Porsche 2012 Annual Report Download - page 261

A
uditors’ report of the group auditor
“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
financial statements, together with the combined management report for the fiscal year from
1 January to 31 December 2012. The preparation of the consolidated financial statements and the
group management report in accordance with IFRSs as adopted by the EU, and the additional re-
quirements of German commercial law pursuant to Sec. 315a (1) HGB [“Handelsgesetzbuch”: Ger-
man Commercial Code] is the responsibility of the company’s management. Our responsibility is to
express an opinion on the consolidated 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 presenta-
tion of net assets, financial position and results of operations in the consolidated financial statements
in accordance with the applicable financial reporting framework and in the group management report
are detected 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 consolida-
tion, the determination 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 pur-
suant 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 consistent 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, 8 March 2013
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Prof. Dr. Wollmert Matischiok
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]
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