Adidas Anual Report 2011

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<ul><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 1/242</p><p>adidas Group Annual Report</p><p>2 0 1 1</p><p>TOGETHER</p><p>WE WIN</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 2/242</p><p>Targets 2011 Results 2011 Outlook 2012</p><p>Currency-neutral sales development:</p><p>adidas Groupincrease at a</p><p>mid- to high-single-digit rate</p><p>Wholesale segmentincrease at a mid-single-digit rate</p><p>Retail segmentincrease at a low-double-digit rate</p><p>Other Businessesincrease at a mid-single-digit rate</p><p>TaylorMade-adidas Golfincrease at a low- to mid-single-digit ra te</p><p>Rockport</p><p>increase at a high-single- to low-double-digit rateReebok-CCM Hockeyincrease at a low-single-digit rate</p><p>Currency-neutral sales development:</p><p>adidas Group</p><p>increase of Group sales of</p><p>13% 13.344 billion</p><p>Wholesale segmentincrease of 11%</p><p>Retail segmentincrease of 20%</p><p>Other Businessesincrease of 13%</p><p>TaylorMade-adidas Golfincrease of 16%</p><p>Rockport</p><p>increase of 6%Reebok-CCM Hockeyincrease of 6%</p><p>adidas brandincrease of 14%</p><p>Reebok brandincrease of 6%</p><p>Currency-neutral sales development:</p><p>adidas Groupincrease at a</p><p>mid- to high-single-digit rate</p><p>Wholesale segmentincrease at a mid-single-digit rate</p><p>Retail segmentincrease at a low-teens rate</p><p>Other Businessesincrease at a low- to mid-single-digit rate</p><p>TaylorMade-adidas Golfincrease at a low- to mid-single-digit rate</p><p>Rockport</p><p>increase at a high-single-digit rateReebok-CCM Hockeyincrease at a strong double-digit rate</p><p>Gross margin</p><p>47.5% 48.0%</p><p>Gross margin</p><p>47.5%</p><p>Gross margin</p><p>around 47.5%</p><p>Operating margin increase to a level bet ween</p><p>7.5% 8.0%</p><p>Operating margin</p><p>7.6%</p><p>Operating margin increas e to a level</p><p>approaching 8.0%</p><p>Average operating working capital</p><p>(in % of sales)</p><p>increase expected</p><p>Average operating working capital</p><p>(in % of sales)</p><p>remains at 20.8%</p><p>Average operating working capital</p><p>(in % of sales)</p><p>moderate increase expected</p><p>Capital expenditure</p><p> 350 million 400 million</p><p>Capital expenditure</p><p> 376 million</p><p>Capital expenditure</p><p> 400 million 450 million</p><p>Net borrowings</p><p>further reduction</p><p>Net borrowings</p><p>Net cash of 90 million</p><p>Gross borrowings</p><p>further reduction</p><p>Net borrowings/EBITDA ratio</p><p>to be maintained below 2</p><p>Net borrowings/EBITDA ratio</p><p> 0.1</p><p>Net borrowings/EBITDA ratio</p><p>to be maintained below 2</p><p>Earnings per share</p><p>increase at a r ate of 10% to 15%</p><p>to a level between</p><p> 2.98 3.12</p><p>Earnings per share</p><p>increase 18% to</p><p> 3.20</p><p>Net income attributable</p><p>to shareholders</p><p>increases 18% to</p><p> 671 million</p><p>Earnings per share</p><p>increase at a r ate of 10% to 15%</p><p>to a level between</p><p> 3.52 3.68</p><p>Shareholder value</p><p>further increase</p><p>adidas AG share</p><p>price increases</p><p>2.8%</p><p>Dividend per share</p><p>(subject to AnnualGeneral Meeting approval)</p><p> 1.00</p><p>Shareholder value</p><p>further increase</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 3/242</p><p> in millions2011</p><p> in millions2011</p><p>01 Financial Highlights (IFRS)</p><p>2011 2010 Change</p><p>Operating Highlights ( in millions)</p><p>Net sales 13,344 11,990 11.3%</p><p>EBITDA 1,257 1,159 8.5%</p><p>Operating profit 1,011 894 13.1%</p><p>Net income attributable to shareholders 671 567 18.2%</p><p>Key Ratios (%)</p><p>Gross margin 47.5% 47.8% (0.3pp)</p><p>Operating expenses as a percentage of net sales 41.4% 42.1% (0.7pp)</p><p>Operating margin 7.6% 7.5% 0.1pp</p><p>Effective tax rate 27.7% 29.5% (1.8pp)</p><p>Net income attributable to shareholders as a percentage of net sales 5.0% 4.7% 0.3pp</p><p>Average operating working capital as a percentage of net sales 20.8% 20.8% (0.0pp)Equity ratio 46.8% 43.5% 3.3pp</p><p>Net borrowings / EBITDA (0.1) 0.2</p><p>Financial leverage (1.7%) 4.8% (6.5pp)</p><p>Return on equity 12.6% 12.3% 0.3pp</p><p>Balance Sheet and Cash Flow Data ( in millions)</p><p>Total assets 11,380 10,618 7.2%</p><p>Inventories 2,482 2,119 17.1%</p><p>Receivables and other current assets 2,558 2,324 10.0%</p><p>Working capital 2,154 1,972 9.3%</p><p>Net cash/(net borrowings) 90 (221) 140.7%</p><p>Shareholders equity 5,327 4,616 15.4%</p><p>Capital expenditure 376 269 39.5%</p><p>Net cash generated from operating activities 792 894 (11.5%)</p><p>Per Share of Common Stock ()</p><p>Basic earnings 3.20 2.71 18.2%</p><p>Diluted earnings 3.20 2.71 18.2%</p><p>Net cash generated from operating activities 3.79 4.28 (11.5%)</p><p>Dividend 1.001) 0.80 25.0%</p><p>Share price at year-end 50.26 48.89 2.8%</p><p>Other (at year-end)</p><p>Number of employees 46,824 42,541 10.1%</p><p>Number of shares outstanding 209,216,186 209,216,186 </p><p>Average number of shares 209,216,186 209,216,186 </p><p>Financial Highlights2 0 1 1</p><p>1) Subject to Annual General Meeting approval.</p><p>02 Net sales</p><p>13,344</p><p>11990</p><p>03 Net income attributable to shareholders</p><p>671</p><p>567</p><p> in millions2010</p><p> in millions2010</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 4/242</p><p>Wholesale</p><p> adidas</p><p>.. adidas Sport Performance</p><p>The guiding principle of adidas Sport Performance is Play to</p><p>Win. Inspired by the motivation of our founder Adi Dassler, Sport</p><p>Performance brings passion for great products to at hletes in all</p><p>sports, allowing them to be faster, stronger, smarter, cooler and</p><p>natural. The main focus of adidas Sport Performance is on five key</p><p>categories: football, basketball, running, trainin g and outdoor.</p><p>.. adidas Sport Style</p><p>adidas Sport Style contains adidas lifestyle sub-brands. adidas</p><p>Originals is the authentic, iconic sportswear label for the street</p><p>and its message is Celebrate Originality. The Fashion Group</p><p>is defined as the Future of Sportswear and includes the labels</p><p>Y-31), Porsche Design Sport, adidas SLVR and adidas NEO. Through</p><p>these four labels adidas brings authentic sportswear to the full</p><p>spectrum of lifestyle consumers. adidas Sport Styles positioning</p><p>statement is Style your Life.</p><p>.. TaylorMade</p><p>TaylorMade leads the golf industry in metalwood sales and is</p><p>the No. 1 driver brand on the worlds major professional golf</p><p>tours. The brand is recognised globally for its capacity to develop</p><p>innovative and performance-enhancing technologies for drivers,</p><p>fairway woods, hybrids, irons, putters and balls.</p><p>.. adidas Golf</p><p>adidas Golf develops high-performance golf footwear and apparel</p><p>for active, serious, athletic-minded golfers seeking products to</p><p>elevate their game.</p><p>.. Ashworth</p><p>Ashworth is an authentic golf apparel brand with powerful name</p><p>recognition among true, authentic golfers that moves effortlessly</p><p>from the golf course to the clubhouse and beyond.</p><p>1) From a segmental perspective, Y-3 is consolidated as part ofOther Businesses.</p><p> TaylorMade-adidas Golf</p><p>Retail Other Businesses</p><p> Reebok</p><p>Through its history and again today, Reeboks success is based</p><p>on its courage to challenge convention: developing innovative</p><p>products, creating new markets and the latest athletic style.</p><p>Inspired by its roots in fitness, Reebok is a global sports brand</p><p>that is committed to empowering consumers to be Fit for Life.</p><p> Rockport</p><p>Building on four decades of engineering expertise and a</p><p>commitment to innovation, Rockport designs and markets</p><p>dress, casual and outdoor leather footwear that uses</p><p>performance technology to make style comfortable for the</p><p>metropolitan consumer.</p><p> Reebok-CCM Hockey</p><p>Reebok-CCM Hockey is one of the worlds largest designers,</p><p>manufacturers and marketers of ice hockey equipment and</p><p>apparel with two of the worlds most recognised ice hockey</p><p>brand names: Reebok Hockey and CCM.</p><p>Group Brands</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 5/242</p><p>TOGETHER WE WINadidas Group Annual Report</p><p>2 0 1 1</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 6/242</p><p>2011</p><p> CONT ENT </p><p>TOGETHER WE WIN2 0 1 1</p><p>Operational and Sporting Highlights 2011 24</p><p>Interview with the CEO 28</p><p>Executive Board 34</p><p>Supervisory Board 38</p><p>Supervisory Board Report 40</p><p>Corporate Governance Report</p><p>including the Declaration on Corporate Governance 45</p><p>Compensation Report 50</p><p>Our Share 54</p><p>01 TO OUR SHAREHOLDERS01.1</p><p>01.2</p><p>01.3</p><p>01.4</p><p>01.5</p><p>01.6</p><p>01.7</p><p>01.8</p><p>02 OUR GROUP G R O U P M A N A G E M E N T R E P O R T</p><p>02.1</p><p>02.2</p><p>02.3</p><p>02.4</p><p>02.5</p><p>02.6</p><p>02.7</p><p>02.8</p><p>Group Strategy 60</p><p>Global Sales Strategy 62</p><p> Wholesale Strategy 63</p><p> Retail Strategy 64</p><p> eCommerce Strategy 67</p><p>Global Brands Strategy 68</p><p> adidas Strategy 72</p><p> Reebok Strategy 78</p><p>Other Businesses Strategy 82</p><p> TaylorMade-adidas Golf Strategy 82 Rockport Strategy 86</p><p> Reebok-CCM Hockey Strategy 88</p><p>Global Operations 90</p><p>Research and Development 95</p><p>Employees 101</p><p>Sustainability 107</p><p>GROUP MANAGEMENT REPORT: This report contains the Group Management Report of the adidas Group,</p><p>comprising adidas AG and its consolidated subsidiaries, and the Management Report of adidas AG.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 7/242</p><p> CONT ENT</p><p>04 CONSOLIDATED FINANCIAL STATEMENTS04.1</p><p>04.2</p><p>04.3</p><p>04.4</p><p>04.5</p><p>04.6</p><p>04.7</p><p>04.8</p><p>04.9</p><p>04.10</p><p>Responsibility Statement 172</p><p>Auditors Report 173</p><p>Consolidated Statement of Financial Position 174</p><p>Consolidated Income Statement 176</p><p>Consolidated Statement of Comprehensive Income 177</p><p>Consolidated Statement of Changes in Equity 178</p><p>Consolidated Statement of Cash Flows 180</p><p>Notes 181</p><p> Notes to the Consolidated Statement of Financial Position 189</p><p> Notes to the Consolidated Income Statement 208</p><p> Notes Additional Information 211</p><p>Statement of Movements of Intangible and Tangible Assets 216</p><p>Shareholdings 218</p><p>05 ADDITIONAL INFORMATION05.1</p><p>05.2</p><p>05.3</p><p>05.4</p><p>05.5</p><p>05.6</p><p>Ten-Year Overview 224</p><p>Glossary 228</p><p>Index 234</p><p>Declaration of Support 235</p><p>Publishing Details &amp; Contact 236</p><p>Financial Calendar 237</p><p>03 FINANCIAL REVIEW G R O U P M A N A G E M E N T R E P O R T</p><p>03.1</p><p>03.2</p><p>03.3</p><p>03.4</p><p>03.5</p><p>Internal Group Management System 114</p><p>Group Business Performance 118</p><p> Economic and Sector Development 118</p><p> Income Statement 121</p><p> Statement of Financial Position and Statement of Cash Flows 126</p><p> Treasury 129</p><p> Financial Statements and Management Report of adidas AG 133</p><p> Disclosures pursuant to 315 Section 4 and</p><p> 289 Section 4 of the German Commercial Code 135</p><p>Business Performance by Segment 138</p><p> Wholesale Business Performance 138</p><p> Retail Business Performance 140</p><p> Other Businesses Performance 142Risk and Opportunity Report 145</p><p>Subsequent Events and Outlook 163</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 8/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WI N</p><p>2011</p><p>Some of the 70,000 volunteers, 6,000 staff and 4,500 technic al officialswho make London 2012 possible.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 9/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>SALLY PEARSON</p><p>2011 IAAF World Champion in the 100m hurdlesand 2011 IAAF Athlete of the Year.</p><p>JESSICA ENNIS</p><p>2010 IAAF World Indoor Pentathlon Champion.</p><p>YOHAN BLAKE</p><p>2011 IAAF World 100m Champion.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 10/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>2011</p><p>Believing in their side. The f ans that supported the Spanishfootball team to become European and World Champions.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 11/242</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 12/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>2011</p><p>Inspired by life, inspiring each other.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 13/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>SNOOP DOGG</p><p>Rapper, singer, record pro ducer and actor.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 14/242</p><p>0</p><p>2011</p><p>TO</p><p>GE T</p><p>HE</p><p>RW</p><p>EW</p><p>IN</p><p>RICH FRONING JR.</p><p>Winner of the2011 Reebok CrossFit Games,</p><p>Fittest Man on Earth.</p><p>ANNIE THORISDOTTIR</p><p>Winner of the2011 Reebok CrossFit Games,</p><p>Fittest Woman on Earth.</p><p>2011 Reebok CrossFit Games, California, USA.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 15/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>Reebok and CrossFit making fitness fun for everyone.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 16/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>2</p><p>2011</p><p>DUSTIN JOHNSON KEITH SBARBARO</p><p>Dustin Johnson discussing the next tee-off with friend and caddie,TaylorMades Keith Sbarbaro.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 17/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>DUSTIN JOHNSON</p><p>2011 Barclays PGA Tour Tournament winner.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 18/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>4</p><p>2011</p><p>RYAN NUGENT-HOPKINS</p><p>2010 Western Hockey League Best Rookie and2011 Canadian Hockey League Top Draft Prospect.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 19/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>The next generation of ice hockey enthusiasts.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 20/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>6</p><p>2011</p><p>Walkability the way we walk.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 21/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>Style made comfortable no compromise.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 22/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>8</p><p>2011</p><p>Better CottonSustainable cotton production initiative.</p><p>Engaging with suppliers and producers, in a collaborative way.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 23/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE </p><p>WIN</p><p>The Supernova Sequence 4 was created as par t ofthe Better Place programme.</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 24/242</p><p>TOGETHER WE W IN2 0 1 1</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 25/242</p><p>2 0 1 1</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 26/242</p><p>TO</p><p>GE</p><p>TH</p><p>ER</p><p>WE</p><p>W</p><p>IN</p><p>01 TO OUR SHAREHOLDERS</p><p>01.1</p><p>01.2</p><p>01.3</p><p>01.4</p><p>01.5</p><p>01.6</p><p>01.7</p><p>01.8</p><p>Operational and Sporting Highlights 2011 24</p><p>Interview with the CEO 28</p><p>Executive Board 34</p><p>Supervisory Board 38</p><p>Supervisory Board Report 40</p><p>Corporate Governance Report</p><p>including the Declaration on Corporate Governance 45</p><p>Compensation Report 50</p><p>Our Share 54</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 27/242</p><p>adizero f50 miCoach, the football boot with a brain, brings smarttechnology to the field of play. Combining the power of the miCoach</p><p>digital training tool with the miCoach Speed_Cell technology in theboots outsole enables the user to track and upload performance</p><p>data, capturing 360 movement and key performance metrics.</p><p>Together we win.</p><p>adidas</p><p>The Boot with a BrainT</p><p>OG</p><p>ET</p><p>HE</p><p>RW</p><p>EW</p><p>IN</p><p>the fastest bootjust got a brain</p><p>prove youre fastCompete on the pitch and measure yourspeed. Then share yourstatsonline and compare with otherplayers.Think youre fast?Leave zero doubtwith adizero f50 powered bymiCoach.</p><p>adidas.com/football</p><p>2011adidasAG.adidas,the3-Barslogoandthe3-StripesmarkareregisteredtrademarksoftheadidasGroup.</p><p>2011 / 2012adidas Sport Performance</p></li><li><p>7/26/2019 Adidas Anual Report 2011</p><p> 28/242 adidas Group</p><p>2011 Annual Report</p><p> T O O U R S H A R E H O L D E R S </p><p>24</p><p>20</p><p>11</p><p>01.1 Operatio nal and Sporting Highlights 2011</p><p>Operational and Sporting Highlights 201101.1</p><p>Q1</p><p>07. TaylorMade-adidas Golf starts 2011 off with two new partnerships: CamiloVillegas and Jim Furyk (2010 PGA Tour Player of the Year).</p><p>10. For the second consecutive time, Lionel Messi is crowned FIFA WorldPlayer of the Year.</p><p>20. adidas Originals introduces its first in-house denim line as well as acollection of premium accessories led by an assortment of soft fine leatherbags PICTURE 01.</p><p>23. Yohji Yamamoto and adidas celebrate ten years of collaboration as part ofthe Paris Mens Fashion Week.</p><p>26. Nani, striker for Manchester United and the Portuguese national team,joins the adidas family.</p><p>31. adidas team France defends the Handball World Championship title inSweden, triumphing over Denmark 37-35. France is the first country towin four successive major titles in the sport (Olympic gold, EuropeanChampion, two-time World Champion) PICTURE 02.</p><p>07. adidas and the Spanish Football Federation (RFEF) announce theextension of their sponsorship agreement, extending the relationship untilDecember 2018.</p><p>16. Reebok and Giorgio Armani S.p.A. present their spring/summer 2011collection, which is an evolution of the fusion of EA7s dynamism withReeboks performance DNA.</p><p>17. Well-known producer, artist and designer Swizz Beatz and ReebokClassics join forces PICTURE 03.</p><p>27. With his runner-up finish at the WGC Accenture Match Play Champion-</p><p>ship, TaylorMade-adidas Golf Tour Staff Professional Mar...</p></li></ul>