2.3. Accounting principles for consolidation

The consolidated financial statements contain the financial statements of Enexis Holding N.V. and its group companies.

Group companies concern all entities over which Enexis Groep exercises control, i.e. Enexis Groep is exposed or entitled to variable results based on its involvement with the entity and has the capacity to influence these results based on its power to steer the activities of the entity. Group companies are included in the consolidation from the date on which decisive control is obtained. Group companies are no longer included in the consolidation as from the date on which the criteria for group companies are no longer fulfilled.

Consolidation takes place using the integral consolidation method. In the event that the interest of Enexis Holding N.V. in the group company amounts to less than 100%, the minority interest is disclosed in equity and in the income statement. Financial relationships and results between consolidated companies are eliminated.

In the event of loss of control, the assets and liabilities of the subsidiary, any minority interests and other equity components in connection with the subsidiary are no longer included in the balance sheet. Any surplus or shortfall resulting from the loss of control is recognised in the income statement. If Enexis Groep retains an interest in the former subsidiary, that interest is recognised at fair value as of the date that control ceased to exist. After the initial recognition, the interest is valued in accordance with the equity method if Enexis exercises significant influence. If Enexis does not exercise significant influence, the interest is recognised based on IFRS 9 Financial Instruments.