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 initial 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.

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Reconciliation of summarised financial information

In € thousand

STRABAG SE

Associated companies not material on a stand-alone basis

2021¹⁾

2020²⁾

2021

2020

Net assets at 1 January

3,966,748

3,789,440

189,059

162,884

Change in basis of consolidation

–6,962

Dividends

–707,940

–92,340

–4,029

–495

Profit/(loss) after taxes

461,217

366,695

27,159

27,562

Other comprehensive income

47,726

–97,046

–62

–892

Net assets at 31 December

3,767,752

3,966,748

205,165

189,059

Shares in associated companies

15.29%

14.26%

Various investment amounts

Carrying amount

575,903

606,320

80,490

71,601

1)	Estimate for 31 Dec. 2021 based on financial information as at 30 July 2021 on STRABAG SE available as at the reporting date
2)	The carrying amounts are calculated based on the shares in circulation. 2021: 15.29%, 2020: 15.29%

As at 31 December 2021, UNIQA held a 15.3 per cent stake in STRABAG SE (31 December 2020: 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 share in STRABAG SE was made, based on the financial information published at 30 June 2021, for the period up until 31 December 2021.

The fair value of the shares is based on the stock market price at 31 December 2021 and amounts to €574,762 thousand (2020: €446,950 thousand).

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Summarised statement of comprehensive income

In € thousand

STRABAG SE¹⁾

1 – 6/2021

1 – 6/2020

Revenue

6,535,483

6,321,813

Depreciation

–266,095

–255,012

Interest income

12,546

20,572

Interest expenses

–15,941

–34,058

Income taxes

–45,854

–30,984

Profit/(loss) for the period

90,941

630

Other comprehensive income

29,386

–58,194

Total comprehensive income

120,327

–57,564

1)	STRABAG SE Semi-Annual Report 2021 as published in August 2021

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Summarised statement of financial position

In € thousand

STRABAG SE¹⁾

30/6/2021

31/12/2020

Cash and cash equivalents

1,875,307

2,856,954

Other current assets

4,672,450

4,124,139

Current assets

6,547,757

6,981,093

Non-current assets

5,127,349

5,153,348

Total assets

11,675,106

12,134,441

Current financial liabilities

433,790

163,896

Other current liabilities

5,532,321

5,479,476

Current liabilities

5,966,111

5,643,372

Non-current financial liabilities

728,924

992,111

Other non-current liabilities

1,463,689

1,390,738

Non-current liabilities

2,192,613

2,382,849

Total liabilities

8,158,724

8,026,221

Net assets

3,516,382

4,108,220

1)	STRABAG SE Semi-Annual Report 2021 as published in August 2021

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 purpose of the accounting using the equity method, and have been adjusted based on any essential transactions between the relevant reporting date and 31 December 2021.

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Summary of information on associated companies not material on a stand-alone basis
In € thousand	1–12/2021	1–12/2020
Group’s share of profit from continuing operations	10,588	10,827
Group’s share of loss from continuing operations	0	–36
Group’s share of other comprehensive income	–25	–357
Group’s share of total comprehensive income	10,563	10,434

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 contractual regulations.

Equity method

Investment in associates is accounted for using this method. The value carried corresponds to 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 measurement, this value must be updated to incorporate proportional changes in equity with the share of net income/(loss) being allocated to consolidated profit/(loss).

Acquisition costs

The amount paid to acquire an asset in cash or cash equivalents or the fair value of another form of compensation at the time of acquisition.

Associates

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