Page 99 - KELAG Annual Report 2017
P. 99

The members of the Board of Directors and Supervisory Board of KELAG are related parties, as are
                                      their immediate family members.

                                      The following table provides an overview of the effect of material  business transactions with
                                      associates accounted for using the equity method on the KELAG Group’s income statement and
                                      statement of financial position:

                                       INCOME STATEMENT
                                       Revenue                                                5.4         5.0
                                       Other income                                           1.1         0.1
                                       Other expenses                                         -5.3       -0.3
                                       STATEMENT OF FINANCIAL POSITION
                                       Receivables                                            1.2         0.8
                                       Liabilities                                            0.1         2.4

                                      The transactions with associates mainly relate to energy purchase and supply transactions.

                                      KELAG acquired (proportional) electricity purchase rights by paying construction cost subsidies
                                      for power plants on the Danube and Drau rivers and for the Malta and Reißeck power plant groups.
                                      Under these electricity supply agreements, KELAG is entitled to obtain a portion of the electricity
                                      produced by these power plants in return for the reimbursement of certain accounting expenses
                                      (not including amortisation, depreciation and impairment or interest).

                                      Revenue  from electricity  trading  activities  with  shareholders  and  their  affiliates  amounted  to
                                      EUR 22.7m  (prior  year:  EUR 11.1m).  Services  in  connection  with  electricity  trading  activities,
                                      purchase rights and grid costs of EUR 86.5m (prior year: EUR 65.9m) were purchased from the
                                      shareholders and their affiliates.

                                      Furthermore,  KEH  was  charged  EUR 14.5m  in  the  financial  year  2017  (prior  year:  16.4m)  in
                                      expenses from the tax allocation.

                                      All transactions were entered into at arm’s length conditions. The business relationships do not
                                      differ from the trade relationships with entities that are not related to the KELAG Group.
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