31.07.2014 adidas AG  DE000A1EWWW0

DGAP-Adhoc: adidas AG: adidas AG updates financial outlook following recent developments in Russia/CIS and continued weakness in the golf market, and announces strategic measures to secure and drive growth

adidas AG / Key word(s): Forecast 31.07.2014 08:45 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- FOR IMMEDIATE RELEASE July 31, 2014 AD-HOC: adidas AG updates financial outlook following recent developments in Russia/CIS and continued weakness in the golf market, and announces strategic measures to secure and drive growth Herzogenaurach - Following a meeting of the Executive Board of adidas AG, the Board announced important strategic decisions that have been taken to secure and drive growth and profitability as well as addressing recent developments. As these decisions will impact the Group's financial results, Management is also updating its financial outlook. Management now expects a mid- to high-single-digit currency-neutral sales increase for the full year 2014 and net income attributable to shareholders to be at a level of around EUR 650 million. In addition, Management postpones the delivery of its Route 2015 targets. For the second quarter, the Group's top-line momentum materially improved as expected. Sales increased 10% on a currency-neutral basis, driven by 14% growth at adidas and 9% growth at Reebok, while sales at TaylorMade-adidas Golf declined 18%. Currency effects continued to play a significantly negative role, impacting top-line results by over 7 percentage points in the quarter. As a result, sales in euro terms increased 2% to EUR 3.465 billion. Operating profit in the second quarter was EUR 220 million. Net income attributable to shareholders for the quarter was EUR 144 million. Currency translation, less favourable hedging rates, higher marketing spend for the 2014 FIFA World Cup(TM) as well as a significantly lower contribution from TaylorMade-adidas Golf offset the otherwise strong underlying growth from adidas and Reebok in most major categories and markets. Taking into account the strong top-line improvements at brand adidas and Reebok as well as recent developments in Russia/CIS and in the golf market, the following strategic decisions have been taken, which will impact the Group's financial development in the second half of 2014 and in 2015: - Firstly, poor retail sentiment and the slow liquidation of old inventory in the golf category across the globe will lead to a significantly more challenging top-line and margin development for TaylorMade-adidas Golf than originally expected in the second half of 2014. To ensure the successful execution of our strategy to drive long-term margin improvements in the golf category, we will take further measures to reduce inventory in the marketplace in the second half of 2014. In addition, we will also begin a restructuring programme at TaylorMade-adidas Golf to align the organisation's overhead to match lower expectations for the golf industry's development. - Secondly, the recent trend change in the Russian rouble as well as increasing risks to consumer sentiment and consumer spending from current tensions in the region point to higher risks to the short-term profitability contribution from Russia/CIS. As a result, Management has decided to significantly reduce its store opening plan in the market for 2014 and 2015, and to further increase the number of store closures. These steps are aimed to reduce risk and protect profit as well as to drive a faster implementation of new inventory management principles for that market. Nevertheless, Management remains very encouraged by increasing brand momentum for both adidas and Reebok as a result of local marketing investments as well as improving store operations. - Thirdly, following the strong performance at the 2014 FIFA World Cup(TM), and improving momentum at brand adidas and Reebok, Management has decided to step up marketing and point-of-sale investments over the next 18 months to secure and drive faster growth rates and market share gains, particularly in the developed markets such as North America and Western Europe. This is underpinned by a strong product pipeline in key performance categories as we further leverage our award-winning Boost(TM) technology as well as new product and collaboration initiatives in lifestyle. - Finally, to drive faster decision making and more effective and efficient consumer-focused strategies and execution in the marketplace, Management has completed an in-depth review of the Global Brands and Global Sales structures under the direction of recently appointed Executive Board members Eric Liedtke and Roland Auschel. This new organisational structure will take effect on August 1, 2014. Taking these developments and initiatives into account, Management now expects a mid- to high-single-digit currency-neutral sales increase (previously: high-single-digit increase) for the full year 2014 and net income attributable to shareholders to be at a level of around EUR 650 million (previously: EUR 830 million to EUR 930 million). In addition, given that there has been little relief in the currency markets, the significantly lower contribution projected from TaylorMade-adidas Golf as well as higher investments in marketing, the Group's Route 2015 targets are no longer achievable in the timeframe. This will be discussed in further detail as part of the adidas Group's half year financial results on August 7, 2014. *** Contacts: Media Relations Investor Relations Jan Runau John-Paul O'Meara Chief Corporate Communication Officer Vice President Investor Relations Tel.: +49 (0) 9132 84-3830 Tel.: +49 (0) 9132 84-2751 Katja Schreiber Christian Stoehr Director Corporate Communication Senior Investor Relations Manager Tel.: +49 (0) 9132 84-3810 Tel.: +49 (0) 9132 84-4989 Lars Mangels Corporate Communication Manager Tel.: +49 (0) 9132 84-2680 Please visit our corporate website: www.adidas-Group.com 31.07.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: adidas AG Adi-Dassler-Straße 1 91074 Herzogenaurach Germany Phone: +49 9132 84 0 Fax: +49 9132 84 2241 E-mail: Internet: www.adidas-group.com ISIN: DE000A1EWWW0, US00687A1079, US00687P1049 WKN: A1EWWW, A0MNCC , 909676 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------

Die wichtigsten Finanzdaten auf einen Blick
  2013 2014 2015 2016 2017 2018 2019 2020e
Umsatzerlöse1 14.492,00 14.534,00 16.915,00 19.291,00 21.218,00 21.915,00 23.640,00 20.300,00
EBITDA1,2 1.523,00 1.283,00 1.475,00 1.883,00 2.511,00 2.882,00 3.845,00 2.050,00
EBITDA-Marge3 10,51 8,83 8,72 9,76 11,83 13,15 16,26 10,10
EBIT1,4 1.202,00 883,00 1.039,00 1.491,00 2.070,00 2.368,00 2.660,00 1.060,00
EBIT-Marge5 8,29 6,08 6,14 7,73 9,76 10,81 11,25 5,22
Jahresüberschuss1 790,00 496,00 640,00 1.020,00 1.100,00 1.704,00 1.977,00 715,00
Netto-Marge6 5,45 3,41 3,78 5,29 5,18 7,78 8,36 3,52
Cashflow1,7 634,00 1.037,00 1.090,00 1.348,00 1.648,00 2.646,00 2.819,00 980,00
Ergebnis je Aktie8 3,76 2,67 3,15 4,99 5,38 8,45 9,70 3,35
Dividende8 1,50 1,50 1,60 2,00 2,60 3,35 3,85 0,00
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

WKN Kurs in € Einschätzung Börsenwert in Mio. €
A1EWWW 283,700 Halten 55.596,52
KGV 2021e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
35,02 25,69 1,338 52,39
9,41 19,72 2,35 14,608
Dividende '19 in € Dividende '20e in € Div.-Rendite '19e
in %
3,85 0,00 1,36 11.08.2020
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
27.04.2020 06.08.2020 10.11.2020 11.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
10,71% 13,76% -2,10% -0,49%
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