Article 44 - The following shall be substituted for Article 58 of Directive 78/660/EEC:

"Article 58 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: (a) the parent undertaking must draw up consolidated accounts in accordance with Directive 83/349/EEC and be included in the consolidated accounts; (b) the above exemption must be disclosed in the notes on the annual accounts of the parent undertaking; (c) the above exemption must be disclosed in the notes on the consolidated accounts drawn up by the parent undertaking; (d) 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."