Adidas 2001 Annual Report Download - page 97

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92 Consolidated Accounts
Net sales to third parties are shown in the geographic market in which
the revenues are realized. Inter-segment sales represent sales to opera-
tional units not belonging to the same region; the global sourcing func-
tion is shown in the Headquarter/Consolidation column.
Transactions between the segments are based on the dealing-at-arm’s-
length principle. However, certain charges between legal entities are not
reflected in above reporting format.
Segment assets include all operating assets and comprise mainly accounts
receivable, inventory, property, plant and equipment as well as intangible
assets. Segment liabilities comprise operating liabilities and consist prin-
cipally of trade and other payables and accrued liabilities and provisions.
Non-allocable items include goodwill, financial assets, assets and liabilities
relating to income taxes and borrowings, which are included in the
Headquarter/Consolidation column.
Capital expenditure, amortization and depreciation relate to segment
assets; the acquisition of goodwill and the inception of finance leases
do not affect capital expenditure.
27. Cash Flow
The Company acquired all outstanding shares of adidas Danmark A/S,
Them (Denmark) and Cliché S.A.S., Lyon (France) in 2001 (see also Note 3).
The fair value of the net assets approximated the book value of the net
assets acquired, and it was not necessary to establish a restructuring pro-
vision.
The assets acquired and liabilities assumed were as follows at the date of
the acquisition:
(euros in thousands)
Cash 140
Inventories 11,371
Receivables and other current assets 3,149
Property, plant and equipment 510
Goodwill and other intangible assets 18,990
Investments and other non-current assets 8
Accounts payable and other liabilities (11,583)
Short-term borrowings (2,855)
Long-term bank borrowings (71)
Total acquisition cost 19,659
Less: cash acquired (140)
Cash flow on acquisition net of cash acquired 19,519