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Consolidation


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Scope of consolidation

Scope of consolidation
In addition to the annual financial statement of UNIQA Versicherungen AG, the Group financial statements include the financial statements of all subsidiaries at home and abroad. Thirty-eight affiliated companies did not form part of the consolidated Group. They were only of minor significance, even if taken together, for the presentation of a true and fair view of the Group’s assets, financial position and income. Therefore the scope of consolidation contains – in addition to UNIQA Versicherungen AG – 37 domestic and 77 foreign subsidiaries in which UNIQA Versicherungen AG held the majority of voting rights.

The scope of consolidation was extended in the reporting period by the following companies:

  Date of initial
inclusion
Net profit
€ million1)
Acquired shares
%
Acquisition costs
€ million
Goodwill
31 Dec. 2008
€ million
UNIQA Real Estate Finanzierungs GmbH, Vienna 1.1.2008 –1.8 100.0 0.0 0.0
SIGAL Holding sH.A., Tirana 1.1.2008 0.4 45.6 18.3 10.3
UNIQA Real Estate d.o.o., Belgrade 1.7.2008 –0.1 100.0 0.0 0.0
Renaissance Plaza d.o.o., Belgrade 1.7.2008 1.1 100.0 3.2 0.0
UNIQA Real Estate Alpha d.o.o., Belgrade 1.7.2008 0.0 100.0 0.0 0.0
UNIQA Real Estate Beta d.o.o., Belgrade 1.7.2008 0.0 100.0 0.0 0.0
GLM Errichtungs GmbH, Vienna 1.10.2008 0.3 100.0 6.4 0.0
UNIQA Group Audit GmbH, Vienna 1.10.2008 0.0 100.0 0.0 0.0
UNIQA Asigurari de Viata SA, Bucharest 1.10.2008 0.5 100.0 5.0 0.2
UNITA Vienna Insurance Group S.A., Bucharest 1.10.2008 1.6 100.0 208.7 188.7
AGRAS Vienna Insurance Group S.A., Bucharest 1.10.2008 –0.1 92.3 0.0 1.5
UNIQA Health Insurance AD, Sofia 1.10.2008 0.0 75.0 0.3 0.0
UNIQA Real Estate Albania Shpk., Tirana 1.10.2008 0.0 100.0 0.0 0.0
Albarama Limited, Nikosia 1.10.2008 0.0 100.0 12.5 9.7
Ave-Plaza LLC, Kharkiv 1.10.2008 0.0 50.0 0.0 0.0
Asena CJSC, Nikolaev 1.10.2008 1.6 100.0 4.2 0.0
UNIQA Real Estate Poland Sp.z.o.o., Warsaw 1.10.2008 0.0 100.0 0.0 0.0
Black Sea Investment Capital, Kiev 1.10.2008 –0.6 100.0 10.2 0.0
Legiwaton Investments Limited, Limassol 1.10.2008 0.0 100.0 0.3 0.1
UNIQA Real Estate Ukraine LLC, Kiev 1.10.2008 0.0 100.0 0.0 0.0
Reytarske LLC, Kiev 1.10.2008 0.2 100.0 0.0 0.0
Leipnik-Lundenburger Invest Beteiligungs AG, Vienna 31.12.2008 1.3 24.9 158.7 82.4

In the 1st quarter of 2008, the UNIQA Group acquired an additional 36.0% in the Albanian insurance holding SIGAL Holding sH.A. bringing the Group’s share in the SIGAL Group up to 45.6%. This is recorded on the balance sheet under shares in associates. The holding in the Ukrainian company Credo-Classic was expanded from 35.5% to 61.0%. The company has been fully consolidated since 31 March 2008.

In the 4th quarter of 2008, the Group took over 100% of the share capital of the Romanian property insurer UNITA S.A., which also owns 92.3% of AGRAS S.A. Since the balance sheet of UNITA S.A. for the 2008 financial year has not yet been certified, it was not possible to perform a final apportioning of the acquisition costs to the purchased assets and debt items as at the reporting date. The final apportioning to assets, debt items and goodwill – i.e. purchase price allocation – will take place within twelve months of acquisition.

In December, the holding in Leipnik-Lundenburger Invest Beteiligungs AG was expanded to 24.9%; this is shown on the balance sheet as shares in associated companies.

The effects of the change to the scope of consolidation on the main asset and debt positions can be seen under No. 5 of the notes to the consolidated financial statements.

The associated companies refer to 15 domestic and two foreign companies consolidated at equity; of these, ten companies were of minor significance and were listed at current market value.

In applying IAS 39 and in terms of the present interpretation of this statement by the IASB (SIC 12), fully controlled investment funds will be included in the consolidation insofar as their fund volumes were not of minor importance when viewed singularly and in total.

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