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124
2014
/
03.2
/
adidas Group
/
2014 Annual Report
Group Management Report – Financial Review
Group Business Performance
/
Treasury
Gross borrowings increase
Gross borrowings increased 40% to € 1.873 billion at the end of 2014 from € 1.334 billion in the
prior year. This increase is mainly due to the issuance of two Eurobonds with an overall volume of
€ 1 billion, which more than offset the repayment of the Eurobond of € 500 million which matured
in July 2014. Bank borrowings (incl. commercial paper) amounted to € 194 million compared to
€ 126 million in the prior year. At the end of 2014, commercial paper of € 20 million was outstanding
(2013: € 0 million). Private placements decreased 12% to € 218 million in 2014 (2013: € 248 million).
Convertible bonds outstanding increased 2% to € 471 million from € 460 million in the prior year, as
a result of accruing the debt component. At issuance in 2012, the convertible bond was split – after
deducting the issuance costs – into the equity component amounting to € 55 million and the debt
component amounting to € 441 million. The debt component is accrued to its nominal value
amounting to € 500 million until 2017 by use of the effective interest method. The total amount of
bonds outstanding at the end of 2014 was € 1.461 billion (2013: € 960 million).
Euro dominates currency mix
The vast majority of our Group’s gross borrowings are denominated in euros and US dollars. At the
end of 2014, gross borrowings denominated in euros accounted for 80% of total gross borrowings
(2013: 76%). The share of gross borrowings held in US dollars decreased slightly to 12% (2013:
14%).
see Diagram 51
see Diagram 56
see Diagram 50
50
/
Currency split of gross borrowings (€ in millions)
2014 2013
EUR 1,491 1,016
USD 218 193
All others 164 125
Total 1,873 1,334
■ 2014 ■ 2013
51
/
Remaining time to maturity of gross borrowings (€ in millions)
2014 2013
< 1 year 288 681
1 to 3 years 123 193
3 to 5 years 471 460
> 5 years 990 0
Total 1,873 1,334
■ 2014 ■ 2013