Reebok 2011 Annual Report Download - page 2

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Targets 2011 Results 2011 Outlook 2012
Currency-neutral sales development:
adidas Group
increase at a
mid- to high-single-digit rate
Wholesale segment
increase at a mid-single-digit rate
Retail segment
increase at a low-double-digit rate
Other Businesses
increase at a mid-single-digit rate
TaylorMade-adidas Golf
increase at a low- to mid-single-digit rate
Rockport
increase at a high-single- to low-double-digit rate
Reebok-CCM Hockey
increase at a low-single-digit rate
Currency-neutral sales development:
adidas Group
increase of Group sales of
13% € 13.344 billion
Wholesale segment
increase of 11%
Retail segment
increase of 20%
Other Businesses
increase of 13%
TaylorMade-adidas Golf
increase of 16%
Rockport
increase of 6%
Reebok-CCM Hockey
increase of 6%
adidas brand
increase of 14%
Reebok brand
increase of 6%
Currency-neutral sales development:
adidas Group
increase at a
mid- to high-single-digit rate
Wholesale segment
increase at a mid-single-digit rate
Retail segment
increase at a low-teens rate
Other Businesses
increase at a low- to mid-single-digit rate
TaylorMade-adidas Golf
increase at a low- to mid-single-digit rate
Rockport
increase at a high-single-digit rate
Reebok-CCM Hockey
increase at a strong double-digit rate
Gross margin
47.5% – 48.0%
Gross margin
47.5%
Gross margin
around 47.5%
Operating margin increase to a level between
7.5% – 8.0%
Operating margin
7.6%
Operating margin increase to a level
approaching 8.0%
Average operating working capital
(in % of sales)
increase expected
Average operating working capital
(in % of sales)
remains at 20.8%
Average operating working capital
(in % of sales)
moderate increase expected
Capital expenditure
€ 350 million – € 400 million
Capital expenditure
€ 376 million
Capital expenditure
€ 400 million – € 450 million
Net borrowings
further reduction
Net borrowings
Net cash of € 90 million
Gross borrowings
further reduction
Net borrowings/EBITDA ratio
to be maintained below 2
Net borrowings/EBITDA ratio
– 0.1
Net borrowings/EBITDA ratio
to be maintained below 2
Earnings per share
increase at a rate of 10% to 15%
to a level between
€ 2.98 – € 3.12
Earnings per share
increase 18% to
€ 3.20
Net income attributable
to shareholders
increases 18% to
€ 671 million
Earnings per share
increase at a rate of 10% to 15%
to a level between
€ 3.52 – € 3.68
Shareholder value
further increase
adidas AG share
price increases
2.8%
Dividend per share
(subject to Annual
General Meeting approval)
€ 1.00
Shareholder value
further increase