Porsche 2007 Annual Report Download - page 200

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“We have audited the consolidated financial statements, comprising the balance sheet, the income
statement, the statement of cash flows, statement of changes in shareholders' equity as well as
the notes to the financial statements - and the combined management report prepared by Porsche
Automobil Holding SE, Stuttgart, for the fiscal year from 1 August 2007 to 31 July 2008. The pre-
paration of the consolidated financial statements 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 manage-
ment. 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 re-
quire that we plan and perform the audit such that misstatements materially affecting the presen-
tation of the 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 misstate-
ments 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 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
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 manage-
ment 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, 20 October 2008
Ernst & Young AG
Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
Oesterle Strähle
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]
Auditors’ report of the group auditor