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#2012-AD1DA5-G80UP-#1
adidas Group
At a glance
2012
adidas Group
Annual Repor t
2012

Table of contents

  • Page 1
    #2012-AD1DA5-G80UP-#1 At a glance adidas Group 2 0 1 2 adidas Group Annual Report 2 0 12

  • Page 2
    ... 2013 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...

  • Page 3
    PUSHING BOUNDARIES adidas Group Annual Report 2 0 12 With our products, trends are set and records are broken. Always raising the bar, continuously determined to reach for more - this is our challenge, our guiding ambition, our legacy. Inspired by our passion for sports and performance, with ...

  • Page 4
    ... The main focus is on five key categories: Football, Basketball, Running, Training and Outdoor. adidas Golf adidas Golf develops high-performance golf footwear and apparel for active, serious, athletic-minded golfers seeking products to elevate their game. FINANCIAL HIGHLIGHTS adidas Sport Style...

  • Page 5
    ... net sales 2) Average operating working capital as a percentage of net sales Equity ratio Net borrowings/EBITDA Financial leverage Return on equity Balance Sheet and Cash Flow Data (â,¬ in millions) Total assets Inventories Receivables and other current assets Working capital Net cash Shareholders...

  • Page 6
    ... Sales Strategy Wholesale Strategy Retail Strategy eCommerce Strategy Global Brands Strategy adidas Strategy Reebok Strategy Other Businesses Strategy TaylorMade-adidas Golf Strategy Rockport Strategy Reebok-CCM Hockey Strategy Global Operations Research and Development Employees Sustainability...

  • Page 7
    ...03 03.1 03.2 FINANCIAL REVIEW GROUP MANAGEMENT REPORT Internal Group Management System Group Business Performance Economic and Sector Development Income Statement Statement of Financial Position and Statement of Cash Flows Treasury Financial Statements and Management Report of adidas AG Disclosures...

  • Page 8
    4 2.1 9 5 K M P U R E EF FOR T --- 6 20 12 adidas Group / 2012 Annual Report

  • Page 9
    ... Virgin London Marathon in 2012, Wilson Kipsang proved it again. He is one of the best distance runners in the world. Running faster than everybody else is essential to succeed in a marathon. How will adidas Running help Wilson Kipsang and all runners to go even faster in 2013? Pushing Boundaries.

  • Page 10
    ...the athlete in the running industry. It combines the usually conï¬,icting performance benefits of soft and responsive cushioning. In cooperation with BASF, the game-changing material was developed over three years. These shoes will help Wilson Kipsang and all other runners to go faster and run even...

  • Page 11
    LO N G ITUDIN A L SECTIO N O F T HE EN ER GY B O O ST R UN N ING S HO E --- 7 20 12 SO L E EL EMEN TS O F TH E EN ER GY B O O ST R UN N ING SH O E --- adidas Group / 2012 Annual Report

  • Page 12
    8 20 12 DESIG N SK ETC H ES O F TH E D R O SE 3.5 --- adidas Group / 2012 Annual Report

  • Page 13
    ... In 2008, he entered the NBA and was selected in his first season as Rookie of the Year. Through hard training and self-discipline, he was able to improve his skills. How will adidas Basketball support Derrick Rose and everybody who loves the court to improve their game in 2013? Pushing Boundaries...

  • Page 14
    ... improved performance, bolder style and more personal details than its predecessor, to deliver the best from the court to the street. The D Rose 3.5 is designed to fit even closer to the foot for faster cuts and increased control, helping all basketball players to improve their performance. Pushing...

  • Page 15
    D R O SE 3.5 B A SK ETB A L L SH O E --- 9 20 12 FOLLOWING TH E F IBONACCI SEQUENCE, T HE DES IGN OF TH E D ROS E 3.5 R E PRES ENTS H OW DERRICK ROSE'S SUCCESS CONTINUES TO GROW S TEADILY --- adidas Group / 2012 Annual Report 13 0 1 1 2 3 5 8

  • Page 16
    NO R M A LLY, I T TA KE S 25 LI T RES OF WAT ER TO COLOU R 1 SHIR T ...--- ...A D I DA S D R YDYE E LIMI N AT ES TH E NE E D FO R WAT E R A LTOGE T HER. --- 10 20 12 adidas Group / 2012 Annual Report

  • Page 17
    ... the dyeing process. It is part of adidas' vision to create more environmentally benign products and assume responsibility as a company to make the world a better place. But how did adidas succeed in creating sustainable materials that meet the high adidas performance standards? Pushing Boundaries.

  • Page 18
    ... part of the sustainable DryDye product range. The freshrite antibacterial fabric finish enables athletes to stay fresh and comfortable, the ClimaLite technology ensures quick T-shirt drying. adidas succeeds in developing products which are both high-performance and sustainable. Pushing Boundaries...

  • Page 19
    C L IMA L ITE K EEP S AT HL E T E S D RY A N D C O MFO R TA B L E --- 11 20 12 adidas Group / 2012 Annual Report

  • Page 20
    A DIDA S O R IG IN A L S: SETTIN G TR EN DS SIN C E 1972 --- 12 20 12 adidas Group / 2012 Annual Report

  • Page 21
    .... This is especially true for the '90s. There are echoes of that era throughout the adidas Originals Core Collection. adidas Originals fuses sports authenticity and global street style, setting trends around the world. How will adidas Originals celebrate this heritage in 2013? Pushing Boundaries.

  • Page 22
    ... MORE STYLE MODEL AVAILABLE IN 23 CO LOU RW AY S TORSION ALLEGRA LADY 19 94 Originally introduced in the '90s, the Torsion Allegra Lady running shoe is now back. The new, innovative version, the Torsion Allegra W, has the Torsion support bar on the sole of the shoe and an advanced upper made...

  • Page 23
    13 20 12 1994: TH E O R IG IN A L TO R SIO N A L L E G RA L ADY --- adidas Group / 2012 Annual Report

  • Page 24
    14 20 12 adidas Group / 2012 Annual Report

  • Page 25
    ... is one of the fittest women on earth. Placing second at the Reebok CrossFit Games in 2012, she confirmed her high level of fitness. For her CrossFit workouts, it is important to have high-performing shoes with a perfect fit. They should be able to help her to run, jump and stretch. How will...

  • Page 26
    ... FLEXIBLE U LTR AL ITE MORE 2012 Reebok's RealFlex technology is all about natural movement and perfect for all kinds of training. Created with numerous individual, multi-directional nodes in the sole, the shoe is designed to give fitness athletes optimised underfoot feedback. The RealFlex Fusion...

  • Page 27
    R EA L FL EX FU S I O N T R 2.0: SO L E WITH FL E XI BL E NO D E S --- 15 20 12 adidas Group / 2012 Annual Report

  • Page 28
    16 20 12 adidas Group / 2012 Annual Report

  • Page 29
    ...Fittest Man on Earth" in 2012. Combining different fitness disciplines, CrossFit athletes such as Rich Froning Jr. are looking for apparel which guarantees great freedom of movement to be able to perform at their best. How will Reebok serve the world's fittest athletes in 2013? Pushing Boundaries...

  • Page 30
    ... Lite Long Sleeve REEBOK DELTA COLLECTION MORE PLAY COMPRESSION Reebok's CrossFit Lite Long Sleeve is an antimicrobial compression top, ... a second skin and provides natural wearing comfort to the fitness athlete by enabling them to fully devote themselves to their performance. Pushing Boundaries.

  • Page 31
    R EEB O K DELTA C O L L ECTIO N : B E FIT FO R LI F E --- 17 20 12 adidas Group / 2012 Annual Report

  • Page 32
    BE N D T HE R ULE S WIT H R E E B OK YOGA -- - C OMFOR TA B LE YOGA MAT FOR E X E R CI SE S OF A LL KINDS --- 18 20 12 adidas Group / 2012 Annual Report

  • Page 33
    ... Y A SOCIAL MEDIA REACH: TENS OF MILLIONS Y O G A Named the "Yoga Rebel" by the New York Times, yoga guru Tara Stiles reaches a global audience and brings a fresh take on a traditional sport. With Tara Stiles as global yoga ambassador, Reebok defines yoga as a sport in a completely new and avant...

  • Page 34
    ... by bold statement graphics and contemporary urban designs. Implicitly functional, it is complemented and adapted to women's bodies to provide a perfec t fit. The Yoga Pocket Tank is designed with a deep racer back for unrestricted back and shoulder motion. With the help of the Reebok yoga...

  • Page 35
    K EY YO GA Q UOT E FR O M TA R A STI L E S --- 19 20 12 YO GA CA P R I: B A MB O O J ER SEY FO R A S M O OT H F E E L --- adidas Group / 2012 Annual Report

  • Page 36
    CU STOMI SE D TO E V E R Y SW I N G: R 1 D R IV E R --- 20 20 12 adidas Group / 2012 Annual Report

  • Page 37
    ... THE OPEN CHAMPIONSHIP 2011: As a professional golfer, Dustin Johnson knows the importance of excellent equipment. Since joining the PGA Tour in 2008, he has consistently ranked among the TOP 5 players each year. Despite an injury in 2012, he recovered and came back even stronger. With the help of...

  • Page 38
    ... setting positions to help golfers find the loft that delivers the launch conditions to promote maximum distance. Offering the largest scope of adjustability of any driver in the brand's history, the R1 provides the best fit for the widest range of players, from Tour pros to high handicaps. Pushing...

  • Page 39
    R1 DRIV ER : TH ICK-TH IN C R OWN TEC H N O LO GY SAVES VA LUA B L E WEIG H T --- 21 20 1.0 2.0 3.0 4.0 5.0 6.0 L ARGE SCOPE OF ADJUSTABILITY --- adidas Group / 2012 Annual Report 7.0 12

  • Page 40
    22 20 12 adidas Group / 2012 Annual Report

  • Page 41
    .... Rockport empowers consumers to do more, be more and live more from weekday to weekend. Rockport shoes fuse contemporary style and engineered comfort. Every shoe has to deliver against this promise - this principle is at the heart of everything the brand does. But what exactly could make you look...

  • Page 42
    ... OUT OF THIS W O R L D Lightness out of this world. truWALK zero are one of the lightest shoes the brand has ever made, without sacri ficing an ounce of comfort. Rockport has taken out every unnecessary element to engineer the airiest shoes imaginable. As light as it gets. Pushing Boundaries.

  • Page 43
    23 20 12 truWA L K zero SH O E SO L E: L IG H T A N D C O MFO R TA B L E --- adidas Group / 2012 Annual Report

  • Page 44
    24 20 12 adidas Group / 2012 Annual Report

  • Page 45
    ... National Hockey League, started his career as centre for the New York Islanders. In 2012, he was voted as best NHL player during the month of January and finished the year with a gold medal for Canada at the Spengler Cup. To deliver a perfect game and transcend their own limits, ice hockey players...

  • Page 46
    ... EXPLOSIVE INCREASED TURNING RADIUS BY UP TO 10% SPEEDBLADE HOLDER The brand-new CCM RBZ skate is engineered to provide the most extreme foot speed in ice hockey. This skate enables the player's power to be enhanced by greater responsiveness and explosive moments. It features new custom-support...

  • Page 47
    HOR I Z ON TA L D E FLE CTION --- 25 20 12 L ESS TO R SIO N --- VER TICA L DEFL ECTIO N --- adidas Group / 2012 Annual Report

  • Page 48
    .... 2012 was once again a year characterised by pioneering innovations, creativity and remarkable success stories. The section dividers will give you a glimpse into some of our game-changing products and technologies which, together with our exceptional partnerships with some of the greatest athletes...

  • Page 49
    PUSHING BOUNDARIES 2012

  • Page 50
    ... the year Andy's most successful year yet Reebok take s fitness to new heights with a unique workout at the top of the Empire State Building. Five Ten has been pushing the boundaries of climbers since 1985. The revolutionary Stealth rubber makes climbing easier in the world's most dangerous sport...

  • Page 51
    ... 01.1 01.2 01.3 01.4 01.5 01.6 01.7 01.8 Operational and Sporting Highlights 2012 Interview with the CEO Executive Board Supervisory Board Supervisory Board Report Corporate Governance Report including the Declaration on Corporate Governance Compensation Report Our Share 30 34 40 44 46 51 56 60...

  • Page 52
    ...takes a lot to make a Classic" is another step in securing the Group's financial ï¬,exibility and ensures long-term cost-effective financing. 27. The adidas Group 2011 Annual Report claims three significant awards: the launched in the USA. Through an integrated global marketing campaign, Reebok...

  • Page 53
    To Our Shareholders Operational and Sporting Highlights 2012 / 01.1 / Q1 02 03 07 01 05 06 04 31 20 12 08 09 10 12 11 13 14 Q2 adidas Group / 2012 Annual Report

  • Page 54
    ... having a retail store and CrossFit Box in one environment to present to consumers that Reebok is truly a one-stop shop for fitness. / PICTURE 03 24. The adidas Group 2011 Annual Report receives the prestigious "Best 20. The adidas NEO label announces Selena Gomez as its new global style icon and...

  • Page 55
    To Our Shareholders Operational and Sporting Highlights 2012 / 01.1 / Q3 02 01 05 04 03 06 07 33 20 12 08 10 11 13 14 14 12 09 Q4 adidas Group / 2012 Annual Report

  • Page 56
    ... with low levels of operating working capital as a percentage of sales, allowed the Group to finish 2012 with a healthy net cash position of â,¬ 448 million. As a result of this strong performance, Management is proposing a dividend to shareholders of â,¬ 1.35, representing an increase of 35...

  • Page 57
    ... 48% in just two years, our golf business has already rocketed past its initial Route 2015 targets. Considering that the golf industry is still relatively stagnant, this is a remarkable testament to its relentless focus on helping golfers perform better. 35 20 12 adidas Group / 2012 Annual Report

  • Page 58
    ...do not affect the adidas Group's financial situation, nor our future outlook. Taking into account our updated targets for Route 2015, outlined in September, and following our review of medium-term growth prospects for specific markets and segments, as part of the annual impairment test, we came to...

  • Page 59
    ... 2015 strategic plan - focus on the consumer. As part of a rising middle class, our consumer target group in China is maturing at a rapid pace, becoming increasingly discerning and sophisticated. They are looking for Additionally, we have deepened our already very close relationship with our retail...

  • Page 60
    ... deeper into the adidas numbers, our business with our key high school kid relevant retail partners was up over 20% in 2012. As already outlined, for Route 2015, we are focused on quality growth, which is crucial to securing long-term, sustainable success for the adidas brand in this market. Through...

  • Page 61
    ... terms of your financials? / 2013 will also see a step change in the pace of gross margin and operating margin expansion. The adidas Group gross margin is forecasted to increase to a level between 48.0% and 48.5%. Over-proportionate growth in high-margin emerging markets and Retail will positively...

  • Page 62
    ..., in 1954. Following his business studies, he spent eight years with Procter & Gamble in various sales and marketing positions. Herbert Hainer joined adidas Germany in 1987 and has held numerous management positions within the Group, including Managing Director Germany and Senior Vice President...

  • Page 63
    ... named President of adidas North America, while maintaining his position as Head of Global Marketing. In 2006, he was named President of the adidas brand, and in 2010 he assumed responsibility for Global Brands. Erich Stamminger is married and lives in Nuremberg. adidas Group / 2012 Annual Report

  • Page 64
    To Our Shareholders Executive Board / 01.3 / 42 20 12 adidas Group / 2012 Annual Report

  • Page 65
    ... Lab at adidas Group Headquarters in Herzogenaurach, Germany. This is where innovation concepts are validated and tested, and also where the adidas innovation teams conduct sports research for the creation of new, pioneering innovations. Pushing Boundaries. adidas Group / 2012 Annual Report

  • Page 66
    ... Act (MitbestG) / Igor Landau, Sabine Bauer, Willi Schwerdtle, Heidi Thaler-Veh 1) Until the end of 2011. 2) Employee representative. 3) Since March 5, 2012; formerly Member of the Works Council Herzogenaurach, adidas AG. 4) Since November 14, 2012. adidas Group / 2012 Annual Report

  • Page 67
    ..., CeramTec GmbH, Plochingen, Germany 45 20 12 HANS RUPRECHT 2) Sales Director Customer Service Central Europe West, adidas AG HEIDI THALER-VEH 2) Member of the Central Works Council, adidas AG CHRISTIAN TOURRES Former Member of the Executive Board of adidas AG adidas Group / 2012 Annual Report

  • Page 68
    ... successful year. Thanks to strong brands as well as innovative products and marketing campaigns, the adidas Group was able to grow in all markets, achieving record sales as well as record operating cash ï¬,ow. The visibility of the adidas brand at the year's major sports events and the market share...

  • Page 69
    ... for granting the 2012 Performance Bonus, together with the individual short-term targets, as well as the Performance Bonus target amount relevant for each Executive Board member, as proposed by the General Committee. As the LTIP 2009/2011 had expired at the end of adidas Group / 2012 Annual Report

  • Page 70
    ... also require reporting to the Annual General Meeting. There are no direct advisory or other service relationships between the company and a member of the Supervisory Board. Further information on corporate governance at the adidas Group can be found in the Corporate Governance Report including the...

  • Page 71
    ... the main risk factors for the Group and the related control measures as well as the expansion of the compliance organisation and compliance management. The committee members critically analysed the audit results of the Internal Audit function and approved the audit plan for 2012/2013. As part of...

  • Page 72
    ... the world for their tremendous personal dedication, their performance and their ongoing commitment, and we also thank the employee representatives for their good collaboration. For the Supervisory Board IGOR L ANDAU Chairman of the Supervisory Board March 2013 adidas Group / 2012 Annual Report

  • Page 73
    ... Board on key aspects of strategy, planning and business development as well as on questions of risk management and compliance within the Group. Further information on Corporate Governance More information on topics covered in this report can be found on our website : // WWW.ADIDAS-GROUP.COM...

  • Page 74
    ...while taking into account the employee representatives. The Supervisory Board supervises and advises the Executive Board in matters relating to the management of the company. The Executive Board reports to the Supervisory Board regularly, expeditiously and comprehensively on business development and...

  • Page 75
    ... Board IGOR L AND A U Chairman of the Supervisory Board HERBERT HAINER Chief Executive Officer The aforementioned Declaration of Compliance dated February 13, 2013 has been published on and can be downloaded at : // WWW.ADIDAS-GROUP.COM/CORPORATE_GOVERNANCE. adidas Group / 2012 Annual Report

  • Page 76
    ...owned locations. Optimising the value chain makes it possible for the adidas Group to offer more sustainable products and improve the company's environmental performance in the future. With our Environmental Strategy, we have the long-term goal of becoming a carbon-neutral company on a global level...

  • Page 77
    ... Board owned 1.76% of the shares issued by the company or related financial instruments. A detailed overview of Directors' Dealings in 2012 is published on our website at : // WWW.ADIDAS-GROUP.COM/DIRECTORS_DEALINGS. Accounting and annual audit adidas AG prepares the annual financial statements...

  • Page 78
    ... Board in line with corporate planning. When determining the LTIP 2012/2014, the Supervisory Board defined the following performance criteria with different weightings: / increase in net income attributable to shareholders / increase in operating free cash ï¬,ow / increase of adidas NEO label sales...

  • Page 79
    ... Board will therefore repay to the company the amount of â,¬ 471,683, as a partial amount of the Performance Bonuses granted. The total compensation stated for the 2011 financial year is reduced by the bonus amount to be repaid by the Executive Board members. adidas Group / 2012 Annual Report

  • Page 80
    ...Board members is made in accordance with statutory regulations or regulations under collective agreements unless a surplus from the pension fund for former Executive Board members is used after the commencement of retirement for an increase in retirement benefits. adidas Group / 2012 Annual Report

  • Page 81
    ...by the Annual General Meeting and regulated by § 18 of the Articles of Association of adidas AG. The compensation is linked to the size of the Group and to the responsibility and scope of activities of the Supervisory Board members. After the respective financial year, the members receive a fixed...

  • Page 82
    ... AG share traded sideways, outperforming the general market weakness. The announcement of better than expected first quarter results and an improved outlook for the full year 2012 provided positive impetus, 1) This section is part of the audited Group Management Report. adidas Group / 2012 Annual...

  • Page 83
    ...30 MSCI World Textiles, Apparel & Luxury Goods Index 20 12 03 / The adidas AG share Number of shares outstanding 2012 average Number of shares outstanding At year-end 2012 1) Type of share Free ï¬,oat Initial Public Offering Share split Stock exchange Stock registration number (ISIN) Stock symbol...

  • Page 84
    ... Generation US 2015 growth plan and the strategy to sustain the success of TaylorMade-adidas Golf as well as increasing investors' understanding of the key pillars of Reebok's new fitness positioning. Benefiting from positive market feedback following the event, the adidas AG share gained steadily...

  • Page 85
    ...%). Our higher weighting compared to the prior year was mainly a result of the increase in share turnover and the market capitalisation of adidas AG. Within the DAX-30, we ranked 16 on market capitalisation (2011: 16) and 19 on turnover (2011: 21) at year-end 2012. adidas Group / 2012 Annual Report

  • Page 86
    ... - WpHG). All voting rights notifications received in 2012 and thereafter can be viewed on our corporate website : // WWW.ADIDAS-GROUP.COM/VOTING_RIGHTS_ NOTIFICATIONS. Information on reportable shareholdings that currently exceed or fall below a certain threshold can also be found in the Notes...

  • Page 87
    ...12 Investor Relations and Media app increases availability of detailed adidas Group information We offer extensive information around our share as well as the adidas Group's strategy and financial results on our corporate website at : // WWW.ADIDAS-GROUP.COM/INVESTORS. Our event calendar lists all...

  • Page 88
    ...boot design focused on making the wearer as fast as possible on the football pitch. At only 165g, the adizero f50 is one of the lightest shoes on the market. Invincible Spain. Winning the UEFA EURO 2012, adidas sponsored Spain is the first national team ever to win three major international titles...

  • Page 89
    ... Sales Strategy Wholesale Strategy Retail Strategy eCommerce Strategy Global Brands Strategy adidas Strategy Reebok Strategy Other Businesses Strategy TaylorMade-adidas Golf Strategy Rockport Strategy Reebok-CCM Hockey Strategy Global Operations Research and Development Employees Sustainability...

  • Page 90
    ... our overall decision-making process / SEE INTERNAL GROUP MANAGEMENT SYSTEM, P. 124. Therefore, we are focused on rigorously managing those factors under our control, making strategic choices that will drive sustainable revenue and earnings growth, and ultimately operating cash ï¬,ow. Across our...

  • Page 91
    ... / SEE EMPLOYEES, P. 111. Becoming a sustainable company Like any global business, the adidas Group must manage wide-ranging commercial and competitive pressure to deliver increased financial returns and growth. At the same time, we are accountable for our employees and have a high degree of...

  • Page 92
    ... revenue increase over the period / SEE GLOBAL BRANDS STRATEGY, P. 78. Areas within the adidas and Reebok brands that have been identified as key contributors to sustainable growth for the adidas Group include: / adidas Sport Performance: gaining sales and market share in the running and basketball...

  • Page 93
    ... Management Report - Our Group Group Strategy / 02.1 / 02 / adidas Group Route 2015 targets 1) (â,¬ in millions) 2010 2011 2012 Updated 2015 targets Original 2015 targets adidas Group net sales 2) Global Sales 2) Wholesale Retail thereof eCommerce Global Brands 2) adidas Reebok Other Businesses...

  • Page 94
    ... and its commercial performance exceeds that of non-GFR products. We will continue to develop the GFR in 2013 to increase the commonality of products displayed throughout our concept stores and to drive their commercial performance, e.g. full-price sell-through. adidas Group / 2012 Annual Report

  • Page 95
    ... brands at POS Retail Space Management (RSM) comprises all business models helping our Global Sales function to expand controlled space in retail. The business models we are bringing to our customers are designed to amplify adidas and Reebok presence and visibility in-store. To make this a success...

  • Page 96
    ... sporting goods retail channel. In addition, we will also see an increasing focus on Reebok as the brand rolls out its Fit Hub concepts to present its expanded fitness offering more comprehensively / SEE GLOBAL BRANDS STRATEGY, P. 78. PEAK people development programme to build the best sales team...

  • Page 97
    ...employees and our business. The global strategic framework and guidelines for our own-retail activities are led by a central team. This team works closely with our market organisations to translate the strategy into actions and drive commercial performance of our adidas and Reebok retail operations...

  • Page 98
    ... its real estate management process. Dedicated real-estate teams have been set up, who make sure that: / Store location and store size fit to the local market. / The store is designed to maximise sales per square metre. / Market share growth and increased market presence are in line with our...

  • Page 99
    ....COM. The website now fully integrates the adidas brand website and the brand's e-shop together in one place. In addition, we managed to set up new country-specific e-shops globally for both adidas and Reebok. Our eCommerce offering now covers 20 countries, with further expansion plans for 2013...

  • Page 100
    ... brands. As part of its function, Global Brands has mapped out our target consumer universe, which spans from our roots in sport, the "pure performer", through to today's style setters who have embraced sporting goods brands as part of their lifestyle / DIAGRAM 01. adidas Group / 2012 Annual Report

  • Page 101
    ... values. As a true global brand with German roots, adidas is mainly targeting competitive sports based on innovation and technology with adidas Sport Performance. This sub-brand is the multi-sport specialist. Our positioning in this respect clearly starts in producing the best products to help make...

  • Page 102
    ... style through several brand campaigns. These campaigns focused on increasing engagement with our core audience by leveraging multiple digital platforms, including the launch of the new adidas.com "go all in" platform, providing new levels of access to our products, athletes, celebrities and events...

  • Page 103
    ... the CrossFit community as the brand moves into 2013. On the Classics side, Reebok and Alicia Keys announced a new and exciting partnership as well as design collaboration. Alicia Keys' first project was the launch of her own signature Reebok "AK" collection. adidas Group / 2012 Annual Report

  • Page 104
    .... Key strategic pillars / / Net sales in 2012 â,¬ 11.344 billion / Faster: To help athletes be faster, adidas focuses on reducing product weight, making the lightest high-performance products on the market, brought to life via the adizero platform. adizero products were highly successful in all...

  • Page 105
    ... of adidas' key strategic priorities. For over 50 years, adidas has led all major developments in boot, ball and apparel technologies. Building on its success around major sporting events, the brand strives to increase its strong market position by continuously creating the industry's top products...

  • Page 106
    ... in style and performance. In 2013, adidas Basketball will keep positioning itself as the brand which makes the lightest and fastest products for this sport. In addition, there will be a strong focus on strengthening the Derrick Rose signature collection and leveraging the NBA partnership / PICTURE...

  • Page 107
    Group Management Report - Our Group Global Brands Strategy / adidas Strategy / 02.3 / Training: whatever the sport, success starts with training Training is the biggest Sport Performance category, supporting the preparation and recovery needs of athletes across all disciplines and all levels by ...

  • Page 108
    ... fashion represents a unique opportunity for sporting goods companies. What once started as a niche business, now makes up more than 28% of adidas brand sales globally. To best tap the potential of the sports fashion market, adidas Sport Style targets this market with a clear multi-label strategy...

  • Page 109
    ...and Asian cities, such as New York, Miami, Milan, Beijing, Shanghai and Dubai. In 2013, the portfolio will be extended with stores in London, Vienna and Hong Kong. In addition, Y-3 will keep driving business through its global e-commerce site : // WWW.Y-3STORE.COM. adidas Group / 2012 Annual Report

  • Page 110
    ... 2013, adidas SLVR will take its online shopping experience to the next level by creating a global e-commerce store via : // WWW.SLVR.COM. Reebok Strategy 13 / Reebok at a glance Reebok is an American-inspired sports brand with the clear objective to become the leading fitness brand in the world...

  • Page 111
    ... performance apparel offering in 2013 - the Reebok Delta collection. Taking its design inspiration from the CrossFit community, this collection is redefining the fitness apparel aesthetic. Every piece is designed and developed for the freedom of movement for any fitness activity. adidas Group...

  • Page 112
    ... been driven by key product takedowns as well as innovative and style-right kids-only products. For example, ZigTech in particular continues to be a major success for the Reebok Kids business. In 2013, one of the key launches in this category will be the ATV shoe. adidas Group / 2012 Annual Report

  • Page 113
    .... 18 / Reebok Global brand campaign "Live with Fire" 17 / Reebok Reebok Delta training collection Expanding grassroots activities One key element of establishing Reebok's position as the fitness brand is to develop strong grassroots partnerships. Partnerships with CrossFit, Spartan Race, Red...

  • Page 114
    ... segments has its own strategy in place in order to address its specific target groups directly and further expand its market share. In this way, they contribute together to our Group's overall goal: to be the global leader in the sporting goods industry. TaylorMade-adidas Golf Strategy TaylorMade...

  • Page 115
    ... strategy leverages key accounts and assets TaylorMade-adidas Golf makes it a point to create compelling pointof-sale displays and communications designed to quickly and clearly educate the consumer on the product benefits of all four brands. Furthermore, TaylorMade-adidas Golf works closely...

  • Page 116
    ... 2012, TaylorMade devoted additional resources to improve on the design and functionality of its accessories lines, which resulted in encouraging sales growth. A similar emphasis on developing better accessories will continue in 2013, with similar results expected. adidas Group / 2012 Annual Report

  • Page 117
    ... thrive adidas Golf creates innovative products targeted at athletic, competitiveminded golfers seeking a performance edge in footwear and apparel, and positions its products as "Equipment for Your Body". To increase market share in the highly competitive golf footwear market, adidas Golf focuses on...

  • Page 118
    ... of engineered comfort where stability meets ï¬,exibility for all-day comfort. Key markets Focus areas 09 / Rockport "Challenge Gravity" campaign Key strategic pillars Globalise Women's Retail Operational capabilities Net sales in 2012 â,¬ 285 million adidas Group / 2012 Annual Report

  • Page 119
    ... through lightness. Building on this success, Rockport will intensify its lightness campaign in 2013. Expanding the retail footprint Own-retail stores with a focus on full-price sell-through will be one of the main growth drivers for the brand over the next years. In 2012, Rockport opened more than...

  • Page 120
    ... targeted towards the intended consumer segments, for example players or fans. In-arena and partnership-based marketing programmes, consumer campaigns and web-based initiatives are designed to create brand exposure, increasing demand for Reebok-CCM Hockey products. adidas Group / 2012 Annual Report

  • Page 121
    ... with its high-performance positioning in the sport. Through a commitment to product innovation, Reebok-CCM Hockey's pricing strategy is to dominate the market in the premium price segments and to be a strong competitor within the mid-price segment of the market. adidas Group / 2012 Annual Report

  • Page 122
    ...'s growth plans / / / / Consolidate legacy systems and distribution structures Build state-of-the-art systems, processes and distribution facilities Pool supply chain activities for multiple markets Integrate local sourcing activities into the global structure adidas Group / 2012 Annual Report

  • Page 123
    ... forms part of the Group's strategic business plan Route 2015 and aims at establishing a coherent end-to-end demand and supply planning process across finance, marketing and operations. As part of the product availability priority, Global Operations is building five new supporting system solutions...

  • Page 124
    ...12 Supporting the Group's growth initiatives Global Operations supports the Group's key growth and profit projects outlined in the Route 2015 strategic business plan. The function impacts the following growth projects: / adidas NEO label: The focus in 2012 was to provide supply chain services for...

  • Page 125
    ... latest list of our suppliers can be found on our website : // WWW.ADIDAS-GROUP. COM/SUSTAINABILITY. The adidas Group also operates a limited number of own production and assembly sites in Germany (1), Sweden (1), Finland (1), the USA (4) and Canada (3). In order to ensure the high quality consumers...

  • Page 126
    ... 2009 2008 Apparel production 1) (in million units) 314 321 301 239 284 09 / 2012 2011 2010 2009 2008 Hardware production 1) (in million units) 51 51 48 34 42 1) Figures include adidas, Reebok and adidas Golf. 1) Figures include adidas, Reebok and adidas Golf. adidas Group / 2012 Annual Report

  • Page 127
    ... activities are highly integrated and cross-functional. In 2013, R&D will focus on cushioning solutions, lightweight and digital sports technologies as well as sustainable product innovation. R&D is an integral part of the product and user experience creation process R&D within the adidas Group...

  • Page 128
    Group Management Report - Our Group Research and Development / 02.6 / 01 / Major R&D activities and locations Main activities Major locations adidas The adidas innovation team is divided into groups that focus on performance footwear, apparel and hardware innovation, within which there are ...

  • Page 129
    ... and Reebok-CCM Hockey from February 1, 2006. 3) Reï¬,ects continuing operations as a result of the divestiture of the Salomon business segment. 4) Including Salomon business segment, which was more research-intensive due to its significant hard goods exposure. adidas Group / 2012 Annual Report

  • Page 130
    Group Management Report - Our Group Research and Development / 02.6 / Successful product launches across all major adidas categories In 2012, adidas sales were again driven by the latest product offerings, with products launched during the course of the year accounting for 78% of brand sales (2011...

  • Page 131
    ... ADIDAS GOLF STRATEGY, P. 92. / SEE TAYLORMADE- Rockport launches truWalkZero architecture Due to the different business model for the Rockport brand as a leather shoe company, the impact from new styles is significantly lower compared to our other brands. Products launched in 2012 accounted...

  • Page 132
    Group Management Report - Our Group Research and Development / 02.6 / / Also in 2012, CCM had the major launch of the CCM RBZ ice hockey stick powered by TaylorMade. The highly successful stick was the result of a multi-year R&D collaboration with TaylorMade-adidas Golf. The stick technology ...

  • Page 133
    ... workforce, we bring to life our company's strategy and drive business results. Supporting the achievement of our Route 2015 targets In 2012, the adidas Group Human Resources department dedicated considerable time to supporting the strategic business plan Route 2015, facilitating organisational and...

  • Page 134
    ... and brands who show potential for director positions. In 2012, we had 74 employees participating in this programme. / People Manager Development Programme (PDP): a global programme which is executed locally. The programme targets employees at a professional level who show potential to become team...

  • Page 135
    ... once a year. Building on defined development goals, we offer and support our employees with targeted development activities both on and off the job. To further drive a high-performance culture within the adidas Group, we will roll out a new performance management tool in 2013. The new tool will...

  • Page 136
    ... of women in management to between 32% and 35% by 2015 (currently: 28% worldwide). To reach this goal, we have increased the proportion of women in our leadership development programmes to over 35% in order to support our female employees to take leadership positions. The Supervisory Board of adidas...

  • Page 137
    ...Student Rankings, World's Most Attractive Employers 2012 and Best Place to Work (Australia). When it comes to highly qualified personnel, the adidas Group continues to face increasing competition in the international labour market. Our Employee Referral Programme was further expanded in 2012 and we...

  • Page 138
    ... Other Asian Markets Latin America Greater China 3 2012 2 1) At year-end. 08 / Number of employees 1) 2012 2011 Employees 2) Full-time equivalents 3) Employees 2) Full-time equivalents 3) Own retail Sales Logistics Marketing Central administration Production Research & development IT Total...

  • Page 139
    ... Working Group, we work closely with leading companies from a variety of sectors to develop sustainable business approaches and to debate social and environmental topics on a global level. This is also supported by our membership in organisations such as the World Federation of the Sporting Goods...

  • Page 140
    ...and adidas Group business entities. In this way, the consideration of acceptable working conditions becomes a routine part of our business activities. In 2012, the SEA team conducted 172 training sessions and workshops (2011: 170) / DIAGRAM 01. 01 / 2012 2011 2010 2009 2008 Number of trainings 172...

  • Page 141
    ...introduced globally in 2009 in response to increasing consumer demand for sustainable sports apparel and footwear. These products have been a part of the adidas brand product offering ever since. Driving environmental improvements in our supply chain In our supply chain, activities focus on helping...

  • Page 142
    ... sports. We see sizeable business opportunities for our Group in the area of sustainable product concepts / SEE RISK AND OPPORTUNITY REPORT, P. 164, and have already planned increased growth in the sustainable product segment as well as a rise in consumer engagement for 2013. adidas Group / 2012...

  • Page 143
    ... Jones Sustainability Indexes) DJSI EUROPE FTSE4Good Europe Index ASPI Eurozone Index Ethibel Sustainability Index Excellence Europe ECPI Euro Ethical Equity ECPI EMU Ethical Equity STOXX Global ESG Leaders 121 20 12 For more information / SEE OUR SHARE, P. 60. adidas Group / 2012 Annual Report

  • Page 144
    ... Maximum stability The new RealFlex Add to cart adidas pilots an interactive digital window shopping concept in one of its NEO stores. It connects with consumers' smartphones and enables them, for example, to shop items 24/7, edit product details and share their favourite products on Facebook and...

  • Page 145
    03 FINANCIAL REVIEW GROUP MANAGEMENT REPORT 03.1 03.2 Internal Group Management System Group Business Performance Economic and Sector Development Income Statement Statement of Financial Position and Statement of Cash Flows Treasury Financial Statements and Management Report of adidas AG Disclosures...

  • Page 146
    ... marketing expenditure. This includes concentrating our communication efforts (including advertising, public relations and digital media) on key global brand initiatives and focusing our promotion spend on well-selected partnerships with top events, leagues, clubs and athletes. 01 / Operating cash...

  • Page 147
    ... review merger and acquisition (M&A) options that may provide additional commercial and operational opportunities. Acquisitive growth focus is primarily related to improving the Group's positioning within a certain sports category, strengthening our technology portfolio or addressing new consumer...

  • Page 148
    ...Group's financial results with those of our major competitors on a quarterly basis. To assess current sales and profitability development, management analyses sell-through information from our own-retail activities as well as short-term replenishment orders from retailers. Taking into account year...

  • Page 149
    ... reviews from retailers, we project top- and bottom-line increases in our Group's financial results in 2013. Profitability improvements will be driven by gross margin expansion resulting from improving our product and 04 / New best practice planning process Management Business Review Commercial...

  • Page 150
    ... Group sales increased 6% as a result of double-digit growth in Retail as well as in Other Businesses. In euro terms, adidas Group revenues grew 12% to â,¬ 14.883 billion from â,¬ 13.322 billion in 2011. The Group's gross margin increased 0.2 percentage points to 47.7% (2011: 47.5%), as the positive...

  • Page 151
    ... EURO 2012 hosted by Poland and Ukraine, contributed to sporting goods sales and in particular helped support the industry in many European markets. From a category perspective, basketball posted the strongest growth rate in the industry, with both performance and lifestyle performing well. Running...

  • Page 152
    ... sporting goods sales in the USA increased at a mid-single-digit rate in 2012, driven mainly by improvements in average selling prices. Many sporting goods retailers focused on high-performance and innovative products to drive sales, in addition to increasing e-commerce activities. Footwear sales...

  • Page 153
    ... Markets Greater China Latin America 131 20 12 Income Statement adidas Group currency-neutral sales grow 6% In 2012, Group revenues grew 6% on a currency-neutral basis, as a result of double-digit sales increases in Retail and Other Businesses. This development is in line with initial Management...

  • Page 154
    Group Management Report - Financial Review Group Business Performance / Income Statement / 03.2 / 11 / Net sales by region (â,¬ in millions) 2012 2011 1) Change Change (currency-neutral) Western Europe European Emerging Markets North America Greater China Other Asian Markets Latin America Total ...

  • Page 155
    Group Management Report - Financial Review Group Business Performance / Income Statement / 03.2 / 14 / 2012 2011 2010 2009 2008 Gross profit 1) (â,¬ in millions) 7,103 6,329 5,730 4,712 5,256 16 / Gross margin by quarter (in %) 47.7 48.2 47.4 47.6 Q1 2012 Q2 2012 Q3 2012 Q4 2012 1) 2011 ...

  • Page 156
    Group Management Report - Financial Review Group Business Performance / Income Statement / 03.2 / Sales working budget decreases as a percentage of sales Sales working budget consists of expenses to support the Group's sell-through development. Expenditures relate to advertising and promotion ...

  • Page 157
    Group Management Report - Financial Review Group Business Performance / Income Statement / 03.2 / Number of Group employees down 1% At the end of December 2012, the Group employed 46,306 people. This represents a decline of 1% versus the prior year level of 46,824. Increased efficiencies in the ...

  • Page 158
    Group Management Report - Financial Review Group Business Performance / Income Statement / 03.2 / 27 / 2012 2) 2011 2010 2009 2008 Income before taxes 1) (â,¬ in millions) 1,116 869 806 358 904 32 / Diluted earnings per share by quarter 1) (in â,¬) 1.38 0.79 1.64 (0.03) Q1 2012 Q2 2012 Q3 2012...

  • Page 159
    Group Management Report - Financial Review Group Business Performance / Statement of Financial Position and Statement of Cash Flows / 03.2 / Statement of Financial Position and Statement of Cash Flows Accounting policy unchanged The Group's consolidated financial statements are prepared in ...

  • Page 160
    Group Management Report - Financial Review Group Business Performance / Statement of Financial Position and Statement of Cash Flows / 03.2 / 35 / 2012 2011 2010 2009 2008 Total assets 1) (â,¬ in millions) 11,651 11,237 10,618 8,875 9,533 Total assets increase 4% At the end of December 2012, ...

  • Page 161
    Group Management Report - Financial Review Group Business Performance / Statement of Financial Position and Statement of Cash Flows / 03.2 / Other current assets up 4% Other current assets increased 4% to â,¬ 489 million at the end of December 2012 from â,¬ 469 million in 2011, as a result of ...

  • Page 162
    ... 2012 mainly related to spending for property, plant and equipment, such as investments in the furnishing and fitting of stores in our Retail segment, investments in new office buildings and in IT systems as well as the acquisition of Adams Golf. These were partly offset by the sale of short-term...

  • Page 163
    ... assets (excluding acquisitions). Group capital expenditure increased 15% to â,¬ 434 million in 2012 (2011: â,¬ 376 million). The Retail segment accounted for 24% of Group capital expenditure (2011: 26%). Investments primarily related to the expansion of our store base for the adidas and Reebok...

  • Page 164
    ...total short-term bilateral credit lines, respectively (2011: 27% and 73%) / DIAGRAM 45. Total â- 2012 â- 2011 46 / Currency split of gross borrowings (â,¬ in millions) 2012 2011 EUR USD All others Total â- 2012 â- 2011 1,004 424 59 1,487 721 444 115 1,280 adidas Group / 2012 Annual Report

  • Page 165
    Group Management Report - Financial Review Group Business Performance / Treasury / 03.2 / Standard financial covenants In the case of our committed credit facilities, we have entered into various covenants. These covenants may include limits on the disposal of fixed assets, the amount of debt ...

  • Page 166
    Group Management Report - Financial Review Group Business Performance / Treasury / 03.2 / Interest rate improves The weighted average interest rate on the Group's gross borrowings decreased to 4.4% in 2012 (2011: 4.9%) / DIAGRAM 50. The positive effect from lower interest rates on short-term ...

  • Page 167
    ... Review Group Business Performance / Financial Statements and Management Report of adidas AG / 03.2 / Financial Statements and Management Report of adidas AG adidas AG is the parent company of the adidas Group. It includes operating business functions, primarily for the German market, corporate...

  • Page 168
    Group Management Report - Financial Review Group Business Performance / Financial Statements and Management Report of adidas AG / 03.2 / Other operating income up 1% In 2012, other operating income of adidas AG increased 1% to â,¬ 1.270 billion (2011: â,¬ 1.254 billion). This was primarily due to ...

  • Page 169
    ... equal one share. Cash inï¬,ow reï¬,ects net income and higher cash and cash equivalents adidas AG generated a positive cash ï¬,ow from operating activities of â,¬ 665 million compared to â,¬ 157 million in the prior year. The positive cash ï¬,ow from operating activities was mainly a result of the...

  • Page 170
    Group Management Report - Financial Review Group Business Performance / Disclosures pursuant to § 315 Section 4 and § 289 Section 4 of the German Commercial Code / 03.2 / Executive Board appointment and dismissal Pursuant to § 6 of the Articles of Association and § 84 AktG, the Supervisory ...

  • Page 171
    ... cash (limited to 10% of the nominal capital taking into account certain offsets) at a price not significantly below the stock market price of shares with the same features. / They may be offered and assigned as consideration for the direct or indirect acquisition of companies, parts of companies...

  • Page 172
    ... Management Report - Financial Review Business Performance by Segment / Wholesale Business Performance / 03.3 / Business Performance by Segment The adidas Group has divided its operating activities into Wholesale, Retail and Other Businesses. The Wholesale segment comprises the adidas and Reebok...

  • Page 173
    ... apparel business into the Reebok-CCM Hockey segment negatively contributed to the sales development in North America. Currency translation effects had a positive impact on revenues in euro terms. Reebok sales were down 25% to â,¬ 1.109 billion (2011: â,¬ 1.476 billion). adidas Group / 2012 Annual...

  • Page 174
    Group Management Report - Financial Review Business Performance by Segment / Retail Business Performance / 03.3 / Retail Business Performance Retail full year results In 2012, Retail revenues increased 14% on a currency-neutral basis as a result of double-digit growth rates at both adidas and ...

  • Page 175
    Group Management Report - Financial Review Business Performance by Segment / Retail Business Performance / 03.3 / rate, respectively. Comparable store sales for Reebok were up 7% on a currency-neutral basis, mainly due to double-digit growth in training and running. Classics was also up at a ...

  • Page 176
    ... increased at strong double-digit rates at both adidas and Reebok. Currency translation effects had a positive impact on sales in euro terms. eCommerce revenues grew 78% to â,¬ 158 million from â,¬ 89 million in 2011. 15 / Retail number of stores 16 / 2012 2011 2012 2011 Change Other Businesses...

  • Page 177
    ... Reebok-CCM Hockey. Sales at Other Centrally Managed Brands and Rockport increased at a strong double-digit and low-single-digit rate, respectively. Revenues in Greater China were up 10% on a currency-neutral basis as a result of strong growth at TaylorMade-adidas Golf. Sales in Other Asian Markets...

  • Page 178
    Group Management Report - Financial Review Business Performance by Segment / Other Businesses Performance / 03.3 / Currency-neutral Reebok-CCM Hockey sales were up 9%, mainly due to the shift of the US-related NHL licensed apparel business from Reebok into the Reebok-CCM Hockey segment. This ...

  • Page 179
    ... of new and innovative products at all brands, tight control of inventories throughout 2012, and a more benign input cost environment, we project top- and bottom-line improvements in our Group's financial results in 2013. We forecast adidas Group sales to increase at a mid-single-digit rate on...

  • Page 180
    ... in Athletics, which are being hosted in Moscow in August. 158 20 12 In Latin America, GDP growth rates are set to increase 3.1% in 2013, with a recovery in exports, a healthy labour market and relatively robust consumer spending all forecasted to support economic activity. However, further policy...

  • Page 181
    ... positive retailer and trade show feedback. Currency-neutral adidas Sport Performance sales are forecasted to increase at a low-singledigit rate, driven by growth in key categories such as running, training and basketball. adidas Sport Style revenues are projected to increase at a high-single-digit...

  • Page 182
    ... high-single- to low-double-digit rate in 2013. Expansion of the Group's own-retail store base and comparable store sales are expected to contribute at a similar rate to revenue growth. The Group expects a net increase of its store base by around 100 adidas and Reebok stores in 2013. We plan to open...

  • Page 183
    ... the number of employees within the adidas Group to increase slightly versus the prior year level. Additional hires will be mainly related to own-retail expansion. The majority of new hires will be employed on a part-time basis and will be located in emerging markets. The adidas Group will continue...

  • Page 184
    ...For 2014 and 2015, in line with our Route 2015 strategic business plan aspirations, we project adidas Group sales and net income to increase, and we also expect further improvements in operating margin. Further details of our Route 2015 strategic goals and initiatives for our segments and brands are...

  • Page 185
    Group Management Report - Financial Review Subsequent Events and Outlook / 03.4 / 03 / Product Major 2013 product launches Brand SLVR Primeknit shoe Y-3 10-year anniversary collection Originals Torsion Allegra running shoe adidas NEO Selena Gomez collection Porsche Design Sport Bounce S3 running...

  • Page 186
    ... (or series of events) that can positively impact the Group's business objectives or financial goals. 01 / adidas Group risk and opportunity management system Supervisory and Executive Boards Group Risk Management Risk Management Policy & Methodology/Support Monitoring & Reporting 164 20 12...

  • Page 187
    ... These efforts are supported by global market research and competitor analysis. Through this process, we seek to identify the markets, categories, consumer target groups and product styles which show most potential for future growth at a local and global level. Equally, our analysis focuses on those...

  • Page 188
    ...nancial reporting process of the adidas Group as a process which is embedded within the Group-wide corporate governance system. The internal control and risk management system relating to the consolidated financial reporting process aims at avoiding false representation in our Group accounting and...

  • Page 189
    ... Risks related to media and stakeholder activities Customer consolidation/private label risks Competition risks Risks related to risk and control environment Consumer demand risks Operational risks Own-retail risks Logistics risks Marketing risks Customer relationship risks Sales and pricing risks...

  • Page 190
    ... from our customers. As a result, the Group has developed and implemented clearly defined distribution policies and procedures / SEE GLOBAL SALES STRATEGY, P. 72 to avoid over-distribution of products in a particular channel and limit the exposure to unwanted channels such as grey markets or open...

  • Page 191
    Group Management Report - Financial Review Risk and Opportunity Report / Strategic risks / 03.5 / Risks related to media and stakeholder activities The adidas Group faces considerable risk if we are unable to uphold high levels of consumer awareness, affiliation and purchase intent for our brands...

  • Page 192
    ... and actively manage succession and career development to reduce attrition. Furthermore, we only enter into new lease contracts with durations of no more than ten years. Store openings are managed according to a standardised Group-wide business plan model. Store performance is measured by a retail...

  • Page 193
    ...conversion, sell-out and sell-through performance and adjust prices where required. In addition, our continuous investment in brand-building and marketing helps us drive our business at various price points and supports a premium positioning. Furthermore, we work closely with our retail customers to...

  • Page 194
    ...project management could delay the execution of projects critical to the Group or make them more expensive than planned. Virus or malware attacks could also lead to systems disruption and may result in the loss of business-critical and/or confidential information. adidas Group / 2012 Annual Report

  • Page 195
    ...to sustainable commercial success and forms an integral part of the product design and development phase. The speed with which new product technologies and fresh designs are brought to market is decisive for maintaining competitive advantage. In 2012, all brands generated the majority of their sales...

  • Page 196
    ... Part of this strategy is also to extend our "Better Place" initiative to more adidas athletic footwear and apparel products / SEE SUSTAINABILITY, P. 117. Although we believe that social and environmental malpractice may occur only in isolated cases, we see increasing corporate social responsibility...

  • Page 197
    ...The adidas Group faces a risk of selling defective products, which may result in injury to consumers and/or brand and product image impairment. We mitigate this risk by employing dedicated teams that monitor the quality of our products on all levels of the supply chain through rigorous testing prior...

  • Page 198
    ...bank resulting from these assets amounted to â,¬ 8 million and the average concentration was 5%. accept unfavourable financing terms due to liquidity restraints. Our Group Treasury department uses an efficient cash management system to manage liquidity risk. At December 31, 2012, Group cash, cash...

  • Page 199
    ... Management Report - Financial Review Risk and Opportunity Report / Financial risks / 03.5 / Currency risks Currency risks for the adidas Group are a direct result of multi-currency cash ï¬,ows within the Group. Furthermore, translation impacts from the conversion of non-euro-denominated results...

  • Page 200
    ... that, the adidas Group is constantly looking for adequate hedging strategies through interest rate derivatives in order to mitigate interest rate risks. In 2012, interest rates in Europe and North America remained at low levels. Given the central banks' current interest rate policies and macro...

  • Page 201
    ... increases in sports participation, in particular in categories considered suitable for weight loss, such as training, running and walking. Given the strong global market position the adidas Group and its brands enjoy, acceleration in this trend could positively affect the Group's sales development...

  • Page 202
    ... market is one of the most attractive segments in the sporting goods industry. The adidas Group is therefore investing in developing women-specific product offerings in both performance and lifestyle that emphasise female individuality, authenticity and style. adidas Group / 2012 Annual Report

  • Page 203
    ...of analysing data related to athletes' movement and performance are beginning to open up new opportunities. For example, in July 2012, together with Major League Soccer in the USA, adidas launched the miCoach Elite System for football, building on the brand's success in personalised digital coaching...

  • Page 204
    ... generate additional sales for the Group via signature product lines as well as increase brand equity. We assess the potential impact of marketing and communication opportunities as significant. Due to our strong portfolio of promotion partnerships with world-class athletes in key sports, we regard...

  • Page 205
    ... year. 2012 2011 Likelihood Potential impact Likelihood Potential impact Strategic risks Consumer demand risks 1) Operational risks Own-retail risks 1) Supplier risks Inventory risks 1) Personnel risks 1) IT risks Product innovation and development risks Risks related to rising input costs...

  • Page 206
    ... to date is announced by TaylorMade. A remarkable new technology that promotes high-launching, long, straight and quick-stopping performance for golfers of all abilities. adidas' contribution to make London 2012 the first truly sustainable Olympic Games: 70,000 uniforms for the volunteers...

  • Page 207
    ... Statement Auditor's Report Consolidated Statement of Financial Position Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes Notes to the Consolidated Statement of Financial Position...

  • Page 208
    ...nancial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the Group Management Report, which has been combined with the Management Report of adidas AG, includes a fair review of the development and performance of the business...

  • Page 209
    ... by adidas AG, Herzogenaurach, comprising the statement of financial position, income statement, statement of comprehensive income, statement of changes in equity, statement of cash ï¬,ows and the notes, together with the management report of the Company and the Group for the business year from...

  • Page 210
    ... of Financial Position .. / adidas AG Consolidated Statement of Financial Position (IFRS) (â,¬ in millions) Note Dec. 31, 2012 Dec. 31, 2011 1) Change in % Jan. 1, 2011 1) ASSETS Cash and cash equivalents Short-term financial assets Accounts receivable Other current financial assets Inventories...

  • Page 211
    ... Statement of Financial Position / 04.3 / .. / adidas AG Consolidated Statement of Financial Position (IFRS) (â,¬ in millions) Note Dec. 31, 2012 Dec. 31, 2011 1) Change in % Jan. 1, 2011 1) LIABILITIES AND EQUITY Short-term borrowings Accounts payable Other current financial liabilities Income...

  • Page 212
    ... Statement / 04.4 / Consolidated Income Statement .. / adidas AG Consolidated Income Statement (IFRS) (â,¬ in millions) Note Year ending Dec. 31, 2012 Year ending Dec. 31, 2011 1) Change Net sales Cost of sales Gross profit (% of net sales) Royalty and commission income Other operating income...

  • Page 213
    ... Income .. / adidas AG Consolidated Statement of Comprehensive Income (IFRS) (â,¬ in millions) Note Year ending Dec. 31, 2012 Year ending Dec. 31, 2011 1) Net income after taxes Net loss/gain on cash ï¬,ow hedges, net of tax Actuarial loss of defined benefit plans (IAS 19), net of tax Asset...

  • Page 214
    ... .. / adidas AG Consolidated Statement of Changes in Equity (IFRS) (â,¬ in millions) Note Share capital Capital reserve Balance at December 31, 2010 Adjustments according to IAS 8 Balance at January 1, 2011 2) Net income recognised directly in equity Net income Total comprehensive income Dividend...

  • Page 215
    ...Financial Statements Consolidated Statement of Changes in Equity / 04.6 / Cumulative translation adjustments Hedging reserves Other reserves 1) Retained earnings Total shareholders' equity Non-controlling...193 20 12 0 (51) (21) (64) 4,454 0 5,304 (13) 5,291 adidas Group / 2012 Annual Report

  • Page 216
    7 Consolidated Financial Statements Consolidated Statement of Cash Flows / 04.7 / Consolidated Statement of Cash Flows .. / adidas AG Consolidated Statement of Cash Flows (IFRS) (â,¬ in millions) Note Year ending Dec. 31, 2012 Year ending Dec. 31, 2011 1) Operating activities: Income before ...

  • Page 217
    ...Managed Brands. The Wholesale segment comprises all business activities relating to the distribution of adidas and Reebok products to retail customers. The Retail segment comprises all business activities relating to the sale of adidas and Reebok products directly to end consumers through own retail...

  • Page 218
    ... financial assets, derivative financial instruments, plan assets and receivables, which are measured at fair value. The consolidated financial statements are presented in euros (â,¬) and all values are rounded to the nearest million (â,¬ in millions). 196 20 12 adidas Group / 2012 Annual Report

  • Page 219
    ... enterprise. The number of consolidated subsidiaries evolved as follows for the years ending December 31, 2012 and December 31, 2011, respectively: Assets Cash and cash equivalents Short-term financial assets Accounts receivable Inventories Assets classified as held for sale Property, plant and...

  • Page 220
    ... resulting currency gains and losses are recorded directly in the income statement. Assets and liabilities of the Group's non-euro functional currency subsidiaries are translated into the presentation currency, the euro, which is also the functional currency of adidas AG, at closing exchange rates...

  • Page 221
    ...Financial Statements Notes / 04.8 / Inventories Merchandise and finished goods are valued at the lower of cost or net realisable value, which is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale...

  • Page 222
    ... other operating segments TaylorMade-adidas Golf, Rockport and Reebok-CCM Hockey. Compared to 2011, Brazil is now managed separately from the rest of Latin America. As a result, the number of cash-generating units increased overall to a total of 32 (2011: 30). The cash-generating units (or groups of...

  • Page 223
    ... recognition criteria of IAS 38 "Intangible Assets". The Group spent â,¬ 128 million and â,¬ 115 million on product research and development for the years ending December 31, 2012 and 2011, respectively. Financial assets All purchases and sales of financial assets are recognised on the trade date...

  • Page 224
    ...ficant media buying costs are expensed over the intended duration of the broadcast. Promotional expenses that involve payments, including one-time up-front payments for promotional contracts, are expensed on a straight-line basis over the term of the agreement. adidas Group / 2012 Annual Report

  • Page 225
    ... as part of the cost of the qualifying asset. 03 Adjustments according to IAS 8 At Reebok India Company (hereinafter "Reebok India"), numerous financial irregularities were identified in March 2012. As a result, the services of the then Managing Director (MD) and Chief Operating Officer...

  • Page 226
    ... Consolidated Statement of Financial Position (IFRS) as at January 1, 2011 (â,¬ in millions) Dec. 31, 2010 (as reported) Adjustments IAS 8 Opening balance Jan. 1, 2011 Cash and cash equivalents Short-term financial assets Accounts receivable Other current financial assets Inventories Income tax...

  • Page 227
    Consolidated Financial Statements Notes / 04.8 / Adjustment of the adidas AG Consolidated Income Statement (IFRS) for the year ending December 31, 2011 (â,¬ in millions) Year ending Dec. 31, 2011 (as reported) Adjustments IAS 8 Year ending Dec. 31, 2011 (restated) Net sales Cost of sales Gross ...

  • Page 228
    ... the adidas AG Consolidated Statement of Financial Position (IFRS) as at December 31, 2011 (â,¬ in millions) Dec. 31, 2011 (as reported) Adjustments IAS 8 Dec. 31, 2011 (restated) Cash and cash equivalents Short-term financial assets Accounts receivable Other current financial assets Inventories...

  • Page 229
    ... Financial Statements Notes / 04.8 / Adjustment of the adidas AG Consolidated Statement of Cash Flows (IFRS) for the year ending December 31, 2011 (â,¬ in millions) Year ending Dec.31, 2011 (as reported) Adjustments IAS 8 Year ending Dec.31, 2011 (restated) Operating activities: Income...

  • Page 230
    ...2011, Reebok India initiated a programme to roll out further franchise stores, whereby the investees had to make a prepayment which was recorded as collection of various outstanding customer accounts instead of recording a financial liability against the investor. adidas Group / 2012 Annual Report

  • Page 231
    ... the non-controlling interest also had to be adjusted accordingly. Earnings per share As a result of the above-mentioned adjustments, basic and diluted earnings per share for the 2011 financial year declined from â,¬ 3.20 to â,¬ 2.93. adidas Group / 2012 Annual Report 20 12 Accounts receivable...

  • Page 232
    ... ï¬,ows were measured on the basis of the expected sales by deducting variable and sales-related imputed costs for the use of contributory assets. Subsequently, the outcome was discounted using the appropriate discount rate and adding a tax amortisation benefit. adidas Group / 2012 Annual Report

  • Page 233
    ... Notes / Notes to the Consolidated Statement of Financial Position / 04.8 / The excess of the acquisition cost paid versus the net of the amounts of the fair values assigned to all assets acquired and liabilities assumed, taking into consideration the respective deferred taxes, was recognised...

  • Page 234
    ... in Europe, Asia, North America and Latin America. The carrying amount of inventories which is measured at fair value less costs to sell amounts to â,¬ 177 million and â,¬ 143 million (restated) as at December 31, 2012 and 2011, respectively / SEE NOTE 02. adidas Group / 2012 Annual Report

  • Page 235
    ...increase in construction in progress mainly relates to the construction of a new warehouse facility in Germany. For details see Attachment I to the consolidated financial statements / SEE STATEMENT OF MOVEMENTS OF INTANGIBLE AND TANGIBLE ASSETS, P. 238. 213 20 12 adidas Group / 2012 Annual Report

  • Page 236
    ...use of the acquired brand names. The reported other trademarks mainly relate to the brand names Ashworth, Adams Golf and Five Ten. The increase of â,¬ 10 million compared to 2011 is a result of the acquisition of Adams Golf, effective June 1, 2012 / SEE NOTE 04. The Group tests at least on an annual...

  • Page 237
    .... 31, 2012 Dec. 31, 2011 Currency options Forward contracts Security deposits Sundry Other non-current financial assets - 0 20 1 21 8 10 22 2 42 Information regarding currency options and forward contracts is also included in these Notes / SEE NOTE 29. adidas Group / 2012 Annual Report 20 12...

  • Page 238
    ...5.99 million new or existing adidas AG shares. The convertible bond has a conversion premium of 40% above the reference price of â,¬ 59.61, resulting in a current conversion price of â,¬ 83.46 per share. On June 14, 2017, the bondholders have the right to call the bond at nominal value plus interest...

  • Page 239
    ... claims with regard to the return of products sold by the Group. The amount of the provision follows the historical development of returns, allowances and warranty as well as current agreements. Provisions for taxes other than income taxes mainly relate to value added tax, real estate tax and...

  • Page 240
    ...post-employment benefit obligations arising from defined benefit plans. The benefits are provided pursuant to the legal, fiscal and economic conditions in each respective country and mainly depend on the employees' years of service and remuneration. Dec. 31, 2012 Dec. 31, 2011 1) Other current...

  • Page 241
    ... which was adjusted in 2012 due to the current market development. Had a discount rate been used which was based on the previous year-end's approach, the defined benefit obligation would have increased by approximately â,¬ 20 million. adidas Group / 2012 Annual Report 20 12 Of the total...

  • Page 242
    ... of insurance contracts. The expected payments for 2013 amount to â,¬ 11 million. Thereof, â,¬ 7 million relate to benefits paid directly by the Group companies and â,¬ 4 million to employer contributions paid into the plan assets. In 2012, the actual return on plan assets was â,¬ 7 million (2011...

  • Page 243
    ... capital increase. The Executive Board of adidas AG did not issue shares from the Contingent Capital 2010 in the 2012 financial year or in the period beyond the balance sheet date up to and including February 22, 2013. 221 20 12 Authorised Capital The Executive Board of adidas AG did not make use...

  • Page 244
    ... % Number of voting rights BlackRock Group Limited, London, Great Britain 1) Thornburg International Value Fund, Wilmington, Delaware, USA 2) The Capital Group Companies, Inc., Los Angeles, California, USA 3) BlackRock Advisors Holdings, Inc., New York, NY, USA 4) BlackRock International Holdings...

  • Page 245
    ... Statement of Financial Position / 04.8 / 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 development of the business. The Group seeks to maintain a balance between a higher return...

  • Page 246
    ... future cash ï¬,ows using current interest rates for debt of similar terms and remaining maturities, and adjusted by an adidas Group specific credit risk premium. Fair values of long-term financial assets classified as availablefor-sale are based on quoted market prices in an active market or...

  • Page 247
    ... Amortised cost Fair value recognised in equity Fair value recognised in net income Measurement according to IAS 17 Fair value Dec. 31, 2012 Financial assets Cash and cash equivalents Short-term financial assets Accounts receivable Other current financial assets Derivatives being part of a hedge...

  • Page 248
    ... Amortised cost Fair value recognised in equity Fair value recognised in net income Measurement according to IAS 17 Fair value Dec. 31, 2011 Financial assets Cash and cash equivalents Short-term financial assets Accounts receivable Other current financial assets Derivatives being part of a hedge...

  • Page 249
    ... of Risks arising from Financial Instruments") can be found in / NOTE 07 and the Group Management Report / SEE RISK AND OPPORTUNITY REPORT, P. 164. adidas Group / 2012 Annual Report 20 Level 1 is based on quoted prices in active markets for identical assets or liabilities. Level 2 is based on...

  • Page 250
    ... applying mainly the "par method", which uses actively traded forward rates. Notional amounts of outstanding US dollar hedging instruments (â,¬ in millions) Dec. 31, 2012 Dec. 31, 2011 Forward contracts Currency options Total 2,130 225 2,355 2,816 365 3,181 adidas Group / 2012 Annual Report

  • Page 251
    ...the cost of sales as they are directly assigned to the production costs. Notes to the Consolidated Income Statement 30 Other operating income Other operating income consists of the following: 229 20 12 Other operating expenses (â,¬ in millions) Year ending Dec. 31, 2012 Year ending Dec. 31, 2011...

  • Page 252
    ... which are directly attributable to the production costs of goods are included within the cost of sales. 33 Financial income/financial expenses Financial result consists of the following: Financial income (â,¬ in millions) Year ending Dec. 31, 2012 Year ending Dec. 31, 2011 Interest income from...

  • Page 253
    Consolidated Financial Statements Notes / Notes to the Consolidated Income Statement / 04.8 / 34 Income taxes adidas AG and its German subsidiaries are subject to German corporate and trade taxes. For the years ending December 31, 2012 and 2011, the statutory corporate income tax rate of 15% plus ...

  • Page 254
    ... in India. For 2012 and 2011, the line "changes in tax rates" mainly reï¬,ects a UK tax rate deduction effective in 2012 and 2011. 35 Earnings per share Basic earnings per share are calculated by dividing the net income attributable to shareholders by the weighted average number of shares...

  • Page 255
    ...Reebok products to retail customers. The Retail segment comprises all business activities relating to the sale of adidas and Reebok products directly to end consumers through own retail and own e-commerce platforms. The operating segment TaylorMade-adidas Golf comprises the brands TaylorMade, adidas...

  • Page 256
    ... to the aggregate numbers of the consolidated financial statements, taking into account items which are not directly attributable to a segment or a group of segments. Operating profit of centralised functions which do not represent a segment, such as central treasury and global sourcing, is shown...

  • Page 257
    ... Financial Statements Notes / Notes - Additional Information / 04.8 / Assets (â,¬ in millions) Dec. 31, 2012 Dec. 31, 2011 1) Product information Net sales (non-Group) (â,¬ in millions) Year ending Dec. 31, 2012 Year ending Dec. 31, 2011 1) Accounts receivable and inventories of reportable...

  • Page 258
    ...a 21% increase in operating profit before working capital changes. Net cash outï¬,ow from investing activities in 2012 was mainly related to spending for property, plant and equipment such as investments in the furnishing and fitting of stores in the Retail segment, in new office buildings and IT...

  • Page 259
    ... for members of the Executive Board) totalled â,¬ 0.8 million (2011: â,¬ 0.7 million). Based on the restatement of the 2011 consolidated financial statements due to the financial irregularities at Reebok India Company / SEE NOTE 03 and the dependence of the Performance Bonus on net income...

  • Page 260
    ... .. / Statement of Movements of Intangible and Tangible Assets (â,¬ in millions) Goodwill Trademarks Software, patents and concessions Acquisition cost January 1, 2011 Currency effect Additions Increase in companies consolidated Transfers from assets held for sale Transfers to assets held for sale...

  • Page 261
    ... Financial Statements Statement of Movements of Intangible and Tangible Assets / 04.9 / ATTACHMENT I Internally generated software Total intangible assets Land and buildings Technical equipment and machinery Other equipment, furniture and fixtures Construction in progress Total tangible assets...

  • Page 262
    ... the number of the company. 7) Sub-group Onfield. 8) Sub-group Reebok-CCM Hockey, Inc. 9) Sub-group Reebok International Limited. 10) Profit and loss transfer agreement. 11) Sub-group Taylor Made Golf Co., Inc. 12) Sub-group adidas Brazil. 13) Sub-group Adams Golf Inc. adidas Group / 2012 Annual...

  • Page 263
    ... the number of the company. 7) Sub-group Onfield. 8) Sub-group Reebok-CCM Hockey, Inc. 9) Sub-group Reebok International Limited. 10) Profit and loss transfer agreement. 11) Sub-group Taylor Made Golf Co., Inc. 12) Sub-group adidas Brazil. 13) Sub-group Adams Golf Inc. adidas Group / 2012 Annual...

  • Page 264
    ... the number of the company. 7) Sub-group Onfield. 8) Sub-group Reebok-CCM Hockey, Inc. 9) Sub-group Reebok International Limited. 10) Profit and loss transfer agreement. 11) Sub-group Taylor Made Golf Co., Inc. 12) Sub-group adidas Brazil. 13) Sub-group Adams Golf Inc. adidas Group / 2012 Annual...

  • Page 265
    ... the number of the company. 7) Sub-group Onfield. 8) Sub-group Reebok-CCM Hockey, Inc. 9) Sub-group Reebok International Limited. 10) Profit and loss transfer agreement. 11) Sub-group Taylor Made Golf Co., Inc. 12) Sub-group adidas Brazil. 13) Sub-group Adams Golf Inc. adidas Group / 2012 Annual...

  • Page 266
    ...upper performance running shoe featuring a new seamless engineering technology. At the same time, the shoe is one of the brand's most sustainable products. adidas achieves record sales of well over â,¬ 1.6 billion in the football category in 2012, even surpassing record sales from the World Cup year...

  • Page 267
    05 ADDITIONAL INFORMATION 05.1 05.2 05.3 05.4 05.5 05.6 Ten-Year Overview Glossary Index Declaration of Support Publishing Details & Contact Financial Calendar 246 250 256 257 258 259 05 A D D I T I O N A L I N F O R M AT I O N

  • Page 268
    ...Brand (â,¬ in millions) adidas Reebok TaylorMade-adidas Golf Rockport Reebok-CCM Hockey Net Sales by Product Category (â,¬ in millions) Footwear 3) Apparel 3) Hardware 3) Balance Sheet Data (â,¬ in millions) Total assets 6) Inventories Receivables and other current assets Working capital 6) Net cash...

  • Page 269
    Additional Information Ten-Year Overview / 05.1 / 2009 2008 2007 2006 2) 2005 2004 2003 10,381 4,712 86 100 4,390 780 508 (150) 358 113 0 245...828 5,750 1,230 1,551 2,644 551 2,684 4,434 1,155 1,425 1,336 (665) 1,544 4,188 1,164 1,335 1,433 (1,018) 1,285 adidas Group / 2012 Annual Report

  • Page 270
    Additional Information Ten-Year Overview / 05.1 / .. / Ten-Year Overview (continued) 2012 2011 2010 Balance Sheet Ratios Net borrowings/EBITDA 3) Average operating working capital as a percentage of net sales Financial leverage 6) Equity ratio 6) Equity-to-fixed-assets ratio 6) Asset Coverage ...

  • Page 271
    Additional Information Ten-Year Overview / 05.1 / 2009 2008 2007 2006 2) 2005 2004 2003 1.2 24.3% 24.3% 42.5% 85.9% 137.4% 102.9% 49.5% 50.5% 30.0% 80.4% 132.2% 6.3 6.5% 11.3% 1.7 24.5% ...1,283 31,344 1,186 26,376 1,087 15,935 706 14,254 637 15,686 709 adidas Group / 2012 Annual Report

  • Page 272
    ...corners Retail space that is fully operated by one brand of the adidas Group and is part of a larger sales area operated by a retail partner. This figure eliminates variances arising from currency translation and thus reï¬,ects the underlying business performance. adidas Group / 2012 Annual Report

  • Page 273
    Additional Information Glossary / 05.2 / CRM (Customer Relationship Management) Capabilities and methodologies used by a company with its customers to systematically design and build customer relationships and processes. Emerging markets Developing countries showing potential for growth in both ...

  • Page 274
    ... the adidas Group and account for a large percentage of sales. Grassroots events Grassroots events involve the advertising and promotion of products and/or services on a local and/or personal level. A message is shared with a small group of inï¬,uencers within a target group. If successful, these...

  • Page 275
    ... = number of shares outstanding Ã- current market price. Net borrowings/net cash = short-term borrowings + long-term borrowings - cash - short-term financial assets. Operating working capital A company's short-term disposable capital which is used to finance its day-to-day business. In...

  • Page 276
    ...Asian Markets and Latin America. Sell-through An indicator of how fast retailers are selling a particular product to the consumer. Performance business In the sporting goods industry, performance 254 20 12 business relates to technical footwear and apparel, used primarily in doing sports. Share...

  • Page 277
    ... information/ decision is then transported back to the top. Working capital A company's short-term disposable capital used to finance day-to-day operations. Working capital = total current assets - total current liabilities / SEE ALSO OPERATING WORKING CAPITAL. adidas Group / 2012 Annual Report

  • Page 278
    ...173 Statement of Cash Flows 194, 207 Statement of Financial Position (Balance Sheet) 137 ff., 188 f., 211 ff. Structure and Strategy: - adidas Group 68 ff. - Brand Segments 78 ff. Subsequent Events and Outlook 157 ff. Supervisory Board: - Committees 44 - Members 44 f. - Report 46 ff. Supply Chain 54...

  • Page 279
    ... adidas Team, Inc., Portland, Oregon, USA adidas Technical Services Pvt. Ltd., New Delhi, India adidas Trgovina d.o.o., Ljubljana, Slovenia adidas Vietnam Company Limited, Ho Chi Minh City, Vietnam adisport Corporation, San Juan, Puerto Rico ASPA do Brasil Ltda., São Paulo, Brazil Concept Sport...

  • Page 280
    ... 32 84 - 31 27 Email: [email protected] www.adidas-Group.com/investors adidas Group is a member of DIRK (German Investor Relations Association). 258 20 12 This report is also available in German. For further adidas Group publications, please see our corporate website. To improve...

  • Page 281
    Financial Calendar 2013 March 7, 2013 Full Year 2012 Results Analyst and press conferences in Herzogenaurach, Germany Press release, conference call and webcast Publication of 2012 Annual Report May 3, 2013 First Quarter 2013 Results Press release, conference call and webcast Publication of First ...

  • Page 282
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