Adidas 2002 Annual Report Download - page 16

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14 PASSION FOR SPORT LETTER TO THE SHAREHOLDERS
All of our efforts have paid off in superior financial performance. Sales in 2002 grew by
7% to €6.5 billion, with currency-neutral double-digit increases coming from both North
America and Asia. We surpassed our gross margin target range, with a strong 43.2% of
sales. We improved working capital as a percentage of sales. We drove down debt by more
than €180 million. And most importantly, we increased bottom-line earnings by 10%.
Our successes are being widely recognized. Consumers, retailers and investors all see us
in a different, much more positive light today than they have in several years. To give one
example: for the second year in a row our share was the best performing stock in the
German blue-chip index DAX-30. This is a feat which no other German company has ever
matched.
While we have done many things right in 2002, it’s now time for us to go even further.
We have a clear vision: passion for sport. And we have a clear mission: to be the global
leader in the sporting goods industry. In 2003, we expect to grow sales and profitability in
all regions. Our targets are revenue growth of around 5% and earnings growth of between
10 and 15%.
Michel Perraudin, 55 /// Human Resources,
Key Projects and Corporate Services / Swiss
At adidas-Salomon, what makes us unique is our
attitude – we are committed to working together
as a team.