Notes Adidas Ar20

Index adidas Annual Report 2020
Summary of Significant Accounting Policies – Number of consolidated subsidiaries

Summary of Significant Accounting Policies – Exchange rates
Summary of Significant Accounting Policies – Estimated useful lives of property, plant and equipment
Summary of Significant Accounting Policies – Estimated useful lives of intangible assets
Net assets of Agron Inc. at the first consolidation date
Accounts receivable
Movement in loss allowances for accounts receivable
Other current financial assets
Inventories
Other current assets
Property, plant and equipment
Right-of-use assets
Right-of-use assets
Goodwill
Allocation of goodwill
Reconciliation of goodwill, net
Trademarks and other intangible assets
Trademarks
Long-term financial assets
Other non-current financial assets
Other non-current assets
Gross borrowings as at December 31, 2020
Gross borrowings as at December 31, 2019
Other current financial liabilities
Other provisions
Lease liabilities
Contractual payments for lease liabilities
Accrued liabilities
Other current liabilities
Other non-current financial liabilities
Pensions and similar obligations
Pensions and similar obligations – Breakdown of the present value of the obligation arising from defined benefit pension plans
Pensions and similar obligations – Amounts for defined benefit pension plans recognized in the consolidated statement of fina
Pensions and similar obligations – Weighted average actuarial assumptions
Pensions and similar obligations – Pension expenses for defined benefit pension plans
Pensions and similar obligations – Present value of the defined benefit obligation
Pensions and similar obligations – Sensitivity analysis of the obligation from defined benefit pension plans
Pensions and similar obligations – Fair value of plan assets
Pensions and similar obligations – Composition of plan assets
Other non-current liabilities
Repurchase of adidas AG shares in the 2020 financial year
Repurchase and use of treasury shares in the context of the employee stock purchase plan 2020
Repurchase and use of treasury shares in the context of the employee stock purchase plan 2020/Matching shares
Notified reportable shareholdings
Equity-settled share-based payment transactions with employees
Cash-settled share-based payment transactions with employees
Non-controlling Interests – Subsidiaries with non-controlling interests
Non-controlling Interests – Financial information on subsidiaries with non-controlling interests
Financial Instruments – Carrying amounts of financial instruments and their fair values including hierarchy according to IFRS 13
Financial Instruments – Reconciliation of fair value hierarchy Level 3 in 2020
Financial Instruments – Reconciliation of fair value hierarchy Level 3 in 2019
Financial Instruments – Net gains/(losses) on financial instruments recognized in the consolidated income statement
Financial Instruments – Notional amounts of all outstanding currenry hedging instruments
Financial Instruments – Notional amounts of outstanding US dollar hedging instruments
Financial Instruments – Exposure to foreign exchange risk based on notional amounts
Financial Instruments – Sensitivity analysis of foreign exchange rate changes
Financial Instruments – Set-off possibilities of derivative financial assets and liabilities
Financial Instruments – Future cash outflows
Financial Instruments – Average hedge rates 2020
Financial Instruments – Designated hedged items as at December 31, 2020
Financial Instruments – Designated hedged items as at December 31, 2019
Financial Instruments – Designated hedge instruments 2020
Financial Instruments – Designated hedge instruments 2019
Financial Instruments – Changes of reserves by risk category 2020
Financial Instruments – Changes of reserves by risk category 2019
Other operating income
Expenses by nature
Financial income
Financial expenses
Income Taxes – Deferred tax assets/liabilities
Income Taxes – Movement of deferred taxes
Income Taxes – Deferred taxes
Income Taxes – Income tax expenses
Income Taxes – Tax rate reconciliation
Earnings per share
Segmental Information I
Segmental Information II
Segmental Information – Reconciliations – Net sales (third parties)
Segmental Information – Operating profit
Segmental Information – Capital expenditure
Segmental Information – Depreciation and amortization
Segmental Information – Impairment losses and reversals of impairment losses
Segmental Information – Assets
Segmental Information – Liabilities
Segmental Information – Product information – Net sales (third parties)
Segmental Information – Geographical information by market
Segmental Information – Geographical information by country
Additional Cash Flow Information – Net cash (used in)/generated from discontinued operations
Additional Cash Flow Information – Impact of change in financial liabilities on net cash used in financing activities
Other Financial Commitments and Contingencies – Financial commitments for promotion and advertising
Financial commitments for other contracts
Financial commitments for service arrangements
Other Information – Employees
Impact on the major line items in the consolidated income statement
pension plans in the major countries
ement of financial position
ding to IFRS 13
Back to index
adidas – Annual Report 2020
Number of consolidated subsidiaries
2020
January 1 125
First-time consolidated subsidiaries –
Thereof: newly founded –
Thereof: control obtained in accordance with IFRS 10 –
Deconsolidated/divested subsidiaries (1)
Intercompany mergers (3)
December 31 121
2019
128
4
3
1
(5)
(2)
125
Back to index
Exchange rates
Average rates for the

€ 1 equals year ending Dec. 31, Spot rates at Dec. 31,
2020 2019 2020
USD 1.1410 1.1196 1.2271
GBP 0.8889 0.8773 0.8990
JPY 121.7887 122.0868 126.4900
CNY 7.8717 7.7393 7.9441
RUB 82.4398 72.5070 90.6529
Spot rates at Dec. 31,
2019
1.1234
0.8508
121.9400
7.8057
69.5449
Back to index
Estimated useful lives of property, plant and equipment
Land
Buildings and leasehold improvements
Furniture and fixtures
Technical equipment and machinery as well as other equipment
Years
indefinite
20 – 50
3–5
2 – 10
Back to index
Estimated useful lives of intangible assets
Trademarks
Software
Patents, trademarks and licenses
Websites
1 For exceptions see note 14.
Years
indefinite1
5–7
5 – 15
2
Back to index
Net assets of Agron, Inc. at the first-time consolidation date € in millions
Pre-control Fair value

carrying amounts adjustments
Cash and cash equivalents 54
Accounts receivable 54
Inventories 82 21
Other current assets 3
Property, plant, and equipment 41
Other intangible assets – 87
Accounts payable (1)
Current provisions (2)
Other current liabilities (54)
Deferred tax liabilities – (2)
Net assets 178 106

Consideration settled in cash
Cash and cash equivalents acquired
Net cash inflow due to obtaining control
s
Recognized values
due to obtaining
control
54
54
103
3
41
87
(1)
(2)
(54)
(2)
284
–
54
54
Back to index
Accounts receivable € in millions
Collective loss allowance

Past due
Not yet due 31 – 90 days Past due > 90 days
Not credit- Not credit- Not credit-
impaired impaired impaired
Dec. 31, 2020
Accounts receivable, gross 1,699 235 27
Weighted average loss rate 0.7% 4.9% 29.0%
Loss allowance (13) (12) (8)
Accounts receivable, net 1,686 224 19
Dec. 31, 2019
Accounts receivable, gross 2,329 286 25
Weighted average loss rate 0.7% 4.3% 39.1%
Loss allowance (17) (12) (10)
Accounts receivable, net 2,312 274 15
Individual loss
nce allowance Total
Past due > 90 days

Credit- Credit-
impaired impaired
55 203 2,219
61.5% 98.8% 12.0%
(34) (201) (267)
21 2 1,952
34 139 2,814
59.5% 92.9% 6.7%
(20) (129) (189)
14 10 2,625
Back to index
Movement in loss allowances for accounts receivable € in millions
2020
Loss allowances at January 1 189
Net remeasurement of loss allowances 98
Write-offs charged against the loss allowance accounts (5)
Currency translation differences (12)
Other changes (2)
Loss allowances at December 31 267
2019
193
0
(7)
1
1
189
Back to index
Other current financial assets € in millions
Dec. 31, 2020

Currency options 8
Forward exchange contracts 117
Revaluation of total return swap 60
Security deposits 36
Receivables from credit cards and similar receivables 161
Promissory notes 6
Receivables from retail business 68
Other Investments 55
Earn-out components –
Sundry 203
Other current financial assets, gross 715
Less: accumulated allowances (13)
Other current financial assets, net 702
Dec. 31, 2019
18
118
30
28
165
34
43
–
9
109
554
(11)
544
Back to index
Inventories € in millions
Dec. 31, 2020
Allowance for
Gross value obsolescence Net value
Merchandise and finished goods on hand 3,321 (171) 3,150

Goods in transit 1,239 – 1,239
Raw materials 8 – 8
Work in progress 0 – 0
Inventories 4,568 (171) 4,397
Dec. 31, 2019
Allowance for
Gross value obsolescence Net value
2,984 (80) 2,904

1,175 – 1,175
6 – 6
0 – 0
4,165 (80) 4,085
Back to index
Other current assets € in millions
Dec. 31, 2020
Prepaid expenses 204
Return assets 340
Tax receivables other than income taxes 401
Contract assets 16
Sundry 41
Other current assets, gross 1,003
Less: accumulated allowances (4)
Other current assets, net 999
Dec. 31, 2019
290
305
343
17
125
1,080
(5)
1,076
Back to index
Property, plant and equipment € in millions
Technical
equipment and
Land and buildings machinery
Acquisition cost
January 1, 2019 1,324 357
Additions 144 31
Disposals (42) (9)
Transfers 347 43
Increase in companies consolidated 40 1
Decrease in companies consolidated – –
Currency translation differences 28 9
December 31, 2019/January 1, 2020 1,842 432
Additions 73 13
Disposals (32) (7)
Transfers 51 6
Currency translation differences (82) (28)
Net change due to lease modification/
remeasurement 0 –
December 31, 2020 1,852 416
Accumulated depreciation and impairment

January 1, 2019 412 180
Depreciation 105 39
Impairment losses 3 1
Reversals of impairment losses (2) –
Disposals (36) (9)
Transfers 31 (5)
Decrease in companies consolidated – –
Currency translation differences 6 7
December 31, 2019/January 1, 2020 520 214
Depreciation 128 42
Impairment losses 6 0
Reversals of impairment losses (1) –
Disposals (23) (6)
Transfers 21 (0)
Currency translation differences (30) (19)
December 31, 2020 620 230
Net carrying amount

January 1, 2019 912 177
December 31, 2019/January 1, 2020 1,322 219
December 31, 2020 1,231 185
Other equipment,
furniture and Construction Property, plant,
fixtures in progress and equipment
1,808 480 3,969

303 121 599
(219) (3) (272)
(15) (380) (6)
0 – 41
(2) – (2)
35 4 76
1,910 221 4,405
165 128 378
(162) (4) (205)
17 (75) (1)
(129) (13) (251)
– – 0
1,800 258 4,326
1,221 – 1,814
288 – 432
0 – 5
(7) – (8)
(207) – (252)
(28) – (3)
(2) – (2)
25 – 39
1,291 – 2,025
287 – 456
10 – 16
(5) – (6)
(146) – (175)
(21) – –
(98) 0 (147)
1,319 0 2,169
587 480 2,155

618 221 2,380
482 258 2,157
Back to index
Right-of-use assets € in millions
Technical Other equipment,

equipment and furniture and
Land and buildings machinery fixtures
January 1, 2020 2,785 100 46
Additions 456 36 14
Disposals (75) (0) (8)
Depreciation (611) (48) (25)
Impairment losses (67) – (1)
Currency translation differences (161) (0) (2)
Other changes (10) (0) (0)
December 31, 2020 2,317 88 25
Right-of-use
assets
2,931
507
(83)
(684)
(68)
(162)
(10)
2,430
Back to index
Right-of-use assets € in millions
Technical Other equipment,

equipment and furniture and
Land and buildings machinery fixtures
January 1, 2019 2,751 126 61
Additions 672 4 10
Depreciation (596) (30) (25)
Impairment losses (13) – –
Other changes (29) 0 (0)
December 31, 2019 2,785 100 46
Right-of-use
assets
2,938
686
(651)
(13)
(29)
2,931
Back to index
Goodwill € in millions
Dec. 31, 2020
Goodwill, gross 1,584
Less: accumulated impairment losses (376)
Goodwill, net 1,208
Dec. 31, 2019
1,659
(402)
1,257
Back to index
Allocation of goodwill
Goodwill (€ in millions) Discount rate (after taxes)

Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2020
Europe 593 620 8.2%
Asia-Pacific 361 379 8.2%
adidas Golf 178 179 7.7%
Emerging Markets 76 79 10.5%
Total 1,208 1,257
scount rate (after taxes)
Dec. 31, 2019
7.4%
7.4%
7.0%
9.0%
Back to index
Reconciliation of goodwill, net € in millions
Emerging
Europe Asia-Pacific adidas Golf Markets
January 1, 2020 620 379 179 79
Currency translation differences (27) (18) (1) (3)
December 31, 2020 593 361 178 76
Total
1,257
(49)
1,208
Back to index
Trademarks and other intangible assets € in millions
Trademarks
Acquisition cost
January 1, 2019 1,394
Additions –
Disposals (9)
Transfers –
Increase in companies consolidated –
Decrease in companies consolidated –
Currency translation differences 26
December 31, 2019/January 1, 2020 1,412
Additions –
Disposals –
Transfers –
Increase in companies consolidated –
December 31, 2020 1,295
Accumulated amortization and impairment

January 1, 2019 550
Amortization 0
Impairment losses –
Disposals (9)
Transfers –
Decrease in companies consolidated –
Currency translation differences 10
December 31, 2019/January 1, 2020 553
Amortization 0
Impairment losses 41
Disposals –
December 31, 2020 545
Net carrying amount

January 1, 2019 844
December 31, 2019/January 1, 2020 859
December 31, 2020 750
Other intangible
assets
912
112
(26)
3
83
(1)
4
1,086
64
(22)
1
3
(26)
1,107
716
78
6
(26)
2
(0)
5
781
104
–
(12)
(18)
856
196
305
252
Back to index
Trademarks € in millions
Dec. 31, 2020
Reebok 1,263
Other 32
Trademarks, gross 1,295
Less: accumulated amortization and impairment losses (545)
Trademarks, net 750
Dec. 31, 2019
1,379
34
1,412
(553)
859
Back to index
Long-term financial assets € in millions
Dec. 31, 2020
Investment in FC Bayern München AG 87
Other equity investments 84
Other investments 183
Loans 0
Long-term financial assets 353
Dec. 31, 2019
84
81
201
1
367
Back to index
Other non-current financial assets € in millions
Dec. 31, 2020
Currency options 19
Options 85
Security deposits 93
Earn-out components 12
Promissory notes 166
Sundry 20
Other non-current financial assets 414
Dec. 31, 2019
10
2
59
86
110
36
149
0
450
Back to index
Other non-current assets € in millions
Dec. 31, 2020
Prepaid expenses 100
Sundry 2
Other non-current assets 103
Dec. 31, 2019
101
3
103
Back to index
Gross borrowings as at December 31, 2020 € in millions
Between Between
1 and 3 3 and 5 More than
Up to 1 year years years 5 years
Bank borrowings incl. commercial paper 87 37 38 27
Eurobond 599 – 500 1,389
Equity-neutral convertible bond – 491 – –
Total 686 528 538 1,416
Total
189
2,488
491
3,168
Back to index
Gross borrowings as at December 31, 2019 € in millions
Between Between
1 and 3 3 and 5 More than
Up to 1 year years years 5 years
Bank borrowings incl. commercial paper 43 38 38 46
Eurobond – 598 – 388
Equity-neutral convertible bond – – 487 –
Total 43 636 525 434
Total
165
986
487
1,638
Back to index
Other current financial liabilities € in millions
Dec. 31, 2020
Sundry 164
Other current financial liabilities 446
Dec. 31, 2019
169
66
235
Back to index
Other provisions € in millions
Jan. 1, 2020 Additions Usage

Marketing 16 20 (9)
Personnel 413 220 (168)
Returns and warranty 725 739 (573)
Taxes, other than income taxes 42 17 (8)
Customs 184 2 (4)
Sundry 323 298 (212)
Other provisions 1,703 1,296 (974)
Increase/
decrease in Currency
companies translation Thereof
Reversals consolidated Transfers differences Dec. 31, 2020 non-current
(1) – – (2) 24 –
(49) – (1) (17) 398 151
(45) – – (27) 818 –
(1) – 1 (2) 49 1
– – – – 182 10
(31) – – (14) 367 67
(127) – – (62) 1,838 229
Back to index
Lease liabilities € in millions
Dec. 31, 2020
Land and buildings 2,611
Technical equipment and machinery 84
Other equipment, furniture and fixtures 26
Lease liabilities 2,722
Dec. 31, 2019
2,985
101
47
3,133
Back to index
Contractual payments for lease liabilities € in millions
Dec. 31, 2020
Within 1 year 644
Between 1 and 5 years 1,641
After 5 years 789
Total 3,074
Dec. 31, 2019
723
2,110
732
3,566
Back to index
Accrued liabilities € in millions
Thereof:
Dec. 31, 2020 non-current Dec. 31, 2019
Goods and services not yet invoiced 934 2 1,011

Marketing and sales 1,037 3 1,018
Personnel 181 1 387
Sundry 28 2 31
Accrued liabilities 2,180 8 2,446
Thereof:
non-current
1
3
0
4
9
Back to index
Other current liabilities € in millions
Dec. 31, 2020
Tax liabilities other than income taxes 211
Liabilities due to personnel 44
Liabilities due to social security 20
Deferred income 75
Contract liabilities 0
Sundry 49
Other current liabilities 398
Dec. 31, 2019
296
49
23
63
0
107
538
Back to index
Other non-current financial liabilities € in millions
Dec. 31, 2020
Embedded derivatives 85
Sundry 4
Other non-current financial liabilities 115
Dec. 31, 2019
7
–
86
0
92
Back to index
Pensions and similar obligations € in millions
Dec. 31, 2020
Liability arising from defined benefit pension plans 277
Similar obligations 2
Pensions and similar obligations 279
Dec. 31, 2019
223
2
225
Back to index
Breakdown of the present value of the obligation arising from defined benefit pension plans in th
Dec. 31, 2020
Germany UK South Korea
Active members 318 – 16
Former employees with vested rights 163 55 –
Pensioners 110 7 –
Total 592 62 16
fit pension plans in the major countries € in millions
Dec. 31, 2019
Germany UK South Korea
281 – 19
140 57 –
101 8 –
522 64 19
Back to index
Amounts for defined benefit pension plans recognized in the consolidated statement of financial
position € in millions
Dec. 31, 2020
Present value of funded obligation from defined benefit pension plans 694
Fair value of plan assets (458)
Funded status 236
Present value of unfunded obligation from defined benefit pension plans 41

Net defined benefit liability 277
Thereof: liability 282
Thereof: adidas AG 231
Thereof: asset (5)
Thereof: adidas AG –
ed statement of financial
Dec. 31, 2019
626
(442)
184
39
223
227
178
(4)
–
Back to index
Weighted average actuarial assumptions in %
Dec. 31, 2020
Discount rate 1.3
Expected rate of salary increases 3.6
Expected pension increases 1.6
Dec. 31, 2019
1.6
3.8
1.6
Back to index
Pension expenses for defined benefit pension plans € in millions
Year ending
Dec. 31, 2020
Current service cost 49
Net interest expense 3
Thereof: interest cost 10
Thereof: interest income (7)
Past service credit (0)
Expenses for defined benefit pension plans (recognized in the
consolidated income statement) 52
Actuarial losses 36
Thereof: due to changes in financial assumptions 39
Thereof: due to changes in demographic assumptions (3)
Thereof: due to experience adjustments 0
Return on plan assets (not included in net interest income) (13)
Remeasurements for defined benefit pension plans (recognized as
decrease in other reserves in the consolidated statement of
comprehensive income) 23
Total 75
Year ending
Dec. 31, 2019
30
6
12
(7)
(0)
35
89
75
(1)
15
(21)
68
103
Back to index
Present value of the defined benefit obligation € in millions
2020
Present value of the obligation from defined benefit pension plans as at
January 1 665
Current service cost 49
Interest cost 10
Contribution by plan participants 1
Pensions paid (19)
Actuarial losses 36
Thereof: due to changes in financial assumptions 39
Thereof: due to changes in demographic assumptions (3)
Thereof: due to experience adjustments 0
Past service (credit)/cost (0)
Business combinations/transfers/divestitures 0
Present value of the obligation from defined benefit pension plans as at
December 31 735
2019
547
4
30
12
0
(17)
89
75
(1)
15
(0)
–
665
Back to index
Sensitivity analysis of the obligation from defined benefit pension plans € in millions
Dec. 31, 2020
Germany UK
Present value of the obligation from defined benefit
pension plans 592 62
Increase in the discount rate by 0.5% 542 55
Reduction in the discount rate by 0.5% 649 70
Average duration of the obligations (in years) 18 24
illions
2020 Dec. 31, 2019

South Korea Germany UK South Korea
16 522 64 19
15 479 56 18
17 572 74 20
11 18 27 11
Back to index
Fair value of plan assets € in millions
2020
Fair value of plan assets as at January 1 442
Pensions paid (7)
Contributions by the employer 7
Contributions paid by plan participants 1
Interest income from plan assets 7
Return on plan assets (not included in net interest income) 13
Fair value of plan assets as at December 31 458
2019
303
3
(8)
115
0
7
21
442
Back to index
Composition of plan assets € in millions
Dec. 31, 2020

Cash and cash equivalents 43
Equity instruments 95
Bonds 120
Real estate 89
Pension plan reinsurance 53
Investment funds 56
Other assets 2
Fair value of plan assets 458
Dec. 31, 2019
85
59
98
90
50
60
0
442
Back to index
Other non-current liabilities € in millions
Dec. 31, 2020

Deferred income 5
Liabilities due to personnel 2
Sundry 10
Other non-current liabilities 17
Dec. 31, 2019
4
2
0
7
Back to index
Repurchase of adidas AG shares in the 2020 financial year
Total price in € (excluding

Month Number of shares incidental purchasing costs)
January 259,148 79,061,929.95
February 408,772 114,323,851.00
March 285,098 63,153,226.31
April – –
May – –
June – –
July – –
August – –
September – –
October – –
November – –
December – –
2020 financial year total1 953,018 256,539,007.26
1 In the period from January 7, 2020 up to and including March 16, 2020.
Average purchase Amount in the Amount in the
price per share in nominal capital in nominal capital
€ € in %
305.08 259,148 0.13
279.68 408,772 0.20
221.51 285,098 0.14
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
269.19 953,018 0.48
Back to index
Repurchase of adidas AG shares and use of treasury shares in the context of the employee stock p
Average purchase
Total price in € (excluding price per share in
Purchase date Number of shares incidental purchasing costs) €
January 8, 2020 21,059 6,232,463.70 295.95

April 9, 2020 27,861 6,115,018.65 219.48
July 5, 2020 26,851 6,648,895.64 247.62
October 8, 2020 23,516 6,565,469.67 279.19

he employee stock purchase plan 2020
Amount in the Amount in the

nominal capital in nominal capital Issuance date to
€ in % employees
21,059 0.01 January 10, 2020

27,861 0.01 April 15, 2020
26,851 0.01 July 9, 2020
23,516 0.01 October 10, 2020

Back to index
Repurchase of adidas AG shares and use of treasury shares in the context of the employee stock p
Average purchase
Total price in € (excluding price per share in
Purchase date Number of shares incidental purchasing costs) €
January 8, 2020 3,771 1,116,036.88 295.95

April 9, 2020 3,077 675,349.50 219.48
July 5, 2020 2,746 679,969.74 247.62
October 8, 2020 2,770 773,360.82 279.19

he employee stock purchase plan 2020/Matching shares
Amount in the Amount in the

nominal capital in nominal capital Issuance date to
€ in % employees
3,771 0.002 January 10, 2020

3,077 0.002 April 15, 2020
2,746 0.001 July 9, 2020
2,770 0.001 October 10, 2020

Back to index
Notified reportable shareholdings
Date of reaching,
exceeding or Reporting
Notifying party falling below threshold
BlackRock, Inc., Wilmington, DE, USA2 September 3, 2020 Exceeding 5%

November 10,
FMR LLC, Wilmington, DE, USA2 2020 Falling below 3%
November 30,
Ségolène Gallienne 2020 Exceeding 5%
November 30,
Gérald Frère 2020 Exceeding 5%
November 30,
2
The Desmarais Family Residuary Trust, Montreal, Canada 2020 Exceeding 5%
Elian Corporate Trustee (Cayman) Limited, Grand December 16,
Cayman, Cayman Islands2 2016 Exceeding 5%
Capital Research and Management Company, Los
Angeles, CA, USA July 22, 2015 Exceeding 3%
The Capital Group Companies, Inc., Los Angeles, CA, USA July 22, 2015 Exceeding 3%
1 The provisions of the WpHG stated refer to the version applicable at the time of publication of the respective individual voting rights notification.
2 Voluntary group notification due to crossing a threshold on subsidiary level.
Notification obligations and Share-
attributions in accordance with holdings Number of
WpHG1 in % voting rights
§§ 34, 38 sec. 1 no. 1, 38 sec. 1
no. 2 6.41 12,799,500
§ 34 2.96 5,927,682
§§ 34, 38 sec. 1 no. 1 6.84 13,714,524
§§ 34, 38 sec. 1 no. 1 6.84 13,714,524
§§ 34, 38 sec. 1 no. 1 6.89 13,807,393
§§ 21, 25 sec. 1 no. 2 5.71 11,950,482
§ 22 sec. 1 sent. 1 no. 6 3.02 6,325,110

§ 22 sec. 1 sent. 1 no. 6 in
conjunction with § 22 sec. 1
sent. 2 and 3 3.02 6,325,110
idual voting rights notification.
Back to index
Equity-settled share-based payment transactions with employees
As at
December 31,
2019 As at Dec
13th 13th
investment investment
quarter quarter
Grant date Oct. 1, 2019 Oct. 1, 2019
Share price at grant date (in €) 282.20 282.20
Share price at December 31 (in €) 289.80
Number of granted investment shares based on the share
price as at December 31 21,507
Number of actually purchased investment shares – 21,059
Number of actually purchased matching shares – 2,843
Outstanding granted matching shares based on the share
price as at December 31 or actually purchased investment
shares 3,585 –
Average remaining vesting period in months as at
December 31 (in months) 12 –
As at December 31, 2020
14th 15th 16th 17th

investment investment investment investment
quarter quarter quarter quarter
Jan. 2, 2020 April 1, 2020 July 1, 2020 Oct. 1, 2020
291.55 199.85 235.10 278.90
297.90
23,474
27,861 26,851 23,516 –
– – – –
4,644 4,475 3,919 3,912
3 6 9 12
Back to index
Plan year 2017 2018
4-year 3-year 4-year
Tranche tranche tranche tranche
Share price as at December 31 (in €) 297.90 – 296.90
Number of granted RSUs based on the share price as
at December 31 (in €) 206,427 – 214,818
Average risk-free interest rate based on the share
price as at December 31 (in %) 1.02% – 0.90%
Average remaining vesting period as at December 31
(in months) – – 12
2018 2019 2020
3-year 4-year 3-year 4-year 3-year
tranche tranche tranche tranche tranche
297.90 295.53 296.90 292.99 295.53
126,594 184,315 212,678 36,286 150,136
1.02% 0.84% 0.90% 0.82% 0.84%
– 24 12 36 24
Back to index
As at December 3
Plan year 2017
4-year 3-year
Tranche tranche tranche
Share price as at December 31 (in €) 286.09 289.80
Number of granted RSUs based on the share price as at
December 31 (in €) 249,632 300,365
Average risk-free interest rate based on the share price as at
December 31 (in %) 0.70% –
Average remaining vesting period as at December 31 (in
months) 12 –
2018 2019
4-year 3-year 4-year 3-year
tranche tranche tranche tranche
281.30 286.09 276.23 281.30
262,940 143,933 212,225 236,158
0.64% 0.70% 0.60% 0.64%
24 12 36 24
Back to index
Subsidiaries with non-controlling interests
Principal place of Ownership interests held by non-

Legal entity name business controlling interests (in %)
Dec. 31, 2020
Agron, Inc. USA 100%
adidas Israel Ltd. (formerly: Life Sport Ltd.) Israel 15%
Reebok India Company India 6.85%
nership interests held by non-
controlling interests (in %)
Dec. 31, 2019
100%
15%
6.85%
Back to index
Financial information on subsidiaries with non-controlling interests € in millions
Non-cont
Dec. 31, 2020
Total
Net sales 517
Net income 4
Net income attributable to non-controlling interests 11
Other comprehensive income 7

Total comprehensive income 10
Total comprehensive income attributable to non-controlling interests (10)
Current assets 315

Non-current assets 172
Current liabilities (158)
Non-current liabilities (28)
Net assets 301
Net assets attributable to non-controlling interests according to the
consolidated statement of financial position 237
Net cash generated from operating activities 65

Net cash (used in) / generated from investing activities (25)
Net cash used in financing activities (31)
Net increase of cash and cash equivalents 9
Dividends paid to non-controlling interests during the year 1 17
1 Included in net cash used in financing activities.
llions
Non-controlling interests
Dec. 31, 2020 Dec. 31, 2019
Thereof: Thereof:
Agron, Inc. Total Agron, Inc.
349 222 –
12 14 –
12 2 –
(23) (8) (6)

(11) 6 (6)
(11) (4) (6)
185 361 209

119 195 121
(53) (174) (55)
(1) (42) (2)
249 340 274
249 261 274
51 14 –
(20) 0 –
(15) (11) –
16 3 –
17 2 –
Back to index
Carrying amounts of financial instruments and their fair values including hierarchy according to IF
Category December 31, 2020

Carrying
amount Fair value
Financial assets
Cash and cash equivalents
Cash and cash equivalents Amortized cost 1,762
Cash equivalents Fair value through profit or loss 2,232 2,232
Short-term financial assets Fair value through profit or loss 0 0

Accounts receivable Amortized cost 1,952
Other current financial assets
Derivatives used in hedge
accounting Hedge accounting 163 163
Derivatives not used in hedge
accounting Fair value through profit or loss 32 32
Promissory notes Fair value through profit or loss 6 6
Earn-out components Fair value through profit or loss – –

Other financial assets Amortized cost 511
Long-term financial assets
Other equity investments Fair value through profit or loss 89 89

Fair value through other
Other equity investments comprehensive income 80 80
Other investments Fair value through profit or loss 35 37

Other investments Amortized cost 149 –
Loans Amortized cost 0
Other non-current financial assets
Promissory notes Fair value through profit or loss 166 166

Earn-out components Fair value through profit or loss 12 12
Other financial assets Amortized cost 114
Financial assets per level
Financial liabilities
Short-term borrowings
Bank borrowings Amortized cost 87
Eurobond Amortized cost 599 605
Accounts payable Amortized cost 2,390
Current accrued liabilities Amortized cost 939
Current accrued liabilities for
customer discounts Amortized cost 743
Other current financial liabilities – –
Earn-out components Fair value through profit or loss –

Other financial liabilities Amortized cost 164
Lease liabilities n. a. 563
Long-term borrowings
Bank borrowings Amortized cost 103
Eurobond Amortized cost 1,888 1,987
Convertible bond Amortized cost 491 631
Non-current accrued liabilities Amortized cost 2
Other non-current financial liabilities

Other financial liabilities Amortized cost 4
Lease liabilities n.a. 2,159
Financial liabilities per level
Thereof: aggregated by category

according to IFRS 9
Financial assets at fair value through
profit or loss (FVTPL) 2,670
Thereof: designated as such upon
initial recognition (Fair Value
Option – FVO) –
Thereof: held for trading (FAHfT) 87
Financial assets at fair value through

other comprehensive income (FVOCI) 80
Thereof: debt instruments –
Thereof: equity investments
(without recycling to profit and
loss) 80
Financial assets at amortized cost (AC) 4,489

Financial liabilities at fair value
through profit or loss (FVTPL) 108
Thereof: held for trading (FLHfT) –
Financial liabilities at amortized cost
(AC) 7,409
1 Net gains in the amount of € 0 million and losses in the amount of € 2 million due to currency translation differences were recognized in equity in 202
2 Net gains in the amount of € 2 million and gains in the amount of € 0 million due to currency translation differences were recognized in equity in 2019
Level 1 is based on quoted prices in active markets for identical assets or liabilities.
Level 2 is based on inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or i
Level 3 is based on inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
hierarchy according to IFRS 13 € in millions
December 31, 2020 December 31, 2019

Carrying
Level 1 Level 2 Level 3 amount Fair value Level 1 Level 2 Level 3
– – – 1,636 – – –
– 2,232 – 584 584 – 584 –
– 0 – 292 292 – 292 –

– – – 2,625 – – –
– 163 – 141 141 – 141 –
– 32 – 25 25 – 25 –
– – 6 33 33 – – 33
– – – 9 9 – – 9
– – – 336 – – –
– – 89 87 87 – – 87
– – 80 79 79 – – 79
– 371 – 35 37 – 372 –
– – – 167 – – – –
– – – 1 – – –
– 14 – 62 62 – 62 –
– 99 – 95 95 – 95 –
– – 166 149 149 – – 149

– – 12 36 36 – – 36
– – – 110 – – –
– 2,577 352 – 1,236 392
– – – 43 – – –
605 – – – – – – –
– – – 2,703 – – –
– – – 1,017 – – –
– – – 740 – – –
– – – – – – – –
– 258 – 138 138 – 138 –
– 24 – 31 31 – 31 –
– – – – – – –
– – – 66 – – –
– – – 733 – – –
– – – 122 – – –
1,987 – – 986 1,044 1,044 – –
631 – – 487 615 615 – –
– – – 0 – – –
– 26 – 7 7 – 7 –
– 85 – 86 86 – 86 –
– – – – – – –
– – – 2,399 – – –
3,223 393 – 1,659 262 –
1,345
–
84
79
–
79
4,873
117
–
6,165
nces were recognized in equity in 2020.
ces were recognized in equity in 2019.
lities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
puts).
Back to index
Reconciliation of fair value hierarchy Level 3 in 2020 € in millions
Fair value
Jan. 1, 2020 Additions Disposals
Investments in other equity instruments held for
trading (FAHfT) 84 – –
Investments in other equity instruments (FVTPL) 2 – –
Investments in other equity instruments (FVOCI) 78 3 –
Promissory notes (FVTPL) 182 – (1)
Earn-out components – assets (FVTPL) 45 – (41)
Realized Unrealized
Currency Fair value
Gains Losses Gains Losses translation Dec. 31, 2020
– – 2 – – 87
– – – – – 2
– – – (2) – 79
– (3) 9 – (15) 171
– – 12 – (4) 12
Back to index
Reconciliation of fair value hierarchy Level 3 in 2019 € in millions
Fair value
Jan. 1, 2019 Additions Disposals
Investments in other equity instruments held for
trading (FAHfT) 83 – –
Investments in other equity instruments (FVTPL) 2 – –
Investments in other equity instruments (FVOCI) 58 8 –
Promissory notes (FVTPL) 147 22 (5)
Earn-out components – assets (FVTPL) 21 – (45)
Earn-out components – liabilities (FVTPL) 15 – (15)
Realized Unrealized
Currency Fair value
Gains Losses Gains Losses translation Dec. 31, 2019
– – 1 – – 84
– – – – – 2
– – 15 (3) – 78
1 – 14 – 3 182
45 – 24 – – 45
– – – – – –
Back to index
Net gains/(losses) on financial instruments recognized in the consolidated income statement
€ in millions
Year ending
Dec. 31, 2020
Financial assets classified at amortized cost (AC) (114)
Financial assets at fair value through profit or loss (FVTPL) 18
Thereof: designated as such upon initial recognition –
Thereof: classified as held for trading 2
Equity instruments at fair value through profit or loss (FVTPL) –
Equity instruments at fair value through other comprehensive income
(FVOCI) –
Financial liabilities at amortized cost (AC) 39
Financial liabilities at fair value through profit or loss (FVTPL) –
Thereof: designated as such upon initial recognition –
Thereof: classified as held for trading –
ed income statement
Year ending
Dec. 31, 2019
(18)
90
–
1
–
–
29
–
–
–
Back to index
Notional amounts of all outstanding currenry hedging instruments € in millions
Dec. 31, 2020
Forward exchange contracts 13,142
Currency options 386
Total 13,528
millions
Dec. 31, 2019
14,697
920
15,617
Back to index
Notional amounts of outstanding US dollar hedging instruments € in millions
Dec. 31, 2020
Forward exchange contracts 4,968
Currency options 261
Total 5,229
llions
Dec. 31, 2019
4,590
844
5,434
Back to index
Exposure to foreign exchange risk based on notional amounts € in millions
USD GBP JPY
Exposure from firm commitments and forecast
transactions (5,897) 926 731
Balance sheet exposure including intercompany
exposure (233) 41 (37)
Total gross exposure (6,130) 967 694
Hedged with currency options 261 (59) (66)
Hedged with forward contracts 4,808 (805) (542)
Net exposure (1,061) 103 86
Exposure from firm commitments and forecast
transactions (6,522) 1,061 796
Balance sheet exposure including intercompany
exposure (274) (31) (7)
Total gross exposure (6,796) 1,030 789
Hedged with currency options 844 (23) (53)
Hedged with forward contracts 4,243 (936) (607)
Net exposure (1,709) 71 129
CNY
1,913
388
2,301
–
(1,645)
656
1,497
310
1,807
–
(1,681)
126
Back to index
Sensitivity analysis of foreign exchange rate changes € in millions
USD GBP JPY
EUR +10% EUR +10% EUR +10%
Equity (379) 77 55
Net income 6 (41) 3
EUR –10% EUR –10% EUR –10%
Equity 478 (91) (66)
Net income (11) 5 (4)
EUR +10% EUR +10% EUR +10%
Equity (328) 86 59
Net income 6 3 1
EUR –10% EUR –10% EUR –10%
Equity 465 (104) (71)
Net income (8) (3) (2)
CNY
EUR +10%
105
(2)
EUR –10%
(128)
7
EUR +10%
99
(26)
EUR –10%
(122)
32
Back to index
Set-off possibilities of derivative financial assets and liabilities € in millions
2020
Assets
Gross amounts of recognized financial assets 309
Financial instruments which qualify for set-off in the statement of financial
position –
Net amounts of financial assets presented in the statement of financial
position 309
Set-off possible due to master agreements (212)
Total net amount of financial assets 97
Liabilities –
Gross amounts of recognized financial liabilities (393)
Financial instruments which qualify for set-off in the statement of financial
position –
Net amounts of financial liabilities presented in the statement of financial
position (393)
Set-off possible due to master agreements 212
Total net amount of financial liabilities (181)
ons
2019
322
322
(160)
162
–
(262)
(262)
160
(102)
Back to index
Future cash outflows € in millions
Up to Up to Up to
1 year 2 years 3 years
Bank borrowings 87 18 19
1
Eurobond 620 12 12
Equity-neutral convertible bond – – 491
Accounts payable 2,390 – –
Other financial liabilities 164 4 –
Accrued liabilities2 939 – –
Derivative financial liabilities 6,878 983 503
Total 11,078 1,017 1,025
Bank borrowings 43 19 19
Eurobond1 17 616 9
Equity-neutral convertible bond – – –
Accounts payable 2,703 – –
Other financial liabilities 66 – –
Accrued liabilities2 1,016 – –
Derivative financial liabilities 7,497 712 5
Total 11,342 1,347 33
1 Including interest payments.
2 Accrued interest excluded.
Up to Up to More than
4 years 5 years 5 years Total
19 19 27 189
512 12 1,441 2,609
– – – 491
– – – 2,390
– – – 168
– – 1 940
3 3 11 8,381
534 34 1,480 15,168
19 19 46 165
9 9 407 1,067
487 – – 487
– – – 2,703
– – – 66
– – 1 1,017
503 3 15 8,735
1,018 31 469 14,240
Back to index
Average hedge rates
Maturity
As at December 31, 2020 short-term
Foreign currency risk

Net exposure (€ in millions) 768
Forward exchange contracts
Average EUR/USD forward rate 1.165
Average EUR/GBP forward rate 0.887
Average EUR/JPY forward rate 120.630
Average EUR/CNY forward rate 8.085
Option exchange contracts
Average EUR/USD forward rate 1.200
Average EUR/GBP forward rate 0.872
Average EUR/JPY forward rate 122.460
Average USD/CNY forward rate –
Equity risk
Net exposure (€ in millions) 122
Total return swap
Average hedge rate 190.630
Maturity
long-term
614
1.216
0.906
126.640
8.328
1.229
0.924
–
–
82
298.745
Back to index
Designated hedged items as at December 31, 2020 € in millions
Change in value used for calculating

hedge ineffectiveness Hedging reserve

Sales (87) 89
Inventory purchases 290 (256)
Net foreign investment risk (19) (163)
Equity risk
Long-Term Incentive Plans 127 10
Balances remaining in the cash flow
hedging reserve from hedge
Cost of hedging relationships for which hedge
reserve accounting is no longer applied
(48) –
28 –
– –
– –
Back to index
Designated hedged items as at December 31, 2019 € in millions
Change in value used for calculating

hedge ineffectiveness Hedging reserve

Sales (59) (49)
Inventory purchases (42) 8
Net foreign investment risk (44) (182)
Equity risk
Long-Term Incentive Plans (85) 26
Balances remaining in the cash flow
hedging reserve from hedge
Cost of hedging relationships for which hedge
reserve accounting is no longer applied
(47) –
59 –
– –
– –
Back to index
Designated hedge instruments € in millions
2020
Carrying amount
Line item in
statement of
financial
position where
the hedging
instrument is
Nominal amount Assets Liabilities included
Other financial
Foreign exchange contracts – assets/lia-
sales 4,436 112 (23) bilities
Other financial
inventory purchases 5,001 9 (265) bilities
Other financial
net foreign investments 473 6 – bilities
Other financial
Total return swap – Long-Term assets/lia-
Incentive Plans 205 77 (9) bilities
During the period 202
Changes in the
Changes in the value of the
value of the hedging Line item in Amount from
hedging instrument Hedge in- income Amount from cost of hedging
instrument recognized in effectiveness statement which hedging reserve reserve
recognized in cost of hedging recognized in includes hedge transferred to transferred to
hedging reserve reserve profit or loss in-effectiveness inventory inventory
87 (134) – Cost of sales – –
(290) 29 – Cost of sales 31 107
19 – – Financial result – –
(127) – – Financial result – –

Amount Line item in

Amount reclassified from income
reclassified from cost of hedging statement
hedging reserve reserve to profit affected by the
to profit or loss or loss reclassification
(41) 43 Cost of sales
– – Cost of sales
– – Financial result
Other
operating
112 – expenses
Back to index
Designated hedge instruments € in millions
2019
Carrying amount
Line item in
statement of
financial
position where
the hedging
instrument is
Nominal amount Assets Liabilities included
Other financial
sales 4,606 21 (70) bilities
Other financial
inventory purchases 4,960 40 (32) bilities
Other financial
net foreign investments 503 – (2) bilities
Other financial
Total return swap – Long-Term assets/lia-
Incentive Plans 167 88 – bilities
Changes in the
Changes in the value of the
value of the hedging Line item in Amount from
hedging instrument Hedge in- income Amount from cost of hedging
instrument recognized in effectiveness statement which hedging reserve reserve
recognized in cost of hedging recognized in includes hedge transferred to transferred to
hedging reserve reserve profit or loss in-effectiveness inventory inventory
59 (126) – Cost of sales – –
42 (30) – Cost of sales 105 117
Amount Line item in

Amount reclassified from income
reclassified from cost of hedging statement
hedging reserve reserve to profit affected by the
to profit or loss or loss reclassification
(160) 54 Cost of sales
– – Cost of sales
– – Financial result
Other
operating
61 – expenses
Back to index
Changes of reserves by risk category € in millions
Hedging reserve
Balance at January 1, 2020 (195)
Cash flow hedges
Changes in fair value:
Foreign currency risk – sales 90
Foreign currency risk – inventory purchases (209)
Foreign currency risk – net foreign investment 19
Amount no longer recognized in OCI:
Foreign currency risk 10
Contracts during the year (17)
Amount included in the cost of non-financial items:
Foreign currency risk – inventory purchases –
Tax on movements of reserves during the year 67
Equity hedges
Changes in fair value: (127)
Amount reclassified to profit or loss 112
Balance at December 31, 2020 (250)
Cost of hedging
reserve
(6)
40
39
–
(150)
48
–
5
–
–
(26)
Back to index
Changes of reserves by risk category € in millions
Hedging reserve
Balance at January 1, 2019 (20)
Cash flow hedges
Changes in fair value:
Foreign currency risk – sales (158)
Foreign currency risk – inventory purchases (33)
Foreign currency risk – net foreign investment (44)
Amount reclassified to profit or loss:
Foreign currency risk 54
Contracts during the year (18)
Amount included in the cost of non-financial items:
Foreign currency risk – inventory purchases –
Tax on movements on reserves during the year 44
Equity hedges
Changes in fair value: 85
Amount reclassified to profit or loss (61)
Balance at December 31, 2019 (150)
Cost of hedging
reserve
(11)
32
99
–
(172)
46
–
3
–
–
(3)
Back to index
Other operating income € in millions
Year ending
Dec. 31, 2020
Income from release of accrued liabilities and other provisions 18
Gains from disposal of fixed assets 3
Sundry income 21
Other operating income 42
Year ending
Dec. 31, 2019
9
5
42
56
Back to index
Expenses by nature € in millions
Year ending
Dec. 31, 2020
Cost of materials 9,945
Depreciation and amortization 1,245
Thereof: included within the cost of sales 45
Thereof: included within personnel expenses 12
Impairment losses 125
Reversals of impairment losses (6)
Wages and salaries 2,147
Social security contributions 217
Pension expenses 119
Personnel expenses 2,483
Expense relating to short-term leases 19
Expense relating to leases of low-value assets 1
Expense relating to variable lease payments 133
Year ending
Dec. 31, 2019
11,296
1,162
31
11
24
(8)
2,382
228
109
2,720
38
1
140
Back to index
Financial income € in millions
Year ending
Dec. 31, 2020
Interest income from financial instruments measured at amortized cost 23

Interest income from financial instruments at fair value through profit or
loss –
Interest income from non-financial assets 2
Net foreign exchange gains –
Other 4
Financial income 29
Year ending
Dec. 31, 2019
50
0
0
–
14
64
Back to index
Financial expenses € in millions
Year ending
Dec. 31, 2020
Interest expense on financial instruments measured at amortized cost 164

Thereof: interest expense on lease liabilities 90
Interest expense on financial instruments at fair value through profit or loss –

Interest expense on other provisions and non-financial liabilities –
Net foreign exchange losses 37
Other 3
Financial expenses 204
Year ending
Dec. 31, 2019
160
101
0
0
5
1
166
Back to index
Deferred tax assets/liabilities € in millions
Dec. 31, 2020
Deferred tax assets 1,233
Deferred tax liabilities (241)
Deferred tax assets, net 992
Dec. 31, 2019
1,093
(280)
813
Back to index
Movement of deferred taxes € in millions
2020
Deferred tax assets, net as at January 1 813
Deferred tax income 176
Change in consolidated companies1 –
Change in deferred taxes attributable to remeasurements of defined
benefit plans recorded in other comprehensive income 2 7
Change in deferred taxes attributable to the change in the effective portion

of the fair value of qualifying hedging instruments recorded in other
comprehensive income3 24
Deferred tax assets, net as at December 31 992
1 See Note 04.
2 See Note 25.
3 See Note 30.
2019
410
355
(2)
18
27
5
813
Back to index
Deferred taxes € in millions
Dec. 31, 2020
Current assets 345
Liabilities and provisions 863
Accumulated tax loss carry-forwards 102
Deferred tax assets 1,822
Current assets 75
Liabilities and provisions 20
Deferred tax liabilities 830
Deferred tax assets, net 992
Dec. 31, 2019
462
292
1,018
80
1,852
888
69
82
1,039
813
Back to index
Income tax expenses € in millions
Year ending
Dec. 31, 2020
Current tax expenses 336
Deferred tax income (190)
Income tax expenses 146
Year ending
Dec. 31, 2019
996
(355)
640
Back to index
Tax rate reconciliation
Year ending Dec. 31, 2020 Year ending Dec. 31, 2019

€ in millions in % € in millions
Expected income tax expenses 158 27.4 700
Tax rate differentials (27) (4.7) (119)
Non-deductible expenses 12 2.0 26
Losses for which benefits were not
recognizable and changes in
valuation allowances (52) (9.0) (53)
Changes in tax rates 15 2.6 3
Other, net 3 0.5 1
Withholding tax expenses 38 6.5 83
Income tax expenses 146 25.4 640
ar ending Dec. 31, 2019
in %
27.4
(4.6)
1.0
(2.1)
0.1
0.0
3.2
25.0
Back to index
Earnings per share
Continuing operations
Year ending Year ending
Dec. 31, 2020 Dec. 31, 2019
Net income from continuing operations (€ in millions) 429 1,918

Net income attributable to non-controlling interests (€
in millions) 11 2
Net income attributable to shareholders (€ in millions) 419 1,917

Weighted average number of shares 195,155,924 197,606,107
Basic earnings per share (€) 2.15 9.70

Net income attributable to shareholders (€ in millions) 419 1,917

Interest expense on convertible bond, net of taxes (€ in
millions) – –
Net income used to determine diluted earnings per
share (€ in millions) 419 1,917
Weighted average number of shares 195,155,924 197,606,107
Weighted assumed conversion of the convertible bond – –

Dilutive effect of share-based payments 5,805 6,426
Weighted average number of shares for diluted
earnings per share 195,161,729 197,612,533
Diluted earnings per share (€) 2.15 9.70
Discontinued operations Total
Year ending Year ending Year ending Year ending
Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2019
– – – –
– – – –
13 59 432 1,976
195,155,924 197,606,107 195,155,924 197,606,107
0.06 0.30 2.21 10.00
13 59 432 1,976
– – – –
13 59 432 1,976
195,155,924 197,606,107 195,155,924 197,606,107
– – – –
5,805 6,426 5,805 6,426
195,161,729 197,612,533 195,161,729 197,612,533

0.06 0.30 2.21 10.00
Back to index
Segmental information I € in millions
Net sales Thereof: Thereof:

(third parties)1 adidas brand1 Reebok brand1
2020 2019 2020 2019 2020
Europe 5,320 6,071 4,925 5,599 395
North America 4,762 5,313 4,365 4,828 397
Asia-Pacific 6,546 8,032 6,298 7,736 249
Russia/CIS 584 658 448 490 135
Latin America 1,158 1,660 1,033 1,490 125
Emerging Markets 998 1,302 892 1,146 106
Reportable segments 19,368 23,035 17,961 21,288 1,407
Other Businesses 476 605 134 217 2
Total 19,844 23,640 18,095 21,505 1,409
1 Year ending December 31.
2 At December 31.
Thereof: Segmental Segmental Segmental
Reebok brand1 operating profit1 assets2 liabilities2
2019 2020 2019 2020 2019 2020 2019
471 947 1,408 1,596 1,671 137 128
485 606 715 1,532 1,692 99 101
296 1,617 2,703 1,901 1,735 338 340
168 162 167 198 215 9 5
170 95 295 500 656 71 111
156 185 367 418 480 35 55
1,747 3,612 5,655 6,145 6,449 689 740
1 44 68 189 191 6 15
1,748 3,656 5,723 6,334 6,640 695 755
Back to index
Segmental information II € in millions
Capital expenditure1
2020
Europe 30
North America 35
Asia-Pacific 127
Russia/CIS 6
Latin America 7
Emerging Markets 15
Reportable segments 220
Other Businesses 5
Total 225
1 Year ending December 31.
Depreciation and Impairment losses and
Capital expenditure1 amortization1 reversals of impairment losses1
2019 2020 2019 2020
83 155 161 31
62 133 129 18
172 363 329 20
17 65 77 –
35 55 53 3
22 63 60 5
391 834 809 77
4 11 14 3
395 845 824 80
mpairment losses and
sals of impairment losses1
2019
3
6
5
(0)
(0)
1
14
6
20
Back to index
Net sales (third parties) € in millions
Year ending
Dec. 31, 2020
Reportable segments 19,368
Other Businesses 476
Total 19,844
Year ending
Dec. 31, 2019
23,035
605
23,640
Back to index
Operating profit € in millions
Year ending
Dec. 31, 2020
Operating profit for reportable segments 3,612
Operating profit for Other Businesses 44
Segmental operating profit 3,656
HQ (1,909)
Central expenditure for marketing (878)
Consolidation (119)
Operating profit 750
Financial income 29
Financial expenses (204)
Income before taxes 575
Year ending
Dec. 31, 2019
5,655
68
5,723
(1,997)
(925)
(141)
2,660
64
(166)
2,558
Back to index
Capital expenditure € in millions
Year ending
Dec. 31, 2020
Other Businesses 5
HQ 217
Total 443
Year ending
Dec. 31, 2019
391
4
316
711
Back to index
Depreciation and amortization € in millions
Year ending
Dec. 31, 2020
Other Businesses 11
HQ 400
Total 1,245
Year ending
Dec. 31, 2019
809
14
338
1,162
Back to index
Impairment losses and reversals of impairment losses € in millions
Year ending
Dec. 31, 2020
Other Businesses 3
HQ (1)
Consolidation 40
Total 119
Year ending
Dec. 31, 2019
14
6
2
(7)
15
Back to index
Assets € in millions
Dec. 31, 2020
Accounts receivable and inventories of reportable segments 6,145
Accounts receivable and inventories of Other Businesses 189
Segmental assets 6,334
Non-segmental accounts receivable and inventories 16
Current financial assets 4,696
Other current assets 1,108
Non-current assets 8,899
Total 21,053
Dec. 31, 2019
6,449
191
6,640
70
3,055
1,169
9,746
20,680
Back to index
Liabilities € in millions
Dec. 31, 2020
Accounts payable of reportable segments 689
Accounts payable of Other Businesses 6
Segmental liabilities 695
Non-segmental accounts payable 1,695
Current financial liabilities 1,695
Other current liabilities 4,741
Non-current liabilities 5,535
Total 14,362
Dec. 31, 2019
740
15
755
1,947
1,012
5,040
4,868
13,622
Back to index
Net sales (third parties) € in millions
Year ending
Dec. 31, 2020
Footwear 11,128
Apparel 7,687
Hardware 1,028
Total 19,844
Year ending
Dec. 31, 2019
13,521
8,963
1,156
23,640
Back to index
Geographical information by market € in millions
Net sales (third parties) Non-current assets

Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2020
Europe 5,492 6,321 2,951
North America 4,920 5,501 1,507
Asia-Pacific 6,686 8,192 1,770
Russia/CIS 584 658 285
Latin America 1,160 1,662 126
Emerging Markets 1,002 1,306 261
Total 19,844 23,640 6,899
Non-current assets
Dec. 31, 2019
3,244
1,601
1,917
505
183
385
7,836
Back to index
Geographical information by country € in millions
Net sales (third parties) – continuing

operations Non-current assets
Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2020
Germany, Europe 1,238 1,298 1,329
China, Asia-Pacific 4,428 5,278 1,004
USA, North America 4,577 5,089 1,410
Non-current assets
Dec. 31, 2019
1,431
1,175
1,475
Back to index
Net cash (used in)/generated from discontinued operations € in millions
Year ending
Dec. 31, 2020
Net cash used in operating activities (3)
Net cash generated from investing activities –
Net cash generated from financing activities –
Net cash used in discontinued operations (3)
s
Year ending
Dec. 31, 2019
(9)
–
–
(9)
Back to index
Impact of change in financial liabilities on net cash used in financing activities € in millions
Non-cash effe
Net
(payments)/
proceeds in the IFRS 16 lease
Jan. 1, 2020 period obligations
Short-term borrowings 43 46 –
Long-term borrowings 1,595 1,500 –
Lease liabilities 3,133 (701) 507
Total 4,771 845 507
ctivities € in millions
Non-cash effects
Fair value Effect of

adjustments Other exchange rates Dec. 31, 2020
– 618 (20) 686
– (613) – 2,482
– (39) (178) 2,722
– (34) (198) 5,890
Back to index
Financial commitments for promotion and advertising € in millions
Dec. 31, 2020
Within 1 year 1,202
Between 1 and 5 years 3,321
After 5 years 1,425
Total 5,948
Dec. 31, 2019
1,236
3,671
1,901
6,808
Back to index
Financial commitments for other contracts € in millions
Dec. 31,2020
Within 1 year 73
Between 1 and 5 years 207
After 5 years 42
Total 323
Dec. 31,2019
83
161
74
318
Back to index
Financial commitments for service arrangements € in millions
Dec. 31, 2020
Within 1 year 235
Between 1 and 5 years 293
After 5 years –
Total 528
Dec. 31, 2019
242
190
6
439
Back to index
Employees
Year ending
Dec. 31, 2020
Own retail 35,422
Sales 3,652
Logistics 8,343
Marketing 6,147
Central administration 5,310
Production 564
Research and development 983
Information technology 1,470
Total 61,891
1 The figures for 2019 have been adjusted due to a change in the calculation logic.
Year ending
Dec. 31, 20191
35,123
3,834
7,246
6,156
5,764
646
1,031
1,523
61,322
Back to index
Impact on the major line items in the consolidated income statement € in millions
adidas group Reebok

Net Sales 19,844 1,409
EMEA 6,944 636
North America 4,916 397
China 4,428 86
Asia-Pacific 2,245 162
Latin America 1,160 125
Gross Margin 49.7% 44.8%
Operating Margin 3.8% 0.4%
Net income from continued operations 429 (32)
in millions
adidas group
excluding Reebok
18,435
6,308
4,519
4,342
2,083
1,035
50.0%
4.0%
461

Notes Adidas Ar20

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Notes Adidas Ar20

Uploaded by

Copyright:

Available Formats

Index adidas Annual Report 2020

Summary of Significant Accounting Policies – Number of consolidated subsidiaries

Average rates for the

Pre-control Fair value

Collective loss allowance

Past due > 90 days

Dec. 31, 2020

Merchandise and finished goods on hand 3,321 (171) 3,150

2,984 (80) 2,904

Accumulated depreciation and impairment

Net carrying amount

1,808 480 3,969

587 480 2,155

Technical Other equipment,

Technical Other equipment,

Goodwill (€ in millions) Discount rate (after taxes)

Accumulated amortization and impairment

Net carrying amount

Jan. 1, 2020 Additions Usage

Goods and services not yet invoiced 934 2 1,011

Present value of unfunded obligation from defined benefit pension plans 41

2020 Dec. 31, 2019

Dec. 31, 2020

Dec. 31, 2020

Total price in € (excluding

January 8, 2020 21,059 6,232,463.70 295.95

October 8, 2020 23,516 6,565,469.67 279.19

Amount in the Amount in the

21,059 0.01 January 10, 2020

23,516 0.01 October 10, 2020

January 8, 2020 3,771 1,116,036.88 295.95

October 8, 2020 2,770 773,360.82 279.19

Amount in the Amount in the

3,771 0.002 January 10, 2020

2,770 0.001 October 10, 2020

BlackRock, Inc., Wilmington, DE, USA2 September 3, 2020 Exceeding 5%

§ 34 2.96 5,927,682

§§ 34, 38 sec. 1 no. 1 6.84 13,714,524

§§ 34, 38 sec. 1 no. 1 6.84 13,714,524

§§ 34, 38 sec. 1 no. 1 6.89 13,807,393

§§ 21, 25 sec. 1 no. 2 5.71 11,950,482

§ 22 sec. 1 sent. 1 no. 6 3.02 6,325,110

14th 15th 16th 17th

4,644 4,475 3,919 3,912

126,594 184,315 212,678 36,286 150,136

1.02% 0.84% 0.90% 0.82% 0.84%

262,940 143,933 212,225 236,158

0.64% 0.70% 0.60% 0.64%

Principal place of Ownership interests held by non-

Other comprehensive income 7

Total comprehensive income attributable to non-controlling interests (10)

Current assets 315

Net cash generated from operating activities 65

(23) (8) (6)

(11) (4) (6)

185 361 209

249 261 274

Category December 31, 2020

Cash equivalents Fair value through profit or loss 2,232 2,232

Short-term financial assets Fair value through profit or loss 0 0

Promissory notes Fair value through profit or loss 6 6

Earn-out components Fair value through profit or loss – –

Other equity investments Fair value through profit or loss 89 89

Other investments Fair value through profit or loss 35 37