Access America 2003 Annual Report Download - page 25

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Consolidation scope
The consolidated financial statements of Mondial Assistance Group comprise the annual accounts of Elmonda and
its subsidiaries, which are prepared in accordance with the accounting and valuation principles of Mondial Assistance
Group. Consolidated subsidiaries are listed on the pages 29 to 31.
The Société Française de Dépannage et de Services (S.F.D.S.), France merged with Société de Services Communs
(SSC). A new service company, Mondial Assistance Beijing Services Co. Ltd. was founded in China. In Morocco, the
participation in ISAAF Mondial Assistance was reduced from 80% to 41% and is consolidated at equity method
since of November 1st, 2003. The Mondial Assistance Holding Deutschland, Munich bought a 50% share of rehacare
GmbH, Munich, which is consolidated at equity method. The Dutch branch (NLER) of Elvia Reiseversicherungs-
Gesellschaft AG, Zürich acquired the Dutch branch office of Société Belge d’Assistance Internationale S.A. (asset deal).
Consolidation principles
Subsidiaries have been recorded according to the full consolidation method when subject to the majority control of
Mondial Assistance Group.
All intra-group transactions and balances have been eliminated.
Interests in joint ventures are recognised by including the accounts using the proportionate consolidation basis, i.e.
by including in the accounts under the appropriate financial statement headings the Group's proportion of the joint
venture revenues, costs, assets and liabilities.
Equity investments in which Mondial Assistance Group owns at least 20% of the voting rights are accounted for
using the equity method, except for investments in which Mondial Assistance Group is not able to exercise significant
influence, in which case, the cost method is used.
Investments in which the company owns less than 20%, are accounted for under the cost method.
The equity and net income attributable to minority shareholders' interests are disclosed separately in the balance
sheet and income statement respectively.
The purchase method of accounting is used for acquired businesses. Companies acquired or disposed of during the
year are included in the consolidated financial statements from the date of acquisition or to the date of disposal
respectively.
Notes to the consolidated financial
statements of Mondial Assistance Group