Preparation of consolidated financial statements and group management report

(1) The legal representatives of the parent undertaking must, within the first five months of the group financial year, prepare consolidated financial statements and a group management report, or sub-group financial statements or a sub-group management report, for the past group financial year. Where the parent undertaking is capital-market-oriented within the meaning of section 264d of the Commercial Code, the consolidated financial statements and the group management report must be prepared within the first four months of the group financial year for the past group financial year; this does not apply where the parent undertaking issues exclusively debt securities within the meaning of section 2(1) number 3 of the Securities Trading Act admitted to trading on an organised market, with a minimum denomination of 100,000 euro or the equivalent value, on the date of issue, of another currency.
(2) Sections 294 to 314 of the Commercial Code apply mutatis mutandis to the consolidated financial statements or sub-group financial statements; where a different structure is permissible, it may also be used for the consolidated financial statements or sub-group financial statements. Other provisions arising from the legal form or line of business remain unaffected. Section 315 of the Commercial Code applies mutatis mutandis to the group management report or sub-group management report.
(3) Section 314(1) number 6 of the Commercial Code need not be applied to the consolidated financial statements or sub-group financial statements. Where the parent undertaking is a commercial partnership or a sole trader, section 5(4) and (5) applies mutatis mutandis to the consolidated financial statements; these need not include a cash flow statement or a statement of changes in equity, provided the parent undertaking is not capital-market-oriented within the meaning of section 264d of the Commercial Code. Where sentence 1 or section 5(5) is applied, the consolidated financial statements or sub-group financial statements have exempting effect under sections 291 and 292 of the Commercial Code only where the exempted subsidiary undertaking, which is at the same time a parent undertaking, could itself have made use of these relaxations for its own consolidated financial statements or sub-group financial statements.
(4) Section 330 of the Commercial Code, on the issuing of statutory ordinances, also applies to consolidated financial statements, sub-group financial statements, group management reports and sub-group management reports under this Part.