Reebok 2013 Annual Report Download - page 39

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adidas Group
/
2013 Annual Report
To Our Shareholders
35
2013
/
01.4
/
Letter from the CEO
The next two years will nonetheless be our most successful ever. We will drive high-single-digit currency-
neutral growth in line with our plan. In euro terms, we will grow our bottom line at a much faster rate than
the top line. As long as currencies do not worsen materially from today’s standpoint, I am confident we will
achieve a double-digit compound annual earnings growth rate over the Route 2015 period. That, in my view,
is an exceptional return given the difficult and uncertain global economic environment.
If there is one message I want you to take from this letter, it is this: we are a growth company. In 2014, we will
grow in all markets, all channels and all brands, and we will do so again in 2015. I am proud we have been
able to share a lot of success together with you, dear shareholders, on our Route 2015 journey so far. To date,
we have already generated a 14% compound annual earnings growth rate. You have shown your confidence
in us and our Group’s potential, which is clearly reflected in our strong share price development. In 2013,
our share price rose 38% and again outperformed the DAX-30, which gained 25% in the same period. With
a market capitalisation of € 19 billion, adidas AG has never been as valuable as at year-end 2013. And as
a result of our strong balance sheet, we are pleased to continue our progress on improving our payout ratio
from 35.7% to 37.4% (excluding goodwill impairment losses), representing a dividend per share of € 1.50.
But we are a high-performance company and we want to achieve more, for ourselves and for you. We have
a proven track record and can deliver the big results when it counts. Be assured, we are ready, willing and
able to do this again as is clearly visible in our strong fourth quarter momentum. We will make sure we do
what is right for the long-term success of our Group. We will make bold decisions and pursue our goals with
determination and focus. While currencies will interfere with our financial results, they will not deter our
willpower to follow the vision of the Group – to be the leading sporting goods company in the world. We are
here for the love of sport. This is our passion. And we will continue to work in a way that makes us proud of
the result. I am convinced that we have everything in place to reach new heights, break records and drive
long-term sustainable value.
HERBERT HAINER
adidas Group CEO