2020-
2021
Integrale bedrijfsanalyse Adidas
Heck, Nienke, Lek, Sjoerd en
Koendjbiharie, Kashvi
Adidas
[22-1-2021]
,Nienke Heck: 666994
Kashvi Koendjbiharie: 648046
Sjoerd Lek: 652694
Opdrachtgever: Adidas
Datum: 16-11-2020
Onderzoek in het kader van Thema Business Economics
Hogeschool Inholland Haarlem
Opleiding: Business Studies
Begeleider: Henk Schilstra
Studenten:
Nienke Heck: 666994@student.inholland.nl
Kashvi Koendjbiharie: 640846@student.inholland.nl
Sjoerd Lek: 652694@student.inholland.nl
1
,Executive summary
This report contains a business analysis of Adidas. Adidas operates in the global sports industry in six
different regions, which are regions: Western Europe, North America, Asia Pacific, Russia, Latin
America and America.
Adidas's mission has been analyzed using the Ashridge mission model which contains four elements,
which are elements: purpose, values, strategy and norms of behavior. Adidas' mission is very clear
“Our mission is to become the best sports brand in the world. To that end, we will never equate
quantity with quality. Our founder Adi Dassler was passionate about sports. For afi, the athlete came
first. He gave thoste on the field, the court and the track the unexpected and the little differences
that made them more comfortable and improved performance. This is our legacy. This is what the
brand stands for. This will never change. ” Employees feel that they are part of the company. The
stakeholder of Adidas is analyzed in the stakeholder analysis. The purpose of the stakeholder analysis
is to identify the interests and contributions, and then base a strategic vision on them. This analysis
shows that the power of the shareholders are very high. The force field analysis shows that Adidas
has many different stakeholders, but coops with them well.
In the External analysis, the meso and the macro environment are analyzed. This is done with the
help of the DESTEP ANALYSIS. The organization has no influence on the macro environment. These
are, for example, developments in the Dutch market. A demographic factor is, for example, Adidas
can design a clothing line over 65. An economic factor, the Covid-19 pandemic, is causing
consumption to decline. A socio-cultural factor is, there is an upward trend in the level of education,
which means that there are better career opportunities. One technological factor is the super-fast
technology that Adidas must keep abreast of. An ecological factor is, Adidas adapts their range to
flooding, heat, drought and flooding. Finally, a legal factor is that due to the Covid-19 pandemic, all
stores have been closed by the government. Porter's 5 forces model is also used for this analysis. If
we look at the aspect of the threat of entrants, this threat is high, this is due to the high barriers that
enter the sector. If the threat of substitutes is considered, this is the highest threat, this is because
there are many substitutes. If we look at the power of the suppliers, it can be seen that they have
little power, that is due to the high competitive position of Adidas. It is also not possible for the
suppliers to enter the industry, because then they can never get to a level as high as Adidas.
However, it can be clearly seen that the second biggest competition from Adidas is the internal
competition. This is because Adidas has very strong competitors, such as Nike and Puma. And
because they also deliver good quality.
The fundamental analysis that has been made shows Adidas's financial developments. The ratios
cover the years 2010 to 2019. The solvency of Adidas is between 30 and 45 percent, which means
that Adidas can guarantee continuity in difficult financial times. The current ratio of Adidas is on
average 1.4. This means that Adidas is well able to pay off its short-term debts. Profitability provides
insight into the profitability of the company. Adidas's REV has typically increased from 2010 onwards.
However, it can be seen that the REV has risen much faster in relation to the RTV. Because the REV is
high, this is very attractive for shareholders. Furthermore, the Altman Z score shows that Adidas is a
financially healthy company. The revenue - profit analysis shows that most profit is generated in
Western Europe. The markets of Western Europe and Latin America are located in the Cash cow. The
North America, Pacific Asia, Russia and Emerging markets markets are all in the star position. Adidas
2
,is therefore in the rigid phase in many markets. The life cycle shows that the Emerging Markets is in
the launch phase, the North America industry is in the growth phase and Western Europe is in the
saturation phase.
Being a sustainable company is about striking a balance between the expectations of shareholders,
the needs and concerns of the employees, consumers, the workers in the supply chain and the
environment. Adidas believes that acting as a responsible company will contribute to sustainable
economic success. Companies are becoming increasingly aware of developments in society related to
long-term developments. Poverty, exploitation, the climate and the scarce, finite resources are
examples of this. The SDGs (Sustainable Development Goals) are seventeen goals to make the world
a better place by 2030. The SDGs have been agreed by the countries that are members of the United
Nations (UN). The goals were based on global input from organizations and individuals. Adidas uses 8
SDG actions in the company namely, Good health and well-being, Clean drinking water and
sanitation, Fair work and economic growth, Reducing inequality, Responsible consumption and
production, Climate action, Living in water and Partnerships to achieve goals.
Almost all companies do strive for more turnover, more profit and less costs. On the basis of the
forecasting, turnover appears to increase by more than 6 percent in the next two years. This is quite
disappointing. The reason for this is because Adidas is a victim of the Covid-19 pandemic. so there is
a chance for recovery again in 2021 and it is certainly coming. The external costs of Adidas are very
high, as shown by the analyzed external costs. It can also be seen that it is estimated that the
turnover per employee will increase to approximately 11.3%. The total balance of Adidas is
determined by the turnover and the key figure turnover rate and power. There is a significant peak in
2019. The reason for this is that people are becoming more interested in sports. The forecast shows
that Adidas will grow and stay healthy.
The SWOT analysis compares external issues, strengths and weaknesses, opportunities and threats in
a confrontation matrix. This showed that the biggest possibility for Adidas is that wages in Europe are
rising. The biggest threat turned out to be competitive pressure. This can be seen in the
confrontation matrix.
The report is summarized and the result of Adidas' business analysis is presented from previous
chapters. Based on the various investment indicators and fundamental analysis, investment advice is
given for short and long term.
3
,Inhoud
Executive summary.................................................................................................................................2
Inleiding..................................................................................................................................................7
Profiel van onderneming........................................................................................................................8
1.1 inleiding........................................................................................................................................8
1.2 Ashridge mission model................................................................................................................8
1.3 Stakeholderanalyse.....................................................................................................................11
1.4 Krachtenveldanalyse...................................................................................................................12
Toelichting krachtenveldanalyse..................................................................................................13
1.5 7’s Model....................................................................................................................................15
Externe analyse....................................................................................................................................21
2.1 Inleiding......................................................................................................................................21
2.2 Macro- omgeving........................................................................................................................21
2.3 Interne concurrentie...................................................................................................................23
2.3.1 Leveranciersmacht...................................................................................................................25
2.3.2 Afnemersmacht.......................................................................................................................27
2.4 Potentiële concurrentie..............................................................................................................28
2.4.1 Dreiging toetreders..................................................................................................................28
2.4.2 Substitutiedreigingen...............................................................................................................30
2.5 Conclusie.....................................................................................................................................31
Bedrijfsanalyse.....................................................................................................................................32
3.1 Fundamentele analyse................................................................................................................32
3.1.1 Solvabiliteit..........................................................................................................................32
3.1.2 Liquiditeit.................................................................................................................................33
3.1.3 Rentabiliteit.........................................................................................................................34
3.1.4 Activiteit kengetallen...............................................................................................................35
3.1.5 Werknemerskengetallen..........................................................................................................42
3.1.6 omgevingsanalyse................................................................................................................46
3.1.7 Dupont Chart...........................................................................................................................48
3.1.8 beleggingskengetallen............................................................................................................50
3.2 Omzet- en winstanalyse..................................................................................................................58
3.2.1 Inleiding...................................................................................................................................58
3.2.2 Geografische spreiding............................................................................................................58
3.2.3 Verdeling naar activiteiten...................................................................................................60
4
, 3.2.4 Verdeling naar distributiekanalen........................................................................................60
3.2.5 Portfolio-analyse..................................................................................................................61
3.3 Bedrijfstak levenscyclus..............................................................................................................62
3.3.1 Inleiding...................................................................................................................................62
3.3.2 Bedrijfstak levenscyclus uitwerking.........................................................................................62
4. Sustainable development goals........................................................................................................63
4.1 Inleiding......................................................................................................................................63
4.2 Evaluatie van SDG acties bij de onderneming.............................................................................63
4.3 De SDG’s van Adidas...................................................................................................................64
4.3.1 Goede gezondheid en welzijn..................................................................................................64
4.3.2 Schoon drinkwater en sanitair.................................................................................................64
4.3.3 Eerlijk werk en economische groei..........................................................................................65
4.3.4 Ongelijkheid verminderen.......................................................................................................65
4.3.5 Verantwoorde consumptie en productie.................................................................................66
4.3.6 Klimaatactie.............................................................................................................................67
4.3.7 Leven in het water...................................................................................................................67
4.3.8 Partnerschappen om doelstellingen te bereiken.....................................................................68
5. Forecasting.......................................................................................................................................69
5.1 Inleiding......................................................................................................................................69
5.2 Top down forecasting.................................................................................................................70
5.2.1 Omzetprognose.......................................................................................................................71
5.2.2 Externe kosten.........................................................................................................................72
5.2.3 Personeelslasten......................................................................................................................73
5.2.4 Balanstotaal.............................................................................................................................74
5.2.5 Vaste en vlottende activa.........................................................................................................75
5.2.6 Afschrijvingen..........................................................................................................................76
5.2.7 Solvabiliteit..............................................................................................................................77
5.2.8 Overige posten resultatenrekening.........................................................................................78
5.2.9 Debetzijde balans....................................................................................................................79
5.3 Fine tuning van de forecast.........................................................................................................85
5.4 Conclusie.....................................................................................................................................89
6. SWOT analyse...................................................................................................................................90
6.1 Inleiding......................................................................................................................................90
6.2 Huidige strategie.........................................................................................................................90
6.3 Externe issues.............................................................................................................................91
5