37 » Additional Cash Flow Information
In 2023, net cash generated from operating activities compared to the prior year results was primarily due to a decrease in operating working capital requirements. In particular the reduction in inventories contributed to the net cash generated.
The net cash used in investing activities in 2023 is mainly related to an increase in spending on intangible assets and property, plant, and equipment such as investments in the furnishing and fitting of own retail stores, in new office buildings and IT systems.
Net cash used in financing activities mainly related to the repayment of the convertible bond, repayments of lease liabilities, interests paid, and dividend paid to shareholders of adidas AG.
The effects resulting from the application of IAS 29 ‘Accounting in hyperinflationary countries’ are recorded below the cash flow from financing activities in the line ‘IAS 29 hyperinflation effects in operating, investing and financing cashflows’. The net effect in 2023 amounts to € 82 million (2022: € 64 million). The previous year’s value of cash and cash equivalents changed by € 0 million (2022: € 20 million) due to the indexation of the opening balance of cash and cash equivalents in Argentina and Turkey.
|
|
Year ending Dec. 31, 2023 |
|
Year ending Dec. 31, 2022 |
|---|---|---|---|---|
Net cash used in operating activities |
|
– |
|
(85) |
Net cash used in investing activities |
|
– |
|
– |
Net cash used in financing activities |
|
– |
|
(6) |
Net cash used in discontinued operations |
|
– |
|
(91) |
In 2023, the following changes in financial liabilities impacted the net cash used in financing activities:
|
|
|
|
|
|
Non-cash effects |
|
|
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
Jan. 1, 2023 |
|
Net (payments)/ |
|
IFRS 16 lease obligations |
|
Fair value adjustments |
|
Transfer within financial liabilities |
|
Effect of exchange rates |
|
Other1 |
|
Dec. 31, 2023 |
||||
Short-term borrowings |
|
527 |
|
(522) |
|
– |
|
– |
|
519 |
|
– |
|
25 |
|
549 |
||||
Long-term borrowings |
|
2,946 |
|
(50) |
|
– |
|
– |
|
(519) |
|
– |
|
52 |
|
2,430 |
||||
Lease liabilities |
|
2,986 |
|
(689) |
|
292 |
|
– |
|
– |
|
(91) |
|
86 |
|
2,584 |
||||
Total |
|
6,459 |
|
(1,260) |
|
292 |
|
– |
|
– |
|
(91) |
|
163 |
|
5,564 |
||||
|
||||||||||||||||||||
|
|
|
|
|
|
Non-cash effects |
|
|
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
Jan. 1, 2022 |
|
Net (payments)/ |
|
IFRS 16 lease obligations |
|
Fair value adjustments |
|
Transfer to liabilties held for sale |
|
Effect of exchange rates |
|
Other1 |
|
Dec. 31, 2022 |
||||
Short-term borrowings |
|
29 |
|
(39) |
|
– |
|
– |
|
513 |
|
– |
|
24 |
|
527 |
||||
Long-term borrowings |
|
2,466 |
|
969 |
|
– |
|
– |
|
(513) |
|
– |
|
24 |
|
2,946 |
||||
Lease liabilities |
|
2,836 |
|
(719) |
|
795 |
|
– |
|
– |
|
(9) |
|
83 |
|
2,986 |
||||
Total |
|
5,331 |
|
210 |
|
795 |
|
– |
|
– |
|
(9) |
|
131 |
|
6,459 |
||||
|
||||||||||||||||||||