In 2025, the Group acquired an additional 5.0% equity stake in Servair for a consideration of EUR 24.9m under the existing call-put option agreement linked to the initial acquisition completed in 2017. As the Group continues to consolidate Servair and attributes 100% of the result to the Group, the transaction reflects an increase in legal ownership rather than the acquisition of non-controlling interests. The payment reduces the remaining liability recognized of EUR 130.9m (Note 3.11) in connection with this agreement and is accounted for as a settlement of the fair value of the consideration established at the initial business combination. Accordingly, it is presented as an investing cash flow. As of December 31, 2025, this payment increased the Group’s total legal ownership in Servair to 75.0%.
In 2024, the Group acquired the assets of a leading Spanish packaging company specializing in plastic solutions, which had recently entered pre-insolvency proceedings due to significant market changes and liquidity issues. The acquisition was structured as an asset deal that qualifies as a business combination under IFRS 3 Business Combinations, for which a consideration of EUR 0.4m in cash was paid. This transaction, carried out under the new Spanish insolvency law, allowed the Group to selectively acquire assets and liabilities. The assets acquired totaled EUR 5.4m of which EUR 2.2m were customer contracts, EUR 1.2m were trademarks and EUR 1.0m of property, plant and equipment, whilst EUR 5.1m of non-current liabilities and EUR 0.3m of current liabilities were assumed. This acquisition is in line with the Group’s strategic objective of expanding environmentally friendly packaging solutions, leveraging existing distribution channels and optimizing the product portfolio.
In 2024, the terms of a revised agreement were finalized, which included the purchase of an additional 5.0% equity stake in Servair for EUR 31.9m in the year. This payment is connected to the initial acquisition of Servair in 2017 and forms part of a call-put option agreement. As the Group has already consolidated Servair and attributes 100% of the result to the Group, this transaction does not represent the acquisition of non-controlling interests, but rather an increase in legal ownership. A remaining liability of EUR 146.2m is recognized under this agreement (Note 3.11). The payment is considered part of the settlement of the fair value of the remaining consideration recognized at the time of the initial business combination and is presented as an investing cash flow. As of December 31, 2024, this payment increased the Group’s total legal ownership in Servair to 70.0%.
The Group did not make any payments for acquisitions in 2023.
In November 2025, the Group disposed of its 100% shareholding in SIA Restauration Rapide Côte d'Ivoire SAS. The consideration received amounted to EUR 7.6m whereas the net assets disposed of were EUR 2.4m, including cash and cash equivalents of EUR 0.7m. A net gain on disposal of EUR 2.2m has been recognized in the Consolidated Income Statement under other gains and losses, net (Note 2.5).
The financial effects of the deconsolidation are summarized in the table below:
in EUR m | Disposal of SIA Restauration Rapide Côte d'Ivoire SAS |
Cash and cash equivalents, net of overdrafts | (0.7) |
Other current receivables | (1.2) |
Inventories | (0.8) |
Property, plant and equipment (Notes 3.4, 3.7) | (1.9) |
Intangible assets (Note 3.6) | (4.2) |
Other non-current receivables | (0.1) |
Short-term debt | 0.3 |
Trade and other payables | 0.2 |
Accrued expenses | 0.7 |
Other current payables | 3.9 |
Long-term debt | 1.1 |
Defined benefit obligations (Note 5.3) | 0.3 |
Net assets disposed of | (2.4) |
Consideration received | 7.6 |
Allowance for pre-existing intragroup financing | (2.9) |
Transaction costs and other indemnity provisions | (0.1) |
Gain on disposal before reclassification of translation differences | 2.2 |
Reclassification of translation differences | - |
Gain on disposal | 2.2 |
Consideration received in cash | 7.6 |
Less: Cash and cash equivalents disposed of | (0.7) |
Net cash inflow | 6.9 |
In July 2024, the Group disposed of its 100% shareholding in SIA QSR Ghana Ltd. The consideration received amounted to USD 1.0m whereas the net liabilities disposed of were EUR 0.8m, including cash and cash equivalents of EUR 0.1m. A net gain of EUR 0.4m was recognized in the Consolidated Income Statement under other gains and losses, net (Note 2.5).
In December 2024, the Group disposed of its 100% shareholding in SIA QSR Kenya Ltd. The consideration paid amounted to EUR 0.1m whereas the net liabilities disposed of were EUR 1.4m, including cash and cash equivalents of EUR 0.1m. A net loss of EUR 1.1m was recognized in the Consolidated Income Statement under other gains and losses, net (Note 2.5).
in EUR m | Disposal of SIA QSR Ghana Ltd | Disposal of SIA QSR Kenya Ltd | Total |
Cash and cash equivalents, net of overdrafts | (0.1) | (0.1) | (0.2) |
Trade receivables | (0.2) | (0.1) | (0.3) |
Other current receivables and prepayments | (0.4) | (0.4) | (0.8) |
Inventories | (0.5) | (0.5) | (1.0) |
Property, plant and equipment (Notes 3.4, 3.7) | (0.8) | (0.8) | (1.6) |
Intangible assets (Note 3.6) | (1.3) | (0.7) | (2.0) |
Other non-current receivables | - | (0.1) | (0.1) |
Short-term debt | 0.1 | 0.3 | 0.4 |
Trade and other payables | 2.8 | 2.5 | 5.3 |
Other current liabilities | - | 0.2 | 0.2 |
Long-term debt | 1.2 | 1.1 | 2.3 |
Net liabilities disposed of | 0.8 | 1.4 | 2.2 |
Consideration received/(paid) | 0.9 | (0.1) | 0.8 |
Allowance for pre-existing intragroup financing | (3.3) | (2.3) | (5.6) |
Transaction costs and other indemnity provisions | - | (0.6) | (0.6) |
Loss on disposal before reclassification of translation differences | (1.6) | (1.6) | (3.2) |
Reclassification of translation differences | 2.0 | 0.5 | 2.5 |
Gain/(loss) on disposal | 0.4 | (1.1) | (0.7) |
Consideration received/(paid) in cash | 0.9 | (0.1) | 0.8 |
Less: Cash and cash equivalents disposed of | (0.1) | (0.1) | (0.2) |
Net cash inflow/(outflow) | 0.8 | (0.2) | 0.6 |
In March 2023, the Group disposed of its 51% shareholding in Gate Gourmet Catering Bolivia S.A. The consideration amounted to USD 0.6m, receivable in installments until June 2026, whereas the net liabilities disposed of were EUR 0.8m, including cash and cash equivalents of EUR 0.2m. A net loss of EUR 1.7m was recognized in the Consolidated Income Statement under other gains and losses, net (Note 2.5).
In addition to the exit in Bolivia, in June 2023 the Group reduced its 50.01% shareholding in Sheltair SA to 49.99% and at the same time changed the management structure, resulting in a loss of control over Sheltair SA. The consideration amounted to EUR 2, whereas the net assets disposed of were EUR 0.0m, including cash and cash equivalents of EUR 0.2m. No gain or loss resulted from this transaction.
in EUR m | Disposal of catering activities in Bolivia |
Cash and cash equivalents, net of overdrafts | (0.2) |
Trade receivables | (1.0) |
Other current receivables and prepayments | (2.8) |
Inventories | (0.3) |
Other non-current receivables | (1.1) |
Trade and other payables | 4.5 |
Current income tax liabilities | 0.2 |
Other current liabilities | 0.4 |
Non-current liabilities | 1.1 |
Net liabilities disposed of | 0.8 |
Consideration received | 0.5 |
Non-controlling interests | (0.4) |
Allowance for pre-existing intragroup financing | (2.9) |
Loss on disposal before reclassification of translation differences | (2.0) |
Reclassification of translation differences | 0.3 |
Loss on disposal | (1.7) |
Consideration received in cash | - |
Less: Cash and cash equivalents disposed of | (0.2) |
Net cash outflow | (0.2) |
Assessment of control and significant influence in connection with investments in subsidiaries, associates and joint ventures, require the exercise of judgment, including the level of Board and Management involvement. Business combinations in particular require the exercise of judgment in establishing the fair values of assets and liabilities at acquisition and recognizing the elements of the transaction with the seller.
2025 in EUR m | Associates | Joint ventures | Total |
Aggregated carrying amount | 41.6 | 1.0 | 42.6 |
Share of result of associates and joint ventures | 9.2 | 0.1 | 9.3 |
Share of other comprehensive income | (3.3) | - | (3.3) |
Share of total comprehensive income | 5.9 | 0.1 | 6.0 |
2024 in EUR m | |||
Aggregated carrying amount | 37.3 | 0.9 | 38.2 |
Share of result of associates and joint ventures | 7.5 | 0.1 | 7.6 |
Share of other comprehensive income | 0.8 | - | 0.8 |
Share of total comprehensive income | 8.3 | 0.1 | 8.4 |
2023 in EUR m | |||
Aggregated carrying amount | 31.5 | 0.9 | 32.4 |
Share of result of associates and joint ventures | 7.3 | 0.1 | 7.4 |
Share of other comprehensive income | (1.8) | - | (1.8) |
Share of total comprehensive income | 5.5 | 0.1 | 5.6 |
The unrecognized share of losses of associates and joint ventures is EUR 8.9m as of December 31, 2025 (2024: EUR 10.6m; 2023: EUR 11.8m). A loss on impairment of associates of EUR 1.1m is reported under other gains and losses, net in 2025 (2024: EUR 0.7m; 2023: EUR 2.7m) (Note 2.5).
Associates are those entities in which the Group has significant influence, but no control, over financial and operating policies. Significant influence is presumed to exist when the Group holds, directly or indirectly, between 20.0% and 50.0% of the voting rights of the entity.
The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement and requiring unanimous consent of the parties sharing control for strategic financial and operating decisions, and whereby the parties that have joint control have rights to the net assets of the arrangement.
Associates and joint ventures are accounted for using the equity method and are initially recognized at cost. When the Group’s share of losses in an associate or joint venture equals or exceeds its interest, no further losses are recognized unless there is a legal or constructive funding obligation. If the associates or joint ventures subsequently report profits, then the Group resumes recognizing its share of those profits only after these equal the share of losses not previously recognized. The book value of investments in associates and joint ventures consists of the share of net assets and goodwill.
In reporting the results of associates and joint ventures their accounting policies are changed where necessary to ensure consistency with the policies adopted by the Group.
The key management personnel are defined as the Board and the EMB. Key management compensation consists of:
in EUR m | 2025 | 2024 | 2023 |
Short-term benefits | 13.6 | 14.1 | 9.9 |
Post-employment benefits | 0.9 | 0.8 | 0.6 |
Long-term incentive plans | 43.8 | 14.3 | 7.4 |
Total key management compensation | 58.3 | 29.2 | 17.9 |
2025 in EUR m | Associates | Joint ventures | Total |
Income statement | |||
Revenue | 2.1 | - | 2.1 |
Management services | 2.4 | - | 2.4 |
Dividends received | - | 0.1 | 0.1 |
Balance sheet | |||
Trade and other receivables (Notes 3.1, 3.2) | 8.2 | 1.6 | 9.8 |
Allowance for expected credit losses | (0.1) | (0.9) | (1.0) |
2024 in EUR m | |||
Income statement | |||
Revenue | 1.6 | - | 1.6 |
Management services | 2.5 | - | 2.5 |
Write-offs | (0.1) | - | (0.1) |
Dividends received | 0.4 | - | 0.4 |
Balance sheet | |||
Trade and other receivables (Notes 3.1, 3.2) | 7.0 | 1.5 | 8.5 |
Allowance for expected credit losses | - | (0.9) | (0.9) |
Trade and other current payables (Note 3.9) | - | (0.1) | (0.1) |
2023 in EUR m | |||
Income statement | |||
Revenue | 1.6 | - | 1.6 |
Management services | 1.5 | - | 1.5 |
Purchase of goods | (0.4) | - | (0.4) |
Other costs | (0.1) | - | (0.1) |
Write-offs and guarantee provision releases | (0.5) | 0.6 | 0.1 |
Dividends received | 0.2 | - | 0.2 |
Balance sheet | |||
Trade and other receivables (Notes 3.1, 3.2) | 8.2 | 1.5 | 9.7 |
Allowance for expected credit losses | (1.5) | (0.9) | (2.4) |
Trade and other current payables (Note 3.9) | (0.2) | - | (0.2) |
Management services include certain administrative activities that the Group performed for associated companies and joint ventures.
As at December 31, 2025, 98.6% of the shares outstanding in the Company were held by Saffron Asset Holding Ltd, Hong Kong, Zeppelin Asset Holding Ltd, Hong Kong, and Esta Investments Pte Ltd, Singapore. The shareholdings are overall split equally between RRJ Capital Master Fund III, Cayman Islands, and Temasek Holdings (Private) Ltd, Singapore. The remaining shares are held by the Company.
In 2021, a subordinated convertible facility of CHF 475.0m was made available to the Company by the shareholders. On June 10, 2025, the facility agreement was amended and restated. Under the amended terms, the facility may be converted into equity under certain circumstances as defined in the agreement, including in connection with a qualified listing or other conversion events. PIK interest accrues on the amounts drawn at a rate of 12.5% per annum and at December 31, 2025, amounted to EUR 328.8m (2024: EUR 233.4m; 2023: EUR 153.3m) (Note 3.11). At December 31, 2025, a total of EUR 477.8m (2024: EUR 473.4m; 2023: EUR 479.0m) had been drawn (Note 4.4) and the remaining amount of the facility has expired. Interest expenses for related parties, amounting to EUR 92.8m, were accounted for in 2025 (2024: EUR 80.9m; 2023: EUR 69.5m).
No trade and other receivables from the parent companies and no material sale or purchase of goods between the Company and its parent companies have been identified.
in EUR m | 2025 | 2024 | 2023 |
Revenue | 49.2 | 45.7 | 34.3 |
Trade and other receivables (Notes 3.1, 3.2) | 4.5 | 5.2 | 3.6 |
The Group provides catering services to RRJ Capital and Temasek subsidiaries in the airline sector. In general, the Group does not receive any services or goods from RRJ Capital and Temasek subsidiaries. No guarantees have been received.
The principal subsidiaries of the Company as of December 31, 2025, were the following:
Country | Company | Equity interest (in %)(l) | Currency | Share capital |
Argentina | Gate Gourmet Argentina S.r.l., Buenos Aires | 100 | ARS | 5,750,000 |
Australia | Gate Gourmet (Holdings) Pty Ltd, Mascot, NSW | 100 | AUD | 59,299,111 |
Gate Gourmet Services Pty Ltd, Mascot, NSW | 100 | AUD | 44,330,100 | |
Belgium | deSter BVBA, Hoogstraten | 100 | EUR | 22,600,000 |
Gate Gourmet Belgium NV, Zaventem | 100 | EUR | 62,400 | |
Brazil | Gate Gourmet Ltda, São Paulo | 100 | BRL | 107,331,839 |
Burkina Faso | Servair Burkina Faso SA, Ouagadougou | 87 | XOF | 10,000,000 |
Cambodia | Cambodia Air Catering Services Ltd, Phnom Penh | 75 | USD | 500,000 |
Canada | Gate Gourmet Canada Inc., Toronto | 100 | CAD | 17,500,000 |
Pourshins Canada Inc., Toronto | 100 | CAD | 300,000 | |
Chile | Gate Gourmet Catering Chile Ltda, Santiago | 100 | CLP | 1,968,062,000 |
China | Gate Gourmet Hong Kong Ltd, Hong Kong | 100 | HKD | 281,657,350 |
gategroup Trading Hong Kong Ltd, Hong Kong | 100 | USD | 162 | |
Colombia | Gate Gourmet Colombia S.A.S, Bogotá | 75 | COP | 831,229,920 |
D.R. Congo | Fondeg SA (Catering Congo), Kinshasa | 33 | CDF | 93,000,000 |
Denmark | Gate Gourmet Denmark ApS, Tårnby | 100 | DKK | 401,200 |
Ecuador | Gate Gourmet del Ecuador Cia Ltda, Quito | 60 | USD | 2,278,400 |
Finland | Evertaste Oy, Vantaa | 100 | EUR | 603,450 |
France | ACNA SA, Le Mesnil-Amelot | 100 | EUR | 37,500 |
Alphair SAS, Tremblay-en-France | 100 | EUR | 5,000 | |
Eat & Fly Services SAS, Tremblay-en-France | 100 | EUR | 20,000 | |
Gate Gourmet Helvetia SAS, Paris | 100 | EUR | 10,000 | |
Martinique Catering S.à.r.l., Le Lamentin | 98 | EUR | 50,000 | |
Orly Air Traiteur SA, Wissous | 100 | EUR | 8,934,190 | |
Panima SAS, Mamoudzou | 100 | EUR | 500,000 | |
Paris Air Catering (PAC) SA, Tremblay-en-France | 100 | EUR | 100,005 | |
Reunion Catering S.à.r.l., Sainte Marie | 100 | EUR | 197,570 | |
Servair Investissements Aeroportuaires (SIA) SA, Tremblay-en-France | 100 | EUR | 25,000,000 | |
Servair SA, Tremblay-en-France | 100 (II) | EUR | 52,386,208 | |
Sheltair CDG, Tremblay-en-France | 51 | EUR | 1 | |
Société de Restauration Industrielle (SORI) SA, Les Abymes | 50 | EUR | 50,000 | |
Société Guyanaise de Restauration Industrielle (SOGRI) SA, Matoury | 97 | EUR | 225,000 | |
Svrls@La Réunion SAS, Sainte Marie | 50 | EUR | 150,000 | |
Gabon | Servair Gabon SA, Libreville | 55 | XAF | 250,000,000 |
Germany | deSter GmbH, Neu-Isenburg | 100 | EUR | 1,023,000 |
Evertaste GmbH, Alzey | 100 | EUR | 26,000 | |
Gate Gourmet GmbH Deutschland, Neu-Isenburg | 100 | EUR | 7,670,000 | |
Gate Gourmet GmbH Holding Deutschland, Neu-Isenburg | 100 | EUR | 51,129 | |
Gate Gourmet Lounge GmbH, Neu-Isenburg | 100 | EUR | 25,000 | |
Gate Gourmet Objekt und Verwaltungs GmbH, Neu-Isenburg | 100 | EUR | 25,000 | |
Ringeltaube Airport Markt GmbH, Neu-Isenburg | 100 | EUR | 512,000 | |
Ghana | Servair Ghana Ltd, Accra | 57 | GHS | 2,109,089 |
Ireland | Gate Gourmet Ireland Ltd, Dublin | 100 | EUR | 4,500,000 |
Italy | Gate Gourmet Italia S.r.l., Milan | 67 | EUR | 4,795,937 |
Ivory Coast | Servair Abidjan SA, Abidjan | 80 | XOF | 1,364,000,000 |
Japan | Gate Gourmet Japan YK, Chiba-ken | 100 | JPY | 80,000,000 |
Kenya | NAS Airport Services Ltd, Nairobi | 59 | KES | 16,000,000 |
SIA Kenya Holding Ltd, Nairobi | 59 | KES | 1,215,000,000 | |
Luxembourg | Gate Gourmet Luxembourg IV S.à.r.l., Luxembourg | 100 | EUR | 2,707,500 |
gategroup Finance International S.à.r.l. | 100 | EUR | 12,000 | |
gategroup Finance (Luxembourg) S.A., Luxembourg | 100 | EUR | 31,000 | |
gategroup Financial Services S.à.r.l., Luxembourg | 100 | EUR | 42,783,100 | |
Supply Chain S.à.r.l., Contern | 100 | EUR | 12,500 | |
Macau | Macau Catering Services Co Ltd, Taipa | 34 | MOP | 16,000,000 |
Mexico | Gate Gourmet & MAASA Mexico S.A.P.I. de C.V., Mexico City | 51 | MXN | 23,054,158 |
Gate Retail Onboard Mexico S.A.P.I. de C.V., Mexico City | 100 | MXN | 6,100,000 | |
Netherlands | deSter Holding B.V., Amsterdam | 100 | EUR | 3,359,990 |
Gate Gourmet Amsterdam B.V., Schiphol | 100 | EUR | 2,291,590 | |
Gate Gourmet Holding Netherlands B.V., Schiphol | 100 | EUR | 9,792,135 | |
New Zealand | Gate Gourmet New Zealand Ltd, Auckland | 100 | NZD | 4,000,100 |
Norway | Gate Gourmet Norway AS, Oslo | 100 | NOK | 9,083,640 |
Peru | Gate Catering and Retail Solution S.r.l., Lima | 100 | PEN | 3,000 |
Gate Gourmet Peru S.r.l., Lima | 100 | PEN | 20,373,617 | |
Senegal | Dakar Catering SA, Dakar | 65 | XOF | 750,000,000 |
Seychelles | Skychef Ltd, Mahé | 55 | SCR | 313,000 |
Singapore | Gate Gourmet Singapore Pte Ltd, Singapore | 100 | SGD | 72,502,977 |
gategroup Investments Singapore Pte Ltd, Singapore | 100 | USD | 144,778,348 | |
South Korea | Gate Gourmet Korea Co. Ltd, Incheon | 60 | KRW | 133,330,000,000 |
Spain | deSter Sustainable Solutions S.L., Barcelona | 100 | EUR | 5,000 |
Gate Gourmet Spain S.L., Madrid | 100 | EUR | 3,005,061 | |
Sweden | Gate Gourmet Sweden AB, Stockholm | 100 | SEK | 100,000 |
Inflight Service Europe AB, Stockholm | 100 | SEK | 1,000,000 | |
Inflight Service Global AB, Stockholm | 100 | SEK | 100,000 | |
Switzerland | First Catering AG, Bassersdorf | 70 | CHF | 100,000 |
Gate Gourmet Switzerland Holding GmbH, Glattbrugg | 100 | CHF | 20,000 | |
Gate Gourmet Switzerland GmbH, Kloten | 100 | CHF | 2,000,000 | |
Kulinary Holding AG, Zurich | 100 | CHF | 100,000 | |
Thailand | deSter Co. Ltd, Prachinburi | 100 | THB | 135,000,000 |
Togo | Lome Catering SA, Lomé | 26 | XOF | 100,000,000 |
United Arab Emirates | deSter General Trading FZE, Dubai | 100 | AED | 1,000,000 |
United Kingdom | Evertaste Ltd, Middlesex | 100 | GBP | 49,000 |
Fernley (Heathrow) Ltd, Middlesex | 100 | GBP | 85,100 | |
Gate Gourmet Holdings UK Ltd, Middlesex | 100 | GBP | 96,230,003 | |
Gate Gourmet London Ltd, Middlesex | 100 | GBP | 20,000,002 | |
gategroup Guarantee Ltd, London | 100 | CHF | 992,622 | |
Pourshins Ltd, Middlesex | 100 | GBP | 854,350 | |
United States of America | deSter Corporation, Atlanta, GA | 100 | USD | 2,000 |
deSter North America Inc., Wilmington, DE | 100 | USD | 10 | |
Gate Gourmet Inc., Wilmington, DE | 100 | USD | 1,000 | |
Gate Serve llc, Wilmington, DE | 100 | USD | 1 | |
gategroup U.S. Finance Inc., Wilmington, DE | 100 | USD | 1,000 | |
gategroup U.S. Holding Inc., Wilmington, DE | 100 | USD | 1 | |
gateretail North America Inc., Reston, VA | 100 | USD | 1 | |
North America Food Services Inc., Reston, VA | 100 | USD | 10 | |
Pourshins Inc., Reston, VA | 100 | USD | 1,000 |
(l)Rounded to the nearest whole number
(II)As of December 31, 2025, the Group held a 75% legal ownership interest in Servair SA
Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date control ceases.
The acquisition method is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets paid, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Goodwill is measured as the excess of the sum of the fair value of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in the Consolidated Income Statement.
If a business combination is achieved in stages, the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at each acquisition date and a resulting gain or loss relating to the previously held equity interest is recognized through profit or loss.
Any contingent consideration payable is measured at fair value at the acquisition date and subsequent changes to the fair value are recognized in the Consolidated Income Statement.
All material intercompany transactions and balances, and any unrealized gains or losses arising from intercompany transactions, are eliminated in preparing the Consolidated Financial Statements.
Gains and losses on transactions with non-controlling interests are recorded in equity.
When the Group loses control over a subsidiary the assets and liabilities, any related non-controlling interests and other components of equity are derecognized. Any resulting gain or loss is recognized in the Consolidated Income Statement.