Capital

Investor Relations

Competitor Benchmarking Q2 2012

Brand Portfolios

Investor Relations

Unless specified, all data in the report is Group data for each of the competitors.

Competitor Benchmarking - Q2 2012 Confidential 2

Table of Contents
• Definitions • Major Developments • Key Financial Data • Net Sales • Profitability • Operating Working Capital and Capex • Balance Sheet & Cash Flow Ratios • Share Price Development

Investor Relations

Competitor Benchmarking - Q2 2012 Confidential 3

Definitions
• • • • • • • • • • • • •

Investor Relations

FY: All competitors data are calendarised January to December, except Nike (December to November) 12 m rolling: Last 4 quarters ending Jun 12 (May 12 for Nike) Cash conversion cycle = Inventory Days Outstanding + DSO – Payables Days Outstanding Capex: Capital expenditures, based on the cash flow statement (purchase of property, plant, equipment and intangible assets) DSO = Average Accounts Receivable Net (last 4 quarters) x 365 / Net Sales (4Q rolling) EBITDA = Operating Income + Depreciation and Amortisation (from the Cash Flow Statement) Equity ratio = Equity excluding minorities / Total Balance Sheet Financial leverage = Net Financial Debt / Equity excluding minorities Free Cash Flow = Net Cash Flow from Operating Activities + Capex (from the Cash Flow Statement) Inventory Days Outstanding = Average Inventories Net (last 4 quarters) x 365 / COS (4Q rolling) Payables Days Outstanding = Average Accounts Payable (last 4 quarters) x 365 / COS (4Q rolling) Shareholder return = Dividends + Share Buyback Turns = COS (4Q rolling) / Average Inventories Net (last 4 quarters)

Competitor Benchmarking - Q2 2012 Confidential 4

Table of Contents
• Definitions • Major Developments • Key Financial Data • Net Sales • Profitability • Operating Working Capital and Capex • Balance Sheet & Cash Flow Ratios • Share Price Development

Investor Relations

Competitor Benchmarking - Q2 2012 Confidential