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  • 7.2 %
    Share capital 30/09/2016
  • 2,332 EUR M
    Market value of investment 30/09/2016
  • 7.2 %
    Voting rights 30/09/2016
  • 1
    Representatives in statutory bodies 30/09/2016
Investment Year 2015 Investment history

adidas is a global group specialised in the design, development, production and distribution of sporting goods. The group offers a wide range of products (footwear, clothing and equipment) related to sporting activities or fashion in general. The group’s business is built around four main brands: adidas, Reebok, Taylor Made and CCM. Distribution is done through its own retail network, including eCommerce, and independent distributors.

GBL and adidas

In July 2015, GBL announced that it had crossed the statutory threshold of 3.0% in the share capital of adidas. At 31 December 2015, GBL held 4.7% of the capital and the threshold of 5.0% was crossed in January 2016. Since it started increasing its stake in the capital of adidas, GBL has maintained a constructive dialogue with the key representatives of adidas. In March 2016, adidas announced that the appointment of a GBL representative to the Board of Directors would be subject to the approval of the next General Shareholders’ Meeting of the company.

Half-year results 2016

  • During the first half of 2016 turnover increased by 15% to EUR 9.2 billion (+ 21% currency neutral). Growth was supported by the adidas and Reebok brands
  • Gross margin increased by 40 bps to 49%, driven by a more favorable mix (products, prices and sales channel) offsetting the negative currency impact
  • Current operating income grew by 52% to EUR 905 million, particularly as a result of the decrease in other operating costs as a percentage of sales; the margin grew by 240 bps to 9.8%
  • Net debt at 30 June 2016 was EUR 1,028 million

Outlook for 2016

Management at adidas revised its guidance upwards further to great brand momentum: sales growth in 2016 should grow by 15 to 20%. This improvement is supported by double-digit growth in all regions, except for Russia. The EBIT margin is expected to be 7.5% (vs. 6.5% in 2015).



Board of Directors (1/16*)
* Number of GBL's representatives in statutory bodies in relation to the total number of members