Coronavirus pandemic weighs on adidas’ first quarter results

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(1)FOR IMMEDIATE RELEASE. Herzogenaurach, April 27, 2020. Coronavirus pandemic weighs on adidas’ first quarter results Major developments in Q1 2020: • • • • • • •. Coronavirus causes standstill of majority of adidas’ business after good start to 2020 Currency-neutral sales outside of Asia-Pacific up 8% in first two months of the year More than 70% of the company’s global store base still closed First quarter revenues down 19% currency-neutral and in euro terms E-com up 35% currency-neutral with acceleration to 55% growth in March Operating margin down to 1.4% due to revenue shortfall Net income from continuing operations declines 97% to € 20 million. Currency-neutral revenues decrease 19% in Q1 2020 due to global coronavirus outbreak The global spread of the coronavirus during the first quarter of 2020 led to a significant number of store closures – both own- and partner-operated – and a pronounced traffic reduction within the remaining store fleet, with a corresponding negative impact on adidas’ top-line development. Continued strong currency-neutral growth of 35% in e-commerce – the only channel that has remained fully operational in most parts of the world – could only partially offset the material revenue decline in the physical channels. As a result, the company’s currency-neutral revenues decreased 19% in the first quarter, reflecting a 20% sales decline at brand adidas, while Reebok sales were down 12%. In euro terms, revenues also decreased 19% to € 4.753 billion (2019: € 5.883 billion). Revenue development by region reflects phasing of global coronavirus outbreak The significant revenue declines the company has been experiencing in Greater China since the end of January as well as in Japan and South Korea in March drove the combined currency-neutral sales of the adidas and Reebok brands in Asia-Pacific down by 45%. This development was mainly driven by a sales decline of € 800 million (-58%) in Greater China, which also reflects product takebacks in a triple-digit-million euro amount to manage inventory levels in the market. While stores in Greater China and South Korea reopened during. 1. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. “Our results for the first quarter speak to the serious challenges that the global outbreak of the coronavirus poses even for healthy companies,” said adidas CEO Kasper Rorsted. “I am proud of how our adidas family has been working together to support both our company and our communities. At the moment, we are focused on managing the current challenges and doubling down on the recovery in China and the opportunities we see in e-com. While we prepare for the return to a more normalized state of the business, we also remain realistic: Over 70% of our stores worldwide are currently closed.”.

(2) Operating margin down to 1.4% due to revenue shortfall The company’s gross margin decreased 4.2 percentage points to 49.3% (2019: 53.6%). This development was mainly driven by a less favorable regional mix due to the overproportionate sales decline in Greater China, negative currency developments as well as costs related to the cancellation of purchase orders in order to adjust the inbound flow of inventories to the current circumstances. Other operating expenses decreased 1% to € 2.305 billion (2019: € 2.317 billion) and, as a percentage of sales, increased 9.1 percentage points to 48.5% (2019: 39.4%). Marketing and point-of-sale expenses remained stable at € 704 million (2019: € 703 million), as adidas executed the majority of its consumer marketing and product activation efforts in full during the first two months of the year and accelerated investments to support its e-commerce business. As a percentage of sales, marketing and point-of-sale expenses were up 2.9 percentage points to 14.8% (2019: 12.0%). Operating overhead expenses decreased 1% to € 1.601 billion (2019: € 1.614 billion), including the impact of higher bad debt allowances in the quarter. As a percentage of sales, operating overhead expenses increased 6.3 percentage points to 33.7% (2019: 27.4%). The company’s operating profit decreased 93% to € 65 million (2019: € 875 million), representing an operating margin decline of 13.5 percentage points to 1.4% (2019: 14.9%). The combined impact from the product takebacks in Greater China, the cancellation of purchase orders and the increase in bad debt allowances had a negative effect on the first quarter operating profit development in an amount of around € 250 million. Net income from continuing operations declines 97% to € 20 million The company’s net income from continuing operations decreased 97% to € 20 million (2019: € 631 million). As a result, basic EPS from continuing operations fell to € 0.13, a decline of 96% year-over-year (2019: € 3.17). Average operating working capital as a percentage of sales increases only moderately Inventories increased 32% to € 4.334 billion (March 31, 2019: € 3.285 billion) due to inevitably lower-than-expected product sell-through caused by the broad-based store closures. On a currency-neutral basis, inventories were up 36%. The increase in inventories was partly offset by an 8% decline in accounts receivable (-5% currency-neutral) and a 23% increase in accounts payable (+25% currency-neutral). As a result, operating working capital increased. 2. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. March, closures came into effect in most other parts of the world following the rapid global spread of the coronavirus. Up until this point, the company had recorded currency-neutral revenue growth of 8% outside of Asia-Pacific for the first two months of the year. The negative impacts from the subsequent closures offset these sales increases, thereby significantly weighing on the first quarter sales developments in Emerging Markets (-11%), Europe (-8%), Latin America (flat), North America (+1%) and – to a lesser extent – in Russia/CIS (+9%)..

(3) 8% to € 4.635 billion (March 31, 2019: € 4.309 billion) and was up 12% on a currency-neutral basis. Average operating working capital as a percentage of sales increased 0.8 percentage points to 19.4% (March 31, 2019: 18.6%).. adidas not able to provide outlook for full year 2020 including coronavirus impact The company’s top line continued to sequentially recover in Greater China in the first three weeks of April, and global e-commerce revenues showed another significant acceleration from 55% currency-neutral growth recorded in March. However, adidas’ overall revenue development remains severely impacted by a significant number of store closures across Europe, North America, Latin America, Emerging Markets, Russia/CIS and large parts of AsiaPacific. At this point in time, more than 70% of the company’s store fleet is still closed. The company is making use of the flexibility in its operating cost base but largely refraining from measures that would jeopardize future prospects. Consequently, both top- and bottom-line declines in the second quarter of 2020 are currently expected to be more pronounced than those recorded in the first quarter, with currency-neutral sales projected to come in more than 40% below the prior year level and the operating result to be negative. Given prevailing uncertainties, primarily around the duration of store closures and the pace of normalization subsequent to stores reopening, the further development of the coronavirus outbreak and its impact on the company’s business cannot be predicted at this point in time. As a result, adidas is still not able to provide an outlook for the full year 2020 that includes this impact. Kasper Rorsted: “Despite the current situation, I am confident about the attractive long-term prospects this industry provides for adidas. Consumers are developing an increased appreciation of well-being. They want to stay fit and healthy through sports. Our focus on accelerating our own-retail and digital business will serve us even better in the future. We are well positioned as a global company with strong brands.” ***. 3. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. Cash position of € 1.975 billion at quarter-end The company’s operating cash consumption during the quarter, which was mainly driven by the increase in operating working capital and limited by effective measures to maximize cash inflows while minimizing outflows, was offset by the utilization of existing credit lines, both committed and uncommitted. As a result, the company had a cash position of € 1.975 billion at March 31, 2020, around two-thirds of which is held at adidas AG and hence is directly accessible. Net debt amounted to € 570 million at March 31, 2020 (March 31, 2019: net cash of € 908 million). This represents a deterioration of more than € 1.4 billion compared to the net cash position of € 873 million at year-end 2019..

(4) Contacts: Media Relations [email protected] Tel.: +49 (0) 9132 84-2352. Investor Relations [email protected] Tel.: +49 (0) 9132 84-2920. 4. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. For more information, please visit adidas-group.com..

(5) adidas AG Condensed Consolidated Income Statement (IFRS) € in millions. Quarter ending March 31, 2020. 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 from continuing operations (% of net sales) Gains from discontinued operations, net of tax Net income (% of net sales) Net income attributable to shareholders (% of net sales) Net income attributable to non-controlling interests. Quarter ending March 31, 2019. Change. 4,753 2,408 2,345 49.3% 23 2 2,305 48.5% 704 14.8% 1,601 33.7% 65 1.4% 7 45 27 0.6% 7 27.3% 20 0.4% 6 26 0.5% 31 0.6% (5). 5,883 2,732 3,151 53.6% 35 6 2,317 39.4% 703 12.0% 1,614 27.4% 875 14.9% 8 35 848 14.4% 217 25.6% 631 10.7% 2 633 10.8% 632 10.7% 1. (19.2%) (11.9%) (25.6%) (4.2pp) (33.9%) (68.2%) (0.5%) 9.1pp 0.1% 2.9pp (0.8%) 6.3pp (92.6%) (13.5pp) (18.2%) 27.5% (96.8%) (13.8pp) (96.6%) 1.7pp (96.9%) (10.3pp) 239.4% (95.9%) (10.2pp) (95.1%) (10.1pp) n.a.. Basic earnings per share from continuing operations (in €) Diluted earnings per share from continuing operations (in €). 0.13 0.13. 3.17 3.17. (96.0%) (96.0%). Basic earnings per share from continuing and discontinued operations (in €) Diluted earnings per share from continuing and discontinued operations (in €). 0.16 0.16. 3.18 3.18. (95.1%) (95.1%). € in millions. Quarter ending March 31, 2020. Quarter ending March 31, 2019. Change. Change (currency-neutral). Europe North America Asia-Pacific Russia/CIS Latin America Emerging Markets Other Businesses. 1,426 1,201 1,184 154 339 293 156. 1,551 1,157 2,139 136 376 330 195. (8.0%) 3.8% (44.7%) 12.8% (9.7%) (11.1%) (20.3%). (8.1%) 0.8% (44.9%) 9.0% (0.4%) (11.0%) (21.2%). adidas Reebok. 4,269 372. 5,343 420. (20.1%) (11.4%). (20.3%) (11.9%). 1. Aggregated distribution and selling expenses, general and administration expenses, sundry expenses and impairment losses (net) on accounts receivable and contract assets.. Rounding differences may arise.. 5. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. Net Sales.

(6) adidas AG Consolidated Statement of Financial Position (IFRS). Cash and cash equivalents Short-term financial assets Accounts receivable Other current financial assets Inventories. December 31, 2019. Change in %. March 31, 2019. March 31, 2020. 2,220. 1,975. 2,584. (23.5). 10. 5. 76.8. 292. 2,794. 3,044. (8.2). 2,625. 698. 574. 21.5. 544. 4,334. 3,285. 31.9. 4,085. 108. 51. 113.1. 94. 1,250. 805. 55.2. 1,076. 11,169. 10,349. 7.9. 10,934. Property, plant and equipment. 2,350. 2,221. 5.8. 2,380. Right-of-use assets. 2,759. 2,926. (5.7). 2,931. Goodwill. 1,271. 1,258. 1.1. 1,257. Trademarks. 880. 859. 2.4. 859. Other intangible assets. 295. 205. 44.3. 305. Long-term financial assets. 352. 327. 7.7. 367. Other non-current financial assets. 388. 316. 22.7. 450. 1,139. 718. 58.7. 1,093. Income tax receivables Other current assets Total current assets. Deferred tax assets. 178. 90. 98.0. 103. 9,613. 8,919. 7.8. 9,746. 20,782. 19,268. 7.9. 20,680. Other non-current assets Total non-current assets Total assets. 964. 76. 1,174.9. 43. 2,494. 2,021. 23.4. 2,703. Current lease liabilities. 550. 545. 0.9. 733. Other current financial liabilities. 176. 230. (23.1). 235. Income taxes. 624. 414. 50.8. 618. Other current provisions. 1,689. 1,272. 32.8. 1,446. Current accrued liabilities. 2,109. 2,293. (8.0). 2,437. 489. 569. (14.0). 538. Total current liabilities. 9,094. 7,419. 22.6. 8,754. Long-term borrowings. 1,592. 1,606. (0.9). 1,595. Non-current lease liabilities. 2,412. 2,482. (2.8). 2,399. 47. 131. (63.9). 92. Pensions and similar obligations. 209. 253. (17.4). 229. Deferred tax liabilities. 304. 261. 16.6. 280. Other non-current provisions. 178. 167. 6.1. 257. Non-current accrued liabilities. 9. 20. (57.4). 9. Other non-current liabilities. 7. 10. (29.2). 7. 4,758. 4,930. (3.5). 4,868. Share capital. 195. 198. (1.7). 196. Reserves. 136. 206. (34.2). 45. Retained earnings. 6,331. 6,527. (3.0). 6,555. Shareholders' equity. 6,661. 6,931. (3.9). 6,796. Short-term borrowings Accounts payable. Other current liabilities. Other non-current financial liabilities. Total non-current liabilities. 268. (12). n.a.. 261. 6,929. 6,919. 0.1. 7,058. 20,782. 19,268. 7.9. 20,680. Operating working capital. 4,635. 4,309. 7.6. 4,007. Working capital. 2,074. 2,930. (29.2). 2,179. (Net borrowings)/Net cash. (570). 908. n.a.. 873. Financial leverage. 8.6%. (13.1%). 21.7pp. (12.8%). Non-controlling interests Total equity Total liabilities and equity Additional balance sheet information. Rounding differences may arise.. 6. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. € in millions.

(7) FINANCIAL SUPPLEMENT FOR THE FIRST QUARTER 2020. 01. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. ADIDAS. FINANCIAL SUPPLEMENT JANUARY – MARCH.

(8) FINANCIAL SUPPLEMENT FOR THE FIRST QUARTER 2020 ADIDAS. TABLE OF CONTENT. Condensed Consolidated Income Statement . 05. Consolidated Statement of Comprehensive Income . 06. Consolidated Statement of Changes in Equity . 07. Consolidated Statement of Cash Flows . 08. 02. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. 03. FINANCIAL SUPPLEMENT FOR THE FIRST QUARTER 2020. Consolidated Statement of Financial Position . To enhance readability, registered trademarks as well as references to rounding differences are omitted in this publication..

(9) ADIDAS. CONSOLIDATED STATEMENT OF FINANCIAL POSITION adidas AG Consolidated Statement of Financial Position (IFRS) € in millions. Change in %. December 31, 2019. 1,975. 2,584. (23.5). 2,220. 10. 5. 76.8. 292. 2,794. 3,044. (8.2). 2,625. 698. 574. 21.5. 544. 4,334. 3,285. 31.9. 4,085. Assets Cash and cash equivalents Short-term financial assets Accounts receivable Other current financial assets Inventories Income tax receivables. 108. 51. 113.1. 94. Other current assets. 1,250. 805. 55.2. 1,076. Total current assets. 11,169. 10,349. 7.9. 10,934. Property, plant and equipment. 2,350. 2,221. 5.8. 2,380. Right-of-use assets. 2,759. 2,926. (5.7). 2,931. Goodwill. 1,271. 1,258. 1.1. 1,257. Trademarks. 880. 859. 2.4. 859. Other intangible assets. 295. 205. 44.3. 305. Long-term financial assets. 352. 327. 7.7. 367. Other non-current financial assets. 388. 316. 22.7. 450. 1,139. 718. 58.7. 1,093. Deferred tax assets Other non-current assets. 178. 90. 98.0. 103. Total non-current assets. 9,613. 8,919. 7.8. 9,746. 20,782. 19,268. 7.9. 20,680. Total assets. 03. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. March 31, 2019. FINANCIAL SUPPLEMENT FOR THE FIRST QUARTER 2020. March 31, 2020.

(10) ADIDAS. adidas AG Consolidated Statement of Financial Position (IFRS) € in millions. March 31, 2019. Change in %. December 31, 2019. Short-term borrowings. 964. 76. 1,174.9. 43. 2,494. 2,021. 23.4. 2,703. Current lease liabilities. 550. 545. 0.9. 733. Other current financial liabilities. 176. 230. (23.1). 235. Income taxes. 624. 414. 50.8. 618. Other current provisions. 1,689. 1,272. 32.8. 1,446. Current accrued liabilities. 2,437. Accounts payable. 2,293. (8.0). 489. 569. (14.0). 538. Total current liabilities. 9,094. 7,419. 22.6. 8,754. Long-term borrowings. 1,592. 1,606. (0.9). 1,595. Non-current lease liabilities. 2,412. 2,482. (2.8). 2,399. 47. 131. (63.9). 92. Pensions and similar obligations. 209. 253. (17.4). 229. Deferred tax liabilities. 304. 261. 16.6. 280. Other non-current provisions. 178. 167. 6.1. 257. Non-current accrued liabilities. 9. 20. (57.4). 9. Other non-current liabilities. 7. 10. (29.2). 7. Total non-current liabilities. 4,758. 4,930. (3.5). 4,868. Share capital. 195. 198. (1.7). 196. Reserves. 136. 206. (34.2). 45. Retained earnings. 6,331. 6,527. (3.0). 6,555. Shareholders’ equity. 6,661. 6,931. (3.9). 6,796. 268. (12). n. a.. 261. 6,929. 6,919. 0.1. 7,058. 20,782. 19,268. 7.9. 20,680. Other non-current financial liabilities. Non-controlling interests Total equity Total liabilities and equity. 04. 2,109. Other current liabilities. FINANCIAL SUPPLEMENT FOR THE FIRST QUARTER 2020. Liabilities and equity. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. March 31, 2020.

(11) ADIDAS. CONDENSED CONSOLIDATED INCOME STATEMENT adidas AG Condensed Consolidated Income Statement (IFRS) € in millions. Change. 5,883. (19.2%). Cost of sales. 2,408. 2,732. (11.9%). Gross profit. 2,345. 3,151. (25.6%). 49.3%. 53.6%. (4.2pp). 23. 35. (33.9%). (% 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). 2. 6. (68.2%). 2,305. 2,317. (0.5%). 48.5%. 39.4%. 9.1pp. 704. 703. 0.1%. 14.8%. 12.0%. 2.9pp (0.8%). 1,614 27.4%. 6.3pp. 65. 875. (92.6%). (% of net sales). 1.4%. 14.9%. (13.5pp). Financial income. 7. 8. (18.2%). Financial expenses. 45. 35. 27.5%. Income before taxes. 27. 848. (96.8%). 0.6%. 14.4%. (13.8pp). 7. 217. (96.6%). 27.3%. 25.6%. 1.7pp. 20. 631. (96.9%). 0.4%. 10.7%. (10.3pp). 6. 2. 239.4%. 26. 633. (95.9%). 0.5%. 10.8%. (10.2pp). 31. 632. (95.1%). 0.6%. 10.7%. (10.1pp). (5). 1. n. a.. Basic earnings per share from continuing operations (in €). 0.13. 3.17. (96.0%). Diluted earnings per share from continuing operations (in €). 0.13. 3.17. (96.0%). Basic earnings per share from continuing and discontinued operations (in €). 0.16. 3.18. (95.1%). Diluted earnings per share from continuing and discontinued operations (in €). 0.16. 3.18. (95.1%). (% of net sales) Operating profit. (% of net sales) Income taxes (% of income before taxes) Net income from continuing operations (% of net sales) Gains from discontinued operations, net of tax Net income (% of net sales) Net income attributable to shareholders (% of net sales) Net income attributable to non-controlling interests. 1 Aggregated distribution and selling expenses, general and administration expenses, sundry expenses and impairment losses (net) on accounts receivable and contract assets.. 05. 1,601 33.7%. Operating overhead expenses1. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. First quarter 2019. 4,753. FINANCIAL SUPPLEMENT FOR THE FIRST QUARTER 2020. First quarter 2020 Net sales.

(12) ADIDAS. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME adidas AG Consolidated Statement of Comprehensive Income (IFRS) € in millions. First quarter 2019. 26. 633. 19. (0). 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. –. (3). 19. (4). 262. (70). (0). (4). 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) on cost of hedging reserve – options, net of tax Net (loss)/gain on cost of hedging reserve – forward contracts, net of tax. (40). 21. (143). 140. Subtotal of items of other comprehensive income that will be reclassified to profit or loss when specific conditions are met. 79. 87. Other comprehensive income. 98. 83. Total comprehensive income. 124. 716. Attributable to shareholders of adidas AG. 121. 715. 3. 1. Currency translation differences. Attributable to non-controlling interests 1 Includes actuarial gains or losses relating to defined benefit obligations, return on plan assets (excluding interest income) and the asset ceiling effect.. 06. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. First quarter 2020. FINANCIAL SUPPLEMENT FOR THE FIRST QUARTER 2020. Net income after taxes.

(13) ADIDAS. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY adidas AG Consolidated Statement of Changes in Equity (IFRS) € in millions. 199. Other reserves. Retained earnings. Shareholders’ equity. 887. Other comprehensive income. (574). (3). (3). (5). (180). 6,054. 6,377. (13). 140. (70). (4). 21. (4). 83. (0). 83. 632. 1. 633. 1. Net income. 632. Total comprehensive income. (70). (4). 21. (4). 6,364. 632. 715. Repurchase of adidas AG shares. (1). (152). (152). (152). Repurchase of adidas AG shares due to equity-settled share-based payment. (0). (6). (6). (6). 0. 11. 11. 11. (12). (12). (12). Reissuance of treasury shares due to equity-settled share-based payment. 140. Noncontrolling interests Total equity. Equity-settled share-based payment Balance at March 31, 2019. 198. 887. (434). (73). (6). Balance at December 31, 2019. 196. 887. (470). (150). (151). 262. Other comprehensive income. 16. (184). 6,527. 6,931. (12). 6,919. (10). 6. (218). 6,555. 6,796. 261. 7,058. (0). (40). 19. 90. 8. 98. 31. 31. (5). 26. 31. 121. 3. 124. Net income Total comprehensive income. (151). 262. 716. (0). (40). 19. Repurchase of adidas AG shares. (1). (256). (257). (257). Repurchase of adidas AG shares due to equity-settled share-based payment. (0). (7). (7). (7). 0. 11. 11. 11. (3). (3). (3). –. 3. 3. 6,331. 6,661. 268. 6,929. Reissuance of treasury shares due to equity-settled share-based payment Equity-settled share-based payment First-time consolidation due to obtaining control in accordance with IFRS 10 Balance at March 31, 2020. 195. 887. (620). 111. (10). (33). (199). 07. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. Balance at December 31, 2018. Hedging reserve. Cost of hedging reserve – forward contracts. FINANCIAL SUPPLEMENT FOR THE FIRST QUARTER 2020. Share capital. Cost of hedging reserve – options. Cumulative currency Capital translation reserve differences.

(14) ADIDAS. CONSOLIDATED STATEMENT OF CASH FLOWS adidas AG Consolidated Statement of Cash Flows (IFRS) € in millions. 27. 848. 334. 286. (1). (1). Operating activities: Income before taxes Adjustments for: Depreciation, amortization and impairment losses Reversals of impairment losses Unrealized foreign exchange losses, net. 5. 27. Interest income. (6). (6). Interest expense. 39. 35. Losses on sale of property, plant and equipment and intangible assets, net. 1. 1. Other non-cash effects from operating activities. 3. 2. 402. 1,193. Increase in receivables and other assets. (413). (680). (Increase)/decrease in inventories. (365). 201. Decrease in accounts payable and other liabilities. (357). (195). Cash (used in)/generated from operations before interest and taxes. (733). 519. (92). (102). Net cash (used in)/generated from operating activities – continuing operations. (825). 418. Net cash generated from/(used in) operating activities – discontinued operations. 0. (4). (825). 414. Operating profit before working capital changes. Income taxes paid. Net cash (used in)/generated from operating activities. 08. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. First quarter 2019. FINANCIAL SUPPLEMENT FOR THE FIRST QUARTER 2020. First quarter 2020.

(15) ADIDAS. adidas AG Consolidated Statement of Cash Flows (IFRS) € in millions. First quarter 2019. Purchase of trademarks and other intangible assets Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment. (19). (17). (114). (73). 2. 5. Proceeds from sale of short-term financial assets. 287. 0. Purchase of investments and other long-term assets. (37). (86). Interest received Net cash generated from/(used in) investing activities – continuing operations Net cash generated from investing activities – discontinued operations Net cash generated from/(used in) investing activities. 6. 6. 124. (164). –. –. 124. (164). Financing activities: Interest paid. (34). (33). Repayments of lease liabilities. (158). (134). Repurchase of adidas AG shares. (257). (152). (7). (6). Repurchase of adidas AG shares due to share-based payments Proceeds from reissuance of treasury shares due to share-based payments Proceeds from short-term borrowings Repayments of short-term borrowings Net cash generated from/(used in) financing activities – continuing operations Net cash generated from financing activities – discontinued operations Net cash generated from/(used in) financing activities Effect of exchange rates on cash Decrease in cash and cash equivalents. 6. 5. 920. 14. (5). (9). 466. (315). –. –. 466. (315). (10). 19. (245). (46). Cash and cash equivalents at beginning of year. 2,220. 2,629. Cash and cash equivalents at end of period. 1,975. 2,584. FINANCIAL SUPPLEMENT FOR THE FIRST QUARTER 2020. Investing activities:. 09. WorldReginfo - b583efb3-6636-45e3-b59e-52241d92c4ea. First quarter 2020.

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