1.The consolidated annual report must include at least a fair review of the development of business and the position of the undertakings included in the consolidation taken as a whole.
2.In respect of those undertakings, the report shall also give an indication of: (a) any important events that have occurred since the end of the financial year; (b) the likely future development of those undertakings taken as a whole; (c) the activities of those undertakings taken as a whole in the field of research and development; (d) the number and nominal value or, in the absence of a nominal value, the accounting par value of all of the parent undertaking's shares held by that undertaking itself, by subsidiary undertakings of that undertaking or by a person acting in his own name but on behalf of those undertakings. A Member State may require or permit the disclosure of these particulars in the notes on the accounts. The auditing of consolidated accounts