Reebok 2014 Annual Report Download - page 2

TARGETS – RESULTS – OUTLOOK
Targets 2014 Results 2014 1) 2) Outlook 2015 1)
Currency-neutral sales development:
adidas Group
increase at a
high-single-digit rate
Currency-neutral sales development:
adidas Group
increase of
6%
Group sales of
€ 14.534 billion
Currency-neutral sales development:
adidas Group
increase at a
mid-single-digit rate
Gross margin
49.5% – 49.8%
Gross margin
47.6%
Gross margin
47.5 % – 48.5 %
Operating margin
8.5% – 9.0%
Operating margin
6.6%
Operating margin
6.5% – 7.0%
Average operating working capital
(in % of sales)
moderate decline expected
Average operating working capital
(in % of sales)
22.4%
Average operating working capital
(in % of sales)
moderate decline
Capital expenditure
€ 500 million – € 550 million
Capital expenditure
€ 554 million
Capital expenditure
around € 600 million
Gross borrowings
further reduction
Gross borrowings
€ 1.873 billion
Gross borrowings
moderate decline
Net borrowings/EBITDA ratio
to be maintained below 2
Net borrowings/EBITDA ratio
0.1
Net borrowings/EBITDA ratio
to be maintained below 2
Net income attributable to shareholders
€ 830 million – € 930 million
Net income attributable to shareholders
decreases 32% to
€ 568 million 3)
Earnings per share decrease 32% to
€ 2.72 3)
Net income from continuing operations
increase at a rate of
7% – 10%
Shareholder value
further increase
adidas AG share price decreases
38 %
Dividend per share
€ 1.50 4)
Shareholder value
increase
1) Figures refl ect continuing operations as a result of the planned divestiture of the Rockport business.
2) Excluding goodwill impairment of € 78 million
3) Includes continuing and discontinued operations.
4) Subject to Annual General Meeting approval.