Consolidated Statement of Cash Flows
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Note |
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Year ending Dec. 31, 2022 |
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Year ending Dec. 31, 2021 |
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Operating activities: |
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Income before taxes from continuing operations |
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388 |
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1,852 |
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Adjustments for: |
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Depreciation, amortization and impairment losses |
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1,375 |
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1,149 |
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Reversals of impairment losses |
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(4) |
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(34) |
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Interest income |
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(23) |
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(13) |
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Interest expense |
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138 |
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111 |
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Unrealized foreign exchange losses, net |
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85 |
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51 |
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Losses on sale of property, plant, and equipment and intangible assets, net |
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16 |
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13 |
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Other non-cash effects from operating activities |
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(8) |
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6 |
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Operating profit before working capital changes |
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1,966 |
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3,135 |
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Increase in receivables and other assets |
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(820) |
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(170) |
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(Increase)/decrease in inventories |
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(1,901) |
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125 |
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Increase in accounts payable and other liabilities |
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721 |
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226 |
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Net cash (used in)/generated from operations before taxes |
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(34) |
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3,316 |
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Income taxes paid |
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(424) |
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(444) |
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Net cash (used in)/generated from operating activities – continuing operations |
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(458) |
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2,873 |
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Net cash (used in)/generated from operating activities – discontinued operations |
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(85) |
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320 |
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Net cash (used in)/generated from operating activities |
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(543) |
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3,192 |
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Investing activities: |
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Purchase of trademarks and other intangible assets |
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(191) |
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(173) |
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Proceeds from sale of trademarks and other intangible assets |
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1 |
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1 |
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Purchase of property, plant, and equipment |
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(504) |
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(494) |
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Proceeds from sale of property, plant, and equipment |
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1 |
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1 |
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Proceeds from sale of a disposal group |
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12 |
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12 |
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Proceeds from disposal of discontinued operations |
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1,165 |
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177 |
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(Purchase of)/proceeds from investments and other long-term assets |
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(13) |
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49 |
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Interest received |
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23 |
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13 |
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Net cash generated from/(used in) investing activities – continuing operations |
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495 |
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(415) |
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Net cash used in investing activities – discontinued operations |
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– |
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(9) |
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Net cash generated from/(used in) investing activities |
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495 |
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(424) |
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Financing activities: |
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Repayment of eurobond |
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– |
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(600) |
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Proceeds from issuance of bonds |
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994 |
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– |
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Interest paid |
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(140) |
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(111) |
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Repayments of lease liabilities |
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(631) |
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(572) |
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Dividend paid to shareholders of adidas AG |
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(610) |
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(585) |
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Dividend paid to non-controlling interest shareholders |
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(22) |
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– |
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Acquisition of non-controlling interests |
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(27) |
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– |
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Repurchase of treasury shares |
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(2,500) |
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(1,000) |
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Repurchase of treasury shares due to share-based payments |
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(30) |
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(32) |
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Proceeds from reissuance of treasury shares due to share-based payments |
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25 |
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27 |
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Repayments of short-term borrowings |
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(18) |
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(79) |
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Net cash used in financing activities – continuing operations |
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(2,957) |
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(2,952) |
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Net cash used in financing activities – discontinued operations |
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(6) |
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(39) |
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Net cash used in financing activities |
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(2,963) |
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(2,991) |
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Effect of exchange rates on cash |
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(19) |
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57 |
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Decrease in cash and cash equivalents |
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(3,031) |
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(165) |
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Cash and cash equivalents at beginning of year |
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3,828 |
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3,994 |
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Cash and cash equivalents at end of period |
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798 |
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3,828 |
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