Adidas 2001 Annual Report Download - page 77

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72 Consolidated Accounts
3. Acquisitions of Subsidiaries
Major acquisitions within the last two years are as follows:
Effective March 9, 2000 adidas-Salomon assumed full ownership of its
former joint venture company adidas Portugal S.A., Lisbon (Portugal),
by acquiring the remaining share of 49% .
Effective February 8, 2001 the Company took over the French skate-
boarding company Cé SARL (renamed to Cliché S.A.S.), Lyon (France).
Additionally, adidas-Salomon has assumed control by acquiring 100% of
the shares of its longstanding distribution partner and licensee Sportgoods
A/S (renamed to adidas Danmark A/S), Them (Denmark) effective
April 5, 2001.
4. Cash and Cash Equivalents
Cash and cash equivalents consists of the following:
In addition to short-term cash, adidas Korea has cash accounts with matur-
ities exceeding 12 months in the amount of €2 million (2000: €1 million),
which are included in other non-current assets (see also Note 11).
5. Accounts Receivable
Accounts receivable are as follows:
The majority of marketable securities relates to Commercial Paper and
certificates of deposit in Eastern European currencies with a maximum
maturity of 90 days. These marketable securities have fixed interest rates
between 11.75% and 14.20% and a minimum Standard & Poor’s rating
of “A1”.
6. Inventories
Inventories by major classification are as follows:
Dec. 31 Dec. 31
(euros in thousands) 2001 2000
Cash at banks and in hand 65,150 90,549
Marketable securities 19,845 14,157
Cash and cash equivalents 84,995 104,706
Dec. 31 Dec. 31
(euros in thousands) 2001 2000
Finished goods and merchandise on hand 932,990 917,536
Goods in transit and advanced payments 348,937 431,819
Raw materials 47,267 47,881
Work in progress 17,915 11,500
Inventories, gross 1,347,109 1,408,736
Less: allowance for obsolescence 74,047 114,703
Inventories, net 1,273,062 1,294,033
Dec. 31 Dec. 31
(euros in thousands) 2001 2000
Accounts receivable, gross 1,349,447 1,220,862
Less: allowance for doubtful accounts 96,254 87,759
Accounts receivable, net 1,253,193 1,133,103