DOCSLIB.ORG

Financial Statements for the Year Ended December 31, 2009 and Management Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial Statements for the Year Ended December 31, 2009 and Management Report adidas AG Herzogenaurach 09 Financial Statements for the Year Ended December 31, 2009 and Management Report CONTENTS 3 Balance Sheet 4 Profit and Loss Statement 5 Notes 38 Statements of Changes in Fixed Assets 40 Supervisory Board and Executive Board 45 List of Shareholdings 53 Management Report 112 Auditors’ Report 114 Responsibility Statement 115 Supervisory Board Report The Financial Statements and The Financial Statements and Management Report of adidas AG as well as the Management Report of adidas AG for List of Shareholdings of adidas AG are also available for download on the the financial year 2009 are filed with Internet at and published in the electronic Federal Gazette. > www.adidas-group.com/en/investorrelations/reports/annualreports.aspx 2 FINANCIAL STATEMENTS of adidas AG BALANCE SHEET (euros in thousands) Note 31.12.2009 31.12.2008 A S S E T S FIXED ASSETS (1) Intangible assets (2) 166,142 57,569 Tangible assets (2) 171,339 141,382 Financial assets (3) 3,305,605 3,299,090 3,643,086 3,498,041 CURRENT ASSETS Inventories (4) 19,192 21,428 Receivables and other assets (5) 1,670,602 1,318,875 Securities (6) 3,825 3,675 Cash and cash equivalents (7) 232,078 1,593 1,925,697 1,345,571 PREPAID EXPENSES (8) 48,324 125,664 5,617,107 4,969,276 E Q U I T Y A N D L I A B I L I T I E S EQUITY Subscribed capital (9) 209,216 193,516 Contingent capital 1999 1.278 Contingent capital 2003 20.314 Contingent capital 2006 20.000 Capital reserves (9) 1,145,075 830,037 Revenue reserves 652,752 652,752 Retained earnings (10) 284,555 237,409 2,291,598 1,931,714 UNTAXED RESERVE (11) 6,007 6,329 ACCRUALS (12) 239,815 235,240 LIABILITIES (13) 3,079,687 2,813,972 DEFERRED INCOME 021 5,617,107 4,969,276 3 FINANCIAL STATEMENTS of adidas AG STATEMENT OF INCOME (euros in thousands) Note 2009 2008 Sales (15) 1,399,182 860,577 Change in inventory -205 -689 Total operating profit 1,398,977 859,888 Other operating income (16) 753,497 809,695 Cost of materials (17) -427,981 -441,078 Personnel expenses (18) -249,939 -241,090 Depreciation and amortization of tangible and intangible assets (19) -55,908 -36,169 Other operating expenses (20) -1,211,360 -899,611 INCOME FROM OPERATIONS 207,286 51,635 Income from investments in related companies (21) 72,151 105,748 Profit/ Loss received under a profit - positive transfer agreement (22) 0 133,340 - negative transfer agreement -7,918 0 Depreciation on financial assets (23) -3,958 0 Interest result (24) -67,515 -68,417 INCOME FROM ORDINARY ACTIVITIES 200,046 222,306 Taxes on income (25) -55,928 -14,054 Other taxes -214 -329 NET INCOME 143,904 207,923 Retained earnings brought forward 140,651 29,486 Earnings appropriated to earned surplus 0 409,387 Earnings appropriated to reduction of subscribed capital 0 10,182 Transfer to capital reserves 0 -10,182 Offset with Retirement of treasury shares 0 -409,387 RETAINED EARNINGS 284,555 237,409 4 Notes to the Financial Statements of adidas AG for the Year Ended December 31, 2009 In the interest of providing a clearer overall picture, certain items in the balance sheet and income statement have been combined as permitted in § 265 (7) German Commercial Code (Handelsgesetzbuch, "HGB"), and have been disclosed and explained separately under the numerical text reference indicated below. The list of shareholdings in adidas AG as required by § 287 HGB is filed with the electronic Federal Gazette. Accounting Policies The annual financial statements have been prepared in accordance with the following accounting policies. Acquired intangible fixed assets are recognized at cost and subject to periodic straight-line amortization. Tangible fixed assets are recognized at cost. All recognizable direct and overhead costs are included in production costs. Items with a limited life are depreciated/amortized over their expected useful lives. Buildings are subject to straight-line amortization at adidas AG. The estimated useful life of business premises is 50 years maximum and from two to ten years for technical equipment and machinery, other equipment, and operating and office equipment. The refurbishment costs of buildings comprising the World of Sports headquarters, owned by GEV Grundstücksgesellschaft Herzogenaurach mbH & Co. KG, a company within the adidas AG Group, are being written down over 20 years. The factory outlet building is being depreciated over 33 years. By virtue of a use agreement between the property owner GEV Grundstücksgesellschaft Herzogenaurach mbH & Co. KG and adidas AG, adidas AG is the beneficial owner of the office building under construction on the World of Sports premises. As with the other buildings, these buildings will be depreciated over 33 years upon completion. Chattel assets are depreciated on a straight-line basis. Minor-value assets worth less than € 150 are written off in full in the year of their acquisition and are shown as disposals in the statement of changes in fixed assets. Omnibus items are recognized for assets worth between € 150 and 5 € 1,000. These are depreciated on a straight-line basis over five years. 20 % is written off in the year of acquisition. Write-downs to the lower fair value are also recognized if an impairment is anticipated to be other than temporary. Long-term financial assets are recognized at cost. To the extent necessary, write-downs are made to their lower fair value. If the reasons for the write- down no longer apply, a reversal is recognized. Inventories are measured at the lower of cost or market. Manufacturing costs comprise direct costs that must be recognized and recognizable overhead costs. Allowances are taken for discernable fashion and technical risks, age structure, and marketability. Receivables and other assets are generally recognized at nominal values. Individual adjustments and allowances for doubtful accounts are taken to cover discernible risks. Securities classified as current assets are recognized at cost. If the market price or fair value is lower at the balance sheet date, this is recognized. Derivative financial transactions entered into with banks by Group Treasury (primarily forward currency and currency option transactions) are generally related to underlying transactions with group companies. Hedge accounting is applied if there is a direct hedging relationship between these transactions. Unrealized losses are recognized in profit or loss if they are not covered by unrealized gains in the hedge accounting. Derivative transactions that are not recognized using hedge accounting are measured individually at fair value. Any resulting losses are recognized in profit or loss. The fair value of interest rate swaps and cross currency swaps used for hedging purposes is calculated using generally accepted models. Hedge accounting is applied if interest rate swaps and cross currency swaps are entered into for the purpose of hedging currency and interest rate risk from existing liabilities and there is a direct hedging relationship between these transactions. Unrealized losses are recognized in profit or loss if they are not covered by unrealized gains in the hedge accounting. 6 Subscribed capital is recognized at the nominal amount. The special tax-allowable reserve is recognized for the amounts allowed under tax law provided that tax law requires the establishment of this reserve on the balance sheet. Provisions for pensions at adidas AG are recognized based on actuarial opinions using the present value under the German entry age normal method (Teilwertverfahren) pursuant to § 6a German Income Tax Act (Einkommensteuergesetz, "EStG") and applying a 6% discount rate (previous year: 6%). The 2005 G mortality tables published in July 2005 by Prof. Klaus Heubeck were used for this purpose. Other provisions cover all discernible risks and uncertain obligations and have been recognized in the amount required based on prudent business judgment. Liabilities are recognized at their nominal amount or their higher repayment amount. Receivables and liabilities denominated in foreign currencies are translated using the end-of-month rate prevailing for the month prior to the transaction posting date. Exchange rate losses are recognized at the balance sheet date unless there is a closed position. The contingent liabilities from payment guarantees and warranties reported correspond to the borrowings and obligations of subsidiaries as of the balance sheet date. Revenues are then recognized once the price risk has been transferred to the purchaser. This generally occurs upon delivery of the merchandise. Licensing revenues are recognized in accordance with the underlying contractual agreements. Claims and revenues generally arise whenever the licensee generates sales revenue with adidas products. 7 1. Fixed assets Please see Appendix 1 to the notes on the financial statements for the statement of changes in fixed assets pursuant to § 268 (2) HGB. 2. Intangible fixed assets and tangible fixed assets In € thousands 12/31/2009 12/31/2008 Balance as of 01/01 198.951 153.538 Additions 197.068 83.045 Reebok, ASL residual carrying amount 1.097 0 Disposals 3.727 1.463 Depreciation, amortization and write-downs 55.908 36.169 Balance as of 12/31 337.481 198.951 The significant additions primarily concern acquired intangible fixed assets (€ 114,000 thousand) due to the transfer of the brand management function (such as trademarks, slogans, patents, design etc.) from adidas International Marketing B.V., Amsterdam, the Netherlands, to adidas AG and, under assets under construction, a new administration building on third-party land (€ 34,842 thousand), as well as licenses for standard software, fixtures and fittings for adidas shops and hardware. The merger of Reebok Deutschland GmbH and ASL-American Sports and Leisure Vertriebs GmbH with adidas AG resulted in € 3,187 thousand in additions from historical cost and € 2,090 thousand in cumulative depreciation/amortization.
Load more

Recommended publications
  • Strategic Audit of Adidas Mason Wright University of Nebraska - Lincoln
    University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Honors Theses, University of Nebraska-Lincoln Honors Program Spring 4-11-2019 Strategic Audit of Adidas Mason Wright University of Nebraska - Lincoln Follow this and additional works at: https://digitalcommons.unl.edu/honorstheses Part of the Strategic Management Policy Commons Wright, Mason, "Strategic Audit of Adidas" (2019). Honors Theses, University of Nebraska-Lincoln. 135. https://digitalcommons.unl.edu/honorstheses/135 This Thesis is brought to you for free and open access by the Honors Program at DigitalCommons@University of Nebraska - Lincoln. It has been accepted for inclusion in Honors Theses, University of Nebraska-Lincoln by an authorized administrator of DigitalCommons@University of Nebraska - Lincoln. Strategic Audit of Adidas An Undergraduate Honors Thesis Submitted in Partial Fulfillment of University Honors Program Requirements University of Nebraska-Lincoln by Mason Wright, BS Computer Science College of Arts and Sciences April 11, 2019 Faculty Mentor: Sam Nelson, Ph.D., Management Abstract Adidas is a well-established brand in the world of sportswear and lifestyle clothing. In recent years, the company has been regaining success after a period of stagnation. Spurring this success is the renewed popularity of old classic shoe models and a surge in the lifestyle clothing trend. While adidas is doing well, it is not the top sportswear company in the world and is far behind in North America. In an attempt to boost the recent success even further, this thesis analyzes the current situation that adidas faces including its strengths, weaknesses, opportunities, and threats. With this information as a background, this paper then discusses potential new strategies for adidas, ultimately deciding that obtaining a larger number of star athlete endorsements is a strategy that could quickly make a large impact for the company.
    [Show full text]
  • Originals Core Sport Frühjahr/Sommer 2015/Q1 Nr
    ORIGINALS CORE SPORT FRÜHJAHR/SOMMER 2015/Q1 NR. 727 CENTRAL (∞) Segmentierung der adidas Originals Kollektion Damit z adidas die Kollektion kunden- und zielgruppengerechter entwickeln und positionieren kann, z Sie als Fachhändler zielgruppengerechter einkaufen und präsentieren können, z der Abverkauf durch gezieltere Vorauswahl erhöht wird, ist die adidas Originals Kollektion in verschiedene Produktgruppen segmentiert. Auf Basis sorgfältiger Marktanalysen erfolgt dabei zusätzlich auch eine Segmentierung unserer Absatzkanäle, in denen wir die einzelnen Produktgruppen künftig selektiv vertreiben werden. Das Ziel: Die adidas Originals Produkte dort anzubieten, wo der Konsument sie erwartet. Segmentierungs Symbolik Die Segmente: CORE CORE SPORT – umsatzstarke Artikel und Bestseller der Kollektion Jedes Modell im Katalog ist mit dem Symbol des Segments gekennzeichnet, dem es zugeordnet ist. Welche Produktsegmente für Ihren Absatzkanal geplant sind, erfahren Sie bei Ihrem Außendienst. WOMEN MEN/WOMEN ACCESSORIES Apparel 6 Footwear 75 Bags 107 adicolor 6 Adiletten 75 adicolor 107 Superfleece 14 Superstar 113 Slim Pack 17 Canvas Pack 113 Graphics 21 KIDS Beachshopper 113 Footwear 22 Apparel 79 Men 114 Superstar 22 Juniors Boys 79 Underwear 114 Running 22 Juniors Girls 85 Basketball 25 Infants Boys 89 Unisex 115 Vulc 27 Infants Takedown 90 Superstar 115 Classics 28 Infants Girls 91 Socks 115 Caps 117 Footwear 93 MEN Action Sports 93 Vulcanized 94 Apparel 33 Bball 95 Street 33 Running 96 Classics 40 Classics 100 Graphics 47 Superstar 104 Action Sports 50 Crib Pack 105 Footwear 56 Superstar 56 Running 57 Bball 62 Action Sports 64 Casual 68 Classics 71 adidas: die erste authentische Sportmarke, gegründet von einem echten Sportler. Adi Dassler ist eine Kulturikone.
    [Show full text]
  • Opinion & Order
    Case 3:15-cv-01741-HZ Document 83 Filed 02/12/16 Page 1 of 41 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF OREGON ADIDAS AMERICA, INC., a Delaware Corporation; ADIDAS AG, a foreign entity; and ADIDAS INTERNATIONAL MARKETING B.V., a foreign entity, No. 3:15-cv-01741-HZ Plaintiffs, OPINION & ORDER v. SKECHERS USA, INC., a Delaware corporation, Defendant. Charles H. Hooker, III R. Charles Henn, Jr. Kilpatrick Townsend & Stockton, LLP 1100 Peachtree St., Ste. 2800 Atlanta, GA 30309 Stephen M. Feldman Perkins Coie, LLP 1120 NW Couch St., 10th Floor Portland, OR 97209 Attorneys for Plaintiff OPINION & ORDER - 1 Case 3:15-cv-01741-HZ Document 83 Filed 02/12/16 Page 2 of 41 Daniel M. Petrocelli Jeffrey A. Barker O’Melveny & Myers LLP 1999 Avenue of the Stars Los Angeles, CA 90067 Jordan Raphael Mark A. Samuels O’Melveny & Myers LLP 400 So. Hope St. Los Angeles, CA 90071 Kenneth R. Davis, II Parna A. Mehrbani Lane Powell, PC 601 SW Second Ave., Ste. 2100 Portland, OR 97204 Attorneys for Defendants HERNÁNDEZ, District Judge: Plaintiff adidas makes shoes. Defendant Skechers also makes shoes. adidas asks the Court to prevent Skechers from selling three different shoes which adidas claims are confusingly similar to adidas’s registered trademarks and protectable trade dress. The Court finds adidas is likely to succeed in establishing its right to enforce the marks and trade dress asserted here, including the unregistered Stan Smith trade dress. adidas is also likely to succeed in showing that the Skechers shoes infringe adidas’s marks and trade dress because the Skechers shoes are likely to cause consumer confusion.
    [Show full text]
  • 2014 Fifa World Cup
    2014 FIFA WORLD CUP @adidassoccer @brazuca #WORLDCUP forward forward No one knows soccer like adidas. The sport is in our DNA. It started in 1925 when the first pair of adidas soccer cleats were made in a small workshop in Herzogenaurach, Germany by adidas founder Adi Dassler. Adi had a vision to make athletes better with exceptionally engineered footwear tuned to the needs of a specific sport. Today, adidas relentlessly pursues Adi’s vision to constantly innovate to help athletes perform better. The FIFA World Cup is a global phenomenon. Every four years, history is made on the field by the greatest athletes on the planet. No other sporting event rivals the passion, energy, scale and drama of the World Cup. For more than 60 years, adidas has been center stage at the World Cup, enriching the world’s most popular sport with breakthrough innovations that change the game. One of our most important contributions to the World Cup legacy is the official FIFA World Cup match ball, designed and produced by adidas for every tournament since 1970. This year brazuca features a design and technology that is, again, revolutionizing the game and exciting fans. adidas is proud to sponsor more than 50 national teams around the world including top federations Spain, Argentina, Germany and Colombia. We’re honored to partner with more than 700 elite soccer players including one of the best players in the world Lionel Messi. And we look forward to watching Jozy Altidore, Omar Gonzalez and Graham Zusi make history with the U.S. men’s national team.
    [Show full text]
  • From Wikipedia, the Free Encyclopedia Audi Type Private Company
    Audi From Wikipedia, the free encyclopedia Audi Private company Type (FWB Xetra: NSU) Industry Automotive industry Zwickau, Germany (16 July Founded 1909)[1] Founder(s) August Horch Headquarters Ingolstadt, Germany Production locations: Germany: Ingolstadt & Neckarsulm Number of Hungary: Győr locations Belgium: Brussels China: Changchun India: Aurangabad Brazil: Curitiba Area served Worldwide Rupert Stadler Key people Chairman of the Board of Management, Wolfgang Egger Head of Design Products Automobiles, Engines Production 1,143,902 units (2010) output (only Audi brand) €35.441 billion (2010) Revenue (US$52.57 billion USD) (including subsidiaries) €1.850 billion (2009) Profit (US$2.74 billion USD) €16.832 billion (2009) Total assets (US$25 billion USD) €3.451 billion (2009) Total equity (US$5.12 billion USD) Employees 46,372 (2009)[2] Parent Volkswagen Group Audi do Brasil e Cia (Curitiba, Brazil) Audi Hungaria Motor Kft. (Györ, Hungary) Audi Senna Ltda. (Brazil) Automobili Lamborghini Subsidiaries Holding S.p.A (Sant'Agata Bolognese, Italy) Autogerma S.p.A. (Verona, Italy) quattro GmbH (Neckarsulm, Germany) Website audi.com Audi AG (Xetra: NSU) is a German automobile manufacturer, from supermini to crossover SUVs in various body styles and price ranges that are marketed under the Audi brand (German pronunciation: [ˈaʊdi]), positioned as the premium brand within the Volkswagen Group.[3] The company is headquartered in Ingolstadt, Germany, and has been a wholly owned (99.55%)[4] subsidiary of Volkswagen AG since 1966, following a phased purchase of its predecessor, Auto Union, from its former owner, Daimler-Benz. Volkswagen relaunched the Audi brand with the 1965 introduction of the Audi F103 series.
    [Show full text]
  • Jennifer Humala COMD1112 OL09 Logo History: Adidas Adidas Is Known Worldwide As One of the Leading Sportswear Company That Cater
    Jennifer Humala COMD1112 OL09 Logo History: Adidas Adidas is known worldwide as one of the leading sportswear company that caters to clients ranging from famous olympic athletes to the average trainee. The company first started out as a little-known shoe factory named “Dassler Brothers Shoe Company” by brothers Adolf and Rudolf Dassier. However, a family feud split them apart, with Adolf taking full control of the business and changing its name, in 1949, to “Adidas”: the formation from his nickname Adi and the first three let- ters of his last name. After being able to trademark the three stripes and the brand name, Adolf has been able to expand Adidas into the success that it is now. Before the feud, the two brothers released cleats that showed two stripes on the side of each cleat. This was for the mere purpose of the shoe’s bend and tightness. After the split, Adolf added an additional stripe to the two existing stripes. He realized that another company, “Karhu Sports,” had trademarked the three stripe logo. So, Adolf Dassler bought over the company to be able to have the rights over the logo. Once acquired, Adolf started using the three stripes on his footwear and his logos. During the 1920s, Adolf had famous olympic athletes such as Georg Lammers and Lina Radke wear his shoes which was a successful marketing technique becuase they both ended Original logo created in 1949. up winning medals. They were both sporting track and field shoes for the Photo by logaster.com 100m and 800m race.
    [Show full text]
  • Change and Change Management in Adidas AG Thibault Parmentier, Emmanuelle Reynaud
    Strategic case: Change and change management in adidas AG Thibault Parmentier, Emmanuelle Reynaud To cite this version: Thibault Parmentier, Emmanuelle Reynaud. Strategic case: Change and change management in adidas AG. 2018. hal-02073700 HAL Id: hal-02073700 https://hal-amu.archives-ouvertes.fr/hal-02073700 Submitted on 20 Mar 2019 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Strategic case: Change and change management in adidas AG CCMP 2018 – O0006(GB) Authors: Thibault PARMENTIER, Emmanuelle REYNAUD Institution: IAE Aix Marseille Contents I. adidas history 1924–2017 from a change perspective .................................. 3 II. Smartsheet—an example of change and change management in adidas ....... 5 III. Questions ..................................................................................................... 8 IV. Lexicon ......................................................................................................... 8 V. Appendix .....................................................................................................
    [Show full text]
  • Annual Report 2010
    288 mm × 210 mm Annual Report 2010 version: Mon, 11-02-28, 11:44 AM 1st corr 2nd corr page 3 - En_00_Umschlag.indd 286 mm × 210 mm Targets 2010 Results 2010 Outlook 2011 Low- to mid-single-digit currency-neutral sales increase Net sales reach € 11.990 billion Mid- to high-single-digit currency-neutral sales increase Group currency-neutral sales increase 9% Bring major new concepts, technology evolutions and Major 2010 product launches: Bring major new concepts, technology evolutions and revolutions to market, such as: adidas: revolutions to market, such as: adidas: – adiStar Salvation running shoe adidas: – adiZero F50 football boot – adiZero F50 football boot – adiZero F50 Runner running shoe – miCoach training system – miCoach training system – adiPower Predator football boot Reebok: Reebok: Reebok: – ZigTech training shoe – ZigTech training shoe – RealFlex footwear TaylorMade-adidas Golf: – RunTone running shoe – EasyTone Plus footwear – R9 SuperTri driver TaylorMade-adidas Golf: – ClassicLite footwear and apparel collection Rockport: – R9 SuperTri driver TaylorMade-adidas Golf: – TruWalk footwear collection – Burner SuperFast driver and fairway woods – R11 and R11 TP driver Reebok-CCM Hockey: Rockport: Rockport: – 11K skate – TruWalk men’s and women’s footwear – Naomi women’s footwear collection Reebok-CCM Hockey: Reebok-CCM Hockey: – Reebok 11K skate and CCM U+ Crazy Light skate – CCM U+ Crazy Light II stick On a currency-neutral basis, sales to increase: On a currency-neutral basis: On a currency-neutral basis, sales to increase:
    [Show full text]
  • Branding and Gender
    Karlstad University Berntson, Annie Jarnemo, Christina Philipson, Minna Branding and Gender - How adidas communicate gender values Business administration Master’s Thesis Term: Spring 2006 Supervisor: Patrik Gottfridsson Karlstads universitet 651 88 Karlstad Tfn 054-700 10 00 Fax 054-700 14 60 [email protected] www.kau.se Foreword ______________________________________________________________________________________ FOREWORD We would like to thank the people who have contributed with support during the writing of our thesis. A special thank to our supervisor Patrik Gottfridsson and also Ulrika Jansson, for their stimulating insights and discussions that have enriched our thesis. We should also like to thank our respondents Pernilla Molander, Jonas Carlström from adidas, and also Janne Svensson at Clara advertising agency for their input of valuable information and material. Finally, our thanks to everyone who had to endure our weekends of toil. We wish you all pleasant reading! Karlstad, 2006 Annie Berntson Christina Jarnemo Minna Philipson Abstract ______________________________________________________________________________________ ABSTRACT This thesis discusses how adidas differentiate their communication to reach women and make the adidas brand more appealing to females. The adidas brand has always had their main focus on sportswear for men. This has led to the brand being perceived as masculine and it makes it hard for the female consumer to identify with adidas. We have analysed six adidas adverts from the last five years to see what adidas have communicated to women. The main purpose of this thesis is to understand why adidas have not succeeded in communicating with women in the last five years. The theoretical chapter is divided into three parts; Brands, Communication and Consumer Behaviour.
    [Show full text]
  • K261 Description.Indd
    AGON SportsWorld 1 64 th Auction Descriptions AGON SportsWorld 2 64 th Auction 64 th AGON Sportsmemorabilia Auction 15th March 2017 Contents 15 th March 2017 Lots 1 - 1634 Football World Cup 5 German match worn shirts 26 Football in general 38 German Football 39 International Football 64 International match worn shirts 69 Football Autographs 86 Olympics 99 Olympic Autographs 137 Other Sports 158 The essentials in a few words: Bidsheet extra sheet - all prices are estimates - they do not include value-added tax; 7% VAT will be additionally charged with the invoice. - if you cannot attend the public auction, you may send us a written order for your bidding. - in case of written bids the award occurs in an optimal way. For example:estimate price for the lot is 100,- €. You bid 120,- €. a) you are the only bidder. You obtain the lot for 100,-€. b) Someone else bids 100,- €. You obtain the lot for 110,- €. c) Someone else bids 130,- €. You lose. - In special cases and according to an agreement with the auctioneer you may bid by telephone during the auction. (English and French telephone service is availab- le). - The price called out ie. your bid is the award price without fee and VAT. - The auction fee amounts to 15%. - The total price is composed as follows: award price + 15% fee = subtotal + 7% VAT = total price. - The items can be paid and taken immediately after the auction. Successful orders by phone or letter will be delivered by mail (if no other arrange- ment has been made). In this case post and package is payable by the bidder.
    [Show full text]
  • The Future of Services in Adidas Retail Empowering the Creator Through Co-Creative Service Experiences
    UNIVERSIDADE DA BEIRA INTERIOR Engenharia The Future of Services in adidas Retail Empowering the Creator through co-creative service experiences Tosca Devi Sepoetro Trabalho de Projecto para obtenção do Grau de Mestre em Branding e Design de Moda (2º ciclo de estudos) Orientador: Prof. Doutor Fernando Jorge Matias Sanches Oliveira Co-orientador: Prof. Doutora Liliana Simões Ribeiro Covilhã/Lisboa, Outubro de 2018 ii Acknowledgements First and foremost, I offer my gratitude to my supervisor and manager Patrick Schenck and to the Retail Innovation & Trends team at adidas. I am grateful for the opportunity to be part of this important project and to contribute to it in the frame of my master project. Thank you for your ideas, advice, support and your trust. Working with you turned this period of my life into an invaluable experience. Secondly, I would like to thank my supervisors Prof. Doutor Fernando Jorge Matias Sanches Oliveira and Prof. Doutora Liliana Simões Ribeiro for supporting me in undertaking this project with a company. Thank you for supervising me from the distance and for encouraging me during this period. Lastly, I owe my gratitude to my colleagues, friends and family who always gave me their unconditional support and always encouraged me to achieve my goals. iii iv Abstract The enhancements in digital technologies entail a shift in consumer behavior and expectations towards brands and retailers. Especially consumers belonging to Generation Z are enabled through digital means to self-control their consumer journey. While this benefits e- commerce channels, “brick-and-mortar” stores need to redefine their role to serve consumers with more meaningful value propositions that go beyond the purchase of tangible products.
    [Show full text]
  • The Case of Adidas' Acquisition of Reebok
    Friedrich-Alexander-Universität Erlangen-Nürnberg Betriebswirtschaftliches Institut Lehrstuhl für Betriebswirtschaftslehre, insbesondere Internationales Management Prof. Dr. Dirk Holtbrügge Success of International M&As: The case of adidas’ acquisition of Reebok David Rygl Tobias Dennerlein Tamara Joyette Working Paper 4/2006 Dipl.-Kfm. David Rygl, University of Erlangen-Nuremberg, Department of International Management, Lange Gasse 20, 90403 Nuremberg, Tel.: +49 (0)911 5302-452, Fax: +49 (0)911 5302-241, e-mail: [email protected], http://www.im-fau.de Tobias Dennerlein, cand. rer. pol., University of Erlangen-Nuremberg. Tamara Joyette, Bachelor of Economics, Concordia University, Montreal. Success of International M&As: The case of adidas’ acquisition of Reebok 1 1 Topic, Objectives and Structure of the case In the last few decades, mergers and acquisitions (M&A) have gained in strategic im- portance as a means of external company growth. Global M&A activity increased as a result of ongoing globalization and the creation of the European Single Market. Given the high economical impact of the increasing number and volume of transactions, it is alarming that more than 50 % of all analysed transactions failed or did not lead to their expected results (Picot 2000, p. 345). Most empirical studies show that shareholders of the acquiring company did not achieve above-average returns and, in some cases, value was even destroyed through these mergers (Lubatkin/Srinivasan/Merchant 1997, p. 77). The failure of most acquisitions may be the result of a number of factors. There is evi- dence that human (e.g. cultural) factors are seldom recognized as part of the problem, as top managers are mainly concerned with the financial and strategic aspects of a merger.
    [Show full text]