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Sport Knows No Boundaries. Sport Is Passion. All Over the World

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Sport Knows No Boundaries. Sport Is Passion. All Over the World ANNUAL REPORTANNUAL 2007 REPORT 2007 UNITED -UNITED-UNITED BY BY SPORT- SPORT- BY SPORT SPORT KNOWS NO BOUNDARIES. SPORT IS PASSION. ALL OVER THE WORLD. EVERY ATHLETE LIVES IT. AND WE DO, TOO. EVERY SECOND. FINANCIAL HIGHLIGHTS (IFRS) ADIDAS GROUP € in millions 2007 20061) Change 2007 2006 Change 2007 2007 2008 FINANCIAL CALENDAR Operating Highlights (€ in millions) adidas Sales 10,299 10,084 2.1 % Sales 7,113 6,626 7.3 % 2008 EBITDA 1,165 1,078 8.0 % Gross profi t 3,370 3,059 10.2 % Operating profi t 949 881 7.8 % Gross margin 47.4 % 46.2 % 1.2 pp Net income attributable to shareholders 551 483 14.2 % Operating profi t 920 788 16.8 % Operating margin 12.9 % 11.9 % 1.0 pp Key Ratios (%) Number of employees 18,678 14,906 25.3 % Gross margin 47.4 % 44.6 % 2.8 pp Operating expenses as a percentage of sales 39.2 % 36.7 % 2.5 pp Reebok 3) Operating margin 9.2 % 8.7 % 0.5 pp Sales 2,333 2,473 (5.7 %) Effective tax rate 31.8 % 31.4 % 0.4 pp Gross profi t 902 865 4.4 % Net income attributable to shareholders as a percentage of sales 5.4 % 4.8 % 0.6 pp Gross margin 38.7 % 35.0 % 3.7 pp Operating working capital as a percentage of sales 25.2 % 25.8 % (0.6 pp) Operating profi t 109 86 26.8 % Equity ratio 36.3 % 33.8 % 2.6 pp Operating margin 4.7 % 3.5 % 1.2 pp Financial leverage 58.4 % 78.9 % (20.5 pp) Number of employees 6,751 7,545 (10.5 %) Return on equity 18.2 % 17.1 % 1.2 pp 4) TaylorMade-adidas Golf Balance Sheet and Cash Flow Data (€ in millions) Sales 804 856 (6.0 %) Total assets 8,325 8,379 (0.6 %) Gross profi t 360 376 (4.2 %) Inventories 1,629 1,607 1.3 % Gross margin 44.7 % 43.9 % 0.8 pp Receivables and other current assets 2,048 1,913 7.1 % Operating profi t 65 73 (10.0 %) Working capital 1,708 1,733 (1.5 %) Operating margin 8.1 % 8.5 % (0.4 pp) Net borrowings 1,766 2,231 (20.9 %) Number of employees 1,393 1,368 1.8 % Shareholders‘ equity 3,023 2,828 6.9 % Capital expenditure 289 277 4.3 % Net cash provided by operating activities 780 762 2.4 % NET SALES € in millions Per Share of Common Stock (€) 6,267 Basic earnings 2.71 2.37 14.1 % 2003 Diluted earnings 2.57 2.25 13.9 % 2004 5) 5,860 Operating cash fl ow 3.83 3.74 2.5 % 2005 5) 6,636 2) Dividend 0.50) 0.42 19.0 % 2006 1) 10,084 Share price at year-end 51.26 37.73 35.9 % 2007 10,299 Other (at year-end) Number of employees 31,344 26,376 18.8 % Number of shares outstanding 203,628,960 203,536,860 0.0 % NET INCOME ATTRIBUTABLE TO SHAREHOLDERS Average number of shares 203,594,975 203,386,104 0.1 % € in millions 2003 260 2004 314 Rounding differences may arise in percentages and totals. 383 1) Including Reebok business segment from February 1, 2006 onwards. 2005 Including Greg Norman apparel business from February 1, 2006 to November 30, 2006. 1) 483 2) Subject to Annual General Meeting approval. 2006 3) 2006 fi gures only include eleven months of the twelve-month period. 4) 2006 fi gures include Greg Norman apparel business from February 1 to November 30. 2007 551 5) Figures refl ect continuing operations as a result of the divestiture of the Salomon business segment. 2007 2007 2008 TARGETS RESULTS TARGETS --- --- --- Mid-single-digit Net sales reach € 10.3 billion; High-single-digit currency-neutral sales growth Group currency-neutral sales grow 7 % currency-neutral sales growth GROUP KEY FIGURES ADIDAS GROUP KEY FIGURES ADIDAS --- --- --- Bring major new concepts, Major 2007 product launches: Bring major new concepts, technology evolutions and adidas technology evolutions and revolutions to market new technologies in adiSTAR, revolutions to market SuperNova and Response running shoe families, Stella McCartney “Gym / Yoga” collection, TechFit™ apparel Reebok running shoes Trinity KFS II and HATANA, Rbk EDGE Uniform System™ apparel collection Rockport fi rst footwear collection incorporating adidas Torsion ® technology TaylorMade-adidas Golf AND RESULTS TARGETS AND RESULTS TARGETS r7 ® SuperQuad drivers, POWERBAND shoe, Clima concept extended to Golf apparel --- --- --- Currency-neutral sales Currency-neutral sales increase 12 % at adidas, Currency-neutral sales to grow to grow at all brands remain stable at Reebok and grow 9 % on a like-for-like basis at all brands and in all regions and in all regions at TaylorMade-adidas Golf; currency-neutral sales grow except North America in all regions except North America --- --- --- Gross margin range 45 – 47 % Gross margin: 47.4 % Gross margin range 47.5 % and 48 % --- --- --- Operating margin around 9 % Operating margin: 9.2 % Operating margin to be at least 9.5 % --- --- --- Reduce operating working capital Operating working capital as a percentage Further reduce operating working capital as a percentage of sales to below 25 % of sales: 25.2 % as a percentage of sales --- --- --- Capital expenditure range € 300 million – € 400 million Capital expenditure: € 289 million Capital expenditure range € 300 million – € 400 million --- --- --- Reduce year-end net borrowings Net borrowings reduced to € 1.766 billion; Maintain or further reduce net borrowings to below € 2 billion year-end fi nancial leverage: 58.4 % despite share buyback --- --- --- Net income growth Highest ever net income attributable Net income to grow to approach 15 % to shareholders at € 551 million (+ 14 %) at least 15 % --- --- --- Further increase shareholder value adidas AG share increased 36 %, outperforming DAX-30 Further increase shareholder value and MSCI World Textiles, Apparel and Luxury Goods Index; 19 % dividend increase proposed; share buyback program initi- ated in January 2008 SPORT IS PASSION. INTENSITY. IT CREATES EXCITEMENT AND ENTHUSIASM ALL OVER THE WORLD. IN EVERY ATHLETE. IN EVERY SPORTS FAN. WE WERE THE FIRST COMPANY TO DEFINE SPORT ON A GLOBAL SCALE. AND WE REDEFINE IT EVERY DAY. THROUGH OUR GROUP VALUES: PERFORMANCE, PASSION, INTEGRITY AND DIVERSITY. THE ADIDAS GROUP LIVES FOR SPORT LIKE NO OTHER COMPANY. ALL OF OUR BRANDS SHARE THIS UNCOMPROMISING DEDICATION. UNITED -UNITED BY SPORT- BY SPORT -- YOUR FAVORITE COVER -- DO YOU WANT TO SEE YOUR FAVORITE PRODUCT OR CAMPAIGN ON THE FRONT OF THIS REPORT? NO PROBLEM. JUST REPLACE THE STARTER INSERT WITH THE IMAGE OF YOUR CHOICE FROM CHAPTER 04. EXPERIENCE & AMBITION YOUR INDIVIDUAL EXCELLENCE. YOUR MUTUAL RESPECT. YOUR UNWAVERING FOCUS. YOUR UNBREAKABLE WILLPOWER. THIS IS WHAT MAKES A GREAT TEAM. DEMONSTRATED SUCCESSFULLY BY 2007 UEFA CHAMPIONS LEAGUE™ WINNER A. C. MILAN. -UNITED BY PERFORMANCE- ENTHUSIASM & DEDICATION YOUR DRIVE FOR SUCCESS. YOUR TOTAL COMMITMENT. YOUR WORLD-CLASS PERFORMANCE. AND YOUR ONE-OF-A-KIND ENTHUSIASM THAT INSPIRES EVERYONE ELSE. -UNITED BY PASSION- CAROLINA KLÜFT DISCIPLINE: HEPTATHLON BIRTHDATE: FEBRUARY 2, 1982 PLACE OF BIRTH: BORAS, SWEDEN HEIGHT / WEIGHT: 5 FT 10 IN (1.78 M) / 143 LB (65 KG) NATIONALITY: SWEDISH YOUR PASSION, TALENT AND ABSOLUTE DEDICATION ARE THE KEYS TO YOUR SUCCESS. DEMONSTRATED SUCCESSFULLY BY CAROLINA KLÜFT: CAREER HIGHLIGHTS & AWARDS - 2007 - WORLD CHAMPION (HEPTATHLON) EUROPEAN INDOOR CHAMPION (PENTATHLON) - 2006 - EUROPEAN ATHLETE OF THE YEAR (WOMEN) EUROPEAN CHAMPION (HEPTATHLON) - 2005 - WORLD CHAMPION (HEPTATHLON) EUROPEAN INDOOR CHAMPION (PENTATHLON) - 2004 - OLYMPIC CHAMPION (HEPTATHLON) - 2003 - WORLD CHAMPION (HEPTATHLON) WORLD INDOOR CHAMPION (PENTATHLON) - 2002 - EUROPEAN CHAMPION (HEPTATHLON) JUNIOR WORLD CHAMPION (HEPTATHLON) EUROPEAN INDOOR BRONZE MEDALIST (PENTATHLON) - 2001 - JUNIOR EUROPEAN CHAMPION (HEPTATHLON) - 2000 - JUNIOR WORLD CHAMPION (HEPTATHLON) --- TRACY McGRADY DISCIPLINE: BASKETBALL POSITION: SHOOTING GUARD / SMALL FORWARD TEAM: HOUSTON ROCKETS BIRTHDATE: MAY 24, 1979 PLACE OF BIRTH: BARTOW, FLORIDA, USA HEIGHT / WEIGHT: 6 FT 8 IN (2.03 M) / 223 LB (101 KG) NATIONALITY: US-AMERICAN YOUR TEAM SPIRIT HELPS YOU BREAK DOWN BOUNDARIES. DEMONSTRATED SUCCESSFULLY BY TRACY McGRADY: CAREER HIGHLIGHTS & AWARDS - 2007 - 7-TIME NBA ALL-STAR (2001 TO 2007) - 2003 - NBA SCORING CHAMPION (2002 AND 2003) - 2001 - NBA MOST IMPROVED PLAYER AWARD --- YAO MING DISCIPLINE: BASKETBALL POSITION: CENTER TEAM: HOUSTON ROCKETS BIRTHDATE: SEPTEMBER 12, 1980 PLACE OF BIRTH: SHANGHAI, PEOPLE’S REPUBLIC OF CHINA HEIGHT / WEIGHT: 7 FT 6 IN (2.29 M) / 310 LB (141 KG) NATIONALITY: CHINESE YOUR TEAM SPIRIT HELPS YOU BREAK DOWN BOUNDARIES. DEMONSTRATED SUCCESSFULLY BY YAO MING: CAREER HIGHLIGHTS & AWARDS - 2007 - 5-TIME NBA ALL-STAR (2003 TO 2007) TALENT & TEAMWORK ALL-NBA, SECOND TEAM - 2006 - WESTERN CONFERENCE PLAYER OF THE MONTH ALL-NBA, THIRD TEAM (2004 AND 2006) - 2003 - NBA ALL-ROOKIE, FIRST TEAM -UNITED BY DIVERSITY- TSN NBA ROOKIE OF THE YEAR LAUREUS WORLD NEWCOMER OF THE YEAR AWARD --- TALENT & TEAMWORK CELEBRATING YOUR DIFFERENCES. EMBRACING CHANGE. AND BRINGING OUT THE BEST IN EACH OTHER. THIS IS WHAT MAKES A WINNING COMBINATION. -UNITED BY DIVERSITY- TENACITY & COMPASSION STEPPING UP TO THE PLATE. STICKING TO YOUR PRINCIPLES. STANDING UP FOR FAIR PLAY. -UNITED BY INTEGRITY- DAVID ORTIZ DISCIPLINE: BASEBALL POSITION: DESIGNATED HITTER TEAM: BOSTON RED SOX BIRTHDATE: NOVEMBER 18, 1975 PLACE OF BIRTH: SANTO DOMINGO, DOMINICAN REPUBLIC HEIGHT / WEIGHT: 6 FT 4 IN (1.93 M) / 230 LB (104 KG) NATIONALITY: US-AMERICAN BEING REAL, STRONG, AND COURAGEOUS. THIS IS WHAT TAKES YOU TO NEW LEVELS. DEMONSTRATED SUCCESSFULLY BY DAVID ORTIZ: CAREER HIGHLIGHTS & AWARDS - 2007 - 4-TIME MLB ALL-STAR (2004 TO 2007) 5-TIME TOP 5 MVP VOTE-RECEIVER (2003 TO 2007) 4-TIME WINNER OF THE SILVER SLUGGER AWARD (2004 TO 2007) 5-TIME WINNER OF THE EDGAR MARTINEZ AWARD (2003 TO 2007) MEMBER OF THE WORLD SERIES CHAMPION BOSTON RED SOX BASEBALL TEAM (2004 AND 2007) LED THE
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