Use of judgements and estimates

The consolidated financial statements require the Group Management Board to make judgements, estimates and assumptions that relate to the application of accounting policies and the amounts stated for the assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recorded prospectively. Risks related to the consequences of climate change were taken into account in the measurement of assets and liabilities, such as in the context of the impairment test for assets as well as in the calculation of technical provisions.

Discretionary judgements and assumptions regarding the future which could have a significant impact on these Consolidated Financial Statements are described in the following notes:

Note 1: Investment property (assumptions used in determining fair values)

Note 2: Financial assets accounted for using the equity method (assumptions and models used in STRABAG SE’s earnings estimates)

Note 3: Other investments and unit-linked and index-linked life insurance investments (determination of fair values and calculation of expected credit losses)

Note 5: Insurance contracts (assumptions and models for the calculation of assets and liabilities from insurance and reinsurance contracts)

Note 6: Intangible assets (assumptions used in determining goodwill)

Note 11: Deferred taxes (assessment of the ability to realise deferred tax assets)

Note 12: Defined benefit plans (calculation of the present value of the defined benefit obligations)

The following table provides a summary of the measurement standards for the individual asset and liability items: