2.2. 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 significant influence ends.
UNIQA reviews at each reporting date whether there are any indications that the investment in associated companies is impaired. If this is the case, the impairment requirement is calculated as the difference between the carrying amount of the investment in 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 |
||||
|---|---|---|---|---|---|---|
20241) |
2023 |
2024 |
2023 |
|||
Net assets at 1 January |
4,549,621 |
4,380,642 |
253,323 |
229,761 |
||
Purchase of treasury shares |
–337,864 |
–108,214 |
|
|
||
Dividends |
–253,975 |
–199,642 |
0 |
–4,000 |
||
Profit/(loss) after taxes |
704,508 |
473,454 |
39,281 |
27,313 |
||
Other comprehensive income |
–35,887 |
3,382 |
118 |
249 |
||
Net assets at 31 December |
4,626,404 |
4,549,621 |
292,722 |
253,323 |
||
Shares in associated companies |
16.98% |
15.71% |
Various investment amounts |
|||
Carrying amount |
785,598 |
714,772 |
114,278 |
98,984 |
||
|
||||||
As at the reporting date 31 December 2024, UNIQA held a 17.0 per cent stake in STRABAG SE (31 December 2023: 15.7 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 2024, for the period up until 31 December 2024.
The fair value of the shares is based on the stock market price at 31 December 2024 and amounts to €774,322 thousand (2023: €649,254 thousand).
In the second half of 2024, the shares from the capital increase were merged with the regular ISIN with legal effect. This increased UNIQA’s shareholding in STRABAG SE by 1.27 per cent.
In € thousand |
STRABAG SE1) |
|||
|---|---|---|---|---|
1 – 6/2024 |
1 – 6/2023 |
|||
Revenue |
7,462,388 |
7,684,366 |
||
Expenses for materials and purchased services |
–4,718,318 |
–5,047,452 |
||
Personnel costs |
–2,326,782 |
–2,157,924 |
||
Other items |
–58,416 |
–127,854 |
||
Depreciation |
–276,949 |
–263,788 |
||
Interest income |
78,150 |
56,695 |
||
Interest expenses |
–25,925 |
–30,155 |
||
Income taxes |
–41,104 |
–37,274 |
||
Profit/(loss) for the period |
93,044 |
76,614 |
||
Other comprehensive income |
–12,571 |
27,117 |
||
Total comprehensive income |
80,473 |
103,731 |
||
|
||||
In € thousand |
STRABAG SE1) |
|||
|---|---|---|---|---|
30/06/2024 |
31/12/2023 |
|||
Cash and cash equivalents |
2,407,549 |
3,450,622 |
||
Other current assets |
5,626,149 |
4,778,259 |
||
Current assets |
8,033,698 |
8,228,881 |
||
Non-current assets |
5,533,248 |
5,477,324 |
||
Total assets |
13,566,946 |
13,706,205 |
||
|
|
|
||
Current financial liabilities |
279,545 |
272,722 |
||
Other current liabilities |
6,832,202 |
6,796,378 |
||
Current liabilities |
7,111,747 |
7,069,100 |
||
Non-current financial liabilities |
617,940 |
626,208 |
||
Other non-current liabilities |
1,601,401 |
1,601,537 |
||
Non-current liabilities |
2,219,341 |
2,227,745 |
||
Total liabilities |
9,331,088 |
9,296,845 |
||
Net assets |
4,235,858 |
4,409,360 |
||
|
||||
In € thousand |
1 – 12/2024 |
1 – 12/2023 |
|---|---|---|
Group’s share of profit from continuing operations |
15,247 |
10,609 |
Group’s share of other comprehensive income |
47 |
100 |
Group’s share of total comprehensive income |
15,294 |
10,709 |
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 2024.