(1) A parent enterprise is exempted from the duty to draw up consolidated financial statements and a consolidated management report if
1. it fulfils no fewer than two of the three criteria set out below on the balance sheet date of its annual financial statements and applied to it on the preceding balance sheet date:
a) the balance sheet totals of the balance sheets of the parent enterprise and of the subsidiary enterprises that would have to be included in the consolidated financial statements do not exceed an aggregate amount of 30,000,000 euros.
b) the turnover of the parent enterprise and of the subsidiary enterprises that would have to be included in the consolidated financial statements do not exceed, in the twelve months prior to the balance sheet date, an aggregate amount of 60,000,000 euros.
c) the parent enterprise and those subsidiary enterprises that would have to be included in the consolidated financial statements have not employed, in the twelve months prior to the balance sheet date, more than 250 employees (average for the year);
or
2. it fulfils no fewer than two of the three criteria set out below on the balance sheet date of the consolidated financial statements to be drawn up by it, and applied to it on the preceding balance sheet date:
a) the balance sheet total does not exceed 25,000,000 euros.
b) the turnover in the twelve months prior to the balance sheet date do not exceed 50,000,000 euros.
c) the parent enterprise and the enterprises included in the consolidated financial statements have not employed, in the twelve months prior to the balance sheet date, more than 250 employees (average for the year).
Section 267 (5) is to be applied in identifying the average number of employees.
(2) Section 267 (4a) is to be applied accordingly in determining the balance sheet total.
(3) (repealed)
(4) Except in the cases governed by subsection (1), a parent enterprise will be exempt from the duty to draw up the consolidated financial statements and the consolidated management report if the pre-requisites of subsection (1) are met only on the balance sheet date or only on the preceding balance sheet date and if the parent enterprise was exempt from the duty to draw up the consolidated financial statements and the consolidated management report on the preceding balance sheet date. Section 267 (4) sentences 2 and 3 applies accordingly.
(5) Subsections (1) and (4) are not to be applied if the parent enterprise or a subsidiary enterprise included in its consolidated financial statements is publicly traded within the meaning of section 264d on the balance sheet date or if it is subject to the provisions of Subdivision 1 or 2 of Division 4.