Porsche 2011 Annual Report Download - page 20

erations of the company and of the group. Representatives of the auditor attended the meeting of the audit
committee on the relevant agenda item and reported on the significant results of the audit of the separate
and consolidated financial statements. In particular, the representatives of the auditors commented on the net
assets, financial position and results of operations of Porsche SE and were available to the committee to
provide any additional information.
The audit committee decided to recommend to the supervisory board to approve the separate and
consolidated financial statements. A declaration of independence was attained from the auditor in accordance
with No. 7.2.1 of the German Corporate Governance Code. The audit committee also decided to recommend
to the supervisory board to propose to the annual general meeting on 25 June 2012 to elect Ernst & Young
GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, as auditors.
At its meeting on 9 March 2012, the supervisory board conducted a detailed review and discussion
of the documents presented pursuant to Art. 9 (1) c (ii) Council Regulation (EC) No. 2157/2010 and Sec. 170
(1) and (2) AktG as well as the audit reports of the auditors of the financial statements. The chairman of the
audit committee gave a detailed report on the review of the separate financial statements, the consolidated
financial statements and the group management report as integrated in the management report in the audit
committee. The supervisory board's review related in particular to the accounting of the capital increase
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. Representatives of the auditor attended the meeting of the
supervisory board on the relevant agenda item and reported on the significant results of their audit of the
separate and consolidated financial statements. In particular the representatives of the auditors commented
on the net assets, financial position and results of operations of Porsche SE and were available to the super-
visory board to provide any additional information.
The supervisory board agrees with the audit findings of Ernst & Young GmbH Wirtschaftsprüfungsge-
sellschaft, 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 ap-
proved the separate financial statements and the consolidated financial statements for the fiscal year 2011.
The separate financial statements are therewith ratified. The supervisory board has declared that it agrees
with the combined management and group management report of the executive board. Subsequent to its
review, the supervisory board agreed 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. 2157/2010 and Sec. 312 AktG the ex-
ecutive board has prepared a report on related companies (dependent company report) for the fiscal year
2011. 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."
REPORT OF THE SUPERVISORY BOARD20