Porsche 2011 Annual Report Download - page 235

“We have audited the consolidated financial statements prepared by Porsche Automobil Holding SE,
Stuttgart, comprising the income statement, the statement of comprehensive income, the balance sheet, the
statement of cash flows, the 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 January to 31 December 2011. The
preparation 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 responsibility of the Company’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 require that we plan and
perform the audit such that misstatements materially affecting the presentation of net assets, financial position
and results of operations in the consolidated financial statements in accordance with the applicable financial
reporting framework and in the group management 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.”
Stuttgart, 27 February 2012
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Prof. Dr. Wollmert Matischiok
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]
Auditors’ report of the group auditor
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