Erste Bank JPMorgan Merrill Lynch International

In the third quarter, the Celetná 25, s.r.o., Prague, merged with Kooperativa pojisˇt’ovna, a.s.,
Prague, with the latter as the absorbing entity.
As of 31.12.2007, the SC Asigurarea Romaneasca Asirom S.A., Bucharest, is not yet included in
the consolidated results because by that date the Vienna Insurance Group had not yet obtained
control according to IAS 27.13. In the year 2008 the company will be included in the consolidated
results of the Vienna Insurance Group.
During the reporting period from 1 January 2007 to 31 December 2007, the Vienna Insurance
Group acquired common control over the following subsidiaries:
Company acquired
Amount in million EUR
Interest
acquired,
in %
Date of-first
consolidation Goodwill
Assets
acquired
Liabilities
acquired
Ray Sigorta A.S¸ ., Istanbul* . . . . . . 60 1.7.2007 45.5 171.5 150.5 0.3
* The shares of this company are held indirectly by TBIH Financial Services Group N.V.,
Amsterdam.
Profit
before
taxes
The financial statements of the companies listed in the above-mentioned table are prepared
according to IFRS. Since the capital assets of this company are carried at fair value, no adjustments
were necessary to the assets and liabilities already recognised in the annual financial statements of
the acquired company. It should be noted that the purchase price allocation of the newly consolidated
company is still provisional and all company purchases were made with cash and cash equivalents.
Company founded
Interest
[in %]
Date
founded
Mělnická Zdravotní a.s., Prag . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70.00 13.9.2007
KOORDITA, a.s., Ostrava-Hrabova . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00 1.12.2007
Expansion of the scope of consolidation
Interest
[in %]
Date
of first
consolidation
“Schwarzatal“ Gemeinnützige Wohnungs- und Siedlungsanlagen GmbH,
Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.68 1.1.2007
AIS Servis, s.r.o., Brno . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70.00 1.1.2007
GEMYSAG Gemeinnützige Mürz-Ybbs-Siedlungsanlagen-GmbH,
Kapfenberg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.57 1.1.2007
GESCHLOSSENE AKTIENGESELLSCHAFT JUPITER
LEBENSVERSICHERUNG VIENNA INSURANCE GROUP, Kiev. . . . . . . . . . 73.00 1.1.2007
Geschlossene Aktiengesellschaft “Ukrainische Versicherungsgesellschaft
KNIAZHA“, Kiev . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.00 1.1.2007
GIWOG Gemeinnützige Industrie-Wohnungs-AG, Leonding . . . . . . . . . . . . . . . 34.60 1.1.2007
IC Globus Insurance Company with Added Liability “Globus”, Kiev . . . . . . . . . . 51.00 1.1.2007
Information on the companies that are fully consolidated, proportionally consolidated, and
included at equity in the consolidated financial statements as of 31 December 2007 is provided in
Note 4 “Participations” in the Notes to the Consolidated Financial Statements.
Classification of insurance contracts
Contracts under which a consolidated company assumes a significant insurance risk from another
party (the policyholder), by stipulating that the policyholder receives compensation if a specified
uncertain future event (the insured event) negatively affects the policyholder are treated as insurance
policies for the purposes of IFRS. A distinction is made between insurance risk and financial risk.
Financial risk is the risk of a possible future change in specific interest rates, securities prices, price
indices, interest rate indices, credit ratings, or credit indices, or another variable, provided that, in the
case of a nonfinancial variable, the variable is not specific to one contracting party. In many cases, in
the life insurance area in particular, insurance policies as defined under IFRS also transfer financial
risk.
Contracts under which only an insignificant insurance risk is transferred from the policyholder to
the consolidated company are treated as financial instruments (“financial insurance contracts”) for the
purposes of IFRS. Such contracts exist only to a minor extent in the personal insurance area.
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