Page 98 - Annual Report KELAG Group 2018
P. 98

2018   2019 to 2022   from 2023
            Bonds                                       9.4       187.5      168.0
            Financial liabilities due to banks          5.8        31.6       90.1
            Financial liabilities to others             1.1         3.3       12.0
            Derivative financial instruments for finance purposes   0.0   1.2   0.0
            CASH OUTFLOWS FOR FINANCIAL LIABILITIES    16.2       223.7      270.1
            Trade payables                             101.0        2.0        0.0
            Liabilities to other investees and investors   0.4      0.0        0.0
            Liabilities to affiliates                  18.8         0.0        0.0
            Other                                       0.7        13.9        1.0
            CASH OUTFLOWS FROM TRADE PAYABLES AND     120.8        15.9        1.0
            TO IFRS 7                                 137.1       239.6      271.1

           Credit risks arise from non-fulfilment of contractually agreed payments. In terms of assets (mainly
           receivables and other assets), the reported amounts also represent the maximum default or credit
           risk. The risk of default is monitored using regular credit rating analyses and market observations.
           Transactions are only concluded with counterparties in line with their credit rating based on the
           external rating of an internationally recognised rating agency and/or according to an internal
           credit rating review. Any default risks identified in financial assets are recognised in the form of
           value adjustments. Collateral may be required in individual cases, depending on the nature and
           scale of the respective transaction. The strict credit risk management and restrictive selection of
           counterparties mean, among other things, that forward-looking valuation adjustments pursuant
           to IFRS 9 for expected credit losses only play an insignificant role in the KELAG Group.

           KELAG’s  investment  strategy  is  generally  risk-averse,  focusing  on  risk  mitigation  and
           diversification. In this context, the Group limits risk by implementing limit systems and constantly
           monitoring limit utilisation. Counterparty risk is limited, evaluated and monitored based on a
           uniform approach throughout the Group.
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