiles,
Apparel & Luxury Goods
Deutsche Börse Prime Consumer
Dow Jones STOXX
Dow Jones EURO STOXX
Dow Jones Sustainability
FTSE4Good Europe
Ethibel Index Excellence Europe
ASPI Eurozone Index
ECPI Ethical Index EMU
1) All shares carry full dividend rights.
International stock markets perform International stock markets perform
strongly after weak prior yearstrongly after weak prior year
In 2009, international stock markets, the
DAX-30 and the adidas AG share recov-
ered considerably from the significant
declines in the prior year. The adidas
AG share price increased 39% over the
course of the year, clearly outperform-
ing the DAX-30, but underperforming the
MSCI World Textiles, Apparel & Luxury
Goods Index, which gained 24% and
53%, respectively see 05. The strong
performance of the latter was mainly
attributable to the high share of luxury
goods companies in the index, which on
average outperformed companies in the
sporting goods sector. At the beginning
of the year, equity markets declined to
12-year lows as a result of continued
weak economic data points, record
low consumer confidence, rising unem-
ployment rates and depressed corporate
earnings prospects. During the second
quarter, markets started to recover,
spurred by further monetary and fiscal
stimuli by policymakers. Better than
expected results of the US bank stress
test as well as rising oil and commod-
ity prices also added to positive investor
sentiment.
In the third quarter, international stock
markets sustained the positive momen-
tum and gained substantially. This was
mainly attributable to major economic
indicators signalling that the economic
and financial crisis had passed its trough,
further solidifying market participants’
expectations of an approaching recovery.
Better than expected corporate results
and positive news flow during the Q2
earnings season added to the trend. In
the fourth quarter, increases in global
indices moderated. Deteriorating sover-
eign debt ratings and mixed economic
data points led to volatile international
stock markets as question marks were
raised about the pace and magnitude of
the economic recovery.
adidas AG share price recovers adidas AG share price recovers
significantlysignificantly
In line with equity market performance,
the adidas AG share price declined at
the beginning of the year, continuing the
downward trend from 2008.
While the announcement of cost-saving
initiatives and better than expected 2008
annual results positively impacted our
share price, weak retail sales data and
the lack of catalysts for a quick eco-
nomic recovery burdened our share
price performance throughout the first
quarter. In line with market sentiment
improvements at the beginning of the
second quarter, the adidas AG share
recovered the losses of the previous
quarter. However, the announcement
of our first quarter results on May 5
negatively impacted our share price on
the day and immediately following the
announcement. From mid-May onwards,
however, the adidas AG share started
to increase again due to several broker
upgrades and in line with general market
trends. During the third quarter, positive
momentum continued.