|
|
|
| C. NOTES TO THE CONSOLIDATED BALANCE SHEET |
21. Liquid Assets
Liquid assets as of December 31 consist of the following:
 |
|
|
|
|
|
|
|
2003 |
|
2002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€(000) |
|
€(000) |
|
|
|
|
|
|
|
|
|
|
Cash at banks |
|
326,305 |
|
279,920 |
|
|
|
|
|
|
|
|
|
|
Time deposits with original maturities
of 3 months or less |
|
1,014,086 |
|
841,788 |
|
|
|
 |
|
|
|
|
|
|
Cash and cash equivalents |
|
1,340,391 |
|
1,121,708 |
|
|
|
|
|
|
|
|
|
|
Time deposits with original maturities
exceeding 3 months and less than 1 year |
|
680,891 |
|
26,281 |
|
|
|
|
|
|
|
|
|
|
Time deposits with original maturities
exceeding 1 year |
|
369 |
|
478 |
|
|
|
|
|
|
|
|
|
|
Restricted cash with original maturity
exceeding 1 year |
|
74,305 |
|
89,430 |
|
|
|
 |
|
|
|
|
|
|
|
2,095,956 |
|
1,237,897 |
|
|
|
|
|
|
|
|
|
|
Restricted cash is used to collateralize the Company’s obligation under an operating lease arrangement with a financial institution in conjunction with capital expenditures made for SAP Properties, Inc. (“SAP Properties”). Amounts collateralized increase as the Company incurs additional obligations under the lease arrangement. Interest earned on restricted funds is substantially equal to amounts accrued as rent expense under the terms of the lease. See Note 31.
The Company eliminated restricted cash from cash and cash equivalents in the Consolidated Statements of Cash Flows for the year ended December 31, 2001. The Company previously recorded this amount as cash and cash equivalents and the effect of this adjustment is as follows for the year ended December 31, 2001.
|
|
|
|
|
|
2001 |
|
|
|
|
|
|
|
|
|
|
|
|
€(000) |
|
|
|
|
|
|
|
|
|
Changes in liquid assets – as previously reported |
|
36,581 |
|
|
|
|
|
|
|
|
Adjustments |
|
- 25,903 |
|
|
|
|
|
|
|
|
Changes in liquid assets – as adjusted |
|
10,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities – as previously reported |
|
- 1,040,028 |
|
|
|
|
|
|
|
|
Adjustments |
|
- 25,903 |
|
|
|
|
|
|
|
|
Net cash used in investing activities – as adjusted |
|
- 1,065,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities – as adjusted |
|
- 181,591 |
|
|
|
|
|
|
|
|
Adjustments |
|
- 25,903 |
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents – as adjusted |
|
- 207,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning
of the year – as previously reported |
|
1,042,909 |
|
|
|
|
|
|
|
|
Adjustments |
|
- 80,464 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning
of the year – as adjusted |
|
962,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the year –
as previously reported |
|
861,318 |
|
|
|
|
|
|
|
|
Adjustments |
|
- 106,367 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the year –
as adjusted |
|
754,951 |
|
|
|
|
|
|
| |
|
