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29 Accounting policies

29.1 BASIS OF PREPARATION
The separate financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

The separate financial statements have been prepared on the historical cost basis. EYNL’s objective is to safeguard its status as a going concern; therefore the separate financial statements are prepared on a going concern basis.

The functional currency of EYNL is the euro. The financial statements are presented in euros and all amounts are rounded to the nearest thousand (€000), except where indicated otherwise.

29.2 CHANGES IN ACCOUNTING POLICY AND DISCLOSURES
Reference is made to Note 2.3 of the consolidated financial statements.

29.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reference is made to the summary in Note 2.4 of the consolidated financial statements for information on significant accounting policies.

Subsidiaries are measured at cost less impairment. EYNL exercises control over EYA and EYB except in specific professional matters. EYA and EYB have no capital and, under contractual arrangements, distribute their entire result for the financial year to EYNL. Accordingly, the cost and/or net-asset value of both EYA and EYB are nil.