86 Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements The consolidated financial statements of ALTANA AG and its subsidiaries (the ”Company” or ”ALTANA”) are prepared in accordance with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) as endorsed by the EU, and in accordance with section 315a of the German Commercial Code (HGB). The consolidated financial statements were authorized for issue by the Management Board on February 19, 2016 and were approved by the Supervisory Board in the Supervisory Board meeting on March 17, 2016. ALTANA AG is incorporated as a stock corporation (“Aktiengesellschaft”) under the laws of the Federal Republic of Germany, located in Wesel, Germany, and registered in the Commercial Register of the district court in Duisburg under HRB 19496. All amounts are reported in thousands of Euro if not stated otherwise. Consolidation The consolidated financial statements of the Company include 20 (2014: 22) subsidiaries in Germany and 49 (2014: 49) subsidiaries abroad, in which ALTANA either directly or indi- rectly may exercise control. ALTANA controls an investee when it is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In 2015, in the BYK Additives & Instruments division two German subsidiaries were merged and a new subsidiary was founded in Korea. In the ACTEGA Coatings & Sealants divi- sion two Brazilian subsidiaries were merged. Since 2014, ALTANA has held 75 % of the listed company ELANTAS Beck India Ltd. (Beck India), India. The remaining shares are free float. ALTANA holds a 39 % interest in Aldoro Indústria de Pós e Pigmentos Metálicos Ltda. (Aldoro), Brazil, and accounts for it by applying the equity method of accounting. In addi- tion, ALTANA holds a 33 % interest in Landa Corp. (Landa), Israel, and also accounts for it by applying the equity method of accounting (see note 16). All intercompany balances and transactions are eliminated in consolidation. The finan- cial statements of the consolidated subsidiaries are prepared in accordance with the Compa- ny’s accounting policies. The list of all consolidated companies and ALTANA’s full ownership in accordance with section 313 (2) of the German Commercial Code (HGB) is part of the audited consoli- dated financial statements published in the electronic Federal Gazette (Bundesanzeiger). This list is also published on the internet at www.altana.com. 1. Basis of Presentation 2. Significant Accounting Policies
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