Postponed: Annual General Meeting of adidas AG

VON Dr. Wolf SiegertZUM Donnerstag Letzte Bearbeitung: 6. Juli 2020 um 11 Uhr 47 Minutenzum Post-Scriptum


Herzogenaurach, Tue, 14 April 20

adidas receives approval for syndicated loan through KfW

Following the severe impact on its business from the global spread of the coronavirus pandemic, adidas has taken further steps to safeguard the company’s financial flexibility. Today, the company received the approval of the German government for the participation of KfW, Germany’s state-owned development bank, in a syndicated revolving loan facility amounting to € 3.0 billion at customary market conditions to bridge this unprecedented situation.

The yet to be concluded syndicated loan – a financing instrument providing borrowers access to funding at larger scale as well as flexibility in terms of drawdowns and repayments – comprises a loan commitment of € 2.4 billion from KfW and € 600 million in loan commitments from a consortium of the company’s partner banks. The consortium consists of UniCredit, Bank of America, Citibank, Deutsche Bank, HSBC, Mizuho Bank and Standard Chartered Bank.

One of the conditions of the syndicated loan is that adidas de facto suspends dividend payments for the duration of the facility. Furthermore, the Executive Board recently took the decision to stop the repurchasing of adidas shares as well as to forgo its short- and long-term bonus for the year 2020, which accounts for a total of 65% of the target annual compensation. The long-term bonus component for the next leadership levels within the company will also be forfeited for the current year. All of this is consistent with adidas’ approach to liquidity management in the current environment.

“The current situation poses a serious challenge even for healthy companies. We thank the German government for its fast and comprehensive course of action in response to this unprecedented global crisis,” said adidas CEO Kasper Rorsted. “We are doing our utmost to protect the long-term well-being of adidas, our 60,000 employees and our partners, and are implementing numerous measures. These measures include the establishment of strict cost and working capital controls, the reduction of management compensation, the stop of the share buyback program as well as the suspension of dividend payments. But on top of this, access to additional liquidity is key to weather this crisis. We will repay any used portion of the loan, including interest and fees, as quickly as possible.”

In addition to the significant revenue and profit decline the company has been experiencing in China since the end of January as well as in Japan and South Korea from late February onwards, adidas has also seen a severe impact on its revenues and cash generation in most other parts of the world since mid-March. Following the rapid global spread of the coronavirus almost all own- and partner-operated stores across Europe, North America, Latin America, Emerging Markets, Russia/CIS and large parts of Asia-Pacific have been temporarily closed for the last four weeks. As a result, the wholesale and physical retail activities in these markets, which usually account for 60% of the company’s business, came to a complete standstill.

In light of those severe consequences, the company has reached an agreement with the local works councils to reduce working hours for several employee groups in Germany. Among other things, this agreement provides for paid leave, a reduction in overtime and also short-time working for 1,200 employees. Additional measures of this kind are being explored in close consultation with the relevant stakeholder groups.

The further development of the coronavirus outbreak and its impact on the company’s business cannot be predicted at this point in time. As a result, adidas is still not able to provide an outlook for the full year 2020 that includes this impact. Against this background, it has been decided to move the date of the publication of the results for the first quarter of 2020 forward to April 27, 2020, in order to keep the market informed about the company’s financial performance in the timeliest possible manner.

About the syndicated revolving loan facility:
The planned revolving loan provides the company with credit lines granted at customary market terms and conditions, with KfW covering 80% of the credit risk. Utilizing the loan will not result in any equity holding on the part of the state. The loan provides the company with the ability to flexibly access liquidity within the € 3.0 billion framework of the syndicated facility. The drawn portion of the facility is fully repayable including interest and fees. The agreement does not lead to an immediate transfer of funds nor does it include an obligation to utilize the funds. The duration of the facility is 15 months (until July 2021). The company may, at its discretion, terminate the agreement prematurely. adidas will repay any used portion of the loan, including interest and fees, as quickly as possible. The syndicate of the revolving loan facility includes Germany’s state-owned development bank KfW as well as a consortium of adidas’ partner banks.

Herzogenaurach, Mi., 01. April 2020 [1]

adidas sagt Entschuldigung

Liebe Leser_innen,

die Entscheidung, von Vermieter_innen unserer Läden die Stundung der Miete für April zu verlangen, wurde von vielen von Ihnen als unsolidarisch empfunden. Ihre Meinung ist uns wichtig, und Ihre Meinung ist eindeutig: Sie sind von adidas enttäuscht.

Deshalb möchten wir uns bei Ihnen in aller Form entschuldigen. Wir haben unseren Vermieter_innen die Miete für April bezahlt. Fairness und Teamgeist sind seit jeher eng mit adidas verknüpft und sollen es auch bleiben.

Fast auf der gesamten Welt findet kein normales Geschäft mehr statt. Die Läden sind zu. Das hält selbst ein gesundes Unternehmen wie adidas nicht lange aus.

Um langfristig die Arbeitsplätze unserer 60.000 Mitarbeiter_innen zu sichern, machen wir harte Einschnitte. Mit unseren Betriebsräten haben wir uns auf Kurzarbeit geeinigt. Unser Vorstand verzichtet bis auf Weiteres auf 50% seines Gehaltes, die nächste Führungsebene auf 30%. Wir haben unser Aktienrückkaufprogramm vollständig eingestellt. Trotz dieser Einschnitte wird adidas Kredite benötigen.

Wir versuchen, unseren Beitrag zu Projekten zur Bewältigung der COVID-19-Krise zu leisten.
Wir unterstützen den Solidarity Response Fund der WHO und Hilfsorganisationen in Deutschland. In China haben wir medizinische Güter für Ärzt_innen und Pflegepersonal bereitgestellt. Unsere Partner produzieren auf unsere Kosten Gesichtsschutz und Masken für das Gesundheitswesen.

Diese Krise ist auch für uns eine Ausnahmesituation, die uns jeden Tag vor noch nie dagewesene Herausforderungen stellt. Wir haben einen Fehler gemacht und damit viel Vertrauen verspielt. Es wird dauern, Ihr Vertrauen wieder zurückzugewinnen. Aber wir werden alles dafür tun.

Ihr adidas Team

Johannes C. Bockenheimer veröffentlicht am 01.04.2020 - 17:48 Uhr in der BILD:
Kommentar zur Adidas-Blamage Warum die deutsche Wirtschaft besser ist als ihr Ruf

Übrigens: Auch Adidas hat aus seinen Fehlern gelernt. Am Mittwoch entschuldigte sich der Konzern erneut und versprach, eigenes Kapital einzusetzen, um Gesichtsschutz und Masken für das Gesundheitswesen einzusetzen.

Sollte Adidas den Worten tatsächlich Taten folgen lassen, möchte man dem Traditionsunternehmen zurufen: Entschuldigung angenommen!

Herzogenauarch, Thu, 13 February 20

adidas AG Supervisory Board intends to elect Thomas Rabe as Supervisory Board Chairman

Igor Landau to depart after 16 years – Christian Klein, Co-CEO of SAP SE, to be proposed as candidate for Supervisory Board election

The Supervisory Board of adidas AG intends to elect Thomas Rabe, Chairman and Chief Executive Officer of Bertelsmann, as Chairman of the company’s Supervisory Board immediately following the Annual General Meeting on May 14, 2020. This was announced by the company after today’s regular meeting of the Supervisory Board. Thomas Rabe is to succeed Igor Landau as Chairman, whose term of office will end – as resolved upon by last year’s Annual General Meeting – at the close of the adidas Annual General Meeting in May.

Thomas Rabe (54) has been a member of the adidas Supervisory Board since May 9, 2019, and Deputy Chairman of the Supervisory Board since this same point in time. He was appointed to the Executive Board of Bertelsmann, a global media, services and education company, as Chief Financial Officer in 2006. He has been Chairman and Chief Executive Officer of Bertelsmann since 2012.

“In the interests of a smooth hand-over and in line with the transition of the current strategic five-year plan to a new strategic cycle starting at the beginning of 2021, May is the right time to hand over my mandate as Supervisory Board Chairman to a successor. I am convinced that Thomas Rabe will make an excellent chairman, enriching the Board in this role with his great leadership, digital and financial competence. Over the past year, he has already displayed a great level of engagement within the Supervisory Board. He has been a key driving force, and he already has extensive experience as a supervisory board chairman. Furthermore, I relinquish my task with the pleasure of knowing that the company is extremely well positioned from a financial point of view, it is leading the way in sustainability, and that adidas has developed into one of the world’s best-known brands and most popular employers. I would like to take this opportunity to thank the members of the Supervisory Board and the Executive Board for their good and trusting collaboration,” said Igor Landau, Chairman of the Supervisory Board of adidas AG.

Igor Landau (75) has been a member of the Supervisory Board of adidas AG since 2004 and Supervisory Board Chairman since 2009. During his term of office, the company’s value has increased from just under € 5 billion to currently just under € 57 billion.

Thomas Rabe, Chairman and Chief Executive Officer of Bertelsmann, said: “I am delighted to be nominated for the chairmanship of the Supervisory Board of adidas AG. I am aware that this office entails a high degree of responsibility which I will gladly take on in the interests of shareholders, customers, consumers, employees and partners. I would like to take this opportunity, also on behalf of all the Supervisory Board members, to thank Igor Landau for his successful work and his dedicated service to the company.”

In addition, Christian Klein, Co-Chief Executive Officer of SAP SE, is to be proposed to the shareholders at the upcoming Annual General Meeting for election to the Supervisory Board. Christian Klein (39) has been Co-CEO of SAP SE since October 2019. He was appointed to the SAP Executive Board as Chief Operating Officer in 2018. Igor Landau commented: “With his proven expertise in the fields of digital innovation and transformation, Christian Klein is the ideal addition to the Supervisory Board. He knows what it takes to be successful as a company globally. Therefore, I am very pleased that he has been nominated, in the best interests of adidas.”

The Annual General Meeting of adidas AG will take place on May 14, 2020, in Fuerth, Bavaria. Further information on the Annual General Meeting is available on the company’s website:

An eben diesem 14. Mai 2020 ist auf der adidas-Homepage zu lesen:

adidas verschiebt Hauptversammlung 2020

In Übereinstimmung mit Anordnungen der zuständigen deutschen Behörden, die u. a. ein Verbot von größeren Versammlungen zur Eindämmung der weiteren Ausbreitung des Coronavirus umfassen, hat die adidas AG beschlossen, die diesjährige Hauptversammlung auf unbestimmte Zeit zu verschieben.

Die Gesundheit und Sicherheit von Mitarbeitern, Aktionären, Kunden und Partnern des Unternehmens haben nach wie vor oberste Priorität für adidas. Daher hat das Unternehmen beschlossen, die Hauptversammlung in Fürth nicht wie vorgesehen am 14. Mai 2020 abzuhalten. Die Hauptversammlung 2020 wird innerhalb des gesetzlich vorgeschriebenen Zeitrahmens stattfinden. Der genaue Termin wird zu gegebener Zeit bekannt gegeben. Die Verschiebung wird zwangsläufig zu einer Verzögerung sämtlicher Beschlüsse der Hauptversammlung führen, darunter der Gewinnverwendungsbeschluss, der eine zwingende rechtliche Vorgabe für die Auszahlung der vorgeschlagenen Dividende in Höhe von 3,85 € je Aktie ist.

Mehr zu diesem Thema gibt es fortlaufend im "Adidas THEMENSCHWERPUNKT" der WirtschaftsWoche.


Stattdessen gibt es an diesem Tag den Speakers Excellence - Vortrag von Stephan Jung, "Innovationsexperte" über die 12 Megatrends der Zukunft:

Die Trends:

 "Alt ist keiner" Viele fühlen sich länger jung
 Globalisierung? -> back home
 Hacking Security
 Mobilität -> das Fahrrad jetzt beliebter als das Auto
 "Problemlösung und schöne Gefühle statt Leistung"
 Neo-Ökologie Sustainability, Fridays for Future...
 "Du bist, was Du isst"
 New Work, "Neue Verantwortung"
 "Ich will alles, sofort..."
 Robotik, KI, Data Scientists...
 Gamification < 100 Milliarden Umsatz p.a.

Q’n A:

 Agilität? Hier gibt es eine Rückbesinnung
 KMU’s? Nicht abwarten: durchstarten!
 90% der Bevölkerung in 600 Megacities?
 Telemedizin gewinnt an Bedeutung
 Impact / Work-Live-Balance / Live-Long-Learning sind wichtiger als mehr Geld
 Wertschätzende Kommunikation ist jetzt wichtiger denn je...
 "Wir kommen nicht mehr zurück zur Normalität"
 Das bargeldlose Zahlen wird weiter zunehmen, trotz allem...



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