- Statement of Management's Responsibilities
- Independent Auditor's Report
- The consolidated financial statements
- Notes to the Consolidated Financial Statements
- General Information
- Main Accounting Policies
- Main Assumptions
- Risk Report
- Segment Reporting
- Notes to the Statement of Financial Position
- Intangible assets
- Property, plant and equipment
- Investment property
- Investments in associates
Financial assets 7
- Reinsurers' share of technical provisions
- Receivables
- Other assets
- Cash and cash equivalents
- Non-current assets held for sale
- Equity
- Subordinated liabilities
- Insurance technical provisions and insurance technical provisions for unit-linked insurance contracts
- Employee benefits
- Other provisions
- Deferred tax assets and liabilities
- Other financial liabilities
- Operating liabilities
- Other liabilities
- Notes to the Income Statement
- Other Information
- Appendix
6.4 Investments in associates
As at the balance sheet date of 31 December 2010, Zavarovalnica Triglav held a capital share of 25.61% in the company Abanka Vipa d.d. (Abanka). In accordance with IAS 28 – Investments in Associates, the investment was carried as an associate due to the significant influence in the company, as exercised through voting rights.
As at the balance sheet date of 31 December 2011, Zavarovalnica Triglav still held the same capital share as at 31 December 2010. On 20 January 2011, however, Zavarovalnica Triglav received a Decision from the Securities Market Agency prohibiting Zavarovalnica Triglav from exercising its voting rights in Abanka.
With regard to the received Decision and consequent loss of important influence, Zavarovalnica Triglav excluded the investment in Abanka d.d. from the group of its associates and classified it as investment available for sale. The same applies to all other items related to that company in both the income statement and the statement of financial position.
The effect of the valuation of investments using the equity method is disclosed as a separate item in the income statement (see Section 7.2 Income from financial assets, for more details). The fair value of investments in associates, in the event that a price exists on an active market, is stated below.
|
|
|
in EUR |
|
|
Fair value |
|
|
Name of legal entity |
2011 |
2010 |
|
NAMA trgovsko podjetje d.d. |
11,104,076 |
11,329,854 |
|
Goriške opekarne d.d.6 |
2,260,176 |
1,731,644 |
6 Shares of the company were removed from the stock exchange listing in 2011. The fair value is calculated based on the latest stock market value as of 23 August 2011.
Investments in associates
|
Name of the legal entity |
Address |
Tax rate in % |
Activity |
Share in captal (in %) |
|
Voting rights (in %) |
|
Value of investment |
|||
|
2011 |
2010 |
|
2011 |
2010 |
|
2011 |
|||||
|
1 |
Avrigo d.d. |
Kidričeva ulica 20, 5000 Nova Gorica, Slovenia |
20 |
Transport |
46.51 |
42.99 |
|
46.51 |
42.99 |
|
3,981,756 |
|
2 |
Elan skupina |
Begunje na Gorenjskem 1, 4275 Begunje na Gorenjskem, Slovenia |
20 |
Holding company |
25.05 |
23.16 |
|
25.05 |
23.16 |
|
1,253,505 |
|
3 |
Goriške opekarne d.d. |
Merljaki 7, 5292 Renče, Slovenia |
20 |
Manufacturing |
47.43 |
43.83 |
|
47.43 |
43.83 |
|
880,259 |
|
4 |
Info TV d.d. |
Šmartinska cesta 152, 1000 Ljubljana, Slovenia |
20 |
Radio and television |
41.41 |
38.27 |
|
41.41 |
38.27 |
|
0 |
|
5 |
NAMA trgovsko podjetje d.d. |
Tomšičeva ulica 1, 1000 Ljubljana, Slovenia |
20 |
Retail |
39.07 |
38.99 |
|
39.07 |
38.99 |
|
4,725,768 |
|
6 |
SKUPNA pokojninska družba d.d. |
Trg Republike 3, 1000 Ljubljana, Slovenia |
20 |
Pension funds |
30.14 |
30.14 |
|
30.14 |
30.14 |
|
2,952,815 |
|
7 |
Tehnološki center varne vožnje Vransko |
Vransko 66a, 3305 Vransko, Slovenia |
20 |
Research and development |
25.01 |
25.01 |
|
25.01 |
25.01 |
|
821 |
|
8 |
Triglavko d.o.o. |
Ulica XXX. divizije 23, 5000 Nova Gorica, Slovenia |
20 |
Insurance brokerage |
38.47 |
38.47 |
|
38.47 |
38.47 |
|
18,879 |
|
9 |
ZIF Polara Invest Fond a.d., Banja Luka |
Veselina Masleše 1, Banja Luka, Republika Srpska- BIH |
10 |
Investment fund |
20.09 |
14.06 |
|
20.09 |
20.09 |
|
2,799,786 |
|
10 |
ZIF Prof Plus |
Veselina Masleše 1, Banja Luka, Republika Srpska- BIH |
10 |
Investment fund |
24.65 |
23.64 |
|
24.65 |
23.64 |
|
3,890,973 |
|
TOTAL |
|
|
|
|
|
|
|
|
|
20,504,562 |
|
Investments in associates
|
|
Name of the legal entity |
Assets |
Liabilities |
Equity |
Revenues |
Profit/loss |
|||||
|
|
|
2011 |
2010 |
2011 |
2010 |
2011 |
2010 |
2011 |
2010 |
2011 |
2010 |
|
1 |
Avrigo d.d. |
14,011,573 |
12,822,464 |
5,143,201 |
4,289,633 |
8,868,372 |
8,532,831 |
14,903,916 |
14,332,864 |
784,604 |
712,381 |
|
2 |
Elan skupina |
101,055,000 |
95,086,000 |
56,004,000 |
49,670,000 |
45,051,000 |
45,416,000 |
64,857,000 |
58,293,000 |
87,000 |
-1,891,000 |
|
3 |
Goriške opekarne d.d. |
16,128,286 |
17,188,270 |
9,024,566 |
9,583,495 |
7,103,720 |
7,604,775 |
8,787,072 |
8,529,758 |
-576,575 |
-1,347,915 |
|
4 |
Info TV d.d. |
Data not |
1,922,481 |
Data not |
2,498,644 |
Data not |
-576,163 |
Data not |
898,119 |
Data not |
-664,061 |
|
5 |
NAMA trgovsko podjetje d.d. |
13,074,423 |
14,493,508 |
3,152,553 |
4,194,117 |
9,921,871 |
10,299,391 |
14,731,589 |
15,830,204 |
465,899 |
743,848 |
|
6 |
SKUPNA pokojninska družba d.d. |
328,861,757 |
337,554,250 |
312,970,057 |
323,503,070 |
15,891,700 |
14,051,180 |
6,188,142 |
5,175,071 |
2,521,774 |
1,238,684 |
|
7 |
Tehnološki center varne vožnje Vransko |
6,887 |
6,958 |
0 |
0 |
6,887 |
6,958 |
152 |
140 |
-71 |
-29 |
|
8 |
Triglavko d.o.o. |
221,889 |
280,195 |
122,968 |
151,488 |
98,921 |
128,707 |
789,858 |
760,422 |
-29,786 |
-28,908 |
|
9 |
ZIF Polara Invest Fond a.d., Banja Luka |
13,780,885 |
16,208,327 |
339,761 |
653,924 |
13,441,124 |
15,554,403 |
979,526 |
1,116,303 |
-1,306,172 |
-469,621 |
|
10 |
ZIF Prof Plus |
26,691,754 |
29,967,723 |
141,806 |
78,453 |
26,549,948 |
29,889,269 |
2,144,068 |
1,988,592 |
65,488 |
-24,352 |