Porsche 2009 Annual Report Download - page 19

Bernd Osterloh and Peter Mosch, who are members of the Volkswagen AG supervisory
board, did not take part in the resolution on Porsche Automobil Holding SE’s voting behavior at the
annual general meeting of Volkswagen AG on 22 April 2010 regarding the exoneration of the super-
visory board and potential motions for the appointment of a special auditor in connection with the
creation of the integrated automotive group. Dr. Wolfgang Porsche, Dr. Ferdinand Oliver Porsche,
Dr. Hans Michel Piëch and Prof. Dr. Ferdinand K. Piëch, who are also members of the Volkswagen
AG supervisory board, abstained from voting.
Audit of the separate financial statements and consolidated financial statements
for the fiscal year 2009/10
The separate financial statements prepared by the executive board of Porsche Automobil
Holding SE and the consolidated financial statements for fiscal 2009/10, together with the book-
keeping system, and the combined management report, have been audited by Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft, Stuttgart. The auditors have not raised any objections and have
confirmed this by rendering an unqualified audit opinion.
The profit/loss before tax from continuing operations of the Porsche SE group came to
5.9 billion euro in the fiscal year 2009/10. Profit after tax from continuing operations was 5.7 bil-
lion euro. The contributions to profit/loss of the discontinued operations (including their deconsoli-
dation profit/loss after tax) was minus 6.2 billion euro so that the Porsche SE group’s profit/loss
after tax was minus 0.5 billion euro. The financial statements of Porsche Automobil Holding SE dis-
close net income for the year of 9.0 billion euro and a net profit available for distribution of 4.5 bil-
lion euro.
The key audit areas of the financial statements specified by the supervisory board in con-
sultation with the audit committee were: the changes in the consolidated group; the accounting ef-
fects of the increase in Volkswagen AG’s preference capital at the level of Porsche Automobil Hold-
ing SE; the effects of selling a significant portion of the cash-settled options relating to shares in
Volkswagen AG to Qatar Holding LLC; and Porsche Automobil Holding SE’s risk management. Im-
portant topics concerning the change to the consolidated group included the deconsolidation of the
Porsche subgroup and the Volkswagen subgroup and initial accounting for the investments at equity.
Among other things, the audit verified the impairment test performed for the investments accounted
for at equity and the measurement of the put and call options that Porsche Automobil Holding SE
and Volkswagen AG granted each other with regard to the remaining 50.1 percent share in Porsche
Zwischenholding GmbH held by Porsche Automobil Holding SE. In accordance with Sec. 313 Ger-
man Stock Corporation Act (AktG), the audit of financial statements included a review of the execu-
tive board’s report on relations with affiliated companies (Sec. 312 German Stock Corporation Act).
Based on the findings of the audit, the independent auditor came to the conclusion that the
consolidated financial statements comply with IFRSs as adopted by the EU, the additional requirements
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