Reebok 2015 Annual Report Download - page 2
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TARGETS 2015 1, 2 RESULTS 2015 2, 3 OUTLOOK 2016
CURRENCY-NEUTRAL
SALES DEVELOPMENT:
adidas Group
INCREASE ATA
MID-SINGLE-
DIGIT RATE
CURRENCY-NEUTRAL
SALES DEVELOPMENT:
adidas Group
INCREASE OF
10%
Group sales of
€ 16.915 BILLION
CURRENCY-NEUTRAL
SALES DEVELOPMENT:
adidas Group
INCREASE ATA RATE
BETWEEN 10% AND 12%
Gross margin
47.5% – 48.5%
Gross margin
48.3%
Gross margin
47.3% – 47.8%
Operating margin
6.5% – 7.0%
Operating margin
6.5%
Operating margin
AT LEASTSTABLE
versus prior year level
Average operating working capital
(in % of net sales)
MODERATE
DECLINE
Average operating working capital
(in % of net sales) decreases 1.9pp to
20.5%
Average operating working capital
(in % of net sales)
AROUND PRIOR
YEAR LEVEL
Capital expenditure
AROUND
€ 600 MILLION
Capital expenditure
€ 513 MILLION
Capital expenditure
AROUND
€ 750 MILLION
Gross borrowings
MODERATE
DECLINE
Gross borrowings decrease 2% to
€ 1.830 BILLION
Gross borrowings
MODERATE
DECLINE
Net borrowings/EBITDA ratio
TO BE
MAINTAINED
BELOW 2
Net borrowings/EBITDA ratio
0.3
Net borrowings/EBITDA ratio
TO BE
MAINTAINED
BELOW 2
Net income from continuing operations
INCREASE ATA RATE OF
7% TO 10%
Net income from continuing operations
INCREASES 12%
to € 720 million
Net income from continuing operations
INCREASE ATA RATE
BETWEEN 10% AND 12%
to around € 800 million
Shareholder value
INCREASE
adidas AG share price
INCREASES 56%
Dividend per share
€ 1.60 4
Share buyback in an amount of
€ 300 MILLION
Shareholder value
FURTHER INCREASE
1 As published on March 5, 2015. The outlook was updated over the course of the year.
2 Figures reflect continuing operations as a result of the divestiture of the Rockport business.
3 Excluding goodwill impairment of € 34 million.
4 Subject to Annual General Meeting approval.
TARGETS – RESULTS – OUTLOOK