Reebok 2011 Annual Report Download - page 177

adidas Group
2011 Annual Report
CONSOLIDATED FINANCIAL STATEMENTS
173
2011
04.2 Auditor’s Report
04.2
Auditor’s Report
We have audited the consolidated financial statements prepared by adidas AG, Herzogenaurach, comprising the state-
ment of financial position, income statement, statement of comprehensive income, statement of changes in equity,
statement of cash flows and the notes, together with the management report of the Company and the Group for the
business year from January 1 to December 31, 2011. The preparation of the consolidated financial 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 (1) HGB (Handelsgesetzbuch – “German Commercial Code”) is the responsibility
of the company’s Executive Board. Our responsibility is to express an opinion on the consolidated financial statements
and on the Group management report based on our audit.
We conducted our audit of the consolidated financial statements in accordance with § 317 HGB and German
generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer
(Institute of Public Auditors in Germany) (IDW). Those standards require that we plan and perform the audit such
that misstatements materially affecting the presentation of the net assets, financial position and profit or loss in
the consolidated financial statements in accordance with the applicable financial 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 financial 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 financial
statements of the entities included in consolidation, the determination of entities to be included in consolidation, the
accounting and consolidation principles used and significant estimates made by management, as well as evaluating
the overall presentation of the consolidated financial statements 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 findings of our audit, the consolidated financial statements comply with IFRS, as adopted
by the EU, and the additional requirements of German commercial law pursuant to § 315a (1) HGB and give a true and
fair view of the net assets, financial position and profit or loss of the Group in accordance with these requirements. The
Group management report is consistent with the consolidated financial statements and as a whole provides a suitable
view of the Group’s position and suitably presents the opportunities and risks of future development.
Munich, February 15, 2012
KPMG AG
Wirtschaftsprüfungsgesellschaft
(Original German version signed by:)
Kozikowski Wolper
Wirtschaftsprüfer Wirtschaftsprüfer
(German Public Auditor) (German Public Auditor)