Financial statements - Notes to the consolidated financial statements
Note 37
(5) Reclassifications
The Company made a number of restatements that had no effect on shareholders' equity, but resulted in reclassifications in
the condensed balance sheet as of January 2, 2005. The most significant of these reclassifications are the following:
Current assets increased by EUR 571 mainly as a result of a reclassification of derivatives (EUR 461) and deferred tax
assets (EUR 81), which were previously classified as non-current assets.
Current liabilities increased by EUR 696 mainly as a result of a reclassification of derivatives (EUR 457) and the short
term portion of various provisions (EUR 239), all of which were previously classified as non-current liabilities.
Assets and liabilities held for sale increased as a result of the reclassification of non-current assets and non current
liabilities amounting to EUR 82 and EUR 34 that should have been classified as held for sale.
The Company made a number of restatements that had no effect on net income but resulted in reclassifications of amounts in
the condensed statement of operations for 2004. The most significant of these reclassifications are the following:
In 2004 Schuitema failed to consolidate a number of former franchise stores which it had acquired on the basis that its
ownership was temporary. The consolidated statement of operations have been restated to reflect the consolidation of
these stores, which resulted in an increase in net sales by EUR 30 which was offset by an increase in operating expenses
of EUR 33 and minor decreases in cost of sales and income tax expense.
Certain expenses relating to divestment activities in 2004 amounting to EUR 51 were included in operating expenses and
EUR 26 in income taxes. These expenses have been reclassified and recorded as part of the loss from discontinuing
operations.
Restated US GAAP consolidated statement of operations for 2004 and consolidated balance sheet as of
January 2, 2005
The following statements provide an overview of the differences between the consolidated statement of operations for 2004
and the consolidated balance sheet as of January 2, 2005, as restated and as previously reported in the Company's 2004
financial statements. The following adjustments are presented in separate columns on the next page:
a) The reclassification of the results from operations that have been divested or classified as held for sale during 2005 in
accordance with SFAS No. 144, which requires that the comparative consolidated statement of operations for operations
that have been divested or held for sale in 2005 are retrospectively reclassified and presented under loss from
discontinued operations.
b) Restatements described in (1) through (4) above, which represent restatements that have an impact on net income for
2004 or shareholders' equity as of January 2, 2005.
c) Reclassifications described in (5) above, which represent reclassification of balances in the consolidated statement of
operations for 2004 and balance sheet as of January 2, 2005 that did not have an impact on net income or shareholders'
equity.
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