Full consolidation

When one company directly or indirectly holds the majority of the voting rights in another, or is in a position to exercise uniform management control over it, the latter company is a subsidiary and is included in full in the former company´s consolidated financial statements. Full consolidation means that financial statements are prepared applying uniform accounting and valuation principles by the parent and all of its subsidiaries; their assets, liabilities, income and expenses are all shown in full in the consolidated financial statements, except that intercompany transactions within the consolidated group have to be eliminated. Whenever a group includes subsidiaries that are not fully owned, separate disclosures must be made of the proportion of shareholders - equity and profit after taxes attributable to minority interests.