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ANNUAL REPORT 2007 --- adidas Group
INDEPENDENT AUDITOR’S REPORT
We have audited the consolidated fi nancial statements prepared by adidas AG, Herzogenaurach
– comprising the balance sheet, the income statement, statement of recognized income and
expense, cash fl ow statement and the notes to the consolidated fi nancial statements – together
with the Group Management Report for the business year from January 1, 2007 to December 31,
2007. The preparation of the consolidated fi nancial statements and the Group Management
Report in accordance with IFRS, as adopted by the EU, and the additional requirements of
German commercial law pursuant to § 315a section 1 HGB (Handelsgesetzbuch “German Com-
mercial Code”) are the responsibility of the parent company’s Management. Our responsibility
is to express an opinion on the consolidated fi nancial statements and on the Group Management
Report based on our audit.
We conducted our audit of the consolidated fi nancial statements in accordance with § 317 HGB
and German generally accepted standards for the audit of fi nancial statements promulgated
by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform
the audit such that misstatements materially affecting the presentation of the net assets, fi nan-
cial position and results of operations in the consolidated fi nancial statements in accordance
with the applicable fi nancial reporting framework and in the Group Management Report are
detected with reasonable assurance. Knowledge of the business activities and the economic
and legal environment of the Group and expectations as to possible misstatements are taken
into account in the determination of audit procedures. The effectiveness of the accounting-
related internal control system and the evidence supporting the disclosures in the consolidated
fi nancial statements and the Group Management Report are examined primarily on a test basis
within the framework of the audit. The audit includes assessing the annual fi nancial statements
of those entities included in consolidation, the determination of entities to be included in con-
solidation, the accounting and consolidation principles used and signifi cant estimates made by
Management, as well as evaluating the overall presentation of the consolidated fi nancial state-
ments and Group Management Report. We believe that our audit provides a reasonable basis
for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the fi ndings of our audit, the consolidated fi nancial statements comply
with IFRS, as adopted by the EU, and the additional requirements of German commercial law
pursuant to § 315a section 1 HGB and give a true and fair view of the net assets, fi nancial posi-
tion and results of operations of the Group in accordance with these requirements. The Group
Management Report is consistent with the consolidated fi nancial statements and as a whole
provides a suitable view of the Group’s position and suitably presents the opportunities and risks
of future development.
Frankfurt am Main, February 15, 2008
KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Dr. Bernd Erle Rainer Gebele
German Public Auditor German Public Auditor
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