Reebok 2008 Annual Report Download - page 161

adidas Group Annual Report 2008 157
Notes
adidas AG, a listed German stock corporation, and its subsidiaries
design, develop, produce and market – increasingly through own-retail
activities – a broad range of athletic and sports lifestyle products.
The Group’s Headquarters are located at Adi-Dassler-Str. 1, 91074
Herzogenaurach, Germany. The adidas Group has divided its operating
activities by major brands into three segments: adidas, Reebok and
TaylorMade- adidas Golf.
adidas branded products include footwear, apparel and hardware, such
as bags and balls. The products are designed and developed by adidas
and are almost exclusively manufactured by subcontractors on behalf of
adidas.
Reebok branded products also include footwear, apparel and hardware,
such as bags and balls. The products are designed and developed by
Reebok and are almost exclusively manufactured by subcontractors on
behalf of Reebok.
TaylorMade designs, develops and assembles or manufactures high-
quality golf clubs, balls and accessories. adidas Golf branded products
include footwear, apparel and accessories.
1 General
The accompanying consolidated fi nancial statements of adidas AG and its subsidiaries (collec-
tively the “ adidas Group” or the “Group”) as at December 31, 2008, are prepared in accordance
with International Financial Reporting Standards (IFRS), as adopted by the European Union, and
the additional requirements of German commercial law pursuant to § 315a section 1 HGB.
New standards, amendments to standards and interpretations applicable for the fi nancial year
ending December 31, 2008 are:
— IAS 39/ IFRS 7 Amendments – Reclassifi cation of Financial Instruments (effective date: July
1, 2008): These amendments had no impact on the Group’s fi nancial statements.
— IFRIC 11 IFRS 2 – Group and Treasury Share Transactions (effective date: March 1, 2007):
This interpretation had no impact on the Group’s fi nancial statements.
— IFRIC 14 IAS 19 – The Limit on a Defi ned Benefi t Asset, Minimum Funding Requirements
and their Interaction (effective date: January 1, 2008): This interpretation had no impact on the
Group’s fi nancial statements.
New standards and interpretations that will be effective for fi nancial years after December 31,
2008, and have not been applied in preparing these consolidated fi nancial statements are:
— IAS 1 Presentation of Financial Statements – Revised (effective date: January 1, 2009): This
amendment is not expected to have any material impact on the Group’s fi nancial statements.
— IAS 23 Borrowing Costs – Revised (effective date: January 1, 2009): This amendment is not
expected to have any material impact on the Group’s fi nancial statements.
— IAS 32 / IAS 1 Amendments – Puttable Financial Instruments and Obligations Arising on
Liquidation (effective date: January 1, 2009): These amendments are not expected to have any
material impact on the Group’s fi nancial statements.
— IFRS 1 / IAS 27 Amendments – Cost of an Investment in a Subsidiary, Jointly Controlled Entity
or Associate (effective date: January 1, 2009): These amendments are not expected to have any
material impact on the Group’s fi nancial statements.
— IFRS 2 Amendment – Share-based Payment – Vesting Conditions and Cancellations (effective
date: January 1, 2009): This amendment is not expected to have any impact on the Group’s fi nan-
cial statements.
— IFRS 8 Operating Segments (effective date: January 1, 2009): This new standard is not
expected to have any impact on the Group’s fi nancial statements.
— IFRIC 13 Customer Loyalty Programmes (effective date: July, 2008): This interpretation is not
expected to have any material impact on the Group’s fi nancial statements.
— Improvements to IFRSs (2007) (effective date: January 1, 2009): These improvements are not
expected to have any material impact on the Group’s fi nancial statements.
Entities shall apply the new standards, amendments to existing standards and interpretations for
annual periods beginning on or after the effective date.
New standards and interpretations, and amendments to existing standards and interpretations
are usually not applied by the Group before the effective date.
The consolidated fi nancial statements have been prepared on the historical cost basis, with the
exception of certain items such as cash and cash equivalents, available-for-sale fi nancial assets,
derivative fi nancial instruments and receivables, which are measured at fair value.
The consolidated fi nancial statements are presented in euros and all values are rounded to the
nearest million.