Porsche 2011 Annual Report Download - page 19

Audit of the separate financial statements and consolidated financial statements
for the fiscal year 2011
The separate financial statements prepared by the executive board of Porsche SE and the consoli-
dated financial statements for the fiscal year 2011, together with the bookkeeping system and the combined
management and group management report, have been audited by Ernst & Young GmbH Wirtschaftsprüfungs-
gesellschaft, Stuttgart. The auditors have not raised any objections and have confirmed this by rendering an
unqualified audit opinion.
The earnings before tax of Porsche SE group came to 28 million euro in the fiscal year 2011. Profit
after tax was 59 million euro. The financial statements of Porsche SE disclosed a net income for the year of
146 million euro and a net profit available for distribution of 232 million euro.
The key areas of the audit of the financial statements specified by the supervisory board in conjunc-
tion with the audit committee included the accounting of the capital increase of Porsche SE in April 2011 as
well as the valuation of the put and call options regarding the remaining shares of Porsche SE in Porsche
Zwischenholding GmbH.
In accordance with Sec. 313 AktG, the audit of financial statements included a review of the execu-
tive board's report on relations with affiliated companies (Sec. 312 AktG).
Based on the findings of the audit, the independent auditor came to the conclusion that the consoli-
dated financial statements comply with IFRS as adopted by the EU, the additional requirements of German
commercial law pursuant to Sec. 315a (1) German Commercial Code (HGB), and that the separate financial
statements comply with requirements of German commercial law respectively, and that both sets of financial
statements give a true and fair view of the net assets, financial position and results of operations of the group,
and the company, respectively, in accordance with these requirements. Moreover, the auditor found that the
combined management and group management report is consistent with the consolidated financial state-
ments and separate financial statements and as a whole provides a suitable view of the position of the group
and the company and suitably presents the opportunities and risks of future developments. Based on the
assessment of the independent auditor, Porsche SE's early warning system for the detection of risks satisfies
the legal requirements of Sec. 91 (2) AktG.
The separate financial statements of Porsche SE, the consolidated financial statements and the com-
bined management and group management report, on which Ernst & Young GmbH Wirtschaftsprüfungsgesell-
schaft, Stuttgart, has rendered an unqualified audit opinion, as well as the audit reports of the auditors of the
financial statements and the proposal of the executive board on the appropriation of net profit available for
distribution were made available in a timely manner to the supervisory board for review.
At its meeting on 1 March 2012, the audit committee had a discussion with the independent auditor
on the separate financial statements, the consolidated financial statements and the combined management
and group management report as well as the proposal for the appropriation of net profit available for distribu-
tion. Other significant audit topics included the accounting of the capital increase of Porsche SE implemented
in April 2011 as well as the valuation of the put and call options of the remaining shares of Porsche SE in
Porsche Zwischenholding GmbH. It was the task of the audit committee to check the appropriateness of the
accounting and whether the legal requirements for the preparation of the consolidated and separate financial
statements and the combined management and group management report had been complied with and also
whether the representations give a true and fair view of the net assets, financial positions and results of op-
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