Page 124 - KELAG Annual Report 2019
P. 124

The  segments  in  these  consolidated  financial  statements  follow  the  management  approach
                                      concept set out in IFRS 8.5 and reflect the internal reporting based on which the management
                                      and control of the company’s economic situation is carried out by the Group’s entire Board of

                                      In  the  fourth  quarter  of  2019,  segment  reporting  was  adjusted  against  the  background  of  a
                                      change to the internal management and reporting to KELAG’s entire Board of Directors (which
                                      acts as the chief operating decision maker pursuant to IFRS 8). The reasons for the change are the
                                      Group’s steady growth, the further development of the markets and the increasing complexity
                                      inherent in the individual business models.

                                      As  part  of this  change,  the  key  account sales  business  in  the area  of  electricity  and  gas  was
                                      reclassified from the “Electricity & Gas” segment (new: “Energy”“) into the existing “Heat” segment
                                      (new: “Heat and key accounts”). The grid business was also reclassified from the “Electricity & Gas”
                                      segment (new: “Energy”“) into the new “Grids” segment.

                                      In  segment  reporting,  the  business  activities  of  the  KELAG  Group  are  now  allocated  to  the
                                      following segments:

                                          Energy,
                                          Grids,
                                          Heat and key accounts, and
                                          Misc. and investments

                                      The Energy segment mainly comprises electricity production from hydroelectric and wind power,
                                      electricity and gas trading as well as retail and commercial customer sales. Activities in connection
                                      with KNG-Kärnten Netz GmbH’s electricity and gas grids are bundled in the Grids segment. The
                                      Heat and key accounts segment includes all activities in the field of utilising waste heat and bio-
                                      energy to supply heat. This segment also comprises key accounts sales, which have been handled
                                      by KELAG Energie & Wärme GmbH since the financial year 2019. Misc. and equity investments
                                      covers the management and steering functions including investment management and activities
                                      in the area of secondary business. Profit/loss from investments accounted for using the equity
                                      method is allocated in full to this segment.
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