39 » Additional Cash Flow Information

In 2020, net cash used in operating activities compared to the prior year results was primarily due to a decrease in income before taxes and a decrease in operating working capital requirements which was partly offset by a decrease in income taxes paid.

The decrease in net cash used in investing activities in 2020 mainly results from a decrease in spending on property, plant, and equipment such as investments in the furnishing and fitting of adidas’ own-retail stores, in new office buildings and IT systems and from proceeds from sale of short-term financial assets.

Net cash generated from financing activities mainly related to the issuance of three new eurobonds and the proceeds from short-term borrowings including the short-term borrowing of the syndicated loan from the KfW bank. In comparison to prior year the not paid out dividends to shareholders of adidas AG and the stopping of the repurchase of adidas AG shares leads to a higher net cash generated from financing activities compared to net cash used in the prior year. In contrast are the repayments of lease liabilities and the repayment of the pay back for the syndicated loan from the KfW bank.

In 2020, the following changes in financial liabilities impacted the net cash used in financing activities: