content_image/97469.jpg
## 11. Other Long-Term Financial Assets 

This item is made up as follows: 

<img src='content_image/97469.jpg'>

The development for 2004 is presented in the Appendix to the consolidated financial statements. Extraordinary depreciation due to impairment in value was not necessary. 

## 12. Shares in Associated Companies 

The shares in associated companies concern “Sportlifestyle Majazacilik Sanayi ve Ticaret A.S.”, Istanbul, Turkey, with a stake of 35%. Due to the balanced result, the value recorded as 

## 13. Financial Liabilities 

Financial liabilities consist of bank loans with residual terms of less than 12 months. There were no long-term bank loans as of the balance sheet date. 

Credit lines granted to the company totaled € 210.6 million (previous year: € 195.3 million); they may be used either for bank loans or guaranteed credits. In addition to financial liabilities to 

of December 31, 2004 remained unchanged at € 0.6 million in comparison with the previous year. 

the amount of € 12.9 million (previous year: € 16.8 million) there were guaranty credits (largely documentary credits) to the amount of € 4.8 million (previous year: € 5.7 million) as of December 31, 2004. At that date the Company had, in addition to cash and cash equivalents, unused credit lines to the amount of € 192.8 million (previous year: € 172.8 million). 

