Porsche 2010 Annual Report Download - page 20

Report of the supervisory board
In its meeting of 15 March 2011, the supervisory board conducted a detailed review and
discussion of the documents presented pursuant to Art. 9 (1) c (ii) Council Regulation (EC)
No. 2157/ 2001 and Sec. 170 (1) and (2) AktG as well as the audit reports of the auditors of the
financial statements. The chairman of the audit committee gave a detailed report on the review of the
separate financial statements and the consolidated financial statements in the audit committee. The
supervisory board's review related in particular to the valuation of the put and call options relating to
the shares in Porsche Zwischenholding GmbH remaining at Porsche Automobil Holding SE, to the
disposal of the cash-settled options relating to shares in Volkswagen AG, and the risk management of
Automobil Holding SE. Representatives of the auditor attended the meeting of the supervisory board
on the relevant point of the agenda and reported on the significant results of their audit of the sepa-
rate and consolidated financial statements. In particular, the representatives of the auditors com-
mented 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 supervisory board agrees with the audit findings of Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft, Stuttgart. Subsequent to its own reviews, the supervisory board
has found that no objections can be raised. In accordance with the recommendation of the audit
committee, the supervisory board has approved the separate financial statements and the consoli-
dated financial statements for the short fiscal year 2010. The separate financial statements are
therewith ratified. The supervisory board has declared that it agrees with the combined manage-
ment report of the executive board. The supervisory board agrees to the proposal of the executive
board on the appropriation of net profit available for distribution.
In accordance with, Art. 9 (1) c (ii) Council Regulation (EC) No. 2157/ 2010 and Sec. 312
AktG the executive board has prepared a report on related companies (dependent company report)
for the short fiscal year 2010. The auditors have audited the dependent company report and have
rendered the following audit opinion:
“Based on our audit and assessment in accordance with professional standards, we con-
firm that
(1) the actual disclosures contained in the report are correct,
(2) the payments made by the company in connection with transactions detailed in the
report were not unreasonably high.”
The dependent company report together with the audit report of the auditor of the financial
statements were provided to the supervisory board in a timely manner. Both were discussed in
detail at the meetings of the audit committee and the supervisory board on 7 and 15 March 2011
and checked in particular for completeness and correctness. Representatives of the auditors par-
ticipated in these meetings, reported on the significant findings of the audit and were available to
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