Adidas 1998 Annual Report Download - page 41

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Consolidated Financial Statements 39
Year ended
December 31,
(Note) 1998 1998 1997
adidas- adidas adidas
Salomon (comparable)1) (restated)2)
Net sales (23) 9,907,118 8,440,810 6,698,277
Cost of sales 5,753,198 4,884,557 3,888,717
Gross profit
4,153,920 3,556,253 2,809,560
Selling, general and administrative expenses 3,235,652 2,711,257 2,128,286
Depreciation and amortization (7–9) 181,406 92,918 80,242
Income from operations
736,862 752,078 601,032
Royalty and commission income 87,419 86,707 85,279
Financial result (21) (224,278) (118,079) (31,020)
Extraordinary income (27) 23,742 23,742 21,690
Income before taxes
623,745 744,448 676,981
Income taxes (22) 205,573 208,343 185,858
Net income before minority interests
418,172 536,105 491,123
Minority interests (17,318) (18,087) (28,109)
Net income before special effect
400,854 518,018 463,014
Acquired in-process research and development – expensed (2) (722,600) 0 0
Net income/(loss)
(321,746) 518,018 463,014
Net income/(loss) per ordinary share (in DM) (7.09) 11.42 10.21
Net income before special effect per ordinary share (in DM) 8.84 11.42 10.21
1) includes only adidas group without the direct and indirect effects of the Salomon acquisition
2) 1997 comparatives are restated due to the application of IAS 12 (revised 1996) ‘Income Taxes’ and to improve comparability
See accompanying notes to the consolidated financial statements
adidas-Salomon AG AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in DM 000)