IMC ANNUALREPORT 2020 - Flipbook - Page 41
IMC ANNUAL REPORT 2021
FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Presentation
All amounts in the financial statements are rounded to the nearest
million euro, unless otherwise indicated.
2.3. CONSOLIDATION PRINCIPLES
(a) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the
Group has control. The Group controls an entity when the Group 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
to direct the activities of the entity. Subsidiaries are fully consolidated
from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
The consolidated financial statements comprise the financial
information of the Company and of the Group companies.
The main Group companies are:
Consolidated
financial statements
Notes to the consolidated
financial statements
Company
financial statements
Other information
Independent Auditor’s report
Name
IMC Trading B.V.
IMC ICT B.V.
IMC Asia Pacific B.V.
Trading Technology
Solutions B.V.
Trading Infrastructure
Solutions B.V.
IT Infrastructure Holding B.V.
IMC India Holding B.V.
FRIJT Trading B.V.
IMC Americas Inc.
IMC Chicago LLC
IMC Execution Services LLC
Network Links Global Inc.
IMC Strategic Holdings LLC
IMC Pacific Holding Pty Ltd.
IMC Pacific Pty Ltd.
IMC India Securities
Private Ltd.
IMC Korea Securities Co., Ltd.
IMC Asia Pacific Limited
City
Amsterdam
Amsterdam
Amsterdam
Amsterdam
Country
The Netherlands
The Netherlands
The Netherlands
The Netherlands
Amsterdam The Netherlands
Amsterdam
Amsterdam
Amsterdam
Chicago
Chicago
Chicago
Chicago
Chicago
Sydney
Sydney
Mumbai
The Netherlands
The Netherlands
The Netherlands
United States of America
United States of America
United States of America
United States of America
United States of America
Australia
Australia
India
Seoul
Hong Kong
Korea
China
On 2 June 2021, the Company acquired 100% of the shares of FRIJT
Trading B.V. for €14.8 million. FRIJT Trading B.V. is a Dutch company,
active in trading for its own account in the cryptocurrencies and
decentralized finance space. At 31 December 2021, and at 31 December
2020 all Group companies were wholly owned by the Group.
Intercompany transactions, balances and unrealized gains on
transactions between Group companies are eliminated in preparing the
consolidated financial statements. Unrealized losses on intercompany
transactions are also eliminated unless the transaction provides
evidence of an impairment of the transferred asset. Accounting policies
of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
(b) Associates and joint ventures
Associates are all entities over which the Group has significant influence,
but no control or joint control. This is generally the case where the Group
holds between 20% and 50% of the voting rights. Joint ventures are
entities over whose activities the Group has joint control, established by
contractual agreement, whereby the Group has rights to the net assets
of the arrangement.
Investments in associates and joint ventures are accounted for using the
equity method of accounting after initially being recognized at cost.
(c) Equity method
Under the equity method of accounting, the investments are initially
recognized at cost and adjusted thereafter to reflect the Group’s share
of the post-acquisition profits, or losses of the investee in profit or loss,
and the Group’s share of movements in other comprehensive income of
the investee in other comprehensive income. Dividends received from
associates are recognized as a reduction in the carrying amount of the
investment.
When the Group’s share of losses in an equity-accounted investment
equals or exceeds its investment in the entity, including any other
unsecured long-term receivables, the Group does not recognize further
losses, unless it has incurred obligations or made payments on behalf of
the entity.
Unrealized gains on transactions between the Group and its associates
and joint ventures are eliminated to the extent of the Group’s
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