Porsche 2009 Annual Report Download - page 20

of German commercial law pursuant to Sec. 315a (1) German Commercial Code (HGB), and that the
separate financial statements comply with requirements of German commercial law respectively,
and that both sets of financial statements give a true and fair view of the net assets, financial posi-
tion and results of operations of the group, and the company, respectively, in accordance with
these requirements. Moreover, the auditor found that the combined management report is consis-
tent with the consolidated financial statements and separate financial statements and as a whole
provides a suitable view of the position of the group and the company and suitably presents the op-
portunities and risks of future development. Based on the assessment of the auditor, Porsche
Automobil Holding SE’s early warning system for the detection of risk satisfies the legal require-
ments of Sec. 91 (2) German Stock Corporation Act (AktG).
The separate financial statements of Porsche Automobil Holding SE, the consolidated fi-
nancial statements and the combined management report, on which Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft, Stuttgart, has rendered an unqualified audit opinion, as well as the
audit reports of the auditors of the financial statements and the proposal of the executive board on
the appropriation of net profit available for distribution were made available in a timely manner to
the supervisory board for review.
At its meeting on 12 October 2010, the audit committee discussed with the independent
auditor the separate financial statements on which an unqualified audit opinion had been issued,
the consolidated financial statements on which an unqualified audit opinion had been issued and
the combined management report and group management report as well as the proposal for the
appropriation of net profit available for distribution and significant audit topics including the neces-
sary deconsolidations and the measurement of the put and call options granted reciprocally by
Porsche Automobil Holding SE and Volkswagen AG relating to Porsche Automobil Holding SE's re-
maining 50.1 percent share in Porsche Zwischenholding GmbH. It was the task of the audit com-
mittee to check the appropriateness of the accounting and whether the legal requirements for the
preparation of the consolidated and separate financial statements and the combined management
report had been complied with and also whether the representations give a true and fair view of
the net assets, financial position and results of operations of the company and of the group. Rep-
resentatives of the auditor attended the meeting of the audit committee on the relevant point of
the agenda 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 as-
sets, financial position and results of operations of Porsche Automobil Holding SE and were avail-
able to the supervisory board to provide any additional information.
The audit committee decided to recommend to the supervisory board to approve the
separate and consolidated financial statements. The audit committee also decided to recommend
to the supervisory board to propose to the annual general meeting on 30 November 2010 to elect
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, as auditors. A declaration of in-
dependence was obtained from the auditor in accordance with No. 7.2.1 of the German Corporate
Governance Code.
20 Report of the supervisory board