Page 98 - KELAG Annual Report 2017
P. 98

Dividends and interest received are allocated to the cash flow from operating activities. Dividends
           and interest paid are recognised in the cash flow from financing activities. Any lease payments
           from finance leasing contracts in the KELAG Group are immaterial.

           KELAG has taken over a guarantee for all liabilities resulting from the service agreement dated
           27 October  1998  between  KÄRNTNER  Entsorgungsvermittlungs  GmbH  and  Kärntner
           Restmüllverwertungs GmbH. In the prior year, a contingent liability of EUR 7.6m resulted from the
           guarantee, which is tied to the 1996 Consumer Price Index. The letter of comfort was replaced
           with a bank guarantee as of 1 January 2018.

           The  Group  also  has  other  contingent  liabilities  of  EUR 0.5m,  of  which  EUR 0.4m  stems  from
           KELAG’s letter of comfort in relation to the restoration obligation of the Nikitsch GmbH wind farm
           (prior year: EUR 0.4m).

           There were no events after the end of the reporting period on 31 December 2017 that would have
           led to a different presentation of the financial position, financial performance and cash flows.





           Related parties of the KELAG Group include all non-consolidated affiliates or associates and the
           controlling companies and their affiliates. Due to its position as majority shareholder, KEH is a
           related party, as are its owners (the state of Carinthia and innogy International Participations N.V.).
           The  latter  also  qualifies  as  a  related  party  on  account  of  its  direct  shareholding  in  KELAG.
           Companies that are controlled by the state of Carinthia and innogy SE are also related parties.
           Because of its direct shareholding in KELAG, VERBUND AG and all the entities and persons it
           controls or has a significant influence on are related parties (collectively referred to as “VERBUND”).
           Consequently, entities under the control of the Republic of Austria, as majority shareholder in the
           VERBUND,  are  also  related  parties.  These include  in  particular Österreichische  Bundesbahnen
           (ÖBB),   Autobahnen-   und   Schnellstraßen-Finanzierungs-Aktiengesellschaft   (ASFINAG),
           Bundesbeschaffungs GmbH (BBG), Energie-Control Austria für die Regulierung der Elektrizitäts-
           und  Erdgaswirtschaft  (E-Control)  and  Österreichische  Post  AG.  The  Group  makes  use  of  the
           simplification provision in accordance with IAS 24.25; further notes are not disclosed, since the
           business transactions are immaterial.


           The parent company that prepares the consolidated financial statements for the largest group of
           companies is KEH with registered offices in Klagenfurt am Wörthersee. The consolidated financial
           statements are published in the commercial register of Klagenfurt regional court.
   93   94   95   96   97   98   99   100   101   102   103