Porsche 2009 Annual Report Download - page 270

270 Financials
“We have audited the consolidated financial statements prepared by Porsche Automobil Holding
SE, Stuttgart, comprising the income statement, the statement of comprehensive income, the balance
sheet, the statement of cash flows, the statement of changes in equity as well as the notes to the finan-
cial statements, together with the combined management report for the fiscal year from 1 August 2009
to 31 July 2010. The preparation of the consolidated financial statements and the group management
report in accordance with IFRSs as adopted by the EU, and the additional requirements of German
commercial law pursuant to Sec. 315a (1) HGB [“Handelsgesetzbuch”: German Commercial Code] is the
responsibility of the company’s management. Our responsibility is to express an opinion on the consoli-
dated financial statements and on the group management report based on our audit.
We conducted our audit of the consolidated financial statements in accordance with Sec. 317
HGB and German generally accepted standards for the audit of financial statements promulgated by the
Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards require
that we plan and perform the audit such that misstatements materially affecting the presentation of net
assets, financial position and results of operations in the consolidated financial statements in accor-
dance with the applicable financial reporting framework and in the group management report are de-
tected with reasonable assurance. Knowledge of the business activities and the economic and legal
environment of the group and expectations as to possible misstatements are taken into account in the
determination of audit procedures. The effectiveness of the accounting-related internal control system
and the evidence supporting the disclosures in the consolidated financial statements and the group
management report are examined primarily on a test basis within the framework of the audit. The audit
includes assessing the annual financial statements of those entities included in consolidation, the de-
termination of entities to be included in consolidation, the accounting and consolidation principles used
and significant estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements and the group management report. We believe that our audit provides
a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the consolidated financial statements comply
with IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant
to Sec. 315a (1) HGB and give a true and fair view of the net assets, financial position and results of
operations of the group in accordance with these requirements. The group management report is con-
sistent with the consolidated financial statements and as a whole provides a suitable view of the group’s
position and suitably presents the opportunities and risks of future development.”
Stuttgart, 1 October 2010
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Hollweg Benzinger
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]
A
uditors’ report of the group auditor