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CONSOLIDATED FINANCIAL STATEMENTS

Auditor’s Report

181

AUDITOR’S REPORT

We have audited the consolidated ﬁnancial statements prepared by adidas AG, Herzogenaurach, comprising the

statement 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, 2015. 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 those 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, 2016

KPMG AG

Wirtschaftsprüfungsgesellschaft

(Original German version signed by:)

Braun Wolper

Wirtschaftsprüfer Wirtschaftsprüfer

(German Public Auditor) (German Public Auditor)