Scope of consolidation
Besides Franz Haniel & Cie. GmbH, 529 domestic and foreign companies were included in full in the consolidated financial statements as at 31 December 2013. In the financial year, the number of subsidiaries changed as follows:
|Additions due to acquisition of shares or obtaining control||8|
|Additions due to new company formation||4|
|Disposals due to sale of shares or loss of control||341|
|Disposals due to mergers or liquidation||31|
Accordingly, in addition to Franz Haniel & Cie. GmbH, a total of 169 subsidiaries are included in the consolidated financial statements as at 31 December 2014. Of that figure, 34 companies belong to the CWS-boco division, 48 to ELG and 73 to TAKKT. 14 subsidiaries are allocated to the Holding and other companies segment.
Among these subsidiaries one asset leasing company is included in Haniel’s consolidated financial statements because, although Haniel does not hold the majority of the voting rights, based on the contractual provisions it does direct activities that are significant for the amount of returns and therefore exercises control within the definition of IFRS 10.
In addition, the Haniel Group leases real estate from two asset leasing companies. The corresponding agreements are accounted for as finance leases pursuant to IAS 17. In these arrangements and based on the contractual provisions, the Group has neither a legal interest in the companies nor can it direct activities that are significant for the returns. As at the reporting date, the lease liabilities to these two unconsolidated leasing companies presented in financial liabilities totalled EUR 18 million.
Aside from the fully consolidated subsidiaries, 3 (previous year: 5) associates are accounted for in Haniel’s consolidated financial statements using the equity method. As in the previous year, no joint ventures are included in the consolidated financial statements.