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Adidas-Salomon ANNUAL REPORT 2003 We Will

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Adidas-Salomon ANNUAL REPORT 2003 We Will adidas-Salomon AG adidas-Salomon 2003 TARGETS 2003 RESULTS 2004 TARGETS WORLD OF SPORTS /// ADI-DASSLER-STRASSE 1 91074 HERZOGENAURACH /// GERMANY ANNUAL REPORT 2003 TEL: +49(0)9132 84-0 /// FAX: +49(0)9132 84-2241 we will GROW CURRENCY-NEUTRAL SALES BY > GROUP SALES REACH € 6.267 BILLION > DRIVE CURRENCY-NEUTRAL SALES GROWTH www.adidas-Salomon.com AROUND 5% (CURRENCY-NEUTRAL SALES UP 5%) OF 3 TO 5% EXPAND AND COMMERCIALIZE adidas > COMMERCIALIZATION OF NEW INNOVATIONS > BRING MAJOR NEW TECHNOLOGY EVOLUTIONS FOOTWEAR TECHNOLOGY: SUCCESSFUL: AND REVOLUTIONS TO MARKET: CLIMACOOL® (SALES TARGET: 3.5 MILLION PAIRS OF CLIMACOOL® SOLD a3®, CLIMACOOL®, PREDATOR®, ANNUAL REPORT 2003 2 MILLION PAIRS) 1 MILLION PAIRS OF a3® SOLD ROTEIRO™ FOOTBALL, F50 FOOTBALL BOOT, a3® (SALES TARGET: 750,000 PAIRS) GROUND CONTROL SYSTEM™, T-MAC 4 LACELESS FOOTWEAR TECHNOLOGY DELIVER DOUBLE-DIGIT CURRENCY-NEUTRAL > CURRENCY-NEUTRAL SALES GROW 7% IN > DELIVER CURRENCY-NEUTRAL TOP-LINE SALES GROWTH IN ASIA AND NORTH AMERICA ASIA BUT DECLINE 6% IN NORTH AMERICA GROWTH AT ALL BRANDS DELIVER GROSS MARGIN OF 42 TO 43% > GROSS MARGIN REACHES 44.9% > EXPAND GROSS MARGIN FOR THE FIFTH adidas-Salomon /// adidas-Salomon CONSECUTIVE YEAR > VISIBLY INCREASE OPERATING MARGIN DECREASE WORKING CAPITAL AS A > WORKING CAPITAL AS A PERCENTAGE OF > CONTINUE TO OPTIMIZE WORKING CAPITAL PERCENTAGE OF SALES SALES INCREASES SLIGHTLY TO 22.9% MANAGEMENT REDUCE DEBT BY AT LEAST € 100 MILLION > DEBT REDUCED BY € 552 MILLION > CONTINUE DEBT REDUCTION DRIVE EARNINGS GROWTH OF 10 TO 15% > EARNINGS UP 14% TO HIGHEST EPS EVER > DRIVE EARNINGS GROWTH OF AT LEAST 10% MAINTAIN AND EXPAND SHAREHOLDER > SHARE PRICE UP 10% AND SHAREHOLDER > FURTHER INCREASE SHAREHOLDER VALUE CONFIDENCE BASE EXPANDS (INTERNATIONAL SHARE- FOR INVESTORS HOLDERS NOW REPRESENT MORE THAN 80% OF IDENTIFIED SHAREHOLDERS) 2003 TARGETS 2003 RESULTS 2004 TARGETS GROW CURRENCY-NEUTRAL SALES BY > GROUP SALES REACH € 6.267 BILLION > DRIVE CURRENCY-NEUTRAL SALES GROWTH AROUND 5% (CURRENCY-NEUTRAL SALES UP 5%) OF 3 TO 5% EXPAND AND COMMERCIALIZE adidas > COMMERCIALIZATION OF NEW INNOVATIONS > BRING MAJOR NEW TECHNOLOGY EVOLUTIONS FOOTWEAR TECHNOLOGY: SUCCESSFUL: AND REVOLUTIONS TO MARKET: CLIMACOOL® (SALES TARGET: 3.5 MILLION PAIRS OF CLIMACOOL® SOLD a3®, CLIMACOOL®, PREDATOR®, 2 MILLION PAIRS) 1 MILLION PAIRS OF a3® SOLD ROTEIRO™ FOOTBALL, F50 FOOTBALL BOOT, a3® (SALES TARGET: 750,000 PAIRS) GROUND CONTROL SYSTEM™, T-MAC 4 LACELESS FOOTWEAR TECHNOLOGY DELIVER DOUBLE-DIGIT CURRENCY-NEUTRAL > CURRENCY-NEUTRAL SALES GROW 7% IN > DELIVER CURRENCY-NEUTRAL TOP-LINE SALES GROWTH IN ASIA AND NORTH AMERICA ASIA BUT DECLINE 6% IN NORTH AMERICA GROWTH AT ALL BRANDS DELIVER GROSS MARGIN OF 42 TO 43% > GROSS MARGIN REACHES 44.9% > EXPAND GROSS MARGIN FOR THE FIFTH CONSECUTIVE YEAR > VISIBLY INCREASE OPERATING MARGIN DECREASE WORKING CAPITAL AS A > WORKING CAPITAL AS A PERCENTAGE OF > CONTINUE TO OPTIMIZE WORKING CAPITAL PERCENTAGE OF SALES SALES INCREASES SLIGHTLY TO 22.9% MANAGEMENT REDUCE DEBT BY AT LEAST € 100 MILLION > DEBT REDUCED BY € 552 MILLION > CONTINUE DEBT REDUCTION DRIVE EARNINGS GROWTH OF 10 TO 15% > EARNINGS UP 14% TO HIGHEST EPS EVER > DRIVE EARNINGS GROWTH OF AT LEAST 10% MAINTAIN AND EXPAND SHAREHOLDER > SHARE PRICE UP 10% AND SHAREHOLDER > FURTHER INCREASE SHAREHOLDER VALUE CONFIDENCE BASE EXPANDS (INTERNATIONAL SHARE- FOR INVESTORS HOLDERS NOW REPRESENT MORE THAN 80% OF IDENTIFIED SHAREHOLDERS) NET SALES € in millions FINANCIAL HIGHLIGHTS adidas-Salomon SEGMENTAL INFORMATION € in millions NET SALES BY SEGMENT 2003 Group Net Sales € 6.267 billion FINANCIAL CALENDAR 2004 2003 2002 Change 2003 2002 Change JANUARY 29 /// 2003 PRELIMINARY RESULTS 1999 5,354 PRESS RELEASE Operating Highlights € in millions adidas 2000 5,835 Net sales 6,267 6,523 (3.9%) Net sales 4,950 5,105 (3.0%) 79% /// adidas is a leading brand in the sporting goods market with strong MARCH 10 /// 2003 FULL YEAR RESULTS Income before taxes 438 390 12.3% Gross profit 2,008 2,004 0.2% positions in footwear, apparel and hardware. adidas products offer technological ANNUAL REPORT PUBLICATION 2001 6,112 Net income 260 229 13.8% Operating profit 365 343 6.3% innovations and cutting-edge designs to athletes of all skill levels who aspire to ANALYST AND PRESS CONFERENCES achieve peak performance. The adidas brand is structured in three divisions: Sport Key Ratios % Number of employees at year-end 9,547 8,852 7.9% PRESS RELEASE, CONFERENCE CALL AND WEBCAST Performance, Sport Heritage and Sport Style. 2002 6,523 Gross margin 44.9 43.2 1.7pp Salomon Selling, general and administrative Net sales 658 684 (3.8%) MAY 5 /// FIRST QUARTER 2004 RESULTS 2003 6,267 PRESS RELEASE, CONFERENCE CALL AND WEBCAST expenses as a percentage of net sales 35.6 34.4 1.1pp Gross profit 264 279 (5.5%) 11% /// Salomon is the Freedom Action Sports brand. Number one in the world EBITDA as a percentage of net sales 10.2 9.3 0.9pp Operating profit 35 39 (9.8%) for winter sports, with leading positions in alpine, nordic and snowboard products, MAY 13 /// ANNUAL GENERAL MEETING IN FÜRTH, BAVARIA, GERMANY 38.0 2,829 Effective tax rate 37.9 0.1pp Number of employees at year-end 2,795 1.2% Salomon is actively expanding its presence in summer and alternative sports as well WEBCAST Net income as a percentage of net sales 4.2 3.5 0.6pp TaylorMade-adidas Golf as soft goods. All products are highly innovative and performance-oriented. The BASIC EARNINGS PER SHARE € Equity ratio 32.4 25.4 7.0pp Net sales 637 707 (10.0%) Salomon family of brands comprises Salomon, Mavic-adidas Cycling, Arc’Teryx, MAY 14 /// DIVIDEND PAID1) Financial leverage 69.8 138.5 (68.7pp) Gross profit 290 345 (16.0%) Bonfire and Cliché. Balance Sheet Data € in millions Operating profit 67 74 (9.2%) 1999 5.02 AUGUST 4 /// FIRST HALF 2004 RESULTS Total assets 4,188 4,261 (1.7%) Number of employees at year-end 1,166 1,078 8.2% PRESS RELEASE, CONFERENCE CALL AND WEBCAST 10% /// TaylorMade-adidas Golf offers a full range of golf hardware, Inventories 1,164 1,190 (2.2%) 2000 4.01 footwear, apparel and accessories. It is a leader in the industry and the number one Receivables and other current assets 1,335 1,560 (14.5%) NOVEMBER 3 /// NINE MONTHS 2004 RESULTS metalwood golf brand. TaylorMade-adidas Golf markets products under the brand PRESS RELEASE, CONFERENCE CALL AND WEBCAST 2001 4.60 Working capital 1,433 1,445 (0.8%) names TaylorMade, adidas Golf and Maxfli. Net total borrowings 946 1,498 (36.8%) 1)SUBJECT TO ANNUAL GENERAL MEETING APPROVAL 2002 5.04 Shareholders’ equity 1,356 1,081 25.4% Per Share of Common Stock € 2003 5.72 Basic earnings per share 5.72 5.04 13.6% Diluted earnings per share 5.72 5.04 13.6% Basic earnings per share (without goodwill amortization) 6.71 6.04 11.1% Operating cash flow per share 14.32 11.77 21.7% Dividend per share 1.001) 1.00 0.0% Share price at year-end 90.30 82.30 9.7% Other at year-end Number of employees 15,686 14,716 6.6% Number of shares outstanding 45,453,750 45,422,500 0.1% Average number of shares 45,452,361 45,366,100 0.2% Rounding differences may arise in percentages and totals for figures presented in millions as calculation is always based on the figures stated in thousands. 1)Subject to Annual General Meeting approval © 2004 adidas-Salomon AG NET SALES € in millions FINANCIAL HIGHLIGHTS adidas-Salomon SEGMENTAL INFORMATION € in millions NET SALES BY SEGMENT 2003 Group Net Sales € 6.267 billion FINANCIAL CALENDAR 2004 2003 2002 Change 2003 2002 Change JANUARY 29 /// 2003 PRELIMINARY RESULTS 1999 5,354 PRESS RELEASE Operating Highlights € in millions adidas 2000 5,835 Net sales 6,267 6,523 (3.9%) Net sales 4,950 5,105 (3.0%) 79% /// adidas is a leading brand in the sporting goods market with strong MARCH 10 /// 2003 FULL YEAR RESULTS Income before taxes 438 390 12.3% Gross profit 2,008 2,004 0.2% positions in footwear, apparel and hardware. adidas products offer technological ANNUAL REPORT PUBLICATION 2001 6,112 Net income 260 229 13.8% Operating profit 365 343 6.3% innovations and cutting-edge designs to athletes of all skill levels who aspire to ANALYST AND PRESS CONFERENCES achieve peak performance. The adidas brand is structured in three divisions: Sport Key Ratios % Number of employees at year-end 9,547 8,852 7.9% PRESS RELEASE, CONFERENCE CALL AND WEBCAST Performance, Sport Heritage and Sport Style. 2002 6,523 Gross margin 44.9 43.2 1.7pp Salomon Selling, general and administrative Net sales 658 684 (3.8%) MAY 5 /// FIRST QUARTER 2004 RESULTS 2003 6,267 PRESS RELEASE, CONFERENCE CALL AND WEBCAST expenses as a percentage of net sales 35.6 34.4 1.1pp Gross profit 264 279 (5.5%) 11% /// Salomon is the Freedom Action Sports brand. Number one in the world EBITDA as a percentage of net sales 10.2 9.3 0.9pp Operating profit 35 39 (9.8%) for winter sports, with leading positions in alpine, nordic and snowboard products, MAY 13 /// ANNUAL GENERAL MEETING IN FÜRTH, BAVARIA, GERMANY 38.0 2,829 Effective tax rate 37.9 0.1pp Number of employees at year-end 2,795 1.2% Salomon is actively expanding its presence in summer and alternative sports as well WEBCAST Net income as a percentage of net sales 4.2 3.5 0.6pp TaylorMade-adidas Golf as soft goods. All products are highly innovative and performance-oriented. The BASIC EARNINGS PER SHARE € Equity ratio 32.4 25.4 7.0pp Net sales 637 707 (10.0%) Salomon family of brands comprises Salomon, Mavic-adidas Cycling, Arc’Teryx, MAY 14 /// DIVIDEND PAID1) Financial leverage 69.8 138.5 (68.7pp) Gross profit 290 345 (16.0%) Bonfire and Cliché.
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