Page 92 - KELAG Annual Report 2017
P. 92

2017   2018 - 2021   from 2022
            Bonds                                       9.4        37.5      327.4
            Financial liabilities due to banks          7.2        34.2      100.2
            Financial liabilities to others             1.0         2.1       16.7
            Derivative financial instruments for finance purposes   0.7   1.3   0.0
            CASH OUTFLOWS FOR FINANCIAL LIABILITIES    18.3        75.1      444.3
            Trade payables                             95.4         0.0        0.0
            Liabilities to other investees and investors   2.4      0.0        0.0
            Liabilities to affiliates                  26.4         0.0        0.0
            Other                                       0.0         7.7        9.1
            CASH OUTFLOWS FROM TRADE PAYABLES AND
            OTHER LIABILITIES                         124.3        7.7         9.1
            CASH OUTFLOWS FROM LIABILITIES PURSUANT
            TO IFRS 7                                 142.6        82.8      453.4






           Credit risks arise from non-fulfilment of contractually agreed payments. In terms of assets (mainly
           receivables and other assets), the reported amounts also represent the maximum default or credit
           risk. The risk of default is monitored using regular credit rating analyses and market observations.
           Transactions are only concluded with counterparties in line with their credit rating based on the
           external rating of an internationally recognised rating agency and/or according to an internal
           credit rating review. Any default risks identified in financial assets are recognised in the form of
           value adjustments. Collateral may be required in individual cases, depending on the nature and
           scale of the respective transaction.

           KELAG’s  investment  strategy  is  generally  risk-averse,  focusing  on  risk  mitigation  and
           diversification. In this context, the Group limits risk by implementing limit systems and constantly
           monitoring limit utilisation. Counterparty risk is limited, evaluated and monitored based on a
           uniform approach throughout the Group.
   87   88   89   90   91   92   93   94   95   96   97