Adidas 2005 Annual Report Download - page 170
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166 Financial Analysis
2005 2004 2003 2002 2001 2000 1999 19981) 1997 1996
Income Statement Data (€ in millions)
Net sales2) 6,636 5,860 6,267 6,523 6,112 5,835 5,354 5,065 3,425 2,408
Gross profi t2) 3,197 2,813 2,814 2,819 2,601 2,528 2,352 2,124 1,437 960
Operating profi t2) 707 584 490 477 475 437 482 416 316 192
Royalty and commission income2) 47 42 42 46 42 43 35 45 44 49
Financial result2)4) (52) (59) (49) (87) (102) (94) (84) (115) (16) (6)
Income before taxes2)4) 655 526 438 390 376 347 398 319 346 227
Income taxes2) 221 193 167 148 147 140 153 105 95 55
Minority interests2)4) (8) (7) (11) (14) (21) (25) (18) (9) (14) (12)
Net income attributable to shareholders3) 383 314 260 229 208 182 228 205 237 161
Income Statement Ratios
Gross margin2) 48.2% 48.0% 44.9% 43.2% 42.6% 43.3% 43.9% 41.9% 41.9% 39.8%
SG&A expenses as a percentage of net sales2) 36.5% 36.5% 35.6% 34.4% 33.3% 34.5% 33.8% 32.7% 31.8% 30.9%
Operating margin2) 10.7% 10.0% 7.8% 7.3% 7.8% 7.5% 9.0% 8.2% 9.2% 8.0%
Effective tax rate2) 33.7% 36.7% 38.0% 37.9% 39.0% 40.3% 38.4% 33.0% 27.5% 24.0%
Net income as a percentage of net sales3) 5.9% 5.5% 4.2% 3.5% 3.4% 3.1% 4.3% 4.0% 6.9% 6.7%
Interest coverage2) 18.4 10.2 8.4 6.4 4.9 4.6 6.1 4.8 21.2 14.1
Balance Sheet Data (€ in millions)
Total assets4) 5,750 4,434 4,188 4,261 4,183 4,018 3,587 3,206 2,224 1,288
Inventories 1,230 1,155 1,164 1,190 1,273 1,294 1,045 975 821 556
Receivables and other current assets 1,551 1,425 1,335 1,560 1,520 1,387 1,234 1,026 592 418
Working capital4) 2,576 1,336 1,433 1,445 1,485 1,417 1,096 (327) 11 284
Net total borrowings (551) 665 1,018 1,498 1,679 1,791 1,591 1,655 738 174
Shareholders’ equity4) 2,684 1,544 1,285 1,081 1,015 815 680 463 717 489
Ten-Year Overview