39 » Additional Cash Flow Information

In 2019, the increase in cash generated from operating activities compared to the prior year was primarily due to an increase in income before taxes, a decrease in income taxes paid and the different treatment for operating leases which was partly offset by a decrease in operating working capital requirements.

Under IFRS 16, payments for operating leases formerly disclosed under IAS 17, are no longer recognized on a straight-line basis and also not reported as cash flow from operating activities. Instead, repayments and interest payments for the lease liabilities will be recognized in the cash flow from financing activities. This results in a decline in cash flows from financing activities in the amount of € 692 million and an improvement in cash flows from operating activities in the amount of € 684 million.

There was a change in the presentation of interest paid in the consolidated statement of cash flows in the financial year. Due to the first-time application of IFRS 16, the option to show the interest paid within the net cash used in financing activities was chosen, instead of net cash generated from operating activities. To enhance comparability, the prior year was also adjusted.

Net cash used in investing activities in 2019 mainly related to spending for property, plant and equipment such as investments in the furnishing and fitting of own-retail stores, in new office buildings and IT systems and investments in money market funds.

Net cash used in financing activities mainly related to the repurchase of adidas AG shares, the dividend paid to shareholders of adidas AG and the repayments of lease liabilities.

Net cash (used in)/generated from discontinued operations € in millions



Year ending Dec. 31, 2019


Year ending Dec. 31, 2018

Net cash (used in)/generated from operating activities





Net cash (used in) investing activities



Net cash (used in) financing activities



Net cash (used in)/generated from discontinued operations





In 2019, the following changes in financial liabilities impacted the net cash used in financing activities:

Impact of change in financial liabilities on net cash used in financing activities € in millions







Non-cash effects





Jan. 1, 2019


Net (payments)/ proceeds in the period


IFRS 16 lease obligations


Fair value adjustments




Effect of exchange rates


Dec. 31, 2019


The lease liabilities were included in the other non-current financial liabilities as of December 31, 2018. Due to the implementation of IFRS 16 the lease liabilities are shown separately as of December 31, 2019 in the balance sheet.

Short-term borrowings













Long-term borrowings











Lease liabilities1


























Further information about lease liabilities is provided in these Notes. See note 21