Adidas 2001 Annual Report Download - page 115

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110 Financial Highlights: Overview since IPO
adidas-Salomon Financial Highlights:
Overview since IPO
2001 2000 1999 19982) 19971) 19961) 1995
P&L Data (euros in millions)
Net sales 6,112 5,835 5,354 5,065 3,425 2,408 1,790
Gross profit 2,601 2,528 2,352 2,124 1,437 960 710
Operating profit 475 437 482 416 316 192 129
Royalty and commission income 42 43 35 45 44 49 51
Financial result (102) (94) (84) (115) (16) (6) (24)
Income before taxes 376 347 398 319 346 227 151
Income taxes 147 140 153 105 95 55 22
Minority interests 21 25 18 9 14 12 4
Net income3) 208 182 228 205 237 161 125
P&L Ratios
Gross margin 42.6% 43.3% 43.9% 41.9% 41.9% 39.8% 39.7%
SG&A expenses as a percentage
of net sales 33.3% 34.5% 33.8% 32.7% 31.8% 30.9% 31.3%
Operating margin 7.8% 7.5% 9.0% 8.2% 9.2% 8.0% 6.9%
Effective tax rate 39.0% 40.3% 38.4% 33.0% 27.5% 24.0% 14.5%
Net income as a percentage
of net sales3) 3.4% 3.1% 4.3% 4.0% 6.9% 6.7% 7.0%
Working capital turnover 4.1 4.1 4.9 (15.5) 319.0 8.5 10.2
Interest coverage 4.9 4.6 6.1 4.8 21.2 14.1 8.8
Return on equity3) 20.5% 22.3% 33.5% 44.2% 33.0% 32.9% 42.5%
Return on capital employed3) 16.7% 17.0% 20.7% 20.5% 35.8% 35.2% 35.0%