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Page 1 SCHOOL OF ARCHITECTURE, BUILDING AND DESIGN THE DESIGN SCHOOL FOUNDATION IN NATURAL AND BUILD ENVIRONMENTS GROUP MEMBERS : LOH PEY MUN ( 0318572 ) MICHAEL CHANG VUI LOONG (031998) SIM SI KAI (0318609) COURSE : BASIC ACCOUNTING COURSE CODE : ACC30205 TITLE : FINANCIAL RATIO ANALYSIS LECTURER : MR.CHANG JAU HO SUBMISSION DATE : 16 JAN 2015
Page 2 CONTENTS 1 Cover Page 1 2 Contents 2 3 Adidas Group -Introduction -Brief History -Board of Directors -Recent Development 3 - 5 4 Profitability Ratios 6 5 Stability Ratios 7 6 Price/Earnings Ratio 8 7 Investment Recommendation 9 8 Appendix – Income Statement 2012 & 2013 – Balance Sheet 2012 & 2013 10-16 9 References 17
Page 3 ADIDAS GROUP ο‚· INTRODUCTION Adidas is a German multinational corporation that design and manufactures sports clothing and accessories. The company is based in Herzogenaurach, Bararia, Germany. It is the holding company for the Adidas Group which consists of the Reebook, TaylorMade-Adidas, Rockport, FC Bayern Munich and Ashworth. Adidas is the biggest sport-wear manufacturer in Europe and the second largest sport-wear manufacturer in the world, after Nike. The company’s products designs classically feature 3 parallel bars, and the same motif is incorporated into Adidas’s current official logo (below). The company revenue for 2013 was listed at 14.88 billion. ο‚· BRIEF HISTORY Adidas was found by Adolf Dassler. On 1 July 1924, Adolf with his brother, Rudolf Dassler which become Dassler Brothers Shoe Factory. By 1936 Summer Olympic, Adolf Dassler persuaded U.S. sprinter Jesse Owens to use his product. It was the first sponsorship for an African American. After that, both brothers joined the Nazi Party, but Rudolf more closely to the party. After the war, Rudolf was chosen up by American soldiers and became the member of the Waffen SS, he was felt that his brother betrayed him. 1947, the brothers split up. Rudolf formed a new firm called Ruda (Puma).On August 18, 1949, Adolf registered the β€œAdi Dassler Adidas Sportschunfabrik” and the famous Adidas 3-sreipes logo in Herzogenaurach. In 2005, Adidas introduced the Adidas 1 , the first production shoe to use the microprocessor capable to perform 5 million calculations per second. On 11 April 2006, Adidas announced an 11-year deal to become the official NBA clothes provider. For many years, Adidas has branded range of male and female deodorants, perfumes, aftershave, lotions and other accessories.β€œImpossible is Nothing ”become the slogan of Adidas. Nowadays, Adidas is one of the world’s popular brands. Adolf Dassler
Page 4 ο‚· BOARD OF DIRECTORS Adidas Group’s executive board is comprised of 5 members. Each Board member is responsible for at least one major within the group. *From lefttoright 1 Glenn Bennett ( Global Operations ) 2 Roland Auschel ( Global Sales ) 3 Herbert Hainer ( Chief Executive Officer，CEO ) 4 Erich Stamminger ( Global Brands ) 5 Robin J.Stalker ( Chief Financial Officer )
Page 5 ο‚· RECENT DEVELOPMENT Adidas Group attempts to be a global leader in the sporting goods industry with brand built upon a passion for sports and sporting lifestyle. The developments of Adidas Group include Taylor Made-Adidas Golf, Rockport and Reebook-CCM Hockey segments. All of these segments have its own policy in place in order to address its specific target groups directly and further expand its market share. As follows, they contribute together to our Group’s overall aim: to be the global leader in the sporting industry. Besides that, the ambition of the Adidas Group is to have a sustainable company. Their company’s sustainability strategy is too entrenched in the Group’s value which is performance, passion, integrity, and diversity. There have four pillars of Adidas Group’s strategy are people, product, planet and partnership. People, they hope that all workers will have a good communication in order for their business to be presence in the market. For Product, they increase the use sage of more sustainable materials. Other than that will be planet, they decrease the environmental footmark of both their actions and their suppliers’ factories. Finally, partnership, they involve their critical shareholders and cooperate with partners to improve the industry.
Page 6 PROFITABILITY RATIOS *Units represented € in millions Profitability Ratios 2012 2013 Interpretation Return on Equity (ROE) 𝑁𝑒𝑑 π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ π΄π‘£π‘’π‘Ÿπ‘Žπ‘”π‘’ π‘‚π‘€π‘›π‘’π‘Ÿβ€² 𝑠 πΈπ‘žπ‘’π‘–π‘‘π‘¦ Γ— 100 % 524 (5291 + 5128 2 ) Γ— 100% = 10.05 % 𝑁𝑒𝑑 π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ π΄π‘£π‘’π‘Ÿπ‘Žπ‘”π‘’ π‘‚π‘€π‘›π‘’π‘Ÿβ€² 𝑠 πΈπ‘žπ‘’π‘–π‘‘π‘¦ Γ— 100 % 790 (5481 + 5291 2 ) Γ— 100% = 14.67 % During the 2012 -2013 period, the business ROE increased from 10.5% to 14.67% .This means the owner is getting more return from his capital. Net Profit Margin (NPM) 𝑁𝑒𝑑 π‘π‘Ÿπ‘œπ‘“π‘–π‘‘ 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 524 14883 Γ— 100% = 3.52% 𝑁𝑒𝑑 π‘π‘Ÿπ‘œπ‘“π‘–π‘‘ 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 790 14492 Γ— 100% = 5.45% During the 2012 -2013 period, the business NPM increased from 3.52 % to 5.45% .This means the business is getting better at controlling its expenses. Gross Profit Margin (GPM) πΊπ‘Ÿπ‘œπ‘ π‘  π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 7103 14883 Γ— 100% = 47.72% πΊπ‘Ÿπ‘œπ‘ π‘  π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 7140 14492 Γ— 100% = 49.27% During the 2012-2013 periods, the business GPM increased from 47.72% to 49.27% .This means the business is getting better at controlling its COGS expenses. Selling Expenses Ratio (SER) π‘‡π‘œπ‘‘π‘Žπ‘™ 𝑆𝑒𝑙𝑙𝑖𝑛𝑔 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 3075 14883 Γ— 100 % = 20.66% π‘‡π‘œπ‘‘π‘Žπ‘™ 𝑆𝑒𝑙𝑙𝑖𝑛𝑔 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 3066.5 14492 Γ— 100 % = 21.16% During the 2012-2013 periods, the business SER increased from 20.66% to 21.16%. This means the business is getting better at controlling its selling expenses. General Expenses Ratio (GER) π‘‡π‘œπ‘‘π‘Žπ‘™ πΊπ‘’π‘›π‘’π‘Ÿπ‘Žπ‘™ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 3075 14883 Γ— 100 % = 20.66% π‘‡π‘œπ‘‘π‘Žπ‘™ πΊπ‘’π‘›π‘’π‘Ÿπ‘Žπ‘™ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 3066.5 14492 Γ— 100 % = 21.16% During the 2012 – 2013 periods, the business GER increased from 20.66% to 21.16%.This means the business is getting better at controlling it general expenses. Financial Expenses Ratio (FER) π‘‡π‘œπ‘‘π‘Žπ‘™ πΉπ‘–π‘›π‘Žπ‘›π‘π‘–π‘Žπ‘™ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 105 14883 Γ— 100% = 0.17 % π‘‡π‘œπ‘‘π‘Žπ‘™ πΉπ‘–π‘›π‘Žπ‘›π‘π‘–π‘Žπ‘™ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 94 14492 Γ— 100% = 0.65 % During the 2012-2013 periods, the business FER increased from 0.17% to 0.65%. This means the business is getting better at controlling it financial expenses.
Page 7 STABILITY RATIOS *Units represented € in millions Stability Ratios 2012 2013 Interpretation Working Capital π‘‡π‘œπ‘‘π‘Žπ‘™ πΆπ‘’π‘Ÿπ‘Ÿπ‘’π‘›π‘‘ 𝐴𝑠𝑠𝑒𝑑 π‘‡π‘œπ‘‘π‘Žπ‘™ πΆπ‘’π‘Ÿπ‘Ÿπ‘’π‘›π‘‘ πΏπ‘–π‘Žπ‘π‘–π‘™π‘–π‘‘π‘–π‘’π‘  6877 4374 = 1.57 ∢ 1 π‘‡π‘œπ‘‘π‘Žπ‘™ πΆπ‘’π‘Ÿπ‘Ÿπ‘’π‘›π‘‘ 𝐴𝑠𝑠𝑒𝑑 π‘‡π‘œπ‘‘π‘Žπ‘™ πΆπ‘’π‘Ÿπ‘Ÿπ‘’π‘›π‘‘ πΏπ‘–π‘Žπ‘π‘–π‘™π‘–π‘‘π‘–π‘’π‘  6857 4732 = 1.45 : 1 During the year 2012 -2013 period, the business WCR has decreased from 1.57:1 to 1.45:1 .This means the business ability to pay its current liabilities is getting worse. In addition, it does not satisfy the minimum requirement 2:1. Total Debt π‘‡π‘œπ‘‘π‘Žπ‘™ πΏπ‘–π‘Žπ‘π‘–π‘™π‘–π‘‘π‘–π‘’π‘  π‘‡π‘œπ‘‘π‘Žπ‘™ 𝐴𝑠𝑠𝑒𝑑𝑠 Γ— 100% 6360 11651 Γ— 100% = 54.59% π‘‡π‘œπ‘‘π‘Žπ‘™ πΏπ‘–π‘Žπ‘π‘–π‘™π‘–π‘‘π‘–π‘’π‘  π‘‡π‘œπ‘‘π‘Žπ‘™ 𝐴𝑠𝑠𝑒𝑑𝑠 Γ— 100% 6118 11599 Γ— 100% = 52.75% During the year 2012 -2013 period, the business TDR has decreased from 54.59% to 52.75%. This means the business total debt has reduced .In addition, the business still exceed the maximum limit of 50%. Stock Turnover 365π·π‘Žπ‘¦π‘  Γ· [ πΆπ‘œπ‘ π‘‘ π‘œπ‘“ πΊπ‘œπ‘œπ‘‘ π‘†π‘œπ‘™π‘‘ π΄π‘£π‘’π‘Ÿπ‘Žπ‘”π‘’ πΌπ‘›π‘£π‘’π‘›π‘‘π‘œπ‘Ÿπ‘¦ ] 365π·π‘Žπ‘¦π‘  Γ· [ 7780 2494 ] = 177 π·π‘Žπ‘¦π‘  365π·π‘Žπ‘¦π‘  Γ· [ πΆπ‘œπ‘ π‘‘ π‘œπ‘“ πΊπ‘œπ‘œπ‘‘ π‘†π‘œπ‘™π‘‘ π΄π‘£π‘’π‘Ÿπ‘Žπ‘”π‘’ πΌπ‘›π‘£π‘’π‘›π‘‘π‘œπ‘Ÿπ‘¦ ] 365π·π‘Žπ‘¦π‘  Γ· [ 7352 2560 ] = 127.10 π·π‘Žπ‘¦π‘  During the year 2012 -2013 period, the business STR has decreased from 177 to 127.10 day. This means the business is getting faster in selling their goods. Debtor Turnover 365Days Γ· [ Credit Sales Average Debtors ] 365Days Γ· [ 7441.5 1838.5 ]=90.18Days 365Days Γ· [ Credit Sales Average Debtors ] 365Days Γ· [ 7246 1748.5 ]=88.08Days During the year 2012 -2013 period, the business DTR has decreased from 90.18 to 88.08 days. This means the business is getting faster at collecting its debts. Interest Coverage πΌπ‘›π‘‘π‘’π‘Ÿπ‘’π‘ π‘‘ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 + 𝑁𝑒𝑑 π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ πΌπ‘›π‘‘π‘’π‘Ÿπ‘ π‘’π‘‘ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 105 + 524 105 = 5.99 π‘‡π‘–π‘šπ‘’π‘  πΌπ‘›π‘‘π‘’π‘Ÿπ‘’π‘ π‘‘ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 + 𝑁𝑒𝑑 π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ πΌπ‘›π‘‘π‘’π‘Ÿπ‘ π‘’π‘‘ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 94 + 790 94 = 9.40 π‘‡π‘–π‘šπ‘’π‘  During the year 2012 -2013 period, the business ICR has increasing from 5.99 to 9.40 times. This means the business ability to pay its interest has become better. In addition, it satisfies the minimum requirement of 5 times.
Page 8 PRICE / EARNINGS RATIO Price / Earnings Ratio = π‘ͺ𝒖𝒓𝒓𝒆𝒏𝒕 𝑺𝒉𝒂𝒓𝒆 π‘·π’“π’Šπ’„π’† π‘¬π’‚π’“π’π’Šπ’π’ˆπ’” 𝑷𝒆𝒓 𝑺𝒉𝒂𝒓𝒆 (π’Šπ’ π’π’–π’Žπ’ƒπ’†π’“ 𝒐𝒇 π’•π’Šπ’Žπ’†π’”) Share price of Adidas Group as at 15 January 2015 is 56.41 €. Earnings per share of Adidas Group as at 15 January 2015 is 2.98 €. P/E Ratio = πŸ“πŸ”.πŸ’πŸ € 𝟐.πŸ—πŸ–β‚¬ = 18.93 times Interpretation: From the above, we can see thatthe outcome is 18.93 times. That means that the share price ofAdidas Group is high. If any investor buy the share of Adidas Group, he or she would have to wait for almost19 years to recoup his investment.
Page 9 INVESTMENT RECOMMENDATION Base on the profitability ratio, the Return of Equity (ROE) has showed that ROE have increase from 10.05% to 14.67% in 2012 to 2013 period, this is an good news because the owner of Adidas have gotten more return from his capital .Beside that Adidas group has gotten better in controlling in their expenses, the Net Profit Margin (NPM) has increase from 3.52% to 5.45% during 2012 to 2013 period. In the period of 2012 to 2013 , Gross of Profit Margin (GPM) has also increase from 3.52% to 5.45%, this shown that the Adidas group had gotten better in controlling Cost of Goods Sold expenses .The Selling Expenses Ratio (SER) has increase from 20.66% to 21.16% , based on that , the Adidas group has gotten better in controlling its selling expenses. And now , the General Expenses Ratio (GER) has showed a slight increase from 20.66% to 21.16% , this means that the business had gotten better in controlling their general expenses .For Financial Expenses Ratio (FER) has increase from 0.17% to 0.65% ,that show the Adidas group has gotten better in controlling its financial expenses . For Stability Ratio ,the Working Capital has decrease from 1.57:1to 1.45: 1 , the ability of Adidas group in paying its current liabilities is getting worse , besides that it’s does not satisfy the minimum requirement of 2:1 , this is a good thing .The Total Debt for Adidas group has decreases from 54.59 % to 52.75% , this show that the Adidas group has reduce the business debt which is a good thing but the business still exceed the maximum limit of 50%.And for Stock Turnover , Adidas group of Stock Turnover has decreases from 177 to 127.10 days , this show that Adidas group is getting faster in selling their goods .Other than that ,Debtor Turnover has decreases from 90.18 to 88.08 days .Adidas group has gotten faster in collecting its debts .Finally Interest Coverage Ratio has increases from 5.99 to 9.40 times , this means the ability to pay its interest has become better and it satisfies the minimum requirement of 5 times .
Page 10 APPENDIXES
Page 11 INCOME STATEMENT OF ADIDAS GROUP FOR THE YEAR ENDED 31 DECEMBER 2012
Page 12 BALANCE SHEET OF ADIDAS GROUP AS THE YEAR ENDED 31 DECEMBER 2012
Page 13
Page 14 INCOME STATEMENT OF ADIDAS GROUP FOR THE YEAR ENDED 31 DECEMBER 2013
Page 15 BALANCE SHEET OF ADIDAS GROUP AS THE YEAR ENDED 31 DECEMBER 2013
Page 16
Page 17 REFERENCES 1. Adidas Group Annual Report 2011 -http://www.adidas-group.com/media/filer_public/2014/03/05/adidas- group_gb_2013_en.pdf 2. Adidas Group Annual Report 2012 -http://www.adidas-group.com/media/filer_public/2013/07/31/ gb_201 2_en.pdf 3. Brief Bio of Adidas Group -http://www.adidas-group.com/en/group/history/ -http://www.adidas-group.com/en/group/profile/ -http://www.adidasuk.co.uk/Adidas_History -http://taylorsadidas.blogspot.com/2013/04/history-of-addidas.html -http://en.wikipedia.org/wiki/Adidas 4. Adidas Share Price and Financial Information - http://www.adidas-group.com/en/investors/share/share-price/ - http://www.reuters.com/finance/stocks/analyst?symbol=ADSGn.DE - http://data.cnbc.com/quotes/ADS-DE/tab/1

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  • 1. Page 1 SCHOOL OF ARCHITECTURE, BUILDING AND DESIGN THE DESIGN SCHOOL FOUNDATION IN NATURAL AND BUILD ENVIRONMENTS GROUP MEMBERS : LOH PEY MUN ( 0318572 ) MICHAEL CHANG VUI LOONG (031998) SIM SI KAI (0318609) COURSE : BASIC ACCOUNTING COURSE CODE : ACC30205 TITLE : FINANCIAL RATIO ANALYSIS LECTURER : MR.CHANG JAU HO SUBMISSION DATE : 16 JAN 2015
  • 2. Page 2 CONTENTS 1 Cover Page 1 2 Contents 2 3 Adidas Group -Introduction -Brief History -Board of Directors -Recent Development 3 - 5 4 Profitability Ratios 6 5 Stability Ratios 7 6 Price/Earnings Ratio 8 7 Investment Recommendation 9 8 Appendix – Income Statement 2012 & 2013 – Balance Sheet 2012 & 2013 10-16 9 References 17
  • 3. Page 3 ADIDAS GROUP ο‚· INTRODUCTION Adidas is a German multinational corporation that design and manufactures sports clothing and accessories. The company is based in Herzogenaurach, Bararia, Germany. It is the holding company for the Adidas Group which consists of the Reebook, TaylorMade-Adidas, Rockport, FC Bayern Munich and Ashworth. Adidas is the biggest sport-wear manufacturer in Europe and the second largest sport-wear manufacturer in the world, after Nike. The company’s products designs classically feature 3 parallel bars, and the same motif is incorporated into Adidas’s current official logo (below). The company revenue for 2013 was listed at 14.88 billion. ο‚· BRIEF HISTORY Adidas was found by Adolf Dassler. On 1 July 1924, Adolf with his brother, Rudolf Dassler which become Dassler Brothers Shoe Factory. By 1936 Summer Olympic, Adolf Dassler persuaded U.S. sprinter Jesse Owens to use his product. It was the first sponsorship for an African American. After that, both brothers joined the Nazi Party, but Rudolf more closely to the party. After the war, Rudolf was chosen up by American soldiers and became the member of the Waffen SS, he was felt that his brother betrayed him. 1947, the brothers split up. Rudolf formed a new firm called Ruda (Puma).On August 18, 1949, Adolf registered the β€œAdi Dassler Adidas Sportschunfabrik” and the famous Adidas 3-sreipes logo in Herzogenaurach. In 2005, Adidas introduced the Adidas 1 , the first production shoe to use the microprocessor capable to perform 5 million calculations per second. On 11 April 2006, Adidas announced an 11-year deal to become the official NBA clothes provider. For many years, Adidas has branded range of male and female deodorants, perfumes, aftershave, lotions and other accessories.β€œImpossible is Nothing ”become the slogan of Adidas. Nowadays, Adidas is one of the world’s popular brands. Adolf Dassler
  • 4. Page 4 ο‚· BOARD OF DIRECTORS Adidas Group’s executive board is comprised of 5 members. Each Board member is responsible for at least one major within the group. *From lefttoright 1 Glenn Bennett ( Global Operations ) 2 Roland Auschel ( Global Sales ) 3 Herbert Hainer ( Chief Executive Officer，CEO ) 4 Erich Stamminger ( Global Brands ) 5 Robin J.Stalker ( Chief Financial Officer )
  • 5. Page 5 ο‚· RECENT DEVELOPMENT Adidas Group attempts to be a global leader in the sporting goods industry with brand built upon a passion for sports and sporting lifestyle. The developments of Adidas Group include Taylor Made-Adidas Golf, Rockport and Reebook-CCM Hockey segments. All of these segments have its own policy in place in order to address its specific target groups directly and further expand its market share. As follows, they contribute together to our Group’s overall aim: to be the global leader in the sporting industry. Besides that, the ambition of the Adidas Group is to have a sustainable company. Their company’s sustainability strategy is too entrenched in the Group’s value which is performance, passion, integrity, and diversity. There have four pillars of Adidas Group’s strategy are people, product, planet and partnership. People, they hope that all workers will have a good communication in order for their business to be presence in the market. For Product, they increase the use sage of more sustainable materials. Other than that will be planet, they decrease the environmental footmark of both their actions and their suppliers’ factories. Finally, partnership, they involve their critical shareholders and cooperate with partners to improve the industry.
  • 6. Page 6 PROFITABILITY RATIOS *Units represented € in millions Profitability Ratios 2012 2013 Interpretation Return on Equity (ROE) 𝑁𝑒𝑑 π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ π΄π‘£π‘’π‘Ÿπ‘Žπ‘”π‘’ π‘‚π‘€π‘›π‘’π‘Ÿβ€² 𝑠 πΈπ‘žπ‘’π‘–π‘‘π‘¦ Γ— 100 % 524 (5291 + 5128 2 ) Γ— 100% = 10.05 % 𝑁𝑒𝑑 π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ π΄π‘£π‘’π‘Ÿπ‘Žπ‘”π‘’ π‘‚π‘€π‘›π‘’π‘Ÿβ€² 𝑠 πΈπ‘žπ‘’π‘–π‘‘π‘¦ Γ— 100 % 790 (5481 + 5291 2 ) Γ— 100% = 14.67 % During the 2012 -2013 period, the business ROE increased from 10.5% to 14.67% .This means the owner is getting more return from his capital. Net Profit Margin (NPM) 𝑁𝑒𝑑 π‘π‘Ÿπ‘œπ‘“π‘–π‘‘ 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 524 14883 Γ— 100% = 3.52% 𝑁𝑒𝑑 π‘π‘Ÿπ‘œπ‘“π‘–π‘‘ 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 790 14492 Γ— 100% = 5.45% During the 2012 -2013 period, the business NPM increased from 3.52 % to 5.45% .This means the business is getting better at controlling its expenses. Gross Profit Margin (GPM) πΊπ‘Ÿπ‘œπ‘ π‘  π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 7103 14883 Γ— 100% = 47.72% πΊπ‘Ÿπ‘œπ‘ π‘  π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 7140 14492 Γ— 100% = 49.27% During the 2012-2013 periods, the business GPM increased from 47.72% to 49.27% .This means the business is getting better at controlling its COGS expenses. Selling Expenses Ratio (SER) π‘‡π‘œπ‘‘π‘Žπ‘™ 𝑆𝑒𝑙𝑙𝑖𝑛𝑔 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 3075 14883 Γ— 100 % = 20.66% π‘‡π‘œπ‘‘π‘Žπ‘™ 𝑆𝑒𝑙𝑙𝑖𝑛𝑔 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 3066.5 14492 Γ— 100 % = 21.16% During the 2012-2013 periods, the business SER increased from 20.66% to 21.16%. This means the business is getting better at controlling its selling expenses. General Expenses Ratio (GER) π‘‡π‘œπ‘‘π‘Žπ‘™ πΊπ‘’π‘›π‘’π‘Ÿπ‘Žπ‘™ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 3075 14883 Γ— 100 % = 20.66% π‘‡π‘œπ‘‘π‘Žπ‘™ πΊπ‘’π‘›π‘’π‘Ÿπ‘Žπ‘™ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 3066.5 14492 Γ— 100 % = 21.16% During the 2012 – 2013 periods, the business GER increased from 20.66% to 21.16%.This means the business is getting better at controlling it general expenses. Financial Expenses Ratio (FER) π‘‡π‘œπ‘‘π‘Žπ‘™ πΉπ‘–π‘›π‘Žπ‘›π‘π‘–π‘Žπ‘™ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 105 14883 Γ— 100% = 0.17 % π‘‡π‘œπ‘‘π‘Žπ‘™ πΉπ‘–π‘›π‘Žπ‘›π‘π‘–π‘Žπ‘™ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑁𝑒𝑑 π‘†π‘Žπ‘™π‘’π‘  Γ— 100 % 94 14492 Γ— 100% = 0.65 % During the 2012-2013 periods, the business FER increased from 0.17% to 0.65%. This means the business is getting better at controlling it financial expenses.
  • 7. Page 7 STABILITY RATIOS *Units represented € in millions Stability Ratios 2012 2013 Interpretation Working Capital π‘‡π‘œπ‘‘π‘Žπ‘™ πΆπ‘’π‘Ÿπ‘Ÿπ‘’π‘›π‘‘ 𝐴𝑠𝑠𝑒𝑑 π‘‡π‘œπ‘‘π‘Žπ‘™ πΆπ‘’π‘Ÿπ‘Ÿπ‘’π‘›π‘‘ πΏπ‘–π‘Žπ‘π‘–π‘™π‘–π‘‘π‘–π‘’π‘  6877 4374 = 1.57 ∢ 1 π‘‡π‘œπ‘‘π‘Žπ‘™ πΆπ‘’π‘Ÿπ‘Ÿπ‘’π‘›π‘‘ 𝐴𝑠𝑠𝑒𝑑 π‘‡π‘œπ‘‘π‘Žπ‘™ πΆπ‘’π‘Ÿπ‘Ÿπ‘’π‘›π‘‘ πΏπ‘–π‘Žπ‘π‘–π‘™π‘–π‘‘π‘–π‘’π‘  6857 4732 = 1.45 : 1 During the year 2012 -2013 period, the business WCR has decreased from 1.57:1 to 1.45:1 .This means the business ability to pay its current liabilities is getting worse. In addition, it does not satisfy the minimum requirement 2:1. Total Debt π‘‡π‘œπ‘‘π‘Žπ‘™ πΏπ‘–π‘Žπ‘π‘–π‘™π‘–π‘‘π‘–π‘’π‘  π‘‡π‘œπ‘‘π‘Žπ‘™ 𝐴𝑠𝑠𝑒𝑑𝑠 Γ— 100% 6360 11651 Γ— 100% = 54.59% π‘‡π‘œπ‘‘π‘Žπ‘™ πΏπ‘–π‘Žπ‘π‘–π‘™π‘–π‘‘π‘–π‘’π‘  π‘‡π‘œπ‘‘π‘Žπ‘™ 𝐴𝑠𝑠𝑒𝑑𝑠 Γ— 100% 6118 11599 Γ— 100% = 52.75% During the year 2012 -2013 period, the business TDR has decreased from 54.59% to 52.75%. This means the business total debt has reduced .In addition, the business still exceed the maximum limit of 50%. Stock Turnover 365π·π‘Žπ‘¦π‘  Γ· [ πΆπ‘œπ‘ π‘‘ π‘œπ‘“ πΊπ‘œπ‘œπ‘‘ π‘†π‘œπ‘™π‘‘ π΄π‘£π‘’π‘Ÿπ‘Žπ‘”π‘’ πΌπ‘›π‘£π‘’π‘›π‘‘π‘œπ‘Ÿπ‘¦ ] 365π·π‘Žπ‘¦π‘  Γ· [ 7780 2494 ] = 177 π·π‘Žπ‘¦π‘  365π·π‘Žπ‘¦π‘  Γ· [ πΆπ‘œπ‘ π‘‘ π‘œπ‘“ πΊπ‘œπ‘œπ‘‘ π‘†π‘œπ‘™π‘‘ π΄π‘£π‘’π‘Ÿπ‘Žπ‘”π‘’ πΌπ‘›π‘£π‘’π‘›π‘‘π‘œπ‘Ÿπ‘¦ ] 365π·π‘Žπ‘¦π‘  Γ· [ 7352 2560 ] = 127.10 π·π‘Žπ‘¦π‘  During the year 2012 -2013 period, the business STR has decreased from 177 to 127.10 day. This means the business is getting faster in selling their goods. Debtor Turnover 365Days Γ· [ Credit Sales Average Debtors ] 365Days Γ· [ 7441.5 1838.5 ]=90.18Days 365Days Γ· [ Credit Sales Average Debtors ] 365Days Γ· [ 7246 1748.5 ]=88.08Days During the year 2012 -2013 period, the business DTR has decreased from 90.18 to 88.08 days. This means the business is getting faster at collecting its debts. Interest Coverage πΌπ‘›π‘‘π‘’π‘Ÿπ‘’π‘ π‘‘ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 + 𝑁𝑒𝑑 π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ πΌπ‘›π‘‘π‘’π‘Ÿπ‘ π‘’π‘‘ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 105 + 524 105 = 5.99 π‘‡π‘–π‘šπ‘’π‘  πΌπ‘›π‘‘π‘’π‘Ÿπ‘’π‘ π‘‘ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 + 𝑁𝑒𝑑 π‘ƒπ‘Ÿπ‘œπ‘“π‘–π‘‘ πΌπ‘›π‘‘π‘’π‘Ÿπ‘ π‘’π‘‘ 𝐸π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 94 + 790 94 = 9.40 π‘‡π‘–π‘šπ‘’π‘  During the year 2012 -2013 period, the business ICR has increasing from 5.99 to 9.40 times. This means the business ability to pay its interest has become better. In addition, it satisfies the minimum requirement of 5 times.
  • 8. Page 8 PRICE / EARNINGS RATIO Price / Earnings Ratio = π‘ͺ𝒖𝒓𝒓𝒆𝒏𝒕 𝑺𝒉𝒂𝒓𝒆 π‘·π’“π’Šπ’„π’† π‘¬π’‚π’“π’π’Šπ’π’ˆπ’” 𝑷𝒆𝒓 𝑺𝒉𝒂𝒓𝒆 (π’Šπ’ π’π’–π’Žπ’ƒπ’†π’“ 𝒐𝒇 π’•π’Šπ’Žπ’†π’”) Share price of Adidas Group as at 15 January 2015 is 56.41 €. Earnings per share of Adidas Group as at 15 January 2015 is 2.98 €. P/E Ratio = πŸ“πŸ”.πŸ’πŸ € 𝟐.πŸ—πŸ–β‚¬ = 18.93 times Interpretation: From the above, we can see thatthe outcome is 18.93 times. That means that the share price ofAdidas Group is high. If any investor buy the share of Adidas Group, he or she would have to wait for almost19 years to recoup his investment.
  • 9. Page 9 INVESTMENT RECOMMENDATION Base on the profitability ratio, the Return of Equity (ROE) has showed that ROE have increase from 10.05% to 14.67% in 2012 to 2013 period, this is an good news because the owner of Adidas have gotten more return from his capital .Beside that Adidas group has gotten better in controlling in their expenses, the Net Profit Margin (NPM) has increase from 3.52% to 5.45% during 2012 to 2013 period. In the period of 2012 to 2013 , Gross of Profit Margin (GPM) has also increase from 3.52% to 5.45%, this shown that the Adidas group had gotten better in controlling Cost of Goods Sold expenses .The Selling Expenses Ratio (SER) has increase from 20.66% to 21.16% , based on that , the Adidas group has gotten better in controlling its selling expenses. And now , the General Expenses Ratio (GER) has showed a slight increase from 20.66% to 21.16% , this means that the business had gotten better in controlling their general expenses .For Financial Expenses Ratio (FER) has increase from 0.17% to 0.65% ,that show the Adidas group has gotten better in controlling its financial expenses . For Stability Ratio ,the Working Capital has decrease from 1.57:1to 1.45: 1 , the ability of Adidas group in paying its current liabilities is getting worse , besides that it’s does not satisfy the minimum requirement of 2:1 , this is a good thing .The Total Debt for Adidas group has decreases from 54.59 % to 52.75% , this show that the Adidas group has reduce the business debt which is a good thing but the business still exceed the maximum limit of 50%.And for Stock Turnover , Adidas group of Stock Turnover has decreases from 177 to 127.10 days , this show that Adidas group is getting faster in selling their goods .Other than that ,Debtor Turnover has decreases from 90.18 to 88.08 days .Adidas group has gotten faster in collecting its debts .Finally Interest Coverage Ratio has increases from 5.99 to 9.40 times , this means the ability to pay its interest has become better and it satisfies the minimum requirement of 5 times .
  • 11. Page 11 INCOME STATEMENT OF ADIDAS GROUP FOR THE YEAR ENDED 31 DECEMBER 2012
  • 12. Page 12 BALANCE SHEET OF ADIDAS GROUP AS THE YEAR ENDED 31 DECEMBER 2012
  • 14. Page 14 INCOME STATEMENT OF ADIDAS GROUP FOR THE YEAR ENDED 31 DECEMBER 2013
  • 15. Page 15 BALANCE SHEET OF ADIDAS GROUP AS THE YEAR ENDED 31 DECEMBER 2013
  • 17. Page 17 REFERENCES 1. Adidas Group Annual Report 2011 -http://www.adidas-group.com/media/filer_public/2014/03/05/adidas- group_gb_2013_en.pdf 2. Adidas Group Annual Report 2012 -http://www.adidas-group.com/media/filer_public/2013/07/31/ gb_201 2_en.pdf 3. Brief Bio of Adidas Group -http://www.adidas-group.com/en/group/history/ -http://www.adidas-group.com/en/group/profile/ -http://www.adidasuk.co.uk/Adidas_History -http://taylorsadidas.blogspot.com/2013/04/history-of-addidas.html -http://en.wikipedia.org/wiki/Adidas 4. Adidas Share Price and Financial Information - http://www.adidas-group.com/en/investors/share/share-price/ - http://www.reuters.com/finance/stocks/analyst?symbol=ADSGn.DE - http://data.cnbc.com/quotes/ADS-DE/tab/1