A Member State need not apply the provisions of this Directive concerning the auditing and publication of the profit-and-loss account to companies governed by their national laws which are parent undertakings for the purposes of Directive 83/349/EEC where the following conditions are fulfilled:
the parent undertaking must draw up consolidated accounts in accordance with Directive 83/349/EEC and be included in the consolidated accounts;
the above exemption must be disclosed in the notes on the annual accounts of the parent undertaking;
the above exemption must be disclosed in the notes on the consolidated accounts drawn up by the parent undertaking;
the profit or loss of the parent company, determined in accordance with this Directive, must be shown in the balance sheet of the parent company.