Adidas 2003 Annual Report Download - page 2

Download and view the complete annual report

Please find page 2 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

>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
GROW CURRENCY-NEUTRAL SALES BY
AROUND 5%
EXPAND AND COMMERCIALIZE adidas
FOOTWEAR TECHNOLOGY:
CLIMACOOL®(SALES TARGET:
2 MILLION PAIRS)
a3®(SALES TARGET: 750,000 PAIRS)
DELIVER DOUBLE-DIGIT CURRENCY-NEUTRAL
SALES GROWTH IN ASIA AND NORTH AMERICA
DELIVER GROSS MARGIN OF 42 TO 43%
DECREASE WORKING CAPITAL AS A
PERCENTAGE OF SALES
REDUCE DEBT BY AT LEAST € 100 MILLION
DRIVE EARNINGS GROWTH OF 10 TO 15%
MAINTAIN AND EXPAND SHAREHOLDER
CONFIDENCE
GROUP SALES REACH € 6.267 BILLION
(CURRENCY-NEUTRAL SALES UP 5%)
COMMERCIALIZATION OF NEW INNOVATIONS
SUCCESSFUL:
3.5 MILLION PAIRS OF CLIMACOOL®SOLD
1 MILLION PAIRS OF a3®SOLD
CURRENCY-NEUTRAL SALES GROW 7% IN
ASIA BUT DECLINE 6% IN NORTH AMERICA
GROSS MARGIN REACHES 44.9%
WORKING CAPITAL AS A PERCENTAGE OF
SALES INCREASES SLIGHTLY TO 22.9%
DEBT REDUCED BY € 552 MILLION
EARNINGS UP 14% TO HIGHEST EPS EVER
SHARE PRICE UP 10% AND SHAREHOLDER
BASE EXPANDS (INTERNATIONAL SHARE-
HOLDERS NOW REPRESENT MORE THAN
80% OF IDENTIFIED SHAREHOLDERS)
DRIVE CURRENCY-NEUTRAL SALES GROWTH
OF 3 TO 5%
BRING MAJOR NEW TECHNOLOGY EVOLUTIONS
AND REVOLUTIONS TO MARKET:
a3®, CLIMACOOL®, PREDATOR®,
ROTEIRO™ FOOTBALL, F50 FOOTBALL BOOT,
GROUND CONTROL SYSTEM™,
T-MAC 4 LACELESS FOOTWEAR TECHNOLOGY
DELIVER CURRENCY-NEUTRAL TOP-LINE
GROWTH AT ALL BRANDS
EXPAND GROSS MARGIN FOR THE FIFTH
CONSECUTIVE YEAR
VISIBLY INCREASE OPERATING MARGIN
CONTINUE TO OPTIMIZE WORKING CAPITAL
MANAGEMENT
CONTINUE DEBT REDUCTION
DRIVE EARNINGS GROWTH OF AT LEAST 10%
FURTHER INCREASE SHAREHOLDER VALUE
FOR INVESTORS
2003 TARGETS 2004 TARGETS2003 RESULTS