Adidas AG ADR (ADDYY) Balance Sheet

Fiscal year ends in De 2005 2006 2007 2008 2009

Assets
Current assets
Cash
Cash and cash equival 1525 311 295 244 775
Short-term investments 61 36 86 141 235
Total cash 1586 347 381 385 1010
Receivables 965 1415 1459 1624 1429
Inventories 1230 1607 1629 1995 1471
Other current assets 586 556 669 930 575
Total current assets 4367 3925 4138 4934 4485
Non-current assets
Property, plant and equipment
Gross property, plant 863 1187 1216 1542 1480
Accumulated Depreciat -439 -498 -514 -656 -757
Net property, plant an 424 689 702 886 723
Goodwill 436 1516 1436 1499 1478
Intangible assets 91 223 1485 1594 1502
Deferred income taxes 195 332 315 344 412
Other long-term assets 237 1694 249 276 275
Total non-current asset 1384 4454 4187 4599 4390
Total assets 5750 8379 8325 9533 8875
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 797 198
Accounts payable 684 752 849 1218 1166
Taxes payable 283 283 285 321 194
Other current liabilities 824 1157 1295 1309 1278
Total current liabilities 1790 2192 2429 3645 2836
Non-current liabilities
Long-term debt 1035 2578 2146 1776 1569
Deferred taxes liabilitie 42 522 450 463 433
Accrued liabilities 74 73 65 22
Pensions and other ben 148 134 124 132 157
Minority interest 28 8 11 14 5
Other long-term liabiliti -6 35 58 38 77
Total non-current liabili 1248 3351 2862 2488 2263
Total liabilities 3038 5543 5291 6133 5099
Stockholders' equity
Retained earnings 1854 2199 2658 3202 3350
Accumulated other co 830 629 365 184 426
Total stockholders' equ 2684 2828 3023 3386 3776
Total liabilities and sto 5722 8371 8314 9519 8875

Adidas AG ADR (ADDYY) Income Statement

Fiscal year ends in De 2005-12 2006-12 2007-12 2008-12 2009-12 TTM
Revenue 6636 10084 10299 10799 10381 11517
Cost of revenue 3439 5589 5417 5543 5669 6013
Gross profit 3197 4495 4882 5256 4712 5504
Operating expenses
Research and development 81 86
Sales, General and adm 2425 4297 4304
Other operating expen 112 3704 4035 4810
Total operating expens 2537 3704 4035 4378 4390 4810
Operating income 660 791 847 878 322 694
Interest Expense 94 197 170 203 169 119
Other income (expense 89 129 138 229 205 239
Income before taxes 655 723 815 904 358 814
Provision for income ta 221 227 260 260 113 233
Net income from contin 434 496 555 644 245 581
Net income from discon -44
Net income 390 496 555 644 245 581
Preferred dividend 8 13 4 2 2
Net income available 383 483 551 642 245 579
Earnings per share
Basic 2.17 2.37 1.36 1.63 0.63 1.39
Diluted 2.04 2.25 1.29 1.54 0.61 1.38
Weighted average shares outstanding
Basic 374 407 407 395 392 416
Diluted 407 439 439 427 418 418

Adidas AG ADR (ADDYY) Statement of Cash Flow

Fiscal year ends in De 2005-12 2006-12 2007-12 2008-12 2009-12 TTM
Cash Flows From Operating Activities
Inventory -142 98 26 -324 617 -97
Other working capital -15 -46 31 138 152 490
Other non-cash items 509 710 723 683 429 857
Net cash provided by op 352 762 780 497 1198 1250
Cash Flows From Investing Activities
Investments in property -188 -202 -230 -316 -195 -183
Property, plant, and e 14 36 30 27 16 5
Acquisitions, net -2464 -9 -56 -22 -1
Purchases of investme -53 -394 -58 -84 -1
Sales/Maturities of inv 201 22 60 -11
Purchases of intangibl -21 -75 -55 -60 -46 -39
Sales of intangibles 19 10 8 10 20
Other investing activiti 486 70 27 37 16 -59
Net cash used for invest 440 -2988 -285 -444 -162 -268
Cash Flows From Financing Activities
Debt issued 106 1099 588 497 47
Debt repayment -188 -424 -186 -912 -706
Common stock issued 639
Common stock repurchased -409
Dividend paid -60 -66 -86 -99 -97 -73
Other financing activiti 17 2
Net cash provided by (us 514 1035 -510 -106 -512 -732
Effect of exchange rat 23 -23 -1 2 7 -5
Net change in cash 1329 -1214 -16 -51 531 245
Cash at beginning of p 196 1525 311 295 244 326
Cash at end of period 1525 311 295 244 775 571
Free Cash Flow
Operating cash flow 352 762 780 497 1198 1250
Capital expenditure -188 -202 -230 -316 -195 -183
Free cash flow 165 560 550 181 1003 1067

Current ratio 2.440 1.791 1.704 1.354 1.581

Quick ratio 1.753 1.057 1.033 0.806 1.063 1.142

#DIV/0!
Cash ratio 0.852 0.142 0.121 0.067 0.273 0.291
#DIV/0!
Debt Ratio 0.528 0.662 0.636 0.643 0.575 0.609

Debt to Equity 1.132

0.000 1.960 1.750 1.811 1.350

Times interest earned 7.021 4.015 4.982 4.325 1.905

Profit Margin 0.0587703 0.0491868 0.0538887 0.0596352 0.0236008 0.0490164

ROA 7% 6% 7% 7% 3%

ROE 15% 18% 18% 19% 6%

ROA

total asset turonver 1.15 1.20 1.24 1.13 1.17

inventory turnover 5.4 6.3 6.3 5.4 7.1

Accounts receivable turnover 8.1

Dividend payout

Long-term Debt to equity 0.1800 0.3077 0.2578 0.1863 0.1768 0.2217

EPS
2.44 1.79 1.7 1.35 1.5 1.8
Nike Inc. B (NKE) Balance Sheet
Fiscal year ends in May 2006 2007 2008 2009 2010
Assets
Current assets
Cash
Cash and cash equival 954 1857 2134 2291 3079
Short-term investments 1349 990 642 1164 2067
Total cash 2303 2847 2776 3455 5146
Receivables 2396 2495 2795 2884 2650
Inventories 2077 2122 2438 2357 2041
Deferred income taxes 203 220 227 272 249
Prepaid expenses 380 393 602 766 874
Total current assets 7359 8076 8839 9734 10959
Non-current assets
Property, plant and equipment
Gross property, plant 3408 3619 4103 4256 4390
Accumulated Depreciat -1751 -1941 -2212 -2298 -2458
Net property, plant an 1658 1678 1891 1958 1932
Goodwill 131 131 449 194 188
Intangible assets 406 410 743 467 467
Deferred income taxes 317 393 520 897 874
Total non-current asset 2511 2612 3603 3516 3460
Total assets 9870 10688 12443 13250 14419 14419.00
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 299 131 184 375 146
Accounts payable 952 1040 1288 1032 1254
Taxes payable 86 59
Accrued liabilities 1287 1303 1762 1784 1904
Other current liabilities 86 109 88
Total current liabilities 2623 2584 3322 3277 3364
Non-current liabilities
Long-term debt 411 410 441 437 446
Deferred taxes liabilitie 550 669 854 842 855
Other long-term liabiliti 0 0 0 1 1
Total non-current liabili 961 1079 1296 1280 1302
Total liabilities 3584 3663 4617 4557 4666
Stockholders' equity
Common stock 3 3 3 3 3
Additional paid-in capit 1451 1960 2498 2871 3441
Retained earnings 4713 4885 5073 5451 6096
Accumulated other co 118 177 251 367 214
Total stockholders' equ 6285 7025 7825 8693 9753
Total liabilities and sto 9870 10688 12443 13250 14419

Nike Inc. B (NKE) Income Statement

Fiscal year ends in May2006-05 2007-05 2008-05 2009-05 2010-05 TTM
Revenue 14955 16326 18627 19176 19014 19390.00
Cost of revenue 8368 9165 10240 10572 10214 10372.00
Gross profit 6587 7160 8387 8604 8800 9018.00
Operating expenses
Sales, General and adm 4478 5029 5954 6150 6326 6453.00
Restructuring, merger and acquisition 195
Other operating expenses 401
Total operating expens 4478 5029 5954 6746 6326 6453.00
Operating income 2109 2132 2434 1858 2474 2565.00
Interest Expense 75
Other income (expense 32 68 144 98 43 26.00
Income before taxes 2142 2200 2503 1956 2517 2591.00
Provision for income ta 750 708 620 470 610 638.00
Net income from contin 1392 1492 1883 1487 1907 1953.00
Net income 1392 1492 1883 1487 1907 1953.00
Net income available 1392 1492 1883 1487 1907 1953.00
Earnings per share
Basic 2.69 2.96 3.8 3.07 3.93 4.03
Diluted 2.64 2.93 3.74 3.03 3.86 3.96
Weighted average shares outstanding
Basic 518 504 496 485 486 484.00
Diluted 527 509 504 491 494 493.00

Nike Inc. B (NKE) Statement of Cash Flow

Fiscal year ends in May2006-05 2007-05 2008-05 2009-05 2010-05 TTM
Cash Flows From Operating Activities
Net income 1392 1492 1883 1487 1907 1953.00
Depreciation & amortiz 291 270 322 383 396 376.00
Investment/asset impairment charges 401
Deferred income taxes -26 34 -301 -294 8 26.00
Stock based compensation 171 159 89.00
Accounts receivable -238 182 6.00
Inventory -200 -50 -250 32 285 72.00
Prepaid expenses -37 -61 -11 14 -70 -2.00
Accounts payable 298
Other working capital 194 46 213 -220 147.00
Other non-cash items 54 148 80
Net cash provided by op 1668 1879 1936 1736 3164 2667.00
Cash Flows From Investing Activities
Investments in property -334 -314 -449 -456 -335 -344.00
Property, plant, and e 2 28 2 10 10.00
Acquisitions, net -325
Purchases of investme -2620 -2134 -1866 -2909 -3724 -4837.00
Sales/Maturities of inv 1710 2516 2246 2390 2793 3513.00
Other investing activiti -35 -4 -22 176 -11 39.00
Net cash used for invest -1277 93 -414 -798 -1268 -1620.00
Cash Flows From Financing Activities
Debt issued 177
Debt repayment -7 -238 4.00
Common stock issued 225 323 343
Common stock repurch 1352 -985 -1248 -649 -741 -1214.00
Dividend paid -291 -344 -413 -467 -505 -515.00
Other financing activiti -24 -106 92 212 423 422.00
Net cash provided by (us -851 -1112 -1226 -734 -1061 -1303.00
Effect of exchange rat 26 42 -19 -47 -48 4.00
Net change in cash -434 902 277 157 788 -251.00
Cash at beginning of p 1388 954 1857 2134 2291 2261.00
Cash at end of period 954 1857 2134 2291 3079 2010.00
Free Cash Flow
Operating cash flow 1668 1879 1936 1736 3164 2667.00
Capital expenditure -334 -314 -449 -456 -335 -344.00
Free cash flow 1334 1565 1487 1280 2829 2323.00

Current ratio 2.806 3.125 2.661 2.970 3.258 2.96

Quick ratio 2.014 2.304 1.927 2.251 2.651 2.23

Cash ratio 0.364 0.719 0.642 0.699 0.915 0.67

Debt Ratio 0.363 0.343 0.371 0.344 0.324 0.35

Debt to Equity 0.570 0.521 0.590 0.524 0.478 0.54

#DIV/0! #DIV/0! 32.453 #DIV/0! #DIV/0!

0.0997660 0.1153375 0.0798304 0.0994472 0.1027138 0.10

14% 14% 15% 11% 13% 0.14

22% 21% 24% 17% 20% 0.21

13.5 14%

1.52 1.53 1.50 1.45 1.32 1.46

7.2 7.7 7.6 8.1 9.3 8.00

6.2 6.5 6.7 6.6 7.2 6.65

0.0416 0.0384 0.0354 0.0330 0.0309 0.0359

1908.0
 5.77 4.79 5.35 5.95 2.36 4.844
#DIV/0!
#DIV/0!
7.52 6.84 6.6 7.19 2.66 6.162
17.75 17.53 18.83 20.03 6.84 16.196
1.3 1.43 1.23 1.21 1.13 1.26
2.88 3.94 3.35 3.06 3.27 3.3
6.6 8.47 7.17 7.01 6.8 7.21
2.04 2.25 1.29 1.54 0.61 1.546