Page 96 - Annual Report KELAG Group 2018
P. 96

The KELAG Group is well positioned in terms of liquidity and met all its payment obligations in
           the financial year 2018 in a timely and properly manner. A possible liquidity risk is countered by
           proactive  planning  of  liquidity  and  cash  flows,  medium  and  long-term  capital  requirement
           planning, a conscious policy to maintain sufficient liquidity reserves as well as open credit lines
           from different banks. The objectives of maintaining liquidity at all times and increasing financial
           flexibility  are  guaranteed  for  the  medium  term  by  large  cash  volumes  (EUR 134.7m  as  of
           31 December 2018; EUR 160.8m as of 31 December 2017) on the one hand and by a contracted
           cash advance credit line amounting to EUR 250.0m (prior year: EUR 250.0m) on the other hand.
           Reflecting  the  overarching  corporate  strategy,  ensuring  adequate  liquidity  reserves  and
           maintaining an excellent credit rating remain primary objectives of the KELAG Group. The liquidity
           risk can therefore be classified as moderate, which has also been confirmed by the rating agency.

           The presentation of the contractually agreed (undiscounted) cash outflows associated with the
           financial liabilities in the KELAG Group within the scope of IFRS 7 breaks down as follows:
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