Brief: UNIQA Says Dissolution Of Syndicate Will Affect Equity Method From FY 2023

UNIQA Insurance AG

15/03/2022 10:17

March 15 (Reuters) - UNIQA INSURANCE GROUP AG  UNIQ.VI :
    * UNIQA CURRENTLY ACCOUNTS FOR ITS 15% INTEREST IN STRABAG
SE (
"STRABAG INTEREST") AS AN ASSOCIATE IN ACCORDANCE WITH IAS 28
("EQUITY METHOD ACCOUNTING") AS UNIQA HAS SIGNIFICANT INFLUENCE
OVER STRABAG SE ON BASIS OF SYNDICATE IN PARTICULAR
    * UNIQA WOULD INSTEAD RECOGNISE DIVIDEND PAID BY STRABAG SE
IN
PROFIT OR LOSS IN FUTURE RATHER THAN PRO RATA CONSOLIDATED NET
PROFIT
    * DISSOLUTION OF SYNDICATE WILL AFFECT EQUITY METHOD
ACCOUNTING
FROM 2023 FINANCIAL YEAR IF SIGNIFICANT INFLUENCE CAN NO LONGER
BE DEMONSTRATED
    * IF EQUITY METHOD ACCOUNTING IS DISCONTINUED, UNIQA WOULD
INSTEAD
RECOGNISE DIVIDEND PAID BY STRABAG SE IN PROFIT OR LOSS IN
FUTURE RATHER THAN PRO RATA CONSOLIDATED NET PROFIT
    * SYNDICATE WILL THEREFORE BE DISSOLVED FROM 31 DECEMBER
2022
    * CARRYING AMOUNT OF STRABAG INTEREST WOULD BE BASED ON ITS
MARKET
PRICE MOVING AHEAD AND NO LONGER ON PRO RATA CONSOLIDATED EQUITY

Source text for Eikon:  ID:nEQbmQm9ca 
Further company coverage:  UNIQ.VI 

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