4. Financial placements (investments)
4.1. Land and buildings
| (CZK’000) | 31 December 2015 | 31 December 2014 |
|---|---|---|
| Operating | ||
| Land | 82,718 | 82,718 |
| Revaluation difference (Note 11) | (55) | 1,772 |
| Buildings | 556,968 | 556,779 |
| Revaluation difference (Note 11) | (157,775) | (79,006) |
| Total operating land and buildings at fair value | 481,856 | 562,263 |
| Non-operating | ||
| Land | 16,966 | 16,966 |
| Revaluation difference (Note 11) | 60 | 501 |
| Buildings | 95,686 | 94,061 |
| Revaluation difference (Note 11) | 14,306 | 4,917 |
| Total non-operating land and buildings at fair value | 127,018 | 116,445 |
| Total land and buildings at fair value | 608,874 | 678,708 |
4.2. Financial investments in subsidiaries and associates
| (CZK’000) | 31 December 2015 | 31 December 2014 |
|---|---|---|
| Subsidiaries | ||
| Cost | 50,478 | 51,096 |
| Associates | ||
| Cost | 1,368 | 750 |
| Revaluation difference in equity (Note 11) | 63,584 | 52,688 |
| Revaluation previously recorded through income statement | (10,870) | (10,870) |
| Total fair value | 104,560 | 93,664 |
4.2.1. Participating interests in subsidiaries
Addresses and names of subsidiaries and associates
Reficor s.r.o.
Praha 4, Na Pankráci 1658
Direct Care s.r.o.
Praha 4, Na Pankráci 1658/121
Generali Development s.r.o.
Praha 2, Bělehradská 132
Nadace GCP
Praha 4, Na Pankráci 1658/121
Generali Services CEE a.s.
Praha 4, Na Pankráci 1720/123
| As at 31 December 2015 (CZK’000) | Number of shares | Cost | Percentage ownership of share capital (%) | Share on share capital | 2015 profit / (loss)* | Equity* | Fair value |
|---|---|---|---|---|---|---|---|
| Reficor s.r.o.*** | — | 118 | 20 | 20 | 3,299 | 13,740 | 2,748 |
| Direct Care s.r.o.*** | — | 13,766 | 72 | 720 | 6,325 | 71,794 | 51,692 |
| Generali Development s.r.o. | — | 36,712 | 100 | 200 | 5,781 | 44,067 | 44,067 |
| Nadace GCP*** | — | 500 | 50 | 500 | (202) | 1,000 | 500 |
| Generali Services CEE a.s. | 6 | 750 | 20 | 600 | 1,805 | 27,769 | 5,553 |
| 51,846 | 104,560 | ||||||
| Revaluation difference previously recorded in the income statement** | (10,870) | ||||||
| Revaluation difference | 63,584 | ||||||
| Total fair value | 104,560 |
* Not audited as at the financial statements preparation date.
** In 2002 and 2003 revaluation was accounted for to P&L as per Czech accounting standards.
*** In accordance with integration objectives of Generali CZ group, this merges have occurred during the year 2015 (effective date 1 January 2015):
** In 2002 and 2003 revaluation was accounted for to P&L as per Czech accounting standards.
*** In accordance with integration objectives of Generali CZ group, this merges have occurred during the year 2015 (effective date 1 January 2015):
- merge of companies Generali Care, ČP Direct and Univerzální správa majetku, acquiring company: Direct Care s.r.o.
- merge of companies Reficor, Pankrác services and Generali Servis, acquiring company: Reficor s.r.o.
- merge of foundations Nadace GCP and Nadace pojišťovny Generali, acquiring company: Nadace GCP
In consequence of merges, % of interest of Generali Pojišťovna on equity of mentioned companies has been changed. During 2015 companies were renamed as follows: Generali Care s.r.o. na Direct Care, s.r.o., Nadace České pojišťovny na Nadace GCP a Generali PPF Services, a.s. na Generali Services CEE a.s.
Generali Servis s.r.o.
Praha 2, Bělehradská 132
Generali Care s.r.o.
Praha 2, Bělehradská 132
Generali Development s.r.o.
Praha 2, Bělehradská 132
Nadace Generali Pojišťovny
Praha 2, Bělehradská 132
Generali PPF Services a.s.
Praha 4, Na Pankráci 1720/123
| As at 31 December 2014 (CZK’000) | Number of shares | Cost | Percentage ownership of share capital (%) | Share in share capital | 2014 profit / (loss)* | Equity* | Fair value |
|---|---|---|---|---|---|---|---|
| Generali Servis s.r.o. | — | 118 | 100 | 100 | (9) | 4,907 | 4,907 |
| Generali Care s.r.o. | — | 13,766 | 100 | 1,000 | 6,570 | 45,312 | 45,312 |
| Generali Development s.r.o. | — | 36,712 | 100 | 200 | 5,767 | 37,481 | 37,481 |
| Nadace pojišťovny Generali | — | 500 | 100 | 500 | (331) | 6,086 | 500 |
| Generali PPF Services a.s. | 6 | 750 | 20 | 750 | 5,722 | 27,318 | 5,464 |
| 51,846 | 17,719 | 121,104 | 93,664 | ||||
| Revaluation difference previously recorded in the income statement** | (10,870) | ||||||
| Revaluation difference | 52,688 | ||||||
| Total fair value | 93,664 |
* Not audited as at the prior year financial statements preparation date
** In 2002 and 2003 revaluation was accounted for to P&L as per Czech accounting standards
There are no differences between the percentage of ownership and percentage of voting rights in any undertaking mentioned above.
The Company did not provide in 2015 or 2014 any loans to its subsidiaries and affiliates.
4.3. Other financial investments
4.3.1. Investments in securities (other than unit-linked financial investments)
| (CZK’000) | 31 December 2015 | 31 December 2014 |
|---|---|---|
| Shares and other equity securities | 1,910,639 | 1,799,848 |
| Debt securities | ||
| - at fair value through profit or loss | 7,113 | 34,492 |
| - available-for-sale | 11,564,810 | 10,517,570 |
| Total debt securities | 11,571,923 | 10,552,062 |
| Total | 13,482,562 | 12,351,910 |
Acquisition cost of securities can be analyzed as follows:
| (CZK’000) | 31 December 2015 | 31 December 2014 |
|---|---|---|
| Securities carried at fair value | ||
| Shares and other equity securities | 1,929,915 | 1,656,215 |
| Debt securities | ||
| - at fair value through profit or loss | 7,259 | 30,026 |
| - available-for-sale | 10,667,464 | 9,749,983 |
| Total acquisition cost of securities carried at fair value | 12,604,638 | 11,436,224 |
4.3.2. Shares and other variable yield securities
| (CZK’000) | 31 December 2015 | 31 December 2014 |
|---|---|---|
| Main or auxiliary market of recognized stock exchanges | 116,926 | 50,612 |
| Unquoted | 469,355 | 327,755 |
| Recognized foreign stock exchanges | 1,343,634 | 1,277,848 |
| Total acquisition price | 1,929,915 | 1,656,215 |
| Revaluation difference | (19,276) | 143,633 |
| Total fair value | 1,910,639 | 1,799,848 |
4.3.3. Debt securities
| (CZK’000) | 31 December 2015 | 31 December 2014 |
|---|---|---|
| Bonds at fair value in profit and loss | ||
| Main or auxiliary market of recognized stock exchanges | — | 30,026 |
| Unquoted | 7,259 | — |
| Revaluation difference | (146) | 4,466 |
| Total fair value | 7,113 | 34,492 |
| (CZK’000) | 31 December 2015 | 31 December 2014 |
|---|---|---|
| Bonds available for sale | ||
| Main or auxiliary market of recognized stock exchanges | 6,349,498 | 5,763,084 |
| Unquoted | — | — |
| Recognized foreign stock exchanges | 4,317,966 | 3,986,899 |
| Total | 10,667,464 | 9,749,983 |
| Revaluation difference | 897,346 | 767,587 |
| Total fair value | 11,564,810 | 10,517,570 |
4.3.4. Deposits with financial institutions, other loans and other financial investments
| (CZK’000) | 31 December 2015 | 31 December 2014 |
|---|---|---|
| Deposits with financial institutions | ||
| Total fair value | 410,556 | 724,602 |
Other loans | ||
| Loans secured by insurance contract | 3,304 | 3,016 |
| Repo operations | 90,000 | — |
| Fair value | 93,304 | 3,016 |
Other financial investments | ||
| Fair value of trading derivatives (Note 6) | 29,873 | (37,884) |
| Total fair value | 29,873 | (37,884) |