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阿迪达斯集团是体育用品的跨国制造商，公司注册于1949年由其创始人Adolf AdiDassler建立。一开始阿迪达斯是由两兄弟Adolf Dassler和Rudolf Dassler经营，但后来他们分开了。然后，弟弟Rudolf Dassler打开了另一个体育品牌，namedpuma。
阿迪达斯目前在世界体育品牌排名第二，仅次于耐克。截至2014年，公司有45917名员工。通过对每个运动员最好的鞋的理念支持，阿迪达斯不断改进技术，使设计和功能上的突破。多项高科技和高品质产品的发明使公司在奥运会、世界杯等国际体育赛事上大放异彩。在20世纪60年代末，阿迪达斯在世界鞋业市场排名第一。然而，上世纪70年代后，由于公众对高质量的运动鞋需求的忽视取代耐克，阿迪达斯终于在世界榜首。
Table of contents
1.0 Introduction 3
2.0 Financial Performance Analysis 4
2.1 Gearing and Capital Structures 4
2.2 Profitability Analysis 6
2.3 Asset Efficiency Analysis 8
2.4 Liquidity analysis 9
3.0 Social Performance Analysis 11
4.0 Environmental Performance Analysis 12
5.0 Conclusion 13
Reference List 14
1.0 Introduction 简介
The Adidas Groupis a multinational manufacturer of sporting goods and headquarter is located in Herzogenaurach, Bavaria(Adidas-group.com 2016a). The company was registered in 1949 by its founder Adolf AdiDassler(Adidas-group.com2016a).At the very start Adidas was opened by two brothers Adolf Dassler and Rudolf Dassler, but subsequently they parted company with each other.Thenthe brother Rudolf Dassler opened another sports brand, namedpuma (In.rediff.com 2005).
Adidas is currently ranked second in the world’s sporting brand, ranking behind Nike(Adidas-group.com 2016a). As of 31 December 2014, the company had 45,917 employees (Adidas Group 2014b). Supported by the idea of ‘best shoe for each athlete’ (Adidas-group.com 2016b), Adidas keep improving technology and making breakthrough of design and function. Several invention of high-tech and high-quality products make the company shine at the Olympics, World Cup and other international sporting events for many times. In the late 1960s, Adidas ranked first in the world shoes market(Adidas-group.com 2016a). However, after the 1970s, Adidas was eventually replaced by NIKE in the world top spot as a result of the neglect of general public’s demand for high quality sports shoes(Adidas-group.com 2016a).
Adidas’policy is to maintain a strong capital based so as to uphold investor, creditor and market confidence and to sustain future development of the business(Adidas Group 2014a).Therefore the company sets itsfinancial principle as well ascorporate social responsibility standard sustainable way. As for social and environment, Adidas uses a series of approach to managing the supply chain and its own production facilities, so as to improve its governance level and decline the negative impact to the environment(Adidas Group 2014b).
This report will make an in-depth analysis of Adidas’ sustainability from three parts: financial performance analysis, social performance analysis and environmental performance analysis.Wherein, as for financial performance analysis, both horizontal and vertical ways will be used to analyze the company. The major data is from the financial information disclosed in Adidas 2010-2014 annual report, and relevant financial data of other two similar sporting brands’ 2014 annual report. In the parts of social performance analysis and environmental performance analysis, the major events about social responsibility will be illustrated and discussed.
2.0 Financial Performance Analysis 财务绩效分析
In this section the financial performance is assessed by ratios, whichcan be classified into the following four categories:gearingand capital structures ratios, profitability ratios, asset efficiency ratios andliquidity ratios (Fridson&Alvarez 2011). Detailed analysis will be underway in horizontal and vertical ways. The former means to compare the financial ratios based on Adidas 2010-2014 fiscal year annual report to analyze its development trends, and the latter means to select certain companies in the same industry, for example, here NIKE and puma are selected, and make inter-company comparisons to analyze the strength and location of Adidas among close competitors based on their financial ratios of 2014 fiscal year.
2.1 Gearing and Capital StructuresAnalysis
Financial gearing is a measure of a company’s financial leverage, showing the ratio of contribution by the creditors and shareholder during company’s operations (Fridson& Alvarez 2011). Adidas as a sport products company, its equity data from FY 2010 to 2014 is showed as table 1. And the relevant data of NIKE and puma is also obtainable, andthen debt to equity ratio, debt ratio and debt coverage ratio could be calculated. They are listed and showed as table 2, table 3 and graph 1.
Table 1: The capital data of the Adidas AG from FY 2010 to 2014(€ in millions)(Adidas Group 2010 2011 2012 2013 2014)
Data Items FY 2014 FY 2013 FY 2012 FY 2011 FY 2010
Total Assets 12417 11599 11651 11237 10618
Total Liabilities 6793 6110 6347 6100 6002
Total Owners Equity 5624 5489 5304.00 5137 4616
Total Ordinary Shares issued 208,776,457 209,216,186 209,216,186 209,216,186 209,216,186
Table 2: The Capital structures and gearing ratios of the Adidas AG from FY 2010 to 2014(Adidas Group 2010 2011 2012 2013 2014)
Data Items FY 2014 FY 2013 FY 2012 FY 2011 FY 2010
Debt to equity ratio 120.79% 111.31% 119.66% 118.75% 130.03%
Debt ratio 54.71% 52.68% 54.48% 54.28% 56.53%
Debt coverage ratio 3.45 2.17 2.09 2.18 2.34
Table 3: The Capital structures and gearing ratios of the Adidas AG, NIKE and puma in FY 2014(Adidas Group 2014) (NIKE 2014) (Puma 2014) |
