Reebok 2010 Annual Report Download - page 40

36 To Our Shareholders Our Share
Shareholder structure 1 )
1) In February 2011.
Recommendation split 1 )
1) At year-end 2010.
Source: Bloomberg.
06
07
44% Rest of Europe
28% North America
12% Other, undisclosed holdings
10% Germany
4% Rest of the world
2% Management
55% Buy
28% Hold
17% Sell
Strong sustainability track record Strong sustainability track record
reflected in index membershipsreflected in index memberships
In recognition of our social and environ-
mental efforts, adidas AG is listed in
several sustainability indices. For the
eleventh consecutive time, adidas AG
has been included in the Dow Jones
Sustainability Indexes (DJSI). The indexes
analyse and track the social, environ-
mental and financial performance of
more than 300 companies worldwide.
In addition, adidas AG was again
included in the FTSE4Good Europe Index.
This positive reassessment acknowledges
the Group’s social, environmental and
ethical engagement, and encourages us
to continue and intensify our efforts to
improve our sustainability performance.
Also, adidas AG was again included in
the Vigeo Group’s Ethibel Excellence
Sustainability Index Europe as well as
in the ASPI Eurozone Index. The Vigeo
Group is a leading European supplier of
extra-financial analysis that measures
companies’ performance in the fields
of sustainable development and social
responsibility. Further, the adidas Group
was included for the sixth consecutive
time in the list of The Global 100 Most
Sustainable Corporations in the World.
This is a project initiated by Corporate
Knights Inc. with Innovest Strategic Value
Advisors Inc., a research firm specialised
in analysing extra-financial drivers of risk
and shareholder value. Launched in 2005,
the annual list of The Global 100 Most
Sustainable Corporations in the World is
unveiled each year at the World Economic
Forum in Davos.
The less pronounced increase of the
Level 1 ADR price compared to the
ordinary share price was due to the
appreciation of the US dollar during 2010.
The number of Level 1 ADRs outstanding
increased to 6.4 million at year-end 2010
(2009: 5.4 million). The average daily
trading volume decreased 60% compared
to the prior year. Since November 2007,
the adidas AG ADR is quoted on the
OTCQX International Premier market,
the highest over-the-counter market tier.
This electronic trading forum includes
leading international companies with
substantial operating businesses and
credible disclosure policies. Further
information on our ADR Programme can
be found on our website at www.adidas-
Group.com/adr.
Dividend proposal of € 0.80 per shareDividend proposal of € 0.80 per share
The adidas AG Executive and Supervisory
Boards will recommend paying a dividend
of € 0.80 to shareholders at the Annual
General Meeting (AGM) on May 12, 2011
(2009: € 0.35). Subject to the meeting’s
approval, the dividend will be paid
on May 13, 2011. This represents an
increase of 129% and reflects the strong
improvement in profitability in 2010.
The total payout of € 167 million (2009:
€ 73 million) reflects a payout ratio of
30% of net income, as in the prior year.
This is in line with our dividend policy
where we intend to pay out between 20%
and 40% of net income attributable to
shareholders.
adidas AG historically outperforms adidas AG historically outperforms
benchmark indices benchmark indices
The adidas Group is committed to
continuously enhancing shareholder
value. The long-term development of our
share price reflects investor confidence
and the growth potential of our Group.
Over the last ten years, our share has
gained 196%. This represents a clear
out performance of both the DAX-30,
which increased 7%, and the MSCI Index,
which increased 154% during the period.
ADR performs in line with ADR performs in line with
common stockcommon stock
Since its launch on December 30, 2004,
our Level 1 American Depositary Receipt
(ADR) facility has enjoyed great popu-
larity among American investors. In
January 2010, we removed The Bank
of New York Mellon as depositary bank
and appointed Deutsche Bank Trust
Company Americas to run our Level 1
ADR Programme. Our Level 1 ADR closed
the year at US $ 32.60, representing an
increase of 20% versus the prior year
(2009: US $ 27.15).
Five-year share price development 1 )
Dec 31, 2005 Dec 31, 2010
190
160
130
100
70
—
adidas AG
—
DAX-30
—
MSCI World Textiles, Apparel & Luxury Goods Index
1) Index: December 31, 2005 = 100%.
05