1	Convert the financial statement to common-sized percentage-based statements using "Total Assets" for the balance sheet denominator (100%) and "Net Revenue for the income statement denominator (100%). (Hint: Morningstar may help with this one.)
2	Do you find these common-sized financial statements more of less useful that the dollar value statements? Explain.
3	Graph Net Revenue, Cost of Goods Sold, and Net Income for the last three years. Do you notice any trends? Do you find the graph more or less useful that the dollar amounts? Explain.

Note 38 31 11. 14.33 Net sales Cost of sales Gross profit % of net sales) Royalty and commission income Other operating income Other operating expenses [% of net sales) Marketing and point-of-sale expenses (% of net sales) Distribution and selling expenses % of net sales) General and administration expenses 1% of net sales) Sundry expenses Year ending Dec. 31, 2019 23,640 11,347 12,293 52.0% 154 56 9,843 41.6% 3,042 12.9% 4.997 21.1% 1,652 1.02 7.0% 134 10 0.6% 10 18 2,660 11.3% 64 166 2,558 Year ending Dec. 31, 20181 21.915 10.552 11,363 51.8% 129 48 24 9.172 41.9% 3.001 13.7% 4,450 4.430 20.3% 1,576 7.2% 105 0.5% 41 2,368 10.8% % 57 37 47 2,378 10.9% 669 28.1% 1,709 7.8% (5) 1,704 7.8% 1,702 7.8% 3 Change 7.9% 7.5% 8.2% 0.2 pp 19.5% 16.6% 7.3% (0.2pp) 1.4% (0.8pp] 12.3% 0.8pp 4.8% % (0.2pp) 28.3% 20.2 | 0.1pp 1% of net sales) (57.2%) % of net sales 34 34 10.8% 36 Impairment losses (net) on accounts receivable and contract assets Operating profit ! Financial income Financial expenses Income before taxes Toy 1% of net sales) Income taxes 1% of income before taxes) Net income from continuing operations [% of net sales) Gains/(losses) from discontinued operations, net of tax Net income [% of net sales) Net income attributable to shareholders [% of net sales) Net income attributable to non-controlling interests 12.4% 12. 0.4pp 11.2% 253.2% 7.6% (0.Oppl (4.3%) (31pp) 12.2% 0.3pp n. a. 16.0% 0.6pp 16.1% 0.6pp (35.1%) An 640 25.0% 1,918 8.1% 59 1,977 8.4% 1,976 8.4% 2 03 Basic earnings per share from continuing operations in ] Diluted earnings per share from continuing operations (in ] 37 37 9.70 9.70 8.46 8.45 14.7% 14.8% Basic earnings per share from continuing and discontinued operations (in ) Diluted earnings per share from continuing and discontinued operations (in ) 1 First-time application of IFRS 16 as of January 1, 2019. Prior year figures are not restated. 37 37 10.00 10.00 8.44 8.42 18.5% 18.7% The accomanvin Notes are an intenral nart of these consolidated financial statements Note Dec. 31, 2019 1,977 Dec. 31, 2018 1,704 25 30 (50) ( 12 (38) (13) (8) (21) Net income after taxes Items of other comprehensive income that will not be reclassified subsequently to profit or loss Remeasurements of defined benefit plans (IAS 19), net of tax Net gain/(Loss) on other equity investments (IFRS 9), net of tax Subtotal of items of other comprehensive income that will not be reclassified subsequently to profit or loss Items of other comprehensive income that will be reclassified to profit or loss when specific conditions are met Net (loss/gain on cash flow hedges and net foreign investment hedges, net of tax Net (Loss)/gain on cost of hedging reserve - options, net of tax Net gain/loss) on cost of hedging reserve - forward contracts, net of tax Reclassification of foreign currency differences due to dissolution of subsidiaries Currency translation differences Subtotal of items of other comprehensive income that will be reclassified to profit or loss when specific conditions are met 30 232 (148) (7) 30 30 11 0 3 (10) (4) (49) 171 98 (46) Other comprehensive income (84) 150 Total comprehensive income 1,894 1,855 1,898 1,851 Attributable to shareholders of adidas AG Attributable to non-controlling interests [4] 1 First-time application of IFRS 16 as of January 1. 2019. Prior year figures are not restated Note 38 31 11. 14.33 Net sales Cost of sales Gross profit % of net sales) Royalty and commission income Other operating income Other operating expenses [% of net sales) Marketing and point-of-sale expenses (% of net sales) Distribution and selling expenses % of net sales) General and administration expenses 1% of net sales) Sundry expenses Year ending Dec. 31, 2019 23,640 11,347 12,293 52.0% 154 56 9,843 41.6% 3,042 12.9% 4.997 21.1% 1,652 1.02 7.0% 134 10 0.6% 10 18 2,660 11.3% 64 166 2,558 Year ending Dec. 31, 20181 21.915 10.552 11,363 51.8% 129 48 24 9.172 41.9% 3.001 13.7% 4,450 4.430 20.3% 1,576 7.2% 105 0.5% 41 2,368 10.8% % 57 37 47 2,378 10.9% 669 28.1% 1,709 7.8% (5) 1,704 7.8% 1,702 7.8% 3 Change 7.9% 7.5% 8.2% 0.2 pp 19.5% 16.6% 7.3% (0.2pp) 1.4% (0.8pp] 12.3% 0.8pp 4.8% % (0.2pp) 28.3% 20.2 | 0.1pp 1% of net sales) (57.2%) % of net sales 34 34 10.8% 36 Impairment losses (net) on accounts receivable and contract assets Operating profit ! Financial income Financial expenses Income before taxes Toy 1% of net sales) Income taxes 1% of income before taxes) Net income from continuing operations [% of net sales) Gains/(losses) from discontinued operations, net of tax Net income [% of net sales) Net income attributable to shareholders [% of net sales) Net income attributable to non-controlling interests 12.4% 12. 0.4pp 11.2% 253.2% 7.6% (0.Oppl (4.3%) (31pp) 12.2% 0.3pp n. a. 16.0% 0.6pp 16.1% 0.6pp (35.1%) An 640 25.0% 1,918 8.1% 59 1,977 8.4% 1,976 8.4% 2 03 Basic earnings per share from continuing operations in ] Diluted earnings per share from continuing operations (in ] 37 37 9.70 9.70 8.46 8.45 14.7% 14.8% Basic earnings per share from continuing and discontinued operations (in ) Diluted earnings per share from continuing and discontinued operations (in ) 1 First-time application of IFRS 16 as of January 1, 2019. Prior year figures are not restated. 37 37 10.00 10.00 8.44 8.42 18.5% 18.7% The accomanvin Notes are an intenral nart of these consolidated financial statements Note Dec. 31, 2019 1,977 Dec. 31, 2018 1,704 25 30 (50) ( 12 (38) (13) (8) (21) Net income after taxes Items of other comprehensive income that will not be reclassified subsequently to profit or loss Remeasurements of defined benefit plans (IAS 19), net of tax Net gain/(Loss) on other equity investments (IFRS 9), net of tax Subtotal of items of other comprehensive income that will not be reclassified subsequently to profit or loss Items of other comprehensive income that will be reclassified to profit or loss when specific conditions are met Net (loss/gain on cash flow hedges and net foreign investment hedges, net of tax Net (Loss)/gain on cost of hedging reserve - options, net of tax Net gain/loss) on cost of hedging reserve - forward contracts, net of tax Reclassification of foreign currency differences due to dissolution of subsidiaries Currency translation differences Subtotal of items of other comprehensive income that will be reclassified to profit or loss when specific conditions are met 30 232 (148) (7) 30 30 11 0 3 (10) (4) (49) 171 98 (46) Other comprehensive income (84) 150 Total comprehensive income 1,894 1,855 1,898 1,851 Attributable to shareholders of adidas AG Attributable to non-controlling interests [4] 1 First-time application of IFRS 16 as of January 1. 2019. Prior year figures are not restated