Reebok 2014 Annual Report Download - page 3

FINANCIAL HIGHLIGHTS
2014
01 / Financial Highlights (IFRS)
2014 2013 Change
Operating Highlights (€ in millions)
Net sales 1) 14,534 14,203 2.3%
EBITDA 1) 1,283 1,496 (14.3%)
Operating profi t 1) 3) 4) 961 1,233 (22.1%)
Net income attributable to shareholders 2) 3) 4) 568 839 (32.2%)
Key Ratios
Gross margin 1) 47.6% 49.3% (1.7pp)
Operating expenses in % of net sales 1) 42.7% 42.3% 0.3pp
Operating margin 1) 3) 4) 6.6% 8.7% (2.1pp)
Effective tax rate 1) 3) 4) 29.7% 29.2% 0.5pp
Net income attributable to shareholders in % of net sales 2) 3) 4) 3.9% 5.9% (2.0pp)
Average operating working capital in % of net sales 1) 22.4% 21.3% 1.0pp
Equity ratio 45.3% 47.3% (2.0pp)
Net borrowings/EBITDA 1) 0.1 (0.2) n.a.
Financial leverage 3.3% (5.4%) 8.7pp
Return on equity 2) 8.7% 14.3% (5.6pp)
Balance Sheet and Cash Flow Data (€ in millions)
Total assets 12,417 11,599 7.1%
Inventories 2,526 2,634 (4.1%)
Receivables and other current assets 2,861 2,583 10.8%
Working capital 2,970 2,125 39.7%
Net cash/(net borrowings) (185) 295 n.a.
Shareholders’ equity 5,624 5,489 2.5%
Capital expenditure 554 479 15.5%
Net cash generated from operating activities 2) 701 634 10.5%
Per Share of Common Stock (€)
Basic earnings 2) 3) 4) 2.72 4.01 (32.1%)
Diluted earnings 2) 3) 4) 2.72 4.01 (32.1%)
Net cash generated from operating activities 2) 3.36 3.03 10.7%
Dividend 1.50 5) 1.50 –
Share price at year-end 57.62 92.64 (37.8%)
Other (at year-end)
Number of employees 1) 53,731 49,808 7.9%
Number of shares outstanding 204,327,044 209,216,186 (2.3%)
Average number of shares 208,776,457 209,216,186 (0.2%)
1) 2014 and 2013 refl ect continuing operations as a result of the planned divestiture of the Rockport business.
2) Includes continuing and discontinued operations.
3) 2014 excluding goodwill impairment of € 78 million.
4) 2013 excluding goodwill impairment of € 52 million.
5) Subject to Annual General Meeting approval.