Reebok 2010 Annual Report Download - page 3

Financial Highlights 2010
Financial Highlights (IFRS)
2010 2009 Change
Operating Highlights (€ in millions)
Net sales 11,990 10,381 15.5%
EBITDA 1,159 780 48.6%
Operating profit 894 508 76.0%
Net income attributable to shareholders 567 245 131.1%
Key Ratios (%)
Gross margin 47.8% 45.4% 2.4pp
Operating expenses as a percentage of net sales 42.1% 42.3% (0.2pp)
Operating margin 7.5% 4.9% 2.6pp
Effective tax rate 29.5% 31.5% (2.0pp)
Net income attributable to shareholders as a percentage of net sales 4.7% 2.4% 2.4pp
Operating working capital as a percentage of net sales 1 ) 20.8% 24.3% (3.5pp)
Equity ratio 43.5% 42.5% 1.0pp
Net borrowings/EBITDA 0.2 1.2
Financial leverage 4.8% 24.3% (19.5pp)
Return on equity 12.3% 6.5% 5.8pp
Balance Sheet and Cash Flow Data (€ in millions)
Total assets 10,618 8,875 19.6%
Inventories 2,119 1,471 44.1%
Receivables and other current assets 2,324 2,038 14.0%
Working capital 1,972 1,649 19.6%
Net borrowings 221 917 (75.9%)
Shareholders' equity 4,616 3,771 22.4%
Capital expenditure 269 240 11.8%
Net cash generated from operating activities 894 1,198 (25.3%)
Per Share of Common Stock (€)
Basic earnings 2.71 1.25 116.8%
Diluted earnings 2.71 1.22 121.8%
Operating cash flow 4.28 6.11 (30.0%)
Dividend 0.802) 0.35 128.6%
Share price at year-end 48.89 37.77 29.4%
Other (at year-end)
Number of employees 42,541 39,596 7.4%
Number of shares outstanding 209,216,186 209,216,186 0.0%
Average number of shares 209,216,186 196,220,166 6.6%
01
1) Twelve-month trailing average.
2) Subject to Annual General Meeting approval.
3) Including Reebok, Rockport and Reebok-CCM Hockey from
February 1, 2006 onwards.
Net sales
€ in millions
Net income attributable to shareholders
€ in millions
02
03
2006 3 )
2007
2008
2009
2010
2006 3 )
2007
2008
2009
2010
10,084
10,299
10,799
10,381
11,990
483
551
642
245
567