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Adidas Ag Financial Statements 2008 document sample
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ccc8de66-0f00-4416-b20d-5b8e03442d6c.xls Page 1
Statement of movements of intangible and tangible asset and financial assets Attachment I
€ in millions
Goodwill Trademarks Software, patents Total Land and Technical Other Construction Total Shares in Participa- Other Total
and concessions intangible buildings equipment and equipment, in progress tangible affiliated tions financial financial
assets machinery furniture and assets companies assets assets
fittings
Acquisition cost
January 1, 2007 1,516 1,454 447 3,417 484 118 567 18 1,187 - - 129 129
Currency effect (80) (156) (29) (265) (31) (10) (38) (2) (81) - - (2) (2)
Additions - - 59 59 24 21 127 57 230 - - 6 6
Increase in companies consolidated - - - - - - - - - - - - -
Transfers to assets held for sale - (7) (1) (7) (20) (3) (7) - (30) - - - -
Decrease in companies consolidated - - - - - - - - - - - - -
Transfers - - - - 3 8 17 (28) - - - - -
Disposals - - (35) (35) (30) (19) (37) (3) (89) - - (3) (3)
December 31, 2007 / January 1, 2008 1,436 1,291 441 3,169 430 115 629 42 1,216 - - 130 130
Currency effect 45 75 12 131 5 (4) 2 3 7 - - 1 1
Additions 0 0 60 60 21 17 183 94 316 - - 2 2
Increase in companies consolidated 18 27 20 65 12 4 8 - 23 - - - -
Transfers from assets held for sale - - - - 44 - 5 - 49 - - - -
Transfers to assets held for sale - (3) - (4) (6) - (1) - (7) - - - -
Decrease in companies consolidated - - - - - - - - - - - - -
Transfers - - (10) (10) 10 14 58 (72) 10 - - - -
Disposals - 0 (6) (6) (27) (6) (36) (2) (71) - - (10) (10)
December 31, 2008 1,499 1,390 517 3,406 489 140 847 66 1,542 - - 123 123
Accumulated depreciation / amortization
January 1, 2007 - - 224 224 104 55 339 - 498 - - 23 23
Currency effect - - (15) (15) (9) (8) (30) - (47) - - - -
Additions - - 64 64 22 14 109 - 145 - - - -
Impairment - - - - 1 - 2 - 3 - - 4 4
Write-ups - - - - - - (1) - (1) - - - -
Increase in companies consolidated - - - - - - - - - - - - -
Transfers to assets held for sale - - (1) (1) (10) (2) (7) - (19) - - - -
Decrease in companies consolidated - - - - - - - - - - - - -
Transfers - - - - - - - - - - - - -
Disposals - - (25) (25) (16) (15) (34) - (65) - - - -
December 31, 2007 / January 1, 2008 - - 247 247 92 44 378 - 514 - - 27 27
Currency effect - - 10 10 2 - 7 - 9 - - - -
Additions - 0 61 61 25 15 124 - 165 - - - -
Impairment - - - - 1 - 5 - 6 - - - -
Write-ups - - - - - - - - - - - - -
Increase in companies consolidated - - - - - - - - - - - - -
Transfers from assets held for sale - - - - 3 - 2 - 5 - - - -
Transfers to assets held for sale - - - - - - - - - - - - -
Decrease in companies consolidated - - - - - - - - - - - - -
Transfers - - - - (1) (3) 4 - - - - - -
Disposals - - (4) (4) (8) (6) (29) - (42) - - - -
December 31, 2008 - 0 313 313 116 50 490 - 656 - - 27 27
Net carrying amount
December 31, 2006 1,516 1,454 223 3,193 380 63 228 18 689 - - 106 106
December 31, 2007 1,436 1,291 194 2,922 338 71 251 42 702 - - 103 103
December 31, 2008 1,499 1,390 204 3,093 373 90 357 66 886 - - 96 96
Rounding differences may arise in percentages and totals
ccc8de66-0f00-4416-b20d-5b8e03442d6c.xls Page 2
Consolidated statement of changes in equity
€ in millions
Share capital Capital Cumulative Hedging Other Retained Total Minority Total equity
reserve translation reserve Reserve 1) earnings shareholders' interests
(Note) adjustments equity
Balance at December 31, 2006 204 737 (273) (20) (18) 2,199 2,828 8 2,836
Net income recognised directly in equity (237) (38) 10 (265) (0) (265)
Net income 551 551 4 555
Total recognised income and expense for the period (237) (38) 10 551 286 4 290
Dividend payment (21) (85) (85) (1) (86)
Exercised share options (33) 0 0 0 0
Reclassifications of minorities in accordance with IAS 32 (20) (6) (6) (6)
Balance at December 31, 2007 204 737 (510) (58) (8) 2,659 3,023 11 3,034
Net income recognised directly in equity 78 149 2 229 (0) 229
Net income 642 642 2 644
Total recognised income and expense for the period 78 149 2 642 871 2 873
Dividend payment (21) (99) (99) (0) (99)
Exercised share options (33) 0 0 0
Repurchase of treasury shares (21) (10) (399) (409) (409)
Newly founded joint ventures - 1 1
Reclassifications of minorities in accordance with IAS 32 (20) (0) (0) (0)
Balance at December 31, 2008 194 338 (432) 91 (6) 3,202 3,386 14 3,400
Rounding differences may arise in percentages and totals.
The accompanying Notes are an integral part of these consolidated financial statements.
1) Reserves for actuarial gains/losses and share option plans.
ccc8de66-0f00-4416-b20d-5b8e03442d6c.xls Page 3
Consolidated statement of recognized income and expenses
€ in millions
Year ending Year ending
(Note) Dec. 31, 2008 Dec. 31, 2007
Net gain/(loss) on cash flow hedges, net of tax (23) 149 (38)
Actuarial gain of defined benefit plans, net of tax (18) 2 10
Currency translation 78 (237)
Net income recognised directly in equity 229 (265)
Net income after taxes 644 555
Total income and expense recognised in the financial statements
873 290
Attributable to shareholders of adidas AG
871 286
Attributable to minority interests
2 4
Rounding differences may arise in percentages and totals.
The accompanying Notes are an integral part of these consolidated financial statements.
ccc8de66-0f00-4416-b20d-5b8e03442d6c.xls Page 4
Consolidated balance sheet (IFRS)
€ in millions
Dec. 31 Dec. 31 Change
Note 2008 2007 in %
Cash and cash equivalents 5 244 295 (17.3)
Short-term financial assets 6 141 86 64.1
Accounts receivable 7 1,624 1,459 11.3
Inventories 8 1,995 1,629 22.5
Income tax receivables 28 110 60 82.9
Other current assets 9 789 529 49.1
Assets classified as held for sale 3 31 80 (60.2)
Total current assets 4,934 4,138 19.3
Property, plant and equipment 10 886 702 26.2
Goodwill 11 1,499 1,436 4.3
Trademarks 12 1,390 1,291 7.6
Other intangible assets 12 204 194 4.9
Long-term financial assets 13 96 103 (6.8)
Deferred tax assets 28 344 315 9.2
Other non-current assets 14 180 147 24.9
Total non-current assets 4,599 4,188 9.8
Total assets 9,533 8,325 14.5
Short-term borrowings 15 797 186 328.3
Accounts payable 1,218 849 43.5
Income taxes 28 321 285 12.9
Accrued liabilities and provisions 16 1,008 1,025 (1.7)
Other current liabilities 17 295 266 10.6
Liabilities classified as held for sale 3 6 4 33.8
Total current liabilities 3,645 2,615 39.3
Long-term borrowings 15 1,776 1,960 (9.4)
Pensions and similar obligations 18 132 124 6.3
Deferred tax liabilities 28 463 450 2.9
Non-current accrued liabilities and provisions 16 65 73 (11.3)
Other non-current liabilities 19 52 69 (23.3)
Total non-current liabilities 2,488 2,676 (7.0)
Share capital 194 204 (5.0)
Reserves (10) 161 (104.9)
Retained earnings 3,202 2,658 20.4
Shareholders' equity 21 3,386 3,023 12.0
Minority interests 20 14 11 25.5
Total equity 3,400 3,034 12.1
Total liabilities and equity 9,533 8,325 14.5
Rounding differences may arise in percentages and totals.
The accompanying Notes are an integral part of these consolidated financial statements.
ccc8de66-0f00-4416-b20d-5b8e03442d6c.xls Page 5
Consolidated income statement (IFRS)
€ in millions
Year ending Year ending
Change
Dec. 31, 2008 Dec. 31, 2007
Note
Net sales 30 10,799 10,299 4.9 %
Cost of sales 5,543 5,417 2.3 %
Gross profit 5,256 4,882 7.7 %
(% of net sales) 48.7% 47.4% 1.3 PP
Royalty and commission income 89 102 (12.7) %
Other operating income 10, 12, 24 103 80 28.4 %
Other operating expenses 10, 12, 25 4,378 4,115 6.4 %
(% of net sales) 40.5% 40.0% 0.6 PP
Operating profit 1,070 949 12.7 %
(% of net sales) 9.9% 9.2% 0.7 PP
Financial income 27 37 36 5.4 %
Financial expenses 27 203 170 19.2 %
Income before taxes 904 815 11.0 %
(% of net sales) 8.4% 7.9% 0.5 PP
Income taxes 28 260 260 0.4 %
(% of income before taxes) 28.8% 31.8% (3.0) PP
Net income 644 555 16.0 %
(% of net sales) 6.0% 5.4% 0.6 PP
Net income attributable to shareholders 642 551 16.4 %
(% of net sales) 5.9% 5.4% 0.6 PP
Net income attributable to minority interests 2 4 (38.9) %
Basic earnings per share (in €) 29 3.25 2.71 19.9 %
Diluted earnings per share (in €) 29 3.07 2.57 19.6 %
The accompanying Notes are an integral part of these consolidated financial statements.
Rounding differences may arise in percentages and totals.
ccc8de66-0f00-4416-b20d-5b8e03442d6c.xls Page 6
adidas Group
Consolidated statement of cash flows (IFRS)
€ in millions
Year ending Year ending
Note Dec. 31, 2008 Dec. 31, 2007
Operating activities:
Income before taxes 904 815
Adjustments for:
Depreciation and amortisation 10, 12, 13, 25 234 215
Unrealised foreign exchange gains, net (46) (23)
Interest income 27 (37) (27)
Interest expense 27 178 166
Gains on sale of property, plant and equipment, net (7) (7)
Other non-cash income 24 (21) -
Operating profit before working capital changes 1,205 1,139
Increase in receivables and other current assets (236) (66)
(Increase)/Decrease in inventories (324) 26
Increase in accounts payable and other current liabilities 374 97
Cash provided by operations before interest and taxes 1,019 1,196
Interest paid (176) (161)
Income taxes paid (346) (255)
Net cash provided by operating activities 497 780
Investing activities:
Purchase of trademarks and other intangible assets (60) (55)
Proceeds from sale of other intangible assets 8 10
Purchase of property, plant and equipment (316) (230)
Proceeds from sale of property, plant and equipment 27 30
Acquisition of further investments in subsidiaries 4 (6) (7)
Acquisition of subsidiaries and other business units net of cash acquired 4, 31 (50) (2)
Purchase of short-term financial assets (59) (47)
Purchase of investments and other long-term assets (25) (11)
Interest received 37 27
Net cash used in investing activities (444) (285)
Financing activities:
Proceeds from/ Repayments of long-term borrowings 588 (315)
Dividend to shareholders of adidas AG 21 (99) (85)
Dividend to minority shareholders (0) (1)
Exercised share options 0 0
Repurchase of adidas AG shares (409) -
Cash repayments of short-term borrowings (186) (109)
Net cash used in financing activities (106) (510)
Effect of exchange rates on cash 2 (1)
Decrease in cash and cash equivalents (51) (16)
Cash and cash equivalents at beginning of year 5 295 311
Cash and cash equivalents at year-end 5 244 295
Rounding differences may arise in percentages and totals.
The accompanying Notes are an integral part of these consolidated financial statements.
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