Adidas 2003 Annual Report Download - page 34

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STOCK MARKET RECOVERY IN 2003 /// The perform-
ance of stock markets worldwide was largely positive
during 2003. While the majority of shares as well as
major indices developed poorly at the beginning of the
year, stock markets started to recover in the second
quarter and continued their strong performance towards
the end of the 12-month period. In addition to an im-
proved economic outlook due to tax cuts and interest
rate reductions in the USA and Europe, this development
was largely driven by positive corporate news flow over
the last few months. While the adidas-Salomon share
outperformed both the DAX-30, Germany’s premiere stock
index, and the Morgan Stanley Capital International (MSCI)
World Textiles, Apparel & Luxury Goods Index, which
comprises the Group’s major competitors, in the first
quarter of the year, company-specific issues dampened
our full year share price development compared with
competitors, despite improving stock market conditions.
Our Share /// AFTER HAVING BEEN THE TOP PER-
FORMER IN THE DAX-30 FOR TWO CONSECUTIVE
YEARS, THE adidas-Salomon SHARE HAD ANOTHER
SUCCESSFUL YEAR IN 2003 WITH SHARE PRICE
APPRECIATION OF 10%. INCREASED ANALYST COVER-
AGE OF adidas-Salomon IS FURTHER EVIDENCE OF
OUR RECOGNITION WITHIN THE FINANCIAL COMMU-
NITY. OUR SUCCESSFUL CONVERTIBLE BOND ISSUE
WAS ALSO WELL RECEIVED BY INVESTORS AND THE
FINANCIAL COMMUNITY. AND BY SETTING THE
DIVIDEND PAYOUT RATIO WITHIN OUR TARGETED
RANGE WE HAVE AGAIN DEMONSTRATED OUR
ONGOING COMMITMENT TO OUR SHAREHOLDERS
IN 2003.
30 THE GROUP OUR SHARE
THE adidas-Salomon SHARE
Number of shares outstanding
2003 average 45,452,361
at year-end 2003 45,453,7501)
Type of share No-par-value share
Free float 100%
Initial Public Offering November 17, 1995
Stock exchange Frankfurt
Stock registration number ISIN DE0005003404
Stock symbol ADS
Important indices DAX-30
MSCI World Textiles,
Apparel & Luxury Goods
Deutsche Börse Prime
Consumer Index
Dow Jones STOXX
Dow Jones EURO STOXX
Dow Jones Sustainability
FTSE4Good Europe
1)All of the shares carry full dividend rights.
HISTORICAL PERFORMANCE OF THE adidas-Salomon SHARE AND
IMPORTANT INDICES AT YEAR-END 2003 in %
1 year 3 years Since IPO1)
adidas-Salomon 10 37 160
DAX-30 37 (38) 69
MSCI World Textiles,
Apparel& Luxury Goods 44 6 43
1)November 17, 1995