Reebok 2012 Annual Report Download - page 85

adidas Group
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2012 Annual Report
To Our Shareholders
63
2012
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01.8
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Our Share
Level 1 ADR sees increased demand
Since its launch on December 30, 2004, our Level 1 American
Depositary Receipt (ADR) facility has enjoyed great popularity among
American investors. Deutsche Bank Trust Company Americas runs our
Level 1 ADR Programme. Our Level 1 ADR closed 2012 at US $ 44.80,
representing an increase of 37% versus the prior year level (2011:
US $ 32.61). The more pronounced increase of the Level 1 ADR price
compared to the ordinary share price was due to the depreciation of the
US dollar versus the euro at the end of 2012 compared to year-end 2011.
The number of Level 1 ADRs outstanding increased to 11.8 million at
year-end 2012 (2011: 10.0 million). The average daily trading volume
increased 15% to 41,500 ADRs in 2012 (2011: 36,000). Since November
2007, the adidas AG ADR is quoted on the OTCQX International Premier
market, the highest over-the-counter market tier. This electronic
trading forum includes leading international companies with substantial
operating businesses and credible disclosure policies. Further
information on our ADR Programme can be found on our website at
:
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WWWW.ADIDAS-GROUP.COM/ADR.
adidas AG share historically outperforms
benchmark indices
The adidas Group is committed to continuously enhancing shareholder
value. The long-term development of our share price reflects investor
confidence and the growth potential of our Group. Over the last ten years,
our share has gained 227%. This represents a clear outperformance of
the DAX-30, which increased 163% during the period
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TABLE 01.
adidas AG share member of important indices
The adidas AG share is included in a variety of high-quality indices
around the world, most importantly the DAX-30 and the MSCI World
Textiles, Apparel & Luxury Goods Index. The DAX-30 is a blue chip stock
market index consisting of the 30 major German companies trading
on the Frankfurt Stock Exchange. The MSCI World Textiles, Apparel
& Luxury Goods Index comprises our Group’s major competitors. At
December 31, 2012, our weighting in the DAX-30, which is calculated
on the basis of free float market capitalisation and twelve-month share
turnover, was 2.13% (2011: 2.05%). 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.
Strong sustainability track record reflected
in index memberships
In recognition of our social and environmental efforts, adidas AG is listed
in several sustainability indices. For the 13th consecutive time, adidas
AG has been included in the Dow Jones Sustainability Indexes (DJSI).
The Indexes analyse and track the social, environmental and financial
performance of more than 300 companies worldwide. In addition, adidas
AG was again included in the FTSE4Good Europe Index, the Vigeo Group’s
Ethibel Sustainability Index Excellence Europe as well as in the ASPI
Eurozone Index. Furthermore, in 2012, the adidas Group was included for
the eighth consecutive time in the list of The Global 100 Most Sustainable
Corporations in the World. Launched in 2005, the annual list of The
Global 100 Most Sustainable Corporations in the World is unveiled each
year at the World Economic Forum in Davos, Switzerland. In addition, as
of September 2011, adidas AG is a constituent of the STOXX Global ESG
Leaders indices. The index family is made up of three specialised indices
for the categories environmental, social and governance (ESG), and one
broad index which sums up the specialised indices. In detail, these are
the STOXX Global ESG Environmental Leaders, STOXX Global ESG Social
Leaders, STOXX Global ESG Governance Leaders and STOXX Global ESG
Leaders indices. The index family is based on relevant key performance
indicators (KPIs) provided by the index partner Sustainalytics, a leading
global provider of ESG research and analysis
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TABLE 03.
Successful convertible bond issue
In March 2012, adidas AG successfully issued a convertible bond, due on
June 14, 2019, for an aggregate nominal amount of € 500 million
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SEE
NOTE 18, P. 215. The bonds are not callable by the issuer or putable by
the bondholders until June 2017. The bonds are convertible into up
to 5.99 million new or existing adidas AG shares. Proceeds from the
offering have allowed the Group to further optimise its debt structure.
The bonds were offered solely to institutional investors outside the USA
and were very well received by the financial community, being several
times oversubscribed. The bonds were priced with a 0.25% annual
coupon and a conversion premium of 40% above the reference price of
€ 59.61, resulting in a current conversion price of € 83.46 per share.
Trading of the convertible bond commenced on the Frankfurt Stock
Exchange (“Freiverkehr”) on April 12, 2012. The convertible bond closed
the year at € 114.30, significantly above its par value level of € 100.