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GermanCorporateConferenceDeutscheBankRobinStalker,CFOAnExcitingStartTo2006RegionalSalesGrowthOfCombinedGroupStrongSalesDevelopmentForTheGroupExcludingReebokNumerousFactorsImpactFirstQuarterGrossMarginSalesGrowthandOperatingExpenseLeverageSupportOperatingMarginNetfinancialexpensesincreaseto€28millionIncomebeforetaxesgrows14%to€220millionGrouptaxratereducedto31.8%Netincomefromcontinuingoperationsincreasesto€150million(+16%)DaysofSalesOutstanding(DSO)improveOperatingworkingcapitalasapercentageofnetsalesatrecordQ1levelof25%NetdebtincreasereflectsReebokacquisitionfinancingThreeUniqueCoreBrandsSubstantiveRevenueSynergiesExpectedPhasingofRevenueSynergiesontheFast-TrackCostSynergiesSignificantlyAboveOriginalExpectationsPhasingofCostSynergiesLeadstoFullImpactin2009ReebokIntegrationProcessOffToAGoodStartReebokQ1PerformanceInLineWithExpectationsOvercomingShort-TermChallengesIncreasingReebokDistributionDisciplineandStrengtheningBrandCommunicationStrongadidasAndTaylorMadePerformanceSupportPositiveOutlook2006FinancialGuidanceConfirmedMedium-termGuidanceIncreasedonApril11NewpartnershipsannouncedExcitingproductlaunchesFootballambitionsgreaterthaneverFootballcategoryexpectedtogeneratesalesofaround1.2billioneuroin2006Positive2006OutlookAppendixMixedBrandGrossMarginDevelopmentadidasBacklogsByProductCategoryAndRegionReebokBacklogsByProductCategoryAndRegion
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