Adidas Ag Financial Statements 2008 by gzm20357

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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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