Porsche 2008 Annual Report Download - page 245

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“We have audited the consolidated financial statements prepared by Porsche Automobil Holding SE,
Stuttgart, comprising the balance sheet, the income statement, the statement of cash flows,
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 August 2008 to 31 July 2009. The prep-
aration 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 responsi-
bility of the entity’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 re-
quire that we plan and perform the audit such that misstatements materially affecting the presen-
tation of net assets, financial position and results of operations in the consolidated financial state-
ments in accordance with the applicable financial reporting framework and in the group manage-
ment 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 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 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.
Without qualifying this opinion, we refer to the discussion in the group management report on risks
and opportunities relating to future development. Here it says:
If the steps involved in the merger of Porsche Automobil Holding SE and Volkswagen AG and thus
the debt relief of Porsche Automobil Holding SE do not take place as planned, this could once
again lead Porsche Automobil Holding SE into a critical liquidity situation by the end of 2009 which
could put the ability of the company and the group to continue as a going concern at risk.”
Stuttgart, 19 October 2009
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Benzinger Strähle
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]
Auditors’ report of the group auditor