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 

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.

 

Documents

 
 
 

Investments in associates

 

Name of the legal entity

Address

Tax rate in %

Activity

Share in captal (in %)

 

Voting rights (in %)

 

Value of investment
(in EUR)

 

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

 

Documents

 
 
 

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
available

1,922,481

Data not
available

2,498,644

Data not
available

-576,163

Data not
available

898,119

Data not
available

-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

 

 

Documents

 
 
 
 
 
 
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