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可持续性分析报告范文-Sustainability Analysis Report-Adidas Group

时间:2019-04-04 16:17来源:未知 编辑:anne 点击:
Sustainability Analysis ReportOf the Adidas Group Table of contents 1.0 Introduction 3 2.0 Financial Performance Analysis 4 2.1 Gearing and Capital Structures 4 2.2 Profitability Analysis 6 2.3 Asset Efficiency Analysis 8 2.4 Liquidity analysis 9 3.0
Sustainability Analysis ReportOf the Adidas Group
Table of contents
1.0 Introduction 3
2.0 Financial Performance Analysis 4
2.1 Gearing and Capital Structures 4
2.2 Profitability Analysis 6
2.3 Asset Efficiency Analysis 8
2.4 Liquidity analysis 9
3.0 Social Performance Analysis 11
4.0 Environmental Performance Analysis 12
5.0 Conclusion 13
Reference List 14
1.0 Introduction引言
阿迪达斯集团是一家体育用品的跨国制造商,总部位于巴伐利亚州的赫佐根纳拉赫(adidas-group.com 2016a)。该企业于1949年由其创始人阿道夫·阿迪达斯(adidas group.com2016a)注册成立。一开始,阿迪达斯是由阿道夫·达斯勒和鲁道夫·达斯勒两兄弟创办的,但后来他们彼此分开了企业。后来,鲁道夫·达斯勒兄弟又创立了另一个体育品牌,名为“普玛”(in.rediff.com 2005)。
阿迪达斯目前在世界体育品牌中排名第二,仅次于耐克(adidas-group.com 2016a)。截至2014年12月31日,企业拥有45917名员工(阿迪达斯集团2014b)。阿迪达斯以“每一位运动员的最佳鞋款”的理念(adidas-group.com 2016b)为支撑,不断改进技术,在设计和功能上取得突破。几项高科技、高品质产品的发明,使企业在奥林匹克运动会、国际足联世界杯等国际体育赛事中屡显辉煌。20世纪60年代末,阿迪达斯在世界鞋业市场排名第一(adidas-group.com 2016a)。然而,20世纪70年代后,由于公众对高质量运动鞋的需求被忽视,阿迪达斯最终被耐克企业取代成为世界顶级品牌(adidas-group.com 2016a)。
阿迪达斯的政策是保持强大的资本基础,以维护投资者、债权人和市场信心,并保持业务的未来发展(阿迪达斯集团2014a),因此,企业制定了财务原则和企业社会责任标准的可持续方式。在社会和环境方面,阿迪达斯采用一系列方法来管理供应链及其自身的生产设施,以提高其治理水平,减少对环境的负面影响(阿迪达斯集团2014b)。
本报告将从财务绩效分析、社会绩效分析和环境绩效分析三个方面对阿迪达斯的可持续性进行深入分析,其中财务绩效分析采用横向和纵向两种方式对企业进行分析。主要数据来源于阿迪达斯2010-2014年度报告披露的财务信息以及其他两个类似体育品牌2014年度报告的相关财务数据。在社会绩效分析和环境绩效分析部分,将对社会责任的重大事件进行阐述和讨论。
The Adidas Groupis a multinational manufacturer of sporting goods and headquarter is located in Herzogenaurach, Bavaria(Adidas-group.com 2016a). The company was registered in 1949 by its founder Adolf AdiDassler(Adidas-group.com2016a).At the very start Adidas was opened by two brothers Adolf Dassler and Rudolf Dassler, but subsequently they parted company with each other.Thenthe brother Rudolf Dassler opened another sports brand, namedpuma (In.rediff.com 2005).
Adidas is currently ranked second in the world’s sporting brand, ranking behind Nike(Adidas-group.com 2016a). As of 31 December 2014, the company had 45,917 employees (Adidas Group 2014b). Supported by the idea of ‘best shoe for each athlete’ (Adidas-group.com 2016b), Adidas keep improving technology and making breakthrough of design and function. Several invention of high-tech and high-quality products make the company shine at the Olympics, World Cup and other international sporting events for many times. In the late 1960s, Adidas ranked first in the world shoes market(Adidas-group.com 2016a). However, after the 1970s, Adidas was eventually replaced by NIKE in the world top spot as a result of the neglect of general public’s demand for high quality sports shoes(Adidas-group.com 2016a).
Adidas’policy is to maintain a strong capital based so as to uphold investor, creditor and market confidence and to sustain future development of the business(Adidas Group 2014a).Therefore the company sets itsfinancial principle as well ascorporate social responsibility standard sustainable way. As for social and environment, Adidas uses a series of approach to managing the supply chain and its own production facilities, so as to improve its governance level and decline the negative impact to the environment(Adidas Group 2014b). 
This report will make an in-depth analysis of Adidas’ sustainability from three parts: financial performance analysis, social performance analysis and environmental performance analysis.Wherein, as for financial performance analysis, both horizontal and vertical ways will be used to analyze the company. The major data is from the financial information disclosed in Adidas 2010-2014 annual report, and relevant financial data of other two similar sporting brands’ 2014 annual report. In the parts of social performance analysis and environmental performance analysis, the major events about social responsibility will be illustrated and discussed.
 
2.0 Financial Performance Analysis
In this section the financial performance is assessed by ratios, whichcan be classified into the following four categories:gearingand capital structures ratios, profitability ratios, asset efficiency ratios andliquidity ratios (Fridson&Alvarez 2011). Detailed analysis will be underway in horizontal and vertical ways. The former means to compare the financial ratios based on Adidas 2010-2014 fiscal year annual report to analyze its development trends, and the latter means to select certain companies in the same industry, for example, here NIKE and puma are selected, and make inter-company comparisons to analyze the strength and location of Adidas among close competitors based on their financial ratios of 2014 fiscal year.
2.1 Gearing and Capital StructuresAnalysis
Financial gearing is a measure of a company’s financial leverage, showing the ratio of contribution by the creditors and shareholder during company’s operations (Fridson& Alvarez 2011). Adidas as a sport products company, its equity data from FY 2010 to 2014 is showed as table 1. And the relevant data of NIKE and puma is also obtainable, andthen debt to equity ratio, debt ratio and debt coverage ratio could be calculated. They are listed and showed as table 2, table 3 and graph 1.
Table 1: The capital data of the Adidas AG from FY 2010 to 2014(€ in millions)(Adidas Group 2010 2011 2012 2013 2014)
Graph 1: The Capital structures and gearing ratios of the Adidas AG from FY 2010 to 2014

According to the tables and the graph, on the one hand, in horizontal, in addition to the significantly increase of debt coverage ratios in 2014, Adidas has a very stable state in Capital structures and gearing ratios. From the disclosures in Adidas 2014 annual report, the company issued two bonds with an overall volume of € 1 billion, at the meanwhile there was a share buyback program with a volume of € 300 million in 2014 (Adidas Group 2014a). These are the very reasons of the significantly increase of debt coverage ratios in 2014. On the other hand, in vertical, the three ratios of Adidas all greater than other two companies, which indicate that compared with NIKE and puma, Adidas has a riskier financing structure and weaker long-term solvency ability. But on the other side, the value of Adidas’ debt ratio and debt to equity ratio is stable and in normal range. Taking Adidas’ plan to seek to maintain a balance between a higher return on equity with higher levels of borrowings and security into account (Adidas Group 2014a), Adidas’ issuance of bonds in 2014 are reasonable and it is apparent that the company is trying to control and utilize its financial leverage better.
 
2.2 Profitability Analysis
Profitability is corporate’s ability to access profits, which is an important indicator for the investors to judge the financial performance of the company (Fridson& Alvarez 2011). There are several ratios can measure the profitability and in this part gross margin, operating margin, ROE, EPS, DPS and P/E ratio are selected. Relevant data from annual report are listed and showed as table 4, table 5 and graph 2, graph 3.


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