Adidas Uk Financial Report

1. 1. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun Yan
Sports Finance Financial Report – Adidas Group ContentsSection 1 - Introduction 2 -
Environmental Analysis 3 - Financial Analysis 4 - Summary 5 - Recommendations 6 -
Bibliography Page No. 1
2. 2. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun Yan
Section 1 - Introduction1.1. When Jesse Owens dazzled the crowds (and dismayed a
furious Hitler) by winning four gold medals in the 1936 Berlin Olympics, he was wearing
Adidas running shoes, and when Armin Hary became the first athlete to run the 100-
metre sprint in 10 seconds, he was wearing Adidas running shoes (Haig, 2006 pg 7).
Since Adi Dassler made his first pair of shoes in 1920, his goal was to provide every
athlete with the best possible equipment, and on 18th August 1949 Adidas was
registered as a company, providing world class athletes with world class equipment
ever since. Adidas has know grown to be one of the world’s leading sports brands with a
turnover of €10.3 billion in 2007, and is now known as the Adidas Group due to the
takeover of TaylorMade Golf in 1997 and Reebok International Limited in 2006.
However, as large a company as Adidas is, it is still seen as having second place status to
that of Nike, with both companies providing fierce competition within the market.
According to Islam (2006) the sportswear market is a case of ‘Stripes versus Swoosh’
which Haig (2006, p.9) sees as a healthy rivalry by stating, ‘Nike and Adidas may hate
each others guts but the aggressive competition has ultimately made them both
stronger.’1.2 The aim of this document is to provide a financial investigation and
analysisinto the organisation’s financial performance using appropriate financial models
andconcepts. In order to accomplish this, an environmental analysis and
financialanalysis will be carried out, with a summary and recommendations for
potential futureinvestors. Page No. 2
3. 3. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun Yan
Section 2 – Environmental Analysis2.1. The business environment of the adidas firm
consists of all the externalinfluences that affect its decision and performance (Grant
2005). In order to plan forany harmful external influence on the firm, a commonly used
and immensely valuabletechnique for analysing the external environment is a PEST
(Political, Economic,Social and Technological) analysis (Gregory 2000, Curtis & Cobham
2005), whichdivides the overall environment into four areas and covers almost
everything that canaffect the company. By looking at the political, social and
technological factors,currently none of these pose a major threat to the adidas, as the
firm has a seriousresponsibility to the environment and the people connected to the
organisation,whether they are employees, customers or shareholders. Adidas also
continues to beinnovative with regards to sporting technology and continues to keep up
with changesin sporting fashion.2.2. However amidst the current global financial crisis,
economic factors have tobe monitored so that the crisis does not have any long-term
effects on the adidascompany. Wilson (2008) reports that ‘Global economic jitters may
cloud the outlookfor Adidas,’ meaning that it may prove difficult to predict potential
future earningsand to set future financial targets and budgets. The main reason for this
is theeconomic slowdown within some of adidas’ key markets such as the United
Statesand United Kingdom, where most of the population is suffering from a
‘creditcrunch’, leading them to refrain from purchasing luxury items, such as
adidassportswear (See Section 3.2).2.3. Due to the 2008 Beijing Olympic Games, China
has emerged as a key marketfor major sportswear companies, particularly Nike and
Adidas which Branigan (2008)reported as ‘the multibillion-dollar fight between two
giant brands intent onconquering the fastest-growing sportswear market in the world’.
Close to 50% ofAdidas products are produced in China (Wilson 2008) with a total of 264
Chineseplants that employ about 300,000 workers (Hejuan 2008). However, according
toHejuan (2008), ‘Adidas is switching its emphasis away from factories
 towarddepartment stores, because rising manufacturing costs have led the sportswear
giant toadjust its Chinese business model in order to capitalize on China’s growing
consumer Page No. 3
4. 4. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun
Yanmarket’. This is important to the company in order to keep up with other
leadingsports brands as well as reducing production costs by relocating some of
itsproduction factories to other countries.2.4. Using data from the Adidas Group Annual
Reports (2000-2007), we can seethe diversity of their worldwide market and how each
market has expanded over thepast decade. As we can see in Figure 1, North American
sales have developed muchweaker than the other three identified markets, with a
coefficient (R²) of 0.2497. Tohelp stabilise this development, the Adidas Group
purchased Reebok, a sports brandheavily involved within the North American sports
market, in particular the NationalBasketball Association (NBA). This acquisition helped
to more than double sales inNorth America the following two years. On the contrary,
sales in Asia have shownparticularly positive growth with a coefficient of 0.9168. The
sponsorship of the 2008Beijing Olympic Games has further enhanced the reputation of
the Adidas brandthroughout Asia alongside the emergence of China as a key market
(See Section 2.3). Figure 1 – Adidas Group International Sales Adidas Group Worldwide
Market 5000 4500 4000 2 R = 0.7327 3500 Sales (Euro Million) Europe 3000 North
America 2500 2 Asia R = 0.2497 2000 Latin America 1500 2 R = 0.9168 1000 2 R = 0.7393
500 0 1996 1998 2000 2002 2004 2006 2008 Year Source: Adidas Group Annual Reports
(2000-2007) Page No. 4
5. 5. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun Yan
Section 3 - Financial Analysis3.1. The following analysis is compiled from previous
financial statements fromthe Adidas-Salomon Annual Reports (2000-2007) together
with data from the LondonStock Exchange and the Bureau van Dijk Fame Financial
database. All financialobservations are in euro (€) million unless otherwise stated. The
Adidas Group’sfinancial state will be appraised using relevant accounting ratios along
withtheoretical examinations, demonstrating the efficacy of the company’s
solvency,ownership, strength and profitability characteristics. Some of the ratios
‘aremeaningful in themselves, but their value mainly lies in their comparison with
theequivalent ratio last year, a target ratio or a competitor’s ratio (Mott 2005, p.93).’3.2.
In addition to this, ‘many also believe that the history of the market itselfcontains
“patterns” that give clues to the future (Roberts 1959, p.1);’ quite an outdatedideal
which is still crucially important today given the current state of the globaleconomy. If
we look at the Adidas Share compared to two crucial stock marketindices, the Dow
Jones 30 and the FTSE 100 (Figure 1), we see that its status followsthe market with quite
significance. The global economic recession is visually shownto be the catalyst causing
Adidas to follow suit. Figure 1 - Adidas Share to Market Comparison Source:
Yahoo/London Stock Exchange 2008 Page No. 5
6. 6. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun
Yan3.3. With net sales reaching €10.3 billion in 2007, the Adidas Group firmlyemerged
as a true competitor for the market leader Nike Inc, producing estimated 1sales of €11.2
billion (Figure 2). As displayed, Adidas only began to seriouslycompete with Nike in
2006, primarily due to the acquisition of Reebok whichdramatically increased the
Adidas Group’s market reach (Figure 3). Figure 2 – Nike and Adidas Net Sales
Comparison Net Sales - Nike vs Adidas € 14,000.00 € 12,000.00 € 10,000.00 € Million €
8,000.00 Nike Inc Adidas AG € 6,000.00 € 4,000.00 € 2,000.00 € 0.00 2003 2004 2005
2006 2007 Year Source: Adidas AG Annual Report 2007, Nike Inc Annual Report 2007
Figure 3 - Adidas Group Subsidiaries Source: Adidas Group Annual Report 2007
Performance Ratios1 Nike Inc 2007 Annual Report - $16,326 calculated at a January
2007 exchange rate of 1.45517 Dollars to the Euro Page No. 6
7. 7. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun Yan
Return on Capital Employed Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
 Profit before Tax and Interest -670 2269 2409 2480 2428 3166.93 3674 1303.49 3050
3450 Total Assets less Current Liabilities -327 1,096 1,417 1,485 1,445 1,433 1,336 264
1,733 1,708 Return on Capital Employed (%) 20.5 20.7 17 16.7 16.8 22.1 27.5 49.3 17.6
20.2 3.4. Return on Capital Employed (ROCE) is essential when making a financial
assessment; the higher the indicator, the better the company’s performance (Orsucci &
Sala 2008). Averaging an ROCE of 22.84% over ten years, the Adidas Group proves to
be extremely reliable generating good return from investments. As for the
extraordinary result of 49.3%, according to the Adidas Annual Report, 2005 was a
milestone year with the sale of the Salomon business segment helping to deliver this
excellent result. Asset Turnover Year 1998 1999 2000 2001 2002 2003 2004 2005 2006
2007 5,06 10,08 Total Sales 5 5,354 5,835 6,112 6,523 6,267 5,860 6,636 4 10,299 Total
Assets less Current Liabilities -327 1,096 1,417 1,485 1,445 1,433 1,336 2,644 1,733 1,708
Asset Turnover (%) -15.5 4.9 4.1 4.1 4.5 4.4 4.4 2.6 5.8 6 3.5. A fundamental
responsibility of management is to use the company’s assets to generate sales (Gorman
2003). Asset Turnover is the perfect measure for this, with the Adidas Group slowly
becoming more efficient at generating sales from assets throughout this ten year
period. Looking at the extremely weak result of 1998, we must take into account the
initial financial set back from the acquisition of the TaylorMade Golf brand at the start
of the year. Net Profit Margin Year 1998 1999 2000 2001 2002 2003 2004 2005 2006
2007Profit before Tax and 2268.7 2408. 2479.9 2427. 3050.0 Interest -670.35 2 9 5 6
3166.93 3674 1303.49 8 3450.16 Sales Turnover 5,065 5,354 5,835 6,112 6,523 6,267
5,860 6636 10,084 10,299 Net Profit Margin -13.23 42.37 41.28 40.58 37.22 50.53 62.70
19.64 30.25 33.50 3.6. Excluding the two years Adidas Group purchased TaylorMade
Golf and Reebok (1998 and 2005 respectively), the average net profit margin is a solid
42.3%. The incredible result of 62.7% in 2004 could be somewhat down to Page No. 7
8. 8. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun Yan
the first ever global brand advertising campaign (Adidas Group Annual Report 2004).
Looking at Figure 4, we can see that the Adidas Group continue to maintain a healthy
operating margin. With the increased net sales from Reebok in 2006, the company is
striving to improve their operating margin further by ‘refining distribution through
expanding controlled space and improving retail relationships (Adidas Group Annual
Report 2007, p.2).’ Figure 4 - Net Sales vs. Operating Margin Source: Adidas Group
Annual Report 2007 Gross Profit Margin Year 1998 1999 2000 2001 2002 2003 2004
2005 2006 2007 Gross Profit 2,124 2,352 2,528 2,601 2,819 2,814 2,813 3,197 4,495 4,882
Total Sales 5,065 5,354 5,835 6,112 6,523 6,267 5,860 6,636 10,084 10,299Gross Profit
Margin (%) 41.93 43.93 43.32 42.56 43.22 44.90 48.00 48.18 44.58 47.40 3.7. Gross profit
can be compared with net sales to essentially demonstrate the efficiency of the
company (Figure 5). A coefficient (R²) of 0.6 highlights the increasingly resourceful
business of the Adidas Group. Each year, they are generating more profit from their
sales. This may be through various characteristics such as better management,
marketing, distribution, cheaper production or stronger demand inflating the price of
products for example. Page No. 8
9. 9. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun Yan
Figure 5 – Gross Profit in % of Net Sales Comparison Profit from Sales Efficiency 49 48
47 Profit from Sales (%) 46 R2 = 0.5921 45 44 43 42 41 1997 1998 1999 2000 2001 2002
2003 2004 2005 2006 2007 2008 Year Source: Adidas Group Annual Report (2000-2007)
Stock Turnover Year 2000 2001 2002 2003 2004 2005 2006 2007 1,29 Stock 4 1,273
1,190 1,164 1,155 1,230 1,607 1,629 Days 365 365 365 365 365 365 365 365 3,30 Cost of
Sales 6 3,511 3,704 3,453 3,047 3,439 5,589 5,417 Stock Turnover (Days) 143 132 117 123
138 131 105 110 3.8. With the takeover of Reebok in 2006, the Adidas Group has
obviously gained more stock. However, together with an increase in stock came a
network of distribution chains through North America and a retail link with Foot Locker.
This has helped to reduce the time it takes the business to sell its stock, seen through
the gradual decrease in time taken over this period. Trade Debtors Turnover Year 2000
 2001 2002 2003 2004 2005 2006 2007 Trade Debtors 532 630 668 592 592 684 752 849
Days 365 365 365 365 365 365 365 365 5,86 6,63 10,08 Total Sales 5,835 6,112 6,523
6,267 0 6 4 10,299Trade Debtors Turnover (Days) 33 38 37 34 37 38 27 30 Page No. 9
10. 10. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun Yan
3.9. This is a below average turnover highlighting the reputation of the Adidas Group
brands and their associated credit customers who are primarily major sporting retail
chains and professional sports teams worldwide. Trade Creditors Turnover Year 2000
2001 2002 2003 2004 2005 2006 2007 Trade Creditors 1,113 1,253 1,293 1,075 1,046 965
1,415 1,459 Days 365 365 365 365 365 365 365 365 Total Sales 5,835 6,112 6,523 6,267
5,860 6,636 10,084 10,299Trade Creditors Turnover (Days) 70 75 72 63 65 53 51 52 3.10.
The Adidas Group are ever reducing this turnover, paying for their supplies sooner each
year. This reduction coincides with a dramatic increase in sales turnover and quite an
insignificant increase of money borrowed. Investment Ratios Dividend Yield Year
31/12/2004 31/12/2005 31/12/2006 31/12/2007 27/11/2008 Share Price 118.75 160 37.73
51.26 25.18 Dividend 1.30 1.30 0.42 0.50 0.50 Earnings Per Share 6.88 8.19 2.37 2.71 2.71
Price Earnings Ratio 17.26 19.54 15.92 18.92 9.25 Dividend Yield (%) 1.09 0.81 1.11 0.98
1.99 3.11. Dividend yield can help predict future long term return for investors (Christie
1990, Chen & Zhang 2007). Dividend Yield was steady for four years and recently is
sitting at double the figure. This gives such a result as the share price is sitting very low
due to the current economic recession. In comparison with the equivalent Nike Inc yield
of 0.47, Adidas show the strength of their future potential ahead of their closest
competitor. Dividend Cover Year 2000 2001 2002 2003 2004 2005 2006 2007 Net
Income 182 208 229 260 314 383 483 551 Ordinary Dividends (Thousand) 42 42 42 45 45
60 66 85 Dividend Cover (%) 4.33 4.95 5.45 5.78 6.98 6.38 7.32 6.48 3.12. The increasing
values of dividend cover reflect the escalating profits of the company as it grows. This
analysis shows how stable the level of dividends are, in essence guaranteeing dividend
cover even in the exceptional instance of Page No. 10
11. 11. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun Yan
profits dropping, thus showing how safe an investment in the Adidas Group would be.
Financial Status Liquity Working Capital Ratio Year 2000 2001 2002 2003 2004 2005
2006 2007 Current Assets 2,786 2,878 2,826 2,777 3,035 4,367 3,925 4,138 Current
Liabilities 1,369 1,394 1,381 1,344 1,699 1,790 2,192 2,429 Liquity Working Capital Ratio
2.04 2.06 2.05 2.07 1.79 2.44 1.79 1.70 3.13. This is the main liquity measure which
assesses if a business can pay off its short term liabilities. The Adidas Group continue to
make solid profit due to their prominent market position and maintain a healthy figure
year after year. Quick Asset Ratio Year 2000 2001 2002 2003 2004 2005 2006 2007
Current Assets 2,786 2,878 2,826 2,777 3,035 4,367 3,925 4,138 Less Stock 1,294 1,273
1,190 1,164 1,155 1,230 1,607 1,629 Current Liabilities 1,369 1,394 1,381 1,344 1,699 1,790
2,192 2,429 Quick Asset Ratio 1.09 1.15 1.18 1.20 1.11 1.75 1.06 1.03 3.14. This is a
secondary liquity measure where the optimum level ranges from 0.75 to 1.25. One
instance out of seven lies outside this period, and coincidentally is the year the Adidas
Group focused all their efforts and resources on purchasing Reebok. Gearing Ratio Year
2000 2001 2002 2003 2004 2005 2006 2007 Long Term Debt 1,791 1,679 1,498 1,018 665
-551 2,231 3,023 Preference Shares 815 1,015 1,081 1,285 1,544 2,684 2,828 1,766Total
Assets less Current Liabilities 1,417 1,485 1,445 1,433 1,336 2,644 1,733 1,708 Gearing
Ratio (%) 18.39 18.14 17.85 16.07 16.53 8.07 29.19 28.04 3.15. This is the main solvency
measure which assesses if a business can pay off its long term liabilities; the higher the
indicator, the riskier the business. The Adidas Group boast excellent results with an
average gearing ratio of 19.04. Muradoglu et al (2005, p.801) suggest that if one
‘pursues an investment strategy based on extremely positive gearing ratios together
with a minimum holding period of three years, market returns in excess of 9.9% are
attainable.’ The Adidas Group mirrors the authors requirements, thus would be an
excellent middle to long term investment. Page No. 11
12. 12. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun Yan
Interest Cover Year 2000 2001 2002 2003 2004 2005 2006 2007Profit before Taxation
and Interest 2408.9 2480 2428 3167 3674 1303.49 3050 3450.16 (Gross) Interest Payable
105.3 110 79.1 60.2 65 67.6 158 161 Interest Cover 22.88 22.5 30.7 52.6 56.5 19.28 19.3
21.43 3.16. A basic assessment of financial stability, interest cover determines how
many times the business can pay off its interest. A figure over 2 is usually needed to
remain a safe company. There is no question here, with the Adidas Group capable of
paying off its interest multiple times year after year. Section 4 – Summary Page No. 12
13. 13. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun
Yan4.1. The Adidas Group is a large ambitious company with one main aim, to be
themarket leader. They continue to engage in a ‘multibillion-dollar fight between
twogiant brands intent on conquering the fastest-growing sportswear market in the
world(Branigan 2008, p.1).’ This competition helps keep the company in
immaculatecondition with Haig (2006) suggesting this rivalry has been the coming of
Adidas.4.2. Reebok may prove to be the key to success after the brand has been
successfully repositioned as a premium product. The recent acquisition of Ashworth
Golf Clothing by TaylorMade Adidas will ensure the business continue to increase their
force on the lucrative international golf market.4.3. The company is in peak financial
condition, proving to be extremely reliablegenerating good return from investments.
With the increased net sales from Reebok,the company is striving to further improve
their operating margin primarily throughexcellent distribution and retail positioning.
The company associate themselves withmajor sporting retail chains, successful
professional sports teams and famous sportingindividuals worldwide, providing the
best marketing ploy through sport itself.4.4. Despite the economic recession hindering
the ability to predict potential futureearnings and set future financial targets and
budgets, the Adidas Share is almostguaranteed to return to its usual high level once
again. As seen in Section 3.2, theshare follows the markets, thus confirming its
significant relationship with the currenteconomic climate. There is room for serious
investment with these stocks as the priceis low, the risk is lower and the only setback is
the length of time needed for themarket to return to normal. Adidas is a brand that
‘retains credibility, in the worlds ofstreet fashion and sport, by being proud of its past
and confident of its future, and bystaying innovative (Haig, 2006, p.9).’ Section 5 –
Recommendations Page No. 13
14. 14. MA Sports Management Philip Barnes, Paul Borelan, Mikolaj Chelstowski & Sun
Yan5.1. For a long term profitable investment, the Adidas Group is an ideal companyfor
someone to devote their financial interests to. We recommend that this business isnot a
suitable short term investment and thus the potential investor should look toother
areas of the market.5.2. Whilst the market is in no sign to stabilise any time soon, one
should watch the market and the Adidas Group shares carefully for the next two to
three months. This is important to think carefully about the investment whilst watching
the status of the market itself, but primarily this time will help the investor maximise
their investment profitability. When the share price seems to have hit its lowest point,
this would be the ideal time to buy.5.3. When the stock is at its lowest, the investor is
recommended to purchase alarge quantity, safe in the knowledge that they are
investing in a major corporationwith huge future potential. Once the market returns to
normal following yet anotherslight economic recession, this investment will prove to be
a sound and profitable one.5.4. As there is an element of risk in an investment, one
should think carefully ofthe size of their venture and have the time and patience to let it
mature and comegood. Ultimately, the investor has to ‘accept the risk if they want the
opportunity tomake profitable investment (Atrill & McLaney 2006).’ The risk is very low
and thechance to make a profitable investment is very high according to this analysis of
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