B. Subsidiaries and associates
The following table provides details about the Company’s subsidiaries:
| 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 | Note |
|---|---|---|---|---|---|---|---|---|
| Name | ||||||||
| 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 | 2 | |
| 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 | 1 | |
| Generali SAF de Pensii Private S.A. | Romania | 1,077 | — | 1,077 | 99.90 | 99.90 | ||
| Fynansovyj 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 | 3 | |
| Europ Assistance s.r.o. | Czech Republic | 30 | — | 30 | 25.00 | 25.00 | 5 | |
| TOTAL | 8,279 | (392) | 7,887 | — | — |
Detailed information on transactions with subsidiaries of the Company is provided below.
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Increase of share in CP Strategic Investment N.V.
On 30 April 2014, the share in CP Strategic Investment N.V. was increased from 96.7% to 100% by purchase of 7,425 shares from ZFP Group. The total purchase price amounted to CZK 100 million.
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Increase of share in ČP INVEST Realitní uzavřený investiční fond a.s.
Shareholders of the company at their meeting agreed to increase share capital by CZK 78 million issuing 78 shares with nominal value of CZK 1 million each. On 14 May 2014, Česká pojišťovna increased the share in ČP INVEST Realitní uzavřený investiční fond a.s. subscribing 66 shares for CZK 14,5 million each. Value of investment in the company has increased by CZK 957 million.
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Acquisition of PALAC KRIZIK a.s.
Effective 30 May 2014, Česká pojišťovna acquired 50% shares of PALAC KRIZIK a.s., a real estate SPV owning office property in prime location in Prague, for consideration of CZK 526 million.
The Company also arranged an intragroup loan in the amount of CZK 537 million to refinance the company’s liabilities at the transaction date.
The acquisition was aimed at increasing the proportion of real estate in the Company’s investment portfolio.
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Sale of 51% of ČP Asistence s.r.o.
As a part of the agreement between the Company and Europ Assistance Česká pojišťovna a.s. sold to Europ Assistance its 51% share in ČP Asistence s.r.o. The sale was concluded on 9 December 2014. The total sale price amounted to CZK 27.6 million.
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New associate Europ Assistance s.r.o.
On 9 December 2014, the Company purchased a 25% share in Europ Assistance s.r.o. for the consideration of CZK 0.967 million.
On 15 December 2014 the Company increased its investment by CZK 29 million, in a form of monetary surcharge outside of the registered capital.
| In CZK million, for the year ended 31 December 2013 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 | 725 | — | 725 | 67.57 | 67.57 | |
| 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 | (262) | 8 | 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 | |
| ČP Asistence s.r.o. | Czech Republic | 5 | — | 5 | 51.00 | 51.00 | |
| CP Strategic Investments N.V. | Netherlands | 3,017 | — | 3,017 | 96.70 | 96.70 | |
| Generali SAF de Pensii Private S.A. | Romania | 1,077 | — | 1,077 | 99.90 | 99.90 | |
| Fynansovyj servis o.o.o. | Russia | 2 | (2) | 100.00 | 100.00 | ||
| Apollo Business Center IV a.s. | Slovakia | 834 | — | 834 | 100.00 | 100.00 | |
| Pařížská 26, s.r.o. | Czech Republic | 344 | — | 344 | 100.00 | 100.00 | |
| TOTAL | 6,669 | (384) | 6,285 | — | — |