阿迪达斯Adidas AG (ADDDF) 2004年年度报告「OTC」.pdf

1、Impossible Is NothingDrive currency-neutral sales growth of 3 to 5%Bring major new technology evolutions andrevolutions to market:a3,ClimaCool,Predator,Roteiro football,F50 football boot,Ground Control System,T-MAC HUG SystemDeliver currency-neutral top-line growth at allbrands and in all regionsExp

2、and gross margin for the fifth consecutiveyearVisibly increase operating marginContinue to optimize working capitalmanagementContinue debt reductionDrive earnings growth of at least 10%Further increase shareholder valueCurrency-neutral sales grow 7%Major new technology evolutions andrevolutions come

3、 to market:a3,ClimaCool,Predator,Roteiro football,F50 football boot,Ground Control System,T-MAC HUG SystemCurrency-neutral revenues increase at allbrands and in all regionsGroup gross margin reaches record levelof 47.2%Operating margin improves by 1.1 percentagepoints to 9.0%Working capital as a per

4、centage of net salesreduced by 2.1pp to 20.8%Debt reduced by 352 million;lowestfinancial leverage since Salomon acquisitionGroup earnings grow 21%adidas-Salomon share price grows 32%,Executive Board to propose 30%dividendincrease at the upcoming AGM Deliver mid-to high-single-digit currency-neutral

5、sales growthBring major new concepts,technologyevolutions and revolutions to market:adidas_1,Stella,a3,Ground Control System,ClimaCool,Clima Compression,Predator,ForMotion,David Beckham range,Official World Cup Match BallGrow currency-neutral sales at all brands andin all regionsExceed medium-term g

6、ross margin range of 45 to 46%Achieve highest operating margin ever Continue to optimize working capitalmanagementInitiate share buyback program andincrease dividendsDrive comparable earnings growth of 10 to 15%versus the 2004 level of 314 millionFurther increase shareholder value 2004 TARGETS 2005