2. Financial assets accounted for using the equity method

Investments in associates are accounted for using the equity method. 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

20181) 2)

20172)

2018

2017

1)

Estimate for 31 Dec. 2018 based on the interim report as at 30 Sept. 2018 on STRABAG SE available as at the reporting date

2)

The carrying amounts are calculated based on the shares in circulation. 2018: 15.29%, 2017: 15.29%

Net assets at 1 January

3,333,379

3,113,049

135,004

118,463

Change in basis of consolidation

0

0

0

0

Dividends

–133,380

–97,470

–910

–866

Profit/(loss) after taxes

336,513

277,652

22,210

17,761

Other comprehensive income

5,903

40,148

–5,138

–354

Net assets at 31 December

3,542,415

3,333,379

151,166

135,004

Shares in associated companies

14.26%

14.26%

Various investment amounts

Carrying amount

541,460

509,509

57,638

51,440

At 31 December 2018, UNIQA held 14.3 per cent of STRABAG SE’s share capital (31 December 2017: 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 2018, for the period up until 31 December 2018. At 31 December 2018, the fair value amounts to €402,255 thousand (2017: €533,674 thousand).

Summarised statement of comprehensive income

In € thousand

STRABAG SE1)

1–9/2018

1–9/2017

1)

STRABAG SE Interim Report January-September 2018 as published on 29/11/2018.

Revenue

10,681,470

9,357,275

Depreciation

–272,536

–277,866

Interest income

36,783

30,000

Interest expenses

–47,277

–64,688

Income taxes

–100,636

–49,130

Profit/(loss) for the period

187,758

86,740

Other comprehensive income

–2,923

17,097

Total comprehensive income

184,835

103,837

Summarised Statement of financial position

In € thousand

STRABAG SE1)

30/9/2018

31/12/2017

1)

STRABAG SE Interim Report January-September 2018 as published on 29/11/2018.

Cash and cash equivalents

1,754,402

2,790,447

Other current assets

4,969,505

4,167,935

Current assets

6,723,907

6,958,382

Non-current assets

4,767,771

4,095,741

Total assets

11,491,678

11,054,123

 

 

 

Current financial liabilities

333,250

411,098

Other current liabilities

5,226,053

5,099,945

Current liabilities

5,559,303

5,511,043

Non-current financial liabilities

1,128,336

882,879

Other non-current liabilities

1,327,265

1,262,482

Non-current liabilities

2,455,601

2,145,361

Total liabilities

8,014,904

7,656,404

Net assets

3,476,774

3,397,719

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

The financial statements of the associates 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 2018.

Summary of information on associated companies not material on a stand-alone basis

In € thousand

1–12/2018

1–12/2017

Group’s share of profit from continuing operations

8,597

6,413

Group’s share of other comprehensive income

–2,062

–142

Group’s share of total comprehensive income

6,535

6,270