Section 1 – Transactions carried out during the year
The business combinations undertaken with counterparties outside the Group are recognised by applying the principles of IFRS 3 as adopted by Regulation (EC) no. 495/2009 of the European Commission of 3 June 2009, as described in the section on Accounting policies, consolidation scope and methods, in these Notes.
In 2012 Banca IFIS did not carry out business combinations as per IFRS 3
On 29 June 2012, Banca IFIS S.p.A. concluded the merger of the wholly-owned subsidiary Fast Finance S.p.A., with only accounting and tax effects applied as from 1 January 2012.
This transaction qualifies as a transaction between entities "under common control", and therefore does not fall within the scope of IFRS 3. The transaction is reported in Banca IFIS's separate financial statements based on the principle of value continuity, consistently with what Assirevi stated in its OPI 2 interpretation, which was approved by the Supervisory Authority and CONSOB.
Therefore, pursuant to the principle of value continuity, the amounts recognised in the separate financial statements of the acquiring company at the date of the merger shall converge towards the amounts in its consolidated financial statements at the date in which control was already exercised before the merger through the consolidation process ("legal consolidation").
Here below is a summary of the main information regarding this transaction.
|Company Name||Operation date(1)||Cost operation(2)||Sharing %||Net baking income(3)||Net profit3)|
|Fast Finance S.p.A.||29.06.2012||19.404||100%||1.833||238|