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可持續性分析報告范文-Sustainability Analysis Report-Adidas Group

時間:2019-04-04 16:17來源:未知 作者:anne 點擊:
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
阿迪達斯集團是一家體育用品的跨國制造商,總部位于巴伐利亞州的赫佐根納拉赫(adidas-group.com 2016a)。該公司于1949年由其創始人阿道夫·阿迪達斯(adidas group.com2016a)注冊成立。一開始,阿迪達斯是由阿道夫·達斯勒和魯道夫·達斯勒兩兄弟創辦的,但后來他們彼此分開了公司。后來,魯道夫·達斯勒兄弟又創立了另一個體育品牌,名為“普瑪”(in.rediff.com 2005)。
阿迪達斯目前在世界體育品牌中排名第二,僅次于耐克(adidas-group.com 2016a)。截至2014年12月31日,公司擁有45917名員工(阿迪達斯集團2014b)。阿迪達斯以“每一位運動員的最佳鞋款”的理念(adidas-group.com 2016b)為支撐,不斷改進技術,在設計和功能上取得突破。幾項高科技、高品質產品的發明,使公司在奧運會、世界杯等國際體育賽事中屢顯輝煌。20世紀60年代末,阿迪達斯在世界鞋業市場排名第一(adidas-group.com 2016a)。然而,20世紀70年代后,由于公眾對高質量運動鞋的需求被忽視,阿迪達斯最終被耐克公司取代成為世界頂級品牌(adidas-group.com 2016a)。
阿迪達斯的政策是保持強大的資本基礎,以維護投資者、債權人和市場信心,并保持業務的未來發展(阿迪達斯集團2014a),因此,公司制定了財務原則和企業社會責任標準的可持續方式。在社會和環境方面,阿迪達斯采用一系列方法來管理供應鏈及其自身的生產設施,以提高其治理水平,減少對環境的負面影響(阿迪達斯集團2014b)。
本報告將從財務績效分析、社會績效分析和環境績效分析三個方面對阿迪達斯的可持續性進行深入分析,其中財務績效分析采用橫向和縱向兩種方式對公司進行分析。主要數據來源于阿迪達斯2010-2014年度報告披露的財務信息以及其他兩個類似體育品牌2014年度報告的相關財務數據。在社會績效分析和環境績效分析部分,將對社會責任的重大事件進行闡述和討論。
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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