04 » Cash and cash equivalents

Cash and cash equivalents consist of cash held by banks, cash on hand, and short-term deposits.

Short-term deposits are only shown as cash and cash equivalents if they are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Based on the impairment tests, no impairment need was identified for cash and cash equivalents measured at amortized cost.

As of December 31, 2024, cash and cash equivalents includes cash in banks and cash on hand amounting to € 959 million (2023: € 596 million) and short-term deposits in the form of money market funds amounting to € 1,496 million (2023: € 835 million). The total of cash and cash equivalents includes € 325 million and € 211 million as of December 31, 2024 and 2023, respectively, held by subsidiaries that were subject to foreign exchange control (e.g. Russia, Argentina) or other legal restriction and hence were not at any time available for general use by adidas AG or other subsidiaries.

Further information about cash and cash equivalents is presented in these Notes. SEE NOTE 28