03 » Discontinued Operations
The results of the Rockport, TaylorMade and CCM Hockey operations that were sold in previous periods are shown as discontinued operations in the consolidated income statement.
The net result of discontinued operations presented in the consolidated income statement for the year ending December 31, 2019 mainly relates to a fair value adjustment of the earn-out component as well as actual earn-out received related to the sale of the TaylorMade business. The increase in fair value is attributable to adjusted future EBITDA-value estimates. In 2019, adidas received a cash consideration of US $ 25 million. In addition, the promissory note, which was part of the initial purchase price, increased by US $ 25 million. The fair value of the earn-out component at December 31, 2019 amounts to US $ 50 million (2018: US $ 24 million).
Gains from discontinued operations for the year ending December 31, 2019 in an amount of € 59 million (2018: losses of € 5 million) are entirely attributable to the shareholders of adidas AG. The tax benefit in respect of discontinued operations is € 4 million (2018: € 4 million).