Reebok 2011 Annual Report Download - page 204

adidas Group
2011 Annual Report
CONSOLIDATED FINANCIAL STATEMENTS
200
2011
200
2011
04.8
04.8 Notes Notes to the Consolidated Statement of Financial Position
Notified reportable shareholdings as at February 15, 2012 1)
Notifying party Date of reaching, exceeding
or falling below
Reporting threshold Attribution in accordance
with § 22 WpHG
Shareholdings in % Number of
voting rights
BlackRock, Inc., New York, USA 2) July 27, 2011 Exceeding 5% § 22 sec. 1 sent. 1 no. 6
in conjunction with § 22
sec. 1 sent. 2
5.04 10,549,445
Garett Thornburg, USA 3) July 13, 2011 Exceeding 5% § 22 sec. 1 sent. 1 no. 6
in conjunction with § 22
sec. 1 sent. 2 4)
5.03 10,527,146
Thornburg Investment Management, Inc.,
Santa Fe, New Mexico, USA 3)
July 13, 2011 Exceeding 5% § 22 sec. 1 sent. 1 no. 6 4) 5.03 10,527,146
Thornburg International Value Fund,
Wilmington, Delaware, USA 3)
July 12, 2011 Exceeding 3% – 3.05 6,378,646
Aberdeen Asset Management PLC,
Aberdeen, Great Britain 5)
April 6, 2011 Falling below 3% § 22 sec. 1 sent. 1 no. 6
in conjunction with § 22
sec. 1 sent. 2
2.90 6,065,366
BlackRock Financial Management, Inc.,
New York, USA 6)
March 2, 2011 Falling below 5% § 22 sec. 1 sent. 1 no. 6
in conjunction with § 22
sec. 1 sent. 2
4.82 10,090,695
BlackRock Holdco 2, Inc., Wilmington,
Delaware, USA 6)
March 2, 2011 Falling below 5% § 22 sec. 1 sent. 1 no. 6
in conjunction with § 22
sec. 1 sent. 2
4.82 10,090,695
BlackRock, Inc., New York, USA 6) March 2, 2011 Falling below 5% § 22 sec. 1 sent. 1 no. 6
in conjunction with § 22
sec. 1 sent. 2
4.98 10,412,345
Capital Research and Management Company,
Los Angeles, USA 7)
December 19, 2008 Exceeding 5% § 22 sec. 1 sent. 1 no. 6 5.01 9,695,127
1) The notifications of Walter Scott & Partners Limited, Edinburgh, Scotland/ Neptune LLC, Pittsburgh, USA/ Mellon International Holdings S.A.R.L., Luxembourg, Luxembourg/ BNY Mellon
International Limited, London, Great Britain/ MBC Investment Corp., Greenville, USA and The Bank of New York Mellon Corporation, New York, USA, disclosed in the Notes of the 2010 Annual Report
were revoked in 2011 and are thus no longer reflected. See also the company’s disclosure dated August 1, 2011.
2) See the company’s disclosure dated August 4, 2011.
3) See the company’s disclosure dated November 17, 2011.
4) Attributed by Thornburg International Value Fund, see the company’s disclosure dated November 28, 2011.
5) See the company’s disclosure dated July 22, 2011.
6) See the company’s disclosure dated March 9, 2011.
7) See the company’s disclosure dated January 7, 2009.
Capital management
The Group’s policy is to maintain a strong capital base so as to
uphold investor, creditor and market confidence and to sustain future
develop ment of the business.
The Group seeks to maintain a balance between a higher return
on equity that might be possible with higher levels of borrowings and
the advantages and security afforded by a sound capital position. The
Group further aims to maintain net debt below two times EBITDA over
the long term.
Financial leverage is derived by dividing net borrowings (short-
and long-term borrowings less cash and cash equivalents as well as
short-term financial assets) in an amount of negative € 90 million (2010:
€ 221 million) by shareholders’ equity in an amount of € 5.327 billion
(2010: € 4.616 billion). EBITDA amounted to € 1.257 billion for the
financial year ending December 31, 2011 (2010: € 1.159 billion). The
ratio between net borrowings and EBITDA amounted to negative 0.1
for the financial year ending December 31, 2011 (2010: 0.2).
Reserves
Reserves within shareholders’ equity are as follows:
– Capital reserve: comprises the paid premium for the issuance of
share capital.
– Cumulative translation adjustments: comprises all foreign currency
differences arising from the translation of the financial statements
of foreign operations.
– Hedging reserve: comprises the effective portion of the cumulative
net change in the fair value of cash flow hedges related to hedged
transactions that have not yet occurred as well as of hedges of net
investments in foreign subsidiaries.
– Other reserves: comprise the cumulative net change of actuarial
gains or losses and the asset ceiling effect regarding defined benefit
plans, expenses recognised for share option plans as well as fair
values of available-for-sale financial assets.
– Retained earnings: comprise the accumulated profits less dividends
paid.
Distributable profits and dividends
Distributable profits to shareholders are determined by reference
to the retained earnings of adidas AG and calculated under German
Commercial Law.
Based on the resolution of the 2011 Annual General Meeting, the
dividend for 2010 was € 0.80 per share (total amount: € 167 million).
The Executive Board of adidas AG will propose to shareholders a
dividend payment of € 1.00 per dividend-entitled share for the year
2011 to be made from retained earnings of € 312 million reported as at
December 31, 2011. The subsequent remaining amount will be carried
forward.
209,216,186 dividend-entitled shares exist as at December 31,
2011, which would lead to a dividend payment of € 209 million.