Reebok 2011 Annual Report Download - page 129

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adidas Group
2011 Annual Report
GROUP MANAGEMENT REPORT – FINANCIAL REVIEW
125
2011
Operating margin improves 0.1 percentage points
Group operating profit increased 13% to € 1.011 billion in 2011 versus
€ 894 million in 2010
DIAGRAM 23
. As a result, the operating margin of
the adidas Group improved 0.1 percentage points to 7.6% (2010: 7.5%)
DIAGRAM 25
. This development was primarily due to the positive effects
from lower other operating expenses as a percentage of sales, which
more than offset the decrease in gross margin and in other operating
income.
Financial income up 25%
Financial income increased 25% to € 31 million in 2011 from
€ 25 million in the prior year, due to an increase in interest income
SEE NOTE 32, P. 209
.
Financial expenses increase 2%
Financial expenses increased 2% to € 115 million in 2011 (2010:
€ 113 million)
DIAGRAM 26
, mainly as a result of negative exchange rate
effects, which more than offset the positive effect of lower interest
expenses. Excluding the negative exchange rate effects, financial
expenses decreased 4%
SEE NOTE 32, P. 209
.
Income before taxes as a percentage of sales increases
0.2 percentage points
Income before taxes (IBT) for the adidas Group increased 15%
to € 927 million from € 806 million in 2010
DIAGRAM 27
. IBT as
a percentage of sales improved 0.2 percentage points to 6.9% in 2011
from 6.7% in 2010, primarily as a result of the Group’s operating
margin increase.
Net income attributable to shareholders up 18%
The Group’s net income attributable to shareholders increased to
€ 671 million in 2011 from € 567 million in 2010
DIAGRAM 29
. This
represents an increase of 18% versus the prior year level. The Group’s
tax rate decreased 1.8 percentage points to 27.7% in 2011 (2010:
29.5%), mainly due to one-time tax benefits related to the favourable
resolution of tax disputes for prior years.
Earnings per share reach € 3.20
In 2011, basic and diluted earnings per share amounted to € 3.20 (2010:
€ 2.71)
DIAGRAM 31
, representing an increase of 18%. The weighted
average number of shares used in the calculation was 209,216,186.
03.2 Group Business Performance Income Statement
27 Income before taxes (€ in millions)
2011 927
2010 806
2009 358
2008 904
2007 815
29 Net income attributable to shareholders (€ in millions)
2011 671
2010 567
2009 245
2008 642
2007 551
31 Diluted earnings per share (in €)
2011 3.20
2010 2.71
2009 1.22
2008 3.07
2007 2.57
28 Income before taxes by quarter (€ in millions)
Q4 2011 27
Q4 2010 7
Q3 2011 418
Q3 2010 380
Q2 2011 197
Q2 2010 176
Q1 2011 285
Q1 2010 243
30 Net income attributable to shareholders by quarter
(€ in millions)
Q4 2011 18
Q4 2010 7
Q3 2011 303
Q3 2010 266
Q2 2011 140
Q2 2010 126
Q1 2011 209
Q1 2010 168
32 Diluted earnings per share by quarter (in €)
Q4 2011 0.09
Q4 2010 0.03
Q3 2011 1.45
Q3 2010 1.27
Q2 2011 0.67
Q2 2010 0.60
Q1 2011 1.00
Q1 2010 0.80