F I N A N C I A L S U P P L E M E N T J A N U A R Y - M A R C H
FINANCIAL SUPPLEMENT
TABLE OF CONTENTS
Consolidated Statement of Financial Position _____________________________________________ 3
Condensed Consolidated Income Statement ______________________________________________ 5
Consolidated Statement of Comprehensive Income ________________________________________ 6
Consolidated Statement of Changes in Equity _____________________________________________ 7
Consolidated Statement of Cash Flows __________________________________________________ 8
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F I N A N C I A L S U P P L E M E N T J A N U A R Y - M A R C H
2 0 2 3
1 | 2 | 3 | 4 | 5 |
CONSOLIDATED STATEMENT | CONSOLIDATED INCOME | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT |
OF FINANCIAL POSITION | STATEMENT | OF COMPREHENSIVE INCOME | OF CHANGES IN EQUITY | OF CASH FLOWS |
Consolidated Statement of Financial Position
adidas AG Consolidated Statement of Financial Position (IFRS) € in millions
March 31, | March 31, | |||||
2024 | 2023 | Change in % | ||||
Assets | ||||||
Cash and cash equivalents | 1,086 | 778 | 39.6 | |||
Short-term financial assets | 3 | - | n.a. | |||
Accounts receivable | 2,606 | 2,818 | (7.5) | |||
Other current financial assets | 848 | 770 | 10.1 | |||
Inventories | 4,427 | 5,675 | (22.0) | |||
Income tax receivables | 152 | 96 | 57.5 | |||
Other current assets | 1,049 | 1,208 | (13.1) | |||
Total current assets | 10,170 | 11,344 | (10.3) | |||
Property, plant, and equipment | 2,111 | 2,201 | (4.1) | |||
Right-of-use assets | 2,195 | 2,471 | (11.1) | |||
Goodwill | 1,250 | 1,248 | 0.2 | |||
Other intangible assets | 448 | 432 | 3.8 | |||
Long-term financial assets | 319 | 306 | 4.3 | |||
Other non-current financial assets | 510 | 338 | 50.9 | |||
Deferred tax assets | 1,319 | 1,265 | 4.2 | |||
Other non-current assets | 68 | 71 | (4.6) | |||
Total non-current assets | 8,221 | 8,332 | (1.3) | |||
Total assets | 18,392 | 19,677 | (6.5) | |||
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F I N A N C I A L S U P P L E M E N T J A N U A R Y - M A R C H
2 0 2 3
1 | 2 | 3 | 4 | 5 |
CONSOLIDATED STATEMENT | CONSOLIDATED INCOME | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT |
OF FINANCIAL POSITION | STATEMENT | OF COMPREHENSIVE INCOME | OF CHANGES IN EQUITY | OF CASH FLOWS |
adidas AG Consolidated Statement of Financial Position (IFRS) € in millions
March 31, | March 31, | |||||
2024 | 2023 | Change in % | ||||
Liabilities and equity | ||||||
Short-term borrowings | 669 | 1,297 | (48.4) | |||
Accounts payable | 2,289 | 2,102 | 8.9 | |||
Current lease liabilities | 553 | 596 | (7.2) | |||
Other current financial liabilities | 193 | 325 | (40.7) | |||
Income taxes | 290 | 359 | (19.3) | |||
Other current provisions | 1,308 | 1,408 | (7.1) | |||
Current accrued liabilities | 2,097 | 2,403 | (12.8) | |||
Other current liabilities | 669 | 465 | 43.9 | |||
Total current liabilities | 8,066 | 8,954 | (9.9) | |||
Long-term borrowings | 2,426 | 2,942 | (17.5) | |||
Non-current lease liabilities | 2,004 | 2,181 | (8.1) | |||
Other non-current financial liabilities | 8 | 21 | (64.0) | |||
Pensions and similar obligations | 128 | 115 | 10.9 | |||
Deferred tax liabilities | 149 | 136 | 10.0 | |||
Other non-current provisions | 308 | 103 | 200.3 | |||
Non-current accrued liabilities | - | 7 | n.a. | |||
Other non-current liabilities | 86 | 7 | 1,058.7 | |||
Total non-current liabilities | 5,108 | 5,512 | (7.3) | |||
Share capital | 179 | 179 | 0.0 | |||
Reserves | 386 | 362 | 6.5 | |||
Retained earnings | 4,307 | 4,308 | (0.0) | |||
Shareholders' equity | 4,871 | 4,849 | 0.5 | |||
Non-controlling interests | 346 | 362 | (4.3) | |||
Total equity | 5,218 | 5,211 | 0.1 | |||
Total liabilities and equity | 18,392 | 19,677 | (6.5) | |||
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F I N A N C I A L S U P P L E M E N T J A N U A R Y - M A R C H
2 0 2 3
1 | 2 | 3 | 4 | 5 |
CONSOLIDATED STATEMENT | CONSOLIDATED INCOME | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT |
OF FINANCIAL POSITION | STATEMENT | OF COMPREHENSIVE INCOME | OF CHANGES IN EQUITY | OF CASH FLOWS |
Condensed Consolidated Income Statement
adidas AG Condensed Consolidated Income Statement (IFRS) € in millions
First quarter | First quarter | |
2024 | 2023 | Change |
Net sales
Cost of sales
Gross profit
(% of net sales)
Royalty and commission income
Other operating income
Other operating expenses
(% of net sales)
Marketing and point-of-sale expenses
(% of net sales)
Operating overhead expenses1
(% of net sales)
Operating profit
(% of net sales)
Financial income
Financial expenses
Income before taxes
(% of net sales)
Income taxes
(% of income before taxes)
Net income/(loss) from continuing operations
(% of net sales)
Loss from discontinued operations, net of tax
Net income/(loss)
(% of net sales)
Net income/(loss) attributable to shareholders
(% of net sales)
Net (loss)/income attributable to non-controlling interests
Basic earnings per share from continuing operations (in €)
Diluted earnings per share from continuing operations (in €)
Basic earnings per share from continuing and discontinued operations (in €)
Diluted earnings per share from continuing and discontinued operations (in €)
5,458 |
2,662 |
2,796 |
51.2% |
17 |
2 |
2,478 |
45.4% |
657 |
12.0% |
1,822 |
33.4% |
336 |
6.2% |
24 |
115 |
245 |
4.5% |
74 |
30.1% |
171 |
3.1% |
(1) |
170 |
3.1% |
170 |
3.1% |
(0) |
0.96 |
0.96 |
0.95 |
0.95 |
5,274 3.5%
2,911 (8.5%)
2,363 18.3%
44.8% 6.4pp
- (33.8%)
- (95.4%)
2,367 4.7%
44.9% 0.5pp
601 9.3%
11.4% 0.6pp
1,766 3.2%
33.5% | (0.1pp) | |
60 | 458.4% | |
1.1% | 5.0pp | |
13 | 92.1% |
- 180.3%
- 675.1%
0.6% 3.9pp
55 33.4%
174.9% (144.8pp)
- n.a.
(0.4%) n.a.
- 83.8%
- n.a.
(0.6%) n.a.
- n.a.
(0.7%) n.a.
9 n.a.
(0.18) n.a.
(0.18) n.a.
(0.22) n.a.
(0.22) n.a.
1 Aggregated distribution and selling expenses, general and administration expenses, sundry expenses and impairment losses (net) on accounts receivable and contract assets.
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F I N A N C I A L S U P P L E M E N T J A N U A R Y - M A R C H
1 | 2 | 3 | 4 | 5 |
CONSOLIDATED STATEMENT | CONSOLIDATED INCOME | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT |
OF FINANCIAL POSITION | STATEMENT | OF COMPREHENSIVE INCOME | OF CHANGES IN EQUITY | OF CASH FLOWS |
Consolidated Statement of Comprehensive Income
adidas AG Consolidated Statement of Comprehensive Income (IFRS) € in millions
First quarter | First quarter | |||
2024 | 2023 | |||
Net income/(loss) | 170 | (30) | ||
Items of other comprehensive income that will not be reclassified subsequently | ||||
to profit or loss | ||||
Remeasurements of defined benefit plans (IAS 19), net of tax1
Net loss on other equity investments (IFRS 9), net of tax
Subtotal of items of other comprehensive income that will not be reclassified subsequently to profit or loss
Items of other comprehensive income that will be reclassified to profit or loss when specific conditions are met
Net gain/(loss) on cash flow hedges and net foreign investment hedges, net of tax
Net (loss)/gain on cost of hedging reserve - options, net of tax
Net (loss)/gain on cost of hedging reserve - forward contracts, net of tax
Currency translation differences
Subtotal of items of other comprehensive income that will be reclassified to profit or loss when specific conditions are met
Other comprehensive income
Total comprehensive income
- 2
- (0)
- 2
70(54)
- 3
- 14
70(80)
135 (116)
- (114)
- (144)
Attributable to shareholders of adidas AG | 301 | (146) | ||
Attributable to non-controlling interests | 7 | 2 | ||
1 Includes actuarial gains or losses relating to defined benefit obligations, return on plan assets (excluding interest income) and the asset ceiling effect.
6
F I N A N C I A L S U P P L E M E N T J A N U A R Y - M A R C H
1 | 2 | 3 | 4 | 5 |
CONSOLIDATED STATEMENT | CONDENSED CONSOLIDATED | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT |
OF FINANCIAL POSITION | INCOME STATEMENT | OF COMPREHENSIVE INCOME | OF CHANGES IN EQUITY | OF CASH FLOWS |
Consolidated Statement of Changes in Equity
adidas AG Consolidated Statement of Changes in Equity (IFRS) € in millions
Balance at
December 31, 2022
Other comprehensive income
Net (loss)/income
Total comprehensive income
Repurchase of adidas AG shares due to equity-settledshare-based payment
Reissuance of treasury shares due to equity-settledshare-based payment
Equity-settledshare-based payment
Balance at
March 31, 2023
Balance at
December 31, 2023
Other comprehensive income
Net income/(loss)
Total comprehensive income
Repurchase of adidas AG shares due to equity-settledshare-based payment
Reissuance of treasury shares due to equity-settledshare-based payment
Equity-settledshare-based payment
Acquisition of shares from non-controlling interests shareholders in accordance with IAS 32
Balance at
March 31, 2024
Cost of | ||||||||||||
Cumulative | Cost of | hedging | ||||||||||
currency | hedging | reserve - | ||||||||||
Share | Capital | translation | Hedging | reserve - | forward | Other | ||||||
capital | reserve | differences | reserve | options | contracts | reserves | ||||||
179 | 1,338 | (608) | (90) | (9) | (48) | (116) | ||||||
- | - | (72) | (54) | 3 | 14 | 2 | ||||||
- | - | - | - | - | - | - | ||||||
- | - | (72) | (54) | 3 | 14 | 2 | ||||||
(0) | - | - | - | - | - | - | ||||||
0 | - | - | - | - | - | - | ||||||
- | 3 | - | - | - | - | - | ||||||
179 | 1,341 | (681) | (144) | (6) | (34) | (114) | ||||||
179 | 1,355 | (750) | (217) | (2) | (2) | (126) | ||||||
- | - | 62 | 70 | (0) | (5) | 4 | ||||||
- | - | - | - | - | - | - | ||||||
- | - | 62 | 70 | (0) | (5) | 4 | ||||||
(0) | - | - | - | - | - | - | ||||||
0 | - | - | - | - | - | - | ||||||
- | 2 | - | - | - | - | - | ||||||
- | - | (0) | - | - | - | (5) | ||||||
179 | 1,357 | (688) | (146) | (2) | (7) | (128) | ||||||
Share- | |
Retained | holders' |
earnings | equity |
4,347 | 4,991 |
- | (107) |
(39) | (39) |
(39) | (146) |
(7) | (7) |
7 | 7 |
0 | 4 |
4,308 | 4,849 |
4,145 | 4,580 |
- | 131 |
170 | 170 |
170 | 301 |
(7) | (7) |
7 | 7 |
(7) | (5) |
- | (5) |
4,307 | 4,871 |
Non- controlling
interests Total equity
360 | 5,351 |
(7) | (114) |
9 | (30) |
2 | (144) |
- | (7) |
- | 7 |
- | 4 |
362 | 5,211 |
345 | 4,925 |
8 | 139 |
(0) | 170 |
7 | 309 |
- | (7) |
- | 7 |
- | (5) |
(6) | (12) |
346 | 5,218 |
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F I N A N C I A L S U P P L E M E N T J A N U A R Y - M A R C H
1 | 2 | 3 | 4 | 5 |
CONSOLIDATED STATEMENT | CONDENSED CONSOLIDATED | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT |
OF FINANCIAL POSITION | INCOME STATEMENT | OF COMPREHENSIVE INCOME | OF CHANGES IN EQUITY | OF CASH FLOWS |
Consolidated Statement of Cash Flows
adidas AG Consolidated Statement of Cash Flows (IFRS) € in millions1
First quarter | First quarter | |||
2024 | 2023 | |||
Operating activities: | ||||
Income before taxes | 245 | 32 | ||
Adjustments for: | ||||
Depreciation, amortization, and impairment losses | 273 | 281 | ||
Reversals of impairment losses | (2) | (5) | ||
Interest income | (10) | (4) | ||
Interest expense | 48 | 41 | ||
Unrealized foreign exchange losses/(gains), net | 96 | (14) | ||
Losses on sale of property, plant, and equipment and intangible assets, net | 2 | 3 | ||
Other non-cash effects from operating activities | (7) | (0) | ||
Operating profit before working capital changes | 646 | 333 | ||
(Increase)/Decrease in receivables and other assets | (938) | 69 | ||
Decrease in inventories | 107 | 153 | ||
Increase/(Decrease) in accounts payable and other liabilities | 177 | (1,032) | ||
Net cash used in operations before taxes | (8) | (477) | ||
Income taxes paid | (108) | (61) | ||
Net cash used in operating activities | (116) | (538) | ||
Investing activities: | ||||
Purchase of other intangible assets | (31) | (31) | ||
Proceeds from sale of other intangible assets | - | 0 | ||
Purchase of property, plant, and equipment | (38) | (47) | ||
Proceeds from sale of property, plant, and equipment | 0 | 2 | ||
Proceeds from sale of short-term financial assets | 30 | - | ||
(Purchase of)/Proceeds from investments and other long-term assets | (53) | 60 | ||
Interest received | 10 | 4 | ||
Net cash used in investing activities | (82) | (13) | ||
Financing activities: | ||||
Interest paid | (39) | (32) | ||
Repayments of lease liabilities | (155) | (170) | ||
Repurchase of treasury shares due to share-based payments | (15) | (7) | ||
Proceeds from reissuance of treasury shares due to share-based payments | 6 | 6 | ||
Proceeds of short-term borrowings | 116 | 764 | ||
Acquisition of non-controlling interests | (12) | - | ||
Net cash (used in)/generated from financing activities | (98) | 561 | ||
IAS 29 Hyperinflation effects in operating, investing and financing cashflows | (51) | (11) | ||
Sum of cashflows | (347) | (2) | ||
Effect of exchange rates on cash | (15) | (20) | ||
Decrease in cash and cash equivalents | (361) | (22) | ||
Cash and cash equivalents at beginning of year | 1,447 | 800 | ||
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F I N A N C I A L S U P P L E M E N T J A N U A R Y - M A R C H
1 | 2 | 3 | 4 | 5 |
CONSOLIDATED STATEMENT | CONDENSED CONSOLIDATED | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT | CONSOLIDATED STATEMENT |
OF FINANCIAL POSITION | INCOME STATEMENT | OF COMPREHENSIVE INCOME | OF CHANGES IN EQUITY | OF CASH FLOWS |
adidas AG Consolidated Statement of Cash Flows (IFRS) € in millions1
First quarter | First quarter | |||
2024 | 2023 | |||
Effect indexing cash and cash equivalents | 16 | 2 | ||
Cash and cash equivalents at beginning of year acc. Balance sheet | 1,431 | 798 | ||
Cash and cash equivalents at end of period | 1,086 | 778 | ||
1 Prior year adjusted due to Hyperinflation accounting
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adidas AG published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 20:16:46 UTC.