TOTAL ASSETS DECREASE 1 %
At the end of 2007, total assets
decreased 1 % to € 8.325 billion versus € 8.379 billion in the
prior year, mainly due to currency effects which had a negative
impact on the Group’s US dollar-denominated assets.
INVENTORIES UP 1 %
Group inventories increased 1 % to
€ 1.629 billion at the end of 2007 versus € 1.607 billion in 2006.
On a currency-neutral basis, inventories grew 7 %. The
increase was driven by higher inventory levels in emerging
markets, reflecting the Group’s high sales growth expectations
for these countries in particular.
RECEIVABLES INCREASE 3 %
At the end of 2007, Group receivables
increased 3 % to € 1.459 billion (2006: € 1.415 billion).
On a currency-neutral basis, receivables grew 8 %. This is well
below sales growth in the fourth quarter of 2007 and reflects
strict discipline in the Group’s trade terms management and
concerted collection efforts in all segments.
OTHER CURRENT ASSETS UP 28 %
Other current assets
increased 28 % to € 529 million at the end of 2007 from
€ 413 million in 2006. This development was mainly due
to higher prepayments for promotion contracts and higher
fair values of financial instruments.
FIXED ASSETS DECREASE 7 %
Fixed assets decreased by
7 % to € 3.726 billion at the end of 2007 versus € 3.988 billion
in 2006. This was mainly due to € 286 million of negative
currency
translation
effects on fixed assets held in currencies
other than the euro. In addition, the transfer of € 17 million of
fixed assets to assets held-for-sale impacted this development.
Additions of € 295 million were partly offset by depreciation and
amortization of € 215 million as well as disposals in an amount
of € 37 million.
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TOTAL ASSETS € in millions |
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| 1) | Restated due to application of amendment to IAS 19. |
| 2) | Including Reebok business segment from February 1, 2006 onwards. |
|
INVENTORIES € in millions |
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| 1) | Including Reebok business segment from February 1, 2006 onwards. |
|
RECEIVABLES € in millions |
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| 1) | Including Reebok business segment from February 1, 2006 onwards. |
ASSETS HELD-FOR-SALE INCREASE 35 %
Assets held-for-sale
mainly relate to the planned sale of land and buildings
in Herzogenaurach, Germany. In addition, two warehouses in
the UK and the Maxfli trademark were reclassified as assets
held-for-sale at the end of 2007. The Maxfli trademark was
sold in February 2008. 
see Subsequent Events As a result
of these additions, assets held-for-sale increased 35 % to
€ 80 million (2006: € 59 million).
OTHER NON-CURRENT ASSETS INCREASE 8 %
Other non-current
assets increased by 8 % to € 147 million at the end of
2007 from € 134 million in 2006, mainly driven by higher fair
values of financial instruments.
ACCOUNTS PAYABLE UP 13 %
Accounts payable increased
13 % to € 849 million at the end of 2007 versus € 752 million
in 2006. On a currency-neutral basis, accounts payable were
up 22 %. The increase is primarily due to increased product
deliveries from suppliers in the last quarter of the year,
reflecting
the Group’s sales growth expectations.
OTHER CURRENT LIABILITIES GROW 15 %
Other current liabilities
increased 15 % to € 266 million at the end of 2007 from
€ 232 million in 2006, primarily as a result of increased current
forward contracts.
OTHER NON-CURRENT LIABILITIES INCREASE 65 %
Other
non-current liabilities increased 65 % to € 69 million at the
end of 2007 from € 43 million in 2006, primarily as a result of
increased non-current forward contracts.
