14. Non-controlling interest

Non-controlling interest

The total non-controlling interest for the year is €13.8 million. Since non-controlling interest is considered not material for TMF Group no further summarised financial information is disclosed. The shares held by third parties in Freeway Entertainment Group and TMF Brasil Assessoria Contabil e Empresarial Ltda are non-controlling interest entities.

Subsidiaries

For the list of the subsidiaries of TMF Group at 31 December 2023, reference is made to the section ‘TMF Group entities’ which is included in the financial statements. All subsidiary undertakings are included in the consolidation.

All of the subsidiaries have either operating activities in line with TMF Group's core business or are intermediate holding and/or finance structures.