Porsche 2012 Annual Report Download - page 25

of the audit committee to check the appropriateness of the accounting and whether the legal requirements
for the preparation of the separate and consolidated 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. 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 particular, the
representatives of the auditors commented on the net assets, financial position and results of operations of
Porsche SE and were available to the committee to provide any additional information. The proposal of the
executive board on the appropriation of net profit available for distribution was discussed by the audit
committee at its meeting of 13 March 2013.
The audit committee decided to recommend to the supervisory board to approve the separate and
consolidated financial statements and to follow the proposal of the executive board on the appropriation of
net profit available for distribution. A declaration of independence was obtained from the auditor in accord-
ance with No. 7.2.1 of the German Corporate Governance Code. The audit committee also decided to
recommend to the supervisory board to propose to the annual general meeting on 30 April 2013 to elect
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, as auditors.
In its meeting of 8 March 2013, 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, the consoli-
dated financial statements and the combined management report in the audit committee. The supervisory
board’s review related in particular to 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. Representatives of
the auditor attended the meeting of the supervisory board on the relevant point of the agenda and report-
ed 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 SE and the group, and were available to the supervisory board to provide any addi-
tional information.
The supervisory board agrees with the audit findings of Ernst & Young GmbH Wirtschaftsprüfungs-
gesellschaft, 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 consolidated financial statements for the fiscal year
2012. The separate financial statements are therewith ratified. The supervisory board has declared that it
agrees with the combined management report. The supervisory board agrees to the proposal of the execu-
tive board on the appropriation of net profit available for distribution.
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