Adidas 2000 Annual Report Download - page 78

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74
11. Other Non Current Assets
Other non current assets consist of the following:
(euros in thousands) Dec. 31 Dec. 31
2000 1999
Prepaid expenses –
non current portion 67,593 86,940
Financial assets, net 16,388 12,227
Premiums for derivative financial
instruments – non current portion 8,555 5,457
Security deposits 3,698 –
Cash deposits 1,468 1,254
Sundry 14,941 5,307
Other non current assets 112,643 111,185
Prepaid expenses mainly include prepayments for long-term
promotional contracts and service contracts (see also note 27
and 19, respectively).
Financial assets include shares in unconsolidated affiliated
companies of c 3 million and c 4 million as at December 31,
2000 and 1999, respectively. Financial assets further include
investments, which are mainly related to a deferred compen-
sation plan (see also note 15).
Cash deposits with maturities exceeding 12 months relate to
adidas Korea.
12. Borrowings and Credit Lines
Short-term borrowings consist of bank borrowings, discounted
trade bills and Commercial Papers. Long-term borrowings
consist of bank borrowings and Private Placements.
Commercial Papers were issued under a c 750 million German
Multi-Currency Commercial Paper Program and a c 300 million
Belgian Treasury Notes Program. As at December 31, 2000,
Commercial Papers are outstanding in the total nominal amount
of c 282 million (1999: c 67 million).
Borrowings are denominated in a variety of currencies in which
the Company is doing business. The largest portions of net
borrowings as at December 31, 2000 are denominated in
euros (55.1%) and US dollars (32.1%) (1999: euros 47.4%,
US dollars 38.7%).
Month-end weighted average interest rates on borrowings in all
currencies range from 4.3% to 5.7% and from 3.8% to 4.9% for
the years ended December 31, 2000 and 1999, respectively.
As at December 31, 2000 the Company has cash credit lines
and other long-term financing arrangements in a total amount
of c 3.6 billion outstanding (1999: c 3.6 billion); unused credit
lines amount to c 2.0 billion (1999: c 2.0 billion). The higher
amount of borrowings was mainly arranged with Commercial
Papers. In addition, the Company has separate
lines for the
issuance of letters of credit in an amount of approx
imately
c 0.7 billion (1999: c 0.7 billion).