Reebok 2011 Annual Report Download - page 131

adidas Group
2011 Annual Report
GROUP MANAGEMENT REPORT – FINANCIAL REVIEW
127
2011
03.2 Group Business Performance Statement of Financial Position and Statement of Cash Flows
35 Total assets (€ in millions)
2011 11,380
2010 10,618
2009 8,875
2008 9,533
2007 8,325
37 Accounts receivable (€ in millions)
2011 1,707
2010 1,667
2009 1,429
2008 1,624
2007 1,459
36 Inventories (€ in millions)
2011 2,482
2010 2,119
2009 1,471
2008 1,995
2007 1,629
38 Accounts payable (€ in millions)
2011 1,886
2010 1,694
2009 1,166
2008 1,218
2007 849
Other current financial assets up 55%
Other current financial assets grew 55% to € 304 million at the end
of December 2011 from € 197 million in 2010 SEE NOTE 07, P. 189 . This
develop ment was mainly due to the increase in the fair value of
financial instruments.
Other current assets up 21%
Other current assets increased 21% to € 469 million at the end of
December 2011 from € 390 million in 2010, mainly as a result of an
increase in tax receivables other than income taxes as well as prepaid
expenses SEE NOTE 09, P. 190 .
Fixed assets increase 6%
Fixed assets increased 6% to € 4.303 billion at the end of December
2011 versus € 4.076 billion in 2010. Fixed assets include property,
plant and equipment, goodwill, trademarks and other intangible
assets as well as long-term financial assets. Additions in an amount of
€ 415 million were primarily related to the continued expansion of our
own-retail activities, investments into the Group’s IT infrastructure,
the acquisition of Five Ten as well as the further development of the
Group’s headquarters in Herzogenaurach. Moreover, currency trans-
lation effects in an amount of € 81 million on fixed assets denom-
inated in currencies other than the euro positively impacted this
develop ment. Additions were partly offset by depreciation and amorti-
sation amounting to € 252 million, as well as disposals of € 17 million.
Assets held for sale decrease 47%
At the end of December 2011, assets held for sale declined 47% to
€ 25 million compared to € 47 million in 2010. This decrease was
mainly due to the sale of a warehouse in the Netherlands. Assets held
for sale primarily relate to the planned sale of land and buildings in
Herzogenaurach, Germany SEE NOTE 10, P. 190 .
Other non-current financial assets down 22%
Other non-current financial assets decreased 22% to € 42 million at
the end of December 2011 from € 54 million in 2010, mainly driven by
a decline in the fair value of financial instruments SEE NOTE 15, P. 192 .
Accounts payable increase 11%
Accounts payable were up 11% to € 1.886 billion at the end of
December 2011 versus € 1.694 billion at the end of 2010 DIAGRAM 38 .
On a currency-neutral basis, accounts payable increased 12%,
reflecting the growth in inventories compared to the prior year.
Other current financial liabilities decrease 54%
At the end of December 2011, other current financial liabilities
decreased 54% to € 56 million from € 123 million in 2010, primarily as
a result of the decrease in the negative fair value of financial instru-
ments SEE NOTE 18, P. 193 .