Reebok 2011 Annual Report Download - page 116

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TOGETHER WE WIN
03 FINANCIAL REVIEW
GROUP MANAGEMENT REPORT
03.1
03.2
03.3
03.4
03.5
Internal Group Management System 114
Group Business Performance 118
Economic and Sector Development 118
Income Statement 121
Statement of Financial Position and Statement of Cash Flows 126
Treasury 129
Financial Statements and Management Report of adidas AG 133
Disclosures pursuant to § 315 Section 4 and
§ 289 Section 4 of the German Commercial Code 135
Business Performance by Segment 138
Wholesale Business Performance 138
Retail Business Performance 140
Other Businesses Performance 142
Risk and Opportunity Report 145
Strategic and operational risks 148
Compliance-related risks 153
Financial risks 154
Strategic and operational opportunities 158
Financial opportunities 162
Management assessment of overall risks and opportunities 162
Subsequent Events and Outlook 163
Subsequent Events 163
Outlook 163
GROUP MANAGEMENT REPORT: This report contains the Group Management Report
of the adidas Group, comprising adidas AG and its consolidated subsidiaries, and the
Management Report of adidas AG.