Porsche 2005 Annual Report Download - page 11

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Following its own examination, the Supervisory Board approved
the result of the audit of Ernst & Young AG Wirtschaftsprüfungs-
gesellschaft Steuerberatungsgesellschaft, Stuttgart, at its
meeting on November 15, 2006 which was also attended by
the auditor. Based on the results of the examination by the
Supervisory Board, it has concluded that no objections need to
be raised against the final declaration of the Executive Board
in the dependent company report.
The financial statements of Porsche AG and the consolidated
financial statements prepared by the Executive Board for the
2005/06 fiscal year were examined, with reference to the book-
keeping and the combined management report for the AG
and the Group, were audited by Ernst & Young AG Wirtschafts-
prüfungsgesellschaft Steuerberatungsgesellschaft, Stuttgart,
who had been elected by the shareholders’ annual general
meeting held on January 27, 2006. The audit included the Exe-
cutive Board’s measures for the early identification of risks
that could endanger the company’s success or survival. The
auditor did not have any reservations and certified this by
rendering an unqualified opinion.
The financial statements of Porsche AG, the consolidated
financial statements and the combined management report on
which Ernst & Young AG Wirtschaftsprüfungsgesellschaft Steuer-
beratungsgesellschaft, Stuttgart, rendered their unqualified
opinion, as well as the audit reports of the auditor were sub-
mitted to the Supervisory Board for review. The Supervisory
Board, following examination of the documents submitted to it
in accordance with § 170 Paragraphs 1 and 2 AktG and the
audit reports, has concluded on the basis of the results of its
examinations that no objections need to be raised, and has
approved the results of the audit report of Ernst & Young AG
Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft,
Stuttgart.
At the meeting of the Supervisory Board on November 15,
2006 at which the financial statements were ratified and the
consolidated financial statements approved, the auditors
signing the financial statements were present for the relevant
point on the agenda and reported on their audit of the financial
statements and consolidated financial statements. The Super-
visory Board has approved the financial statements and the
consolidated financial statements for the 2005/06 fiscal year.
The annual financial statements are thus ratified. The Super-
visory Board agrees with the management report prepared
by the Executive Board. After its own review, the Supervisory
Board also agreed to the Executive Board’s proposal for the
appropriation of profit.
The Supervisory Board expresses its gratitude to the Executive
Board, the employees' elected representatives and all em-
ployees in acknowledgement of their dedicated work in the
past fiscal year.
Stuttgart, November 15, 2006
The Supervisory Board
Prof. Dr. Helmut Sihler
Chairman
9