Porsche 2009 Annual Report Download - page 21

In its meeting of 13 October 2010, the supervisory board conducted a detailed review and
discussion of the documents presented pursuant to Art. 9 (1) c (ii) Council Regulation (EC)
No. 2157/2001 and Sec. 170 (1) and (2) German Stock Corporation Act (AktG) as well as the audit
reports of the auditors of the financial statements. The chairman of the audit committee gave a de-
tailed report on the review of the separate financial statements and the consolidated financial
statements in the audit committee. The supervisory board’s review related in particular to the
changes in consolidated group, the effects of the increase in preference capital by Volkswagen AG
on the accounting at the level of Porsche Automobil Holding SE, the sale of a significant portion of
the cash-settled options relating to VW shares to Qatar Holding LLC, the risk management of Por-
sche Automobil Holding SE and the valuation of the put and call options granted to each other by
Porsche Automobil Holding SE and Volkswagen AG for the 50.1 percent share remaining with Por-
sche Automobil Holding SE in Porsche Zwischenholding GmbH. Representatives of the auditor at-
tended the meeting of the supervisory board on the relevant point of the agenda and reported on
the significant results of their audit of the separate and consolidated financial statements. In par-
ticular, the representatives of the auditors commented on the net assets, financial position and re-
sults of operations of Porsche Automobil Holding SE and were available to the supervisory board to
provide any additional information.
The supervisory board agrees with the audit findings of Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft, Stuttgart. Subsequent to its own reviews, the supervisory board
has found that no objections can be raised. In accordance with the recommendation of the audit
committee, the supervisory board has approved the separate financial statements and the consoli-
dated financial statements for the fiscal year 2009/10. The separate financial statements are
therewith ratified. The supervisory board has declared that it agrees with the combined manage-
ment report of the executive board. The supervisory board agrees to the proposal of the executive
board on the appropriation of net profit available for distribution.
In accordance with, Art. 9 (1) c (ii) Council Regulation (EC) No. 2157/2009 and Sec. 312 German
Stock Corporation Act (AktG) the executive board has prepared a report on relations with affiliated
companies (dependent company report) for the fiscal year 2009/10. The auditors have audited the
dependent company report and have rendered the following audit opinion:
“Based on our audit and assessment in accordance with professional standards, we confirm that
(1) the actual disclosures contained in the report are correct,
(2) the payments made by the company in connection with transactions detailed in the report
were not unreasonably high.”
The dependent company report together with the audit report of the auditor of the financial
statements were provided to the supervisory board in a timely manner. Both were discussed in de-
tail at the meetings of the audit committee and the supervisory board on 12 and 13 October 2010
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