Reebok 2013 Annual Report Download - page 129

adidas Group
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2013 Annual Report
Group Management Report – Financial Review
125
2013
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03.2
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Group Business Performance
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Income Statement
Income Statement
adidas Group currency-neutral sales grow 3%
In 2013, Group revenues grew 3% on a currency-neutral basis, as a result
of sales increases in Retail and Other Businesses. Currency-neutral
Wholesale revenues remained stable compared to the prior year. The
development of Group sales is below initial Management expectations
of a mid-single-digit Group sales increase. Currency translation effects
had a negative impact on sales in euro terms. Group revenues decreased
3% to € 14.492 billion in 2013 from € 14.883 billion in 2012
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DIAGRAM 07.
Group sales increase driven by growth in Retail
and Other Businesses
In 2013, currency-neutral Wholesale revenues remained stable. While
sales at Reebok grew at a low-single-digit rate, revenues at adidas
remained at the prior year level. Currency-neutral Retail sales increased
8% versus the prior year, as a result of sales growth at both adidas and
Reebok. Revenues in Other Businesses were up 5% on a currency-
neutral basis, driven by sales increases at TaylorMade-adidas Golf,
Reebok-CCM Hockey and Rockport. Currency translation effects had a
negative impact on segmental sales in euro terms. Wholesale revenues
decreased 5% to € 9.100 billion from € 9.533 billion in 2012. Retail sales
rose 2% to € 3.446 billion versus € 3.373 billion in the prior year. Sales in
Other Businesses declined 2% to € 1.946 billion (2012: € 1.977 billion).
Currency-neutral sales increase in nearly all regions
In 2013, currency-neutral adidas Group sales grew in all regions except
Western Europe. Revenues in Western Europe decreased 6% on a
currency-neutral basis, mainly due to sales declines in the UK, Italy and
Spain. In European Emerging Markets, Group sales increased 4% on a
currency-neutral basis as a result of sales growth in most of the region’s
major markets. Sales for the adidas Group in North America grew 2%
on a currency-neutral basis, due to sales increases in both the USA and
Canada. Sales in Greater China increased 7% on a currency-neutral
basis. Currency-neutral revenues in Other Asian Markets grew 5%,
driven by strong increases in India, South Korea and Australia. In Latin
America, sales grew 19% on a currency-neutral basis with double-digit
increases in most of the region’s major markets, in particular Argentina,
Colombia and Mexico. Currency translation effects had a negative impact
on regional sales in euro terms
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TABLE 11.
07
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Net sales 1) (€ in millions)
2013 14,492
2012 14,883
2011 13,322
2010 11,990
2009 10,381
1) 2011 restated according to IAS 8 in the 2012 consolidated financial statements.
Prior years are not restated.
10
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Net sales by segment
2013 1
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63% Wholesale
2
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24% Retail
3
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13% Other Businesses
1
2
3
09
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Net sales by region
2013
1
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26% Western Europe
2
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23% North America
3
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15% Other Asian Markets
4
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13% European Emerging Markets
5
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12% Greater China
6
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11% Latin America
6
5 1
2
3
4
08
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Net sales by quarter (€ in millions)
Q4 2013 3,479
Q4 2012 3,369
Q3 2013 3,879
Q3 2012 4,173
Q2 2013 3,383
Q2 2012 3,517
Q1 2013 3,751
Q1 2012 3,824