Consolidated Financial Statements52 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 the entities to be included in consolidation, the accounting and con- solidation principles used and significant estimates made by the Company's Board of Managing Directors, as well as eval- uating the overall presentation of the consolidated financial statements and the combined 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 consoli- dated financial statements comply with the IFRSs as adopted by the EU and the additional requirements of German com- mercial law pursuant to § 315a Abs. 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 provisions. The combined 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. Düsseldorf, February 26, 2010 PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Dr. Norbert Vogelpoth Dr. Norbert Schwieters Wirtschaftsprüfer Wirtschaftsprüfer (German Public Auditor) (German Public Auditor) Auditor's Report We have audited the consolidated financial statements pre- pared by the E.ON AG, Düsseldorf, comprising the balance sheet, the income statement, statement of recognised income and expense, cash flow statement, statement of changes in equity and the notes to the consolidated financial statements, together with the group management report, which is com- bined with the management report of the Company for the business year from January 1 to December 31, 2009. The prep- aration of the consolidated financial statements and the combined management report in accordance with the IFRSs, as adopted by the EU, and the additional requirements of German commercial law pursuant to § (Article) 315a Abs. (para- graph) 1 HGB ("Handelsgesetzbuch": German Commercial Code) are the responsibility of the parent Company's Board of Managing Directors. Our responsibility is to express an opinion on the consolidated financial statements and the com- bined management report based on our audit. We conducted our audit of the consolidated financial state- ments in accordance with § 317 HGB and German generally accepted standards for the audit of financial statements pro- mulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW) and additionally observed the International Standards on Auditing (ISA). Those stan- dards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the combined 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 pos- sible misstatements are taken into account in the determina- tion 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 combined management report are examined primarily on