36. Consolidation principles

Business combinations

If the Group has obtained control, it accounts for business combinations in line with the acquisition method. The consideration transferred for the acquisition and the identifiable net assets acquired are measured at . Any profit from an acquisition at a price below the fair value of the net assets is recognised directly in profit/(loss) for the period. Transaction costs are recognised as expenses immediately.

The consideration transferred does not include any amounts associated with the fulfilment of pre-existing relationships. Such amounts are generally recognised in profit/(loss) for the year.

Any contingent obligation to pay consideration is measured at at the acquisition date. If the contingent consideration is classified as equity, it is not revalued, and a settlement is accounted for within equity. Otherwise, later changes in the fair value of the contingent consideration are recognised in profit/(loss) for the period.

Transactions eliminated on consolidation

Intragroup balances and transactions and all unrealised income and expenses from intragroup transactions are eliminated when consolidated financial statements are prepared.

Basis of consolidation

 

31/12/2017

31/12/2016

Consolidated companies

 

 

Austria

35

54

Other countries

59

62

Associates

 

 

Austria

6

6

Other countries

1

1

Shares in subsidiaries that are not consolidated, as well as joint ventures that are not accounted for using the are classified as financial assets available for sale and stated under the item “Other investments”.

Controlled investment funds are included in the consolidation unless the relevant fund volumes were considered to be immaterial when viewed separately and as a whole.

Restructuring processes

For the purposes of streamlining the structure of the Group a total of 19 companies (17 real estate companies and two domestic group service companies) were merged into the companies UNIQA Real Estate Property Holding GmbH (Vienna) (previously: UNIQA Real Estate Dritte Beteiligungsverwaltung GmbH (Vienna)), UNIQA Retail Property GmbH (Vienna) (previously: Raiffeisen-Fachmarktzentrum VIER GmbH (Vienna)) and R-FMZ Immobilienholding GmbH (Vienna) in 2017 as acquiring companies.

Sales

By means of a transfer agreement dated 3 January 2017, UNIQA sold its 29 per cent holding in Medial Beteiligungs-Gesellschaft mbH (Vienna) (Medial) to CAME Holding GmbH (Vienna) (CAME). Medial is therefore reported under “Assets in disposal groups held for sale” (Group functions segment). Medial has an equity investment of around 38 per cent in Casinos Austria Aktiengesellschaft (Vienna); correspondingly, UNIQA has a holding of around 11 per cent in Casinos Austria Aktiengesellschaft. The sale to CAME has been agreed subject to a condition precedent. The conditions precedent were mandatory approvals required under merger law and public law approvals. See the chapter on “Events after the reporting date” with regard to the completion of this sale.

The sale of the 99.7 per cent holding in UNIQA Assicurazioni SpA (Milan, Italy) to Società Reale Mutua di Assicurazioni (Turin, Italy), as decided by the Supervisory Board on 2 December 2016, was closed on 16 May 2017. This also included the subsidiaries operating in Italy UNIQA Previdenza SpA (Milan, Italy) and UNIQA Life SpA (Milan, Italy).

Company

 

Type

Location

Equity interest at 31/12/2017 In per cent

Equity interest at 31/12/2016 In per cent

Domestic insurance companies

 

 

 

 

UNIQA Insurance Group AG (Group Holding Company)

 

Vienna

 

 

UNIQA Österreich Versicherungen AG

Fully consolidated

Vienna

100.0

100.0

SK Versicherung Aktiengesellschaft

At equity

Vienna

25.0

25.0

 

 

 

 

 

Foreign insurance companies

 

 

 

 

UNIQA Re AG

Fully consolidated

Switzerland, Zurich

100.0

100.0

UNIQA Assicurazioni S.p.A. (Deconsolidation: 16/5/2017)

Fully consolidated

Italy, Milan

0.0

99.7

UNIQA poisťovňa a.s.

Fully consolidated

Slovakia, Bratislava

99.9

99.9

UNIQA pojišťovna, a.s.

Fully consolidated

Czech Republic, Prague

100.0

100.0

UNIQA osiguranje d.d.

Fully consolidated

Croatia, Zagreb

100.0

100.0

UNIQA Towarzystwo Ubezpieczeń S.A.

Fully consolidated

Poland, Lodz

98.6

98.6

UNIQA Towarzystwo Ubezpieczeń na Życie S.A.

Fully consolidated

Poland, Lodz

99.8

99.8

UNIQA Biztosító Zrt.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA Versicherung AG

Fully consolidated

Liechtenstein, Vaduz

100.0

100.0

UNIQA Previdenza S.p.A. (Deconsolidation: 16/5/2017)

Fully consolidated

Italy, Milan

0.0

99.7

UNIQA osiguranje d.d.

Fully consolidated

Bosnia and Herzegovina, Sarajevo

100.0

99.8

UNIQA Insurance plc

Fully consolidated

Bulgaria, Sofia

99.9

99.9

UNIQA Life Insurance plc

Fully consolidated

Bulgaria, Sofia

99.6

99.6

UNIQA životno osiguranje a.d.

Fully consolidated

Serbia, Belgrade

100.0

100.0

UNIQA Insurance Company, Private Joint Stock Company

Fully consolidated

Ukraine, Kiev

100.0

100.0

UNIQA LIFE Private Joint Stock Company

Fully consolidated

Ukraine, Kiev

100.0

100.0

UNIQA životno osiguranje a.d.

Fully consolidated

Montenegro, Podgorica

100.0

100.0

UNIQA neživotno osiguranje a.d.

Fully consolidated

Serbia, Belgrade

100.0

100.0

UNIQA neživotno osiguranje a.d.

Fully consolidated

Montenegro, Podgorica

100.0

100.0

UNIQA Asigurari S.A.

Fully consolidated

Romania, Bucharest

100.0

100.0

UNIQA Asigurari de Viata S.A.

Fully consolidated

Romania, Bucharest

100.0

100.0

Raiffeisen Life Insurance Company LLC

Fully consolidated

Russia, Moscow

75.0

75.0

UNIQA Life S.p.A. (Deconsolidation: 16/5/2017)

Fully consolidated

Italy, Milan

0.0

89.7

SIGAL UNIQA Group AUSTRIA sh.a.

Fully consolidated

Albania, Tirana

86.9

86.9

UNIQA AD Skopje

Fully consolidated

Macedonia, Skopje

86.9

86.9

SIGAL LIFE UNIQA Group AUSTRIA sh.a.

Fully consolidated

Albania, Tirana

86.9

86.9

SIGAL UNIQA Group AUSTRIA sh.a.

Fully consolidated

Kosovo, Pristina

86.9

86.9

UNIQA Life AD Skopje

Fully consolidated

Macedonia, Skopje

86.9

86.9

SIGAL LIFE UNIQA Group AUSTRIA sh.a

Fully consolidated

Kosovo, Pristina

86.9

86.9

SH.A.F.P SIGAL LIFE UNIQA Group AUSTRIA sh.a.

Fully consolidated

Albania, Tirana

44.3

44.3

 

 

 

 

 

Group domestic service companies

 

 

 

 

UNIQA Real Estate Management GmbH

Fully consolidated

Vienna

100.0

100.0

Versicherungsmarkt-Servicegesellschaft m.b.H.

Fully consolidated

Vienna

100.0

100.0

Agenta Risiko- und Finanzierungsberatung Gesellschaft m.b.H.

Fully consolidated

Vienna

100.0

100.0

UNIQA IT Services GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Capital Markets GmbH

Fully consolidated

Vienna

100.0

100.0

call us Assistance International GmbH

Fully consolidated

Vienna

50.2

50.2

UNIQA International AG

Fully consolidated

Vienna

100.0

100.0

UNIQA internationale Beteiligungs-Verwaltungs GmbH

Fully consolidated

Vienna

100.0

100.0

Assistance Beteiligungs-GesmbH

Fully consolidated

Vienna

64.0

64.0

UNIQA Real Estate Beteiligungsverwaltung GmbH (Merger: 1/7/2017)

Fully consolidated

Vienna

0.0

100.0

UNIQA Real Estate Finanzierungs GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Group Audit GmbH

Fully consolidated

Vienna

100.0

100.0

Valida Holding AG

At equity

Vienna

40.1

40.1

RHG Management GmbH (Merger: 9/9/2017)

Fully consolidated

Vienna

0.0

100.0

UNIQA Finanzbeteiligung GmbH

Fully consolidated

Vienna

100.0

100.0

 

 

 

 

 

Group foreign service companies

 

 

 

 

UNIQA Raiffeisen Software Service Kft.

Fully consolidated

Hungary, Budapest

60.0

60.0

UNIQA Group Service Center Slovakia, spol. s r.o. (formerly: InsData spol. s.r.o.)

Fully consolidated

Slovakia, Nitra

98.0

98.0

UNIPARTNER s.r.o.

Fully consolidated

Slovakia, Bratislava

99.9

99.9

UNIQA InsService spol. s r.o.

Fully consolidated

Slovakia, Bratislava

99.9

99.9

UNIQA Ingatlanhasznosító Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA Számitástechnikai Szolgáltató Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

Vitosha Auto OOD

Fully consolidated

Bulgaria, Sofia

99.8

99.8

UNIQA Raiffeisen Software Service S.R.L.

Fully consolidated

Romania, Cluj-Napoca

60.0

60.0

sTech d.o.o

Fully consolidated

Serbia, Belgrade

100.0

100.0

DEKRA-Expert Műszaki Szakértői Kft.

At equity

Hungary, Budapest

50.0

50.0

UNIQA GlobalCare SA (formerly: UNIQA Assurances SA)

Fully consolidated

Switzerland, Geneva

100.0

100.0

 

 

 

 

 

Financial and strategic domestic shareholdings

 

 

 

 

Medial Beteiligungs-Gesellschaft m.b.H. (classified as asset held for sale since 30/9/2015)

At equity

Vienna

29.6

29.6

UNIQA Leasing GmbH

At equity

Vienna

25.0

25.0

PremiQaMed Holding GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Privatkliniken GmbH

Fully consolidated

Vienna

100.0

100.0

Ambulatorien Betriebsgesellschaft m.b.H.

Fully consolidated

Vienna

100.0

100.0

STRABAG SE

At equity

Villach

14.3

14.3

PremiQaMed Management GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Beteiligungs-Holding GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Erwerb von Beteiligungen Gesellschaft m.b.H.

Fully consolidated

Vienna

100.0

100.0

Diakonissen & Wehrle Privatklinik GmbH

Fully consolidated

Gallneukirchen

60.0

60.0

PremiQaMed Beteiligungs GmbH

Fully consolidated

Vienna

100.0

100.0

Goldenes Kreuz Privatklinik BetriebsGmbH

Fully consolidated

Vienna

75.0

75.0

 

 

 

 

 

Real-estate companies

 

 

 

 

UNIQA Real Estate CZ, s.r.o.

Fully consolidated

Czech Republic, Prague

100.0

100.0

UNIQA Real s.r.o.

Fully consolidated

Slovakia, Bratislava

100.0

100.0

UNIQA Immobilien-Projekterrichtungs GmbH

Fully consolidated

Vienna

100.0

100.0

DIANA-BAD Errichtungs- und Betriebs GmbH

At equity

Vienna

33.0

33.0

UNIQA Real Estate GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Immobilien GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Zweite Beteiligungsverwaltung GmbH (Merger: 1/7/2017)

Fully consolidated

Vienna

0.0

100.0

Design Tower GmbH

Fully consolidated

Vienna

100.0

100.0

Aspernbrückengasse Errichtungs- und Betriebs GmbH (Merger: 1/7/2017)

Fully consolidated

Vienna

0.0

99.0

UNIQA Real Estate Holding GmbH (Merger: 27/5/2017)

Fully consolidated

Vienna

0.0

100.0

UNIQA Real Estate Property Holding GmbH (formerly: UNIQA Real Estate Dritte Beteiligungsverwaltung GmbH)

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Vierte Beteiligungsverwaltung GmbH (Merger: 7/6/2017)

Fully consolidated

Vienna

0.0

100.0

“Hotel am Bahnhof” Errichtungs GmbH & Co KG

Fully consolidated

Vienna

100.0

100.0

GLM ErrichtungsGmbH (Merger: 1/7/2017)

Fully consolidated

Vienna

0.0

100.0

EZL Entwicklung Zone Lassallestraße GmbH & Co. KG

Fully consolidated

Vienna

100.0

100.0

Fleischmarkt Inzersdorf Vermietungs GmbH (Merger: 9/9/2017)

Fully consolidated

Vienna

0.0

100.0

Praterstraße Eins Hotelbetriebs GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Inlandsholding GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Plaza Irodaház és Ingatlankezelő Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

Floreasca Tower SRL

Fully consolidated

Romania, Bucharest

100.0

100.0

Pretium Ingatlan Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA Szolgáltató Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA poslovni centar korzo d.o.o.

Fully consolidated

Croatia, Rijeka

100.0

100.0

UNIQA-Invest Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

Knesebeckstraße 8-9 Grundstücksgesellschaft mbH

Fully consolidated

Germany, Berlin

100.0

100.0

UNIQA Real Estate Bulgaria EOOD

Fully consolidated

Bulgaria, Sofia

100.0

100.0

UNIQA Real Estate d.o.o.

Fully consolidated

Serbia, Belgrade

100.0

100.0

Renaissance Plaza d.o.o.

Fully consolidated

Serbia, Belgrade

100.0

100.0

IPM International Property Management Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA Real Estate Polska Sp. z o.o.

Fully consolidated

Poland, Warsaw

100.0

100.0

Black Sea Investment Capital LLC

Fully consolidated

Ukraine, Kiev

100.0

100.0

LEGIWATON INVESTMENTS Limited Company

Fully consolidated

Cyprus, Limassol

100.0

100.0

UNIQA Real III, spol. s r.o.

Fully consolidated

Slovakia, Bratislava

100.0

100.0

UNIQA Real Estate BV

Fully consolidated

Netherlands, Hoofddorp

100.0

100.0

Reytarske LLC

Fully consolidated

Ukraine, Kiev

100.0

100.0

ALBARAMA Limited Company

Fully consolidated

Cyprus, Nikosia

100.0

100.0

AVE-PLAZA LLC

Fully consolidated

Ukraine, Kharkiv

100.0

100.0

Asena LLC

Fully consolidated

Ukraine, Nikolaev

100.0

100.0

Kremser Landstraße Projektentwicklung GmbH (Merger: 9/9/2017)

Fully consolidated

Vienna

0.0

100.0

Schöpferstrasse Projektentwicklung GmbH (Merger: 9/9/2017)

Fully consolidated

Vienna

0.0

100.0

“BONADEA” Immobilien GmbH (Merger: 9/9/2017)

Fully consolidated

Vienna

0.0

100.0

“Graben 27–28” Besitzgesellschaft m.b.H. (Merger: 9/9/2017)

Fully consolidated

Vienna

0.0

100.0

Hotel Burgenland Betriebs GmbH

Fully consolidated

Vienna

100.0

100.0

R-FMZ Immobilienholding GmbH

Fully consolidated

Vienna

100.0

100.0

Neue Marktgasse Einkaufspassage Stockerau GmbH (Merger: 10/10/2017)

Fully consolidated

Vienna

0.0

100.0

DEVELOP Baudurchführungs- und Stadtentwicklungs-Gesellschaft m.b.H. (Merger: 10/10/2017)

Fully consolidated

Vienna

0.0

100.0

Raiffeisen-Fachmarktzentrum Mercurius GmbH (Merger: 30/9/2017)

Fully consolidated

Vienna

0.0

100.0

Raiffeisen-Fachmarktzentrum ZWEI GmbH (Merger: 30/9/2017)

Fully consolidated

Vienna

0.0

100.0

Raiffeisen-Fachmarktzentrum Ivesis GmbH (Merger: 1/9/2017)

Fully consolidated

Vienna

0.0

100.0

UNIQA Retail Property GmbH (formerly: Raiffeisen-Fachmarktzentrum VIER GmbH)

Fully consolidated

Vienna

100.0

100.0

Raiffeisen-Fachmarktzentrum SIEBEN GmbH (Merger: 1/9/2017)

Fully consolidated

Vienna

0.0

100.0

R-FMZ “MERCATUS” Holding GmbH (Merger: 1/8/2017)

Fully consolidated

Vienna

0.0

100.0

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.
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.
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.