Reebok 2012 Annual Report Download - page 2
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Targets 2012 Results 2012 1) Outlook 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- to mid-single-digit rate
Rockport
increase at a high-single-digit rate
Reebok-CCM Hockey
increase at a strong double-digit rate
Currency-neutral sales development:
adidas Group
increase of Group sales of
6% € 14.883 billion
Wholesale segment
increase of 2%
Retail segment
increase of 14%
Other Businesses
increase of 17%
TaylorMade-adidas Golf
increase of 20%
Rockport
increase of 2%
Reebok-CCM Hockey
increase of 9%
Currency-neutral sales development:
adidas Group
increase at a
mid-single-digit rate
Wholesale segment
increase at a low-single-digit rate
Retail segment
increase at a high-single- to low-double-digit
rate
Other Businesses
increase at a mid- to high-single-digit rate
TaylorMade-adidas Golf
increase at a mid-single-digit rate
Rockport
increase at a mid- to high-single-digit rate
Reebok-CCM Hockey
increase at a low-double-digit rate
Gross margin
around 47.5%
Gross margin
47.7%
Gross margin
48.0% – 48.5%
Operating margin
increase to a level
approaching 8.0%
Operating margin
8%
Operating margin
increase to a level
approaching 9.0%
Average operating working capital
(in % of sales)
moderate increase expected
Average operating working capital
(in % of sales) decreases to
20.0%
Average operating working capital
(in % of sales)
moderate increase expected
Capital expenditure
€ 400 million – € 450 million
Capital expenditure
€ 434 million
Capital expenditure
€ 500 million – € 550 million
Gross borrowings
further reduction
Net borrowings
Net cash of € 448 million
Gross borrowings
further reduction
Net borrowings/EBITDA ratio
to be maintained below 2
Net borrowings/EBITDA ratio
– 0.3
Net borrowings/EBITDA ratio
to be maintained below 2
Earnings per share
increase at a rate of 10% to 15% to a level between
€ 3.52 – € 3.68
Earnings per share
increase 29% to
€ 3.78
Net income attributable
to shareholders
increases 29% to
€ 791 million
Earnings per share
Increase at a rate of 12% to 16% to a level between
€ 4.25 – € 4.40
Shareholder value
further increase
adidas AG share
price increases
34%
Dividend per share
(subject to Annual General
Meeting approval)
€ 1.35
Shareholder value
further increase
Targets – Results – Outlook
1) Excluding goodwill impairment of € 265 million.