31. Basis of consolidation

The consolidated financial statements comprise the financial statements of Precious Woods Holding Ltd and its subsidiaries. Control is achieved when Precious Woods Holding Ltd is exposed, or has rights, to variable returns from its direct or indirect involvement with the investee and has the ability to affect those returns through its power over the investee. Usually, control is achieved through a majority of voting rights. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is lost.

The following active and operating subsidiaries are included in the consolidated financial statements:

In December 2025, the structure of the subsidiaries was optimized. The sub-holding in Luxembourg, which was formed by Lastour & Co S.A. and Unio Holding S.A., was merged with Precious Woods Holding Ltd. In addition, the dormant company Precious Woods Management Ltd was dissolved on January 1, 2025.

Further information about the associated entity of the Group is disclosed in Note 13.

Accounting policies

For purchases of non-controlling interests, the difference between any consideration paid and the relevant share of non-controlling interest acquired is deducted from equity. Gains or losses on disposals of non-controlling interests are also recorded in equity.