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2.2 SCOPE OF CONSOLIDATION
Below are the main changes that took place in 2022.
On July 28, 2022 the deed of merger of the subsidiary WPG Holdco B.V. (non-operating parent company of the newly acquired Walterscheid Group) into Comer Industries S.p.A. was signed, which had already been resolved by the Shareholders' Meeting of April 27, 2022. The transaction took effect on August 2, 2022 upon the registration of the deed of Merger with the relevant company register of Reggio Emilia. This transaction did not have any accounting impact on the consolidated financial statements.
On December 6, 2022, the parent company Comer Industries S.p.A. purchased the shares representing 100% of the share capital of Walterscheid Monguelfo S.p.A. owned by the subsidiary Powertrain Services UK Ltd at a price of 19 million euros. Moreover, this transaction did not have any accounting impact on the consolidated financial statements.
On December 16, 2022, 0.001% of Walterscheid Brasil Industria de Equipamentos Agricolas LTDA. was transferred from Powertrain Services (UK NEWCO) Limited to Powertrain Services UK Limited, which becomes the sole shareholder, at a value of R$1.00 (1 Real). This transaction did not have any accounting impact on the consolidated financial statements. In 2022 the process of closing subsidiaries GKN Ohio Inc. and Walterscheid A/S began as they were no longer operational.
At the end of 2022, Evoluzione Comer S.r.l. was established with share capital of 10,000 euros, wholly owned by parent company Comer Industries S.p.A. The company will close its first fiscal year on December 31, 2023 and is currently not operational, therefore it was excluded from consolidation as of December 31, 2022.
Walterscheid Russia LLC has been inactive since April 2022.
At the reference date of these consolidated financial statements the parent company Comer Industries S.p.A. is held by Eagles OAK S.r.l.
With regards to the summary of economic-asset/ liability relations with related parties of the Group, reference should be made to the details in the Management Report.
The scope of consolidation as at December 31, 2022 includes the Parent company and the following subsidiaries:
