ON A LIMITED ASSURANCE ENGAGEMENT ON THE COMBINED NON-FINANCIAL REPORT1
TO PUMA SE, HERZOGENAURACH
We have performed a limited assurance engagement on the non-financial report 2017 of PUMA SE in accordance with § 315b German Commercial Code (HGB), which was combined with the non-financial report of the parent company in accordance with § 289b German Commercial Code (HGB) (hereinafter: “combined non-financial report”), for the period from January 1 to December 31, 2017. Our engagement has not covered the chapter “EP&L Impact” as well as the reference to internal or external documentation sources or expert opinions.
RESPONSIBILITY OF THE MANAGING DIRECTORS
The Managing Directors are responsible for the preparation of the combined non-financial report in accordance with §§ 289b to 289e and 315b, 315c in connection with 289c to 289e HGB. This responsibility includes the selection and application of appropriate methods for preparing the combined non-financial report as well as making assumptions and estimates related to individual non-financial disclosures, which are reasonable in the circumstances. Furthermore, the Managing Directors are responsible for such internal control, as it has considered necessary to enable the preparation of the combined non-financial report that is free from material misstatement, whether due to fraud or error.
PRACTITIONER’S DECLARATION RELATING TO INDEPENDENCE AND QUALITY
We are independent of the entity in accordance with the provisions under German commercial law and professional requirements, and we have fulfilled our other ethical responsibilities in accordance with the relevant provisions within these requirements.
Deloitte GmbH Wirtschaftsprüfungsgesellschaft applies the German national legal requirements and the German profession’s pronouncements for quality control, in particular the by-laws regulating the rights and duties of “Wirtschaftsprüfer” and “vereidigte Buchprüfer” in the exercise of their profession (Berufssatzung für Wirtschaftsprüfer und vereidigte Buchprüfer) as well as the IDW Standard on Quality Control: Requirements for Quality Control in Audit Firms [IDW Qualitätssicherungsstandards: Anforderungen an die Qualitätssicherung in der Wirtschaftsprüferpraxis (IDW QS 1)], that are consistent with the International Standard on Quality Control 1 (ISQC 1) issued by the International Auditing and Assurance Standards Board (IAASB).
Our responsibility is to express a limited assurance conclusion on the combined non-financial report, based on the assurance engagement we have performed.
We conducted our assurance engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised): Assurance Engagements other than Audits or Reviews of Historical Financial Information, issued by the IAASB. This Standard requires that we plan and perform the assurance engagement to allow us to conclude with limited assurance that no matters have come to our attention that cause us to believe that the information disclosed in the combined non-financial report for the period from January 1 to December 31, 2017 has not been prepared, in all material respects, in accordance with §§ 315b, 315c in connection with 289c to 289e German Commercial Code (HGB). In a limited assurance engagement the assurance procedures are less in extent than for a reasonable assurance engagement and therefore a substantially lower level of assurance is obtained. The assurance procedures selected depend on the practitioner’s professional judgment.
Within the scope of our limited assurance engagement, which was – with intermittent delays – performed from November 2017 to March 2018, we have performed, among others, the following audit procedures and other activities:
Obtaining an understanding of the structure of the sustainability organization and of the stakeholder engagement
Participating in the stakeholder meeting in Hong Kong for assessing the stakeholder dialog
Interviewing the managing directors and relevant staff that were involved when preparing the combined non-financial report about the process of preparation, the internal control system relating to this process as well as about the disclosures made in the combined non-financial report at the Herzogenaurach site and interviewing, by means of modern communication media, selected contacts in Asia and North America
Identification of the likely risks of material misstatement within the combined non-financial report
Analytical evaluation of selected disclosures within the combined non-financial report
Comparison of selected disclosures with corresponding data in the consolidated financial statements
Evaluation of the presentation of the selected disclosures regarding sustainability performance.
Based on the assurance procedures performed and assurance evidence obtained, nothing has come to our attention that causes us to believe that the disclosures of the combined non-financial report of PUMA SE, for the period from January 1 to December 31, 2017 have not been prepared, in all material aspects, in accordance with §§ 289b to 289e and 315b, 315c in connection with 289c to 289e German Commercial Code (HGB). Our assurance report does not refer to the chapter “EP&L Impact” as well as to the reference to internal or external documentation sources or expert opinions.
INTENDED USE OF THE ASSURANCE REPORT
We issue this report on the basis of the engagement agreed with PUMA SE. The assurance engagement has been performed for purposes of PUMA SE and the report is solely intended to inform PUMA SE as to the results of the assurance engagement.
LIMITATION OF LIABILITY
The report is not intended to provide third parties with support in making (financial) decisions. Our responsibility lies solely toward PUMA SE and is limited based on the “Special engagement terms of Deloitte GmbH Wirtschaftsprüfungsgesellschaft” as well as on the “General Engagement Terms for Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften of the IDW” from January 1, 2017, which were agreed with PUMA SE. We do not assume any responsibility towards third parties.
Munich, March 9, 2018
Deloitte GmbH Wirtschaftsprüfungsgesellschaft
Stadter ppa. Fundel
1 We have performed a limited assurance engagement on the German version of the combined non-financial Group Report and issued an independent assurance report in the German language, which is authoritative. The following text is a convenience translation of the independent practitioner’s assurance report.