No power train without Miba technology
No power train without Miba technology
No power train without Miba technology
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82<br />
IFRS 3 and IAS 27<br />
Business Combinations Project Phase II revised the regulations for capital consolidation.<br />
The following changes have been made: the option of measuring non-controlling interests<br />
at fair value (the full goodwill method) was standardized, transaction costs are to be<br />
recognized in the income statement, goodwill cannot be adjusted to account for retroactive<br />
reappraisal of a purchase price, and previously owned shares are reappraised in the<br />
income statements in the case of step acquisitions. Furthermore, all transactions with<br />
non-controlling interests are accounted for directly as equity transactions..<br />
<strong>No</strong> early application of the new standards and the IFRIC is planned.<br />
B. Principles of consolidation<br />
1. Scope of consolidation and balance sheet date<br />
An overview of the significant companies included in the <strong>Miba</strong> AG Group and details regarding<br />
their consolidation can be found in Appendix 3 to the <strong>No</strong>tes.<br />
The balance sheet date for all companies included in the Consolidated Financial Statements<br />
is January 31 of every year. There are four exceptions, for which no interim<br />
accounts were prepared (balance sheet date in these cases: December 31 of every year).<br />
The different balance sheet dates are required by law in some cases.<br />
The consolidated Group was established according to the principles of IAS 27 (Consolidated<br />
and Separate Financial Statements). Accordingly, the consolidated entity in the<br />
business year 2009-2010 includes ten Austrian subsidiaries (previous year: ten) and 11<br />
foreign subsidiaries (previous year: 14), in which <strong>Miba</strong> AG holds, directly or indirectly,<br />
the majority of voting rights. The four non-consolidated subsidiaries (previous year: five)<br />
are immaterial, even in sum total.<br />
The following companies were legally removed as of June 2, 2009: Tyzack Ltd, Sheffield,<br />
UK; WA Tyzack Ltd., Sheffield, UK; Tyzack Turner Ltd., Sheffield, UK; and <strong>Miba</strong> (UK) Ltd.,<br />
Sheffield, UK.<br />
On May 31, 2009, <strong>Miba</strong>'s stake in C-Gesellschaft was increased to 75.5 percent from<br />
51 percent.<br />
On July 13, 2009, <strong>Miba</strong> Gleitlager GmbH acquired a 24.9% interest in Teer Coatings LTD,<br />
Droitwich, GB. The company is included in the Consolidated Financial Statements as an<br />
associate accounted for using the equity method.
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