Reebok 2011 Annual Report Download - page 3

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€ in millions
2011 € in millions
2011
01 Financial Highlights (IFRS)
2011 2010 Change
Operating Highlights (€ in millions)
Net sales 13,344 11,990 11.3%
EBITDA 1,257 1,159 8.5%
Operating profit 1,011 894 13.1%
Net income attributable to shareholders 671 567 18.2%
Key Ratios (%)
Gross margin 47.5% 47.8% (0.3pp)
Operating expenses as a percentage of net sales 41.4% 42.1% (0.7pp)
Operating margin 7.6% 7.5% 0.1pp
Effective tax rate 27.7% 29.5% (1.8pp)
Net income attributable to shareholders as a percentage of net sales 5.0% 4.7% 0.3pp
Average operating working capital as a percentage of net sales 20.8% 20.8% (0.0pp)
Equity ratio 46.8% 43.5% 3.3pp
Net borrowings / EBITDA (0.1) 0.2
Financial leverage (1.7%) 4.8% (6.5pp)
Return on equity 12.6% 12.3% 0.3pp
Balance Sheet and Cash Flow Data (€ in millions)
Total assets 11,380 10,618 7.2%
Inventories 2,482 2,119 17.1%
Receivables and other current assets 2,558 2,324 10.0%
Working capital 2,154 1,972 9.3%
Net cash/(net borrowings) 90 (221) 140.7%
Shareholders’ equity 5,327 4,616 15.4%
Capital expenditure 376 269 39.5%
Net cash generated from operating activities 792 894 (11.5%)
Per Share of Common Stock (€)
Basic earnings 3.20 2.71 18.2%
Diluted earnings 3.20 2.71 18.2%
Net cash generated from operating activities 3.79 4.28 (11.5%)
Dividend 1.00 1) 0.80 25.0%
Share price at year-end 50.26 48.89 2.8%
Other (at year-end)
Number of employees 46,824 42,541 10.1%
Number of shares outstanding 209,216,186 209,216,186 –
Average number of shares 209,216,186 209,216,186 –
Financial Highlights
2011
1) Subject to Annual General Meeting approval.
02 Net sales
13,344
11,990
03 Net income attributable to shareholders
671
567
€ in millions
2010 € in millions
2010