Philips 2013 Annual Report Download - page 190
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12 Company financial statements 12 - 12
190 Annual Report 2013
12 Company financial statements
Introduction
Statutory financial statements
The sections Group financial statements and Company financial
statements contain the statutory financial statements of Koninklijke
Philips N.V. (the Company).
A description of the Company’s activities and group structure is included in
the Consolidated Financial Statements.
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 note 1, Significant accounting
policies.
Investments in group companies are accounted for using the equity
method 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 11.10, Independent auditor’s
report - Group, of this Annual Report, section 12.5, Independent auditor’s
report - Company, of this Annual Report, and section 4.4, Proposed
distribution to shareholders, of this Annual Report.
Adjustments
Prior-period financial statements have been restated following the
adoption of IAS 19R, which mainly relates to accounting for pensions.