2. Financial assets accounted for using the equity method

Investments in are accounted for using the . They are initially recognised at acquisition cost, which also includes transaction costs. After the first-time recognition, the consolidated financial statements include the Group’s share in profit/(loss) for the period and in changes in other comprehensive income until the date the applicable influence ends.

At each reporting date, UNIQA reviews whether there are any indications that the investments in associates are impaired. If this is the case, then the impairment loss is recorded as the difference between the participation carrying amount of the associate and the corresponding recoverable amount and recognised separately in profit/(loss) for the period. An impairment loss is reversed in the event of an advantageous change in the estimates used to determine the recoverable amount.

Reconciliation of summarised financial information

In € thousand

STRABAG SE

Associated companies not material on a stand-alone basis

20171) 2)

20162)

2017

2016

1)

Estimate for 31 Dec. 2017 based on the interim report as at 30 Sept. 2017 on STRABAG SE available as at the reporting date

2)

The carrying amounts are calculated based on the shares in circulation. 2017: 15.29%, 2016: 15.29%

Net assets at 1 January

3,113,049

3,029,356

118,463

164,459

Change in basis of consolidation

0

0

0

–64,664

Dividends

–97,470

–66,690

–866

–500

Profit/(loss) after taxes

277,652

202,686

17,761

10,474

Other comprehensive income

40,148

–52,303

–354

1,965

Net assets at 31 December

3,333,379

3,113,049

135,004

111,734

Shares in associated companies

14.26%

14.26%

Various investment amounts

Carrying amount

509,509

475,831

51,440

45,474

At 31 December 2017, UNIQA held 14.3 per cent of STRABAG SE’s share capital (31 December 2016: 14.3 per cent). UNIQA treats STRABAG SE as an associate due to contractual arrangements. As part of the accounting using the equity method, an assessment of the stake in STRABAG SE was made, based on the interim financial statements at 30 September 2017, for the period up until 31 December 2017. At 31 December 2017 the amounts to €533,674 thousand (2016: €527,715 thousand).

Summarised statement of comprehensive income

In € thousand

STRABAG SE1)

1–9/2017

1–9/2016

Revenue

9,357,275

8,938,457

Depreciation

–277,866

–274,493

Interest income

30,000

44,427

Interest expenses

–73,185

–57,735

Income taxes

–49,130

–57,697

Profit/(loss) for the period

78,243

104,898

Other comprehensive income

25,594

–32,468

Total comprehensive income

103,837

72,430

Summarised statement of financial position

In € thousand

STRABAG SE1)

30/9/2017

31/12/2016

1)

STRABAG SE Interim Report January-September 2017 as published on 30/11/2017.

Cash and cash equivalents

1,479,418

2,003,261

Other current assets

4,934,793

4,245,219

Current assets

6,414,211

6,248,480

Non-current assets

4,191,963

4,129,926

Total assets

10,606,174

10,378,406

 

 

 

Current financial liabilities

414,522

202,549

Other current liabilities

4,843,969

4,490,874

Current liabilities

5,258,491

4,693,423

Non-current liabilities

913,391

1,223,527

Other non-current liabilities

1,166,859

1,196,867

Non-current liabilities

2,080,250

2,420,394

Total liabilities

7,338,741

7,113,817

Net assets

3,267,433

3,264,589

All other financial assets accounted for using the are negligible from the perspective of the Group when considered individually and are stated in aggregate form.

The financial statements of the most recently published have been used for the purposes of the accounting using the equity method, and have been adjusted based on any essential transactions between the relevant reporting date and 31 December 2017.

Summary of information on associated companies that are not material when considered on a stand-alone basis

In € thousand

1–12/2017

1–12/2016

Group’s share of profit from continuing operations

6,413

6,729

Group’s share of other comprehensive income

–142

788

Group’s share of total comprehensive income

6,270

7,517

Unrecognised losses from associated companies

In € thousand

1–12/2017

1–12/2016

Unrecognised losses in the reporting period

0

1,682

Cumulative unrecognised losses

0

10,698

Associates
Associates are all the entities over which UNIQA has significant influence but does not exercise control or joint control over their financial and operating policies. This is generally the case as soon as there is a voting share of between 20 and 50 per cent or a comparable significant influence is guaranteed legally or in practice via other contractual regulations.
Equity method
Investment in associates is accounted for using this method. The value assessed corresponds with the Group’s proportional equity in these companies. In the case of shares in companies that prepare their own consolidated financial statements, their Group equity is assessed accordingly in each case. Within the scope of ongoing valuations, this value must be updated to incorporate proportional changes in equity; the pro rate profit on ordinary activities is imputed to the Group results with this.
Fair value
The fair value is the price that would be collected in an ordinary business transaction between market participants for the sale of an asset or that would be paid for transferring a liability.
Equity method
Investment in associates is accounted for using this method. The value assessed corresponds with the Group’s proportional equity in these companies. In the case of shares in companies that prepare their own consolidated financial statements, their Group equity is assessed accordingly in each case. Within the scope of ongoing valuations, this value must be updated to incorporate proportional changes in equity; the pro rate profit on ordinary activities is imputed to the Group results with this.
Associates
Associates are all the entities over which UNIQA has significant influence but does not exercise control or joint control over their financial and operating policies. This is generally the case as soon as there is a voting share of between 20 and 50 per cent or a comparable significant influence is guaranteed legally or in practice via other contractual regulations.