Porsche 2012 Annual Report Download - page 24

Audit of the separate financial statements and consolidated financial statements
for the fiscal year 2012
The separate financial statements prepared by the executive board of Porsche SE and the consolidated
financial statements for the fiscal year 2012, together with the bookkeeping 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 earnings before tax of the Porsche SE group came to 7,861,189,815.56 euro in the fiscal year
2012. Profit after tax was 7,828,807,536.60 euro. The financial statements of Porsche SE disclose net
income for the year of 1,488,360,948.51 euro and a net profit available for distribution of 744,180,474.26
euro.
The key areas of the audit of the financial statements specified by the supervisory board in conjunction
with the audit committee were the implementation of the steps connected with the concept for the acceler-
ated creation of the integrated automotive group by way of the contribution of Porsche’s operating busi-
ness to Volkswagen AG in the company’s separate financial statements and consolidated financial state-
ments as well as Porsche SE’s recognition and measurement of the legal risks.
In accordance with Sec. 313 AktG, the audit of financial statements included a review of the executive
board’s report on relations with affiliated companies (Sec. 312 AktG).
Based on the findings of the audit, the independent auditor came to the conclusion that the consolidat-
ed financial statements comply with IFRSs as adopted by the EU, the additional requirements 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 finan-
cial statements give a true and fair view of the net assets, financial 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 consistent with the separate financial statements and consolidat-
ed financial statements and as a whole provides a suitable view of the position of the company and the
group and suitably presents the opportunities and risks of future development. Based on the assessment of
the independent auditor, Porsche 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 SE, the consolidated financial statements and the com-
bined 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 to the supervisory board for review.
At its meetings on 4 March 2013 and 8 March 2013, the audit committee had a discussion with the in-
dependent auditor on the separate financial statements, the consolidated financial statements and the
combined management report as well on as the implementation of the steps connected with the concept
for the accelerated creation of the integrated automotive group by way of the contribution of Porsche’s
operating business to Volkswagen AG in the company’s separate financial statements and consolidated
financial statements as well as Porsche SE’s recognition and measurement of the legal risks. It was the task
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Report of the supervisory board