Reebok 2015 Annual Report Download - page 151
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147
3
GROUP MANAGEMENT REPORT – FINANCIAL REVIEW
Business Performance by Segment – Other Businesses
GROSS MARGIN DECLINES 0.8 PERCENTAGE POINTS
Gross margin in Other Businesses decreased 0.8 percentage points to 33.9% (2014: 34.7%), due to gross
margin declines at both TaylorMade-adidas Golf and Reebok-CCM Hockey. Gross profit was up 6% to
€ 497 million in 2015 versus € 471 million in 2014.
Operating expenses increased 11% to € 596 million from € 536 million in 2014, as a result of higher sales
expenditure as well as an increase in expenditure for point-of-sale and marketing investments. Operating
expenses as a percentage of sales increased 1.2 percentage points to 40.6% (2014: 39.5%).
In 2015, Other Businesses recorded an operating loss of € 89 million (2014: operating loss of € 57 million).
This resulted in a negative operating margin of 6.1% compared to a negative operating margin of 4.2% in
2014. This development was a result of the gross margin decline as well as the negative effect of higher
operating expenses as a percentage of sales.
see Table 09
see Table 09
09OTHER BUSINESSESATAGLANCE€ IN MILLIONS
2015 2014 Change Change
(currency-neutral)
Net sales 11,467 1,358 8% (3%)
TaylorMade-adidas Golf 902 913 (1%) (13%)
Reebok-CCM Hockey 317 269 18% 8%
Other centrally managed businesses 242 175 38% 35%
Gross profit 497 471 6% –
Gross margin 33.9% 34.7% (0.8pp) –
Operating profit (89) (57) (56%) –
Operating margin (6.1%) (4.2%) (1.9pp) –
1 Rounding differences may arise in totals.
10OTHER BUSINESSES NETSALES BY REGION€ IN MILLIONS
2015 2014 Change Change
(currency-neutral)
Western Europe 383 315 21% 17%
North America 783 755 4% (11%)
Greater China 22 25 (12%) (25%)
Russia/CIS 3 11 (68%) (58%)
Latin America 11 10 16% 14%
Japan 156 148 6% 1%
MEAA 109 94 16% 7%
Total 11,467 1,358 8% (3%)
1 Rounding differences may arise in totals.