Fiven Annual Report 2020

Note 4 Composition of the group (including acquisition) The consolidated financial statements include the financial statements of Fiven ASA and entities controlled directly or indirectly by Fiven ASA. 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 over the entity. Subsidiaries are fully consolidated from the date on which the group obtains control, and are deconsolidated from the date that control ceases. Business combinations Business combinations are accounted for using the acquisition method in accordance with IFRS 3. The consideration transferred in a business combination, is measured at fair value, and goodwill is measured as the excess of the sum of consideration transferred, and net identifiable value of transferred assets and liabilities. There were no acquisitions in the year ending 31 December 2020. Fiven ASA and the following subsidiaries make up the composition of the group and are included in the consolidated financial statement. Company Functional currency Country of incorporation 31.12.2020 Equity interests 31.12.2019 Equity interests Owner Fiven Norge AS NOK Norway 100% 100% Fiven ASA Carbeto de Silicio SIKA Brasil Ltda BRL Brazil 100% 100% Fiven ASA Matériaux Céramiques S.A EUR Belgium 100% 100% Fiven ASA Fiven Gmbh EUR Germany 100% 100% Fiven ASA The Group`s operations in Venezuela are integrated cost centers under the current business model of the Belgian production facil- ity. The Venezuelan subsidiaries are controlled by the Group as defined in IFRS 10. Based on a thorough assessment Fiven Group has however concluded not to consolidate the two subsidiaries, as this will have no material impact on the financial information being relevant and faithfully represented. The following subsidiaries are not included in the consolidated financial statement. Company Functional currency Country of incorporation 31.12.2020 Equity interests 31.12.2019 Equity interests Owner Materiales Ceramicos CA USD Venezuela 100% 100% Fiven Norge AS Curburo del Caroni CA VEF Venezuela 100% 100% Materiales Ceramicos CA Fiven Annual Report 2020 Financial statements   41