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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
3.3 Basis of Consolidation
(continued)
The following is a list of the operating subsidiaries as of 31 December 2014 and 2013 detailing the Group's controlling interest by direct voting power and the Group’s ultimate effective
shareholding in such Subsidiaries' equity at those dates:
(1) These subsidiaries are consolidated on the basis set below:
a) power to govern the financial and operating policies of the entity under an agreement; or,
b) power to appoint or remove the majority of the members of the board of the directors or equivalent governing body; or,
c) power to cast the majority of votes at meetings of the board of directors or equivalent governing body.
(2) This subsidiary is liquidated in 24 April 2014.
(3) All energy investments and Borusan Manheim are a joint-ventures of the group.
(4) Güney Rüzgarı and Eskoda have merged under Fuatres as of 30 November 2014.
(5) This entity was sold on 30 June 2014.
(6) Balnak and BLG Lojistik have merged under BLG Lojistik on 31 July 2014.
Effective Shareholding
by Borusan Holding
Direct Shareholding
By Borusan Holding
2014 (%)
2013 (%)
2014 (%)
2013 (%)
2014 (%)
2013 (%)
Borçelik (1)
20.77
20.77
38.76
38.72
line by line
line by line
Borusan Boru
-
-
53.19
53.16
line by line
line by line
Kerim Çelik (1)
0.01
0.01
38.71
38.72
line by line
line by line
Borusan Ankara (2)
-
-
58.69
58.69
line by line
line by line
BMBYH
64.64
64.64
72.38
72.35
line by line
line by line
İstikbal
82.68
82.68
82.70
82.70
line by line
line by line
Vobarno
-
-
53.19
53.16
line by line
line by line
Bortrade
70.00
70.00
70.00
70.00
line by line
line by line
Borusan Mühendislik
-
-
51.56
51.53
line by line
line by line
Borusan Mannesmann Pipe US Inc
-
-
53.19
53.16
line by line
line by line
BMGS
70.16
70.11
81.93
81.83
line by line
line by line
Machinery Intertrade Limited ("UK")
-
-
81.93
81.83
line by line
line by line
MIT Machine International Trade Limited ("MIT Machine")
-
-
81.93
81.83
line by line
line by line
MIT Machine Holding Limited ("MIT Machine Holding")
-
-
81.93
81.83
line by line
line by line
Machinery International Trade B.V. ("Machinery International")
-
-
81.93
81.83
line by line
line by line
Borusan Makina Kazakhstan LLP ("Kazakhstan")
-
-
81.93
81.83
line by line
line by line
BGS Freezone
-
-
81.93
81.83
line by line
line by line
Niocorp AB
-
-
81.93
81.83
line by line
line by line
Construction Equipment Trade Limited
-
-
81.93
81.83
line by line
line by line
Sitech Eurasia Teknoloji Servis ve Tic. A.Ş. ("Sitech")
-
-
81.93
81.83
line by line
line by line
Borusan Endüstriyel Sistemler A.Ş.
-
-
81.88
-
line by line
-
Borusan İş Makinaları Kiralama Sanayi ve Tic. A.Ş.
-
-
81.88
-
line by line
-
Borusan Oto (1)
29.05
28.60
41.58
41.07
line by line
line by line
Borusan Otomotiv (1)
21.25
21.00
39.16
38.83
line by line
line by line
Borusan Oto Kıbrıs (1)
-
-
40.37
39.95
line by line
line by line
Borusan Otomotiv Pazarlama (1)
21.25
21.00
39.16
38.83
line by line
line by line
Borusan Otomotiv Premium Kiralama (1)
21.25
21.00
40.90
40.90
line by line
line by line
Maya Enerji (3)
0.01
0.01
49.85
49.85
equity pick up
equity pick up
Yedigöl (3)
0.01
0.01
49.85
49.85
equity pick up
equity pick up
Turkuaz (3)
0.01
0.01
49.85
49.85
equity pick up
equity pick up
Hazal (3)
0.01
0.01
49.85
49.85
equity pick up
equity pick up
Esentepe (3)
0.01
0.01
49.85
49.85
equity pick up
equity pick up
Hidiv (3)
0.01
0.01
49.85
49.85
equity pick up
equity pick up
Borusan Enerji (3)
49.00
49.00
49.85
49.85
equity pick up
equity pick up
Güney Rüzgarı (3-4)
-
0.01
-
49.85
-
equity pick up
Kuzey Rüzgarı (3)
0.01
0.01
49.85
49.85
equity pick up
equity pick up
Eskoda (3-4)
-
0.01
-
49.85
-
equity pick up
Baltalimanı (3)
0.01
0.01
49.85
49.85
equity pick up
equity pick up
Beylerbeyi (3)
-
-
49.85
49.85
equity pick up
equity pick up
Balabanlı (3)
-
-
49.85
49.85
equity pick up
equity pick up
Maray (3)
0.05
0.05
49.85
49.85
equity pick up
equity pick up
Başkent Gölbaşı (5)
-
99.91
-
100.00
-
line by line
Bandırma (3)
-
-
49.85
49.85
equity pick up
equity pick up
Boylam (3)
-
-
49.85
49.85
equity pick up
equity pick up
Fuatres (3-4)
-
-
49.85
49.85
equity pick up
equity pick up
Ezine
-
99.80
100.00
100.00
line by line
line by line
Trakya
50.00
99.80
100.00
100.00
line by line
line by line
Sincan
-
69.80
94.80
94.80
line by line
line by line
Dardanos B.V
-
-
100.00
-
line by line
-
Bendis B.V
-
-
100.00
-
line by line
-
Tarhunt B.V
-
-
94.80
-
line by line
-
CFI International B.V
100.00
-
100.00
-
line by line
-
SFI International B.V
70.00
-
94.80
-
line by line
-
TFI International B.V
100.00
-
100.00
-
line by line
-
Borusan Lojistik
57.75
57.59
79.39
79.19
line by line
line by line
Balnak (6)
-
57.59
-
79.19
line by line
line by line
BLG Lojistik
-
-
79.39
79.19
line by line
line by line
Eta Elektronik
-
-
79.39
-
line by line
-
Borusan Logistics International Algeria SPA
-
-
79.39
79.19
line by line
line by line
Borusan International Gulf FZE
-
-
79.39
79.19
line by line
line by line
Borusan Logistics International Netherlands BV
-
-
79.39
79.19
line by line
line by line
Borusan Logistics International USA Inc
-
-
79.39
79.19
line by line
line by line
Borusan Logistics International Oman Inc
-
-
79.39
79.19
line by line
line by line
Borusan Logistics International Kazakhstan Limited Liability Partnership
-
-
79.39
79.19
line by line
line by line
Borusan Manheim (3)
40.50
40.50
46.45
46.42
equity pick up
equity pick up
Otomax
-
-
80.62
80.56
line by line
line by line
Supsan
7.96
1.96
47.30
41.27
line by line
line by line
Borusan Teknoloji
83.09
83.09
93.86
93.81
line by line
line by line
Borusan Danışmanlık ve Ortak Hizmetler A.Ş. ("Borusan Danışmanlık")
93.78
93.78
93.78
93.80
line by line
line by line
Borusan Yatırım
36.29
36.01
62.64
62.40
line by line
line by line
Borusan Arge ve İnovasyon A.Ş.
100.00
-
100.00
-
line by line
-
Borusan Yönetim Danışmanlığı ve Yatırım Ltd Şti.
99.90
99.90
100
100
line by line
line by line
Birlik Yönetim Danışmanlığı ve Yatırım Ltd Şti.
99.90
99.90
100
100
line by line
line by line
Consolidation Method
BORUSAN HOLDING A.Ş. AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(Currency - US Dollars (“USD”) unless otherwise indicated)