Adidas 2003 Annual Report Download - page 127

Download and view the complete annual report

Please find page 127 of the 2003 Adidas annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 170

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170

123
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT € in thousands
(Note) Year ending December 31 Change
2003 2002 in %
Net sales 6,266,800 6,523,419 (3.9)
Cost of sales 3,453,132 3,704,269 (6.8)
Gross profit 2,813,668 2,819,150 (0.2)
Selling, general and administrative expenses (24) 2,228,135 2,245,383 (0.8)
Depreciation and amortization (excl. goodwill) (10,12, 24) 95,519 97,147 (1.7)
Operating profit 490,014 476,620 2.8
Goodwill amortization (11) 44,809 45,396 (1.3)
Royalty and commission income 42,153 46,006 (8.4)
Financial expenses, net (26) 49,170 87,116 (43.6)
Income before taxes 438,188 390,114 12.3
Income taxes (27) 166,712 147,862 12.7
Net income before minority interests 271,476 242,252 12.1
Minority interests (20) (11,391) (13,681) (16.7)
Net income 260,085 228,571 13.8
Basic earnings per share (in €) (28) 5.72 5.04 13.6
Diluted earnings per share (in €) (28) 5.72 5.04 13.6
The accompanying notes are an integral part of these consolidated financial statements.