Consolidated Statement of Cash Flows

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adidas AG Consolidated Statement of Cash Flows (IFRS) € in millions

 

 

Note

 

Year ending
Dec. 31, 2019

 

Year ending
Dec. 31, 20181

1

First-time application of IFRS 16 as of January 1, 2019. Prior year figures are not restated with the exception of the presentation of interest paid.

The accompanying Notes are an integral part of these consolidated financial statements.

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

Income before taxes

 

 

 

2,558

 

2,378

 

 

 

 

 

 

 

Adjustments for:

 

 

 

 

 

 

Depreciation, amortization and impairment losses

 

11, 12, 13, 14, 32, 34

 

1,214

 

490

Reversals of impairment losses

 

31

 

(8)

 

(3)

Unrealized foreign exchange gains, net

 

 

 

(1)

 

(10)

Interest income

 

34

 

(50)

 

(24)

Interest expense

 

34

 

160

 

42

Losses on sale of property, plant and equipment and intangible assets, net

 

 

 

11

 

9

Other non-cash effects from operating activities

 

31, 32

 

(12)

 

17

Payment for external funding of pension obligations (CTA)

 

 

 

(105)

 

(90)

Operating profit before working capital changes

 

 

 

3,767

 

2,808

Increase in receivables and other assets

 

 

 

(694)

 

(209)

(Increase) / decrease in inventories

 

 

 

(505)

 

180

Increase in accounts payable and other liabilities

 

 

 

951

 

741

Cash generated from operations before taxes

 

 

 

3,519

 

3,521

Income taxes paid

 

 

 

(692)

 

(815)

Net cash generated from operating activities – continuing operations

 

 

 

2,828

 

2,706

Net cash used in operating activities – discontinued operations

 

 

 

(9)

 

(20)

Net cash generated from operating activities

 

 

 

2,819

 

2,686

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

Purchase of trademarks and other intangible assets

 

 

 

(110)

 

(96)

Proceeds from sale of trademarks and other intangible assets

 

 

 

0

 

2

Purchase of property, plant and equipment

 

 

 

(598)

 

(611)

Proceeds from sale of property, plant and equipment

 

 

 

13

 

13

Proceeds from sale of assets held for sale

 

 

 

–

 

71

Proceeds from sale of a disposal group

 

03

 

8

 

18

Proceeds due to business combinations

 

04

 

54

 

–

Proceeds from disposal of discontinued operations, net of cash disposed

 

 

 

20

 

–

Purchase of short-term financial assets

 

 

 

(284)

 

(0)

Purchase of investments and other long-term assets

 

 

 

(80)

 

(56)

Interest received

 

 

 

50

 

24

Net cash used in investing activities – continuing operations

 

 

 

(925)

 

(636)

Net cash generated from investing activities – discontinued operations

 

 

 

–

 

–

Net cash used in investing activities

 

 

 

(925)

 

(636)

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

Proceeds from long-term borrowings

 

 

 

–

 

141

Proceeds from issuance of a convertible bond

 

18

 

–

 

518

Payments for options related to a convertible bond

 

18

 

–

 

(35)

Interest paid

 

 

 

(156)

 

(40)

Repayments of lease liabilities / finance lease obligations

 

 

 

(597)

 

(2)

Dividend paid to shareholders of adidas AG

 

27

 

(664)

 

(528)

Dividend paid to non-controlling interest shareholders

 

 

 

(2)

 

(1)

Repurchase of adidas AG shares

 

27

 

(809)

 

(1,000)

Repurchase of adidas AG shares due to share-based payments

 

 

 

(28)

 

(22)

Proceeds from reissuance of treasury shares due to share-based payments

 

 

 

24

 

19

Proceeds from short-term borrowings

 

18

 

–

 

9

Repayments of short-term borrowings

 

18

 

(42)

 

(49)

Net cash used in financing activities – continuing operations

 

 

 

(2,273)

 

(991)

Net cash generated from financing activities – discontinued operations

 

 

 

–

 

–

Net cash used in financing activities

 

 

 

(2,273)

 

(991)

 

 

 

 

 

 

Effect of exchange rates on cash

 

 

 

(30)

 

(29)

(Decrease) / increase in cash and cash equivalents

 

 

 

(410)

 

1,031

Cash and cash equivalents at beginning of year

 

05

 

2,629

 

1,598

Cash and cash equivalents at end of period

 

05

 

2,220

 

2,629