Philips 2011 Annual Report Download - page 176
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13 Company financial statements 13 - 13
176 Annual Report 2011
13 Company financial statements
Introduction
Statutory financial statements
The sections 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 section are
prepared in accordance with Part 9 of Book 2 of the Dutch Civil Code.
Section 362 (8), Book 2, Dutch Civil Code, 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 12.10, 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 structure of the Company balance sheets is aligned with the
Consolidated balance sheets in order to achieve optimal transparency
between the Group financial statements and the Company financial
statements. Consequently, the presentation of the Company balance
sheets deviates from Dutch regulations.
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 12.12, Independent auditor’s
report - Group, of this Annual Report, section 13.5, Independent
auditor’s report - Company, of this Annual Report, and section 5.5,
Proposed distribution to shareholders, of this Annual Report.