Income Statement adidas AG

Equities

DE000A1EWWW0

Footwear

Market Closed - Xetra Other stock markets 09:05:14 06/09/2024 pm IST			5-day change	1st Jan Change
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05/09	Investor pressure on Nike builds over garment workers' rights	RE
04/09	ADIDAS : RBC reaffirms its Buy rating	ZD

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Published financial data: ADIDAS AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	2.36TCr	1.98TCr	2.12TCr	2.25TCr	2.14TCr
Total Revenues	2.36TCr	1.98TCr	2.12TCr	2.25TCr	2.14TCr
Cost of Goods Sold, Total	1.13TCr	999Cr	1.05TCr	1.18TCr	1.12TCr
Gross Profit	1.23TCr	985.4Cr	1.08TCr	1.07TCr	1.02TCr
Selling General & Admin Expenses, Total	969.1Cr	899.6Cr	881Cr	1TCr	991.4Cr
Provision for Bad Debts	-	11Cr	60L	6.3Cr	1.9Cr
R&D Expenses	-	-	-	-	-
Other Operating Expenses	-7.6Cr	-20L	-4.1Cr	-12Cr	-3Cr
Other Operating Expenses, Total	961.5Cr	910.8Cr	877.5Cr	996.2Cr	990.3Cr
Operating Income	267.8Cr	75Cr	199Cr	73Cr	28Cr
Interest Expense, Total	-16Cr	-16Cr	-11Cr	-14Cr	-16Cr
Interest And Investment Income	-	2.5Cr	1.2Cr	2.3Cr	3.9Cr
Net Interest Expenses	-16Cr	-14Cr	-9.9Cr	-11Cr	-12Cr
Currency Exchange Gains (Loss)	-50L	-3.7Cr	-3.7Cr	-17Cr	-12Cr
Other Non Operating Income (Expenses)	6.4Cr	20L	10L	-10L	4.1Cr
EBT, Excl. Unusual Items	257.7Cr	57Cr	185.5Cr	45Cr	7.9Cr
Restructuring Charges	-	-	-	-5Cr	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-2.5Cr	-80L	-1.3Cr	-1.3Cr
Asset Writedown	-1.8Cr	-	-	-	-
Other Unusual Items	-	2.9Cr	50L	-	-
EBT, Incl. Unusual Items	255.9Cr	58Cr	185.2Cr	39Cr	6.6Cr
Income Tax Expense	64Cr	15Cr	36Cr	13Cr	12Cr
Earnings From Continuing Operations	191.9Cr	43Cr	149.2Cr	25Cr	-5.8Cr
Earnings Of Discontinued Operations	5.9Cr	1.3Cr	67Cr	38Cr	4.4Cr
Net Income to Company	197.8Cr	44Cr	215.8Cr	64Cr	-1.4Cr
Minority Interest	-20L	-1.1Cr	-4.2Cr	-2.6Cr	-6.1Cr
Net Income - (IS)	197.6Cr	43Cr	211.6Cr	61Cr	-7.5Cr
Net Income to Common Incl Extra Items	197.6Cr	43Cr	211.6Cr	61Cr	-7.5Cr
Net Income to Common Excl. Extra Items	191.7Cr	42Cr	145Cr	23Cr	-12Cr
Per Share Items
Net EPS - Basic	10	2.21	10.9	3.34	-0.42
Basic EPS - Continuing Operations	9.7	2.15	7.47	1.24	-0.67
Basic Weighted Average Shares Outstanding	20Cr	20Cr	19Cr	18Cr	18Cr
Net EPS - Diluted	10	2.21	10.9	3.34	-0.42
Diluted EPS - Continuing Operations	9.7	2.15	7.47	1.24	-0.67
Diluted Weighted Average Shares Outstanding	20Cr	20Cr	19Cr	18Cr	18Cr
Normalized Basic EPS	8.14	1.78	5.75	1.4	-0.07
Normalized Diluted EPS	8.14	1.78	5.75	1.4	-0.07
Dividend Per Share	-	3	3.3	0.7	0.7
Payout Ratio	33.6	-	27.65	99.67	-166.67
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	389.2Cr	130.7Cr	250.7Cr	126.3Cr	78Cr
EBITA	389.2Cr	85Cr	208.6Cr	83Cr	39Cr
EBIT	267.8Cr	75Cr	199Cr	73Cr	28Cr
EBITDAR	407.1Cr	146Cr	265.8Cr	139.5Cr	93Cr
Effective Tax Rate - (Ratio)	25.01	25.35	19.44	34.54	187.88
Total Current Taxes	-	34Cr	38Cr	16Cr	27Cr
Total Deferred Taxes	-	-19Cr	-1.7Cr	-2.3Cr	-15Cr
Normalized Net Income	160.86Cr	35Cr	111.74Cr	26Cr	-1.16Cr
Interest on Long-Term Debt	-	9Cr	6.6Cr	8.3Cr	8.6Cr
Non-Cash Pension Expense	50L	30L	40L	30L	30L
Supplemental Operating Expense Items
Marketing Expenses	-	-	-	-	-
Selling and Marketing Expenses	803.9Cr	753.5Cr	732.9Cr	836.4Cr	807.5Cr
General and Administrative Expenses	165.2Cr	146.1Cr	148.1Cr	165.1Cr	183.9Cr
Research And Development Expense From Footnotes	-	-	-	-	-
Net Rental Expense, Total	18Cr	15Cr	15Cr	13Cr	14Cr
Imputed Operating Lease Interest Expense	7.01Cr	3.77Cr	2.39Cr	2.45Cr	3.02Cr
Imputed Operating Lease Depreciation	11Cr	12Cr	13Cr	11Cr	11Cr
Stock-Based Comp., Other (Total)	-	9.92Cr	5.6Cr	3.93Cr	6.23Cr
Total Stock-Based Compensation	-	9.92Cr	5.6Cr	3.93Cr	6.23Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	222Cr	399.4Cr	382.8Cr	80Cr	143.1Cr
Short Term Investments	-	5.5Cr	7.1Cr	7.8Cr	4.8Cr
Trading Asset Securities, Total	29Cr	-	-	-	-
Total Cash And Short Term Investments	251.2Cr	404.9Cr	389.9Cr	88Cr	147.9Cr
Accounts Receivable, Total	264.2Cr	196.8Cr	219Cr	254.4Cr	191.6Cr
Other Receivables	59Cr	73Cr	78Cr	99Cr	85Cr
Notes Receivable	3.4Cr	60L	1.2Cr	-	-
Total Receivables	326.8Cr	270Cr	297.7Cr	353.3Cr	276.7Cr
Inventory	408.5Cr	439.7Cr	400.9Cr	597.3Cr	452.5Cr
Prepaid Expenses	29Cr	20Cr	27Cr	25Cr	44Cr
Other Current Assets, Total	78Cr	80Cr	278.9Cr	110Cr	60Cr
Total Current Assets	1.09TCr	1.22TCr	1.39TCr	1.17TCr	980.9Cr
Gross Property Plant And Equipment	733.6Cr	675.6Cr	714.1Cr	757.2Cr	711.1Cr
Accumulated Depreciation	-202.5Cr	-216.9Cr	-231.6Cr	-262.8Cr	-270.7Cr
Net Property Plant And Equipment	531.1Cr	458.7Cr	482.5Cr	494.4Cr	440.4Cr
Long-term Investments	37Cr	35Cr	29Cr	30Cr	30Cr
Goodwill	125.7Cr	120.8Cr	122.8Cr	126Cr	123.8Cr
Other Intangibles, Total	116.4Cr	100.2Cr	35Cr	43Cr	44Cr
Loans Receivable Long-Term	15Cr	17Cr	-	-	-
Deferred Tax Assets Long-Term	109.3Cr	123.3Cr	126.3Cr	121.6Cr	135.8Cr
Other Long-Term Assets, Total	41Cr	35Cr	24Cr	41Cr	47Cr
Total Assets	2.07TCr	2.11TCr	2.21TCr	2.03TCr	1.8TCr
Liabilities
Accounts Payable, Total	270.3Cr	239Cr	229.4Cr	290.8Cr	227.6Cr
Accrued Expenses, Total	229.1Cr	293.8Cr	347.5Cr	329.9Cr	299.1Cr
Current Portion of Long-Term Debt	4.3Cr	69Cr	2.9Cr	53Cr	55Cr
Current Portion of Leases	73Cr	56Cr	57Cr	64Cr	54Cr
Current Income Taxes Payable	62Cr	56Cr	54Cr	30Cr	32Cr
Unearned Revenue Current, Total	-	7.5Cr	8.6Cr	8Cr	11Cr
Other Current Liabilities	236.6Cr	161.3Cr	197.2Cr	149.8Cr	125Cr
Total Current Liabilities	875.4Cr	882.7Cr	896.5Cr	925.7Cr	804.3Cr
Long-Term Debt	159.5Cr	248.2Cr	246.6Cr	294.6Cr	243Cr
Long-Term Leases	239.9Cr	215.9Cr	226.3Cr	234.3Cr	203.9Cr
Unearned Revenue Non Current	-	50L	70L	60L	40L
Pension & Other Post Retirement Benefits	23Cr	28Cr	27Cr	12Cr	14Cr
Deferred Tax Liability Non Current	28Cr	24Cr	12Cr	14Cr	15Cr
Other Non Current Liabilities	37Cr	36Cr	21Cr	14Cr	29Cr
Total Liabilities	1.36TCr	1.44TCr	1.43TCr	1.49TCr	1.31TCr
Common Stock, Total	20Cr	20Cr	19Cr	18Cr	18Cr
Retained Earnings	655.5Cr	673.3Cr	725.9Cr	434.7Cr	414.5Cr
Comprehensive Income and Other	4.5Cr	-47Cr	6.8Cr	46Cr	26Cr
Total Common Equity	679.6Cr	645.4Cr	751.9Cr	499.1Cr	458Cr
Minority Interest	26Cr	24Cr	32Cr	36Cr	34Cr
Total Equity	705.7Cr	669.1Cr	783.7Cr	535.1Cr	492.5Cr
Total Liabilities And Equity	2.07TCr	2.11TCr	2.21TCr	2.03TCr	1.8TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	20Cr	20Cr	19Cr	18Cr	18Cr
ECS Total Common Shares Outstanding	20Cr	20Cr	19Cr	18Cr	18Cr
Book Value / Share	34.68	33.09	39.24	27.95	25.65
Tangible Book Value	437.5Cr	424.4Cr	593.9Cr	330.2Cr	290Cr
Tangible Book Value Per Share	22.32	21.76	31	18.49	16.24
Total Debt	477Cr	589Cr	533.1Cr	645.9Cr	556.3Cr
Net Debt	225.8Cr	184.1Cr	143.2Cr	558.3Cr	408.4Cr
Debt Equivalent of Unfunded Proj. Benefit Obligation	22Cr	28Cr	26Cr	11Cr	13Cr
Debt Equivalent Oper. Leases	143.2Cr	122.4Cr	120.8Cr	105.6Cr	113.6Cr
Minority Interest, Total (Incl. Fin. Div)	26Cr	24Cr	32Cr	36Cr	34Cr
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	60L	80L	70L	90L	80L
Inventories - Work In Process, Total	-	-	-	-	-
Inventories - Finished Goods, Total	415.9Cr	456Cr	415.1Cr	618.9Cr	483.4Cr
Land - (BS)	184.2Cr	185.2Cr	209.3Cr	229.1Cr	230Cr
Machinery, Total	234.2Cr	221.6Cr	226.7Cr	238.6Cr	240.8Cr
Full Time Employees	53.22T	54.72T	53.87T	51.78T	51.56T
Accumulated Allowance for Doubtful Accounts (Supple)	19Cr	27Cr	21Cr	23Cr	23Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	197.6Cr	43Cr	211.6Cr	61Cr	-7.5Cr
Depreciation & Amortization - CF	-	114.1Cr	104.6Cr	111.9Cr	99Cr
Amortization of Goodwill and Intangible Assets - (CF)	121.4Cr	10Cr	9.6Cr	10Cr	11Cr
Depreciation & Amortization, Total	121.4Cr	124.5Cr	114.2Cr	122.1Cr	109.5Cr
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	1.1Cr	2.8Cr	1.3Cr	1.6Cr	2Cr
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-80L	12Cr	-2.7Cr	15Cr	7.5Cr
Net Cash From Discontinued Operations	-90L	-30L	32Cr	-8.5Cr	-
Other Operating Activities, Total	-12Cr	-8.5Cr	-55Cr	-46Cr	9.1Cr
Change In Accounts Receivable	-69Cr	39Cr	-17Cr	-82Cr	100Cr
Change In Inventories	-50Cr	-50Cr	12Cr	-190.1Cr	129.7Cr
Change In Accounts Payable	95Cr	-14Cr	23Cr	72Cr	-87Cr
Cash from Operations	281.9Cr	148.6Cr	319.2Cr	-54Cr	263Cr
Capital Expenditure	-60Cr	-38Cr	-49Cr	-50Cr	-36Cr
Sale of Property, Plant, and Equipment	1.3Cr	1.7Cr	10L	10L	1Cr
Cash Acquisitions	5.4Cr	-	-	-	-
Divestitures	2.8Cr	4.2Cr	1.2Cr	1.2Cr	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-11Cr	-6Cr	-17Cr	-19Cr	-14Cr
Investment in Marketable and Equity Securities, Total	-36Cr	24Cr	4.9Cr	-1.3Cr	2.3Cr
Other Investing Activities, Total	5.2Cr	2.5Cr	18Cr	118.9Cr	2Cr
Cash from Investing	-92Cr	-12Cr	-42Cr	50Cr	-45Cr
Short Term Debt Issued, Total	-	54Cr	-	-	30L
Long-Term Debt Issued, Total	-	149Cr	-	99Cr	-
Total Debt Issued	-	203.3Cr	-	99Cr	30L
Short Term Debt Repaid, Total	-4.2Cr	-52Cr	-7.9Cr	-1.8Cr	-
Long-Term Debt Repaid, Total	-60Cr	-61Cr	-117.2Cr	-63Cr	-110.3Cr
Total Debt Repaid	-64Cr	-113Cr	-125.1Cr	-65Cr	-110.3Cr
Issuance of Common Stock	2.4Cr	2.5Cr	2.7Cr	2.5Cr	2.5Cr
Repurchase of Common Stock	-84Cr	-29Cr	-103.2Cr	-253Cr	-2.9Cr
Common Dividends Paid	-66Cr	-	-58Cr	-61Cr	-12Cr
Common & Preferred Stock Dividends Paid	-66Cr	-	-58Cr	-61Cr	-12Cr
Other Financing Activities, Total	-16Cr	-16Cr	-15Cr	-19Cr	-20Cr
Cash from Financing	-227.3Cr	48Cr	-299.1Cr	-296.3Cr	-142.5Cr
Foreign Exchange Rate Adjustments	-3Cr	-7.5Cr	5.7Cr	-1.9Cr	-4Cr
Miscellaneous Cash Flow Adjustments	-10L	-10L	-	-	-8.2Cr
Net Change in Cash	-41Cr	177.4Cr	-17Cr	-303Cr	63Cr
Supplemental Items
Cash Interest Paid	-	16Cr	11Cr	14Cr	16Cr
Cash Income Tax Paid (Refund)	-	40Cr	44Cr	42Cr	31Cr
Levered Free Cash Flow	205.58Cr	118.7Cr	55Cr	-15Cr	211.73Cr
Unlevered Free Cash Flow	215.58Cr	128.94Cr	62Cr	-6.32Cr	221.73Cr
Change In Net Working Capital	2.4Cr	8.2Cr	115.5Cr	108.7Cr	-138.8Cr
Net Debt Issued / Repaid	-64Cr	90Cr	-125.1Cr	34Cr	-110Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	9.22	2.23	5.76	2.16	0.91
Return on Total Capital	16.77	3.82	9.66	3.66	1.57
Return On Equity %	28.6	6.26	20.54	3.85	-1.13
Return on Common Equity	29.1	6.32	20.75	3.64	-2.49
Margin Analysis
Gross Profit Margin %	52	49.66	50.7	47.51	47.52
SG&A Margin	40.99	45.33	41.49	44.49	46.27
EBITDA Margin %	16.46	6.59	11.81	5.61	3.66
EBITA Margin %	16.46	4.28	9.82	3.7	1.8
EBIT Margin %	11.33	3.76	9.37	3.25	1.31
Income From Continuing Operations Margin %	8.12	2.17	7.03	1.13	-0.27
Net Income Margin %	8.36	2.18	9.97	2.72	-0.35
Net Avail. For Common Margin %	8.11	2.11	6.83	1.01	-0.56
Normalized Net Income Margin	6.8	1.75	5.26	1.14	-0.05
Levered Free Cash Flow Margin	8.7	5.98	2.6

Income Statement adidas AG

Equities

ADS

DE000A1EWWW0

Footwear