Adidas has increased revenue by 16% to €16.9bn in 2015 while we had expected €16.75bn. But the net profit statement of a 12% increase to €720m is misleading. This number excludes any (undisclosed) impairment charges and profits/losses from discontinuing operations. We anticipated net profit after minorities to have reached €685m and the consensus number was €671m. The loss from discontinued operations amounted to €36m in 9M15, i.e. deducting this number from mana
11 Feb 2016
Misleading preliminary 2015 numbers from management
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Misleading preliminary 2015 numbers from management
adidas AG (ADS:WBO) | 0 0 1.8% | Mkt Cap: 37,743m
- Published:
11 Feb 2016 -
Author:
Hans-Peter Wodniok -
Pages:
2
Adidas has increased revenue by 16% to €16.9bn in 2015 while we had expected €16.75bn. But the net profit statement of a 12% increase to €720m is misleading. This number excludes any (undisclosed) impairment charges and profits/losses from discontinuing operations. We anticipated net profit after minorities to have reached €685m and the consensus number was €671m. The loss from discontinued operations amounted to €36m in 9M15, i.e. deducting this number from mana