Porsche 2010 Annual Report Download - page 19

position 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
opportunities and risks of future development. Based on the assessment of the independent auditor,
Porsche Automobil Holding SE’s early warning system for the detection of risk satisfies the legal
requirements of Sec. 91 (2) 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 7 March 2011, the audit committee had a discussion with the independ-
ent auditor on 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, Other significant audit topics included the
valuation of the put and call options relating to the shares in Porsche Zwischenholding GmbH re-
maining at Porsche Automobil Holding SE necessary and the disposal of the cash-settled options
relating to shares in Volkswagen AG. It was the task of the audit committee to check the appropri-
ateness of the accounting and whether the legal requirements for the preparation of the consoli-
dated 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 posi-
tion and results of operations of the company and of the group. Representatives 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 par-
ticular, the representatives of the auditors commented on the net assets, financial position and
results of operations of Porsche Automobil Holding SE and were available to the supervisory board
to provide any additional information.
The audit committee decided to recommend to the supervisory board to approve the sepa-
rate and consolidated financial statements. A declaration of independence was obtained from the
auditor in accordance with No. 7.2.1 of the German Corporate Governance Code. The audit com-
mittee also decided to recommend to the supervisory board to propose to the annual general meet-
ing on 17 June 2011 to elect Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, as
auditors.
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