Erste Bank JPMorgan Merrill Lynch International

differences from capital consolidation of acquired insurance companies were applied against consolidated
reserves instead of being recognised as goodwill. Therefore, in accordance with IFRS 1, the
revaluations related to these companies from the conversion to IFRS were also applied against
consolidated shareholders’ equity
Intercompany transactions, receivables, payables, and significant unrealised profits (intercompany
profits) were eliminated. Unrealised losses are only eliminated if the unrealised loss is not the result of
a reduction in value.
Hotel Andel Praha a.s., Prague, was merged into Andel Investment Praha s.r.o., Prague, in 2006.
In 2006, all of the shares in Altstadt Hotelbetriebs GmbH, Vienna, and St. Magdalen Projektentwicklungs-
und Verwertungsgesellschaft m.b.H., Vienna, were sold to companies that are not included
in the consolidated financial statements and were therefore deconsolidated.
During the reporting period from 1 January 2006 to 31 December 2006, Wiener Städtische AG
acquired control over the following subsidiaries:
Subsidiary acquired
Interest
acquired
in %
Date of first
consolidation
Goodwill
(in EUR millions)
Assets
acquired
Liabilities
acquired Net income
Towarzystwo Ubezpieczeń i
Reasekuracji CIGNA STU
S.A., Warsaw. . . . . . . . . . . 92.77 1.4.2006 97.0 158.3 136.6 4.6
Bulstrad Life Insurance Joint
Stock Company, Sofia* . . . 40.00 1.4.2006 0.4 4.7 3.0 �0.2
Bulstrad Insurance &
Reinsurance PLC, Sofia* . . 40.00 1.4.2006 25.1 34.3 32.2 0.1
Osiguranje Helios d.d.,
Zagreb* . . . . . . . . . . . . . . . 40.00 1.4.2006 1.6 34.3 30.9 0.2
*) The shares in these companies are held indirectly by Kardan Financial Services B.V., Amsterdam
(KFS). Due to the immateriality of the other interests held by KFS, they are only included using a
proportion of 40%.
Company founded Interest
Date
founded
PFG Holding GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88.70 1.9.2006
Projektbau Holding GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89.50 1.9.2006
Expansion of the scope of consolidation Interest
Date
of first
consolidation
“Neue Heimat” Gemeinnützige Wohnungs- und Siedlungsgesellschaft in
Oberösterreich GesmbH, Linz. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.81 1.1.2006
Alpenländische Heimstätte Gemeinnützige Wohnungsbau- und Siedlungsgesellschaft
m.b.H., Innsbruck . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.00 1.1.2006
Erste gemeinnützige Wohnungsgesellschaft “Heimstätte Gesellschaft m.b.H.”,
Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.45 1.1.2006
Deconsolidations
in EUR millions
Effect on results Deconsolidation date Investments
St. Magdalen Projektentwicklungs- und
Verwertungsgesellschaft m.b.H., Vienna . . . . . . 1.1 30.6.2006 23.6
Altstadt Hotelbetriebs GmbH, Vienna . . . . . . . . . . 2.3 30.9.2006 2.8
The financial statements of the companies listed in the above-mentioned table are prepared
according to IFRS. Since the investments of these companies are carried at fair value, no adjustments
were necessary to the assets and liabilities already recognised in the annual financial statements of
the acquired companies. It should be noted that the purchase price allocations of the newly
consolidated companies are still provisional.
F-91