LAPORAN POSISI KEUANGAN 2014

Dec. 31, 2014 Dec. 31, 2013

ASSETS
Cash and cash equivalents € 1,683 € 1,587
Short-term financial assets € 5 € 41
Accounts receivable € 1,946 € 1,809
Other current financial assets € 398 € 183
Inventories € 2,526 € 2,634
Income tax receivables € 92 € 86
Other current assets € 425 € 506
Assets classified as held for sale € 272 € 11
Total current assets € 7,347 € 6,857

Property, plant and equipment € 1,454 € 1,238

Goodwill € 1,169 € 1,204
Trademarks € 1,432 € 1,419
Other intangible assets € 162 € 164
Long-term financial assets € 129 € 120
Other non-current financial assets € 42 € 30
Deferred tax assets € 577 € 486
Other non-current assets € 105 € 81
Total non-current assets € 5,070 € 4,742

Total assets € 12,417 € 11,599

LIABILITIES AND EQUITY

Short-term borrowings € 288 € 681
Accounts payable € 1,652 € 1,825
Other current financial liabilities € 91 € 113
Income taxes € 294 € 240
Other current provisions € 470 € 450
Current accrued liabilities € 1,249 € 1,147
Other current liabilities € 287 € 276
Liabilities classified as held for sale € 46 € -
Total current liabilities € 4,378 € 4,732

Long-term borrowings € 1,584 € 653

Other non-current financial liabilities € 9 € 22
Pensions and similar obligations € 284 € 255
Deferred tax liabilities € 390 € 338
Other non-current provisions € 38 € 25
Non-current accrued liabilities € 81 € 64
Other non-current liabilities € 35 € 29
Total non-current liabilities € 2,422 € 1,386

Share capital € 204 € 209

Reserves € 581 € 321
Retained earnings € 4,839 € 4,959

Shareholders’ equity € 5,624 € 5,489

Non-controlling interests € (7) € (8)

Total equity € 5,618 € 5,481

Total liabilities and equity € 12,417 € 11,599

Dec. 31, 2014 Dec. 31, 2013

Net sales € 14,534 € 14,203

Cost of sales € 7,610 € 7,202
Gross profit € 6,924 € 7,001
  (% of net sales) 48% 49%
Royalty and commission income € 102 € 103
Other operating income € 138 € 142
Other operating expenses € 6,203 € 6,013
  (% of net sales) 43% 42%
Goodwill impairment losses € 78 € 52
Operating profit € 883 € 1,181
  (% of net sales) 6% 8%
Financial income € 19 € 26
Financial expenses € 67 € 94
Income before taxes € 835 € 1,113
  (% of net sales) 6% 8%
Income taxes € 271 € 340
  (% of income before taxes) 33% 31%
Net income from continuing
€ 564 € 773
operations
  (% of net sales) 4% 5%
Losses/gains from discontinued
€ (68) € 17
operations, net of tax
Net income € 496 € 790
  (% of net sales) 3% 6%
Net income attributable to
€ 490 € 787
shareholders
  (% of net sales) 3% 6%
Net income attributable to non-
€ 6 € 3
controlling interests
Basic earnings per share from
€ 3 € 4
continuing operations (in €)
Diluted earnings per share from
€ 3 € 4
continuing operations (in €)
Basic earnings per share from
continuing and discontinued € 2 € 4
operations (in €)
Diluted earnings per share from
continuing and discontinued € 2 € 4
operations (in €)
014

Common Size

2014 2013

14% 14%
0% 0%
16% 16%
3% 2%
20% 23%
1% 1%
3% 4%
2% 0%
59% 59%

12% 11%
9% 10%
12% 12%
1% 1%
1% 1%
0% 0%
5% 4%
1% 1%
41% 41%

100% 100%

2% 6%
13% 16%
1% 1%
2% 2%
4% 4%
10% 10%
2% 2%
0% 0%
35% 41%
0% 0%
13% 6%
 0% 0%
2% 2%
3% 3%
0% 0%
1% 1%
0% 0%
20% 12%

2% 2%
5% 3%
39% 43%
0% 0%
45% 47%
0% 0%

45% 47%

100% 100%
 LAPORAN POSISI KEUANGAN 2015
Dec. 31, 2015 Dec. 31, 2014

Assets
Cash and cash equivalents € 1,365 € 1,683
Short-term financial assets € 5 € 5
Accounts receivable € 2,049 € 1,946
Other current financial assets € 367 € 398
Inventories € 3,113 € 2,526
Income tax receivables € 97 € 92
Other current assets € 489 € 425
Assets classified as held for sale € 12 € 272
Total current assets € 7,497 € 7,347

Property, plant and equipment € 1,638 € 1,454

Goodwill € 1,392 € 1,169
Trademarks € 1,628 € 1,432
Other intangible assets € 188 € 162
Long-term financial assets € 140 € 129
Other non-current financial assets € 99 € 42
Deferred tax assets € 637 € 577
Other non-current assets € 124 € 105

Total non-current assets € 5,846 € 5,070

Total assets € 13,343 € 12,417

Liabilities and equity

Short-term borrowings € 366 € 288
Accounts payable € 2,024 € 1,652
Other current financial liabilities € 143 € 91
Income taxes € 359 € 294
Other current provisions € 456 € 470
Current accrued liabilities € 1,684 € 1,249
Other current liabilities € 331 € 287
Liabilities classified as held for sale € - € 46
Total current liabilities € 5,364 € 4,378

Long-term borrowings € 1,463 € 1,584

Other non-current financial liabilities € 18 € 9
Pensions and similar obligations € 273 € 284
Deferred tax liabilities € 368 € 390
Other non-current provisions € 50 € 38
Non-current accrued liabilities € 120 € 81
Other non-current liabilities € 40 € 35
Total non-current liabilities € 2,332 € 2,422

Share capital € 200 € 204

Reserves € 592 € 581
Retained earnings € 4,874 € 4,839

Shareholders' equity € 5,666 € 5,624

Non-controlling interests € (18) € (7)

Total equity € 5,648 € 5,618

Total liabilities and equity € 13,343 € 12,417

LAPORAN LABA RUGI 2015

Dec. 31, 2015 Dec. 31, 2014

Net sales € 16,915 € 14,534

Cost of sales € 8,748 € 7,610
Gross profit € 8,168 € 6,924
(% of net sales) 48% 48%
Royalty and commission income € 119 € 102
Other operating income € 96 € 138
Other operating expenses € 7,289 € 6,203
(% of net sales) 43% 43%
Goodwill impairment losses  34   78 
Operating profit € 1,059 € 883
(% of net sales) 6% 6%
Financial income € 46 € 19
Financial expenses € 67 € 67
Income before taxes € 1,039 € 835
(% of net sales) 6% 6%
Income taxes € 353 € 271
(% of income before taxes) 34% 33%
Net income from continuing operations € 686 € 564
(% of net sales) 4% 4%
Losses from discontinued operations, net of
tax
€ (46) € (68)
Net income € 640 € 496
(% of net sales) 4% 3%
Net income attributable to shareholders € 634 € 490
(% of net sales) 4% 3%
Net income attributable to non-
controlling interests
€ 6 € 6
Basic earnings per share from continuing
operations (in €)
€ 3 € 3
Diluted earnings per share from continuing
operations (in €)
€ 3 € 3
Basic earnings per share from continuing
and discontinued operations (in €)
€ 3 € 2

Diluted earnings per share from continuing

and discontinued operations (in €)
€ 3 € 2
2015
COOMON SIZE
2015 2014

10% 14%
0% 0%
15% 16%
3% 3%
23% 20%
1% 1%
4% 3%
0% 2%
56% 59%

12% 12%
10% 9%
12% 12%
1% 1%
1% 1%
1% 0%
5% 5%
1% 1%

44% 41%

100% 100%

3% 2%
15% 13%
1% 1%
3% 2%
3% 4%
13% 10%
2% 2%
0% 0%
40% 35%

11% 13%
0% 0%
2% 2%
3% 3%
 0% 0%
1% 1%
0% 0%
17% 20%

1% 2%
4% 5%
37% 39%

42% 45%

0% 0%

42% 45%

100% 100%
 Dec. 31, 2016 Dec. 31, 2015

Assets
Cash and cash equivalents € 1,510 € 1,365
Short-term financial assets € 5 € 5
Accounts receivable € 2,200 € 2,049
Other current financial assets € 729 € 367
Inventories € 3,763 € 3,113
Income tax receivables € 98 € 97
Other current assets € 580 € 489
Assets classified as held for sale – € 12
Total current assets € 8,886 € 7,497

Property, plant and equipment € 1,915 € 1,638

Goodwill € 1,412 € 1,392
Trademarks € 1,680 € 1,628
Other intangible assets € 167 € 188
Long-term financial assets € 194 € 140
Other non-current financial assets € 96 € 99
Deferred tax assets € 732 € 637
Other non-current assets € 94 € 124
Total non-current assets € 6,290 € 5,846

Total assets € 15,176 € 13,343

Liabilities and equity

Short-term borrowings € 636 € 366

Accounts payable € 2,496 € 2,024
Other current financial liabilities € 201 € 143
Income taxes € 402 € 359
Other current provisions € 573 € 456
Current accrued liabilities € 2,023 € 1,684
Other current liabilities € 434 € 331
Liabilities classified as held for sale – € -

Total current liabilities € 6,765 € 5,364

Long-term borrowings € 982 € 1,463

Other non-current financial liabilities € 22 € 18
Pensions and similar obligations € 355 € 273
Deferred tax liabilities € 387 € 368
Other non-current provisions € 44 € 50
Non-current accrued liabilities € 120 € 120
Other non-current liabilities € 46 € 40
Total non-current liabilities € 1,957 € 2,332

Share capital € 201 € 200

Reserves € 749 € 592
Retained earnings € 5,521 € 4,874

Shareholders’ equity € 6,472 € 5,666

Non-controlling interests € (17) € (18)

Total equity € 6,455 € 5,648

Total liabilities and equity € 15,176 € 13,343

LAPORAN LABA RUGI 2016

Dec. 31, 2016 Dec. 31, 2015

Net sales € 19,291 € 16,915

Cost of sales € 9,912 € 8,748
Gross profit € 9,379 € 8,168
(% of net sales) 49% 48%
Royalty and commission income € 109 € 119
Other operating income € 266 € 96
Other operating expenses € 8,263 € 7,289
(% of net sales) 43% 43%
Goodwill impairment losses - € 34
Operating profit € 1,491 € 1,059
(% of net sales) 8% 6%
Financial income € 28 € 46
Financial expenses € 74 € 67
Income before taxes € 1,444 € 1,039
(% of net sales) 8% 6%
Income taxes € 426 € 353
(% of income before taxes) 30% 34%
Net income from continuing
€ 1,019 € 686
operations
(% of net sales) 5% 4%
Gains/(losses) from discontinued
€ 1 € (46)
operations, net of tax
Net income € 1,020 € 640
(% of net sales) 5% 4%
Net income attributable to
€ 1,017 € 634
shareholders
(% of net sales) € 0 € 0
Net income attributable to non-
€ 2 € 6
controlling interests
Basic earnings per share from continuing
€ 5 € 3
operations (in €)
Diluted earnings per share from
€ 5 € 3
continuing operations (in €)

Basic earnings per share from continuing

€ 5 € 3
and discontinued operations (in €)

Diluted earnings per share from

continuing and discontinued operations € 5 € 3
(in €)
 Dec. 31, 2017 Dec. 31, 2016

Assets
Cash and cash equivalents 1,598 1,510
Short-term financial assets 5 5
Accounts receivable 2,315 2,200
Other current financial assets 393 729
Inventories 3,692 3,763
Income tax receivables 71 98
Other current assets 498 580
Assets classified as held for sale 72 –
Total current assets 8,645 8,886

Property, plant and equipment 2,000 1,915

Goodwill 1,220 1,412
Trademarks 1,309 1,680
Other intangible assets 154 167
Long-term financial assets 236 194
Other non-current financial assets 219 96
Deferred tax assets 630 732
Other non-current assets 108 94

Total non-current assets 5,877 6,290

Total assets 14,522 15,176

Liabilities and equity

Short-term borrowings 137 636

Accounts payable 1,975 2,496
Other current financial liabilities 362 201
Income taxes 424 402
Other current provisions 741 573
Current accrued liabilities 2,180 2,023
Other current liabilities 473 434
Liabilities classified as held for sale – –
Total current liabilities 6,291 6,765

Long-term borrowings 983 982

Other non-current financial liabilities 22 22
Pensions and similar obligations 298 355
Deferred tax liabilities 275 387
Other non-current provisions 80 44
Non-current accrued liabilities 85 120
Other non-current liabilities 53 46
Total non-current liabilities 1,796 1,957

Share capital 204 201

Reserves -81 749
Retained earnings 6,327 5,521
Shareholders’ equity 6,450 6,472

Non-controlling interests -15 -17

Total equity 6,435 6,455

Total liabilities and equity 14,522 15,176

LAPORAN LABA RUGI 2017

Dec. 31, 2017 Dec. 31, 2016

Net sales € 21,218 € 18,483

Cost of sales € 10,514 € 9,383
Gross profit € 10,703 € 9,100
(% of net sales) 50% 49%
Royalty and commission income € 115 € 105
Other operating income € 133 € 262
Other operating expenses € 8,882 € 7,885
(% of net sales) 42% 43%
Operating profit € 2,070 € 1,582
(% of net sales) 10% 9%
Financial income € 46 € 28
Financial expenses € 93 € 74
Income before taxes € 2,023 € 1,536
(% of net sales) 10% 8%
Income taxes € 668 € 454
(% of income before taxes) 33% 30%

Net income from continuing operations € 1,354 € 1,082

(% of net sales) 6% 6%
Losses from discontinued operations, net of
€ 254 € 62
tax
Net income € 1,100 € 1,020
(% of net sales) 5% 6%
Net income attributable to shareholders € 1,097 € 1,017

(% of net sales) 5% 6%
Net income attributable to non-
€ 3 € 2
controlling interests
Basic earnings per share from continuing
€ 7 € 5
operations (in €)
Diluted earnings per share from continuing
€ 7 € 5
operations (in €)

Basic earnings per share from continuing

€ 5 € 5
and discontinued operations (in €)

Diluted earnings per share from continuing

€ 5 € 5
and discontinued operations (in €)
 LAPORAN POSISI KEUANGAN

COOMON SIZE
2018 2017   2018

Assets
Cash and cash equivalents € 2,629 € 1,598 17%
Short-term financial assets € 6 € 5 0%
Accounts receivable € 2,418 € 2,315 15%
Other current financial assets € 542 € 393 3%
Inventories € 3,445 € 3,692 22%
Income tax receivables € 48 € 71 0%
Other current assets € 725 € 498 5%
Assets classified as held for
€ - € 72 0%
sale
Total current assets € 9,813 € 8,645 63%

Property, plant and equipment € 2,237 € 2,000 14%

Goodwill € 1,245 € 1,220 8%
Trademarks € 844 € 806 5%
Other intangible assets € 196 € 154 1%
Long-term financial assets € 276 € 236 2%
Other non-current financial
€ 256 € 219 2%
assets
Deferred tax assets € 651 € 630 4%
Total non-current assets € 5,799 € 5,374 37%

Total Assets € 15,612 € 14,019 100%

Liabilities and equity

Short-term borrowings € 66 € 137 0%
Accounts payable € 2,300 € 1,975 15%
Other current financial liabilities € 186 € 362 1%
Income taxes € 268 € 424 2%
Other current provisions € 1,232 € 741 8%
Current accrued liabilities € 2,305 € 2,180 15%
Other current liabilities € 477 € 473 3%
Total current liabilities € 6,834 € 6,291 44%

Long-term borrowings € 1,609 € 983 10%

Other non-current financial
€ 103 € 22 1%
liabilities
Pensions and similar
€ 246 € 298 2%
obligations
Deferred tax liabilities € 241 € 190 2%
Other non-current provisions € 128 € 80 1%
Non-current accrued liabilities € 19 € 85 0%
Other non-current liabilities € 68 € 53 0%
Total non-current liabilities € 2,414 € 1,711 15%

Share capital € 199 € 204 1%

Reserves € 123 € (29) 1%
Retained earnings € 6,054 € 5,858 39%
Shareholders’ equity € 6,377 € 6,032 41%

Non-controlling interests € (13) € (15) 0%

Total equity € 6,364 € 6,017 41%

Total Liabilities and Equity € 15,612 € 14,019 100%

LAPORAN LABA RUGI

Common size
Dec. 31, 2018 Dec. 31, 2017 2018

Net sales € 21,915 € 21,218

Cost of sales € 10,552 € 10,514
Gross profit € 11,363 € 10,703
(% of net sales) 52% 50%

Royalty and commission income € 129 € 115

Other operating income € 48 € 17

Other operating expenses € 9,172 € 8,766
(% of net sales) 42% 41%
Marketing and point-of-sale
€ 3,001 € 2,724
expenses
(% of net sales) 14% 13%

Distribution and selling expenses € 4,450 € 4,307

(% of net sales) 20% 20%

General and administration
€ 1,576 € 1,568
expenses
(% of net sales) 7% 7%
Sundry expenses € 105 € 130
(% of net sales) 1% 1%
Impairment losses (net) on
accounts receivable and contract € 41 € 37
assets
Operating profit € 2,368 € 2,070
(% of net sales) 11% 10%
Financial income € 57 € 46
Financial expenses € 47 € 93
Income before taxes € 2,378 € 2,023
(% of net sales) 11% 10%
Income taxes € 669 € 668
(% of income before taxes) 28% 33%
Net income from continuing
€ 1,709 € 1,354
operations
(% of net sales) 8% 6%
Losses from discontinued
€ 5 € 254
operations, net of tax
Net income € 1,704 € 1,100
(% of net sales) 8% 5%
Net income attributable to
€ 1,702 € 1,097
shareholders
(% of net sales) 8% 5%
Net income attributable to non-
€ 3 € 3
controlling interests
Basic earnings per share from
€ 8 € 7
continuing operations (in €)
Diluted earnings per share from
€ 8 € 7
continuing operations (in €)
Basic earnings per share from
continuing and discontinued € 8 € 5
operations (in €)
Diluted earnings per share from
continuing and discontinued € 8 € 5
operations (in €)
COOMON SIZE
2017

11%
0%
17%
3%
26%
1%
4%
1%
62%

14%
9%
6%
1%
2%
2%
4%
38%

100%

1%
14%
3%
3%
5%
16%
3%
45%

7%
0%
2%
1%
1%
1%
0%
12%

1%
 0%
42%
43%

0%

43%

100%

Common size
2017
Analisis Rasio

LIKUIDITAS

Current Ratio = Current assets

Current liabilities

Tahun : 2014 = € 7,347.00

€ 4,378.00

2015 = € 13,343.00
€ 5,364.00

2016 = € 8,886.00
€ 6,765.00

2017 = € 8,645.00
€ 6,291.00

2018 = € 9,813.00
€ 6,834.00

Acid Test Ratio (Quick Ratio) = (current assets - inventory)

current liabilities

Tahun : 2014 = € 4,821

€ 4,378

2015 = € 10,230
€ 5,364

2016 = € 5,123
€ 6,765

2017 = € 4,953
€ 6,291

2018 = € 6,368
€ 6,834
 SOLVABILITAS

Debt to Assets Ratio = total liabilities

total assets

Tahun : 2014 = € 2,422

€ 12,417

2015 = € 2,332
€ 13,343

2016 = € 1,957
€ 15,176

2017 = € 1,796
€ 14,522

2018 = € 2,414
€ 15,612
= € 1.68 168% setiap € 1 hutang lancar, dijamin oleh € 1,68 aktiva lancar

= € 2.49 249%
€ 4,821.00

= € 1.31 131%

= € 1.37 137%

= € 1.44 144%

= € 1.10 110% setiap € 1 hutang lancar, dijamin oleh € 1,10 aktiva yang lebih likuid

= € 1.91 191%

= € 0.76 76%

= € 0.79 79%

= € 0.93 93%
= € 0.20 20% 20% total aktiva dibiayai oleh hutang

= € 0.17 17%

= € 0.13 13%

= € 0.12 12%

= € 0.15
g lebih likuid
 ANALISIS RASIO
ADIDAS

TAHUN 2014
Rasio Likuiditas = Aset Lancar
(Rasio Lancar) kewajiban Lancar
= € 7,347 = € 1.68
€ 4,378

Rasio Profitabilitas = Laba Operasi

(Operating Profit Margin) Penjualan
= € 883 = 6%
€ 14,534

Rasio Solvabilitas = Total Kewajiban

(Total Debt to Equity) Ekuitas Pemegang Saham
= € 2,422 = € 0.43
€ 5,618

TAHUN 2015
Rasio Likuiditas = Aset Lancar
(Rasio Lancar) kewajiban Lancar
= € 7,497 = € 1.40
€ 5,364

Rasio Profitabilitas = Laba Operasi

(Operating Profit Margin) Penjualan
= € 1,059 = 6%
€ 16,915

Rasio Solvabilitas = Total Kewajiban

(Total Debt to Equity) Ekuitas Pemegang Saham
= € 2,332 = € 0.41
€ 5,648
 TAHUN 2016
Rasio Likuiditas = Aset Lancar
(Rasio Lancar) kewajiban Lancar
= € 8,886 = € 1.31
€ 6,765

Rasio Profitabilitas = Laba Operasi

(Operating Profit Margin) Penjualan
= € 1,491 = 8%
€ 19,291

Rasio Solvabilitas = Total Kewajiban

(Total Debt to Equity) Ekuitas Pemegang Saham
= € 1,957 = € 0.30
€ 6,455

TAHUN 2017
Rasio Likuiditas = Aset Lancar
(Rasio Lancar) kewajiban Lancar
= € 8,645 = € 1.37
€ 6,291

Rasio Profitabilitas = Laba Operasi

(Operating Profit Margin) Penjualan
= € 2,070 = 10%
€ 21,218

Rasio Solvabilitas = Total Kewajiban

(Total Debt to Equity) Ekuitas Pemegang Saham
= € 1,796 = € 0.28
€ 6,435
 TAHUN 2018
Rasio Likuiditas = Aset Lancar
(Rasio Lancar) kewajiban Lancar
= € 9,813 = € 1.44
€ 6,834

Rasio Profitabilitas = Laba Operasi

(Operating Profit Margin) Penjualan
= € 2,368 = 11%
€ 21,915

Rasio Solvabilitas = Total Kewajiban

(Total Debt to Equity) Ekuitas Pemegang Saham
= € 2,414 = € 0.38
€ 6,364
 ANALISIS TREN
ADIDAS

Tahun
Akun
2014 2015 2016 2017 2018
€ 1,683 € 1,365 € 1,510 € 1,598 € 2,629
Cash and cash equivalents
100% 81% 90% 95% 156%
€ 2,526 € 3,113 € 3,763 € 3,692 € 3,445
Inventories
100% 123% 149% 146% 136%
€ 14,534 € 16,915 € 19,291 € 21,218 € 21,915
Net sales
100% 116% 133% 146% 151%

Tren Angka Persentase

ADIDAS

180%

160%

140%

120%
Cash and cash equivalents
100% Inventory
Net sales
80%

60%

40%

20%

0%
2014 2015 2016 2017 2018