Article 13

1. An undertaking need not be included in consolidated accounts where it is not material for the purposes of Article 16 (3). 2. Where two or more undertakings satisfy the requirements of paragraph 1 above, they must nevertheless be included in consolidated accounts if, as a whole, they are material for the purposes of Article 16 (3). 3. In addition, an undertaking need not be included in consolidated accounts where: severe long-term restrictions substantially hinder: (aa) the parent undertaking in the exercise of its rights over the assets or management of that undertaking; or (bb) the exercise of unified management of that undertaking where it is in one of the relationships defined in Article 12 (1); or the information necessary for the preparation of consolidated accounts in accordance with this Directive cannot be obtained without disproportionate expense or undue delay; or the shares of that undertaking are held exclusively with a view to their subsequent resale.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.