Page 14 - Annual Report KELAG Group 2018
P. 14

KELAG  functions  as  the  parent  company  of  these  consolidated  financial  statements.  The
           consolidated financial statements include all entities that are controlled by the parent company
           and included by means of full consolidation (“subsidiaries”).

           A  change  in  the  ownership  interest  of  a  subsidiary  without  involving  the  loss  of  control  is
           accounted for as an equity transaction. If the parent company loses control over a subsidiary, it
           takes the following steps:

               Derecognises the assets (including goodwill) and liabilities of the subsidiary;
               Derecognises the carrying amount of any non-controlling interest in the former subsidiary;
               Derecognises the cumulative currency translation differences recorded in equity;
               Recognises the fair value of the consideration received;
               Recognises the fair value of any investment retained;
               Recognises any resulting gain or loss through profit or loss;
               Reclassifies the parent’s share of components previously recognised in other comprehensive
                income to profit or loss or accumulated profits or losses, as appropriate under the relevant IFRS
                requirements.

           In  addition  to  KELAG  as  parent  company,  the  consolidated  financial  statements  include  31
           subsidiaries (prior year: 32) and 12 associates (prior year: 4). As explained in the disclosures to the
           IFRS 9 amendments in the KELAG Group (in accounting policies), the increase in the number of
           investments accounted for using the equity method is primarily attributable to the amended
           subsequent measurement method for investments previously carried at cost pursuant to IAS 39
           rather than to acquisitions of additional investments. Only KELMIN GmbH, in which KELAG Energie
           & Wärme GmbH holds an investment and which was accounted for using the equity method for
           the first time in the current financial year, was founded in the financial year 2018.

           The former KELAG Wärme GmbH was renamed KELAG Energie & Wärme GmbH in the financial
           year 2018. This had no effect on the shareholding. KELAG Energie & Wärme GmbH is a wholly
           owned subsidiary of KELAG.

           The following changes in the scope of consolidation at the  subgroup of Interenergo d.o.o., in
           which KELAG holds 100% of the shares, took place in the financial year 2018:

               Interenergo  d.o.o.  acquired  100%  of  the  shares  in  Vjetropark  Jasenice  d.o.o.  with  registered
                offices in Jasenice, Croatia. This acquisition does not fall within the scope of IFRS 3 because it was
                not of a business, but rather of a group of assets as defined by IFRS 3.2b). The purchase price for
                the shares in Vjetropark Jasenice d.o.o. came to roughly EUR 3m.
               IEP  energija  d.o.o.  Gornji  Vakuf-Uskoplje  was  merged  into  Inter-Energo  d.o.o.  Gornji  Vakuf-
                Uskoplje in the course of an associate merger.
               Interenergo d.o.o. Zagreb was liquidated.
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