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.
In € thousand |
STRABAG SE |
Associated companies not |
||||
|---|---|---|---|---|---|---|
20221) |
2021 |
2022 |
2021 |
|||
Net assets at 1 January |
3,767,752 |
3,966,748 |
205,165 |
189,059 |
||
Change in basis of consolidation |
0 |
0 |
–862 |
–6,962 |
||
Dividends |
–205,200 |
–707,940 |
–568 |
–4,029 |
||
Profit/(loss) after taxes |
651,706 |
461,217 |
25,986 |
27,159 |
||
Other comprehensive income |
166,384 |
47,726 |
41 |
–62 |
||
Net assets at 31 December |
4,380,642 |
3,767,752 |
229,761 |
205,165 |
||
Shares in associated companies |
15.29% |
15.29% |
Various investment amounts |
|||
Carrying amount |
669,584 |
575,903 |
89,880 |
80,490 |
||
|
||||||
As at 31 December 2022, UNIQA held a 15.3 per cent stake in STRABAG SE (31 December 2021: 15.3 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 2022, for the period up until 31 December 2022.
The fair value of the shares is based on the stock market price at 31 December 2022 and amounts to € 613,184 thousand (2021: € 574,762 thousand).
In € thousand |
STRABAG SE1) |
|||
|---|---|---|---|---|
1 – 6/2022 |
1 – 6/2021 |
|||
Revenue |
7,246,353 |
6,535,483 |
||
Depreciation |
–261,045 |
–266,095 |
||
Interest income |
22,814 |
12,546 |
||
Interest expenses |
–16,573 |
–15,941 |
||
Income taxes |
–26,110 |
–45,854 |
||
Profit/(loss) for the period |
43,760 |
90,941 |
||
Other comprehensive income |
111,397 |
29,386 |
||
Total comprehensive income |
155,157 |
120,327 |
||
|
||||
In € thousand |
STRABAG SE1) |
|||
|---|---|---|---|---|
30/6/2022 |
31/12/2021 |
|||
Cash and cash equivalents |
1,876,583 |
2,963,251 |
||
Other current assets |
5,257,518 |
4,272,962 |
||
Current assets |
7,134,101 |
7,236,213 |
||
Non-current assets |
5,141,342 |
4,989,555 |
||
Total assets |
12,275,443 |
12,225,768 |
||
|
|
|
||
Current financial liabilities |
367,684 |
483,005 |
||
Other current liabilities |
5,838,186 |
5,524,556 |
||
Current liabilities |
6,205,870 |
6,007,561 |
||
Non-current financial liabilities |
689,288 |
710,610 |
||
Other non-current liabilities |
1,358,504 |
1,435,775 |
||
Non-current liabilities |
2,047,792 |
2,146,385 |
||
Total liabilities |
8,253,662 |
8,153,946 |
||
Net assets |
4,021,781 |
4,071,822 |
||
|
||||
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 2022.
In € thousand |
1 – 12/2022 |
1 – 2/2021 |
|---|---|---|
Group’s share of profit from continuing operations |
10,121 |
10,588 |
Group’s share of other comprehensive income |
16 |
–25 |
Group’s share of total comprehensive income |
10,138 |
10,563 |