Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 307

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 307
---
 its returns. |

<div align='center'>F-52

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F OR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div>

| 2. | APPLICATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS 
 (cont.)                                                    |

The Group reassesses whether or not it controls an investee
if facts and circumstances indicate that there are changes to one or more of the three elements of control described above.

The financial statements of the subsidiaries are prepared
for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from
the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

Profit or loss and each item of other comprehensive income,
if any, is attributed to the owners of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling
interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions
among members of the Group are eliminated in full on combination.

Non-controlling interests in subsidiaries are presented separately
from the Group’s equity therein, which represent present ownership interests entitling their holders to a proportionate share of
net assets of the relevant subsidiaries upon liquidation.

’

Changes in the Group’s interests in subsidiaries that
do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the
Group’s relevant components of equity and the non-controlling interests are adjusted to reflect the changes in their relative interests
in the subsidiaries, including re-attribution of relevant reserves between the Group and the non-controlling interests according to the
Group’s and the non-controlling interests’ proportionate interests.

Any difference between the amount by which the non-controlling
interests are adjusted, and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners
of the Company.

A business is an integrated set of activities and assets which
includes an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired processes
are considered substantive if they are critical to the ability to continue producing outputs, including an organized workforce with the
necessary skills, knowledge, or experience to perform the related processes or they significantly contribute to the ability to continue
produ