UNIQA: STRABAG SE Syndicate cancelled by Haselsteiner Group

UNIQA Beteiligungs-Holding GmbH (FN 174965 b), UNIQA Erwerb von Beteiligungen Gesellschaft m.b.H. (FN 208055 p), UNIQA Österreich Versicherungen AG (FN 63197 m) and UNIQA Insurance Group AG (FN 92933 t) (collectively referred to as the “UNIQA Group”) together hold around 15% in STRABAG SE.

The UNIQA Group, as a part of the Raiffeisen Group, is a member of a syndicate (the “Syndicate”) with the Haselsteiner Group and MKAO Rasperia Trading Limited that controls STRABAG SE (AT000000STR1), which is listed on the Vienna stock exchange.

The Haselsteiner Family Foundation, as a member of the Haselsteiner Group, has served notice on the Syndicate by way of letter delivered today. The Syndicate will therefore be dissolved from 31 December 2022 (“date of dissolution”).

UNIQA currently accounts for its 15% interest in STRABAG SE (the “STRABAG interest”) as an associate in accordance with IAS 28 (“equity method accounting”) as UNIQA has significant influence over STRABAG SE on the basis of the Syndicate in particular. The dissolution of the Syndicate will affect the equity method accounting from the 2023 financial year if the significant influence can no longer be demonstrated. If the equity method accounting is discontinued, UNIQA would instead recognise the dividend paid by STRABAG SE in profit or loss in future rather than the pro rata consolidated net profit. The carrying amount of the STRABAG interest would be based on its market price moving ahead and no longer on the pro rata consolidated equity.