Financial Statements for the Year Ended December 31, 2009 and Management Report 09

Texte intégral

(1)09 Financial Statements for the Year Ended December 31, 2009 and Management Report. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. adidas AG Herzogenaurach.

(2) 3. Balance Sheet. 4. Profit and Loss Statement. 5. Notes. 38. Statements of Changes in Fixed Assets. 40. Supervisory Board and Executive Board. 45. List of Shareholdings. 53. Management Report. 112. Auditors’ Report. 114. Responsibility Statement. 115. Supervisory Board Report. The Financial Statements and Management Report of adidas AG for the financial year 2009 are filed with and published in the electronic Federal Gazette.. The Financial Statements and Management Report of adidas AG as well as the List of Shareholdings of adidas AG are also available for download on the Internet at > www.adidas-group.com/en/investorrelations/reports/annualreports.aspx. 2. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. CONTENTS.

(3) FINANCIAL STATEMENTS of adidas AG. BALANCE SHEET (euros in thousands) Note. 31.12.2009. 31.12.2008. ASSETS FIXED ASSETS. (1). Intangible assets. (2). 166,142. 57,569. Tangible assets. (2). 171,339. 141,382. Financial assets. (3). 3,305,605. 3,299,090. 3,643,086. 3,498,041. CURRENT ASSETS Inventories. (4). 19,192. 21,428. Receivables and other assets. (5). 1,670,602. 1,318,875. Securities. (6). 3,825. 3,675. Cash and cash equivalents. (7). 232,078. 1,593. 1,925,697. 1,345,571. 48,324. 125,664. 5,617,107. 4,969,276. (9). 209,216. 193,516. (9). 1,145,075. 830,037. 652,752. 652,752. 284,555. 237,409. 2,291,598. 1,931,714. PREPAID EXPENSES. (8). EQUITY AND LIABILITIES EQUITY Subscribed capital 1.278 20.314 20.000. Capital reserves Revenue reserves Retained earnings. (10). UNTAXED RESERVE. (11). 6,007. 6,329. ACCRUALS. (12). 239,815. 235,240. LIABILITIES. (13). 3,079,687. 2,813,972. 0. 21. 5,617,107. 4,969,276. DEFERRED INCOME. 3. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Contingent capital 1999 Contingent capital 2003 Contingent capital 2006.

(4) FINANCIAL STATEMENTS of adidas AG. STATEMENT OF INCOME (euros in thousands). Sales. Note. 2009. 2008. (15). 1,399,182. 860,577. -205. -689. 1,398,977. 859,888. Change in inventory. Total operating profit. Other operating income. (16). 753,497. 809,695. Cost of materials. (17). -427,981. -441,078. Personnel expenses. (18). -249,939. -241,090. Depreciation and amortization of tangible and intangible assets. (19). -55,908. -36,169. Other operating expenses. (20). -1,211,360. -899,611. 207,286. 51,635. 72,151. 105,748. 0. 133,340. -7,918. 0. INCOME FROM OPERATIONS. Income from investments in related companies. (21). Profit/ Loss received under a profit - positive transfer agreement. (22). - negative transfer agreement Depreciation on financial assets. (23). -3,958. 0. Interest result. (24). -67,515. -68,417. 200,046. 222,306. -55,928. -14,054. -214. -329. NET INCOME. 143,904. 207,923. Retained earnings brought forward Earnings appropriated to earned surplus Earnings appropriated to reduction of subscribed capital Transfer to capital reserves Offset with Retirement of treasury shares. 140,651 0 0 0 0. 29,486 409,387 10,182 -10,182 -409,387. RETAINED EARNINGS. 284,555. 237,409. ORDINARY ACTIVITIES. Taxes on income. (25). Other taxes. 4. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. INCOME FROM.

(5) Notes to the Financial Statements of adidas AG for the Year Ended December 31, 2009 In the interest of providing a clearer overall picture, certain items in the balance sheet and income statement have been combined as permitted in § 265 (7) German Commercial Code (Handelsgesetzbuch, "HGB"), and have been disclosed and explained separately under the numerical text reference indicated below. The list of shareholdings in adidas AG as required by § 287 HGB is filed with the electronic Federal Gazette. Accounting Policies The annual financial statements have been prepared in accordance with the following accounting policies. Acquired intangible fixed assets are recognized at cost and subject to periodic straight-line amortization.. Buildings are subject to straight-line amortization at adidas AG. The estimated useful life of business premises is 50 years maximum and from two to ten years for technical equipment and machinery, other equipment, and operating and office equipment. The refurbishment costs of buildings comprising the World of Sports headquarters, owned by GEV Grundstücksgesellschaft Herzogenaurach mbH & Co. KG, a company within the adidas AG Group, are being written down over 20 years. The factory outlet building is being depreciated over 33 years. By virtue of a use agreement between the property owner GEV Grundstücksgesellschaft Herzogenaurach mbH & Co. KG and adidas AG, adidas AG is the beneficial owner of the office building under construction on the World of Sports premises. As with the other buildings, these buildings will be depreciated over 33 years upon completion. Chattel assets are depreciated on a straight-line basis. Minor-value assets worth less than € 150 are written off in full in the year of their acquisition and are shown as disposals in the statement of changes in fixed assets. Omnibus items are recognized for assets worth between € 150 and. 5. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Tangible fixed assets are recognized at cost. All recognizable direct and overhead costs are included in production costs. Items with a limited life are depreciated/amortized over their expected useful lives..

(6) € 1,000. These are depreciated on a straight-line basis over five years. 20 % is written off in the year of acquisition. Write-downs to the lower fair value are also recognized if an impairment is anticipated to be other than temporary. Long-term financial assets are recognized at cost. To the extent necessary, write-downs are made to their lower fair value. If the reasons for the writedown no longer apply, a reversal is recognized. Inventories are measured at the lower of cost or market. Manufacturing costs comprise direct costs that must be recognized and recognizable overhead costs. Allowances are taken for discernable fashion and technical risks, age structure, and marketability. Receivables and other assets are generally recognized at nominal values. Individual adjustments and allowances for doubtful accounts are taken to cover discernible risks.. Derivative financial transactions entered into with banks by Group Treasury (primarily forward currency and currency option transactions) are generally related to underlying transactions with group companies. Hedge accounting is applied if there is a direct hedging relationship between these transactions. Unrealized losses are recognized in profit or loss if they are not covered by unrealized gains in the hedge accounting. Derivative transactions that are not recognized using hedge accounting are measured individually at fair value. Any resulting losses are recognized in profit or loss. The fair value of interest rate swaps and cross currency swaps used for hedging purposes is calculated using generally accepted models. Hedge accounting is applied if interest rate swaps and cross currency swaps are entered into for the purpose of hedging currency and interest rate risk from existing liabilities and there is a direct hedging relationship between these transactions. Unrealized losses are recognized in profit or loss if they are not covered by unrealized gains in the hedge accounting.. 6. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Securities classified as current assets are recognized at cost. If the market price or fair value is lower at the balance sheet date, this is recognized..

(7) Subscribed capital is recognized at the nominal amount. The special tax-allowable reserve is recognized for the amounts allowed under tax law provided that tax law requires the establishment of this reserve on the balance sheet. Provisions for pensions at adidas AG are recognized based on actuarial opinions using the present value under the German entry age normal method (Teilwertverfahren) pursuant to § 6a German Income Tax Act (Einkommensteuergesetz, "EStG") and applying a 6% discount rate (previous year: 6%). The 2005 G mortality tables published in July 2005 by Prof. Klaus Heubeck were used for this purpose. Other provisions cover all discernible risks and uncertain obligations and have been recognized in the amount required based on prudent business judgment. Liabilities are recognized at their nominal amount or their higher repayment amount. Receivables and liabilities denominated in foreign currencies are translated using the end-of-month rate prevailing for the month prior to the transaction posting date. Exchange rate losses are recognized at the balance sheet date unless there is a closed position.. Revenues are then recognized once the price risk has been transferred to the purchaser. This generally occurs upon delivery of the merchandise. Licensing revenues are recognized in accordance with the underlying contractual agreements. Claims and revenues generally arise whenever the licensee generates sales revenue with adidas products.. 7. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. The contingent liabilities from payment guarantees and warranties reported correspond to the borrowings and obligations of subsidiaries as of the balance sheet date..

(8) 1. Fixed assets Please see Appendix 1 to the notes on the financial statements for the statement of changes in fixed assets pursuant to § 268 (2) HGB.. In € thousands. 12/31/2009. 12/31/2008. Balance as of 01/01. 198.951. 153.538. Additions. 197.068. 83.045. Reebok, ASL residual carrying amount. 1.097. 0. Disposals. 3.727. 1.463. 55.908. 36.169. 337.481. 198.951. Depreciation, amortization and write-downs Balance as of 12/31. The significant additions primarily concern acquired intangible fixed assets (€ 114,000 thousand) due to the transfer of the brand management function (such as trademarks, slogans, patents, design etc.) from adidas International Marketing B.V., Amsterdam, the Netherlands, to adidas AG and, under assets under construction, a new administration building on third-party land (€ 34,842 thousand), as well as licenses for standard software, fixtures and fittings for adidas shops and hardware. The merger of Reebok Deutschland GmbH and ASL-American Sports and Leisure Vertriebs GmbH with adidas AG resulted in € 3,187 thousand in additions from historical cost and € 2,090 thousand in cumulative depreciation/amortization.. 3. Long-term financial assets Additions (€ 6,554 thousand) consisted of the transformation of one of the loans granted to adidas Industrial S.A. de C.V., Mexico City, Mexico, into a capital contribution (€ 5,351 thousand) and the increase in the Company's equity stake in adidas Hellas A.E., Thessaloniki, Greece (€ 1,203 thousand).. 8. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 2. Intangible fixed assets and tangible fixed assets.

(9) 4. Inventories In € thousands Raw materials, consumables and supplies Work in progress Finished goods and merchandise. 12/31/2009. 12/31/2008. 3.326. 3.302. 60. 1.090. 15.806. 17.036. 19.192. 21.428. Inventories relate to raw materials, consumables, and supplies for production purposes, work in progress in the production process, and merchandise at the Company's own adidas shops, the factory outlet, as well as merchandise of the Fashion Group, i.e., products from collections such as "Y3" and "Porsche Design".. 5. Receivables and other assets In € thousands. 12/31/2009. 12/31/2008. of which with a residual maturity of more than one year. 41.144. 48.945. 0. 0. 1.611.420. 1.243.560. 71.017. 53.377. 18.038. 26.370. 2.450. 1.519. 1.670.602. 1.318.875. Receivables from affiliated companies. of which with a residual maturity of more than one year Other assets of which with a residual maturity of more than one year. 9. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Trade accounts receivable.

(10) The receivables from affiliated companies primarily concern receivables in connection with Group Treasury activities. Group Treasury uses a netting process to balance out any fund surpluses or deficits at subsidiaries through adidas AG and settle payments between subsidiaries. Receivables from affiliated companies include € 7,633 thousand in trade accounts receivable. € 1,853 thousand in other receivables from affiliated companies was written down. Other assets include mainly VAT receivables from tax authorities, recognized option premiums, and accounts payable with debit balances.. 6. Securities In € thousands. 12/31/2009. Other securities. 12/31/2008. 3.825. 3.675. All assets are earmarked for the purpose of serving as hedges against insolvency for partial and early retirement liabilities.. 7. Cash and cash equivalents 12/31/2009. Cash-in-hand, bank balances and checks. 232.078. 10. 12/31/2008. 1.593. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. In € thousands.

(11) 8. Prepaid expenses In € thousands. 12/31/2009. Issue discount on convertible bond Advertising and promotion agreements Discount on promissory note loan Other. 12/31/2008. 0. 75.964. 16.678. 21.057. 1.553. 1.680. 30.093. 26.963. 48.324. 125.664. 9. Subscribed capital/capital reserves The share capital of adidas AG (“the company”) was € 193,515,512 as of 31 December 2008, allocated to 193,515,512 no-par value bearer shares ("shares") and was paid-in in full. On October 5, 2009 the share capital was increased to a total of € 193,531,912, divided into 193,531,912 shares, as a result of the exercise of a total of 4,100 stock options in August 2009 and the issuance of 16,400 new shares as part of adidas AG's Management Share Option Plan (MSOP). The capital reserves increased by € 322,260 to € 830,358,985.. 11. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. € 16,678 thousand of the prepaid expenses relates to accrued expenditures in connection with long-term advertising and promotion agreements with sports clubs and athletes. The discount on promissory note loans includes € 1,210 thousand as a discount and € 343 thousand as a capitalized commitment fee. Other prepaid expenses mainly comprise advance payments for advertising, insurance premiums and maintenance. Due to the early redemption and the associated conversion of the convertible bond, prepaid expenses for this item were no longer recognized as of the balance sheet date. The discount on the issue of the convertible bond was netted against the capital reserves at the time of the exercise of the conversion right (see note 9 "Subscribed capital/capital reserves")..

(12) Additionally, on November 9, 2009, the share capital was increased to a total of € 209,216,186, divided into 209,216,186 shares, as a result of the exercise of all of the remaining 7,999 convertible bonds issued in 2003 by adidas International Finance B.V. (formerly adidas-Salomon International Finance B.V.) and guaranteed by adidas AG (formerly adidas-Salomon AG) and the issue of 15,684,274 new shares. The remaining € 69,549 thousand in prepaid expenses were reversed and netted against the capital reserves on the balance sheet. Taking into account the prepaid expenses netted against it, the capital reserve increased by € 314,716,075 to € 1,145,075,061. As of the balance sheet date, the Company's share capital totaled € 209,216,186, divided into 209,216,186 shares. It is fully paid in. The following table summarizes the changes in equity: Changes in shareholders' equity In € thousands 01/01/2009 Dividend MSOP Convertible Net profit 12/31/2009 bond for the year Subscribed capital. 193.516. 16. 15.684. 209.216. Capital reserves. 830.037. 322. 314.716. 1.145.075. Revenue reserves. 652.752. Net retained profits. 237.409. -96.758. 1.913.714. -96.758. 12. 338. 330.400. 143.904. 284.555. 143.904. 2.291.598. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Equity. 652.752.

(13) The table below summarizes the increase in the capital reserves in connection with the exercise of conversion rights from 7,999 convertible bonds:. In € thousand Volume 7,999 bonds at € 50,000 a piece. 399.950. Prepaid expenses on the exercise date netted against capital reserves. -69.549. Issue of new shares (thousands). -15.684. Cash compensation for fractional shares Contribution to capital reserves. -1 314.716. The change to the amount of the share capital resulting from the above transactions up through December 31, 2009 was entered into the commercial register on January 28, 2010.. Each share grants one vote and carries dividend rights from the year in which it is issued. Pursuant to § 71 b German Stock Corporation Act (Aktiengesetz, "AktG"), directly or indirectly held own shares do not carry dividend rights. As February 19, 2010, the Company held no treasury shares.. Authorized capital The Executive Board of adidas AG did not use the existing authorized capital totaling € 95,000,000 in the 2009 fiscal year or after the balance sheet date up to February 19, 2010. The following discussion of the existing authorized capital does not extend to include the revocation of Authorized Capital 2005/I and 2008 resolved by the Annual General Meeting on May 7, 2009, which also was not utilized up to May 7, 2009.. 13. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. No further changes were made to the share capital. On February 19, 2010, adidas AG's share capital thus amounted to € 209,216,186, divided into 209,216,186 shares..

(14) Pursuant to Article 4 paragraphs 2, 3, and 4 of the Articles of Association which, as of the balance sheet date governs the Company's authorized capital, the Executive Board is entitled, subject to Supervisory Board approval, to increase the share capital: until June 21, 2014 by issuing new shares against cash contributions, once or severally, by up to a maximum of € 50,000,000 and, subject to Supervisory Board approval, to exclude fractional shares from shareholders' subscription rights (Authorized Capital 2009/I);. until May 28, 2011 by issuing new shares against cash contributions, once or severally, by up to a maximum of € 20,000,000 and, subject to Supervisory Board approval, to exclude shareholders' subscription rights for fractional amounts and when issuing the new shares at an issue price that is not substantially below the market price of shares of the same class (Authorized Capital 2006). However, the authorization to exclude subscription rights pursuant to the previous sentence may only be used to the extent that the pro rata amount of the new shares in share capital, together with the pro rata amount of other shares in share capital issued by the Company since May 11, 2006, subject to the exclusion of subscription rights pursuant or analogous to § 186 (3) sentence 4 Stock Corporation Act (Aktiengesetz, "AktG") on the basis of authorized capital or following a repurchase, or for which conversion rights or warrants were granted since May 11, 2006 through the issuance of convertible bonds or bonds with warrants, with subscription rights excluded in correspondence with § 186 (3) sentence 4 AktG, does not exceed ten percent (10 %) of the share capital existing on the date this authorization was entered into the commercial register or as at the respective date on which the authorization is exercised if such amount is lower. Contingent capital The following description of contingent capital relates to Article 4 (5), (6) and (7) of the Company's Articles of Association as well as the underlying resolution of the annual general meeting. There is no other contingent capital.. 14. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. until June, 21 2012 by issuing new shares against contributions in kind, once or severally, up to a maximum of € 25,000,000 and, subject to Supervisory Board approval, to exclude shareholders' subscription rights (Authorized Capital 2009/II);.

(15) Contingent Capital 1999/I The Contingent Capital 1999/I was intended to fulfill stock options in connection with the Company's MSOP for members of adidas AG's Executive Board, members of executive bodies of affiliated companies, and other executives of adidas AG and of its affiliated companies. Due to the issue of 16,400 shares as a result of the exercise of 4,100 stock options during the exercise periods ended in October 2009 for Tranche V (2003) of the Company's MSOP, the nominal amount of Contingent Capital 1999/I since October 5, 2009 and as of the balance sheet date was € 1,278,348 and was divided into 1,278,348 shares. The corresponding adjustment to the amount of the Contingent Capital 1999/I was submitted for declaratory entry in the commercial register on January 28, 2010 and will be amended in the Articles of Association following the registration All stock options under the Company's MSOP have either been exercised or have expired. No further Contingent Capital 1999/I has been utilized. On February 19, 2010, the nominal amount of Contingent Capital 1999/I was therefore € 1,278,348, divided into 1,278,348 shares.. Following the issue of 15,684,274 new shares as a result of the exercise of the conversion rights on all 7,999 bonds remaining outstanding, Contingent Capital 2003/II amounted to € 20,313,766 as of the balance sheet date, divided into up to 20,313,766 shares (as of December 31, 2008: 35,998,040). There are no further subscription or conversion rights outstanding. The corresponding adjustment to the amount of the Contingent Capital 2003/II resulting from the above transaction up to and including December 31, 2009 was submitted for declaratory entry in the commercial register on January 28, 2010 and will be amended in the Articles of Association following the registration. No further Contingent Capital 2003/II had been utilized.. 15. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Contingent Capital 2003/II Contingent Capital 2003/II was intended to fulfill conversion rights arising from the convertible bonds issued in 2003 by adidas International Finance B.V. and guaranteed by adidas AG..

(16) On February 19, 2010, the nominal amount of Contingent Capital 2003/II was therefore € 20,313,766, divided into 20,313,766 shares. Contingent Capital 2006 As of the balance sheet date, the share capital is conditionally increased by up to an additional € 20,000,000, divided into up to 20,000,000 shares (Contingent Capital 2006). The contingent capital increase will be implemented only to the extent that the holders of options or conversion rights, or the persons obligated to exercise warrants or to convert due to bonds with warrants or convertible bonds, which are issued or guaranteed by the Company or a subordinate Group company pursuant to the authorization of the Executive Board by shareholder resolution dated May 11, 2006, exercise their warrants or conversion rights or, if they are obligated to exercise the warrant or conversion feature, such persons fulfill that obligation. The Executive Board is authorized, subject to Supervisory Board approval, to fully exclude the shareholders' subscription rights if the bonds with warrants and/or convertible bonds are issued at a price that is not significantly below the market value of such bonds. The limitation on subscription right exclusions of 10% of the share capital pursuant to § 186 (3) sentence 4 AktG in conjunction with § 221 (4) sentence 2 AktG must be observed.. Acquisition of treasury shares At the Annual General Meeting on May 7, 2009, the shareholders of the Company revoked the May 8, 2008 authorization to acquire treasury shares which had been partially utilized in 2008 but not at all during the year under review. At the same time, the Annual General Meeting resolved a new Authorization for the Executive Board to acquire treasury shares of up to a total of 10% of the share capital by November 6, 2010. The authorization may be exercised by the Company, its Group companies or by a third party acting on their account. The authorization was not exercised during the year under review or by February 19, 2010.. 16. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. The Executive Board of adidas AG has not issued any bonds with warrants, convertible bonds or shares from Contingent Capital 2006 in the 2009 fiscal year or after the balance sheet date up until February 19, 2010..

(17) Convertible bond issue The 2.5% convertible bond issued on October 8, 2003 by adidas International Finance B.V. granting a right to convert to adidas AG shares and unconditionally and irrevocably guaranteed by adidas AG with a total principal amount of € 400,000,000 maturing on October 8, 2018, was called early on October 8, 2009, with effect from November 23, 2009. All conversion rights arising from the 7,999 remaining bonds outstanding were exercised by November 9, 2009. Upon completion of the conversion process, 15,684,274 new shares in the Company were issued on the basis of Contingent Capital 2003/II. Beginning in fiscal year 2009, the new shares carry dividend rights. Notifications of voting rights Pursuant to § 160 (1) no. 8 AktG, existing shareholdings which have be notified to the Company in accordance with § 21 (1) or (1a) of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) need to be disclosed. The Capital Research and Management Company, Los Angeles, USA, informed the Company by letter on January 5, 2009, pursuant to § 21 (1) sentence 1 WpHG, that on December 19, 2008, their voting interest in adidas AG had exceeded the threshold of 5% and amounted to 5.01% of the voting rights (9,695,127 shares) on this date. All of these voting rights are attributable to the Capital Research and Management Company in accordance with § 22 (1) sentence 1 no. 6 WpHG.. The Bank of New York Mellon Corporation, New York, USA, informed the Company by letter on February 3, 2009, pursuant to § 21 (1) sentence 1 WpHG, that on January 14, 2009, their voting interest in adidas AG had exceeded the threshold of 3% and amounted to 3.05% of the voting rights (5,901,424 shares) on this date. All of these voting rights are attributable to the Bank of New York Mellon Corporation in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG.. 17. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. The Euro Pacific Growth Fund, Los Angeles, USA, informed the Company by letter on January 19, 2009, pursuant to § 21 (1) WpHG, that on January 13, 2009, their voting interest in adidas AG had exceeded the threshold of 3% and amounted to 3.11% of the voting rights (6,021,253 shares) on this date..

(18) The UBS AG, Zurich, Switzerland, informed the Company by letter on March 3, 2009, pursuant to § 21 (1) WpHG, that on February 25, 2009, their voting interest in adidas AG had exceeded the threshold of 3% and amounted to 3.37% of the voting rights (6,525,021 shares) on this date. 0.23% of these voting rights (442,894 shares) are attributable to UBS AG in accordance with § 22 (1) sentence 1 no. 1 WpHG. The UBS AG, Zurich, Switzerland, informed the Company by letter on March 4, 2009, pursuant to § 21 (1) WpHG, that on February 26, 2009, their voting interest in adidas AG had fallen below the threshold of 3% and amounted to 1.04% of the voting rights (2,010,607 shares) on this date. 0.23% of these voting rights (442,832 shares) are attributable to UBS AG in accordance with § 22 (1) sentence 1 no. 1 WpHG. The Fidelity International, Tadworth, Great Britain, informed the Company by letter on March 4, 2009 on and behalf of FMR LLC, Boston, USA, pursuant to § 21 (1) WpHG, that on February 26, 2009, their voting interest in adidas AG had fallen below the threshold of 3% and amounted to 2.95% of the voting rights (5,700,013 shares) on this date. All of these voting rights are attributable to the FMR LLC in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG.. The Invesco Holdings Company Limited, London, Great Britain, informed the Company by letter on March 27, 2009, pursuant to § 21 (1) WpHG, that on September 30, 2008, their voting interest in adidas AG had fallen below the threshold of 3% and amounted to 2.97% of the voting rights (5,894,813 shares) on this date. All of these voting rights are attributable to Invesco Holdings Limited in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG.. 18. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. The Invesco Ltd, Hamilton, Bermudas, informed the Company by letter on March 27, 2009, pursuant to § 21 (1) WpHG, that on September 30, 2008, their voting interest in adidas AG had fallen below the threshold of 3% and amounted to 2.97% of the voting rights (5,894,813 shares) on this date. All of these voting rights are attributable to Invesco Ltd. in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG..

(19) The IVZ Callco Inc., Halifax, Canada, informed the Company by letter on March 27, 2009, pursuant to § 21 (1) WpHG, that on September 30, 2008, their voting interest in adidas AG had fallen below the threshold of 3% and amounted to 2.97% of the voting rights (5,894,813 shares) on this date. All of these voting rights are attributable to IVZ Callco Inc. in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG. The Invesco Inc., Toronto, Canada, informed the Company by letter on March 27, 2009, pursuant to § 21 (1) WpHG, that on September 30, 2008, their voting interest in adidas AG had fallen below the threshold of 3% and amounted to 2.97% of the voting rights (5,894,813 shares) on this date. All of these voting rights are attributable to Invesco Inc. in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG. The Invesco Canada Holdings Inc. (formerly AIM Canada Holdings Inc.),Toronto, Canada, informed the Company by letter on March 27, 2009, pursuant to § 21 (1) WpHG, that on September 30, 2008, their voting interest in adidas AG had fallen below the threshold of 3% and amounted to 2.97% of the voting rights (5,894,813 shares) on this date. All of these voting rights are attributable to the Invesco Canada Holdings Inc. in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG.. The above-listed notifications of voting rights dated March 27, 2009 are the revisions of the notifications dated October 2, 2008, which had not been disclosed due to concerns of the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) regarding formal requirements. The UBS AG, Zurich, Switzerland, informed the Company by letter on April 21, 2009, pursuant to § 21 (1) WpHG, that on April 15, 2009, their voting interest in adidas AG had exceeded the threshold of 3% and amounted to 3.23% of the voting rights (6,248,659 shares) on this date. 0.39% of these voting rights (749,197 shares) are attributable to UBS AG in accordance with § 22 (1) sentence 1 no. 1 WpHG.. 19. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. The Invesco Trimark Ltd (formerly AIM Funds Management Inc.),Toronto, Canada, informed the Company by letter on March 27, 2009, pursuant to § 21 (1) WpHG, that on September 30, 2008, their voting interest in adidas AG had fallen below the threshold of 3% and amounted to 2.97% of the voting rights (5,894,813 shares) on this date. All of these voting rights are attributable to Invesco Trimark Inc. in accordance with § 22 (1) sentence 1 no. 6 WpHG..

(20) The UBS AG, Zurich, Switzerland, informed the Company by letter on April 23, 2009, pursuant to § 21 (1) WpHG, that on April 20, 2009, their voting interest in adidas AG had fallen below the threshold of 3% and amounted to 0.82% of the voting rights (1,580,086 shares) on this date. 0.39% of these voting rights (758,034 shares) are attributable to UBS AG in accordance with § 22 (1) sentence 1 no. 1 WpHG. The Euro Pacific Growth Fund, Los Angeles, USA, informed the Company by letter on June 11, 2009, pursuant to § 21 (1) WpHG, that on June 8, 2009, their voting interest in adidas AG had exceeded the threshold of 5% and amounted to 5.01% of the voting rights (9,696,414 shares) on this date. BlackRock Investment Management (UK) Limited, London, United Kingdom, informed the Company by letter on December 7, 2009 pursuant to § 21 (1) sentence 1 as well as § 24 WpHG that: 1) on December 1, 2009, the voting interest of BlackRock Financial Management, Inc., New York, USA, in adidas AG had exceeded the threshold of 3 % and amounted to 4.74 % of the voting rights (9,921,962 shares) on this date. All of these voting rights are attributable to BlackRock Financial Management, Inc. in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG.. 3) on December 1, 2009, the voting interest of BlackRock, Inc., New York, USA, in adidas AG had exceeded the threshold of 3 % and amounted to 4.93 % of the voting rights (10,308,916 shares) on this date. All of these voting rights are attributable to BlackRock, Inc. in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG. BlackRock Inc., New York, USA, informed the Company by letter on January 5, 2010 pursuant to § 21 (1) WpHG that on December 9, 2009, their voting interest in adidas AG had exceeded the threshold of 5% and amounted to 5.03 % of the voting rights (10,521,736 shares) on this date. All of these voting rights are attributable to BlackRock, Inc. in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG.. 20. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 2) on December 1, 2009, the voting interest of BlackRock Holdco 2, Inc., New York, USA, in adidas AG had exceeded the threshold of 3 % and amounted to 4.74 % of the voting rights (9,921,962 shares) on this date. All of these voting rights are attributable to BlackRock Holdco 2, Inc. in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG..

(21) BlackRock Inc., New York, USA, informed the Company by letter on January 28, 2010 pursuant to § 21 (1) WpHG that on January 25, 2010, their voting interest in adidas AG had fallen below the threshold of 5% and amounted to 4.99 % of the voting rights (10,458,560 shares) on this date. All of these voting rights are attributable to BlackRock, Inc. in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG. The Bank of New York Mellon Corporation, New York, USA, informed the Company by letter on February 5, 2010, pursuant to § 21 (1) sentence 1 WpHG, that on February 3, 2010, their voting interest in adidas AG had fallen below the threshold of 3% and amounted to 2.99 % of the voting rights (6,260,660 shares) on this date. All of these voting rights are attributable to The Bank of New York Mellon Corporation in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG.. 21. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. The Bank of New York Mellon Corporation, New York, USA, informed the Company by letter on February 12, 2010, pursuant to § 21 (1) sentence 1 WpHG, that on February 9, 2010, their voting interest in adidas AG had exceeded the threshold of 3 % and amounted to 3.004 % of the voting rights (6,284,824 shares) on this date. All of these voting rights are attributable to The Bank of New York Mellon Corporation in accordance with § 22 (1) sentence 1 no. 6 in conjunction with § 22 (1) sentence 2 WpHG..

(22) Equity participation plans All stock options under the Company's MSOP have either been exercised or have expired as of the balance sheet date. The Executive Board's authority to issue new shares from Contingent Capital 1999/I as part of the Company's MSOP has expired.. 10. Net retained profits In € thousands Net unappropriated profits as of 12/31/2008 Distribution of a dividend of € 0.50 per ordinary share with a nominal value of € 1 of the share capital for the 2008 fiscal year (198,117,937 ordinary shares). 237.409. 96.758. Retained profits brought forward. 140.651. Net income of adidas AG for the 2009 fiscal year. 143.904. Net unappropriated profits as of 12/31/2009. 284.555. The special reserve for adjustments of € 322 thousand established in 2003 in accordance with § 273 HGB and Section 35 Income Tax Regulations (Einkommensteuer-Richtlinien, "EStR") in connection with construction of the factory outlet was reversed as planned.. 22. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 11. Special tax-allowable reserves.

(23) 12. Provisions. In € thousands. 12/31/2009. Provisions for pensions and similar obligations Provisions for taxes Other provisions. 12/31/2008. 102.183. 95.774. 22.452. 8.265. 115.180 239.815. 131.201 235.240. adidas AG's pension provisions were determined using the present value under the German entry age normal method (Teilwertverfahren) pursuant to § 6a EStG based on actuarial calculations and applying a 6 % discount rate. The 2005 G mortality tables published in July 2005 by Prof. Klaus Heubeck were used for this purpose. There are no shortfalls.. Pension provisions for pension commitments to former Executive Board members and their survivors total € 29.9 million (previous year: € 30.5 million). Former members of the Executive Board and their survivors received a total of € 2.2 million in retirement pay in fiscal year 2009. The largest item in other provisions concerns provisions for personnel of € 52,330 thousand. This amount is primarily attributable to provisions for performance-based remuneration components. Further significant items in other provisions are provisions for outstanding invoices (€ 32,034 thousand) and provisions for marketing (€ 19,404 thousand). The reduction in other provisions was due primarily to a reduction in provisions for unrealized losses on forward exchange transactions (by € 17,219 thousand).. 23. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. After an appropriation to a pension fund in December 2006 for the entitlements of the current members of the Executive Board and two former members of the Executive Board, the pension provisions for pension commitments for the current board members are € 0. As a result of this adidas AG has an indirect obligation. Other payments recognized in profit or loss accrue to a pension trust fund to cover the pension entitlements of active members of the Executive Board. As of the balance sheet date, there are no shortfalls in the pension trust fund..

(24) In € thousands. 12/31/2009 Total Residual term up to 1 year. Liabilities to banks (previous year). 678.355. 198.796 (565.566). 380.000 (378.130). 99.559 (151.503). 1.095.199. 23.475. 22.519 (69.443). 956. 0. 69.443. 2.344.990. 2.037.362 (1.043.222). 203.229 (399.950). 104.399. 1.443.172. 32.867. 31.027 (204.067). 1.074 (1.014). 766 (1.077). 206.158. Trade accounts payable (previous year). Liabilities to affiliated companies (previous year). Residual term 1-5 years. 12/31/2008 Residual Prior term year more than total 5 years. Other liabilities (previous year) of which for taxes. 3.347. 4.715. of which relating to social security. 1.022. 1.616. 12/31/2009. 3.079.687. 12/31/2008. 2.289.704. 585.259. 204.724. (1.882.298). (779.094). (152.580). 2.813.972. The liabilities are unsecured. The liabilities to affiliated companies primarily concern liabilities from Group treasury activities. In 2009, adidas International Finance B.V. issued a five-year. 24. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 13. Liabilities.

(25) Eurobond with a € 500,000 thousand face value, which it transferred to adidas AG. Trade payables to affiliated companies amounted to € 7,355 thousand.. 25. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Other liabilities include leasing liabilities, tax and customs liabilities, liabilities relating to social security and similar obligations, accrued interest not yet payable, credit balances in accounts receivable, and wages, salaries and commissions payable..

(26) 14. Contingent liabilities and other financial commitments Contingent liabilities In € thousands. 12/31/2009. Warranty obligations of wich for affiliated companies - Bank loans - Letters of credit - Guarantee Agreement. 12/31/2008. 1,945,886. 2,235,799. (1,268,603). (1,470,888). (108,550) (568,733). (46,365) (718,546). The warranty obligations for bank loans of affiliated companies relate to the U.S. promissory note loans and a commercial paper program of adidas International B.V. Amsterdam, the Netherlands. adidas AG's letters of credit are mainly import letters of credit in connection with product purchases in the Far East. Most of the guarantee agreements are with adidas International Finance B.V., Amsterdam, the Netherlands, and secure a loan to an affiliated company.. Other financial commitments. Maturities In € thousands In 2010 2011 - 2014 After 2014. 186.032 300.850 129.424 616.306. 26. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Other financial commitments of € 616,306 thousand (previous year: € 534,697 thousand) for adidas AG include amounts for the entire foreseeable contractual period for promotion, advertising, rental and leasing agreements as of December 31, 2009. This includes commitments of € 30,317 thousand (previous year: € 29,434 thousand) to GEV Grundstücksgesellschaft Herzogenaurach mbH und Co. KG, a 90%-held subsidiary..

(27) 27. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. The Group acquires approximately 80% of its products in Asia. Since a major portion of the product costs concerns raw materials that the suppliers have to acquire in USD, billings to the adidas Group are also made in USD. In contrast, sales by Group companies to customers are mainly in EUR, GBP, JPY, and in many other currencies. Currency hedging transactions are entered into in order to reduce currency risk. Most subsidiaries hedge their currency risks through adidas AG, except for those subsidiaries that are unable to hedge through adidas AG due to local currency conditions or where it is more sensible to hedge locally for economic reasons. Currency risks that are assumed by adidas AG from subsidiaries by entering into inter-Group currency transactions are strategically hedged with banks, normally for a period of between 12 and 24 months, using forward exchange transactions, currency swaps, currency options, or a combination of currency options, which provide protection and, at the same time, the opportunity to profit from future beneficial foreign exchange rate movements on financial markets. In some cases, longer-term transactions have been concluded in order to profit from the strong euro. In 2009, adidas AG purchased about USD 2.6 billion net to hedge its operating business..

(28) Outstanding financial derivatives In € millions. 12/31/2009. Nominal amount Currency hedging contracts Interest hedging contracts. In € thousands. 6.048 369 6.417 12/31/2009 Fair Carrying value amount. Carrying amount. 12/31/2008. 5.420 395 5.815 12/31/2008 Fair value. Currency hedging contracts Interest hedging contracts Liabilities (Other liabilities) Currency hedging contracts Interest hedging contracts. 5.755 0. 49.016 2.902. 4.818 0. 114.413 7.505. -2.749 0 3.006. -38.323 -6.863 6.732. -19.968 0 -15.150. -104.990 -6.886 10.042. Notional amounts represent the gross total of all call and put contracts for derivative financial transactions. Fair values of forward exchange transactions are determined based on current ECB reference exchange rates, together with forward premiums or discounts. The fair values (gains and losses) of the currency hedging contracts are presented as net values. Currency options are measured using market quotes or option pricing models (Garman-Kohlhagen model). The fair values of interest rate hedges are calculated using discounted expected future cash flows, using current market interest rates for the remaining terms of the financial instruments concerned.. 28. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Assets (Other assets).

(29) The increase in the notional amounts for the currency hedging contracts is primarily a consequence of the longer-term hedging of future USD requirements. The notional amounts of outstanding financial derivatives in foreign currency are translated into euros at year-end closing rates. The fair value of the interest hedging contracts is reported using the clean price. The carrying values are taken from the balance sheet.. 15. Sales revenues adidas AG's business activities are primarily concentrated in one sector, specifically, the development, trading and marketing of sports and leisure articles. In € thousands. 2009. 2008. Shoes. 283.997. 304.620. Textiles. 311.950. 324.573. 42.620. 48.445. 638.567. 677.638. 25.806. 27.590. 734.809. 155.349. 1.399.182. 860.577. Sports equipment. Other sales revenues Licensing and commission income. Of these revenues, € 573,053 thousand (previous year: € 584,393 thousand) were generated in Germany and € 826,147 thousand (previous year: € 276,184 thousand) outside Germany, mainly in Europe.. 29. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Breakdown by product group.

(30) The increase in licensing revenues is attributable to the transfer of the brand management function from adidas International Marketing B.V., Amsterdam, the Netherlands, to adidas AG as of January 1, 2009 and the associated transfer of the global rights to adidas AG. 16. Other operating income Other operating income mainly consists of foreign currency gains and cost transfers to affiliated companies. The € 56,198 thousand reduction was due primarily to the € 96,577 thousand reduction in cost transfers to affiliated companies and the € 31,114 thousand increase in exchange rate gains. The reduction in cost transfers is due primarily to the fact that following the transfer of the brand management function to adidas AG, expenses incurred in international marketing activities were no longer transferred to adidas International Marketing as in prior years. Other operating income includes income relating to other periods of € 28,066 thousand, compared to € 17,367 thousand in the previous year. These consist primarily of income from insurance benefits (€ 12,794 thousand; previous year; € 375 thousand) and income from the reversal of provisions (€ 10,817 thousand; previous year; € 11,248 thousand).. In € thousands Cost of raw materials, consumables and supplies, and of purchased merchandise. 30. 2009. 2008. 427.981. 441.078. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 17. Cost of materials.

(31) 18. Personnel expenses In € thousand Wages and salaries Social security, post-employment and other employee benefit costs of which for old age pensions. 2009. 2008. 207.159. 199.692. 42.780. 41.398. (12,524). (13,034). 249.939. 241.090. 31. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. The increase in personnel expenses was due to salary increases and higher numbers of personnel..

(32) 19. Amortization and write-downs of intangible fixed assets and depreciation and write-downs of tangible fixed assets Amortization and write-downs of intangible assets amounted to € 33,285 thousand (previous year: € 15,487 thousand) related to brand rights transferred from adidas International Marketing B.V., Amsterdam, the Netherlands, and computer software and licenses. Depreciation and write-downs of tangible fixed assets of € 22,623 thousand (previous year: € 20,682 thousand) relates primarily to write-downs of € 9,000 thousand (previous year: € 7,893 thousand) on computer hardware and write-downs on buildings of € 6,023 thousand (previous year: € 5,468 thousand).. 20. Other operating expenses. 21. Income from long-term equity investments Income from long-term equity investments at adidas AG of € 72,151 thousand (previous year: € 105,748 thousand) essentially concerns dividend payments from subsidiaries in the Netherlands, Austria, Poland and Switzerland and thus consists entirely of equity income from affiliated companies.. 32. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Other operating expenses essentially comprise cost transfers, currency exchange losses, advertising and promotional expenses, legal and consulting fees, services, travel expenses, rental and lease charges, postal and telephone expenses, and outgoing freight. The € 311,749 thousand increase in these expenses is due primarily to a € 338,350 thousand rise in cost transfers while expenses fell in nearly every other segment. The increase in costs transferred to adidas AG is due to the transfer of the international brand management function to adidas AG with effect from January 1, 2009. Since that date, affiliated companies have been providing services related to that function for adidas AG, invoicing the expenses incurred to adidas AG..

(33) 22. Profits received/losses absorbed in accordance with a profit and loss transfer agreement. A profit and loss transfer agreement exists with adidas Insurance & Risk Consultants GmbH, Herzogenaurach, as well as with adidas Beteiligungsgesellschaft mbH, Herzogenaurach.. 23. Write-downs on long-term financial assets In 2009, the Company took write-downs on € 3,958 thousand in loans to affiliated companies (previous year: € 0 thousand).. In € thousands. 2009. 2008. Income from loans of long-term financial assets. 1.040. 2.550. (1,040). (2,550). 32.472. 91.279. (23,280). (72,903). (78). (73). -101.027. -162.246. (-30,246). (-58,883). -67.515. -68.417. of which from affiliated companies Other interest and similar income. of which from affiliated companies of which income from securities classified as current assets Interest and similar expenses of which to affiliated companies. 33. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 24. Net interest income (loss).

(34) 25. Taxes on income Taxes on income related primarily to withholding tax on licensing income, which rose considerably in connection with the transfer of the brand management function to adidas AG, as well as trade tax.. 26. Other disclosures. No. of employees (annual average) Europe Region. 2009 2008 Total Salaried Wage Total Salaried Wage 143. 138. 5. 210. 198. 12. 831. 750. 81. 773. 697. 76. 768 531. 768 505. 0 26. 617 481. 617 456. 0 25. Central Area. 791. 706. 85. 669. 662. 7. Uffenheim. 198. 48. 150. 199. 46. 153. Scheinfeld. 219. 69. 150. 218. 65. 153. Corporate Services Marketing Operations. 3.481. 3.167. 3.537. 3.299. (Closing date: December 31). 34. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Headquarters.

(35) 27. Remuneration of the Executive Board and the Supervisory Board Remuneration of the Supervisory Board and the Executive Board of adidas AG Executive Board Total remuneration of members of the Executive Board in the 2009 fiscal year was € 10,494 thousand (previous year: € 8,416 thousand). Please refer to the management report for disclosures pursuant to § 285 sentence 1 no. 9a sentence 5-9 HGB. Pension commitments for former Executive Board members and their survivors totaled € 29,857 thousand. Previous members of the Executive Board and their survivors received pension payments totaling € 2,188 thousand in the 2009 fiscal year. Executive Board members did not receive any loans from the Company in fiscal 2009. Supervisory Board The annual remuneration for members of the Supervisory Board in accordance with the Articles of Association was € 899 thousand.. Recommendation on appropriation of the net unappropriated profits of adidas AG The Executive Board of adidas AG recommends that the shareholders approve a dividend of € 0.35 per share for 2009. It is therefore recommended that adidas AG's net unappropriated profits as of December 31, 2009 be appropriated as follows:. 35. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. No loans were granted to members of the Supervisory Board in fiscal 2009..

(36) In € thousands Net unappropriated profits as of 12/31/2009 Distribution of a dividend of € 0.35 per no-par value share on the nominal capital of € 209,216,186.00 entitled to dividends for the 2009 fiscal year (209,216,186 no-par value shares) Amount carried forward. 284,555. 73,226 211,329. Declaration on the German Corporate Governance Code. 36. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. On February 11, 2010, the Executive Board and Supervisory Board of adidas AG issued an updated Declaration of Conformity in accordance with § 161 AktG and made it accessible to the shareholders on a permanent basis. The wording of the Declaration of Conformity may be found on the Company's website..

(37) Disclosures pursuant to § 285 sentence 1 no. 10 HGB and § 285 no. 17 HGB The disclosures pursuant to § 285 sentence 1 no. 10 HGB are contained in Appendix 2 to the notes to the financial statements. In accordance with § 285 no. 17 HGB, the Company has opted not to include a disclosure of the total audit fee charged by the auditor in this report, since such disclosures are already contained in the consolidated financial statements of the adidas Group. In its function as the ultimate parent, adidas AG, Herzogenaurach (Local Court of Fürth, HRB 3868), prepares consolidated financial statements, which are published on the electronic Federal Gazette.. 37. The Executive Board of adidas AG. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Herzogenaurach, dated February 19, 2010.

(38) adidas AG Statement of changes in fixed assets Cost. in € thousands (HGB). Balance on Jan. 1, 2009. Reebok ASL*. Additions Reclassifications Disposals. Balance on Dec. 31, 2009. Intangible assets Industrial and similar rights and assets and licenses in such rights and assets Prepayments and assets under construction. 138.120. 53. 129.316. 16.121. 6.152. 277.458. 17.953. 0. 14.758. -16.121. 0. 16.590. 156.073. 53. 144.074. 0. 6.152. 294.048. 117.583. 0. 7.360. 12.980. 2.154. 135.769. 22.135. 0. 1.685. 233. 808. 23.245. 137.390. 3.094. 5.991. 1.202. 8.743. 138.934. 29.917. 40. 37.958. -14.415. 27. 53.473. 307.025. 3.134. 52.994. 0. 11.732. 351.421. 3.322.788. 0. 6.554. 0. 0. 3.329.342. 10.991. 0. 3.156. 0. 4. 14.143. 9.710. 0. 4. 3.343.485. 206.778. 0. 17.888. 3.988.954. Tangible assets Land, land rights and buildings including buildings on third-party land Technical equipment and machinery Other equipment, office and operating equipment Prepayments and assets under construction. Shares in affiliated companies Loans to affiliated companies. 3.333.779 Total fixed assets. 3.796.877. 3.187. * Merger with Reebok Deutschland GmbH and ASL-American Sports and Leisure Vertriebs GmbH. 38. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Financial assets.

(39) Carrying amount Balance on Dec. 31, 2009. 35. 127.906. Net book value Dec. 31, 2009. Net book value Dec. 31, 2008. 149.552. 39.616. Depreciation, amortization and write-downs for the year. 33.285. 0. 0. 16.590. 17.953. 0. 35. 127.906. 166.142. 57.569. 33.285. 0. 52.202. 83.567. 70.668. 6.023. 0. 13.701. 9.544. 9.090. 1.463. 2.055. 114.179. 24.755. 31.707. 15.137. 0. 0. 53.473. 29.917. 0. 2.055. 180.082. 171.339. 141.382. 22.623. 0. 27.955. 3.301.387. 3.294.834. 0. 0. 9.925. 4.218. 4.256. 3.958. 0. 37.880. 3.305.605. 3.299.090. 3.958. 2.090. 345.868. 3.643.086. 3.498.041. 59.866. 39. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Reebok, ASL* Jan. 1, 2009.

(40) Supervisory Board. Igor Landau, Paris, France Chairman1) Former CEO of Aventis S.A., Paris, France Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. Member of the Supervisory Board, Allianz SE, Munich Member of Board of Directors of Sanofi-Aventis S.A., Paris, France Member of Board of Directors of HSBC France S.A., Paris, France. Sabine Bauer*, Erlangen Deputy Chairwoman1) Senior Manager Quality Service Systems, Global Operations, adidas AG2) Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: None. Willi Schwerdtle, Hofheim am Taunus Deputy Chairman1) General Manager, Procter & Gamble GmbH, Schwalbach am Taunus Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. None. * = Employee representative 1) Since the constituting Supervisory Board meeting on May 7, 2009. 2) Until December 31, 2009; Chairman of Group Works Council, adidas AG since January 1, 2010. 3) Since the conclusion of the Annual General meeting on May 7, 2009. 4) Since July 1, 2009; and previously since January 12, 2009, Managing Director of SB Asset Management GmbH, Kronberg , and until January 12, 2009, member of Board of Managing Directors, Dresdner Bank AG, Frankfurt am Main 5) Since July 1, 2009; previously Senior Vice President, Daimler AG, Stuttgart. 40. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. -.

(41) Dieter Hauenstein* 3), Herzogenaurach Chairman of the Works Council of adidas AG, Herzogenaurach Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. None. Dr. Wolfgang Jäger* 3), Bochum Managing Director, Hans Böckler Stiftung Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. None. Dr. Stefan Jentzsch, Kronberg Partner, Perella Weinberg Partners UK LLP, London, United Kingdom4) Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. Member of the Supervisory Board, Sky Deutschland AG (formerly Premiere AG), Unterföhring. Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. None. * = Employee representative 1) Since the constituting Supervisory Board meeting on May 7, 2009. 2) Until December 31, 2009; Chairman of Group Works Council, adidas AG since January 1, 2010. 3) Since the conclusion of the Annual General meeting on May 7, 2009. 4) Since July 1, 2009; and previously since January 12, 2009, Managing Director of SB Asset Management GmbH, Kronberg , and until January 12, 2009, member of Board of Managing Directors, Dresdner Bank AG, Frankfurt am Main 5) Since July 1, 2009; previously Senior Vice President, Daimler AG, Stuttgart. 41. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Herbert Kauffmann3) , Stuttgart Management consultant, Stuttgart5).

(42) Roland Nosko*, Wolnzach Divisional Officer of IG BCE, Nuremberg District, Nuremberg Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. Member of the Supervisory Board, CeramTec AG, Plochingen. Alexander Popow3), Moscow, Russia Chairman, RFSO "Lokomotiv", Moscow, Russia Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. None. Hans Ruprecht*, Herzogenaurach Sales Director Customer Service, Area Central, adidas AG Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. None. Heidi Thaler-Veh*, Uffenheim Member of Group Works Council, adidas AG. -. None. Christian Tourres, Lungern, Switzerland Former member of Executive Board of adidas AG Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. Member of Board of Directors, Beleta Worldwide Ltd., Guernsey, Channel Islands. * = Employee representative 1) Since the constituting Supervisory Board meeting on May 7, 2009. 2) Until December 31, 2009; Chairman of Group Works Council, adidas AG since January 1, 2010. 3) Since the conclusion of the Annual General meeting on May 7, 2009. 4) Since July 1, 2009; and previously since January 12, 2009, Managing Director of SB Asset Management GmbH, Kronberg , and until January 12, 2009, member of Board of Managing Directors, Dresdner Bank AG, Frankfurt am Main 5) Since July 1, 2009; previously Senior Vice President, Daimler AG, Stuttgart. 42. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB:.

(43) Supervisory Board members who departed from the Supervisory Board at the end of the Annual General Meeting on May 7, 2009 Dr. Hans Friderichs Chairman Federal Minister, retired, Mainz Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. Chairman of the Supervisory Board, allit AG Kunststofftechnik, Bad Kreuznach. Fritz Kammerer* Deputy Chairman Chairman of Group Works Council, adidas AG Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. None. Dr. iur. Manfred Gentz Chairman of Board of Directors, Zurich Financial Services S.A., Zürich, Switzerland. -. Member of Supervisory Board, Deutsche Börse AG, Frankfurt am Main Member of Supervisory Board, DWS Investment GmbH, Frankfurt am Main Chairman of Board of Directors, Zurich Financial Services S.A., Zürich, Switzerland. Klaus Weiß* Trade Union Secretary of IG BCE, Hanover Headquarters, Hanover Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: - Member of the Supervisory Board, Wohnungsbaugesellschaft mbH Glückauf, Lünen * = Employee representative 1) Since the constituting Supervisory Board meeting on May 7, 2009. 2) Until December 31, 2009; Chairman of Group Works Council, adidas AG since January 1, 2010. 3) Since the conclusion of the Annual General meeting on May 7, 2009. 4) Since July 1, 2009; and previously since January 12, 2009, Managing Director of SB Asset Management GmbH, Kronberg , and until January 12, 2009, member of Board of Managing Directors, Dresdner Bank AG, Frankfurt am Main 5) Since July 1, 2009; previously Senior Vice President, Daimler AG, Stuttgart. 43. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB:.

(44) Executive Board. Herbert Hainer, Herzogenaurach CEO Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. Deputy Chairman of the Supervisory Board, FC Bayern München AG, Munich Member of the Supervisory Board, Allianz Deutschland AG, Munich Member of the Supervisory Board, Engelhorn KGaA, Mannheim. Glenn Bennett, Portland, Oregon, USA Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. None. Robin Stalker, Oberreichenbach Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB: -. None. Erich Stamminger, Nuremberg. -. None. 44. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. Membership in supervisory bodies pursuant to § 285 sentence 1 no. 10 HGB:.

(45) Kirchheim-Heimstetten (Germany). 12 Reebok-CCM Hockey GmbH. Bergheim (Austria) Bergheim (Austria) Landersheim (France) Landersheim (France). 18 adidas Holding S.A.. 19 adidas France S.a.r.l.. Klagenfurt (Austria). 15 adidas Austria GmbH. 17 ASL American Sports and Leisure Vertriebs GmbH. Cham (Switzerland). 14 Sarragan AG. 16 Reebok Austria GmbH. Cham (Switzerland). 13 adidas sport gmbh. Europe (incl. Middle East and Africa). Herzogenaurach (Germany). EUR. EUR. EUR. EUR. EUR. CHF. CHF. EUR. EUR. EUR. Herzogenaurach (Germany). EUR. EUR. EUR. 10 Herzo-Base Management GmbH 6). Herzogenaurach (Germany). 7 World of Commerce Management GmbH 6). 11 Factory Outlet Herzo-Base GmbH & Co. KG 6). Herzogenaurach (Germany). 6 Immobilieninvest und Betriebsgesellschaft Herzo-Base GmbH & Co. KG. EUR. EUR. Herzogenaurach (Germany). 5 Immobilieninvest und Betriebsgesellschaft Herzo-Base Verwaltungs GmbH. EUR. Herzogenaurach (Germany). Herzogenaurach (Germany). 4 adidas Beteiligungsgesellschaft mbH 12). EUR. 9 Hotel Herzo-Base GmbH & Co. KG 6). Herzogenaurach (Germany). 3 adidas Insurance & Risk Consultants GmbH 12) (formerly: adidas Versicherungs-Vermittlungs GmbH). EUR. Herzogenaurach (Germany). Herzogenaurach (Germany). 2 GEV Grundstücks-Beteiligungsgesellschaft Herzogenaurach mbH. EUR. Currency. 8 World of Commerce GmbH & Co. KG 6). Herzogenaurach (Germany). 1 GEV Grundstücksgesellschaft Herzogenaurach mbH & Co. KG. Germany. Company and Domicile. Shareholdings of adidas AG, Herzogenaurach at December 31, 2009. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 45. -. -. -. -. 135.389. 10.859. 7.353. 912. 9.745. -2.207. 10.738. 3.731. -. 2.119. 31. 354.103. 26. 35. -510. Equity (currency units in thousands). 18. 36. directly 13 44 39 16. directly. directly. 105. directly. directly. directly. directly. directly. directly. directly. directly. directly. directly. directly. Share in capital held by 7). 90. 100. 100. 95,89 4,11 99 1 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. in %. 2. -. -. 2. 18. 27.440. 1.570. 82. 199. 4.170. -2.400. 3.127. 420. -. -. -. -. -. -114. Profit / Loss (currency units in thousands).

(46) Amsterdam (Netherlands) Amsterdam (Netherlands) Stockport (Great Britain) Stockport (Great Britain) Stockport (Great Britain). 29 Rockport (Europe) B.V.. 30 adidas (UK) Limited 1). 31 adidas (ILKLEY) Limited 1) 6). 32 LARA SPORT (UK) Limited. Stockport (Great Britain). 35 Three Stripes Limited London (Great Britain) London (Great Britain) London (Great Britain) London (Great Britain) London (Great Britain) London (Great Britain) London (Great Britain) London (Great Britain) London (Great Britain) Basingstoke (Great Britain). 36 Reebok International Limited 11). 37 Reebok Finance Limited 6) 11). 38 RBK Holdings Limited 11). 39 Reebok Sports Limited. 40 J.W. Foster & Sons (Athletic Shoes) Limited 6) 11). 41 The Rockport Company Limited 6) 11). 42 Reebok Eastern Trading Limited 6). 43 Reebok Pensions Management Limited 11). 44 Reebok Europe Holdings. 45 Taylor Made Golf Limited. 1) 6). Stockport (Great Britain). 34 adidas Trefoil Trading (U.K.) Limited 1) 6). Stockport (Great Britain). Amsterdam (Netherlands). 28 Reebok Europe B.V.. 33 Sarragan (UK) Limited 1) 6). EUR. Amsterdam (Netherlands). 26 adidas Benelux B.V.. 27 Reebok International Finance B.V.. 1) 6). EUR. Amsterdam (Netherlands). 25 adidas International Finance B.V.. EUR. GBP. GBP. GBP. USD. GBP. GBP. USD. GBP. GBP. GBP. GBP. GBP. GBP. GBP. GBP. GBP. USD. EUR. USD. EUR. Amsterdam (Netherlands) Amsterdam (Netherlands). 24 adidas International Marketing B.V.. EUR. Amsterdam (Netherlands). 22 adidas International B.V.. 23 adidas International Trading B.V.. EUR. Voisins Le Bretonneux (France). 21 Reebok France Retail SARL. EUR. Voisins Le Bretonneux (France). 20 Reebok France S.A.. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 46. -9.834. 72.170. -. 3.112. -. -. 1.937. -. -. 1.162.451. -. -. -. -. -. 36.716. 2.901. 15.843. 562. 8.691. 8.465. 342.878. 567.863. 5.768.350. -2.366. 8.002. 22. 36. 36. 36. 36. 36. 119 108 36. 30 31 22 119 119. 33. 30. 30. 30. 36. 109. 44. 119. directly. 22. 22. directly 19 22. 20. 19. 100. 100. 100. 100. 100. 100. 89 11 100. 50 50 65,1 34,9 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 93,97 6,03 100. 100. 100. -4.654. 15.345. -. -. -. -. 90. -. -. 456.217. -. -. -. -. -. 7.510. 597. -4. -3. 8.576. 1.694. 112.443. 172.729. 258.793. -1.553. -480.

(47) Moscow (Russia). Warsaw (Poland). 71 Reebok Poland S.A.. 68 adidas Bulgaria EAD. Warsaw (Poland). Sofia (Bulgaria). 67 adidas Budapest Kft.. 70 adidas Poland Sp.z.o.o.. Budapest (Hungary). 66 adidas CR s.r.o.. 69 LLC adidas, Ltd.. Århus (Denmark) Prague (Czech Republic). 65 adidas Danmark A/S. Forssa (Finland). Gressvik (Norway). 59 Reebok Jofa AS. 64 Reebok Finland Oy. Lillestrom (Norway). 58 adidas Norge AS. Helsinki (Finland). Maia (Portugal). 57 adidas Business Services Lda.. 63 adidas Suomi Oy. Lisbon (Portugal). 56 adidas Portugal - Artigos de Desporto, S.A.. Malung (Sweden). Monza (Italy). 55 Reebok Italia Srl. Malung (Sweden). Monza (Italy). 54 adidas Italy S.p.A. 62 Reebok Jofa AB. Alicante (Spain). 53 Reebok Spain S.A.. Stockholm (Sweden). Zaragoza (Spain). 52 adidas Espana S.A.. 61 Nordic Hockey Company AB 10). Brussel (Belgium). 51 Reebok Belgium S.A.. 60 adidas Sverige AB. Dublin (Ireland) Brussel (Belgium). Dublin (Ireland). 48 adidas International Re Limited. 50 adidas Belgium N.V.. Dublin (Ireland). 47 adidas (Ireland) Limited. 49 Reebok Ireland Limited. Basingstoke (Great Britain). 46 Ashworth U.K. Ltd. 5). WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 47 PLN. PLN. USD. BGN. HUF. CZK. DKK. EUR. EUR. SEK. SEK. SEK. NOK. NOK. EUR. EUR. EUR. EUR. EUR. EUR. EUR. EUR. EUR. EUR. EUR. GBP. 84.387. 64.007. 450.681. 13.439. 1.259.597. 196.595. 12.643. 24.649. 2.085. 98.962. 187.970. 62.604. 14.129. 34.485. -312. 27.759. 10.458. 45.013. 47.344. 31.848. 251. 3.105. 56. 8.586. -2.098. -. 119. directly. 15. directly. directly. directly. 22. 61. 22. 61. 105. directly. 61. 22 directly directly. 22. 54. 119 22 22. 4. 44. 26. 47. 22. 22. 45. 100. 100. 100. 100. 85. 100. 100. 100. 100. 100. 100. 100. 100. 98 2 100. 100. 100. 75 25 100. 100. 100. 100. 100. 100. 100. 100. 2.324. 18.977. 108. 9.557. 144.994. 50.008. 3.216. 2.047. 606. -18.078. -. 14.170. 1.479. 6.877. -317. 1.096. 2.113. 4.936. -12. 2.315. -399. 750. 25. 705. 1.446. -.

(48) Istanbul (Turkey). 82 adidas Spor Malzemeleri Satis ve Pazarlama A.S.. Cape Town (South Africa). Portland, Oregon (USA) Portland, Oregon (USA) Portland, Oregon (USA). 93 adidas (South Africa) (Pty) Ltd.. 94 adidas North America, Inc.. 95 adidas America, Inc.. 96 adidas Promotional Retail Operations, Inc.. North America. Tel Aviv (Israel) Holon (Israel). Cairo (Egypt). 90 adidas Egypt Ltd. 6). 92 Life Sport Ltd.. Cairo (Egypt). 89 adidas Sporting Goods Ltd.. 91 adidas Israel Ltd.. Amman (Jordan) Cairo (Egypt). 88 adidas Imports & Exports Ltd.. Dubai (United Arab Emirates). 87 adidas Levant Limited - Jordan. 86 adidas Levant Limited. Dubai (United Arab Emirates). Nicosia (Cyprus). 81 adidas (Cyprus) Limited. 85 adidas Emerging Markets FZE. Thessaloniki (Greece). 80 adidas Hellas A.E.. Istanbul (Turkey). Zagreb (Croatia). 79 adidas Croatia d.o.o.. Dubai (United Arab Emirates). New-Belgrade (Serbia). 78 adidas Serbia d.o.o.. 84 adidas Emerging Market L.L.C.. Almaty (Republic of Kazakhstan). 77 adidas LLP. 83 a-RET Tekstil ve Deri Ürünleri Tic. A.S.. Ljubljana (Slovenia) Kiev (Ukraine). Bratislava (Slovak Republic). 74 adidas Slovakia s.r.o.. 76 SC adidas-Ukraine. Riga (Latvia). 73 adidas Baltics SIA. 75 adidas Trgovina d.o.o.. Bucharest (Romania). 72 adidas Romania S.R.L.. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 48 USD. USD. USD. ZAR. ILS. ILS. USD. EGP. EGP. JOD. JOD. USD. USD. TRY. TRY. EUR. EUR. HRK. RSD. USD. USD. EUR. SKK. EUR. RON. -280. -94.218. 4.527.457. 142.990. 30.910. 8.508. -1.831. 23.939. 869. 482. 2.240. 272. 42.703. 5.430. 200.534. 3.216. 1.115. 19.709. 477.105. 7.010. 81.835. 612. 4.055. 746. 27.465. 94. 94. 22. directly. 22. directly. 22 23 directly. 89. 86. 85. indirectly 19 22. 23. 22. directly. directly. 22. 22. directly. directly. directly. directly. 22. 22. 100. 100. 100. 100. 51. 100. 90 10 100. 100. 100. 55. 51 49 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. -31.970. -93.900. -221.829. 16.762. -537. -404. 1. 7.851. -1.189. 432. -114. -. 22.359. 1.635. 60.616. 645. -6.970. 18.211. 481.012. 3.350. 12.786. 260. 1.098. 608. 8.767.

(49) Wilmington, Delaware (USA). 107 RFC, Inc.. Dover, Delaware (USA) Dover, Delaware (USA) Canton, Massachusetts (USA). 117 Onfield Apparel Group, LLC 8). 118 Reebok Onfield, LLC 8). 119 Reebok International Ltd. 2). Boston, Massachusetts (USA). Dover, Delaware (USA). 116 SLM Trademark Acquisition Corp. 6) 9). 122 RBK Thailand, Inc. 2). Wilmington, Delaware (USA). 115 Sunice Holdings, Inc. 13). Stoughton, Massachusetts (USA). Wilmington, Delaware (USA). 114 Ashworth EDC, LLC 13). Boston, Massachusetts (USA). Wilmington, Delaware (USA). 113 Ashworth Store II, Inc. 13). 121 Sports Licensed Division of the adidas Group, LLC. Wilmington, Delaware (USA). 112 Ashworth Store I, Inc. 13). 120 Reebok CHC, Inc. 2) 6). Wilmington, Delaware (USA). 111 Ashworth Acquisition Corp. 13). Wilmington, Delaware (USA). Wilmington, Delaware (USA). 106 Reebok Aviation, LLC 6). 110 Textronics, Inc.. Wilmington, Delaware (USA). 105 Sports Holdings Corp. 10). Wilmington, Delaware (USA). Wilmington, Delaware (USA). 104 Reebok-CCM Hockey, Inc. 9). Wilmington, Delaware (USA). Wilmington, Delaware (USA). 103 The Reebok Worldwide Trading Company, LLC. 109 The Rockport Company, LLC. Carlsbad, California (USA). 102 Ashworth, LLC. 13). 108 Reebok Securities Holdings LLC 2). Portland, Oregon (USA) Carlsbad, California (USA). Portland, Oregon (USA). 99 adidas International, Inc.. 101 Taylor Made Golf Co. ,Inc. 13). Portland, Oregon (USA). 98 adidas Village Corporation. 100 adidas Team, Inc.. Portland, Oregon (USA). 97 adidas Sales, Inc.. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 49 USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. USD. 369. 111.941. -. -737.707. -. -. -. -. -. -. -. -. 11.829. 233.347. -. 19. 13.183. -18.339. 150.836. 11.549. -. 39.076. -155. 43.197. 17.101. 146.279. 119 108 119. 119. 94. 119 118 119. 104. 102. 102. 102. 102. 102. 99. 119. 119. 119. 119. 104. 119. 119. 101. 94. 94. 94. 94. 94. 99 1 100. 100. 100. 99 1 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. -. -3.206. -. -145.784. -. -. -. -. -. -. -. -. 756. -4.518. -. 1. -. -6. 2.359. 497. -. -38.609. -. 4.562. 3.120. 53.125.

(50) Concord, Ontario (Canada) Concord, Ontario (Canada) Montreal (Canada) Montreal (Canada) Montreal (Canada) New Brunswick (Canada) New Brunswick (Canada). 124 adidas Canada Ltd. 14). 125 adidas Style Retail Limited 14). 126 R.C. Investments Ltd.. 127 Reebok Canada Inc.. 128 CCM Holdings (1983) Inc.. 129 Sport Maska Inc.. 130 SLM Trademark Acquisition Canada Corporation 6) 9). Hong Kong (China) Hong Kong (China) Hong Kong (China) Hong Kong (China) Hong Kong (China) Hong Kong (China) Hong Kong (China) Suzhou (China) Suzhou (China) Shanghai (China) Zhuhai (China) Tokyo (Japan) Tokyo (Japan) Seoul (Korea) Seoul (Korea) Pusan (Korea). 131 adidas Sourcing Ltd.. 132 adidas Services Limited. 133 adidas Hong Kong Ltd.. 134 Smedley Industries (Hong Kong) Limited 6) 9). 135 Reebok Trading (Far East) Ltd.. 136 Reebok (China) Services Limited. 137 RIL Indonesia Services Limited. 138 adidas (Suzhou) Co. Ltd.. 139 adidas Sports (China) Co. Ltd.. 140 adidas (China) Ltd.. 141 Zhuhai adidas Technical Services Ltd.. 142 adidas Japan K.K.. 143 Taylor Made Golf Co., Ltd.. 144 adidas Korea Ltd.. 145 Taylor Made Korea Ltd.. 146 adidas Korea Technical Services Ltd.. Asia. Montpelier, Vermont (USA). 123 Reebok-CCM Hockey U.S., Inc.. WorldReginfo - c4f110a0-e6b2-499f-a75a-f1abc3131a49. 50 KRW. KRW. KRW. JPY. JPY. USD. CNY. CNY. CNY. USD. USD. USD. HKD. HKD. USD. USD. CAD. CAD. CAD. CAD. CAD. CAD. CAD. USD. -5.803.705. 17.412.773. 78.416.485. 4.433.500. 2.721.374. 1.080. 32.547. 2.848.955. 92.742. 1.968. 7.550. 32.072. -. 135.161. 4.487. 183.458. -. 52.504. 6.317. 16.993. 2.209. -. 60.261. 8.733. 131. directly. directly. 36. 36. 131. 22. 4. 4. 135. 135. 119. 104. directly. 22. 23. 116. 104. 130. 119. 119. 124. 104 105 directly. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 64 36 100. 205.422. 4.896.074. 18.167.181. 1.349.072. 338.466. -114. -46.074. 1.457.991. -385.525. -14. -7. -10.491. -. 41.269. 1.253. -91.268. -. -16.043. -. -21.996. -9. -. -3.112. 4.197.