Page 36 - Annual Report KELAG Group 2018
P. 36

The following income tax rates were used for the fully consolidated entities:

            Bosnia and Herzegovina                            10               10
            Bulgaria                                          10               10
            Kosovo                                            10               10
            Croatia                                         12/18            12/18
            Macedonia                                         10               10
            Montenegro                                         9                9
            Austria                                           25               25
            Romania                                           16               16
            Serbia                                            15               15
            Slovenia                                          19               19
            Czech Republic                                    19               19

           The  financial  instruments  in  the  KELAG  Group  can  be  broken  down  into  non-derivative  and
           derivative financial instruments. In the case of KELAG, commodity forwards relating to energy
           (electricity and gas) as defined in IFRS 9 constitute derivative financial instruments. The derivative
           financial instruments are recognised at fair value. The measurement basis in the field of electricity
           is provided by the market prices on the European Energy Exchange (EEX) on the last active trading
           day for annual products for the years 2018 to 2021. For gas products, fair value is measured in line
           with the procedure for electricity products, using the listings of the corresponding virtual trading
           points. The resulting measurement levels are defined as follows in accordance with IFRS 7 (with
           reference to IFRS 13):

           Level  1:  Quoted  prices  for  similar  instruments.  This  means  that  measurement  is  based  on
           unadjusted prices of products traded on active markets.

           Level 2: Inputs other than those included within level 1 that are directly observable. This means
           that measurement is based on models which in turn have observable parameters (quotations) as
           inputs. In the KELAG Group the fair values are measured on the basis of over-the-counter energy
           futures. Their values are determined from forward price curves that are based on exchange prices.

           Level 3: Inputs that are not based on observable market data.
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