Adidas 2003 Annual Report Download - page 125

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INDEPENDENT AUDITOR’S REPORT ///
We have audited the consolidated financial statements, comprising the consolidated balance sheet,
the consolidated income statement and the notes to the consolidated financial statements and the
statements of changes in shareholders’ equity as well as cash flows prepared by adidas-Salomon AG
for the business year from January 1 to December 31, 2003. The preparation and the content of
the
consolidated financial statements in accordance with International Financial Reporting Standards
(IFRS) are the responsibility of the Company’s Management. Our responsibility is to express
an
opinion on these consolidated financial statements based on our audit.
We conducted our audit of the consolidated financial statements in accordance with German
auditing regulations and German generally accepted standards for the audit of financial statements
promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and
perform the audit such that it can be assessed with reasonable assurance whether the consolidated
financial statements are free of material misstatements. Knowledge of the business activities and
the economic and legal environment of the Group and evaluations of possible misstatements are
taken into account in the determination of audit procedures. The evidence supporting the amounts
and disclosures in the consolidated financial statements is examined on a test basis within the
framework of the audit. The audit includes assessing the accounting principles used and significant
estimates made by Management, as well as evaluating the overall presentation of the consolidated
financial statements. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a true and fair view of the net assets,
financial position, results of operations and cash flows of the adidas-Salomon Group for the busi-
ness year in accordance with International Financial Reporting Standards.
Our audit, which also extends to the group management report prepared by the Company’s
Management for the business year from January 1 to December 31, 2003, has not led to any
reservations. In our opinion on the whole the group management report provides a suitable under-
standing of the Group’s position and suitably presents the risks of future development. In addition,
we confirm that the consolidated financial statements and the group management report for
the business year from January 1 to December 31, 2003 satisfy the conditions required for the
Company’s exemption from its duty to prepare consolidated financial statements and the group
management report in accordance with German law.
Frankfurt am Main, February 18, 2004
KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Meurer /// German Public Auditor Horn /// German Public Auditor
121
INDEPENDENT AUDITOR’S REPORT