35. 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 fair value. 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 fair value 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 income and expenses from intragroup transactions are eliminated when consolidated financial statements are prepared.

Acquisitions

The acquisition of 100 per cent of shares in Software Park Kraków Sp. z o.o. (Warsaw, Poland) was completed in December 2018.

The company holds an office property in Warsaw. The acquisition represents a strategic expansion for the property portfolio. In accordance with IFRS 3, the acquisition of this holding is considered the acquisition of a business.

No profit contributions from the acquired company are stated in the profit/(loss) for the year.

If the acquisition had taken place on 1 January 2018, according to estimates of the Group Management Board the non-technical result would have amounted to €211,501 thousand and net profit would have been €236,736 thousand. In determining these amounts, the management assumed that the provisional fair value adjustments at the time of the acquisition would also have been valid in the event of an acquisition on 1 January 2018.

The consideration paid for the acquisition comprises exclusively cash and cash equivalents amounting to €8,427 thousand. The incidental costs incurred for this acquisition amounting to €260 thousand have been recognised under other operating expenses.

Receivables (trade receivables and other assets) acquired in the course of the acquisition have a fair value of €609 thousand. Based on the best possible estimate, there were no uncollectible receivables at the time of the acquisition.

Calculations based on the estimates show that no goodwill was generated with the acquisition of the Software Park Kraków Sp. z o.o. in Poland.

The consideration paid is offset by an acquired cash position of €1,894 thousand.

Assets and liabilities from business combinations at acquisition date

In € thousand

 

Assets

 

Property, plant and equipment

32,509

Receivables, including insurance receivables

609

Cash and cash equivalents

1,894

Total assets

35,013

Liabilities

 

Financial liabilities

22,810

Other provisions

267

Liabilities and other items classified as liabilities

3,688

Total liabilities

26,764

Restructuring processes

In September 2018, UNIQA Finanzbeteiligung GmbH (Vienna) was merged with UNIQA Österreich Versicherungen AG (Vienna) as the absorbing company.

Liquidation

ALBARAMA Limited Company (Nicosia, Cyprus) was liquidated in June 2018.

Sales

In July 2015, UNIQA decided to divest its 29 per cent participation in Medial Beteiligungs-Gesellschaft m.b.H. (Vienna). Since then, this has been reported under “Assets in disposal groups held for sale” (Group functions segment). The sale of Medial Beteiligungs-Gesellschaft m.b.H. to CAME Holding GmbH was finally completed on 15 January 2018 following receipt of the approvals and authorisations required for the transfer under public and merger law and following the decision of the general assembly of Casinos Austria Aktiengesellschaft.

Company

Company

Type of consoli­dation

Location

Equity interest at 31/12/2018 In per cent

Equity interest at 31/12/2017 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

Equity method

Vienna

25.0

25.0

 

 

 

 

 

Foreign insurance companies

 

 

 

 

Raiffeisen Life Insurance Company LLC

Fully consolidated

Russia, Moscow

75.0

75.0

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

Fully consolidated

Albania, Tirana

44.3

44.3

SIGAL LIFE UNIQA Group AUSTRIA sh.a

Fully consolidated

Kosovo, Pristina

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

Albania, Tirana

86.9

86.9

SIGAL UNIQA Group AUSTRIA sh.a.

Fully consolidated

Kosovo, Pristina

86.9

86.9

UNIQA AD Skopje

Fully consolidated

North Macedonia, Skopje

86.9

86.9

UNIQA Asigurari de Viata S.A.

Fully consolidated

Romania, Bucharest

100.0

100.0

UNIQA Asigurari S.A.

Fully consolidated

Romania, Bucharest

100.0

100.0

UNIQA Biztosító Zrt.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA Insurance Company, Private Joint Stock Company

Fully consolidated

Ukraine, Kiev

100.0

100.0

UNIQA Insurance plc

Fully consolidated

Bulgaria, Sofia

99.9

99.9

UNIQA Life AD Skopje

Fully consolidated

North Macedonia, Skopje

86.9

86.9

UNIQA Life Insurance plc

Fully consolidated

Bulgaria, Sofia

99.6

99.6

UNIQA LIFE Private Joint Stock Company

Fully consolidated

Ukraine, Kiev

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 osiguranje d.d.

Fully consolidated

Croatia, Zagreb

100.0

100.0

UNIQA osiguranje d.d.

Fully consolidated

Bosnia and Herzegovina, Sarajevo

100.0

100.0

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 Re AG

Fully consolidated

Switzerland, Zurich

100.0

100.0

UNIQA Towarzystwo Ubezpieczeń na Życie S.A.

Fully consolidated

Poland, Lodz

99.8

99.8

UNIQA Towarzystwo Ubezpieczeń S.A.

Fully consolidated

Poland, Lodz

98.6

98.6

UNIQA Versicherung AG

Fully consolidated

Liechtenstein, Vaduz

100.0

100.0

UNIQA životno osiguranje a.d.

Fully consolidated

Serbia, Belgrade

100.0

100.0

UNIQA životno osiguranje a.d.

Fully consolidated

Montenegro, Podgorica

100.0

100.0

 

 

 

 

 

Group domestic service companies

 

 

 

 

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

Fully consolidated

Vienna

100.0

100.0

Assistance Beteiligungs-GesmbH

Fully consolidated

Vienna

64.0

64.0

call us Assistance International GmbH

Fully consolidated

Vienna

50.2

50.2

UNIQA Capital Markets GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Finanzbeteiligung GmbH (Merger: 30/9/2018)

Fully consolidated

Vienna

0.0

100.0

UNIQA Group Audit GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA International AG

Fully consolidated

Vienna

100.0

100.0

UNIQA internationale Beteiligungs-Verwaltungs GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA IT Services GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Finanzierungs GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Management GmbH

Fully consolidated

Vienna

100.0

100.0

Valida Holding AG

Equity method

Vienna

40.1

40.1

Versicherungsmarkt-Servicegesellschaft m.b.H.

Fully consolidated

Vienna

100.0

100.0

 

 

 

 

 

 

 

 

 

 

Group foreign service companies

 

 

 

 

DEKRA-Expert Műszaki Szakértői Kft.

Equity method

Hungary, Budapest

50.0

50.0

sTech d.o.o.

Fully consolidated

Serbia, Belgrade

100.0

100.0

UNIPARTNER s.r.o.

Fully consolidated

Slovakia, Bratislava

99.9

99.9

UNIQA GlobalCare SA (formerly: UNIQA Assurances SA)

Fully consolidated

Switzerland, Geneva

100.0

100.0

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

Fully consolidated

Slovakia, Nitra

98.0

98.0

UNIQA Ingatlanhasznosító Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA InsService spol. s r.o.

Fully consolidated

Slovakia, Bratislava

99.9

99.9

UNIQA Raiffeisen Software Service Kft.

Fully consolidated

Hungary, Budapest

60.0

60.0

UNIQA Raiffeisen Software Service S.R.L.

Fully consolidated

Romania, Cluj-Napoca

60.0

60.0

UNIQA Számitástechnikai Szolgáltató Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

Vitosha Auto OOD

Fully consolidated

Bulgaria, Sofia

99.8

99.8

 

 

 

 

 

Financial and strategic domestic shareholdings

 

 

 

 

Diakonissen & Wehrle Privatklinik GmbH

Fully consolidated

Gallneukirchen

90.0

60.0

Goldenes Kreuz Privatklinik BetriebsGmbH

Fully consolidated

Vienna

75.0

75.0

Medial Beteiligungs-Gesellschaft m.b.H.
(Deconsolidation: 15/1/2018)

Equity method

Vienna

0.0

29.6

PremiQaMed Ambulatorien GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Beteiligungs GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Holding GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Management Services GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Privatkliniken GmbH

Fully consolidated

Vienna

100.0

100.0

STRABAG SE

Equity method

Villach

14.3

14.3

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

UNIQA Leasing GmbH

Equity method

Vienna

25.0

25.0

 

 

 

 

 

Real estate companies

 

 

 

 

“Hotel am Bahnhof” Errichtungs GmbH & Co KG

Fully consolidated

Vienna

100.0

100.0

ALBARAMA Limited Company
(Deconsolidation: 15/6/2018)

Fully consolidated

Cyprus, Nikosia

0.0

100.0

Asena LLC

Fully consolidated

Ukraine, Nikolaev

100.0

100.0

AVE-PLAZA LLC

Fully consolidated

Ukraine, Kharkiv

100.0

100.0

Black Sea Investment Capital LLC

Fully consolidated

Ukraine, Kiev

100.0

100.0

Design Tower GmbH

Fully consolidated

Vienna

100.0

100.0

DIANA-BAD Errichtungs- und Betriebs GmbH

Equity method

Vienna

33.0

33.0

EZL Entwicklung Zone Lassallestraße GmbH & Co. KG

Fully consolidated

Vienna

100.0

100.0

Floreasca Tower SRL

Fully consolidated

Romania, Bucharest

100.0

100.0

Hotel Burgenland Betriebs GmbH

Fully consolidated

Vienna

100.0

100.0

IPM International Property Management Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

Knesebeckstraße 8-9 Grundstücksgesellschaft mbH

Fully consolidated

Germany, Berlin

100.0

100.0

LEGIWATON INVESTMENTS Limited Company

Fully consolidated

Cyprus, Limassol

100.0

100.0

Praterstraße Eins Hotelbetriebs GmbH

Fully consolidated

Vienna

100.0

100.0

PremiQaMed Immobilien GmbH

Fully consolidated

Vienna

100.0

100.0

Pretium Ingatlan Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

Renaissance Plaza d.o.o.

Fully consolidated

Serbia, Belgrade

100.0

100.0

Reytarske LLC

Fully consolidated

Ukraine, Kiev

100.0

100.0

R-FMZ Immobilienholding GmbH

Fully consolidated

Vienna

100.0

100.0

Software Park Kraków Sp. z o.o.
(Initial consolidation: 4/12/2018)

Fully consolidated

Poland, Warsaw

100.0

0.0

UNIQA Immobilien-Projekterrichtungs GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Plaza Irodaház és Ingatlankezelő 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 Real Estate Bulgaria EOOD

Fully consolidated

Bulgaria, Sofia

100.0

100.0

UNIQA Real Estate BV

Fully consolidated

Netherlands, Hoofddorp

100.0

100.0

UNIQA Real Estate CZ, s.r.o.

Fully consolidated

Czech Republic, Prague

100.0

100.0

UNIQA Real Estate d.o.o.

Fully consolidated

Serbia, Belgrade

100.0

100.0

UNIQA Real Estate GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Inlandsholding GmbH

Fully consolidated

Vienna

100.0

100.0

UNIQA Real Estate Polska Sp. z o.o.

Fully consolidated

Poland, Warsaw

100.0

100.0

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

Fully consolidated

Vienna

100.0

100.0

UNIQA Real III, spol. s r.o.

Fully consolidated

Slovakia, Bratislava

100.0

100.0

UNIQA Real s.r.o.

Fully consolidated

Slovakia, Bratislava

100.0

100.0

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

Fully consolidated

Vienna

100.0

100.0

UNIQA Szolgáltató Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

UNIQA-Invest Kft.

Fully consolidated

Hungary, Budapest

100.0

100.0

 

 

 

 

 

Investment funds

 

 

 

 

Diamond I SICAV – Opportunities Fund
(Deconsolidation: 31/12/2018)

Fully consolidated

Luxembourg, Luxembourg

0.0

92.5

Platinum I SICAV – Opportunities Fund
(Deconsolidation: 30/9/2018)

Fully consolidated

Luxembourg, Luxembourg

0.0

67.5

SSG Valluga Fund

Fully consolidated

Dublin, Ireland

100.0

0.0

UNIQA Corporate Bond

Fully consolidated

Vienna

100.0

100.0

UNIQA Diversified Bond Fund

Fully consolidated

Vienna

100.0

100.0

UNIQA Eastern European Debt Fund

Fully consolidated

Vienna

100.0

100.0

UNIQA Emerging Markets Debt Fund

Fully consolidated

Vienna

100.0

100.0

UNIQA Euro Government Bond Fund

Fully consolidated

Vienna

99.7

99.5

UNIQA World Selection

Fully consolidated

Vienna

100.0

100.0