The statutory annual financial statements of adidas AG relevant for the distribution of dividends are prepared in accordance with the provisions of the German Commercial Code (Handelsgesetzbuch - HGB) and the German Stock Corporation Act (Aktiengesetz - AktG). The annual consolidated financial statements and the interim financial reports of the adidas Group are prepared by the Executive Board in accordance with the principles of the International Financial Reporting Standards (IFRS) as applicable in the European Union. The annual accounts are audited and approved by the Supervisory Board. The financial statements of adidas AG are therewith adopted.
KPMG AG Wirtschaftsprüfungsgesellschaft, Berlin, audited the consolidated financial statements for 2017 prepared by the Executive Board in accordance with the above mentioned provisions and issued an unqualified opinion thereon. The auditor also approved without qualification the 2017 annual financial statements of adidas AG prepared in accordance with HGB requirements.
On May 9, 2018, the Annual General Meeting appointed KPMG AG Wirtschaftsprüfungsgesellschaft, Berlin, as auditor for the adidas AG annual financial statements and the consolidated financial statements for the financial year 2018, after the Supervisory Board had confirmed the independence of the auditor.
The Supervisory Board agreed with the auditor that the Chairman of the Supervisory Board and of the Audit Committee will be informed immediately of any grounds for disqualification or impartiality occurring during the audit, unless such grounds are eliminated immediately. The regulations concerning the internal and external rotation of the auditors (Regulation (EU) 537/2014) are observed.
Furthermore, it was agreed that the auditor reports without delay on all facts and events of importance for the tasks of the Supervisory Board which arise during the performance of the audit. Additionally, the auditor will inform the Chairman of the Supervisory Board and of the Audit Committee and note in the Auditor's Report respectively if, during the performance of the audit, the auditor comes across facts which show a misstatement by the Executive Board and the Supervisory Board on the German Corporate Governance Code.