Consolidated Statement of Cash Flows

Income before taxes

Depreciation, amortization, and impairment losses

Reversals of impairment losses

Interest income

Interest expense

Unrealized foreign exchange losses/(gains), net

Losses on sale of property, plant, and equipment and intangible assets, net

Other non-cash effects from operating activities

Cash flows from operating activities before working capital changes

Change in receivables and other assets

Change in inventories

Change in accounts payable and other liabilities

Cash flows from operating activities before taxes

Income taxes paid

IAS 29 – Hyperinflation effects in operating cash flow

Cash flows from operating activities

Purchase of other intangible assets

Purchase of property, plant, and equipment

Proceeds from sale of property, plant, and equipment

Proceeds from sale of a disposal group from prior years

Change in short-term financial assets

Change in investments and other long-term assets

Interest received

Cash flows from investing activities

Repayment of eurobonds

Proceeds from issuance of bonds

Interest paid

Repayments of lease liabilities

Dividend paid to shareholders of adidas AG

Dividend paid to non-controlling interest shareholders

Repurchase of treasury shares due to share-based payments

Proceeds from reissuance of treasury shares due to share-based payments

Change in short-term borrowings

Acquisition of non-controlling interests

Cash flow from financing activities

Sum of cash flows

Effect of exchange rates on cash

Change in cash and cash equivalents

Cash and cash equivalents at beginning of year