Even though the Dutch holding company Hal Holding NV does not have a majority stake in Safilo, IFRS accounting rules oblige it to consolidate the Italian company on a line-by-line basis as of Jan. 1, 2014. Hal, which currently owns 42.2 percent of Safilo, would thus benefit more directly from the improving momentum at Safilo.
Safilo's board of directors has agreed to set a procedure for the exchange of information that, subject to appropriate confidentiality undertakings, will allow Hal to comply with its obligations while avoiding any interference with Safilo's administrative and accounting system as well as its internal control system.
The two companies will jointly retain an independent financial consultant who will be required to reach his own assessments and form an opinion on any accounting/financial matters relating to Safilo which should be taken into account in Hal's consolidation process. He will do so by accessing the appropriate management and control bodies of both companies.