Philips 2009 Annual Report Download - page 211
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12.4 Introduction
Statutory financial statements
The chapters Group financial statements and Company financial
statements contain the statutory financial statements of Koninklijke
Philips Electronics N.V. (the Company).
Accounting policies applied
The financial statements of the Company included in this chapter are
prepared in accordance with Part 9 of Book 2 of the Dutch Civil Code.
Section 362 (8), Book 2, Dutch Civil Code, which allows companies that
apply IFRS as adopted by the European Union in their consolidated
financial statements to use the same measurement principles in their
company financial statements. The Company has prepared these
Company financial statements using this provision.
The accounting policies are described in section 11.11, Significant
accounting policies, of this Annual Report.
Subsidiaries are accounted for using the net equity value in these
Company financial statements.
Presentation of Company financial statements
The balance sheet presentation deviates from Dutch regulations in
order to achieve optimal transparency between the Group financial
statements and the Company financial statements. Under this format,
the order of presentation of assets and liabilities is based on a
decreasing degree of liquidity.
The Company balance sheet has been prepared before the
appropriation of result.
The Company statement of income has been prepared in accordance
with Section 2:402 of the Dutch Civil Code, which allows a simplified
Statement of income in the Company financial statements in the event
that a comprehensive Statement of income is included in the
consolidated Group financial statements.
Additional information
For ‘Additional information’ within the meaning of Section 2:392 of the
Dutch Civil Code, please refer to section 11.13, Auditor’s report -
Group, of this Annual Report, section 12.6, Auditor’s report -
Company, of this Annual Report, and section 4.4, Proposed distribution
to shareholders, of this Annual Report.
12 Company financial statements 12.4 - 12.4
Philips Annual Report 2009 211