Cash flow adidas AG

Equities

DE000A1EWWW0

Footwear

Market Closed - Xetra Other stock markets 16:42:47 11/10/2024 BST			5-day change	1st Jan Change
233.60 ^EUR	+0.39%		-1.93%	+26.85%

10-09	ADIDAS : Gets a Neutral rating from Warburg Research	ZD
10-08	ADIDAS : Gets a Buy rating from RBC	ZD

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Published financial data: ADIDAS AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	23.64B	19.84B	21.23B	22.51B	21.43B
Total Revenues	23.64B	19.84B	21.23B	22.51B	21.43B
Cost of Goods Sold, Total	11.35B	9.99B	10.47B	11.82B	11.24B
Gross Profit	12.29B	9.85B	10.76B	10.69B	10.18B
Selling General & Admin Expenses, Total	9.69B	9B	8.81B	10.02B	9.91B
Provision for Bad Debts	-	114M	6M	63M	19M
R&D Expenses	-	-	-	-	-
Other Operating Expenses	-76M	-2M	-41M	-116M	-30M
Other Operating Expenses, Total	9.62B	9.11B	8.78B	9.96B	9.9B
Operating Income	2.68B	746M	1.99B	732M	280M
Interest Expense, Total	-160M	-164M	-111M	-137M	-160M
Interest And Investment Income	-	25M	12M	23M	39M
Net Interest Expenses	-160M	-139M	-99M	-114M	-121M
Currency Exchange Gains (Loss)	-5M	-37M	-37M	-166M	-121M
Other Non Operating Income (Expenses)	64M	2M	1M	-1M	41M
EBT, Excl. Unusual Items	2.58B	572M	1.86B	451M	79M
Restructuring Charges	-	-	-	-50M	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-25M	-8M	-13M	-13M
Asset Writedown	-18M	-	-	-	-
Other Unusual Items	-	29M	5M	-	-
EBT, Incl. Unusual Items	2.56B	576M	1.85B	388M	66M
Income Tax Expense	640M	146M	360M	134M	124M
Earnings From Continuing Operations	1.92B	430M	1.49B	254M	-58M
Earnings Of Discontinued Operations	59M	13M	666M	384M	44M
Net Income to Company	1.98B	443M	2.16B	638M	-14M
Minority Interest	-2M	-11M	-42M	-26M	-61M
Net Income - (IS)	1.98B	432M	2.12B	612M	-75M
Net Income to Common Incl Extra Items	1.98B	432M	2.12B	612M	-75M
Net Income to Common Excl. Extra Items	1.92B	419M	1.45B	228M	-119M
Per Share Items
Net EPS - Basic	10	2.21	10.9	3.34	-0.42
Basic EPS - Continuing Operations	9.7	2.15	7.47	1.24	-0.67
Basic Weighted Average Shares Outstanding	198M	195M	194M	183M	179M
Net EPS - Diluted	10	2.21	10.9	3.34	-0.42
Diluted EPS - Continuing Operations	9.7	2.15	7.47	1.24	-0.67
Diluted Weighted Average Shares Outstanding	198M	195M	194M	183M	179M
Normalized Basic EPS	8.14	1.78	5.75	1.4	-0.07
Normalized Diluted EPS	8.14	1.78	5.75	1.4	-0.07
Dividend Per Share	-	3	3.3	0.7	0.7
Payout Ratio	33.6	-	27.65	99.67	-166.67
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	3.89B	1.31B	2.51B	1.26B	785M
EBITA	3.89B	850M	2.09B	834M	386M
EBIT	2.68B	746M	1.99B	732M	280M
EBITDAR	4.07B	1.46B	2.66B	1.4B	927M
Effective Tax Rate - (Ratio)	25.01	25.35	19.44	34.54	187.88
Total Current Taxes	-	336M	377M	156M	271M
Total Deferred Taxes	-	-190M	-17M	-23M	-147M
Normalized Net Income	1.61B	346M	1.12B	256M	-11.62M
Interest on Long-Term Debt	-	90M	66M	83M	86M
Non-Cash Pension Expense	5M	3M	4M	3M	3M
Supplemental Operating Expense Items
Marketing Expenses	-	-	-	-	-
Selling and Marketing Expenses	8.04B	7.54B	7.33B	8.36B	8.08B
General and Administrative Expenses	1.65B	1.46B	1.48B	1.65B	1.84B
Research And Development Expense From Footnotes	152M	130M	130M	153M	151M
Net Rental Expense, Total	179M	153M	151M	132M	142M
Imputed Operating Lease Interest Expense	70.11M	37.66M	23.9M	24.54M	30.24M
Imputed Operating Lease Depreciation	109M	115M	127M	107M	112M
Stock-Based Comp., Other (Total)	-	99.2M	56M	39.3M	62.3M
Total Stock-Based Compensation	-	99.2M	56M	39.3M	62.3M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	2.22B	3.99B	3.83B	798M	1.43B
Short Term Investments	-	55M	71M	78M	48M
Trading Asset Securities, Total	292M	-	-	-	-
Total Cash And Short Term Investments	2.51B	4.05B	3.9B	876M	1.48B
Accounts Receivable, Total	2.64B	1.97B	2.19B	2.54B	1.92B
Other Receivables	592M	726M	775M	989M	851M
Notes Receivable	34M	6M	12M	-	-
Total Receivables	3.27B	2.7B	2.98B	3.53B	2.77B
Inventory	4.08B	4.4B	4.01B	5.97B	4.52B
Prepaid Expenses	291M	204M	270M	250M	435M
Other Current Assets, Total	778M	803M	2.79B	1.1B	603M
Total Current Assets	10.93B	12.15B	13.94B	11.73B	9.81B
Gross Property Plant And Equipment	7.34B	6.76B	7.14B	7.57B	7.11B
Accumulated Depreciation	-2.02B	-2.17B	-2.32B	-2.63B	-2.71B
Net Property Plant And Equipment	5.31B	4.59B	4.82B	4.94B	4.4B
Long-term Investments	366M	353M	290M	301M	301M
Goodwill	1.26B	1.21B	1.23B	1.26B	1.24B
Other Intangibles, Total	1.16B	1B	352M	429M	442M
Loans Receivable Long-Term	148M	166M	-	-	-
Deferred Tax Assets Long-Term	1.09B	1.23B	1.26B	1.22B	1.36B
Other Long-Term Assets, Total	407M	351M	235M	414M	468M
Total Assets	20.68B	21.05B	22.14B	20.3B	18.02B
Liabilities
Accounts Payable, Total	2.7B	2.39B	2.29B	2.91B	2.28B
Accrued Expenses, Total	2.29B	2.94B	3.48B	3.3B	2.99B
Current Portion of Long-Term Debt	43M	686M	29M	527M	549M
Current Portion of Leases	733M	563M	573M	643M	545M
Current Income Taxes Payable	618M	562M	536M	302M	323M
Unearned Revenue Current, Total	-	75M	86M	80M	109M
Other Current Liabilities	2.37B	1.61B	1.97B	1.5B	1.25B
Total Current Liabilities	8.75B	8.83B	8.96B	9.26B	8.04B
Long-Term Debt	1.6B	2.48B	2.47B	2.95B	2.43B
Long-Term Leases	2.4B	2.16B	2.26B	2.34B	2.04B
Unearned Revenue Non Current	-	5M	7M	6M	4M
Pension & Other Post Retirement Benefits	229M	284M	267M	118M	139M
Deferred Tax Liability Non Current	280M	241M	122M	135M	147M
Other Non Current Liabilities	366M	364M	210M	140M	293M
Total Liabilities	13.62B	14.36B	14.3B	14.94B	13.1B
Common Stock, Total	196M	195M	192M	179M	179M
Retained Earnings	6.56B	6.73B	7.26B	4.35B	4.14B
Comprehensive Income and Other	45M	-474M	68M	465M	256M
Total Common Equity	6.8B	6.45B	7.52B	4.99B	4.58B
Minority Interest	261M	237M	318M	360M	345M
Total Equity	7.06B	6.69B	7.84B	5.35B	4.92B
Total Liabilities And Equity	20.68B	21.05B	22.14B	20.3B	18.02B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	196M	195M	192M	179M	179M
ECS Total Common Shares Outstanding	196M	195M	192M	179M	179M
Book Value / Share	34.68	33.09	39.24	27.95	25.65
Tangible Book Value	4.38B	4.24B	5.94B	3.3B	2.9B
Tangible Book Value Per Share	22.32	21.76	31	18.49	16.24
Total Debt	4.77B	5.89B	5.33B	6.46B	5.56B
Net Debt	2.26B	1.84B	1.43B	5.58B	4.08B
Debt Equivalent of Unfunded Proj. Benefit Obligation	223M	277M	265M	109M	133M
Debt Equivalent Oper. Leases	1.43B	1.22B	1.21B	1.06B	1.14B
Minority Interest, Total (Incl. Fin. Div)	261M	237M	318M	360M	345M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	6M	8M	7M	9M	8M
Inventories - Work In Process, Total	-	-	-	-	-
Inventories - Finished Goods, Total	4.16B	4.56B	4.15B	6.19B	4.83B
Land - (BS)	1.84B	1.85B	2.09B	2.29B	2.3B
Machinery, Total	2.34B	2.22B	2.27B	2.39B	2.41B
Full Time Employees	53.22K	54.72K	53.87K	51.78K	51.56K
Accumulated Allowance for Doubtful Accounts (Supple)	189M	267M	208M	230M	229M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.98B	432M	2.12B	612M	-75M
Depreciation & Amortization - CF	-	1.14B	1.05B	1.12B	989M
Amortization of Goodwill and Intangible Assets - (CF)	1.21B	104M	96M	102M	106M
Depreciation & Amortization, Total	1.21B	1.24B	1.14B	1.22B	1.1B
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	11M	28M	13M	16M	20M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-8M	119M	-27M	150M	75M
Net Cash From Discontinued Operations	-9M	-3M	320M	-85M	-
Other Operating Activities, Total	-117M	-85M	-553M	-457M	91M
Change In Accounts Receivable	-694M	394M	-170M	-820M	995M
Change In Inventories	-505M	-503M	125M	-1.9B	1.3B
Change In Accounts Payable	951M	-141M	226M	721M	-868M
Cash from Operations	2.82B	1.49B	3.19B	-543M	2.63B
Capital Expenditure	-598M	-379M	-494M	-504M	-363M
Sale of Property, Plant, and Equipment	13M	17M	1M	1M	10M
Cash Acquisitions	54M	-	-	-	-
Divestitures	28M	42M	12M	12M	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-110M	-60M	-172M	-190M	-140M
Investment in Marketable and Equity Securities, Total	-364M	240M	49M	-13M	23M
Other Investing Activities, Total	52M	25M	180M	1.19B	20M
Cash from Investing	-925M	-115M	-424M	495M	-450M
Short Term Debt Issued, Total	-	543M	-	-	3M
Long-Term Debt Issued, Total	-	1.49B	-	994M	-
Total Debt Issued	-	2.03B	-	994M	3M
Short Term Debt Repaid, Total	-42M	-519M	-79M	-18M	-
Long-Term Debt Repaid, Total	-597M	-611M	-1.17B	-631M	-1.1B
Total Debt Repaid	-639M	-1.13B	-1.25B	-649M	-1.1B
Issuance of Common Stock	24M	25M	27M	25M	25M
Repurchase of Common Stock	-837M	-286M	-1.03B	-2.53B	-29M
Common Dividends Paid	-664M	-	-585M	-610M	-125M
Common & Preferred Stock Dividends Paid	-664M	-	-585M	-610M	-125M
Other Financing Activities, Total	-157M	-163M	-150M	-193M	-196M
Cash from Financing	-2.27B	479M	-2.99B	-2.96B	-1.42B
Foreign Exchange Rate Adjustments	-30M	-75M	57M	-19M	-40M
Miscellaneous Cash Flow Adjustments	-1M	-1M	-	-	-82M
Net Change in Cash	-410M	1.77B	-166M	-3.03B	633M
Supplemental Items
Cash Interest Paid	-	157M	111M	140M	163M
Cash Income Tax Paid (Refund)	-	404M	444M	424M	307M
Levered Free Cash Flow	2.06B	1.19B	551M	-149M	2.12B
Unlevered Free Cash Flow	2.16B	1.29B	621M	-63.2M	2.22B
Change In Net Working Capital	24M	82M	1.16B	1.09B	-1.39B
Net Debt Issued / Repaid	-639M	903M	-1.25B	345M	-1.1B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	9.22	2.23	5.76	2.16	0.91
Return on Total Capital	16.77	3.82	9.66	3.66	1.57
Return On Equity %	28.6	6.26	20.54	3.85	-1.13
Return on Common Equity	29.1	6.32	20.75	3.64	-2.49
Margin Analysis
Gross Profit Margin %	52	49.66	50.7	47.51	47.52
SG&A Margin	40.99	45.33	41.49	44.49	46.27
EBITDA Margin %	16.46	6.59	11.81	5.61	3.66
EBITA Margin %	16.46	4.28	9.82	3.7	1.8
EBIT Margin %	11.33	3.76	9.37	3.25	1.31
Income From Continuing Operations Margin %	8.12	2.17	7.03	1.13	-0.27
Net Income Margin %	8.36	2.18	9.97	2.72	-0.35
Net Avail. For Common Margin %	8.11	2.11	6.83	1.01	-0.56
Normalized Net Income Margin	6.8	1.75	5.26	1.14	-0.05
Levered Free Cash Flow Margin	8.7	5.98	2.6	-0.66	9.88
Unlevered Free Cash Flow Margin	9.12	6.5	2.92	-0.28	10.35
Asset Turnover
Asset Turnover	1.3	0.95	0.98	1.06	1.12
Fixed Assets Turnover	6.26	4.01	4.51	4.61	4.58
Receivables Turnover (Average Receivables)	9.33	8.61	10.21	9.51	9.61
Inventory Turnover (Average Inventory)	3.01	2.36	2.49	2.37	2.14
Short Term Liquidity
Current Ratio	1.25	1.38	1.56	1.27	1.22
Quick Ratio	0.66	0.76	0.77	0.48	0.53
Operating Cash Flow to Current Liabilities	0.32	0.17	0.36	-0.06	0.33
Days Sales Outstanding (Average Receivables)	39.14	42.51	35.74	38.38	37.99
Days Outstanding Inventory (Average Inventory)	121.11	155.38	146.54	154.16	170.39
Average Days Payable Outstanding	76.17	90.47	84.8	68.89	96.58
Cash Conversion Cycle (Average Days)	84.08	107.42	97.48	123.65	111.8
Long Term Solvency
Total Debt/Equity	67.59	88.03	68.02	120.71	112.95
Total Debt / Total Capital	40.33	46.82	40.48	54.69	53.04
LT Debt/Equity	56.6	69.36	60.34	98.84	90.74
Long-Term Debt / Total Capital	33.77	36.89	35.91	44.78	42.61
Total Liabilities / Total Assets

Cash flow adidas AG

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