Reebok 2007 Annual Report Download - page 167

163
ANNUAL REPORT 2007 --- adidas Group
 3 ASSETS / LIABILITIES CLASSIFIED AS HELD-FOR-SALE Part of the assets of GEV Grund-
stücksgesellschaft Herzogenaurach mbH & Co. KG and adidas AG as well as assets of Immo-
bilieninvest und Betriebsgesellschaft Herzo-Base GmbH & Co. KG within the HQ / Consolidation
segment are presented as disposal groups held-for-sale following a Memorandum of Under-
standing signed by the Group’s Management on December 21, 2006. Selling negotiations have
commenced. Alternatives are currently under assessment and a fi nal decision is expected
in 2008. At December 31, 2007, the disposal groups contained assets of € 60 million (2006:
€ 59 million) less liabilities of € 4 million (2006: € 4 million).
Furthermore, due to the proposed move of storage and distribution facilities to the new
shared warehouse, the old adidas and Reebok warehouses in the UK have been classifi ed as
assets held-for-sale (€ 10 million). The selling process commenced in April 2007 and the con-
tract fi nalization is in process.
In connection with the planned divesture of the Maxfl i golf ball brand, the carrying amount
of this trademark was also classifi ed as asset held-for-sale (€ 7 million). The selling negotia-
tions commenced in September 2007, and the contract was signed in February 2008.
Dec.
3
1, Dec. 31,
200
7 2006
ASSETS CLASSIFIED AS HELD-FOR-SALE
€
in milli
o
n
s
Accounts receivable and other current assets
Property, plant and equipment, net
Trademarks and other intangible assets, net
Total
33
29
4
0
30
7 —
80 59
Dec.
3
1
,
Dec. 31,
200
7 2006
LIABILITIES CLASSIFIED AS HELD-FOR-SALE
€
in milli
o
n
s
Accounts payable and other current liabilities
Accrued liabilities and provisions
To
t
al
2 2
2
2
44
 4 ACQUISITION / DISPOSAL OF SUBSIDIARIES AS WELL AS ASSETS AND LIABILITIES The
adidas Group assumed full ownership of the shares of its brand adidas subsidiary in Finland,
adidas Suomi OY, Helsinki (Finland), by purchasing the remaining 50 % of shares effective
January 1, 2007 for an amount of € 1.2 million. Further, the adidas Group assumed 72.5 %
owner ship of the shares of its brand adidas subsidiary in Greece, adidas Hellas A. E.,
Thessaloniki (Greece), by purchasing a further 22.5 % of shares effective January 1, 2007 for
an amount of € 6 million.
On November 9, 2007, the Group acquired the assets and liabilities of Mitchell & Ness as
part of an asset deal. The purchase price of € 2 million was paid for inventories (€ 1 million),
accounts receivable (€ 1 million), accounts payable (negative € 3 million) and remaining other
intangible assets (€ 3 million) based on preliminary purchase price allocation.
Effective January 31, 2006, the adidas Group assumed control of Reebok International Ltd.
(USA), with all its direct and indirect shareholdings. The purchase price for 100 % of the shares
of Reebok International Ltd. (USA) was US$ 3.6 billion (€ 3.0 billion), fully paid in cash.
05