Page 51 - KELAG Annual Report 2017
P. 51

In  the  past,  revenue  and costs of  purchased energy  from  energy  trading  activities  had  been
                                      presented in the income statement in the form of both gross revenue (which does not include the
                                      purchasing costs from energy trading activities) and net revenue (the net amount of revenue and
                                      purchasing  costs  from  energy  trading  activities).  This  presentation  was  not  used  as  of  the
                                      reporting date 31 December 2017. As of 31 December 2017 and in the subsequent years, net
                                      income from energy trading activities will be included in revenue (revenue thus only corresponds
                                      to the “net” revenue to date). It is common practice in the energy business to present net revenue.
                                      Based on an analysis performed in the financial year 2017, KELAG believes that presenting the
                                      information purely on a net basis best corresponds to the purpose and management of these
                                      energy trading activities and therefore results in a more informative presentation for the users of
                                      the financial statements. This is because the contracts in this division are used purely for trading
                                      purposes and are managed correspondingly on a net basis. In accordance with the requirements
                                      of IAS 8, the prior-year figures have been adjusted.

                                       Changes in finished goods and work in process       0.8            0.5
                                       Own work capitalised                                27.2          24.1
                                       Sundry                                              21.5          23.1
                                       TOTAL OTHER INCOME                                 49.6           47.8
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