Adidas 2003 Annual Report Download - page 166
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162 FINANCIAL ANALYSIS SUPPLEMENTARY INFORMATION SUMMARY OF KEY FINANCIAL DATA
adidas-Salomon SUMMARY OF KEY FINANCIAL DATA: OVERVIEW SINCE IPO
2003 2002 2001 2000 1999 19981) 1997 1996 1995
P&L Data € in millions
Net sales 6,267 6,523 6,112 5,835 5,354 5,065 3,425 2,408 1,790
Gross profit 2,814 2,819 2,601 2,528 2,352 2,124 1,437 960 710
Operating profit 490 477 475 437 482 416 316 192 129
Royalty and commission income 42 46 42 43 35 45 44 49 51
Financial result (49) (87) (102) (94) (84) (115) (16) (6) (24)
Income before taxes 438 390 376 347 398 319 346 227 151
Income taxes 167 148 147 140 153 105 95 55 22
Minority interests (11) (14) (21) (25) (18) (9) (14) (12) (4)
Net income2) 260 229 208 182 228 205 237 161 125
P&L Ratios
Gross margin 44.9% 43.2% 42.6% 43.3% 43.9% 41.9% 41.9% 39.8% 39.7%
SG&A expenses as a percentage of net sales 35.6% 34.4% 33.3% 34.5% 33.8% 32.7% 31.8% 30.9% 31.3%
Operating margin 7.8% 7.3% 7.8% 7.5% 9.0% 8.2% 9.2% 8.0% 6.9%
Effective tax rate 38.0% 37.9% 39.0% 40.3% 38.4% 33.0% 27.5% 24.0% 14.5%
Net income as a percentage of net sales2) 4.2% 3.5% 3.4% 3.1% 4.3% 4.0% 6.9% 6.7% 7.0%
Working capital turnover 4.4 4.5 4.1 4.1 4.9 (15.5) 319.0 8.5 10.2
Interest coverage 8.4 6.4 4.9 4.6 6.1 4.8 21.2 14.1 8.8
Return on capital employed2) 18.3% 16.8% 16.7% 17.0% 20.7% 20.5% 35.8% 35.2% 35.0%