Consolidated Statement of Cash Flows
|
|
Note |
|
Year ending Dec. 31, 2020 |
|
Year ending Dec. 31, 2019 |
|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
Income before taxes |
|
|
|
575 |
|
2,558 |
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
|
Depreciation, amortization and impairment losses |
|
|
1,370 |
|
1,214 |
|
Reversals of impairment losses |
|
|
(6) |
|
(8) |
|
Interest income |
|
|
(25) |
|
(50) |
|
Interest expense |
|
|
164 |
|
160 |
|
Unrealised foreign exchange losses/(gains), net |
|
|
|
35 |
|
(1) |
Losses on sale of property, plant and equipment and intangible assets, net |
|
|
|
28 |
|
11 |
Other non-cash effects from operating activities |
|
|
2 |
|
(12) |
|
Payment for external funding of pension obligations (CTA) |
|
|
|
– |
|
(105) |
Operating profit before working capital changes |
|
|
|
2,144 |
|
3,767 |
Decrease/(Increase) in receivables and other assets |
|
|
|
394 |
|
(694) |
Increase in inventories |
|
|
|
(503) |
|
(505) |
(Decrease)/Increase in accounts payable and other liabilities |
|
|
|
(141) |
|
951 |
Cash generated from operations before taxes |
|
|
|
1,893 |
|
3,519 |
Income taxes paid |
|
|
|
(404) |
|
(692) |
Net cash generated from operating activities – continuing operations |
|
|
|
1,489 |
|
2,828 |
Net cash used in operating activities – discontinued operations |
|
|
|
(3) |
|
(9) |
Net cash generated from operating activities |
|
|
|
1,486 |
|
2,819 |
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
Purchase of trademarks and other intangible assets |
|
|
|
(64) |
|
(110) |
Proceeds from sale of trademarks and other intangible assets |
|
|
|
4 |
|
0 |
Purchase of property, plant and equipment |
|
|
|
(379) |
|
(598) |
Proceeds from sale of property, plant and equipment |
|
|
|
17 |
|
13 |
Proceeds from sale of a disposal group |
|
|
1 |
|
8 |
|
Proceeds due to business combinations |
|
|
– |
|
54 |
|
Proceeds from disposal of discontinued operations |
|
|
|
41 |
|
20 |
Proceeds from/ (Purchase of) sale of short-term financial assets |
|
|
|
289 |
|
(284) |
Purchase of investments and other long-term assets |
|
|
|
(49) |
|
(80) |
Interest received |
|
|
|
25 |
|
50 |
Net cash used in investing activities – continuing operations |
|
|
|
(115) |
|
(925) |
Net cash generated from investing activities – discontinued operations |
|
|
|
– |
|
– |
Net cash used in investing activities |
|
|
|
(115) |
|
(925) |
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
Proceeds from issuance of bonds |
|
|
1,490 |
|
– |
|
Reverse transaction of buyback of Eurobonds |
|
|
11 |
|
– |
|
Interest paid |
|
|
|
(157) |
|
(156) |
Repayments of lease liabilities |
|
|
|
(611) |
|
(597) |
Dividend paid to shareholders of adidas AG |
|
|
– |
|
(664) |
|
Dividend paid to non-controlling interest shareholders |
|
|
|
(17) |
|
(2) |
Repurchase of adidas AG shares |
|
|
(257) |
|
(809) |
|
Repurchase of adidas AG shares due to share-based payments |
|
|
|
(29) |
|
(28) |
Proceeds from reissuance of treasury shares due to share-based payments |
|
|
|
25 |
|
24 |
Proceeds from short-term borrowings |
|
|
543 |
|
– |
|
Repayments of short-term borrowings |
|
|
(519) |
|
(42) |
|
Net cash generated from/(used in) financing activities – continuing operations |
|
|
|
479 |
|
(2,273) |
Net cash generated from financing activities – discontinued operations |
|
|
|
– |
|
– |
Net cash generated from/(used in) financing activities |
|
|
|
479 |
|
(2,273) |
|
|
|
|
|
|
|
Effect of exchange rates on cash |
|
|
|
(75) |
|
(30) |
Increase /(Decrease) in cash and cash equivalents |
|
|
|
1,774 |
|
(410) |
Cash and cash equivalents at beginning of year |
|
|
2,220 |
|
2,629 |
|
Cash and cash equivalents at end of period |
|
|
3,994 |
|
2,220 |