2019 2020 2021 2022 2023
Assets
Cash and cash equivalents 2,220 3,994 3,828 798 1,431
Short-term Financial Assets 292 0 – – 34
Accounts receivable 2,625 1,952 2,175 2,529 1,906
Other current financial assets 544 702 745 1,014 755
Inventories 4,085 4,397 4,009 5,973 4,525
Income tax receivables 94 109 91 102 156
Other current assets 1,076 999 1,062 1,316 1,003
Assets classified as held for sale – 0 2,033 – –
Total current assets 10,934 12,154 13,944 11,732 9,809
Property, plant, and equipment 2,380 2,157 2,256 2,279 2,157
Right-of-use assets 2,931 2,430 2,569 2,665 2,247
Goodwill 1,257 1,208 1,228 1,260 1,238
Trademarks 859 750
Other intangible assets 305 252 352 429 442
Long-term financial assets 367 353 290 301 301
Other non-current financial assets 450 414 160 336 418
Deferred tax assets 1,093 1,233 1,263 1,216 1,358
Other non-current assets 103 103 74 76 49
Total non-current assets 9,746 8,899 8,193 8,563 8,211
Total assets 20,680 21,053 22,137 20,296 18,020
Liabilities and equity
Short-term borrowings 43 686 29 527 549
Accounts payable 2,703 2,390 2,294 2,908 2,276
Current lease liabilities 733 563 573 643 545
Other current financial liabilities 235 446 363 424 266
Income taxes 618 562 536 302 323
Other current provisions 1,446 1,609 1,458 1,589 1,323
Current accrued liabilities 2,437 2,172 2,684 2,412 2,273
Other current liabilities 538 398 434 452 488
Liabilities classified as held for sale – – 594 – –
Total current liabilities 8,754 8,827 8,965 9,257 8,043
Long-term borrowings 1,595 2,482 2,466 2,946 2,430
Non-current lease liabilities 2,399 2,159 2,263 2,343 2,039
Other non-current financial liabilities 92 115 51 44 6
Pensions and similar obligations 229 284 267 118 139
Deferred tax liabilities 280 241 122 135 147
Other non-current provisions 257 229 149 88 188
Non-current accrued liabilities 9 8 8 7 –
Other non-current liabilities 7 17 9 6 103
Total non-current liabilities 4,868 5,535 5,334 5,688 5,052
Share capital 196 195 192 179 179
Reserves 45 (474) 468 466 257
Retained earnings 6,555 6,733 6,860 4,347 4,145
Shareholders’ equity 6,796 6,454 7,519 4,991 4,580
Non-controlling interests 261 237 318 360 345
Total equity 7,058 6,691 7,837 5,351 4,925
Total liabilities and equity 20,680 21,053 22,137 20,296 18,020
ADIDAS AG Consolidated Statement of Financial Position (IFRS) € in millions
ADIDAS AG Consolidated Income Statement (IFRS) € in millions
2019 2020 2021 2022 2023
Net sales 23,640 19,844 21,234 22,511 21,427
Cost of sales 11,347 9,990 10,469 11,867 11,244
Gross profit 12,293 9,855 10,765 10,644 10,184
(% of net sales) 52.0% 49.7% 50.7% 47.3% 47.5%
Royalty and commission income 154 83 86 112 83
Other operating income 56 42 28 173 71
Other operating expenses 9,843 9,229 8,892 10,260 10,070
(% of net sales) 41.6% 46.5% 41.9% 45.6% 47.0%
Marketing and point-of-sale expenses 3,042 2,573 2,547 2,763 2,528
(% of net sales) 12.9% 13.0% 12.0% 12.3% 11.8%
Distribution and selling expenses 4,997 4,962 4,782 5,601 5,547
(% of net sales) 21.1% 25.0% 22.5% 24.9% 25.9%
General and administration expenses 1,652 1,461 1,481 1,651 1,839
(% of net sales) 7.0% 7.4% 7.0% 7.3% 8.6%
Sundry expenses 134 119 76 182 137
(% of net sales) 0.6% 0.6% 0.4% 0.8% 0.6%
Impairment losses (net) on accounts receivable and
contract assets 18 114 6 63 19
Operating profit8 2,660 751 1,986 669 268
(% of net sales) 11.3% 3.8% 9.4% 3.0% 1.3%
Financial income 64 29 19 39 79
Financial expenses 166 204 153 320 282
Income before taxes 2,558 575 1,852 388 65
(% of net sales) 10.8% 2.9% 8.7% 1.7% 0.3%
Income taxes 640 146 360 134 124
(% of income before taxes) 25.0% 25.4% 19.4% 34.5% 189.2%
Net income from continuing operations 1,918 429 1,492 254 (58)
(% of net sales) 8.1% 2.2% 7.0% 1.1% (0.3%)
Gain from discontinued operations, net of tax 59 13 666 384 44
Net income 1,977 443 2,158 638 (14)
(% of net sales) 8.4% 2.2% 10.2% 2.8% (0.1%)
Net income attributable to shareholders 1,976 432 2,116 612 (75)
(% of net sales) 8.4% 2.2% 10.0% 2.7% (0.4%)
Net income attributable to non-controlling
interests 2 11 42 26 61
Basic earnings per share from continuing operations
(in €) 9.70 2.15 7.47 1.25 (0.67)
Diluted earnings per share from continuing operations
(in €) 9.70 2.15 7.47 1.25 (0.67)
Basic earnings per share from continuing and
discontinued operations (in €) 10.00 2.21 10.90 3.34 (0.42)
Diluted earnings per share from continuing and
discontinued operations (in €) 10.00 2.21 10.90 3.34 (0.42)