7.4.6Discontinued operations
See accounting policy I.
On 1 February 2024, a.s.r. reached an agreement to sell Knab to the BAWAG Group AG. Closing of the transaction took place on 1 November 2024.
a.s.r. has presented in a single amount (after tax) the result from discontinued operations in relation to Knab, including the loss as a result of the sale. The result from discontinued operations of €- 121 million is recognised in segment Holding and Other (see section 7.4.3).
The result of discontinued operations can be specified as follows:
Result of discontinued operations
| Income statement | January - October 2024 | July - December 2023 |
|---|---|---|
| Total income | 721 | 481 |
| Total expenses | -560 | -370 |
| Result from operating activities | 161 | 111 |
| Income tax (expense) / gain | -42 | -29 |
| Result on sale after tax | -240 | - |
| Result for the period | -121 | 82 |
| | | |
| Statement of comprehensive income | | |
| Items that may be reclassified subsequently to profit or loss | | |
| Unrealised change in value of debt instruments designated at FVOCI | -11 | 9 |
| Realised gain/(loss) on debt instruments at FVOCI reclassified to profit or loss | -1 | - |
| Income tax on items that may be reclassified | 5 | -2 |
| Other comprehensive income for the period from discontinued operations | -7 | 7 |
| | | |
| Total comprehensive income / (loss) from discontinued operations | -128 | 89 |
| | | |
| Attributable to shareholders of the parent | -128 | 89 |
Cash flows from discontinued operations
| | 2024 | 2023 |
|---|---|---|
| Cash and cash equivalents as at 1 January | 2,538 | - |
| | | |
| Knab cash and cash equivalents acquired through the acquisition of Aegon as at 4 July 2023 | | 2,071 |
| | | |
| Cash flows from operating activities | -29 | 467 |
| Cash flows from investing activities | | |
| Cash flows from financing activities | | |
| | | |
| Sale of Knab as at 1 November 2024 | -2,509 | |
| | | |
| Cash and cash equivalents as at 31 December | - | 2,538 |
Effect of disposal on the financial position of the Group
| | 1 November 2024 |
|---|---|
| Property, plant and equipment | 4 |
| Investments | 13,067 |
| Derivatives | 521 |
| Deferred tax assets | 11 |
| Other assets | 67 |
| Cash and cash equivalents | 2,509 |
| Total assets | 16,180 |
| | |
| Provisions | 1 |
| Borrowings | 2,820 |
| Derivatives | 18 |
| Savings deposits | 11,969 |
| Due to banks | 511 |
| Other liabilities | 30 |
| Total liabilities | 15,349 |
| | |
| Net assets and liabilities | 831 |
| Consideration received | 611 |
| Book loss on sale | -221 |
| Impairment loss on intangible assets | -19 |
| Result on sale of discontinued operations | -240 |
| | |
| Cash flows | |
| Consideration received | 611 |
| Cash and cash equivalents disposed of | -2,509 |
| Net cash outflows | -1,898 |