What is full consolidation, and when is it used?

The parent includes 100% of the subsidiary's assets, liabilities, revenue, expenses, and cash flows in the consolidated financial statements.

When the parent controls the investee. Under IFRS 10, control means power over the investee, exposure to variable returns, and ability to use power to affect those returns.

The non-owned share is shown as non-controlling interest (NCI) in equity and in the income statement.

Full consolidation changes revenue, EBITDA, net debt, and EV-to-equity mechanics. Always check whether multiples are based on consolidated EBITDA and whether NCI needs to be added in the EV bridge.