Adidas 2000 Annual Report Download - page 76

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72
5. Accounts Receivable
Accounts receivable are as follows:
(euros in thousands) Dec. 31 Dec. 31
2000 1999
Accounts receivable, gross 1,220,862 1,121,168
Less: allowance for
doubtful accounts 87,759 88,291
Accounts receivable, net 1,133,103 1,032,877
6. Inventories
Inventories by major classification are as follows:
(euros in thousands) Dec. 31 Dec. 31
2000 1999
Finished goods and
merchandise on hand 917,536 818,664
Goods in transit and
advance payments 431,819 313,848
Raw materials 47,881 34,190
Work in progress 11,500 5,631
Inventories, gross 1,408,736 1,172,333
Less: allowance for obsolescence 114,703 127,089
Inventories, net 1,294,033 1,045,244
The allowance for obsolescence mainly relates to inventories on
hand. Goods in transit relate mainly to shipments from suppliers
in the Far East to subsidiaries in Europe and the Americas.
7. Other Current Assets
Other current assets consist of the following:
(euros in thousands) Dec. 31 Dec. 31
2000 1999
Prepaid expenses – current portion 88,043 75,572
Taxes receivable 83,871 57,244
Premiums for derivative financial
instruments – current portion 16,195 20,883
Security deposits 11,333 11,065
Receivables from
affiliated companies 1,657 4,662
Investment property held for sale 15,926 –
Sundry 42,833 35,540
Other current assets, gross 259,858 204,966
Less: allowance 5,675 3,544
Other current assets, net 254,183 201,422
Prepaid expenses relate mainly to promotion agreements.
Investment property held for sale relates to parts of the land
of the new international headquarters “World of Sports” which
are owned by the GEV Grundstücksgesellschaft Herzogen-
aurach mbH & Co. KG. It is reclassified from property, plant
and equipment, as it is planned to be sold.