Annual Report and Consolidated Accounts 2015
2.2 CONSOLIDATION
(a) Subsidiaries
Shareholdings in companies in which the group
directly or indirectly holds more than 50% of
the voting rights or has the power to control
their financial and operational activities (defini-
tion of control used by the group) were includ-
ed in these consolidated financial statements
through the full consolidation method. Equity
and net profit of these companies assigned to
third-party shareholdings are presented sepa-
rately in the “non-controlling interests” item
in the consolidated statement of financial po-
sition and of comprehensive income. The com-
panies included in the financial statements are
listed in Note 5.
When losses impute to non-controlling interests
exceed the non-controlling interest in a subsidi-
ary company’s equity, the non-controlling interest
absorb that difference and any additional losses.
The purchase method is used to account the
acquisition of subsidiaries that occurred before
2010. The acquisition cost corresponds to the
fair value of the delivered goods, capital issued
instruments and liabilities incurred or assumed
on the acquisition date. The identifiable ac-
quired assets and the liabilities and contingent
liabilities taken into account in a corporate
concentration will initially correspond to the
fair value on the acquisition date, regardless
of whether there are non-controlling interests.
The positive difference between the acquisition
cost and the fair value of the group’s stake in
the acquired and identifiable net assets is re-
corded as goodwill. If the acquisition cost is less
than the fair value of the acquired subsidiary’s
net assets, the difference is recognised directly
in the consolidated statement of comprehen-
sive income (see Note 2.5).
For the acquisition of subsidiaries that occurred
after 1 January 2010 the Group has applied re-
viewed IFRS 3. Accordingly to witch the purchase
method continues to be applied in acquisitions,
with some significant changes:
I. All amounts which comprise the purchase
price are valued at fair value, with the option
of measuring, transaction by transaction, the
“non-controlled interests” by the proportion of
the value of net assets of the acquired entity or
the fair value of assets and liabilities acquired.
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