Reebok 2010 Annual Report Download - page 142
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138 Group Management Report – Financial Review Group Business Performance Income Statement
Financial expenses
€ in millions
1) Including Reebok, Rockport and Reebok-CCM Hockey from February 1, 2006
onwards.
Income before taxes
€ in millions
1) Including Reebok, Rockport and Reebok-CCM Hockey from February 1, 2006
onwards.
26
27
2006 1 )
2007
2008
2009
2010
2006 1 )
2007
2008
2009
2010
197
170
203
169
113
723
815
904
358
806
Income before taxes by quarter
€ in millions 28
Q1 2009
Q1 2010
Q2 2009
Q2 2010
Q3 2009
Q3 2010
Q4 2009
Q4 2010
9243
28 176
306 380
16
7
Operating margin improves
2.6 percentage points
Group operating profit increased 76%
to € 894 million versus € 508 million in
2009 see 23. As a result, the operating
margin of the adidas Group improved
2.6 percentage points to 7.5% in 2010
(2009: 4.9%) see 25. The operating
margin improvement was primarily
due to the higher gross margin as well
as lower other operating expenses as
a percentage of sales.
Financial income up 28%
Financial income increased 28% to
€ 25 million in 2010 from € 19 million in
the prior year, mainly due to an increase
in interest income as well as positive
currency exchange rate effects.
Financial expenses decrease 34%
Financial expenses decreased 34%
to € 113 million in 2010 (2009:
€ 169 million) see 26. The
non-recurrence of prior year negative
currency exchange rate effects as well
as lower interest expenses contributed to
the decline.
Income before taxes as a percentage of
sales increases 3.3 percentage points
Income before taxes (IBT) for the adidas
Group increased 125% to € 806 million
from € 358 million in 2009 see 27.
IBT as a percentage of sales improved
3.3 percentage points to 6.7% in 2010
from 3.5% in 2009. This was primarily a
result of the Group’s operating margin
improvement and lower financial
expenses.
Net income attributable to share-
holders more than doubles
The Group’s net income attributable to
shareholders increased to € 567 million
in 2010 from € 245 million in 2009
see 29. This represents an increase
of 131% versus the prior year level.
Higher IBT was the primary reason for
this development. The Group’s tax rate
decreased 2.0 percentage points to 29.5%
in 2010 (2009: 31.5%), mainly due to the
non-recurrence of prior year charges
related to the write-down of deferred tax
assets.