Reebok 2012 Annual Report Download - page 86

adidas Group
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2012 Annual Report
To Our Shareholders
64
2012
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01.8
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Our Share
07
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Recommendation split 1)
1) At year-end 2012. Source: Bloomberg.
2012 1
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60% Buy
2
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30% Hold
3
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10% Sell
1
2
3
06
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Shareholder structure 1)
1) As of February 2013.
2012
1
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36% North America
2
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35% Rest of Europe
3
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12% Germany
4
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11% Other, undisclosed holdings
5
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4% Rest of the world
6
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2% Management
6
5
1
2
3
4
Dividend proposal of € 1.35 per share
The adidas AG Executive and Supervisory Boards will recommend
paying a dividend of € 1.35 to shareholders at the Annual General
Meeting (AGM) on May 8, 2013 (2011: € 1.00). Subject to the meeting’s
approval, the dividend will be paid on May 9, 2013. This represents an
increase of 35% compared to an increase of net income attributable to
shareholders, excluding goodwill impairment losses, of 29%. The total
payout of € 282 million (2011: € 209 million) reflects a payout ratio of
35.7% of net income attributable to shareholders, excluding goodwill
impairment losses, versus 34.1% in the prior year
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TABLE 08. This is in
line with our dividend policy, where we intend to pay out between 20%
and 40% of net income attributable to shareholders.
Strong international investor base
Based on our share register, we estimate that adidas AG currently
has around 52,000 shareholders. In our latest ownership analysis
conducted in February 2013, we identified around 90% of our shares
outstanding. Shareholdings in the North American market account for
36% of our total shares outstanding. Identified German institutional
investors hold 12% of shares outstanding. The shareholdings in the rest
of Europe excluding Germany amount to 35%, while 4% of institutional
shareholders were identified in other regions of the world. adidas Group
Management, which comprises current members of the Executive and
Supervisory Boards, holds 2% in total
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SEE CORPORATE GOVERNANCE REPORT
INCLUDING THE DECLARATION ON CORPORATE GOVERNANCE, P. 51. Undisclosed
holdings, which also include private investors, account for the remaining
11%
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DIAGRAM 06.
Voting rights notifications published
In 2012, adidas AG published 23 voting rights notifications in
accordance with §§ 21 section 1, 25 section 1 and 25a of the German
Securities Trading Act (Wertpapierhandelsgesetz – WpHG). All voting
rights notifications received in 2012 and thereafter can be viewed
on our corporate website :
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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
section of this Annual Report
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SEE NOTE 26, P. 221.
adidas AG share again receives strong analyst support
The adidas Group and the adidas AG share continued to receive strong
analyst support in 2012. Around 40 analysts from investment banks and
brokerage firms regularly published research reports on our Group. The
vast majority of analysts are confident about the medium- and long-term
potential of the Group. This is reflected in the recommendation split for
our share as at December 31, 2012. 60% of analysts recommended
investors to “buy” our share in their last publication during the twelve-
month period (2011: 71%). 30% advised to “hold” our share (2011:
24%). 10% of the analysts recommended to “sell” our share (2011:
5%)
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DIAGRAM 07.