Page 105 - Annual Report KELAG Group 2018
P. 105

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                                                4.9         5.4
                                       Other income                                           0.2         1.1
                                       Other expenses*                                       -25.8      -20.3
                                       STATEMENT OF FINANCIAL POSITION
                                       Receivables                                            1.2         1.2
                                       Liabilities                                            0.3         0.1

                                      * Correction to the comparative figures for 2017

                                      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 36.3m  (prior  year:  EUR 22.7m).  Services  in  connection  with  electricity  trading  activities,
                                      purchase rights and grid costs of EUR 113.1m (prior year: EUR 86.5m) were purchased from the
                                      shareholders and their affiliates.

                                      Furthermore,  KEH  was  charged  EUR 17.7m  (prior  year:  EUR 14.5m)  in  expenses  from  the  tax
                                      allocation in the financial year 2018.

                                      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.

                                      Information relating to internal group matters is eliminated and is not subject to mandatory
                                      disclosure in the consolidated financial statements. Transactions by KELAG with subsidiaries that
                                      are fully consolidated therefore do not have to be reported.
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