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Annual Report 20 Annual Report 2020

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ANNUAL REPORT 20 ANNUAL REPORT 2020 OUR PURPOSE THROUGH SPORT, WE HAVE THE POWER TO CHANGE LIVES OUR MISSION TO BE THE BEST SPORTS BRAND IN THE WORLD OUR ATTITUDE IMPOSSIBLE IS NOTHING 2 ANNUAL REPORT 2020 ADIDAS ANNUAL REPORT 2020 TO OUR SHAREHOLDERS Letter from the CEO 008 Business Performance by Segment 161 Executive Board 013 Outlook 168 Supervisory Board 017 Risk and Opportunity Report 172 Supervisory Board Report 021 Illustration of Risks 181 Illustration of Opportunities 188 Declaration on Corporate Governance 031 Management Assessment of Performance, Compensation Report 040 Risks and Opportunities, and Outlook 190 Our Share 063 CONSOLIDATED FINANCIAL GROUP MANAGEMENT REPORT STATEMENTS OUR COMPANY Consolidated Statement of Financial Position 194 Strategy 069 Consolidated Income Statement 196 Global Brands 074 Consolidated Statement of Global Sales 079 Comprehensive Income 197 Global Operations 084 Consolidated Statement of Changes in Equity 198 Our People 089 Consolidated Statement of Cash Flows 199 Culture 094 Notes 201 Sustainability 101 Notes to the Consolidated Statement of Financial Position 221 Our Approach 101 Notes to the Consolidated Income Statement 274 Our Progress 104 Additional Information 281 Environmental Impacts 104 Social Impacts 112 Shareholdings 292 Working Conditions in Our Supply Chain 114 Responsibility Statement 295 Non-Financial Statement 124 Reproduction of the Independent Auditor’s Report 296 GROUP MANAGEMENT REPORT Limited Assurance Report of the FINANCIAL REVIEW Independent Auditor Regarding the Internal Management System 126 Combined Non-financial Statement 305 Business Performance 130 ADDITIONAL INFORMATION Income Statement 132 Ten-Year Overview 309 Statement of Financial Position and Glossary 311 Statement of Cash Flows 140 Declaration of Support 314 Treasury 146 Financial Calendar 318 Financial Statements and Management Report of adidas AG 151 Disclosures Pursuant to § 315a Section 1 and § 289a Section 1 of the German Commercial Code and Explanatory Report 154 3 FINANCIAL HIGHLIGHTS 2020 (IFRS) Financial Highlights 2020 (IFRS) 2020 2019 Change Operating Highlights (€ in millions) Net sales 19,844 23,640 (16%) Gross profit 9,855 12,293 (20%) Other operating expenses 9,229 9,843 (6%) EBITDA 2,079 3,845 (46%) Operating profit 751 2,660 (72%) Net income from continuing operations 429 1,918 (78%) Net income attributable to shareholders1 432 1,976 (78%) Key Ratios Gross margin 49.7% 52.0% (2.3pp) Other operating expenses in % of net sales 46.5% 41.6% 4.9pp Operating margin 3.8% 11.3% (7.5pp) Effective tax rate 25.4% 25.0% 0.3pp Net income attributable to shareholders in % of net sales1 2.2% 8.4% (6.2pp) Average operating working capital in % of net sales 23.5% 18.1% 5.4pp Equity ratio2 30.7% 32.9% (2.2pp) Adjusted net borrowings/EBITDA 1.5 1.1 n.a. Financial leverage2 48.8% 61.4% (12.6pp) Return on equity1, 2 6.7% 29.1% (22.4pp) Balance Sheet and Cash Flow Data (€ in millions) Total assets 21,053 20,680 2% Inventories 4,397 4,085 8% Receivables and other current assets 3,763 4,338 (13%) Operating working capital 3,960 4,007 (1%) Shareholders’ equity 6,454 6,796 (5%) Capital expenditure 442 711 (38%) Net cash generated from operating activities1 1,486 2,819 (47%) Per Share of Common Stock (€) Basic earnings 2.15 9.70 (78%) Diluted earnings 2.15 9.70 (78%) Net cash generated from operating activities1 7.62 14.26 (47%) Dividend3 3.00 – n.a. Share price at year-end 297.90 289.80 3% Other (at year-end) Number of employees4 62,285 65,194 (4%) Number of shares outstanding 195,066,060 195,969,387 0% Average number of shares 195,155,924 197,606,107 (1%) 1 Includes continuing and discontinued operations. 2 Based on shareholders’ equity. 3 Subject to Annual General Meeting approval. 4 2019 figure restated due to inclusion of temporary contracts of up to six months (2019 headcounts excluding temporary contracts of up to six months: 59,333). 4 ANNUAL REPORT 2020 1 2 3 4 5 TO OUR SHAREHOLDERS GROUP MANAGEMENT REPORT - GROUP MANAGEMENT REPORT - CONSOLIDATED FINANCIAL ADDITIONAL INFORMATION OUR COMPANY FINANCIAL REVIEW STATEMENTS ABOUT THIS REPORT With the Annual Report 2020, adidas communicates financial and non-financial information in a combined publication. The report provides a comprehensive overview of the financial, environmental and social performance of adidas in the 2020 financial year. We publish our Annual Report exclusively in a digital format. It is available as a PDF and online version. The Online Report can be found at ► REPORT.ADIDAS.COM To enhance readability, registered trademarks as well as references to rounding differences, which may arise in percentages and totals, are omitted in this publication. In addition, we have used the masculine form throughout, although all such references are not intended to be gender-specific. The adidas Annual Report 2020 is available in English and German. The following symbols indicate important information: ► There is more information online or on a different page within the report. ⌐ ¬ These are parts of the non-financial statement that are covered by a separate limited assurance engagement. Term underlined in red: There is a detailed definition of this term in the glossary. Data and financial reporting standards The reporting period is the financial year from January 1 to December 31, 2020. To ensure this report is as current as possible, it includes all relevant information available up to the date of the Responsibility Statement, February 22, 2021. The consolidated financial statements and the Group Management Report are prepared in accordance with the principles of the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU), and additional requirements pursuant to the German Commercial Code (Handelsgesetzbuch – HGB). Internal Control over Financial Reporting (ICoFR) provides reasonable assurance regarding the reliability of financial reporting and compliance with applicable laws and regulations. To monitor the effectiveness of ICoFR, accounting-related processes are regularly reviewed. Independent assurance The consolidated financial statements prepared by adidas AG, including the statement of financial position, income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows, and the notes as well as the Group Management Report have been audited by KPMG AG Wirtschaftsprüfungsgesellschaft. ► SEE REPRODUCTION OF THE INDEPENDENT AUDITOR´S REPORT In addition, this report contains a combined non-financial statement for adidas AG and the Group. The content of the non-financial statement is covered by a separate limited assurance engagement of KPMG AG Wirtschaftsprüfungsgesellschaft. The assurance was conducted using the International Standard on Assurance Engagements ISAE 3000 (Revised). The content of the non-financial statement combined with further information in this report and on our corporate website is prepared with reference to the Global Reporting Initiative’s (GRI) Standards ‘Core’ option. The GRI content index can be found in our Online Report. ► SEE NON-FINANCIAL STATEMENT ► SEE LIMITED ASSURANCE REPORT OF THE INDEPENDENT AUDITOR ► REPORT.ADIDAS-GROUP.COM 5 ANNUAL REPORT 2020 1 2 3 4 5 TO OUR SHAREHOLDERS GROUP MANAGEMENT REPORT - GROUP MANAGEMENT REPORT - CONSOLIDATED FINANCIAL ADDITIONAL INFORMATION OUR COMPANY FINANCIAL REVIEW STATEMENTS It was not part of KPMG’s engagement to review the Online Report or references to external sources such as our corporate website. Forward-looking statements Our Group Management Report contains forward-looking statements that reflect Management’s current view with respect to the future development of our company. The outlook is based on estimates that we have made on the basis of all the information available to us at the time of completion of this Annual Report. In addition, such forward-looking statements are subject to uncertainties which are beyond the control of the company. In case the underlying assumptions turn out to be incorrect or described risks or opportunities materialize, actual results and developments may materially deviate (negatively or positively) from those expressed by such statements. adidas does not assume any obligation to update any forward-looking statements made in the Group Management Report beyond statutory disclosure obligations. ► SEE RISK AND OPPORTUNITY REPORT ► SEE OUTLOOK 6 ANNUAL REPORT 2020 1 2 3 4 5 TO OUR SHAREHOLDERS GROUP MANAGEMENT REPORT - GROUP MANAGEMENT REPORT - CONSOLIDATED FINANCIAL ADDITIONAL INFORMATION OUR COMPANY FINANCIAL REVIEW STATEMENTS 1 TO OUR SHAREHOLDERS LETTER FROM THE CEO _________________________________________________________________ 8 EXECUTIVE BOARD ____________________________________________________________________ 13 SUPERVISORY BOARD __________________________________________________________________ 17 SUPERVISORY BOARD REPORT __________________________________________________________ 21 DECLARATION ON CORPORATE GOVERNANCE ______________________________________________ 31 COMPENSATION REPORT _______________________________________________________________ 40 OUR SHARE __________________________________________________________________________ 63 7 ANNUAL REPORT 2020 1 2 3 4 5 TO OUR SHAREHOLDERS GROUP MANAGEMENT REPORT - GROUP MANAGEMENT REPORT - CONSOLIDATED FINANCIAL ADDITIONAL INFORMATION OUR COMPANY FINANCIAL REVIEW STATEMENTS LETTER FROM THE CEO KASPER RORSTED 2020 was a year like no other. Despite all the challenges, we used this year to make adidas
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