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Home > Financials > Consolidated Financial Statements > Notes > 20. Liquid Assets |
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| C. NOTES TO THE CONSOLIDATED BALANCE SHEET |
20. LIQUID ASSETS
Liquid assets as of December 31 consist of the following:
|
2004 |
2003 |
| €(000) |
€(000) |
| Cash at banks |
458,909 |
326,305 |
| Liquid investments with original maturities of 3 months or less |
1,054,226 |
658,090 |
| Cash and cash equivalents |
1,513,135 |
984,395 |
| Liquid investments with original maturities exceeding 3 months and less than 1 year |
546,272 |
588,472 |
| Liquid investments with original maturities exceeding 1 year |
1,137,135 |
448,784 |
| Restricted cash with original maturity exceeding 1 year |
0 |
74,305 |
|
3,196,542 |
2,095,956 |
Liquid assets with maturities exceeding one year are classified
as non current in our consolidated balance sheets.
Restricted cash was used until mid-2004 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"). See Note 30.
In 2004, SAP eliminated from cash and cash equivalents auction rate securities and began classifying them as liquid assets with original maturities "exceeding 3 months and less than 1 year" or "exceeding 1 year". The December 31, 2003 and 2002 balances of liquid asset items and the 2003 and 2002 consolidated statements of cash flows have been adjusted accordingly. These adjustments have no effect on the amounts of total liquid assets, total assets, net income or cash flow from operations of the Company. The effects of this adjustment are as follows for the years ended December 31, 2003 and 2002:
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2003 |
2002 |
| As previously reported |
Adjustment |
As adjusted |
As previously reported |
Adjustment |
As adjusted |
| €(000) |
€(000) |
€(000) |
€(000) |
€(000) |
€(000) |
| Change in liquid assets (maturities exceeding 3 months) and marketable securities |
-639,379 |
-229,342 |
-868,721 |
91,703 |
-110,547 |
-18,844 |
| Net cash used in investing activities |
-915,120 |
-229,342 |
-1,144,462 |
-215,840 |
-110,547 |
-326,387 |
| Net increase in cash and cash equivalents |
218,683 |
-229,342 |
-10,659 |
366,757 |
-110,547 |
256,210 |
| Cash and cash equivalents at the beginning of the year |
1,121,708 |
-126,654 |
995,054 |
754,951 |
-16,107 |
738,844 |
| Cash and cash equivalents at the end of the year |
1,340,391 |
-355,996 |
984,395 |
1,121,708 |
-126,654 |
995,054 |
| Liquid investments with original maturities exceeding 3 months and less than 1 year |
680,891 |
-92,419 |
588,472 |
26,281 |
-9,515 |
16,766 |
| Liquid investments with original maturities exceeding 1 year |
74,674 |
448,415 |
523,089 |
89,908 |
136,169 |
226,077 |
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