Philips 2011 Annual Report Download - page 182

13 Company financial statements 13.5 - 13.5
182 Annual Report 2011
Divestment of TV Business
On February 22, 2012, the shareholders of TPV Technology Limited
(TPV) approved the strategic partnership with Philips regarding its
Television business. At the end of the first quarter of 2012, Philips will
transfer its Television business to a newly established entity in which
TPV will hold a 70% interest and Philips will hold the remaining 30% of
the shares.
February 23, 2012
The Supervisory Board
The Board of Management
13.5 Independent auditor’s report - Company
Independent auditor’s report
To the Supervisory Board and Shareholders of Koninklijke Philips
Electronics N.V.:
Report on the Company financial statements
We have audited the accompanying Company financial statements 2011
which are part of the financial statements of Koninklijke Philips
Electronics N.V., Eindhoven, the Netherlands, and comprise the
Company balance sheet as at December 31, 2011, the Company
statements of income and changes in equity for the year then ended,
and the notes, comprising a summary of the accounting policies and
other explanatory information as included in section 13 to 13.5.
Management’s responsibility
The Board of Management is responsible for the preparation and fair
presentation of the Company financial statements and for the
preparation of the Management report, both in accordance with Part
9 of Book 2 of the Dutch Civil Code. Furthermore, management is
responsible for such internal control as it determines is necessary to
enable the preparation of the Company financial statements that are
free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these Company financial
statements based on our audit. We conducted our audit in accordance
with Dutch law, including the Dutch Standards on Auditing. This
requires that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
Company financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the Company financial
statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material
misstatement of the Company 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 Company financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. 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 Company 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 Company financial statements give a true and fair
view of the financial position of Koninklijke Philips Electronics N.V. as
at December 31, 2011, and of its result for the year then ended in
accordance with Part 9 of Book 2 of the Dutch Civil Code.
Report on other legal and regulatory requirements
Pursuant to the legal requirements under Section 2:393 sub 5 at e and f
of the Dutch Civil Code, we have no deficiencies to report as a result of
our examination whether the Management report, as defined in the
introduction paragraph of section 12 Group financial statements, and
to the extent we can assess, has been prepared in accordance with part
9 of Book 2 of this Code, and if the information as required under
Section 2:392 sub 1 at b - h has been annexed. Further, we report that
the Management report, to the extent we can assess, is consistent with
the Company financial statements as required by Section 2:391 sub 4
of the Dutch Civil Code.
Amsterdam, The Netherlands
February 23, 2012
KPMG ACCOUNTANTS N.V.
M.A. Soeting RA