The financial information of all entities included in the reporting perimeter (as defined in Article 65) must be either consolidated or combined as if they were a single company.
Consolidated financial statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single company.
Combined financial statements are those that include information about two or more commonly controlled entities without information about the controlling entity.