B. Subsidiaries and associates
The following table provides details about the Company’s subsidiaries and associates:
| In CZK million, for the year ended 31 December 2015 Name | Country | Cost of investment | Accumulated impairment | Net cost of investment | Proportion of ownership interest (%) | Proportion of voting power (%) | Accounting treatment | Note |
|---|---|---|---|---|---|---|---|---|
| Direct Care s.r.o. | Czech Republic | 31 | – | 31 | 28.00 | 28.00 | Cost less impairment | 3 |
| Česká pojišťovna ZDRAVÍ a.s. | Czech Republic | 191 | – | 191 | 100.00 | 100.00 | ||
| Generali Real Estate Fund CEE a.s. | Czech Republic | 2,758 | – | 2,758 | 70.00 | 70.00 | 2 | |
| Generali Services CEE a.s. | Czech Republic | 122 | (120) | 2 | 80.00 | 80.00 | ||
| Nadace GCP | Czech Republic | 6 | – | 6 | – | – | 5 | |
| REFICOR s.r.o. | Czech Republic | – | – | – | 80.40 | 80.40 | 4 | |
| CP Strategic Investments N.V. | Netherlands | 3,116 | – | 3,116 | 100.00 | 100.00 | ||
| Generali SAF de Pensii Private S.A. | Romania | 1,077 | – | 1,077 | 99.90 | 99.90 | ||
| Finansovyj servis o.o.o. | Russia | 2 | (2) | – | 100.00 | 100.00 | ||
| Apollo Business Center IV a.s. | Slovakia | 835 | – | 835 | 100.00 | 100.00 | ||
| Pařížská 26, s.r.o. | Czech Republic | 346 | – | 346 | 100.00 | 100.00 | ||
| PALAC KRIZIK a.s. | Czech Republic | 527 | – | 527 | 50.00 | 50.00 | ||
| Europ Assistance s.r.o. | Czech Republic | 30 | – | 30 | 25.00 | 25.00 | ||
| TOTAL | 9,041 | (122) | 8,919 | – | – |
Detailed information on transactions with subsidiaries of the Company is provided below.
1. Sale of ČP INVEST Investiční společnost, a.s.
On 15 April 2015 the Company signed an agreement with its sole shareholder CZI Holdings N.V. to transfer 100% shares it held in ČP INVEST. The purchase price amounts to CZK 1 billion and, as a result of the sale, the Company realised a gain of CZK 954 million which is reported on the line “Income from subsidiaries and associates” in the income statement.
2. Capital increase of ČP INVEST Realitní uzavřený investiční Fond a.s.
Shareholders of the company at their meeting on 25 March 2015 agreed to increase a share capital by CZK 112 million issuing 112 shares with nominal value of CZK 1 million each. Česká pojišťovna a.s. subscribed for 69 newly issued shares of the fund in total subscription price of CZK 1,076 million.
3. Merger of Generali Care s.r.o., ČP DIRECT, a.s. and Univerzální správa majetku a.s.
On 30 April 2015 the representatives of Generali Care s.r.o. (a company of GCEE Group), ČP Direct, a.s. and Univerzální správa majetku a.s. signed a Merger project. The merger was approved by Česká pojišťovna a.s. and Generali Pojišťovna a.s., being the shareholders of the involved entities, on 29 June 2015. The successor company is Generali Care s.r.o., the other two companies were dissolved. Effective date of the merger is 1 January. The share exchange was performed based on a valuation of an independent expert and the Company´s share in the surviving company is 28%.
Generali Care s.r.o. was thereafter renamed to Direct Care s.r.o.
4. Merger of REFICOR s.r.o., Pankrác services s.r.o. and Generali Servis s.r.o.
On 5 May 2015 the representatives of REFICOR s.r.o., Pankrác services s.r.o. and Generali Servis s.r.o. (a company of GCEE Group) signed a Merger project whereby the companies Pankrác services s.r.o. and Generali Servis s.r.o. merge into REFICOR s.r.o. The merger was approved by Česká pojišťovna a.s. and Generali Pojišťovna a.s., being the shareholders of the involved entities, on 29 June 2015. Effective date of the merger is 1 January 2015. The share exchange was performed based on a valuation of an independent expert and the Group share in the surviving company is 80.4%.
5. Merger of Nadace GCP and Nadace Generali pojišťovny
On 22 July 2015 Nadace pojišťovny Generali merged into Nadace GCP (former Nadace České pojišťovny being renamed in February 2015). The merger was approved by founders of both of the foundations on 29 June 2015 with effective date of the merger on 1 January 2015.
6. Renaming of subsidiaries
The following companies were renamed in the year 2015:Nadace České pojišťovny was renamed Nadace GCP
Generali PPF Asset Management a.s. was renamed Generali Investments CEE a.s.
Generali PPF Services a.s. was renamed Generali Services CEE a.s.
ČP INVEST Realitní uzavřený investiční Fond a.s. was renamed Generali Real Estate Fund CEE a.s.
Generali Care s.r.o. was renamed Direct Care s.r.o.
| In CZK million, for the year ended 31 December 2014 Name | Country | Cost of investment | Accumulated impairment | Net cost of investment | Proportion of ownership interest (%) | Proportion of voting power (%) | Accounting treatment |
|---|---|---|---|---|---|---|---|
| ČP DIRECT, a.s. | Czech Republic | 29 | – | 29 | 100.00 | 100.00 | Cost less impairment |
| Česká pojišťovna ZDRAVÍ a.s. | Czech Republic | 191 | – | 191 | 100.00 | 100.00 | |
| ČP INVEST Investiční společnost, a.s. | Czech Republic | 46 | – | 46 | 100.00 | 100.00 | |
| ČP INVEST Realitní uzavřený investiční Fond a.s. | Czech Republic | 1,682 | – | 1,682 | 76.32 | 76.32 | |
| Generali PPF Services a.s. | Czech Republic | 122 | (120) | 2 | 80.00 | 80.00 | |
| Nadace České pojišťovny | Czech Republic | 6 | – | 6 | 100.00 | 100.00 | |
| Pankrác Services s.r.o. | Czech Republic | 270 | (270) | – | 100.00 | 100.00 | |
| REFICOR s.r.o. | Czech Republic | – | – | – | 100.00 | 100.00 | |
| Univerzální správa majetku a.s. | Czech Republic | 1 | – | 1 | 100.00 | 100.00 | |
| CP Strategic Investments N.V. | Netherlands | 3,117 | – | 3,117 | 100.00 | 100.00 | |
| Generali SAF de Pensii Private S.A. | Romania | 1,077 | – | 1,077 | 99.90 | 99.90 | |
| Finansovyj servis o.o.o. | Russia | 2 | (2) | – | 100.00 | 100.00 | |
| Apollo Business Center IV a.s. | Slovakia | 835 | – | 835 | 100.00 | 100.00 | |
| Pařížská 26, s.r.o. | Czech Republic | 345 | – | 345 | 100.00 | 100.00 | |
| PALAC KRIZIK a.s. | Czech Republic | 526 | – | 526 | 50.00 | 50.00 | |
| Europ Assistance s.r.o. | Czech Republic | 30 | – | 30 | 25.00 | 25.00 | |
| TOTAL | 8,279 | (392) | 7,887 | – | – |