AD-HOC: adidas Group announces preliminary first quarter 2012 results
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AD-HOC: adidas Group announces preliminary first quarter 2012 results
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AD-HOC: adidas Group announces preliminary first quarter 2012 results,
commercial irregularities at Reebok India Company and increased 2012 financial
outlook
Herzogenaurach - Management is providing preliminary first quarter figures which
are materially above market expectations. In the first quarter of 2012, adidas
Group revenues increased 14% on a currency-neutral basis or 17% in euro terms to
? 3.8 billion. Growth rates in Greater China and Japan as well as at TaylorMade-
adidas Golf were stronger than originally anticipated. Despite a 0.7 percentage
points decline in the Group's gross margin to 47.7%, Group operating margin
improved 1.1 percentage points to 10.7%. In absolute terms, Group operating
profit grew 30% to ? 409 million. Due to lower financial expenses and a lower
tax rate, the Group's net income attributable to shareholders increased 38% to ?
289 million.
In addition, Management also announces that commercial irregularities discovered
at Reebok India Company, in India, will likely affect the consolidated financial
statements of the adidas Group. The currently estimated maximum negative impact
could be up to a pre-tax amount of ? 125 million. Due to the sensitivity of the
on-going investigation, specific details will be disclosed as appropriate in due
course. As these irregularities have been deemed to have occurred prior to the
2012 financial year, the adidas Group might have to restate prior-year
consolidated financial statements in line with the requirements of IAS 8. The
financial statements of adidas AG will not be affected by this issue. Management
assures its stakeholders that it has, and will continue to, vigorously pursue a
course of action to protect the Group's interests, which has already resulted in
the appointment of a new local leadership team in India at the end of March.
Under this new leadership team, Management is further planning an accelerated
restructuring of its business activities in India, including significant changes
to its commercial business practices. This could lead to additional one-time
charges in the remaining quarters of 2012 in an estimated amount of up to ? 70
million.
Taking into account the stronger than expected first quarter financial
performance, the continuing strong momentum of the Group's brands in key
markets, as well as the impacts from potential one-time charges for 2012,
Management is updating its financial forecasts for the full year accordingly.
Group sales for the full year are now expected to grow at a rate approaching
10% on a currency-neutral basis (previously: mid- to high-single-digit). Net
income attributable to shareholders is expected to increase at a rate between
12% and 17% (previously: between 10% and 15%).
***
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 Investor Relations Manager
Tel.: +49 (0) 9132 84-3810 Tel.: +49 (0) 9132 84-4989
Lars Mangels Johannes Fink
Corporate Communication Manager Investor Relations Manager
Tel.: +49 (0) 9132 84-2680 Tel.: +49 (0) 9132 84-3461
Please visit our corporate website: www.adidas-Group.com
Attachment: Press release adidas Group First Quarter 2011 Results:
http://hugin.info/139192/R/1607188/509727.pdf
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Source: adidas AG via Thomson Reuters ONE
[HUG#1607188]
Unternehmensinformation / Kurzprofil:
Datum: 30.04.2012 - 07:34 Uhr
Sprache: Deutsch
News-ID 140347
Anzahl Zeichen: 4989
contact information:
Town:
Herzogenaurach
Kategorie:
Business News
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