Page 83 - KELAG Annual Report 2017
P. 83

With the exception of commodity forwards related to trading activities and one interest hedging
                                      instrument, the KELAG Group holds only non-derivative financial instruments, which on the assets
                                      side include mainly cash, securities, trade receivables, bank balances and other receivables, and
                                      on the liabilities side bonds, bank loans, trade payables and other liabilities.

                                      The fair value of the bonds issued by KELAG amounted to EUR 339.8m as of the reporting date
                                      (prior year: EUR 343.0m) and was determined based on observable market prices (Level 1). For the
                                      other financial instruments under IFRS 7, reference is made to Note 18  “Trade receivables and
                                      other receivables and assets”, Note 19 “Cash and cash equivalents”, and Note 28 “Trade payables
                                      and  other  liabilities”.  The  carrying  amount  recognised  in  the  statement  of  financial  position
                                      adequately  approximates  the  market  value  as  of  the  reporting  date.  For  information  on
                                      undiscounted cash flows, please refer to the disclosures on liquidity risk.

                                      There were no late payments or payment defaults and contract breaches relating to loan liabilities
                                      during the financial year.











                                       Market value of derivatives (assets)   0.0   26.7      0.0        26.7
                                       Market value of derivatives      0.0       28.3        0.0        28.3
                                       (liabilities)
                                       Cash flow hedge (liabilities)    0.0        1.2        0.0         1.2
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