Reebok 2011 Annual Report Download - page 48

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adidas Group
2011 Annual Report
TO OUR SHAREHOLDERS
44
2011
01.5
01.5 Supervisory Board Report
Examination of the adidas AG annual financial statements and
consolidated financial statements
KPMG audited the 2011 consolidated financial statements prepared by the Executive Board in accordance
with § 315a German Commercial Code (Handelsgesetzbuch – HGB) in compliance with IFRS and issued an
unqualified opinion thereon. The auditor also approved without qualification the 2011 annual financial statements
and the combined Management Report of adidas AG prepared in accordance with HGB requirements. The
financial statements, the proposal put forward by the Executive Board regarding the appropriation of retained
earnings and the auditor’s reports were distributed to all Supervisory Board members by the Executive Board
in a timely manner. We examined them in depth in the presence of the auditor at the Audit Committee meeting
held on March 2, 2012 and at the Supervisory Board’s March 6, 2012 financial statements meeting during which
the Executive Board explained the financial statements in detail. At both meetings, the auditor reported the
material results of the audit with a focus on the priority topics of the year under review as agreed with the Audit
Committee and was available for questions and the provision of additional information. The auditor did not report
any significant weaknesses with respect to the system for early risk detection and the internal control system.
We also discussed with the Executive Board the proposal concerning the appropriation of retained earnings
with regard to the dividend policy and adopted it in light of the company’s good financial situation as well as
the expectations of our shareholders. Based on our own examinations of the annual financial statements and
consolidated financial statements, we are convinced that there are no objections to be raised. Following the
recommendation of the Audit Committee, at our financial statements meeting we therefore approved the audit
results and the financial statements prepared by the Executive Board. The annual financial statements of adidas
AG were thus approved.
Expression of thanks
The Supervisory Board wishes to thank the Executive Board, the management of the Group companies, the
Works Council and all adidas Group employees for their tremendous personal dedication, their performance and
their ongoing commitment which were decisive for achieving such excellent results.
For the Supervisory Board
IGOR LANDAU
Chairman of the Supervisory Board
March 2012