28 Accounting policies observed when preparing the company annual accounts

General

The company annual accounts have been prepared in compliance with the legal stipulations set out in Title 9, Book 2, Dutch Civil Code. Use has been made of the option extended under Book 2, Article 362, Section 8, Dutch Civil Code to apply the accounting policies used in the consolidated annual accounts to the company annual accounts (including the policies for presenting financial instruments as shareholders' equity or as loan capital). Reference is made to the notes appended to the consolidated annual accounts. By virtue of Title 9, Book 2, Article 402, Dutch Civil Code the company annual accounts incorporate a condensed profit and loss account.

Accounting policies

The accounting policies used for the company annual accounts are identical to those for the consolidated annual accounts. Provided no reference to additional accounting policies is made in the notes to the company annual accounts, reference is made to the accounting policies attached to the consolidated annual accounts.

Participating interests

Participating interests in group companies and other entities where the company may exercise control or where it has the central management are stated initially and at balance sheet date at net asset value. The value of these participating interests is corrected for the company's share in the results of the participating interest, based on the accounting policies as these are applied in the consolidated annual accounts and for the share in the other movements in the shareholders' equity of the participating interest attributable to the company after the acquisition date. The net asset value is determined by stating the assets, provisions, liabilities and result using the accounting policies applied in the consolidated annual accounts.