In this section 42 C onsolidated financial statements 42 C onsolidated Income Statement 42 C onsolidated Statement of Comprehensive Income 43 C onsolidated Statement of Financial Position 44 C onsolidated Statement of Changes in Equity 45 C onsolidated Statement of Cash Flows 46 N otes to the consolidated financial statements 46 1 . Group Organisation 46 2 . Summary of Significant Accounting Policies 56 3 . C ritical Accounting Estimates and Judgments 57 4 . Foreign Exchange Rates 57 5 . Financial Risk Management 67 6 . Acquisitions 70 7 . Segment Information 72 8 . Employee Benefits 77 9 . Share-Based Payments 77 1 0. I nvestments in Joint Ventures and Associates 78 1 1. Other Operating Income 78 12 . Other Operating Expense 78 1 3. Expenses by Nature 78 1 4. Financing Costs 78 1 5. Other Financial (Income) Expense, Net 79 1 6. Income Taxes 80 1 7. Earnings per Share 81 1 8. Cash and Cash Equivalents 81 1 9. Accounts Receivable – Trade 81 2 0. Inventories 82 2 1. Property, Plant and Equipment 83 2 2. Intangible Assets 85 2 3. Debt 87 2 4. Changes in Liabilities Arising from Financing Activities 88 25 . Provisions 89 2 6. Own Equity Instruments 89 2 7. E q u i t y 90 2 8. Commitments 90 2 9. Contingent Liabilities 91 3 0. Related Parties 91 3 1. Board of Directors and Executive Committee Compensation 95 3 2. L ist of Principal Group Companies 97 3 3. Disclosure of the Process of Risk Assessment 98 R eport of the Statutory Auditor 98 S tatutory Auditor’s Report on the Consolidated Financial Statements 41 G ivaudan — 2 021 Governance, Compensation and Financial Report Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix