Reebok 2011 Annual Report Download - page 185

adidas Group
2011 Annual Report
CONSOLIDATED FINANCIAL STATEMENTS
181
2011
04.8 Notes
Notes
adidas AG (hereafter also referred to as “the company”) is a listed German stock corporation and
parent of the adidas Group located at Adi-Dassler-Str. 1, 91074 Herzogenaurach, Germany. adidas AG
and its subsidiaries (collectively the “adidas Group” or the “Group”) design, develop, produce and
market – increasingly through own-retail activities – a broad range of athletic and sports lifestyle
products. The operating activities of the adidas Group are divided into six operating segments:
Wholesale, Retail, TaylorMade-adidas Golf, Rockport, Reebok-CCM Hockey and Other Centrally
Managed Brands.
The Wholesale segment comprises all business activities relating to the distribution of adidas and
Reebok products to retail customers.
The Retail segment comprises all business activities relating to the sale of adidas and Reebok products
directly to end consumers through own retail and own e-commerce platforms.
adidas and Reebok branded products include footwear, apparel and hardware, such as bags and balls.
TaylorMade-adidas Golf includes the three brands TaylorMade, adidas Golf and Ashworth. TaylorMade
designs, develops and assembles high-performance golf clubs, balls and accessories. adidas Golf
branded products include footwear, apparel and accessories. Ashworth designs and distributes men’s
and women’s lifestyle sportswear.
Rockport predominantly designs and markets leather footwear for men and women.
Reebok-CCM Hockey designs, produces and markets hockey equipment such as sticks and skates as
well as apparel mainly under the brand names Reebok Hockey and CCM.
The Other Centrally Managed Brands segment primarily includes the business activities of the Y-3
label, under which premium footwear and apparel are designed and distributed.
04.8
01 General
The consolidated financial statements of adidas AG as at December
31, 2011 comprise adidas AG and its subsidiaries and are prepared in
compliance with International Financial Reporting Standards (IFRS),
as adopted by the European Union (EU) as at December 31, 2011, and
the additional requirements pursuant to § 315a section 1 German
Commercial Code (Handelsgesetzbuch – HGB).
The following new standards and interpretations and amend-
ments to existing standards and interpretations are applicable for the
first time for financial years beginning on January 1, 2011:
– IAS 24 Related Party Disclosures – Revised (2009) (effective date:
January 1, 2011): This amendment had no impact on the Group’s
financial statements.
– IAS 32 Amendment – Financial Instruments: Presentation –
Classification of Rights Issues (effective date: February 1, 2010): This
amendment had no impact on the Group’s financial statements.
– IFRIC 14 Amendment – Prepayments of a Minimum Funding
Requirement (effective date: January 1, 2011): This amendment had
no impact on the Group’s financial statements.
– IFRIC 19 Extinguishing Financial Liabilities with Equity Instru-
ments (effective date: July 1, 2010): This interpretation had no impact
on the Group’s financial statements.
– Improvements to IFRSs (2010) (effective date: January 1, 2011):
These improvements had no material impact on the Group’s financial
statements.
New standards and interpretations, and amendments to existing
standards and interpretations are usually not applied by the Group
before the effective date.
The consolidated financial statements have in principle been
prepared on the historical cost basis with the exception of certain
items in the statement of financial position such as financial instru-
ments valued at fair value through profit or loss, available-for-sale
financial assets, derivative financial instruments, plan assets and
receivables, which are measured at fair value.
The consolidated financial statements are presented in euros (€)
and all values are rounded to the nearest million (€ in millions).