阿迪达斯Adidas AG (ADDDF) 2011年年度报告「OTC」.pdf

1、adidas Group Annual Report 2011TOGETHERWE WINversion:4.March 2012,11:46 AM 1st corr corr/corr page 3-en_adigb11_k00_Cover.inddversion:4.March 2012,11:46 AM 1st corr corr/corr page 4-en_adigb11_k00_Cover.inddadidas Group2011 Annual Report Targets 2011 Results 2011 Outlook 2012Currency-neutral sales d

2、evelopment:adidas Group increase at a mid-to high-single-digit rate Wholesale segment increase at a mid-single-digit rate Retail segment increase at a low-double-digit rate Other Businesses increase at a mid-single-digit rate TaylorMade-adidas Golf increase at a low-to mid-single-digit rate Rockport

3、 increase at a high-single-to low-double-digit rate Reebok-CCM Hockey increase at a low-single-digit rateCurrency-neutral sales development:adidas Group increase of Group sales of13%13.344 billion Wholesale segment increase of 11%Retail segment increase of 20%Other Businesses increase of 13%TaylorMa

4、de-adidas Golf increase of 16%Rockport increase of 6%Reebok-CCM Hockey increase of 6%adidas brand increase of 14%Reebok brand increase of 6%Currency-neutral sales development:adidas Groupincrease at a mid-to high-single-digit rate Wholesale segment increase at a mid-single-digit rate Retail segment

5、increase at a low-teens rate Other Businesses increase at a low-to mid-single-digit rate TaylorMade-adidas Golf increase at a low-to mid-single-digit rate Rockport increase at a high-single-digit rate Reebok-CCM Hockey increase at a strong double-digit rateGross margin 47.5%48.0%Gross margin 47.5%Gr

6、oss margin around 47.5%Operating margin increase to a level between 7.5%8.0%Operating margin 7.6%Operating margin increase to a level approaching 8.0%Average operating working capital(in%of sales)increase expectedAverage operating working capital(in%of sales)remains at 20.8%Average operating working