Basis of consolidation
(I) Subsidiaries
Subsidiaries are those entities ultimately controlled by Corio. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity. In assessing the degree of control, potential voting rights that can be exercised at the balance sheet date are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The share of non controlling interest is reflected separately in the statement of income and in equity. A list of consolidated subsidiaries has been filed with the Chamber of Commerce in Utrecht.
(II) Associates
Associates are those entities in which the Group has significant influence over the financial and operating policies. The consolidated financial statements include the Group’s share of the total recognised income and expense of associates where the investments are included on an equity-accounted basis using Corio accounting policies, from the date that significant influence commences until the date that significant influence ceases.
(III) Joint ventures
Joint ventures are those entities over whose activities the Group has joint control with other shareholders on the basis of a contractual agreement. The consolidated financial statements include proportionate shares of the entities’ assets, liabilities, income and expenses and items of a similar nature, using Corio accounting policies, from the date that joint control commences until the date that joint control ceases.
(IV) Transactions eliminated on consolidation
Intragroup balances and any unrealised gains and losses arising from intragroup transactions are eliminated in preparing the consolidated financial statements.
Source: Annual Report 2009, Chapter Finacial Statements, page 91 (PDF, 240 kB)
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