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adidas AG

Consolidated Balance Sheet


in Euro Millions

Yr Ending Projected Projected Projected Projected


12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013

Cash and cash equivalents 775 853 955 1,098 1,318


Short-term financial assets 75 83 92 106 128
Accounts receivable 1,429 1,572 1,761 2,025 2,430
Other current financial assets 160 176 197 227 272
Inventories 1,471 1,618 1,812 2,084 2,501
Income tax receivables 89 98 110 126 151
Other current assets 360 396 444 510 612
Assets classified as held for sale 126 139 155 179 214
Total Current Assets    4,485 4,934 5,526 6,354 7,625

Property, plant and equipment 723 795 891 1,024 1,229


Goodwill 1,478 1,626 1,821 2,094 2,513
Trademarks 1,342 1,476 1,653 1,901 2,282
Other intangible assets 160 176 197 227 272
Long-term financial assets 91 100 112 129 155
Other non-current financial assets 58 64 71 82 99
Deferred tax assets 412 453 508 584 700
Other non-current assets 126 139 155 179 214
Total Non-Current Assets    4,390 4,829 5,408 6,220 7,464

TOTAL ASSETS 8,875 9,763 10,934 12,574 15,089

Short-term borrowings 198 218 244 281 337


Accounts payable 1,166 1,283 1,437 1,652 1,982
Other current financial liabilities 101 111 124 143 172
Income taxes 194 213 239 275 330
Provisions 320 352 394 453 544
Accrued liabilities 625 688 770 886 1,063
Other current liabilities 232 255 286 329 394
Total Current Liabilities  2,386 2,625 2,940 3,380 4,057

Long-term borrowings 1,569 1,726 1,933 2,223 2,668


Other non-current financial liabilities 25 28 31 35 43
Pensions and similar obligations 157 173 193 222 267
Deferred tax liabilities 433 476 533 613 736
Non-current provisions 29 32 36 41 49
Non-current accrued liabilities 22 24 27 31 37
Other non-current liabilities 28 31 34 40 48
Total Non-Current Liabilities 2,263 2,489 2,788 3,206 3,847

Share capital 209 230 257 296 355


Reserves 212 233 261 300 360
Retained earnings 3,350 3,685 4,127 4,746 5,696
Shareholders’ equity 3,771 4,148 4,646 5,343 6,411
Minority interests 5 6 6 7 9
Total Shareholders' Equity     3,776 4,154 4,652 5,350 6,420

TOTAL LIABILITIES and 8,875 9,763 10,934 12,574 15,089


SHAREHOLDERS' EQUITY