Reebok 2015 Annual Report Download - page 122

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118
3
GROUP MANAGEMENT REPORT – FINANCIAL REVIEW
Group Business Performance – Income Statement
NET INCOME FROM CONTINUING OPERATIONS EXCLUDING GOODWILL IMPAIRMENT
INCREASES 12%
The Group’s net income from continuing operations increased 22% to € 686 million in 2015 from € 564 million
in 2014. Excluding the goodwill impairment losses, net income from continuing operations was up 12% to
€ 720 million (2014: € 642 million). The Group’s tax rate increased 1.5 percentage points to 34.0% in 2015
(2014: 32.5%). Excluding the goodwill impairment losses, the effective tax rate grew 3.2 percentage points
to 32.9% from 29.7% in 2014, mainly due to the non-recognition of deferred tax assets.
LOSSES FROM DISCONTINUED OPERATIONSTOTAL € 46 MILLION
In 2015, the Group incurred losses from discontinued operations of € 46 million, net of tax, related to
the Rockport operating segment (2014: losses of € 68 million). Losses from discontinued operations in
2015 were mainly due to the loss from the sale, net of tax, in the amount of € 32 million and the loss from
Rockport’s operating activities of € 13 million.
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS EXCLUDING GOODWILL
IMPAIRMENT INCREASES 18%
The Group’s net income attributable to shareholders, which in addition to net income from continuing
operations includes the losses from discontinued operations, grew 29% to € 634 million in 2015 from
€ 490 million in 2014. Excluding the goodwill impairment losses, net income attributable to shareholders
was up 18% to € 668 million (2014: € 568 million).
BASICAND DILUTED EPS FROM CONTINUINGAND DISCONTINUED OPERATIONS
EXCLUDING GOODWILL IMPAIRMENT UP 22%
Basic and diluted EPS from continuing and discontinued operations increased 34% to € 3.15 in 2015 (2014:
€ 2.35). Excluding the goodwill impairment losses, basic and diluted EPS from continuing and discontinued
operations increased 22% to € 3.32 from € 2.72 in 2014. The weighted average number of shares used in
the calculation was 201,536,418 (2014: 208,776,457).
see Note 34, p. 237
see Note 03, p. 200
see Diagram 24
see Diagram 25
see Note 35, p. 239
24 NET INCOME ATTRIBUTABLE TO SHARE-
HOLDERS 1, 2, 3, 4, 5, 6€ IN MILLIONS
2015 668
2014 568
2013 839
2012 791
2011 613
1 Includes continuing and discontinued operations.
2 2015 exluding goodwill impairment of € 34 million.
3 2014 exluding goodwill impairment of € 78 million.
4 2013 excluding goodwill impairment of € 52 million.
5 2012 excluding goodwill impairment of € 265 million.
6 2011 restated according to IAS 8 in the 2012 consolidated financial statements.
25 DILUTED EARNINGS PER SHARE 1, 2, 3, 4, 5, 6
IN €
2015 3.32
2014 2.72
2013 4.01
2012 3.78
2011 2.93
1 Includes continuing and discontinued operations.
2 2015 exluding goodwill impairment of € 34 million.
3 2014 exluding goodwill impairment of € 78 million.
4 2013 excluding goodwill impairment of € 52 million.
5 2012 excluding goodwill impairment of € 265 million.
6 2011 restated according to IAS 8 in the 2012 consolidated financial statements.