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Independent auditors
To the board of directors of
Limacorporate S.p.A.
Report on the audit of the
consolidated financial statements
We have audited the accompanying consolidated financial statements of the Limacorporate Group (the group ), which comprise the statement of
financial position as at 31 December 2022, the income statement and statements of comprehensive income, cash flows and changes in equity for the year then ended and notes thereto, which include a summary of the significant accounting policies.
In our opinion, the accompanying consolidated financial statements give a true and fair view of the financial position of the Limacorporate Group as at 31
December 2022 and of its financial performance and cash flows for the year then ended in accordance with the International Financial Reporting Standards issued by International Accounting Standards Board ( IFRS issued by the IASB ).
We conducted our audit in
accordance with International Standards on Auditing (ISA). Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the consolidated financial statements section of
our report. We are independent of Limacorporate S.p.A. (the parent ) in accordance with the ethics and independence rules and standards applicable in Italy to audits of financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter IFRS issued by the IASB adoption and error
We draw attention to Note 4.1 Transition to IFRS issued by IASB to the consolidated financial statements, which indicates
the group has corrected an error related to the payback mechanism accounted in compliance with IFRS 15 that was reported prior to the group s adoption of the IFRS issued by IASB. Our opinion is not modified in respect of this matter.
The consolidated financial
statements of Limacorporate Group as at 31 December 2022 has been prepared for its inclusion in the offering memorandum drawn up by Enovis Corporation as part of its potential issue of notes.
Independent auditors report
Responsibilities of the parent s directors and board of statutory auditors ( Collegio
Sindacale ) for the consolidated financial statements
The directors are responsible for the preparation of consolidated financial statements
that give a true and fair view in accordance with the International Financial Reporting Standards issued by International Accounting Standards Board and, within the terms established by the Italian law, for such internal control as they determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
responsible for assessing the group s ability to continue as a going concern and for the appropriate use of the going concern basis in the preparation of the consolidated financial statements and for the adequacy of the related disclosures. The
use of this basis of accounting is appropriate unless the directors believe that the conditions for liquidating the parent or ceasing operations exist, or have no realistic alternative but to do so.
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, the group s financial reporting process.
Auditors responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
As part of an audit in accordance with ISA, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:
Independent auditors report
We communicate with those charged with governance, identified at the appropriate level required by ISA, regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Padua, 5 October 2023
Consolidated financial statements as at 31 December 2022
| Consolidated financial statements as at 31 December 2022 | ||||
| Consolidated financial statements as at 31 December 2022 of the Limacorporate Group | 6 | |||
| Notes to the consolidated financial statements as at 31 December 2022 | 11 | |||
| Other information | 51 |
Consolidated financial statements as at 31 December 2022 of the Limacorporate Group
Statement of financial position
| ( 000) | ||||||||||||||||
| ASSETS | Note | 31/12/2022 | 31/12/2021 | 01/01/2021 | ||||||||||||
| Non-current assets | ||||||||||||||||
| Other intangible assets | [3.1 | ] | 58,234 | 53,595 | 44,477 | |||||||||||
| Goodwill | [3.2 | ] | 384,216 | 398,305 | 396,900 | |||||||||||
| Property, plant and equipment | [3.3 | ] | 79,837 | 81,773 | 85,288 | |||||||||||
| Equity investments | [3.4 | ] | 2 | 2 | 402 | |||||||||||
| Deferred tax assets | [3.5 | ] | 31,709 | 33,462 | 31,895 | |||||||||||
| Other non-current assets | [3.6 | ] | 861 | 705 | 663 | |||||||||||
| Total non-current assets | 554,859 | 567,843 | 559,625 | |||||||||||||
| Current assets | ||||||||||||||||
| Inventories | [3.7 | ] | 86,728 | 87,421 | 84,166 | |||||||||||
| Trade receivables | [3.8 | ] | 70,161 | 66,891 | 63,070 | |||||||||||
| Current tax assets | [3.9 | ] | 2,087 | 2,554 | 4,361 | |||||||||||
| Other current assets | [3.10 | ] | 14,192 | 11,247 | 11,469 | |||||||||||
| Cash and cash equivalents | [3.11 | ] | 25,920 | 21,503 | 26,273 | |||||||||||
| Total current assets | 199,088 | 189,617 | 189,340 | |||||||||||||
| TOTAL ASSETS | 753,947 | 757,461 | 748,965 | |||||||||||||
| EQUITY AND LIABILITIES | ||||||||||||||||
| Equity | ||||||||||||||||
| Share capital | [3.12 | ] | 9,868 | 9,868 | 9,868 | |||||||||||
| Share premium reserve | [3.12 | ] | 14,425 | 14,425 | 14,425 | |||||||||||
| Other reserves | [3.12 | ] | 323,510 | 317,570 | 310,762 | |||||||||||
| Retained earnings (accumulated deficit) | [3.12 | ] | (21,966 | ) | (18,862 | ) | (6,380 | ) | ||||||||
| Profit (loss) for the year | [3.12 | ] | (19,273 | ) | (2,539 | ) | (12,482 | ) | ||||||||
| Total equity attributable to the owners of the parent | 306,564 | 320,463 | 316,194 | |||||||||||||
| Total equity | 306,564 | 320,463 | 316,194 | |||||||||||||
| Non-current liabilities | ||||||||||||||||
| Non-current financial liabilities | [3.15 | ] | 10,165 | 283,573 | 287,407 | |||||||||||
| Employee benefits | [3.14 | ] | 1,296 | 1,442 | 1,421 | |||||||||||
| Deferred tax liabilities | [3.5 | ] | 19,275 | 17,296 | 12,986 | |||||||||||
| Provisions for risks and charges | [3.13 | ] | 17,156 | 15,314 | 12,847 | |||||||||||
| Other non-current liabilities | [3.16 | ] | 649 | 5,250 | 5,476 | |||||||||||
| Total non-current liabilities | 48,541 | 322,875 | 320,137 | |||||||||||||
| Current liabilities | ||||||||||||||||
| Current financial liabilities | [3.15 | ] | 336,659 | 61,536 | 61,156 | |||||||||||
| Trade payables | [3.17 | ] | 36,564 | 32,343 | 28,941 | |||||||||||
| Current tax liabilities | [3.18 | ] | 877 | 202 | 491 | |||||||||||
| Other current liabilities | [3.19 | ] | 24,742 | 20,041 | 22,047 | |||||||||||
| Total current liabilities | 398,842 | 114,123 | 112,635 | |||||||||||||
| TOTAL EQUITY AND LIABILITIES | 753,947 | 757,461 | 748,965 |
| ( 000) | ||||||||||||
| Note | 2022 | 2021 | ||||||||||
| Revenue | [3.20 | ] | 245,669 | 210,543 | ||||||||
| Other revenues and income | [3.20 | ] | 5,798 | 3,973 | ||||||||
| Total revenue and income | 251,467 | 214,517 | ||||||||||
| Raw materials, consumables, supplies and goods | [3.21 | ] | (56,391 | ) | (53,530 | ) | ||||||
| Services | [3.22 | ] | (81,645 | ) | (69,910 | ) | ||||||
| Change in w.i.p., semi-finished products and finished goods | [3.23 | ] | (887 | ) | 2,058 | |||||||
| Personnel expenses | [3.24 | ] | (76,858 | ) | (60,773 | ) | ||||||
| Amortisation and Depreciation | [3.25 | ] | (35,408 | ) | (32,517 | ) | ||||||
| Impairment losses on trade receivables | [3.25 | ] | (502 | ) | (429 | ) | ||||||
| Impairment losses on fixed assets | [3.25 | ] | (16,152 | ) | (209 | ) | ||||||
| Other operating costs | [3.26 | ] | (1,857 | ) | (1,509 | ) | ||||||
| Internal work capitalised | [3.27 | ] | 13,532 | 16,250 | ||||||||
| Operating costs | (256,167 | ) | (200,570 | ) | ||||||||
| Operating profit | (4,700 | ) | 13,947 | |||||||||
| Financial income | [3.28 | ] | 14,561 | 7,829 | ||||||||
| Financial expense | [3.28 | ] | (22,609 | ) | (20,785 | ) | ||||||
| Net financial expense | (8,048 | ) | (12,956 | ) | ||||||||
| Pre-tax income (loss) | (12,748 | ) | 991 | |||||||||
| Income tax benefit (expense) | [3.29 | ] | (6,526 | ) | (3,529 | ) | ||||||
| Profit (loss) for the year | (19,273 | ) | (2,539 | ) | ||||||||
| of which attributable to the owners of the parent | (19,273 | ) | (2,539 | ) |
Statement of comprehensive income
| ( 000) | ||||||||||||
| Note | 2022 | 2021 | ||||||||||
| Profit (loss) for the year | (19,273 | ) | (2,539 | ) | ||||||||
| Other comprehensive income (expense) | ||||||||||||
| Items that will never be reclassified to profit or loss (A) | ||||||||||||
| Remeasurements of the net defined benefit liability (asset) | [3.14 | ] | 71 | 3 | ||||||||
| Related tax | [3.14 | ] | (17 | ) | (1 | ) | ||||||
| 54 | 2 | |||||||||||
| Items that are or may be reclassified to profit or loss (B) | ||||||||||||
| Exchange differences on translation of foreign operations | [3.12 | ] | 871 | 1,842 | ||||||||
| 871 | 1,842 | |||||||||||
| Other comprehensive income (expense), net of tax (A+B) | 925 | 1,844 | ||||||||||
| Comprehensive income (expense) for the year | (18,348 | ) | (695 | ) | ||||||||
| Comprehensive income (expense) attributable to: | ||||||||||||
| Owners of the parent | (18,348 | ) | (695 | ) |
Statement of changes in equity
| ( 000) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Note | Share capital | Share premium reserve | Legal reserve | Merger reserve | Equity Injections | Translation reserve | Actuarial reserve | Other reserves | Retained earnings including Profit (loss) for the year | Total equity attributable to the owners of the parent | Total equity | |||||||||||||||||||||||||||||||||||||
| At 1 January 2021 | 9,868 | 14,425 | 2,101 | 288,261 | 23,088 | (334 | ) | (25 | ) | (2,328 | ) | (18,862 | ) | 316,194 | 316,194 | |||||||||||||||||||||||||||||||||
| Statement of comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||
| Profit for the year | [3.12 | ] | (2,539 | ) | (2,539 | ) | (2,539 | ) | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | [3.12 | ] | 1,842 | 2 | 1,844 | 1,844 | ||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income | 1,842 | 2 | (2,539 | ) | (694 | ) | (694 | ) | ||||||||||||||||||||||||||||||||||||||||
| Owner transactions | ||||||||||||||||||||||||||||||||||||||||||||||||
| Allocation of the loss for the previous year | [3.12 | ] | ||||||||||||||||||||||||||||||||||||||||||||||
| Other owner transactions | [3.12 | ] | 4,963 | 4,963 | 4,963 | |||||||||||||||||||||||||||||||||||||||||||
| Total owner transactions | 4,963 | 4,963 | 4,963 | |||||||||||||||||||||||||||||||||||||||||||||
| Other changes | [3.12 | ] | ||||||||||||||||||||||||||||||||||||||||||||||
| At 31 December 2021 | 9,868 | 14,425 | 2,101 | 288,261 | 28,051 | 1,508 | (23 | ) | (2,328 | ) | (21,401 | ) | 320,463 | 320,463 | ||||||||||||||||||||||||||||||||||
| Statement of comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||
| Profit for the year | [3.12 | ] | (19,273 | ) | (19,273 | ) | (19,273 | ) | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | [3.12 | ] | 871 | 54 | 925 | 925 | ||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income | 871 | 54 | (19,273 | ) | (18,349 | ) | (18,349 | ) | ||||||||||||||||||||||||||||||||||||||||
| Owner transactions | ||||||||||||||||||||||||||||||||||||||||||||||||
| Allocation of the loss for the previous year | [3.12 | ] | 565 | (565 | ) | |||||||||||||||||||||||||||||||||||||||||||
| Other owner transactions | [3.12 | ] | ||||||||||||||||||||||||||||||||||||||||||||||
| Total owner transactions | 565 | (565 | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Other changes | [3.12 | ] | 4,450 | 4,450 | 4,450 | |||||||||||||||||||||||||||||||||||||||||||
| At 31 December 2022 | 9,868 | 14,425 | 2,101 | 288,261 | 28,051 | 2,379 | 31 | 2,687 | (41,239 | ) | 306,564 | 306,564 |
Statement of cash flows
| ( 000) | ||||||||||||
| Note | 2022 | 2021 | ||||||||||
| Operating activities | ||||||||||||
| Profit (loss) for the year | [3.12] | (19,273 | ) | (2,539 | ) | |||||||
| Income tax (benefit)/expense | [3.29] | 6,526 | 3,529 | |||||||||
| Net financial (income)/expense | [3.28] | 10,809 | 13,979 | |||||||||
| Amortisation, depreciation and impairment losses | [3.25] | 50,649 | 32,726 | |||||||||
| Accruals/(Release) to provisions | [3.26] | 1,842 | 3,204 | |||||||||
| Net (gains)/loss on disposals | [3.20] [3.26] | (629 | ) | (550 | ) | |||||||
| FX on contingent consideration | [3.28] | 1,031 | 1,384 | |||||||||
| Cash flows from operating activities before changes in working capital | 50,955 | 51,734 | ||||||||||
| Change in inventories | [3.7] | 693 | (3,255 | ) | ||||||||
| Change in trade receivables | [3.8] | (3,270 | ) | (3,502 | ) | |||||||
| Change in trade payables | [3.17] | 4,220 | 3,402 | |||||||||
| Change in other assets/liabilities | [3.10] [3.16] [3.19] | 316 | 523 | |||||||||
| Change in non-current assets | [3.6] | (156 | ) | 358 | ||||||||
| Income taxes paid | (2,019 | ) | (846 | ) | ||||||||
| Cash flows from operating activities A) | 50,739 | 48,414 | ||||||||||
| Investing activities | ||||||||||||
| Acquisitions of property, plant and equipment | [3.3] | (25,234 | ) | (21,983 | ) | |||||||
| Disposal of property, plant and equipment | [3.3] | 1,418 | 2,108 | |||||||||
| Acquisitions of intangible assets | [3.1] | (12,229 | ) | (14,229 | ) | |||||||
| Disposal of intangible assets | [3.1] | 955 | 47 | |||||||||
| Cash flows used in investing activities B) | (35,090 | ) | (34,056 | ) | ||||||||
| Financing activities | ||||||||||||
| Third party funds | ||||||||||||
| Net change in current financial liabilities | [3.15] | 8,916 | 805 | |||||||||
| Gross change in non-current financial liabilities | [3.15] | (0 | ) | (572 | ) | |||||||
| Decrease in lease liabilities | [3.15] | (4,401 | ) | (3,384 | ) | |||||||
| Net interest income | [3.28] | 163 | 154 | |||||||||
| Net interest paid | [3.28] | (15,911 | ) | (16,131 | ) | |||||||
| Cash flows from (used in) in financing activities C) | (11,231 | ) | (19,127 | ) | ||||||||
| Increase (decrease) in liquid funds (A B C) | 4,417 | (4,770 | ) | |||||||||
| Opening cash and cash equivalent | 21,503 | 26,273 | ||||||||||
| Closing cash and cash equivalent | 25,920 | 21,503 | ||||||||||
| Increase (decrease) in cash and cash equivalents | 4,417 | (4,770 | ) |
Notes to the consolidated financial statements as at 31 December 2022
[2.1] General information
The Limacorporate Group (the
group ) designs, creates and sells joint implants and repair solutions in the medical sector.
The parent, Limacorporate S.p.A.
( Limacorporate or the parent ), was set up and is domiciled in Italy. Its registered office is at Via Nazionale 52, San Daniele del Friuli (Udine) and its company registration number is 173824.
The group carries out most of its business at its registered office while some activities are also performed by the subsidiaries.
The consolidated financial statements as at and for the year ended 31 December 2022 include the financial statements of the parent and the subsidiaries
(together the group ).
These consolidated financial statements as at 31 December 2022 were approved by the parent s board of
directors at its meeting on 3 October 2023.
The parent is managed and coordinated by Emil Holding II S. .r.l., whose details are provided
[2.2] Basis of presentation
The consolidated financial
statements as at 31 December 2022 is prepared in accordance with the IFRS issued by International Accounting Standards Board (IASB) applying IFRS 1 First-time Adoption of International Financial Reporting Standards.
Following the adoption of the IFRS issued by IASB, the Group s equity and profit for the year previously determined under the IFRS endorsed by the
European Union, were corrected due to a correction of error related to the payback mechanism accounted in compliance with IFRS 15, retrospectively, as reduction of revenue (variable consideration). The note [4.1] Transition to IFRS issued by IASB
describes the corrected error and transition criteria and includes the reconciliation schedules of the Group s equity and profit for the year for the comparative periods.
These consolidated financial statements as at 31 December 2022 comprise the statement of financial position, income statement, statement of comprehensive
income, statement of changes in equity, statement of cash flows and these notes. They comply with the provisions of IAS 1 Presentation of financial statements and the general principle of historical cost, except for those items that, pursuant to the
IFRS, are measured at fair value, as explained in the accounting policies of the individual captions in note 2.4 Basis of preparation. The statement of financial position has been prepared by separating assets and liabilities into current and non-current, whereas costs are classified in the income statements on the basis of their nature. The statement of cash flows has been prepared using the indirect method.
The notes to the consolidated financial statements as at 31 December 2022 include the information generally required by ruling legislation and the IFRS,
suitably presented with reference to the financial statements schedules used.
The consolidated financial statements as at 31 December 2022 have been
prepared on a going concern basis, as the related assumptions are deemed to be met.
All figures are in thousands of Euros, unless indicated otherwise.
The Euro is the parent s functional and presentation currency. For each financial statements caption, the corresponding amount of the previous year is provided for comparative purposes.
The consolidated financial statements of Limacorporate Group as at 31 December 2022 has been prepared
for its inclusion in the offering memorandum drawn up by Enovis Corporation as part of its potential issue of notes.
[2.3] Consolidation scope
The consolidated financial statements of the Limacorporate Group as at 31 December 2022 include the financial statements of the parent and the
Italian and foreign subsidiaries at 31 December 2022.
Subsidiaries are those companies over which the group has control, as defined by IFRS 10
Consolidated financial statements as at 31 December 2022. Control exists when the group has the power to, directly or indirectly, govern the financial and operating policies of an entity so as to obtain benefits from its activities. The
financial statements of subsidiaries are included in the consolidated financial statements as at 31 December 2022 starting from when control is assumed and until such control ceases to exist.
The table below lists the companies included in the consolidation scope at 31 December 2022.
Subsidiaries are included in the consolidation scope from when the group acquires control, as defined above, and are excluded from when the group no longer
Amounts in thousands (of the stated currency)
| Registered office | Currency | Share/quota capital | Equity | Profit (Loss) for the year | % | |||||||||||||||
| LIMA AUSTRIA GmbH | Seestadtstrasse 27 Top 6-7, 1220 Vienna (Austria) | (EUR) | 35 | 1,278 | 172 | 100 | % | |||||||||||||
| LIMA BELGIUM SRL | Chauss e de Wavre 504, bo te 5A - 1390 Grez Doiceau (Belgium) | (EUR) | 30 | -1,250 | 289 | 100 | % | |||||||||||||
| LIMA CZ s.r.o. | Do Zahr dek I., 157/5 - 155 21 Praha 5 - T ebonice - (Czech Republic) | (CZK) | 200 | 116,390 | 16,178 | 100 | % | |||||||||||||
| LIMA DENMARK ApS | Lyngebaekgards Alle 2, 2990 Niva (Denmark) | (DKK) | 500 | 427 | 142 | 100 | % | |||||||||||||
| LIMA DEUTSCHLAND GmbH | Kapstadtring 10, - 22297 Hamburg - (Germany) | (EUR) | 25 | 5,291 | 1,674 | 100 | % | |||||||||||||
| LIMA DO BRASIL LTDA | Al. Campinas, 728 2 andar salas 201, 202, 203 e 204.- Jardim Paulista - Sao Paulo - SP - CEP:01404- 001 (Brazil) | (BRL) | 1,500 | -10,475 | 7,754 | 100 | % | |||||||||||||
| LIMA FRANCE Sas | 1, All e des Alisiers - Immeuble Le Galil e - 69500 Bron - (France) | (EUR) | 40 | 440 | 161 | 100 | % | |||||||||||||
| LIMA IMPLANTES PORTUGAL S.U. LDA | Rua P ro Vaz de Caminha 8 E 2660-441 St Ant nio Cavaleiros - (Portugal) | (EUR) | 5 | 2,357 | 125 | 100 | % | |||||||||||||
| LIMA IMPLANTES Slu | C/ Manuel Tovar, 33-35 28034 Madrid - (Spain) | (EUR) | 200 | 1,089 | 29 | 100 | % | |||||||||||||
| LIMA JAPAN K.K. | Tokyo Front Terrace 13F 2-3-14 Higashi Shinagawa, Shinagawa, Tokyo, 140-0002 , (Japan) | (JPY) | 10,000 | -984,102 | -34,681 | 100 | % | |||||||||||||
| LIMA KOREA Co., Ltd | Zero Building 11th Floor, 14 Teheran Ro 84 Gil, Gangnam Gu, Seoul 06178 - (Korea) | (KRW) | 100,000 | -1,932,158 | 299,988 | 100 | % | |||||||||||||
| LIMA NETHERLANDS B.V. | Bergweg 153A, 3707AC Zeist - (Netherlands) | (EUR) | 18 | 1,007 | 232 | 100 | % | |||||||||||||
| LIMA O.I. d.o.o. - ORTOPEDIJA I IMPLANTATI | Ante Kova i a, 3 - 10000 Zagreb - (Croatia) | (HRK) | 300 | 32,024 | 1,586 | 100 | % | |||||||||||||
| LIMA ORTHOPAEDICS AUSTRALIA Pty Ltd | Unit 1, 40 Ricketts Road - Mt Waverley, 3149 Victoria - (Australia) | (AUD) | 0 | 21,875 | 405 | 100 | % | |||||||||||||
| LIMA ORTHOPAEDICS NEW ZEALAND Pty Ltd | 20 Crummer Rd Grey Lynn 1021 Auckland 1021 - New Zealand | (NZD) | 0 | 10,014 | 195 | 100 | % | |||||||||||||
| LIMA ORTHOPAEDICS SOUTH AFRICA (PTY) LTD | Northlands Deco Park, Stand 326, 10 Newmarket Street, Design Boulevard, Northriding, 2186 (South Africa) | (ZAR) | 0 | -11,459 | -92 | 100 | % | |||||||||||||
| LIMA ORTHOPAEDICS UK Ltd | 4 Office Village Forder Way Cygnet Park Hampton Peterborough Peterborough PE7 8GX (United Kingdom) | (GBP) | 0 | 6,932 | 947 | 100 | % | |||||||||||||
| LIMA POLSKA SP. z.o.o. | ul. Ul Lopuszanska 95 - 02-457 Warsaw (Poland) | (PLN) | 5 | 472 | 1,126 | 100 | % | |||||||||||||
| LIMA SK S.r.o. | Cesta na Stadi n 7 - 97404 Banska Banska Bystrica - (Slovakia) | (EUR) | 7 | 6,371 | 313 | 100 | % | |||||||||||||
| LIMA SWEDEN AB | Box 180 - SE-184 22 Akersberga - (Sweden) | (SEK) | 100 | 1,678 | 666 | 100 | % | |||||||||||||
| LIMA SWITZERLAND SA | Birkenstrasse, 49 - 6343 Rotkreuz - Zug - (Switzerland) | (CHF) | 100 | 2,084 | 328 | 100 | % | |||||||||||||
| TASFIYE HALINDE LIMA TURKEY ORTOPEDI AS | Serifali Mah. Hendem Cad.No: 54 Canan Residence OFIS A-2,34775 - UMRANIYE - Istanbul - (Turkiye) | (TRY) | 50 | -13,713 | -11,252 | 100 | % | |||||||||||||
| LIMA USA Inc. | 2001 NE Green Oaks Blvd, Suite 100 - Arlington, TX 76006 - (United States) | (USD) | 20 | 79,420 | -1,368 | 100 | % | |||||||||||||
| LIMA SM S.p.A. in liquidazione | Strada Borrana, 38 - Serravalle 47899 - (Repubblica di San Marino) | (EUR) | 2,701 | 4,051 | -1,174 | 100 | % | |||||||||||||
| TechMah Medical LLC | 2099 Thunderhead Road, Suite 302 - Knoxville, TN 37922 - (United States) | (USD) | 29,084 | 961 | -8,268 | 100 | % | |||||||||||||
| LIMA (BEIJING) MEDICAL DEVICES CO., LTD. | Room 616, 6/F, Building 1, No.1, Lize Zhong 2 Road, Chaoyang District, Beijing, China | (CNY) | 3,014 | -3,784 | -2,761 | 100 | % | |||||||||||||
| LIMA ORTHOPAEDICS CANADA INC. | 3715 Laird Road Suite Unit 9, Mississauga, ON, Canada | (CAD) | 200 | 221 | 28 | 100 | % |
Lima Orthopaedics Canada Inc. incorporated under Canadian law in October 2021 was included in the
consolidation scope in 2022. It began operations in the first half of 2022 and was not consolidated in 2021 as it was not yet up and running and was immaterial.
For consolidation purposes, the figures of the individual companies at the reporting date were restated to comply with the IFRS adopted by the group. The
reporting date of all of the consolidated companies is 31 December.
The basis of consolidation is set out below:
The following rates were applied in translating the financial statements of foreign operations: