Adidas 1999 Annual Report Download - page 61

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57
Notes to Consolidated Financial Statements
13 . Other current liabilities Other current liabilities consist of the following:
December 31,
(in DM 0 00) 1999 1998
Liabilities due to personnel 43,331 30,243
Tax liabilities other than income taxes 41,601 38,690
Liabilities due to social security 14,108 16,191
Interest liabilities 10,148 9,820
Liabilities due to affiliated companies 3,437 3,031
Deferred income 2,335 2,587
Sundry 73,737 92,279
Other current liabilities 18 8,6 97 192 ,8 4 1
14 . Pensions and The Company sponsors and/or contributes to various pension plans. The benefits are
similar obligations
provided pursuant to the legal, fiscal and economic conditions in each respective country.
The provision for pensions and similar obligations consists of the following:
December 31,
(in DM 0 00) 1999 1998
Defined benefit plans 134,192 102,605
Thereof: adidas-Salomon AG 106,125 81,075
Similar obligations 22,796 4,521
Pensions and similar obligations 15 6,9 88 107 ,1 2 6
The actuarial valuations of defined benefit plans are made at the end of each reporting
period. Similar obligations include mainly long-term liabilities under a deferred com-
pensation plan. The funds withheld are invested by the Company on behalf of the
employees in certain securities, which are presented under other non current assets
(see note 10).
The expenses recognized for defined benefit and defined contribution plans are
presented in selling, general and administrative expenses. Pension expenses are as
follows:
Year ended December 31,
(in DM 0 00) 1999 1998
Defined benefit plans 31,604 13,940
Thereof: adidas-Salomon AG 19,810 11,800
Defined contribution plans 17,702 12,292
Pension expenses 49 ,3 0 6 26 ,232
In 1998 an additional voluntary retirement plan of Salomon S.A. was revised retro-
spectively with effect from January 1, 1998; as a result of this curtailment DM 19 million
of the provision was released in the prior year.