Audi 2009 Annual Report Download - page 10

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Photo: Claudia Kempf
well as the 2009 Management Reports for AUDI AG and
the Audi Group, and subsequently in each case issued their
unqualified certification.
The members of the Audit Committee and the Supervisory
Board were presented with the documentation relating to the
Annual and Consolidated Financial Statements, together
with the corresponding audit reports by the auditors, well in
advance of the meeting on February 22, 2010. The auditors
explained the key findings of their audit in detail at the meet-
ings of the Audit Committee and the Supervisory Board. They
also reported on the accounting-based internal control sys-
tem and the services provided in addition to the annual audit.
According to the information supplied by the auditors, there
were no circumstances which might call into question their
impartiality in conducting the annual audit. Following this,
the members of the respective committees were available for
follow-up questions and further information. Based on the
audit documents received, the extensive discussions held
with the auditors and its own conclusions, the Audit Commit-
tee recommended to the Supervisory Board that it sign off
the Annual Financial Statements and Consolidated Financial
Statements. After appropriate discussions, the Supervisory
Board accepted this recommendation and signed off the An-
nual Financial Statements prepared by the Board of Manage-
ment as well as the Consolidated Financial Statements. The
Annual Financial Statements are thus established.
There were no changes in the composition of the Company’s
Board of Management during the past fiscal year.
The Board of Management expects the global economic
recovery begun in 2009 to continue at a moderate pace in
2010. Global demand for cars will be only slightly higher
than the sharply contracted levels seen the previous year as
a result of the crisis. A renewed slump in demand is likely in
some markets as the government stimulus packages run
their course, although this should only have a limited impact
on the premium car segment. The Board of Management
took account of global economic conditions when laying its
plans for the years ahead and adjusted its corporate strategy
in line with future challenges. It will continue to work hard to
expand the Company’s strong competitive position, not only
by seeking to continually improve the cost situation, but also
by winning over customers with new, efficient mobility con-
cepts. The Supervisory Board will continue to provide the
Board of Management with active and constructive advice
and support to help it realize this growth strategy.
Ingolstadt, February 22, 2010
Prof. Dr. rer. nat. Martin Winterkorn
Chairman of the Supervisory Board
earnings strength and competitiveness of the Company and
discussed these extensively. Other major issues for consulta-
tion included human resources work within AUDI AG as well
as the Company’s technological response to increasing cus-
tomer demand for ever more efficient mobility concepts and
electric mobility options, as well as in-depth discussions on
the market opportunities and risks in Audi’s core markets
based on its current and future range of models. The Supervi-
sory Board also dealt with the German Act on the Appropri-
ateness of Management Board Remuneration (VorstAG) and
the resulting implications for the Audi Group. At the Supervi-
sory Board meeting on February 22, 2010, the Supervisory
Board approved a revised remuneration system for the Audi
Board of Management.
Following intensive discussions within the Supervisory
Board, the meeting on November 23, 2009 approved the
financial, human resources and investment plans, as well as
the content of the annual Declaration of Compliance pur-
suant to Section 161 of the German Stock Corporation Act
(AktG).
The Audit Committee met as per schedule during the past
fiscal year. At these meetings, the committee gave extensive
consideration to the 2008 Annual and Consolidated Financial
Statements, the accounting process, and the Company’s in-
ternal control, risk management and auditing system, as well
as the compliance organization set up by the Board of Man-
agement. Prior to publication, the Audit Committee met with
the Board of Management to approve the content of the
2009 Interim Financial Report, together with the auditors.
Other items discussed included the independence of the au-
ditors and the additional services provided by them, and the
current situation at year-end 2009. Furthermore, the Audit
Committee analyzed the possible risks and burdens as a re-
sult of the financial and economic crisis as well as the contin-
uing high volatility of international raw materials and curren-
cy markets.
On the recommendation of the Supervisory Board, Price-
waterhouseCoopers AG Wirtschaftsprüfungsgesellschaft
was appointed as the auditors for the 2009 fiscal year by the
Annual General Meeting of AUDI AG on May 13, 2009. The
Supervisory Board issued the audit assignment to the ap-
pointed auditors immediately after the vote. The auditors
confirmed the Annual Financial Statements of AUDI AG and
the Consolidated Financial Statements of the Audi Group, as
“
The Audi Group recorded a very
positive operating profit and was
thus one of the most profitable
car manufacturers in the premium
segment in 2009.”
Prof. Dr. rer. nat. Martin Winterkorn