Philips 2009 Annual Report Download - page 208

Renewal of credit facility
On February 18, 2010, Philips signed a new five-year EUR 1.8 billion
committed standby revolving credit facility to replace the existing USD
2.5 billion facility. In line with the previous facility, it does not have a
material adverse change clause, has no financial covenants and does not
have credit-rating-related acceleration possibilities.
11.13 Auditor’s report - Group
Auditor’s report
To the Supervisory Board and Shareholders of Koninklijke Philips
Electronics N.V.:
Report on the consolidated financial statements
We have audited the accompanying consolidated financial statements
2009 which are part of the Financial Statements of Koninklijke Philips
Electronics N.V., Eindhoven, the Netherlands, which comprise the
consolidated balance sheet at December 31, 2009, the consolidated
statements of income, comprehensive income, cash flows and changes
in equity for the year then ended, and a summary of significant
accounting policies and other explanatory notes as included in section
11.5 to 11.12.
Management’s responsibility
The Board of Management is responsible for the preparation and fair
presentation of the consolidated financial statements in accordance
with International Financial Reporting Standards as adopted by the
European Union and with Part 9 of Book 2 of the Netherlands Civil
Code, and for the preparation of the Management report in accordance
with Part 9 of Book 2 of the Netherlands Civil Code. This responsibility
includes: designing, implementing and maintaining internal control
relevant to the preparation and fair presentation of the consolidated
financial statements that are free from material misstatement, whether
due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the
circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on the consolidated financial
statements based on our audit. We conducted our audit in accordance
with Dutch law. This law requires that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material
misstatement of the consolidated financial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation and fair
presentation of the consolidated financial statements in order to design
audit procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made by management,
as well as evaluating the overall presentation of the consolidated
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements give a true and fair
view of the financial position of Koninklijke Philips Electronics N.V. as at
December 31, 2009, and of its result and its cash flows for the year then
ended in accordance with International Financial Reporting Standards as
adopted by the European Union and with Part 9 of Book 2 of the
Netherlands Civil Code.
Report on other legal and regulatory requirements
Pursuant to the legal requirement under 2:393 sub 5 part f of the
Netherlands Civil Code, we report, to the extent of our competence,
that the Management report as defined in section 11.1 Introduction is
consistent with the consolidated financial statements as required by
2:391 sub 4 of the Netherlands Civil Code.
Amsterdam, February 22, 2010
KPMG Accountants N.V.
M.A. Soeting RA
11 Group financial statements 11.13 - 11.13
208 Philips Annual Report 2009