Escolar Documentos
Profissional Documentos
Cultura Documentos
November 3, 2016
Table of Content
page
Retail at a Glance
6-7
2016
Earnings per share
Basic
Diluted
2)3)
Second Quarter
Third Quarter
2015
2016
2015
2016
YTD
Fourth Quarter
Change
2016
2015
2015
2016
Change
(in EUR)
1.75
1.71
1.17
1.17
1.45
1.42
0.73
0.73
1.93
1.88
1.55
1.55
24%
21%
(0.14)
(0.14)
5.13
5.01
3.45
3.45
49%
46%
200,197,417
206,294,660
204,153,362
204,153,362
200,197,417
206,327,088
201,644,392
201,644,392
200,226,599
206,327,088
200,197,417
200,197,417
0%
3%
200,197,417
200,197,417
200,207,215
206,311,466
201,987,657
201,987,657
(1%)
2%
200,197,417
203,186,309
200,197,417
200,197,417
200,307,750
200,197,417
0%
200,197,417
200,307,750
200,197,417
0%
1)
103.00
73.69
128.45
68.65
154.50
72.01
115%
89.91
154.50
72.01
115%
20,620
14,973
25,715
13,744
30,948
14,416
115%
18,000
30,948
14,416
115%
15
(7)
28
22
25
(3)
(7)
(9)
20
9
5
(12)
25
11
72
(2)
25
(1)
(7)
(1)
(4)
1)
(1)
At quarter end.
Excluding goodwill impairment.
Includes continuing and discontinued operations.
in millions.
Second Quarter
2015
2016
2015
Fourth Quarter
Third Quarter
2016
2015
Change
2016
YTD
2015
2016
2015
Change
4,769
2,358
1,924
4,083
2,008
1,700
4,422
2,159
1,935
3,907
1,889
1,720
5,413
2,574
2,058
4,758
2,304
1,845
14%
12%
12%
4,167
1,966
2,024
14,604
7,091
5,916
12,748
6,202
5,265
15%
14%
12%
590
451
510
320
655
589
11%
115
1,754
1,360
29%
490
363
414
234
563
505
11%
(7)
1,468
1,101
33%
497
350
351
363
255
239
410
291
291
225
146
146
545
387
386
495
337
311
10%
15%
24%
(9)
(17)
(28)
1,452
1,028
1,027
1,082
737
696
34%
39%
48%
Gross margin 1)
49.4%
49.2 %
48.8%
48.3 %
47.6%
48.4 %
(0.9pp)
47.2 %
48.6%
48.6%
(0.1pp)
40.3%
41.6 %
43.8%
44.0 %
38.0%
38.8 %
(0.8pp)
48.6 %
40.5%
41.3%
(0.8pp)
10.3%
8.9 %
9.4%
6.0 %
10.4%
10.6 %
(0.2pp)
(0.2%)
10.0%
8.6%
1.4 pp
29.5%
29.8 %
29.1%
35.1 %
29.1%
31.9 %
(2.8pp)
(86.8%)
29.2%
31.9%
(2.6pp)
7.4%
5.8 %
6.6%
3.7 %
7.1%
6.5 %
0.6 pp
(0.7%)
7.0%
5.5%
1.6 pp
EBITDA
Key Ratios
1)
2)
3)
Figures reflect continuing operations as a result of the divestiture of the Rockport business.
Excluding goodwill impairment.
Incudes continuing and discontinued operations.
2016
Key Figures ( in millions)
Total assets
June 30
2016
September 30
2015
2016
2015
December 31
Change
2016
2015
13,415
13,415
14,029
12,754
14,255
12,989
10%
13,343
Accounts receivable
2,517
2,456
2,356
2,271
2,715
2,502
9%
2,049
Inventories
2,939
2,539
3,514
2,927
3,203
2,698
19%
3,113
3,883
3,520
4,013
3,485
4,228
3,724
14%
3,138
809
542
1,028
957
769
903
(15%)
460
5,679
6,271
5,792
5,548
6,126
5,716
7%
5,666
68
53
201
137
361
311
16%
513
(266)
(260)
(75)
(31)
376
314
20%
1,090
20.2%
21.9%
20.4%
21.6%
20.3%
20.7%
(0.4pp)
20.5%
42.3%
0.5
14.2%
46.7%
0.4
8.6%
41.3%
0.6
17.7%
43.5%
0.6
17.2%
43.0%
0.4
12.6%
44.0%
0.6
15.8%
(1.0pp)
n.a.
(3.2pp)
42.5%
0.3
8.1%
Net borrowings
Shareholders' equity
Capital expenditures
Net cash generated from/(used in)
operating activities
Key ratios
Average operating working capital in % of
net sales 1)2)
Equity ratio
Net borrowings/EBITDA 1)3)
Financial leverage
1)
Figures reflect continuing operations as a result of the divestiture of the Rockport business.
Twelve-month trailing average.
3)
EBITDA of last twelve months.
2)
2015
Second Quarter
2016
2015
Third Quarter
2016
2015
Change
Fourth Quarter
Change
(c.n.)
2016
2015
YTD
2016
2015
Change
Change
(c.n.)
Western Europe
Net sales
adidas
Reebok
Gross profit
Gross margin
Operating expenses
Operating expenses in % of net sales
Operating profit
Operating margin
1,414
1,294
121
651
46.1%
338
23.9%
313
22.2%
1,143
1,038
105
550
48.1%
270
23.6%
280
24.5%
1,214
1,133
81
534
44.0%
324
26.7%
210
17.3%
961
894
67
454
47.2%
273
28.5%
180
18.8%
1,557
1,438
119
676
43.4%
342
22.0%
334
21.4%
1,404
1,299
106
667
47.5%
322
22.9%
345
24.6%
11 %
11 %
13 %
1%
(4.1 pp)
6%
(0.9 pp)
(3 %)
(3.2 pp)
15 %
15 %
15 %
1,031
963
68
487
47.2%
383
37.1%
104
10.1%
4,185
3,865
320
1,861
44.5%
1005
24.0%
857
20.5%
3,508
3,230
278
1,671
47.6%
865
24.7%
805
23.0%
19 %
20 %
15 %
11 %
(3.1 pp)
16 %
(0.7 pp)
6%
(2.5 pp)
22 %
22 %
17 %
North America
Net sales
adidas
Reebok
Gross profit
Gross margin
Operating expenses
Operating expenses in % of net sales
Operating profit
Operating margin
728
621
106
274
37.7%
266
36.6%
19
2.7 %
591
470
121
215
36.4%
232
39.3%
(9)
(1.5 %)
788
673
115
305
38.8%
247
31.3%
74
9.4 %
643
520
123
236
36.7%
230
35.8%
17
2.6 %
927
788
139
346
37.3%
290
31.3%
71
7.7 %
776
639
138
289
37.3%
246
31.7%
55
7.0%
19 %
23 %
1%
20 %
0.1 pp
18 %
(0.4 pp)
31 %
0.7 pp
20 %
24 %
2%
744
602
142
268
36.0%
269
36.2%
7
0.9%
2,443
2,082
361
926
37.9%
803
32.9%
165
6.8 %
2,010
1,629
381
740
36.8%
708
35.2%
63
3.1 %
22 %
28 %
(5 %)
25 %
1.1 pp
13 %
(2.4 pp)
164 %
3.6 pp
22 %
29 %
(5 %)
Greater China
Net sales
adidas
Reebok
Gross profit
Gross margin
Operating expenses
Operating expenses in % of net sales
Operating profit
Operating margin
762
746
17
436
57.2%
138
18.1%
298
39.1%
597
583
14
334
55.9%
115
19.3%
218
36.5%
685
669
15
413
60.3%
159
23.2%
254
37.2%
564
552
12
333
59.0%
127
22.5%
206
36.5%
822
803
19
466
56.8%
182
22.2%
284
34.6%
691
675
16
382
55.3%
157
22.7%
225
32.6%
19 %
19 %
15 %
22 %
1.5 pp
16 %
(0.5 pp)
26 %
2.0 pp
25 %
25 %
19 %
617
600
16
363
58.8%
146
23.7%
217
35.1%
2,269
2,218
51
1,316
58.0%
479
21.1%
837
36.9%
1,852
1,811
42
1,048
56.6%
399
21.5%
649
35.1%
22 %
22 %
22 %
25 %
1.4 pp
20 %
(0.4 pp)
29 %
1.8 pp
28 %
28 %
25 %
Russia/CIS
Net sales
adidas
Reebok
Gross profit
Gross margin
Operating expenses
Operating expenses in % of net sales
Operating profit
Operating margin
138
106
32
80
57.7%
66
47.8%
14
9.9%
162
125
37
83
51.3%
81
49.8%
2
1.5%
172
132
39
100
58.2%
68
39.6%
32
18.6%
204
159
45
122
59.8%
91
44.8%
31
15.0%
195
148
47
111
57.0%
79
40.3%
33
16.7%
195
153
42
106
54.1%
84
42.8%
22
11.3%
(0 %)
(3 %)
11 %
5%
2.9 pp
(6 %)
(2.5 pp)
48 %
5.4 pp
7%
4%
19 %
178
132
45
103
58.0%
74
41.4%
30
16.6%
505
386
119
291
57.6%
212
42.1%
78
15.5%
562
437
124
311
55.3%
256
45.5%
55
9.8%
(10 %)
(12 %)
(5 %)
(7 %)
2.2 pp
(17 %)
(3.4 pp)
42 %
5.7 pp
6%
4%
13 %
2015
Second Quarter
2016
2015
Third Quarter
2016
2015
Change
Fourth Quarter
Change
(c.n.)
2016
2015
YTD
2016
2015
Change
Change
(c.n.)
Latin America
Net sales
adidas
Reebok
Gross profit
Gross margin
Operating expenses
Operating expenses in % of net sales
Operating profit
Operating margin
394
350
44
178
45.2%
122
31.1%
56
14.1%
423
361
61
179
42.4%
121
28.7%
58
13.7%
379
330
48
156
41.1%
116
30.6%
40
10.5%
456
387
69
194
42.6%
126
27.5%
69
15.1%
487
424
63
195
40.1%
124
25.5%
71
14.6%
489
416
73
215
44.0%
154
31.5%
61
12.6%
(0 %)
2%
(14 %)
(9 %)
(3.9 pp)
(19 %)
(6.0 pp)
16 %
2.0 pp
16 %
18 %
4%
415
352
63
167
40.2%
120
29.0%
47
11.2%
1,260
1,105
155
529
42.0%
363
28.8%
167
13.2%
1,368
1,164
204
589
43.0%
401
29.3%
188
13.7%
(8 %)
(5 %)
(24 %)
(10 %)
(1.0 pp)
(10 %)
(0.5 pp)
(11 %)
(0.5 pp)
14 %
17 %
(3 %)
Japan
Net sales
adidas
Reebok
Gross profit
Gross margin
Other operating expenses
Other operating expenses in % of net sales
Operating profit
Operating margin
236
212
24
116
49.0%
70
29.4%
50
21.2%
155
143
12
73
47.3%
53
34.2%
24
15.3%
236
209
27
120
51.0%
72
30.8%
51
21.6%
178
163
15
86
48.2%
59
33.0%
30
16.8%
264
238
26
128
48.3%
75
28.4%
56
21.3%
186
164
22
90
48.4%
56
30.3%
37
19.7%
42 %
46 %
17 %
42 %
(0.1 pp)
33 %
(1.9 pp)
54 %
1.6 pp
21 %
24 %
2%
257
226
31
117
45.3%
63
24.5%
57
22.2%
736
660
77
364
49.4%
217
29.5%
157
21.4%
518
470
49
249
48.0%
168
32.4%
90
17.4%
42 %
40 %
56 %
46 %
1.4 pp
29 %
(2.9 pp)
75 %
4.0 pp
28 %
26 %
41 %
701
630
71
356
50.7%
142
20.2%
214
30.6%
635
575
60
335
52.7%
135
21.2%
201
31.6%
572
502
70
283
49.4%
156
27.3%
127
22.2%
536
460
75
270
50.5%
131
24.5%
139
26.0%
794
713
81
396
49.9%
154
19.4%
242
30.5%
674
596
78
345
51.2%
140
20.8%
206
30.5%
18 %
20 %
3%
15 %
(1.3 pp)
10 %
(1.3 pp)
18 %
(0.0 pp)
19 %
21 %
3%
543
459
84
278
51.1%
160
29.4%
119
21.9%
2,067
1,845
222
1,035
50.1%
452
21.9%
584
28.3%
1,845
1,631
214
950
51.5%
406
22.0%
546
29.6%
12 %
13 %
4%
9%
(1.5 pp)
11 %
(0.1 pp)
7%
(1.3 pp)
17 %
18 %
7%
Other Businesses
Net sales
Gross profit
Gross margin
Operating expenses
Operating expenses in % of net sales
Operating profit
Operating margin
396
146
36.9%
149
37.6%
(1)
(0.2 %)
377
141
37.5%
149
39.5%
(5)
(1.4 %)
377
149
39.4%
170
45.0%
(19)
(5.0 %)
365
113
30.8%
155
42.3%
(40)
(10.9 %)
366
138
37.8%
133
36.3%
8
2.2 %
342
118
34.4%
143
41.8%
(23)
(6.7 %)
7%
18 %
3.4 pp
(7 %)
(5.5 pp)
135 %
8.9 pp
7%
383
126
32.8%
144
37.5%
(22)
(5.6 %)
1,139
433
38.0%
452
39.6%
(12)
(1.0 %)
1,084
372
34.3%
447
41.2%
(68)
(6.3 %)
5%
17 %
3.8 pp
1%
(1.5 pp)
83%
5.2 pp
6%
4,036
416
275
38
4,769
47.4 %
38.0 %
2,569
1,770
430
4,769
2015
Second Quarter
2016
2015
Third Quarter
2016
2015
Fourth Quarter
Change
3,352
411
280
39
4,083
3,705
399
248
64
4,422
3,180
408
239
80
3,907
4,640
493
170
103
5,413
4,007
476
159
112
4,758
16%
4%
7%
-8%
14%
47.6 %
37.7 %
46.5 %
36.8 %
47.2 %
38.6 %
45.6%
36.7%
47.2%
36.8%
(1.6 pp)
(0.2 pp)
2,087
1,595
400
4,083
2,291
1,674
456
4,422
1,962
1,530
415
3,907
2,859
2,124
429
5,413
2,355
1,986
417
4,758
21%
7%
3%
14%
Change
(c.n.)
20%
7%
6%
-7%
17%
26%
10%
5%
17%
2016
2015
YTD
2016
2015
Change
12,381
1,308
693
205
14,604
10,540
1,295
678
232
12,748
17 %
1%
2%
(12 %)
15 %
46.5%
37.1%
47.4%
37.7%
(0.9 pp)
(0.5 pp)
7,719
5,568
1,316
14,604
6,405
5,111
1,232
12,748
21 %
9%
7%
15 %
Change
(c.n.)
23 %
7%
3%
(10 %)
20 %
27 %
13 %
10 %
20 %
Retail at a Glance
First Quarter
2016
Number of stores1)
Concept stores
Concession corners
Factory outlets
Second Quarter
2015
Third Quarter
2015
2016
2015
2016
Fourth Quarter
Change
(c.n.)
2016
YTD
2015
2016
2015
2,707
1,693
153
861
2,895
1,725
315
855
2,744
1,720
152
872
2,846
1,695
309
842
2,751
1,728
147
876
2,679
1,674
155
850
2,722
1,698
152
872
2,751
1,728
147
876
2,679
1,674
155
850
1,478
368
861
1,604
436
855
1,499
373
872
1,582
422
842
1,510
365
876
1,466
363
850
1,484
366
872
1,510
365
876
1,466
363
850
54
69
(15)
49
67
(18)
83
46
37
63
112
(49)
72
65
7
80
247
(167)
92
49
43
209
180
29
192
426
(234)
1,034
895
1,177
1,057
1,330
1,104
3,541
3,056
Change
(c.n.)
1)
Stores by brand
adidas
Reebok
Multibrand
Opening
Closing
Net opening/(net closing)
Net sales2)
23 %
22 %
Comp
13%
13 %
adidas Comp
Reebok Comp
1)
At quarter end.
13%
7%
14 %
6%
2)
in millions.