Reebok 2013 Annual Report Download - page 2

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Targets 2013 Results 2013 1) Outlook 2014
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
Currency-neutral sales development:
adidas Group
increase of Group sales of
3% € 14.492 billion
Wholesale segment
stable versus prior year
Retail segment
increase of 8%
Other Businesses
increase of 5%
TaylorMade-adidas Golf
increase of 3%
Rockport
increase of 6%
Reebok-CCM Hockey
increase of 11%
Currency-neutral sales development:
adidas Group
increase at a
high-single-digit rate
Wholesale segment
increase at a mid-single-digit rate
Retail segment
increase at a high-single- to low-double-digit
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 mid- to high-single-digit rate
Reebok-CCM Hockey
increase at a mid-single-digit rate
Gross margin
48.0% – 48.5%
Gross margin
49.3%
Gross margin
49.5% – 49.8%
Operating margin
increase to a level
approaching 9.0%
Operating margin
8.7%
Operating margin
8.5% – 9.0%
Average operating working capital
(in % of sales)
moderate increase expected
Average operating working capital
(in % of sales) increases to
20.9%
Average operating working capital
(in % of sales)
moderate decline expected
Capital expenditure
€ 500 million – € 550 million
Capital expenditure
€ 479 million
Capital expenditure
€ 500 million – € 550 million
Gross borrowings
further reduction
Gross borrowings
€ 1.334 billion
Gross borrowings
further reduction
Net borrowings/EBITDA ratio
to be maintained below 2
Net borrowings/EBITDA ratio
– 0.2
Net borrowings/EBITDA ratio
to be maintained below 2
Net income attributable to shareholders
increase at a rate of 12% to 16% to a level between
€ 890 million – € 920 million
Earnings per share
increase 6% to
€ 4.01
Net income attributable
to shareholders
increases 6% to
€ 839 million
Net income attributable to shareholders
€ 830 million – € 930 million
Shareholder value
further increase
adidas AG share
price increases
38%
Dividend per share
€ 1.50 2)
Shareholder value
further increase
TARGETS – RESULTS – OUTLOOK
1) Excluding goodwill impairment of € 52 million.
2) Subject to Annual General Meeting approval.