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.
In € thousand |
STRABAG SE |
Associated companies not material on a stand-alone basis |
||||||
20171) 2) |
20162) |
2017 |
2016 |
|||||
|
||||||||
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 fair value amounts to €533,674 thousand (2016: €527,715 thousand).
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 |
In € thousand |
STRABAG SE1) |
|||
30/9/2017 |
31/12/2016 |
|||
|
||||
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 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 2017.
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 |
In € thousand |
1–12/2017 |
1–12/2016 |
Unrecognised losses in the reporting period |
0 |
1,682 |
Cumulative unrecognised losses |
0 |
10,698 |