85 amortised capital. The right-of-use of the asset is valued at the initial value of the lease liability plus the initial direct costs, advance payments and restoration costs, minus any lease incentive benefits. It is amortised over the estimated termof the lease. The lease liability and the right of use may be adjusted in the event of any amendment to the lease, re-estimation of the lease term or rent review related to the application of indices or rates. Deferred taxes are recognised as temporary differences in right-of-use and rental liabilities by the lessee. Inaccordancewith theexceptionprovided for by thestandard, short-term leases (initial term of less than twelve months) and leases for which the replacement value of the leased asset is low are not recognised on the balance sheet. The corresponding leasing expenses are recorded on a straightline basis in the Income Statement under “operating expenses”. In accordancewith the provisions of the standard, the Group does not apply IFRS 16 to lease agreements for intangible assets. 1.3 CONSOLIDATION PRINCIPLES AND METHODS (IFRS 10, IFRS 11 AND IAS 28) Consolidation methods The consolidated financial statements include the accounts of CFM Indosuez Wealth and those of all the companies over which, according to the provisions of IFRS 10, IFRS 11 and IAS 28, CFM Indosuez Wealth has the power to control, joint control or significant influence, with the exception of those that are not significant in relation to all the companies included in the consolidation scope. In accordance with international accounting standards, all the entities listed above are under the exclusive control of CFM INDOSUEZWEALTHandare therefore fully consolidated. All consolidated companies have their accounts kept inEUR. % control % interest Companies Location Head office 31/12/2021 31/12/2020 31/12/2021 31/12/2020 CFM Indosuez Wealth SAM Monaco 11, bld Albert 1er - Monaco Parent company Parent company CFM Indosuez Conseil en Investissement SASU France 1, Place de la Liberté - 06320 Cap d’Ail 100% 100% 100% 100% CFM Indosuez Gestion SAM Monaco 11, bld Albert 1er - Monaco 100% 100% 100% 100% Consolidation methods The methods of consolidation are set respectively by IFRS 10 and IAS 28 (revised). They are based on the nature of the control exercisedbyCFM IndosuezWealthover entitieswithin the scope of consolidation, regardless of their activity and whether or not they have legal status: • full consolidation for controlled entities, including entities with different account structures, even if their activity is not in line with that of CFM Indosuez Wealth; • the equitymethod, for entities under significant influence and under joint control. Full consolidation consists of substituting the value of the securities with each of the assets and liabilities of each subsidiary. The equity and income attributable to noncontrolling interests is presented separately in the consolidated balance sheet and Income Statement. The equity method consists of replacing the value of the securities with the Group's share of equity and the profit or loss of the companies concerned. Since the two consolidated subsidiaries were created by the CFM Indosuez Wealth, no goodwill was recognised. Restatements and eliminations Restatements aremade where necessary to harmonize the valuation methods for consolidated companies. The impact of Group internal transactionson theconsolidated balance sheet and Income Statement is eliminated for fully consolidated entities. Capital gains or losses fromasset sales betweenconsolidated companies are eliminated; any impairmentsrecorded on an internal transfer are recognised.
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