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30.04.2012 – 07:32

adidas AG

EANS-Adhoc: adidas Group announces preliminary first quarter 2012 results, commercial irregularities at Reebok India Company and increased 2012 financial outlook

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
Preliminary first quarter 2012 results


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
EUR 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 EUR 409 million. Due to lower financial expenses
and a lower tax rate, the Group's net income attributable to shareholders
increased 38% to EUR 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 EUR 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 EUR 70

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%).

Further inquiry note:
Christian Stoehr
Investor Relations Manager
Tel.: +49 (0) 9132 84-4989

end of announcement                               euro adhoc 

issuer:      adidas AG
             Adi-Dassler-Str.  1
             D-91074 Herzogenaurach
phone:       +49 (0)9132 84-0
FAX:         +49 (0)9132 84-2241
sector:      Recreational & Sports goods
ISIN:        DE000A1EWWW0
indexes:     DAX, CDAX, HDAX, Prime All Share
stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
             Stuttgart, regulated dealing/prime standard: Frankfurt 
language:   English

Original-Content von: adidas AG, übermittelt durch news aktuell

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